Document:

Orgenesis Inc. - Exhibit 10.2 - Filed by newsfilecorp.com

ORGENESIS INC. 
(the “Issuer”) 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT 

(CONVERTIBLE NOTE) 

INSTRUCTIONS TO SUBSCRIBER 

1.        You must complete
all the information in the boxes on page 2 and sign where indicated with an
“X”. 

2.        If you are a “U.S.
Purchaser”, as defined in Exhibit A, you must complete and sign Exhibit A
“United States Accredited Investor Questionnaire”. 

3.        If you are paying
for your subscription with funds drawn from a U.S. bank or Non U.S. source, you
may pay by by wire transfer to the Issuer pursuant to the wiring instructions
set out in Exhibit B. 

ORGENESIS INC. 
PRIVATE
PLACEMENT SUBSCRIPTION AGREEMENT 

The undersigned (the “Subscriber”) hereby irrevocably
subscribes for and agrees to purchase from Orgenesis Inc. (the “Issuer”)
a 2% Unsecured Convertible Note of the Issuer (the “Note”) in the
principal amount set forth below. The form of the Note is attached to this
Subscription Agreement as Exhibit C. The Subscriber agrees to be bound by
the terms and conditions set forth in the attached “Terms and Conditions of
Subscription for Note”. 

	Subscriber Information 	 	Note to be Purchased 
	 
    	 	 
	  	 	Principal Amount of Note:
      $125,000_________ 
	 
    	 	 
	(Name of Subscriber) 	 	 
	 
    	 	 
	Account Reference (if applicable): ____________	 	 
	  	 	Total Subscription Price: $125,000_________
    
	X 	 	(the “Subscription Amount”, plus wire fees
      if 
	(Signature of Subscriber – if the 	 	applicable) 
	Subscriber is an Individual) 	 	 
	 
    	 	 
	 
    	 	 
	 
    	 	 
	X 	 	 
	(Signature of Authorized Signatory – if the 	 	Please complete if purchasing as agent or
  
	Subscriber is not an Individual) 	 	trustee for a principal (beneficial
      purchaser) 
	  	 	(a “Disclosed Principal”) and not purchasing
    
	  	 	as trustee or agent for accounts fully
      managed 
	(Name and Title of Authorized Signatory – if 	 	by it. 
	the Subscriber is not an Individual) 	 	 
	 
    	 	 
	(SSN or other Tax Identification Number of 	 	(Name of Disclosed Principal) 
	the Subscriber) 	 	 
	 
    	 	 
	  	 	(Address of Disclosed Principal) 
	 
    	 	 
	(Subscriber’s Address, including postal or zip 	 	 
	code) 	 	(Account Reference, if applicable) 
	 
    	 	 
	(Telephone Number) 	 	 
	(Email Address) 	 	(SSN or other Tax Identification Number of 
	  	 	Disclosed Principal) 

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	Register the Note as set forth below: 	 	Deliver the Note as set forth below: 
	 
    	 	  
	 
    	 	  
	(Name to Appear on Note Certificate) 	 	(Attention - Name) 
	 
    	 	  
	 
    	 	  
	(Account Reference, if applicable) 	 	(Account Reference, if applicable) 
	 
    	 	  
	 
    	 	  
	  	 	(Street Address, including postal or zip code –
      no 
	(Address, including postal or zip code) 	 	PO Boxes permitted) 
	 
    	 	  
	 
    	 	  
	 
    	 	  
	  	 	(Telephone Number) 
	  	 	  
	Number and kind of securities of the Issuer already
      held, directly or indirectly, or over which control or direction is
      exercised by, the Subscriber, if any (i.e.,
      shares, warrants, options): 	 	  
	 	 	 
	 	 	 

3

ACCEPTANCE 

The Issuer hereby accepts the Subscription (as defined herein)
on the terms and conditions contained in this private placement subscription
agreement (this “Agreement”) as of the 30st day of November,
2018 (the “Closing Date”). 

ORGENESIS INC. 

 

Per: /s/ Neil Reithinger

        Authorized Signatory 

4

TERMS AND CONDITIONS OF SUBSCRIPTION FOR NOTE

1.       
Subscription 

1.1      On the basis of the
representations and warranties, and subject to the terms and conditions, set
forth in this Agreement and in the form of Note attached as Exhibit C to
this Agreement, the Subscriber hereby irrevocably subscribes for and agrees to
purchase a Note in the principal amount as set forth on page 2 of this Agreement
for the Subscription Amount shown on page 2 of this Agreement, which is tendered
herewith (such subscription and agreement to purchase being the
“Subscription”), and the Issuer agrees to sell the Note to the
Subscriber, effective upon the Issuer’s acceptance of this Agreement. 

1.2      The principal amount of the
Note will accrue interest at 2% per annum. The Note will be an unsecured
obligation of the Issuer. The Subscriber hereby confirms and acknowledges that
the Issuer may use the Subscription Amount, either in part or in full, in any
manner as the Issuer deems advisable including, without limitation, to issue
that certain convertible promissory note in the amount of $1,000,000 to
Immugenyx (or an affiliate thereof). Subject to Section 3 of the Note, within
two (2) years from the date hereof (the “Conversion Period”), the
Subscriber shall be entitled, at its option, to convert, at any time and from
time to time, until payment in full of the Note, all or any portion of the
outstanding principal amount of the Note, plus accrued and unpaid interest
thereon, into either of the following (as shall be determined by the Subscriber
in his discretion):

	 	1.2.1 	
      Units of the Issuer. The term “Units” shall mean
      one (1) share (each, a “Conversion Share”) of the Issuer’s common
      stock, par value $0.0001 per share (the “Common Stock”), and one
      warrant to purchase one share of Common Stock (the “Warrants”).
      Each Warrant shall entitle the holder to purchase one share of Common
      Stock (the “Warrant Shares”) at an exercise price of $7.00 per
      share (the “Exercise Price”), subject to adjustment, and shall be
      exercisable for a period of three years from the date hereof.

	 	 	 
	 	1.2.2 	
      shares of capital stock of Immugenyx at a price per share
      based on a pre-money valuation of Immugenyx of $12,000,000 (the
      “Immugenyx Securities”, and collectively with the Note, Conversion
      Shares, Warrant and Warrant Shares referred to herein as the
      “Securities”).

1.3      In the event the Subscriber
does not elect to convert the principal amount of the Note, plus accrued and
unpaid interest thereon, into Immugenyx Securities during the Conversion Period,
the Conversion Period shall be extended by an additional one (1) year during
which the Subscriber may convert the principal amount of the Note, plus accrued
and unpaid interest thereon, solely into Units. In no event may the Subscriber
convert such amounts into Immugenyx Securities after the expiration of the
Conversion Period. 

