Document:

EX-10.2

 Exhibit 10.2 

Executed Copy 

MANAGEMENT AGREEMENT 

THIS MANAGEMENT AGREEMENT (this “Agreement”) made as of the 16th day of
December, 2020, by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), CERES CLASSIC L.P., a Delaware limited partnership (the “Partnership”) and EMC CAPITAL ADVISORS, LLC., an Illinois Limited
Liability Company (“EMC” or the “Advisor”). 
 W I T N E S S E
T H : 
 WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of
speculative trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial capital appreciation; and 

WHEREAS, such trading is to be conducted directly or indirectly through investment in a master fund of which CMF would be the trading manager
and EMC would be the advisor; 
 WHEREAS, the Ninth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of
November 25, 2020 (the “Partnership Agreement”), permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership; and 

WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is a
member of National Futures Association (“NFA”); and 
 WHEREAS, CMF is registered as a commodity trading advisor and a commodity
pool operator with the CFTC and is a member of NFA; and 
 WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement
in order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity interest trading activities during the term of this Agreement. 

 NOW, THEREFORE, the parties agree as follows: 

1.    DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, effective
January 1, 2021, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the
investment and reinvestment of the assets and funds of the Partnership, whether directly or indirectly through a master fund, allocated to it from time to time by CMF in the instruments listed in Appendix C of this Agreement, as amended from
time to time. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with
the trading policies of CMF expressly set forth in Appendix A hereto as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change (the “CMF Trading Policies”), provided
that the Advisor shall notify CMF of its inability to comply with the new CMF Trading Policies within one (1) business day of notice of such change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in
managing the Partnership’s assets allocated to it. CMF has initially selected the Advisor’s EMC Classic Program (the “Strategy”), as described in Appendix B attached hereto, to manage the Partnership’s assets
allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor
may not deviate from the CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not
result in losses. 
 (b)    CMF acknowledges receipt of the description of the Strategy, attached hereto as Appendix
B. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through a master fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or
responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the Advisor, with the
prior written permission (by original, fax copy or email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant, independent floor broker and any give-up or floor brokerage fees are
approved in advance by CMF. The initial list of approved executing brokers is attached as Appendix D hereto. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other
derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed
the relevant give-up agreements (via EGUS or by original, fax copy or email copy). 

(c)    The initial allocation of the Partnership’s assets to the Advisor shall be invested in accordance with the
Strategy, as described in Appendix B. The Partnership and the Advisor agree that the Advisor shall trade the initial allocation, either directly or indirectly through a master fund, at a trading level confirmed to the Advisor by CMF. In the
event the Advisor wishes to use a trading system or methodology other than or in addition to the Strategy in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written
notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five business days’ prior written notice to CMF of any change in the trading system or
methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized
for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would cause the description of the trading strategy or methods described in Appendix B or
the Partnership’s current Confidential Private Placement Offering Memorandum and Disclosure Document (“Memorandum”), as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of
all commodity interests to be traded for the Partnership’s account (which is attached hereto as Appendix C) and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and
receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes
to its business not previously reported to CMF. Monthly reports will be deemed to be delivered when received by email at the email address(es) for notices indicated in Section 13. 

 The Advisor further agrees that it will convert foreign currency balances (not required to
margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be converted to U.S. dollars within one business day after such
funds are no longer needed to margin, non-U.S. dollar-based positions. 

(d)    The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as
defined in Part 4 of the CFTC’s regulations (“principals”), its officers, partners and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with
respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not
required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill CMF’s fiduciary obligations to the Partnership or the
reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they
will keep all such advice confidential. 
 (e)    The Advisor understands and agrees that CMF may designate other
trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Asset Value of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute
discretion. The designation of other trading advisors and the apportionment or reapportionment of Net Asset Value of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in
any regard the respective rights and obligations of the parties hereunder. 
 (f)    CMF may, from time to time, in its
absolute discretion, select additional trading advisors and reapportion funds among the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar
month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund
redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or
liquidations, after which the Advisor will have a maximum of two business days to effect the specified liquidation. CMF and the Advisor acknowledge that, should the amount of the Partnership’s assets under the Advisor’s management be
increased, this notice period may be extended upon the mutual consent of the parties, which consent shall not be unreasonably withheld. 