1.4      The Subscriber acknowledges
that the Note has been offered to the Subscriber as part of an offering (the
“Offering”) in which the Issuer intends to sell up to an aggregate of
$10,000,000 of principal amount of the Notes on the same terms as set forth in
this Agreement. 

1.5      All dollar amounts referred
to in this Agreement are in lawful money of the United States of America, unless
otherwise indicated. 

2.      
 Payment

2.1      Payment of the Aggregate
Subscription Price is required upon submission of the subscription documents.

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2.2      The Subscriber acknowledges
and agrees that this Agreement, the Subscription Amount and any other documents
delivered in connection herewith will be held by or on behalf of the Issuer. In
the event that this Agreement is not accepted by the Issuer for whatever reason,
which the Issuer expressly reserves the right to do, the Issuer will return the
Subscription Amount (without interest thereon) to the Subscriber at the address
of the Subscriber as set forth on page 2 of this Agreement, or as otherwise
directed by the Subscriber. 

3.        Documents
Required from Subscriber

3.1      The Subscriber must complete,
sign and return to the Issuer the following documents: 

           
(a)      this Agreement; 

       
    (b)      if the Subscriber is a
U.S. Purchaser (as defined in Exhibit A), the United States Accredited
Investor Questionnaire (the “Questionnaire”) attached as Exhibit
A; 

     
      (c)      such other
supporting documentation that the Issuer or the Issuer’s Counsel may request to
establish the Subscriber’s qualification as a qualified investor; and 

  
         (d)     
the Subscriber acknowledges and agrees that the Issuer will not consider the
Subscription for acceptance unless the Subscriber has provided all of such
documents to the Issuer. 

3.2      As soon as practicable upon
any request by the Issuer, the Subscriber will complete, sign and return to the
Issuer any additional documents, questionnaires, notices and undertakings as may
be required by any regulatory authorities or applicable laws. 

3.3      The Issuer and the Subscriber
acknowledge and agree that the Issuer’s Counsel has acted as counsel only to the
Issuer and is not protecting the rights and interests of the Subscriber. The
Subscriber acknowledges and agrees that the Issuer and the Issuer’s Counsel have
given the Subscriber the opportunity to seek, and are hereby recommending that
the Subscriber obtain, independent legal advice with respect to the subject
matter of this Agreement and, further, the Subscriber hereby represents and
warrants to the Issuer and the Issuer’s Counsel that the Subscriber has sought
independent legal advice or waives such advice. 

4.        Conditions
and Closing

The Subscriber acknowledges that the Note will be available for
delivery within five (5) Business Days of the Issuer’s acceptance of the
subscription hereunder, provided that the Subscriber has satisfied the
requirements of Section 3 hereof and the Issuer has accepted this Agreement.

5.       
Acknowledgements and Agreements of the Subscriber

The Subscriber acknowledges and agrees that: 

            (a)     
none of the Securities have been or will be registered under the United States
Securities Act of 1933, as amended, (the “1933 Act”), or under any
securities or “blue sky” laws of any state of the United States, and, unless so
registered, may not be offered or sold in the United States or, directly or
indirectly, to any U.S. Person (as defined in Section 902 of Regulation S),
except in accordance with the provisions of Regulation S under the 1933 Act
(“Regulation S”), pursuant to an effective registration statement under
the 1933 Act, or pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the 1933 Act, and in each case
only in accordance with applicable securities laws; 

6

      
     (b)      the Issuer has
not undertaken, and will have no obligation, to register any of the Securities
under the 1933 Act or any other applicable securities laws;

      
     (c)      the Issuer will
refuse to register the transfer of any of the Securities to a U.S. Person not
made pursuant to an effective registration statement under the 1933 Act or
pursuant to an available exemption from the registration requirements of the
1933 Act and in each case in accordance with applicable laws; 

      
     (d)      the decision to
execute this Agreement and to acquire the Securities has not been based upon any
oral or written representation as to fact or otherwise made by or on behalf of
the Issuer and such decision is based entirely upon a review of any public
information which has been filed by the Issuer with the United States Securities
and Exchange Commission (the “SEC”) (collectively, the “Public
Record”); 

      
     (e)      the Issuer and
others will rely upon the truth and accuracy of the acknowledgements,
representations, warranties, covenants and agreements of the Subscriber
contained in this Agreement and the Questionnaire, as applicable, and agrees
that if any of such acknowledgements, representations and agreements are no
longer accurate or have been breached, the Subscriber will promptly notify the
Issuer; 

      
     (f)      there are risks
associated with the purchase of the Securities, as more fully described in the
Public Record; 

      
     (g)      the Subscriber
and the Subscriber’s advisor(s) have had a reasonable opportunity to ask
questions of, and receive answers from, the Issuer in connection with the
distribution of the Securities hereunder, and to obtain additional information,
to the extent possessed or obtainable without unreasonable effort or expense,
necessary to verify the accuracy of the information about the Issuer; 

       
    (h)      a portion of the
Offering may be sold pursuant to an agreement between the Issuer and one or more
agents registered in accordance with applicable securities laws, in which case
the Issuer will pay a fee and/or compensation security on terms as set out in
such agreement; 

       
    (i)      finder’s fees or
broker’s commissions may be payable by the Issuer to finders who introduce
subscribers to the Issuer; 

        
   (j)      the books and records of the
Issuer were available upon reasonable notice for inspection, subject to certain
confidentiality restrictions, by the Subscriber during reasonable business hours
at its principal place of business, and all documents, records and books in
connection with the distribution of the Securities hereunder have been made
available for inspection by the Subscriber, its legal counsel and/or its
advisor(s); 

      
     (k)      all of the
information which the Subscriber has provided to the Issuer is correct and
complete and if there should be any change in such information prior to the
Closing, the Subscriber will immediately notify the Issuer, in writing, of the
details of any such change; 

      
     (l)      the Issuer is
entitled to rely on the representations and warranties of the Subscriber
contained in this Agreement and the Questionnaire, as applicable, and the
Subscriber will hold harmless the Issuer from any loss or damage it or they may
suffer as a result of the Subscriber’s failure to correctly complete this
Agreement or the Questionnaire, as applicable; 

7

      
     (m)      any resale of
the Securities by the Subscriber will be subject to resale restrictions
contained in the securities laws applicable to the Issuer, the Subscriber and
any proposed transferee, including resale restrictions imposed under United
States securities laws and additional restrictions on the Subscriber’s ability
to resell any of the Securities in any other jurisdiction under applicable
securities laws; 

    
       (n)      it
is the responsibility of the Subscriber to find out what any applicable resale
restrictions are and to comply with such restrictions before selling any of the
Securities; 

      
     (o)      the Subscriber
has been advised to consult the Subscriber’s own legal, tax and other advisors
with respect to the merits and risks of an investment in the Securities and with
respect to applicable resale restrictions, and it is solely responsible (and the
Issuer is not in any way responsible) for compliance with: 

                  
     (i)      any applicable
laws of the jurisdiction in which the Subscriber is resident in connection with
the distribution of the Securities hereunder, and 

                       
(ii)      applicable resale restrictions;

(p)        there may be
material tax consequences to the Subscriber of an acquisition or disposition of
the Securities and the Issuer gives no opinion and makes no representation to
the Subscriber with respect to the tax consequences to the Subscriber under
federal, state, provincial, local or foreign tax laws that may apply to the
Subscriber’s acquisition or disposition of the Securities; 

(q)        the Issuer has
advised the Subscriber that the Issuer is relying on an exemption from the
requirements to provide the Subscriber with a prospectus and to offer or sell
the Securities through a person registered to sell securities under applicable
securities laws, and, as a consequence of acquiring the Securities pursuant to
such exemption, certain protections, rights and remedies provided by applicable
securities laws, including statutory rights of rescission or damages, may not be
available to the Subscriber; 

(r)        no documents
in connection with the issuance of the Securities have been reviewed by the SEC
or any other securities regulators; 

(s)        neither the
SEC nor any other securities commission or similar regulatory authority has
reviewed or passed on the merits of any of the Securities; 

(t)        there is no
government or other insurance covering any of the Securities; 

(u)        hedging
transactions involving the Securities may not be conducted unless such
transactions are in compliance with the provisions of the 1933 Act and in each
case only in accordance with applicable securities laws; and 

(v)        this
Agreement is not enforceable by the Subscriber unless it has been accepted by
the Issuer and the Issuer reserves the right to reject this Subscription for any
reason. 

6.        Representations
and Warranties of the Subscriber

The Subscriber hereby represents and warrants to the Issuer
(which representations and warranties will survive the Closing) that: 

8

           
(a)        Unless the Subscriber has
completed Exhibit A, the Subscriber is not a U.S. Purchaser; 

           
(b)        the Subscriber is resident in the
jurisdiction set out on page 2 of this Agreement; 

           
(c)        if the Subscriber is resident
outside of the United States: 

                          (i)       
the Subscriber is knowledgeable of, or has been independently advised as to, the
applicable securities laws having application in the jurisdiction in which the
Subscriber is resident (the “International Jurisdiction”) which would
apply to the offer and sale of the Securities; 

                          (ii)       
the Subscriber is purchasing the Securities pursuant to exemptions from
prospectus or equivalent requirements under applicable laws of the International
Jurisdiction or, if such is not applicable, the Subscriber is permitted to
purchase the Securities under applicable securities laws of the International
Jurisdiction without the need to rely on any exemptions; 

                          (iii)        the
applicable laws and regulations of the International Jurisdiction do not and
will not require the Issuer to make any filings or seek any approvals of any
kind from any securities regulator of any kind in the International Jurisdiction
in connection with the offer, issue, sale or resale of any of the Securities;

                         
(iv)        the purchase of the Securities by
the Subscriber does not trigger: 

	 	A. 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction, or

	 	 	 
	 	B. 	
      any continuous disclosure reporting obligation of the
      Issuer in the International Jurisdiction, and

                          (v)       
the Subscriber will, if requested by the Issuer, deliver to the Issuer a
certificate or opinion of local counsel from the International Jurisdiction
which will confirm the matters referred to in subparagraphs (ii), (iii) and (iv)
above to the satisfaction of the Issuer, acting reasonably; 

            (d)        the
Subscriber: (i) has adequate net worth and means of providing for its current
financial needs and possible personal contingences, (ii) has no need for
liquidity in this investment, (iii) has such knowledge and experience in
business matters as to be capable of evaluating the merits and risks of its
prospective investment in the Securities, (iv) is able to bear the economic
risks of an investment in the Securities for an indefinite period of time, and
(v) can afford the complete loss of the Subscription Amount; 

            (e)       
the Subscriber has the legal capacity and competence to enter into and execute
this Agreement and to take all actions required pursuant hereto and, if the
Subscriber is a corporate entity, it is duly incorporated and validly subsisting
under the laws of its jurisdiction of incorporation and all necessary approvals
by its directors, shareholders and others have been obtained to authorize
execution and performance of this Agreement on behalf of the Subscriber; 

            (f)       
the entering into of this Agreement and the transactions contemplated hereby do
not and will not result in the violation of any of the terms and provisions of
any law applicable to, and, if applicable, any of the constating documents of,
the Subscriber or of any agreement, written or oral, to which the Subscriber may
be a party or by which the Subscriber is or may be bound; 

9

            (g)        the
Subscriber has duly executed and delivered this Agreement and it constitutes a
valid and binding agreement of the Subscriber enforceable against the
Subscriber; 

           
(h)        the Subscriber has received and
carefully read this Agreement; 

            (i)        the
Subscriber is aware that an investment in the Issuer is speculative and involves
certain risks, including those risks disclosed in the Public Record and the
possible loss of the entire Subscription Amount; 

            (j)        the
Subscriber has made an independent examination and investigation of an
investment in the Securities and the Issuer and agrees that the Issuer will not
be responsible in any way for the Subscriber’s decision to invest in the
Securities and the Issuer; 

            (k)       
the Subscriber is not an underwriter of, or dealer in, any of the Securities,
nor is the Subscriber participating, pursuant to a contractual agreement or
otherwise, in the distribution of the Securities; 

            (l)       
the Subscriber is purchasing the Securities for its own account for investment
purposes only and not for the account of any other person and not for
distribution, assignment or resale to others, and no other person has a direct
or indirect beneficial interest in such Securities, and the Subscriber has not
subdivided its interest in any of the Securities with any other person; 

            (m)       
the Subscriber is not aware of any advertisement of any of the Securities and is
not acquiring the Securities as a result of any form of general solicitation or
general advertising, including advertisements, articles, notices or other
communications published in any newspaper, magazine or similar media, or
broadcast over radio or television, or any seminar or meeting whose attendees
have been invited by general solicitation or general advertising;

            (n)       
the Subscriber has not acquired the Securities as a result of, and will not
itself engage in, any “directed selling efforts” (as defined in Regulation S) in
the United States in respect of any of the Securities which would include any
activities undertaken for the purpose of, or that could reasonably be expected
to have the effect of, conditioning the market in the United States for the
resale of any of the Securities, provided, however, that the Subscriber may sell
or otherwise dispose of any of the Securities pursuant to registration of any of
the Securities pursuant to the 1933 Act and any applicable securities laws or
under an exemption from such registration requirements; and 

           
(o)        no person has made to the
Subscriber any written or oral representations: 

                         
(i)        that any person will resell
or repurchase any of the Securities, 

                         
(ii)        that any person will refund
the purchase price of any of the Securities, or 

                         
(iii)        as to the future price or
value of any of the Securities. 