 (g)    The Advisor shall assume financial responsibility for any errors
committed or caused by it in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account, including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction
charges and give-up charges incurred by the brokers on such trades. The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the
commodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors caused by the Advisor or any of its executing brokers identified in Appendix D with
respect to the account, and the Advisor shall use its best efforts to identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions to any broker utilized to execute
orders for the Partnership. 
 2.    INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be
deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF,
or any other trading advisor. The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership. 

3.    COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the
Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 20% of Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the
“Incentive Fee”) and (ii) a monthly fee for professional management services equal to 0.875% per year of the beginning of the month Net Asset Value of the Partnership allocated to the Advisor (computed monthly by multiplying the Net
Asset Value of the Partnership allocated to the Advisor as of the first day of each month by 0.875% and dividing the result thereof by 12) (the “Management Fee”). 

(b)    “Net Asset Value of the Partnership” shall have the meaning set forth in Section 7(d)(1) of the
Partnership Agreement and, unless the Advisor consents in writing, without regard to further amendments thereto, provided that in determining the Net Asset Value of the Partnership on any date, no adjustment shall be made to reflect any
distributions, redemptions, administrative fees or incentive fees accrued or payable as of the date of such determination. 

(c)    “Trading Profits” shall mean the excess, if any, of Net Asset Value of the Partnership managed by the
Advisor at the end of the fiscal period over Net Asset Value of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Asset Value of the Partnership allocated to the Advisor at the date trading commences by
the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Asset Value of the Partnership resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made
during the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing
expenses shall be attributed to the assets managed by the Advisor (but shall be paid by the Partnership) based on the Advisor’s proportionate share of Net Assets of the Partnership. Ongoing expenses shall not include expenses of litigation not
involving the activities of the Advisor on behalf of the Partnership. No Incentive Fee shall be paid to the Advisor until the end of the first quarterly period of the Advisor’s trading for the Partnership, which fee shall be based on New
Trading Profits (if any) earned from the commencement of trading by the Advisor on behalf of the Partnership through the end of the first quarterly period of such trading (which, for the avoidance of doubt, shall be March 31, 2021). Interest
income earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Asset Value of the Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of
additions), there shall be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive Fee. 

 (d)    Quarterly Incentive Fees and monthly Management Fees shall be
paid within twenty (20) business days following the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or a calendar month, as the
case may be, the quarterly Incentive Fee shall be computed as if the effective date of termination were the last day of the then current annual period and the monthly Management Fee shall be prorated to the effective date of termination. If, during
any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management Fee shall be prorated by the ratio which the
number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 

(e)    The provisions of this Section 3 shall survive the termination of this Agreement. 

4.    RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services provided by the Advisor hereunder are not exclusive.
CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, partners and employees may render advisory, consulting and management services to other clients and
accounts. The Advisor and its officers, partners, and employees shall be free to trade for their own accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the same information,
computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the rendering of
such consulting, advisory and management services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies for the Partnership and will not affect the capacity of the Advisor to continue to
render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 

 (b)    If, at any time during the term of this Agreement, the Advisor is
required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative
position limits, the Advisor agrees that it will promptly notify CMF in writing that the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its
trading recommendations are altered because of the application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially
disproportionately as compared with other accounts managed by the Advisor. The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the
Partnership that are inferior to strategies or methods employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being
acknowledged, however, that different trading programs, strategies or methods may be utilized for differing sizes of accounts, accounts with different trading policies or risk parameters, accounts experiencing differing inflows or outflows of
equity, accounts that commence trading at different times, accounts that have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause
divergent trading results. 
 (c)    It is acknowledged that the Advisor and/or its officers, employees and partners
presently act, and may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may be more or less than the amounts received from the
Partnership. 
 (d)    The Advisor agrees that it shall make such information available to CMF respecting the
performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals that utilize the Strategy, if any, as shall be reasonably requested by CMF. The Advisor presently believes and
represents that existing speculative position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’
current accounts and all proposed accounts for which they have contracted to act as trading advisor. 

5.    TERM. (a) This Agreement shall continue in effect until December 31, 2021 (the “Initial Termination
Date”). If this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall continue to
renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. At any time during the term of this Agreement, CMF may elect to terminate this Agreement with five
(5) days’ notice to the Advisor; provided however, that CMF may immediately terminate this Agreement if (i) the Net Asset Value per Unit of the Partnership shall decline as of the close of business on any day to $5.00 or less;
(ii) the Net Asset Value of the Partnership allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 40% or more as of the end of a trading day from the previous highest Net Asset Value
of the Partnership; (iii) limited partners owning not less than a “Majority of Units” (as defined in Section 4(a) of the Partnership Agreement) in the Partnership shall vote to require CMF to terminate this Agreement;
(iv) the Advisor fails to comply with the terms of this Agreement (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate
this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; (vii) the Advisor fails to conform to the CMF Trading Policies as they may be
changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent; (ix) if John Krautsack dies, becomes incapacitated, leaves the employ of
the Advisor, ceases to control the Strategy, or is otherwise not managing the trading programs or systems of the Advisor; (x) the Advisor’s registration as a commodity trading advisor with the CFTC or its membership in NFA or any other
regulatory authority, is terminated or suspended; (xi) CMF reasonably believes that the Advisor has or may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates; or (xii) the
Partnership’s Net Assets fall below $1,000,000 at any time. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution. 

 (b)    The Advisor may terminate this Agreement by giving not less than
30 days’ written notice to CMF (i) after the Initial Termination Date or (ii) in the event that CMF or the Partnership fails to comply with the terms of this Agreement. The Advisor may immediately terminate this Agreement if
CMF’s registration as a commodity pool operator or its membership in NFA is terminated or suspended. 

(c)    Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this
Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof. 

6.    INDEMNIFICATION. (a)(i) In any threatened, pending or completed action, suit, or proceeding to which the
Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall,
subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense (including, without limitation, attorneys’ and accountants’ fees,
collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with such action, suit, or proceeding if the Advisor acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, bad faith, recklessness, intentional misconduct, or a breach of its fiduciary obligations to the
Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all
circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership
if such indemnification is prohibited by Section 14 of the Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good
faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership. 

(ii)    Without limiting subsection (i) above, to the extent that the Advisor has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify the Advisor against the expenses (including, without limitations,
attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 

(iii)    Any indemnification under subsection (i) above, unless ordered by a court or administrative forum, shall be
made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met the applicable standard of
conduct set forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, whose approval shall not be unreasonably withheld. The Advisor will be deemed to have
approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not approve the selection. 

 (iv)    In the event the Advisor is made a party to any claim, dispute
or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor
against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees), incurred in connection therewith. 

(v)    As used in this Section 6(a), the term “Advisor” shall include the Advisor, its principals,
officers, partners and employees and the term “CMF” shall include the Partnership. 
 (b)(i)    The Advisor
agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees,
collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement reasonably incurred by them (A) as a result of the breach of any representations and warranties or covenants made by the Advisor in this
Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if (i) there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Section 14
hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in
Section 1(g)), or (ii) there has been a settlement of any action or proceeding with the Advisor’s prior written consent. 

(ii)    In the event CMF, the Partnership or any of their affiliates is made a party to any claim, dispute or litigation
or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, partners and employees unrelated to CMF’s or the Partnership’s business, the
Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, fine, penalty, obligation cost or expense (including, without limitation, attorneys’ and accountants’
fees, collection fees, court costs and other legal expenses) judgments, awards and amounts including amounts paid in settlement incurred in connection therewith. 