In this Agreement, the term “U.S. Person” will have the
meaning ascribed thereto in Regulation S, and for the purpose of this Agreement
includes, but is not limited to: (a) any person in the United States; (b) any
natural person resident in the United States; (c) any partnership or corporation
organized or incorporated under the laws of the United States; (d) any
partnership or corporation organized outside the United States by a U.S. Person
principally for the purpose of investing in securities not registered under the
1933 Act, unless it is organized or incorporated, and owned, by accredited
investors who are not natural persons, estates or trusts; or (e) any estate or trust
of which any executor or administrator or trustee is a U.S. Person. 

10

            (p)        The
Subscriber should check the Office of Foreign Assets Control (“OFAC”) website at
<http://www.treas.gov/ofac> before making the following
representations.

                          (i)        The
Subscriber represents that the amounts invested by it in the Issuer in
the offering were not and are not directly or indirectly derived from activities
that contravene federal, state or international laws and regulations, including
anti-money laundering laws and regulations. Federal regulations and Executive
Orders administered by OFAC prohibit, among other things, the engagement in
transactions with, and the provision of services to, certain foreign countries,
territories, entities and individuals. The lists of OFAC prohibited countries,
territories, persons and entities can be found on the OFAC website at<
http://www.treas.gov/ofac. In addition, the programs administered by OFAC (the
“OFAC Programs”) prohibit dealing with individuals1 or entities in
certain countries regardless of whether such individuals or entities appear on
the OFAC lists; 

                         
(ii)        To the best of the
Subscriber’s knowledge, none of: (1) the Subscriber; (2) any person controlling
or controlled by the Subscriber; (3) if the Subscriber is a privately-held
entity, any person having a beneficial interest in the Subscriber; or (4) any
person for whom the Subscriber is acting as agent or nominee in connection with
this investment is a country, territory, individual or entity named on an OFAC
list, or a person or entity prohibited under the OFAC Programs. You are advised
that the Issuer may not accept any amounts from a prospective investor if such
prospective investor cannot make the representation set forth in the preceding
paragraph. The Subscriber agrees to promptly notify the Issuer should the
Subscriber become aware of any change in the information set forth in these
representations. The Subscriber understands and acknowledges that, by law, the
Issuer may be obligated to “freeze the account” of the Subscriber, either by
prohibiting additional subscriptions from the Subscriber, declining any
redemption requests and/or segregating the assets in the account in compliance
with governmental regulations. These individuals include specially designated
nationals, specially designated narcotics traffickers and other parties subject
to OFAC sanctions and embargo programs; 

                          (iii)       
To the best of the Subscriber’s knowledge, none of: (1) the Subscriber; (2) any
person controlling or controlled by the Subscriber`; (3) if the Subscriber is a
privately-held entity, any person having a beneficial interest in the
Subscriber; or (4) any person for whom the Subscriber is acting as agent or
nominee in connection with this investment is a senior foreign political
figure,2 or any immediate family3 member or close
associate4 of a senior foreign political figure, as such terms are
defined in the footnotes below; and 

1 These individuals include specially designated
nationals, specially designated narcotics traffickers and other parties subject
to OFAC sanctions and embargo programs. 
2 A “senior foreign
political figure” is defined as a senior official in the executive, legislative,
administrative, military or judicial branches of a foreign government (whether
elected or not), a senior official of a major foreign political party, or a
senior executive of a foreign government-owned corporation. 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. 
3 “Immediate family” of a senior foreign
political figure typically includes the figure’s parents, siblings, spouse,
children and in-laws. 
4 A “close associate” of a senior foreign
political figure is a person who is widely and publicly known to maintain an
unusually close relationship with the senior foreign political figure and
includes a person who is in a position to conduct substantial domestic and
international financial transactions on behalf of the senior foreign political
figure. 

11

                          (iv) If
the Subscriber is affiliated with a non-U.S. banking institution (a “Foreign
Bank”), or if the Subscriber receives deposits from, makes payments on behalf
of, or handles other financial transactions related to a Foreign Bank, the
Subscriber represents and warrants to the Issuer that: (1) the Foreign Bank has
a fixed address, other than solely an electronic address, in a country in which
the Foreign Bank is authorized to conduct banking activities; (2) the Foreign
Bank maintains operating records related to its banking activities; (3) the
Foreign Bank is subject to inspection by the banking authority that licensed the
Foreign Bank to conduct banking activities; and (4) the Foreign Bank does not
provide banking services to any other Foreign Bank that does not have a physical
presence in any country and that is not a regulated affiliate 

7.       
Representations and Warranties will be Relied Upon by the
Issuer

The Subscriber acknowledges and agrees that the representations
and warranties contained in this Agreement and the Questionnaire, as applicable,
are made by it with the intention that such representations and warranties may
be relied upon by the Issuer and the Issuer’s Counsel in determining the
Subscriber’s eligibility to purchase the Securities under applicable laws, or,
if applicable, the eligibility of others on whose behalf the Subscriber is
contracting hereunder to purchase the Securities under applicable laws. The
Subscriber further agrees that, by accepting delivery of the certificate
representing the Note, it will be representing and warranting that the
representations and warranties contained herein are true and correct as at the
Closing Date with the same force and effect as if they had been made by the
Subscriber on the Closing Date and that they will survive the purchase by the
Subscriber of the Securities and will continue in full force and effect
notwithstanding any subsequent disposition by the Subscriber of such Securities.

8.       
Acknowledgement and Waiver

The Subscriber has acknowledged that the decision to acquire
the Securities was solely made on the basis of the Public Record. The Subscriber
hereby waives, to the fullest extent permitted by law, any rights of withdrawal,
rescission or compensation for damages to which the Subscriber might be entitled
in connection with the distribution of any of the Securities. 

9.        Legending
of Securities

The Subscriber hereby acknowledges that, upon the issuance
thereof, and until such time as the same is no longer required under applicable
securities laws, any certificates representing any of the Securities will bear a
legend in substantially the following form: 

“NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR
ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED
OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
SECURITIES LAWS.” 

12

The Subscriber hereby acknowledges and agrees to the Issuer
making a notation on its records or giving instructions to the registrar and
transfer agent of the Issuer in order to implement the restrictions on transfer
set forth and described in this Agreement. 