(c)    In the event that a person entitled to indemnification under this Section 6 is made a party to an action, suit
or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or
expense incurred in such action, suit or proceeding which relates to the matters for which indemnification can be made. 

(d)    None of the indemnifications contained in this Section 6 shall be applicable with respect to default
judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld or delayed, of the party obligated to indemnify such party. 

 (e)    The provisions of this Section 6 shall survive the
termination of this Agreement. 
 7.    REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a)    The Advisor represents and warrants that: 

(i)    All information with respect to the Advisor and its principals and the trading performance of any of them that has
been provided to CMF, including, without limitation, the description of the Strategy contained in Appendix B, is complete and accurate in all material respects and such information does not contain any untrue statement of a material fact or
omit to state a material fact that is necessary to make such statements and information therein not misleading. All references to the Advisor and its principals, if any, in the Memorandum or a supplement thereto will, after review and approval of
such references by the Advisor prior to the use of such Memorandum in connection with the offering of Partnership units, be accurate in all material respects, except that with respect to pro forma or hypothetical performance information in such
Memorandum, if any, this representation and warranty extends only to any underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments. 

(ii)    The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any,
is based on (a) all of the customer accounts managed pursuant to the Strategy by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein or (b) with the written consent
of CMF, a representative account of the Strategy. Such performance has been prepared by the Advisor or its agents in accordance with applicable CFTC and NFA rules and guidance, including, but not limited to, CFTC Rule 4.25. 

(iii)    The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a securities
investment adviser and is duly registered with the CFTC as a commodity trading advisor, is a member of NFA, and is in compliance with any such other registration and licensing requirements as shall be necessary to enable it to perform its
obligations hereunder, and agrees to maintain and renew such registrations and licenses during the term of this Agreement, including, without limitation, registration as a commodity trading advisor with the CFTC and membership in the NFA. 

(iv)    The Advisor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization and has full corporate power and authority to enter into this Agreement and to provide the services required of it hereunder. 

(v)    The Advisor will not, by acting as a commodity trading advisor to the Partnership, breach or cause to be breached
any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound. 

(vi)    This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a valid and
binding agreement enforceable in accordance with its terms. 

 (vii)    At any time during the term of this Agreement that an offering
memorandum or prospectus relating to the Partnership units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such information as shall be
necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate. 

(b)    CMF represents and warrants for itself and the Partnership that: 

(i)    CMF is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Delaware and has full limited liability company power and authority to perform its obligations under this Agreement. 

(ii)    CMF and the Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership.

 (iii)    This Agreement has been duly and validly authorized, executed and delivered on CMF’s and the
Partnership’s behalf and is a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 

(iv)    CMF will not, by acting as general partner to the Partnership and the Partnership will not, breach or cause to be
breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the performance of its duties under this Agreement. 

(v)    CMF is registered as a commodity pool operator and is a member of NFA, and it will maintain and renew such
registration and membership during the term of this Agreement. 
 (vi)    The Partnership is a “qualified eligible
person” as defined in Rule 4.7 under the Commodity Exchange Act. 
 (vii)    The Partnership is a limited
partnership duly organized and validly existing under the laws of the State of Delaware and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement. 

8.    COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP. 

(a)    The Advisor agrees as follows: 

(i)    In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws,
including rules and regulations of the CFTC, NFA, swap execution facility and/or the commodity exchange on which any particular transaction is executed. 

(ii)    The Advisor will promptly notify CMF of the commencement of any investigation, suit, action or proceeding
(collectively, an “action”) involving the Advisor or any of its officers, partners or employees, agents or representatives regardless of whether such investigation, suit, action or proceeding also involves CMF. The Advisor shall promptly
notify CMF of any action against an affiliate where such action is (a) taken either in relation to the business of the Advisor or (b) adversely affects the business of the Advisor. The Advisor will provide CMF with copies of any
correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with any material, non-routine investigation, examination or audit of the Advisor’s business activities unless such disclosure is otherwise prohibited by applicable law or regulation; provided, however, that any such
correspondence provided to CMF by the Advisor shall be subject to Section 9 hereof. 

 (iii)    In the placement of orders for the Partnership’s account
and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the
Partnership than to any other account managed by the Advisor. The Advisor acknowledges its obligation to review and reconcile the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business
days to notify, in writing, the broker and CMF and the Partnership’s brokers of (A) any error committed by the Advisor or its principals or employees with respect to the Partnership’s assets managed by the Advisor; (B) any trade
which the Advisor believes was not executed in accordance with its instructions; and (C) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the
information reported on the account’s daily and monthly broker statements. 
 (iv)    The Advisor will maintain a
net worth of not less than USD $1,000,000 during the term of this Agreement. 
 (v)    The Advisor will use its best
efforts to close out all futures positions prior to any applicable delivery period, and will use commercially reasonable efforts to avoid causing the Partnership to take delivery of any commodity. 

(b)    CMF agrees for itself and the Partnership that: 

(i)    CMF and the Partnership will comply with all applicable laws, including rules and regulations of the CFTC, NFA, swap
execution facility and/or the commodity exchange on which any particular transaction is executed. 
 (ii)    CMF will
promptly notify the Advisor of the commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor. 

 (iii)    CMF or the selling agents for the Partnership have policies,
procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA PATRIOT Act. CMF or the selling agents for the
Partnership have Customer Identification Programs (“CIP”), which require the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance. CMF or the selling agents for the Partnership
also have policies, procedures, and internal controls in place that are reasonably designed to comply with regulations and economic sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control. CMF
or the selling agents for the Partnership has policies and procedures in place reasonably designed to comply with Section 312 of the USA PATRIOT Act, including processes reasonably designed to identify clients that may be senior foreign
political figures1, in accordance with applicable requirements and regulatory guidance, and to conduct enhanced scrutiny on such clients where required under applicable law. In addition, CMF or
the selling agents for the Partnership has policies and procedures in place reasonably designed to prohibit accounts for foreign shell banks2 in compliance with Sections 313 & 319 of the USA
PATRIOT Act. 
 (c)    All representations, warranties and covenants contained in this Agreement shall be continuing
during the term of this Agreement and the provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. Each party hereby agrees that as of the date of this
Agreement it is, and during its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any event occurs which would make any of such representations, warranties or covenants not
true, the affected party will use its best efforts to promptly notify the other parties of such fact. 

10.    COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties pertaining to the
subject matter hereof. 
 11.    ASSIGNMENT. This Agreement may not be assigned by any party without the express
written consent of the other parties. 
 12.    AMENDMENT. This Agreement may not be amended except by the
written consent of the parties. 
  

	1 	 A “senior foreign political figure” is defined as a current or former senior official in the
executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major
non-U.S. political party, or a current or former senior executive of a non-U.S. government-owned commercial enterprise. In addition, a “senior foreign political
figure” includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure. For purposes of this definition, a “senior official” or “senior executive” means
an individual with substantial authority over policy, operations, or the use of government-owned resources. An “immediate family member” of a senior foreign political figure means spouses, parents, siblings, children and a spouse’s
parents and siblings. A “close associate” of a senior foreign political figure means a person who is widely and publicly known (or is actually known) to be a close associate of a senior foreign political figure. 

	2 	 The term shell bank means a bank that does not maintain a physical presence in any country and is not subject
to inspection by a banking authority. In addition, a shell bank generally does not employ individuals or maintain operating records. 