10.      Collection of
Personal Information

          10.1      The
Subscriber acknowledges and consents to the fact that the Issuer is collecting
the Subscriber’s personal information for the purpose of fulfilling this
Agreement and completing the Offering. The Subscriber acknowledges that its
personal information (and, if applicable, the personal information of those on
whose behalf the Subscriber is contracting hereunder) may be included in record
books in connection with the Offering and may be disclosed by the Issuer to: (a)
stock exchanges or securities regulatory authorities, (b) the Issuer's registrar
and transfer agent, (c) tax authorities, (d) authorities pursuant to the PATRIOT
Act (U.S.A.) and (e) any of the other parties involved in the Offering,
including the Issuer’s Counsel. By executing this Agreement, the Subscriber is
deemed to be consenting to the foregoing collection, use and disclosure of the
Subscriber's personal information (and, if applicable, the personal information
of those on whose behalf the Subscriber is contracting hereunder) for the
foregoing purposes and to the retention of such personal information for as long
as permitted or required by applicable laws. Notwithstanding that the Subscriber
may be purchasing the Note as agent on behalf of an undisclosed principal, the
Subscriber agrees to provide, on request, particulars as to the nature and
identity of such undisclosed principal, and any interest that such undisclosed
principal has in the Issuer, all as may be required by the Issuer in order to
comply with the foregoing. 

          10.2      Furthermore,
the Subscriber is hereby notified that the Issuer may deliver to any government
authority having jurisdiction over the Issuer, the Subscriber or this
Subscription, including the SEC and/or any state securities commissions, certain
personal information pertaining to the Subscriber, including the Subscriber’s
full name, residential address and telephone number, the number of Shares or
other securities of the Issuer owned by the Subscriber, the principal amount of
Note purchased by the Subscriber, the total Subscription Amount paid for the
Note and the date of distribution of the Note. 

11.      Costs

The Subscriber acknowledges and agrees that all costs and
expenses incurred by the Subscriber (including any fees and disbursements of any
special counsel retained by the Subscriber) relating to the purchase of the Note
will be borne by the Subscriber. 

12.      Governing
Law

This Agreement is governed by the laws of the State of Nevada
(without reference to its rules governing the choice or conflict of laws). 

13.      Survival

This Agreement, including, without limitation, the
representations, warranties and covenants contained herein, will survive and
continue in full force and effect and be binding upon the Issuer and the
Subscriber, notwithstanding the completion of the purchase of the Securities by
the Subscriber. 

14.      Assignment

This Agreement is not transferable or assignable. 

13

15.      Severability

The invalidity or unenforceability of any particular provision
of this Agreement will not affect or limit the validity or enforceability of the
remaining provisions of this Agreement. 

16.      Entire
Agreement

Except as expressly provided in this Agreement and in the
exhibits, agreements, instruments and other documents attached hereto or
contemplated or provided for herein, this Agreement contains the entire
agreement between the parties with respect to the sale of the Securities and
there are no other terms, conditions, representations or warranties, whether
expressed, implied, oral or written, by statute or common law, by the Issuer or
by anyone else. 

17.      Notices

All notices and other communications hereunder will be in
writing and will be deemed to have been duly given if hand delivered or
transmitted by any standard form of telecommunication, including facsimile,
electronic mail or other means of electronic communication capable of producing
a printed copy. Notices to the Subscriber will be directed to the address of the
Subscriber set forth on page 2 of this Agreement and notices to the Issuer will
be directed to it at the address of the Issuer set forth on page 3 of this
Agreement. 

18.      Counterparts and
Electronic Means

This Agreement may be executed in any number of counterparts,
each of which, when so executed and delivered, will constitute an original and
all of which together will constitute one instrument. Delivery of an executed
copy of this Agreement by electronic facsimile transmission or other means of
electronic communication capable of producing a printed copy will be deemed to
be execution and delivery of this Agreement as of the Closing Date. 

19.      Exhibits

The exhibits attached hereto form part of this Agreement. 

20.      Indemnity

The Subscriber will indemnify and hold harmless the Issuer and,
where applicable, its directors, officers, employees, agents, advisors and
shareholders, from and against any and all loss, liability, claim, damage and
expense whatsoever (including, but not limited to, any and all fees, costs and
expenses whatsoever reasonably incurred in investigating, preparing or defending
against any claim, lawsuit, administrative proceeding or investigation whether
commenced or threatened) arising out of or based upon any representation or
warranty of the Subscriber contained in this Agreement, the Questionnaire or in
any document furnished by the Subscriber to the Issuer in connection herewith
being untrue in any material respect, or any breach or failure by the Subscriber
to comply with any covenant or agreement made by the Subscriber to the Issuer in
connection therewith. 

14

EXHIBIT A 

UNITED STATES ACCREDITED INVESTOR QUESTIONNAIRE

Capitalized terms used in this Questionnaire (this
“Questionnaire”) and not specifically defined have the meaning ascribed
to them in the Private Placement Subscription Agreement (the “Agreement”)
between the Subscriber and the Issuer to which this Exhibit A is attached. 

This Questionnaire applies only to persons that are U.S.
Purchasers. A “U.S. Purchaser” is: (a) any U.S. Person, (b) any person
purchasing the Note on behalf of any U.S. Person, (c) any person that receives
or received an offer of the Note while in the United States, or (d) any person
that is in the United States at the time the Subscriber’s buy order was made or
this Agreement was executed or delivered. 

The Subscriber understands and agrees that none of the
Securities have been or will be registered under the 1933 Act, or applicable
state, provincial or foreign securities laws, and the Securities are being
offered and sold to the Subscriber in reliance upon the exemption provided in
Section 4(a)(2) of the 1933 Act and Rule 506 of Regulation D under the 1933 Act
for non-public offerings. The Securities are being offered and sold within the
United States only to “accredited investors” as defined in Rule 501(a) of
Regulation D. The Securities offered hereby are not transferable except in
accordance with the restrictions described herein and the Agreement. 

The Subscriber represents, warrants, covenants and certifies
(which representations, warranties, covenants and certifications will survive
the Closing) to the Issuer (and acknowledges that the Issuer is relying thereon)
that: 

1.          
it has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of an investment in the Securities
and it is able to bear the economic risk of loss of its entire investment; 

2.          
the Issuer has provided to it the opportunity to ask questions and receive
answers concerning the terms and conditions of the Offering and it has had
access to such information concerning the Issuer as it has considered necessary
or appropriate in connection with its investment decision to acquire the
Securities; 

3.          
it is acquiring the Securities for its own account, for investment purposes only
and not with a view to any resale, distribution or other disposition of the
Securities in violation of the United States securities laws; 

4.           it
(i) has adequate net worth and means of providing for its current financial
needs and possible personal contingencies, (ii) has no need for liquidity in
this investment, and (iii) is able to bear the economic risks of an investment
in the Securities for an indefinite period of time; 

5.           if
the Subscriber is an individual (that is, a natural person and not a
corporation, partnership, trust or other entity), then it satisfies one or more
of the categories indicated below (please place an “X” on the appropriate
lines): 

	 	__________	
      a natural person whose individual net worth, or joint net
      worth with that person’s spouse, exceeds US$1,000,000. For purposes of
      this category, "net worth" means the excess of total assets at fair market
      value (including personal and real property, but excluding the estimated
      fair market value of a person's primary home) over total liabilities.
      Total liabilities excludes any 