 13.    NOTICES. All notices, demands or requests required to be
made or delivered under this Agreement shall be effective upon actual receipt and shall be made either by electronic mail (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt
requested, postage prepaid, to the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given: 

If to CMF or to the Partnership: 

Ceres Managed Futures LLC 
 522
Fifth Avenue 
 New York, New York 10036 

Attention: Patrick Egan 
 Email:
Patrick.Egan@morganstanley.com 
 If to the Advisor: 

EMC Capital Advisors, LLC 
 2201
Waukegan Road, Suite W240 
 Bannockburn, IL 60015 

Attention: John Krautsack 
 Email:
Kraut@emccta.com 
 14.    GOVERNING LAW. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York. 
 15.    ARBITRATION. The parties agree that any dispute or controversy
arising out of or relating to this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of NFA or, if NFA shall refuse jurisdiction, then in accordance with the rules, then in effect,
of the American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award, and further provided, that
any such arbitration shall occur within the Borough of Manhattan in New York City. Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction. 

16.    NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain
persons not parties to this Agreement may have rights under Section 6 hereof. 
 17.    COUNTERPART
ORIGINALS. This Agreement may be executed in any number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement. Any signature on the signature page of this
Agreement may be an original or electronically transmitted signature or may be executed by applying an electronic signature using DocuSign© or, if permitted by CMF (such permission not to be
unreasonably withheld), any other similar program. 
 [Signature Page Follows] 

 PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF
QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON
THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. 

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED
OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE
ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED. 

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written. 

 

			
	CERES MANAGED FUTURES LLC	  	EMC CAPITAL ADVISORS, LLC
		
	By:     /s/ Patrick T. Egan                    	  	By:     /s/ John Krautsack
	Patrick T. Egan	  	Name:     John Krautsack
	 President and Director
  
	  	Title:       President
	CERES CLASSIC L.P.	  	
		
	By:   Ceres Managed Futures LLC	  	
	        (General Partner)	  	
		
	By:     /s/ Patrick T. Egan                    	  	
	Patrick T. Egan	  	
	President and Director	  	

 APPENDIX A 

CMF Trading Policies 
 The
Partnership, either directly or indirectly through its investment in a master fund, and the Advisor will follow the trading policies set forth below: 
  

	 	1.	 The Advisor shall trade only in those Futures Interests (as defined in Section 3 of the Partnership
Agreement) that have been approved by CMF. The Partnership normally will not establish new positions in a futures interest for any one contract month or option if such additional positions would result in a net long or short position for that
futures interest requiring as margin or premium more than 15% of the Partnership’s Net Assets. 

  

	 	2.	 The Partnership shall not acquire additional positions in any futures interest if such additional positions
would result in the aggregate net long or short positions for all futures interests requiring as margin or premium for all outstanding positions more than 66 2/3% of the Partnership’s Net Assets. Under certain market conditions, such as an
abrupt increase in margins required by a commodity exchange or its clearinghouse or an inability to liquidate open positions because of daily price fluctuation limits, or both, the Partnership may be required to commit as margin amounts in excess of
the foregoing limit. In such event, the Advisor shall reduce its open positions to comply with the foregoing limit before initiating new positions. 

  

	 	3.	 The Partnership shall trade currencies and other commodities in the interbank and forward contract markets only
with banks, brokers, dealers, and other financial institutions which CMF, in conjunction with MS&Co., has determined to be creditworthy. In determining the creditworthiness of a counterparty to a forward contract, CMF and MS&Co. shall
consult with the Corporate Credit Department of MS&Co. 

  

	 	4.	 The Advisor shall not generally take a position after the first notice day in any Futures Interest during the
delivery month of that Futures Interest, except to match trades to close out a position on the interbank foreign currency or other forward markets or liquidate trades in a limit market. 

 

	 	5.	 The Partnership shall not employ the trading technique commonly known as “pyramiding,” in which the
speculator uses unrealized profits on existing positions in a given Futures Interest due to favorable price movement as margin specifically to buy or sell additional positions in the same or a related Futures Interest. Taking into account the
Partnership’s open trade equity on existing positions in determining generally whether to acquire additional Futures Interest positions on behalf of the Partnership shall not be considered to constitute “pyramiding.”