15

	 	__________	
      mortgage on the primary home in an amount of up to the
      home's estimated fair market value as long as the mortgage was incurred
      more than 60 days before the Securities are acquired, but includes (i) any
      mortgage amount in excess of the home's fair market value and (ii) any
      mortgage amount that was borrowed during the 60-day period before the date
      of the acquisition of Securities for the purpose of investing in the
      Securities; 

	 	 	     
	 	__________	
      a natural person who had an individual income in excess
      of US$200,000 in each of the two most recent years, or joint income with
      their spouse in excess of US$300,000 in each of those years and has a
      reasonable expectation of reaching the same income level in the current
      year, or 

	 	 	     
	 	__________	
      a director or executive officer of the Issuer.
  

6.       
     if the Subscriber is a corporation, partnership, trust
or other entity), then it satisfies one or more of the categories indicated
below (please place an “X” on the appropriate lines): 

	 	__________	
      an organization described in Section 501(c)(3) of the
      United States Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust or partnership, not formed for the specific purpose
      of acquiring the Securities, with total assets in excess of US$5,000,000;
      

	 	 	     
	 	__________	
      a “bank” as defined under Section (3)(a)(2) of the 1933
      Act or savings and loan association or other institution as defined in
      Section 3(a)(5)(A) of the 1933 Act acting in its individual or fiduciary
      capacity; a broker dealer registered pursuant to Section 15 of the
      Securities Exchange Act of 1934 (United States); an insurance
      company as defined in Section 2(13) of the 1933 Act; an investment company
      registered under the Investment Company Act of 1940 (United
      States) or a business development company as defined in Section 2(a)(48)
      of such Act; a Small Business Investment Company licensed by the U.S.
      Small Business Administration under Section 301(c) or (d) of the Small
      Business Investment Act of 1958 (United States); a plan with total
      assets in excess of US$5,000,000 established and maintained by a state, a
      political subdivision thereof, or an agency or instrumentality of a state
      or a political subdivision thereof, for the benefit of its employees; an
      employee benefit plan within the meaning of the Employee Retirement
      Income Security Act of 1974 (United States) whose investment decisions
      are made by a plan fiduciary, as defined in Section 3(21) of such Act,
      which is either a bank, savings and loan association, insurance company or
      registered investment adviser, or if the employee benefit plan has total
      assets in excess of US$5,000,000, or, if a self- directed plan, whose
      investment decisions are made solely by persons that are accredited
      investors; 

	 	 	     
	 	__________	
      a private business development company as defined in
      Section 202(a)(22) of the Investment Advisers Act of 1940 (United
      States); 

	 	 	     
	 	__________	
      a trust with total assets in excess of US$5,000,000, not
      formed for the specific purpose of acquiring the Securities, whose
      purchase is directed by a sophisticated person as described in Rule
      506(b)(2)(ii) under the 1933 Act, or 

16

	 	__________	
      an entity in which all of the equity owners satisfy the
      requirements of one or more of the categories set forth in Section 6 of
      this Questionnaire. 

7.           it
has not purchased the Securities as a result of any form of general solicitation
or general advertising, including advertisements, articles, notices or other
communications published in any newspaper, magazine or similar media or
broadcast over radio, internet, television or other form of telecommunications,
or any seminar or meeting whose attendees have been invited by general
solicitation or general advertising; 

8.          
if the Subscriber decides to offer, sell or otherwise transfer any of the
Securities, it will not offer, sell or otherwise transfer any of such
Securities, directly or indirectly, unless: 

           
  (a)      the sale is to the Issuer;

              (b)      the
sale is made outside the United States in a transaction meeting the requirements
of Rule 904 and 905 of Regulation S under the 1933 Act and in compliance with
applicable local laws and regulations in which such sale is made; 

              (c)     
the sale is made pursuant to the exemption from the registration requirements
under the 1933 Act provided by Rule 144 thereunder and in accordance with any
applicable state securities or “blue sky” laws; 

              (d)      the
Securities are sold in a transaction that does not require registration under
the 1933 Act or any applicable state laws and regulations governing the offer
and sale of securities; and 

              (e)     
it has, prior to such sale pursuant to subsection (b), (c) or (d), furnished to
the Issuer an opinion of counsel of recognized standing reasonably satisfactory
to the Issuer, to such effect. 

9.          
it understands and agrees that there may be material tax consequences to the
Subscriber of an acquisition or disposition of the Securities. The Issuer gives
no opinion and makes no representation with respect to the tax consequences to
the Subscriber under United States, state, local or foreign tax law of the
Subscriber’s acquisition or disposition of the Securities; 

10.        it consents to
the Issuer making a notation on its records or giving instructions to any
transfer agent of the Issuer in order to implement the restrictions on transfer
set forth and described in this Questionnaire and the Agreement; 

11.        it is resident in
the United States of America, its territories and possessions or any state of
the United States or the District of Columbia (collectively the “United
States”), is a “U.S. Person” as such term is defined in Regulation S or was
in the United States at the time the Securities were offered or the Agreement
was executed; and 

12.        except as
contemplated in the Agreement, it understands that the Issuer has no obligation
to register any of the Securities or to take action so as to permit sales
pursuant to the 1933 Act (including Rule 144 thereunder). 

17

The Subscriber undertakes to notify the Issuer immediately of
any change in any representation, warranty or other information relating to the
Subscriber set forth herein which takes place prior to the closing time of the
purchase and sale of the Securities. 

Dated: ___________, 2018. 

	 	X
  
	 	Signature of individual (if Subscriber is an
  
	 	individual) 
	 	  
	 	X
  
	 	Authorized signatory (if Subscriber is not an
    
	 	individual) 
	 	  
	 	  
	 	Name of Subscriber (please print) 
	 	  
	 	  
	 	Name of authorized signatory (please print)
  

18

EXHIBIT B 
INSTRUCTIONS FOR WIRING FUNDS 

 

ORGENESIS INC. 
20271 Goldenrod Lane 
Germantown,
MD 20876 

REMITTANCE INSTRUCTIONS 
JP Morgan Chase Bank 

Account Name: 
Orgenesis Inc. 