  

	 	6.	 The Partnership shall not under any circumstances lend money to Affiliates (as defined in Section 14(c) of
the Partnership Agreement) or otherwise. The Partnership shall not utilize borrowings except if the Partnership purchases or takes delivery of commodities. If the Partnership borrows money from CMF or any Affiliate thereof, the lending entity in
such case (the “Lender”) may not receive interest in excess of its interest costs, nor may the Lender receive interest in excess of the amounts which would be charged the Partnership (without reference to the CMF’s financial abilities
or guarantees) by unrelated banks on comparable loans for the same purpose, nor may the Lender or any Affiliate thereof receive any points or other financing charges or fees regardless of the amount. Use of lines of credit in connection with its
forward trading does not, however, constitute borrowing for purposes of this trading limitation. 

	 	7.	 The Partnership shall not permit “churning” of the Partnership’s assets. 

 

	 	8.	 The Partnership shall not purchase, sell, or trade securities (except securities permitted by the CFTC for
investment of customer funds). The Partnership may, however, trade in futures contracts on securities and securities indexes, options on such futures contracts, and other commodity options. 

 APPENDIX B 

Description of the Strategy 

EMC’s Classic Program seeks to provide long-term positive returns with low correlation to equities and fixed income by capturing directional price
movement, both up and down, in a globally diversified portfolio of liquid financial and commodity futures markets. 
 The Classic Program employs
quantitative, systematic trading models across a broad range of market sectors including currencies, interest rate futures, stock indices, precious and base metals, energies, agricultural and soft commodities. The portfolio features a significant
40% allocation to commodity futures and 60% to financial futures. EMC has developed and utilizes multiple proprietary independent trading systems that range in duration from 15 to 90 days. Individual systems are trend following and momentum based in
nature and are designed to capture profits from directional price movement over different time frames and under different market conditions. EMC actively manages risk at every level of the portfolio using current market volatility, account equity,
correlations and other portfolio components to quantify and limit risk at the trade, market, sector and portfolio levels. 

  
 17 

 APPENDIX C 

The following list of financial instruments may be traded by the Advisor on behalf of the Account: 

Base Metals 
 Aluminum 

Copper 
 Zinc 

Nickel 
 Currencies 

Dollar Index 
 British Pound 

Swiss Franc 
 Euro Currency 

Japanese Yen 
 Canadian Dollar 

Australian Dollar 
 New Zealand Dollar 

Mexican Peso 
 Energies 

Crude Oil 
 Heating Oil 

Rbob Gasoline 
 Natural Gas 

Brent Crude Oil 
 Gas Oil 

Grains 
 Corn 

Soybeans 
 Soybean Meal 

Soybean Oil 
 Oats 

Wheat 
 Rice 

Canola 

  
 18 

 Long Term Financials 

US 30 Year Bond 
 US Five Year Note 

US Ten Year Note 
 Japanese 10 Year Bond (Mini) 

German 10 year Bond (Bund) 
 British 10 Year Bond (Gilt) 

German 5 Year Bond (Bobl) 
 German 2 Year (Schatz) 

Meats 
 Feeder Cattle 

Live Cattle 
 Lean Hogs 

Precious Metals 
 Gold 

Silver 
 Platinum 

Palladium 
 Short Term Financials 

Eurodollars 
 Euroyen 

Short Sterling 
 Euribor 

Euroswiss 
 Softs 

Cocoa 
 Coffee 

Sugar 
 Lumber 

Cotton 
 Orange Juice 

  
 19 

 Stock Indexes 

Mini S&P 500 
 Mini Nasdaq 

Nikkei 225 
 Hang Seng 

MSCI Emerging Market Mini 
 FTSE 100 

German Dax 

  
 20 

 APPENDIX D 

Executing Brokers 
 ADM Investor
Services, Inc. 
 ED&F Man 
 R.J. O’Brien &
Associates 
 Societe Generale 

  
 21EX-10.3

 Exhibit 10.3 

Executed Copy 

AMENDMENT TO THE AMENDED AND RESTATED MANAGEMENT AGREEMENT 

This AMENDMENT dated December 22, 2020 to the AMENDED AND RESTATED MANAGEMENT AGREEMENT made as of July 3, 2014, as amended from
time to time (the “Management Agreement”), by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), each fund listed in Schedule A (each a “Partnership” and together, the
“Partnerships”), CMF WINTON MASTER L.P., and WINTON CAPITAL MANAGEMENT LIMITED, a company registered in England and Wales (the “Advisor”, and together with CMF and the Partnerships, the “Parties”). This Amendment shall
be effective as of January 1, 2021 (the “Effective Date”). Any terms used herein without its meaning defined shall have the meaning ascribed to that term in the Management Agreement. 

W I T N E S S E T H: 

WHEREAS, CMF allocates, from time to time, a certain amount of the assets of each Partnership to the Advisor to trade pursuant to the
Management Agreement; 
 WHEREAS, the Parties wish to amend the Management Agreement to replace Schedule A and modify the payment of the
incentive fee. 
 NOW, THEREFORE, the parties agree as follows: 

1. Schedule A is hereby deleted in its entirety and replaced with Schedule A attached hereto. 

2. Section 3(c) of the Management Agreement is amended by adding the following at the end thereof: 

“Notwithstanding the foregoing, subject to the following, no incentive fee shall be paid to the Advisor with respect to Ceres Classic L.P.
until it has (i) recouped the loss carryforward for Ceres Abingdon L.P. (formerly Managed Futures Premier Abingdon L.P.) as of December 31, 2020 (the “LCF”) (the amount of which shall be provided by CMF to the Advisor, together
with such supporting documentation as is reasonably requested by the Advisor, on or before January 31, 2021) and (ii) earned New Trading Profits from and after the Effective Date. If the initial Trading Level for Ceres Classic L.P. is less
than the Trading Level for Ceres Abingdon L.P. (formerly Managed Futures Premier Abingdon L.P.) as at December 31, then the LCF applied to Ceres Classic L.P. shall be reduced by a corresponding proportional amount.” 

3. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall
constitute the same agreement. Any signature on the signature page of this Amendment may be an original or electronically transmitted signature or may be executed by applying an electronic signature using DocuSign© or, if permitted by CMF (such permission not to be unreasonably withheld), any other similar program. 

4. This Amendment shall be governed and construed in accordance with the laws of the State of New York. 

 IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the
date first written above. 
  

			
	CERES ABINGDON L.P. (FORMERLY,	  	CERES CLASSIC L.P.
	MANAGED FUTURES PREMIER	  	
	ABINGDON L.P.)	  	By: Ceres Managed Futures LLC
		  	(General Partner)
	By: Ceres Managed Futures LLC	  	
	(General Partner)	  	
		  	By /s/ Patrick T. Egan                                
		  	Patrick T. Egan
	By /s/ Patrick T. Egan                            	  	President & Director
	Patrick T. Egan	  	
	President & Director	  	CERES MANAGED FUTURES LLC
		
	CMF WINTON MASTER L.P.	  	By /s/ Patrick T. Egan                                
		  	Patrick T. Egan
	By: Ceres Managed Futures LLC	  	President & Director
	(General Partner)	  	
		
		  	WINTON CAPITAL MANAGEMENT
	By /s/ Patrick T. Egan                          	  	LIMITED
	Patrick T. Egan	  	
	President & Director	  	By /s/ Brigid Rentoul                                
		  	Name: Brigid Rentoul
		  	Title: Director

  
 -2- 

 SCHEDULE A 

 

					
	 FUND NAME
	 		  	MEMORANDUM DATE
	 Ceres Classic L.P.
	 		  	November 30, 2020

  
 -3-

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