Account #: 
000000949139307 

Wire Routing Numbers: 
Domestic – 021000021 

International (also referred to as Swift Code) - CHASUS33 

ACH Routing Numbers: 
022300173 

19Exhibit 10.1

        

    MANAGEMENT AGREEMENT

    This AGREEMENT made as of the 1st day of December, 2018 by and among CERES
        MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), CERES TACTICAL COMMODITY L.P., a New York limited partnership (the “Partnership”) and AQUANTUM GmbH, a German limited liability company (“Aquantum” 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 capital appreciation; and

    WHEREAS, such trading is to be conducted directly or through
        investment in a master fund of which CMF would be the trading manager and Aquantum would be the advisor; and

    WHEREAS, the Fifth Amended and Restated Limited Partnership Agreement dated as
        of October 31, 2016, as amended (the “Partnership Agreement”) permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership, which advisors may or may not have any prior experience
        managing client funds; and

    WHEREAS, the Advisor is registered as a commodity trading advisor with the
        Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”); and

    WHEREAS, CMF is registered as 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, 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 allocated to it from time to time by CMF in commodity interests, including commodity futures and options on futures.  The Advisor
        may also engage in swap 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 strategies and trading
        policies set forth in Appendix B, and (ii) pursuant
          to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets.  CMF has initially selected the Advisor’s Aquantum Commodity Spread (ACS) Program (the 

     

        

    
      
        

    

    
    “Program”), as described in Appendix A 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 trading policies set forth in the Memorandum 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 incur losses.

    (b)          CMF acknowledges receipt
        of the description of the Advisor’s Program, attached hereto as Appendix A.  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 or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF.  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 made to the Program, as described in Appendix A. In the event the Advisor wishes to use a trading
        system or methodology other than or in addition to the Program 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 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 require a change in the description of the trading strategy or methods described in Appendix A to be materially accurate. 
        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 as Appendix C to this Agreement, 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.  The Advisor further agrees that it will convert foreign currency balances (not required to margin 

     

      

    
      - 2 -

      
        

    

    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 foreign 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 manager(s), employees and member(s), 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 its 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 Assets 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 Assets 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 days’ prior notice to the Advisor of any reallocations or liquidations.

    (g)          The Advisor shall assume
        financial responsibility for any errors committed or caused by the Advisor in transmitting orders for the purchase or sale of commodity interests for the Trading Company’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 shall have an affirmative
          obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors (as described above) and any failures, errors or omissions by any broker (“Broker Errors”) used by the Advisor on behalf of the account that,
          either individually or collectively, have an adverse effect on the account.  In the event of a Broker Error, the Advisor agrees to use best efforts to pursue an appropriate financial remedy on CMF’s and the Partnership’s behalf with the relevant
          broker.

    
      - 3 -

      
        

    

    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 (“Incentive Fee”) payable semi-annually equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee for professional management services
        (“Management Fee”) equal to 1/12 of 1.25% (1.25% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by
          multiplying the Net Assets of the Partnership allocated to the Advisor as of the last business day of each month by 1.25% and dividing the result
          thereof by 12).

    (b)          “Net Assets of the
        Partnership” shall have the meaning set forth in Section 7(d)(2) of the Partnership Agreement and without regard to further amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made
        to reflect any distributions, redemptions, management fees, administrative fees, ongoing selling agent fees or Incentive Fees payable as of the date of such determination.

    (c)          “New Trading Profits”
        shall mean the excess, if any, of Net Assets of the Partnership managed by the Advisor at the end of the fiscal period over Net Assets of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Assets 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 Assets 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 Advisor 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.  Ongoing expenses include offering and organizational expenses of the Partnership.  No Incentive Fee shall be paid to the Advisor until the end of the first full calendar
        semi-annual 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 full calendar
        semi-annual period of such trading (which for the avoidance of doubt, shall be June 30, 2019).  Interest income earned, if any, shall not be taken into account in computing New Trading Profits earned by the Advisor.  If Net Assets 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.

    
      - 4 -

      
        

    

    (d)          Semi-annual 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 semi-annual period or a calendar month, as the case may be, the semi-annual Incentive Fee shall be computed as if the effective date of termination were the last day of the then current semi-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 to be deemed 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, manager(s), employees and member(s) may render advisory, consulting and management services to other clients and accounts. The Advisor and its officers,
        manager(s), employees and member(s) 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 if 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 the Advisor’s other
        accounts.  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 

    
      - 5 -

      
        

    

    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, manager(s), employees and member(s) presently act, and it is agreed that they 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, 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 31st, 2019 (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 terminate this Agreement upon 5 days’ notice to the Advisor.  At any time during the term of this Agreement, CMF may elect to 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 $400 or less; (ii) the Net Assets of the Partnership allocated to the Advisor, either directly or indirectly through a master fund (adjusted for redemptions, distributions,
        withdrawals or reallocations, if any) decline by 30% or more as of the end of a trading day from such Net Assets of the Partnership’s previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership
        (excluding interests owned by CMF, an affiliate of CMF other than the Partnership, or any of their employees) 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 trading policies set forth in the Partnership Agreement or the Memorandum, 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) Thomas P. Morrow dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor 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; or (xi) CMF reasonably
        believes that the Advisor has contributed or may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates.  This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of
        trading by the Partnership prior to dissolution.

    
      - 6 -

      
        

    

    (b)          The Advisor may terminate
        this Agreement by giving not less than 30 days’ written notice to CMF (i) in the event that the trading policies of the Partnership as set forth in the Memorandum are changed in such manner that the Advisor reasonably believes will adversely affect
        the performance of its trading strategies; (ii) at any time after the Initial Termination Date; or (iii) 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 16 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 limitation, 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, which
        approval shall not be unreasonably withheld.  The Advisor will be deemed to have approved CMF’s selection 

    
      - 7 -

      
        

    

    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, court costs and other legal expenses) incurred in connection
        therewith.

    (v)          As used in this Section
        6(a), the term “Advisor” shall include the Advisor, its affiliates, principals, officers, manager(s), employees and member(s) 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, manager(s), employees and member(s) 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 

    
      - 8 -

      
        

    

    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 Program contained in Appendix A, 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 all of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such
        tables and required to be disclosed therein, and such tables have 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.  The annual financial
        statements of Aquantum Commodity Spread FCP-SIF for the period October 1, 2016 through September 30, 2017 have been examined by an independent certified public accountant and a copy of the report thereon has been provided to CMF.

    (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.  The Advisor 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 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 limited liability company power and authority to enter into this Agreement and to provide the services required of it hereunder.

    
      - 9 -

      
        

    

    (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 a 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 the 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
        limited partnership duly organized and validly existing under the laws of the State of New York and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement.

    (vii)          The Partnership is a
        qualified eligible person as defined in CFTC Rule 4.7.

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

    
      
        	

              	(a)	
                 The Advisor agrees as follows:

              

      

    

    
      - 10 -

      
        

    

    (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 involving the Advisor or any of its affiliates, officers, manager(s), employees and member(s), agents or representatives, regardless of whether such
        investigation, suit, action or proceeding also involves CMF.  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 an investigation or audit of the Advisor’s business activities. This paragraph shall not require the Advisor to provide all correspondence with the NFA during the course
        of a routine compliance examination. The Advisor will provide NFA’s customary report of findings at the conclusion of a routine compliance examination.

    (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; (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 $250,000 during the term of this Agreement.

    (v)          CMF shall have the
        right, from the date of this Agreement until December 31, 2019, to allocate up to $75 million in assets to the Advisor’s Program on behalf of any collective investment vehicle or account operated or managed by CMF and the Advisor represents that
        such allocations will not exceed the capacity limits of the Program.

    (vi)          The Advisor will use
        its best efforts to close out all futures positions prior to any applicable delivery period, and will use its best efforts to avoid causing the Partnership to take delivery of any commodity.

    (vii)          The Advisor will
        update any information previously provided to CMF under the Agreement, including, without limitation, information referenced in Section 7(a)(i) hereof

    (viii)          The Advisor shall
        promptly notify CMF when the Advisor’s open positions maintained by the Advisor exceed the Advisor’s applicable speculative position limits.

    
      - 11 -

      
        

    

    (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.

    9.          COMPLETE AGREEMENT.  This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof.

    10.        ASSIGNMENT.  This Agreement may not be assigned by any party without the express written consent of the other 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.

    
      - 12 -

      
        

    

    11.          AMENDMENT.  This Agreement may not be amended except by the written consent of the parties.

    12.          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
        (email) copy or in writing and delivered personally or by registered or certified mail, return receipt requested, postage prepaid, or by expedited courier 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:

    Aquantum GmbH

    Josephspitalstrasse 15

        80331 Munich, Germany

        Attention: Christian Schneider

    Email:  christian.schneider@aquantumgroup.com

    with a copy to:

    William J. Bolotin

        Funkhouser Vegosen Liebman & Dunn LTD.

        55 West Monroe Street

        Chicago, Illinois 60603

        

        

        Email:  wbolotin@fvldlaw.com

    13.          GOVERNING LAW.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

    14.          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 

    
      - 13 -

      
        

    

    York City.  Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction.

    15.          NO THIRD PARTY BENEFICIARIES.  There are no third  party beneficiaries to this Agreement, except that certain persons not party to this Agreement may have rights under Section 6
        hereof.

    16.          COUNTERPARTS.  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.

    

    

    

    

    

    

    THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

    
      - 14 -

      
        

    

    

    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

            
	 	 
	 	 
	 	
              By

            	/s/ Patrick T. Egan 
	 	 	
              Patrick T. Egan

            
	 	 	
              President and Director

            
	 	 	 
	 	 	 
	 	 	 
	 	
              CERES TACTICAL COMMODITY L.P.

            
	 	 
	 	 
	 	
              By:

            	
              Ceres Managed Futures LLC

            
	 	 	
              (General Partner)

            
	 	 	 
	 	 	 
	 	
              By

            	/s/ Patrick T. Egan
	 	 	
              Patrick T. Egan

            
	 	 	
              President and Director

            
	 	 	 
	 	 	 

      

      

      
        - 15 -

        
          

      

      	 	
              AQUANTUM GmbH

            
	 	 
	 	 
	 	
              By

            	/s/ Thomas Morrow 
	 	 	
               

              Thomas Morrow

            
	 	 	
              Partner

            
	 	 	 
	 	 	 
	 	
              By

            	/s/ Christian Schneider 
	 	 	
              Christian Schneider

            
	 	 	
              Partner

            

    

    

    
      - 16 -

      
        

    

    APPENDIX

            A

    Description of Program

    The ACS Program is a systematic commodity market-neutral trading program. It is statistical
        arbitrage in nature, by calculating and identifying statistical mispricing in the forward curve of numerous commodity futures markets. It seeks to benefit from price dislocations in the forward structure of a universe of approximately 30 different
        commodity futures markets across the energy, soft commodity, grains, livestock, and metals asset classes. Trading signals are primarily a function of supply and demand dislocations driven by seasonality and weather conditions, implied storage or
        feed costs, trends in consumption, idiosyncratic events and increasing/realizing convenience yields. ACS seeks to extract seasonal patterns via market neutral intra-market spreads which are placed according to a 100% systematic methodology.

    

    
      - 17 -

      
        

    

    APPENDIX B

    Trading Policies of Ceres Tactical Commodity L.P.

    
      	
              1.

            	
              The Partnership will invest its assets only in commodity interests that an advisor believes
                  are traded in sufficient volume to permit ease of taking and liquidating positions.  Sufficient volume, in this context, refers to a level of liquidity that an advisor believes will permit it to enter and exit trades without noticeably
                  moving the market.

            

    

    
      	
              2.

            	
              The Adviser will not initiate additional positions in any commodity interest if these
                  positions would result in aggregate positions requiring margin of more than 66 2/3% of the Partnership’s net assets allocated to that advisor.  To the extent the CFTC and/or exchanges have not otherwise established margin requirements
                  with respect to particular contracts, (i) forward contracts in currencies will be deemed to have approximately the same margin requirements as the same or similar futures contracts traded on the Chicago Mercantile Exchange and (ii) swap
                  contracts will be deemed to have margin requirements equivalent to the collateral deposits, if any, made with swap counterparties.

            

    

    
      	
              3.

            	
              The Partnership may occasionally accept delivery of a commodity.  Unless such delivery is
                  disposed of promptly by retendering the warehouse receipt representing the delivery to the appropriate clearinghouse, the physical commodity position will be fully hedged.

            

    

    
      	
              4.

            	
              The Partnership will not employ the trading technique commonly known as “pyramiding,” in
                  which the speculator uses unrealized profits on existing positions as margin for the purchase or sale of additional positions in the same or related commodities.

            

    

    
      	
              5.

            	
              The Partnership will not utilize borrowings except short‐term borrowings if the Partnership
                  takes delivery of any cash commodities.

            

    

    
      	
              6.

            	
              The Advisor may
                    from time to time employ trading strategies such as spreads or straddles on behalf of the Partnership.  The term “spread” or “straddle” describes a commodity futures trading strategy involving the simultaneous buying and selling
                  of futures contracts on the same commodity but involving different delivery dates or markets and in which the trader expects to earn a profit from a widening or narrowing of the difference between the prices of the two contracts.

                  

            

    

    
      	
              7.

            	
              The Partnership will not permit the churning of its commodity trading accounts.  The term
                  “churning” refers to the practice of entering and exiting trades with a frequency unwarranted by legitimate efforts to profit from the trades, driven by the desire to generate commission income.

            

    

    

    

    

    

    
      - 18 -

      
        

    

    APPENDIX C

    List of Commodity Interests

    

    

    NYM WTI CRUDE OIL

    NYM HEATING OIL

    NYM RBOB GASOLINE

    NYM NATURAL GAS

    ICE BRENT CRUDE OIL

    ICE GAS OIL

    CME COMEX COPPER

    CBT CORN

    CBT CHICAGO WHEAT

    KBT KANSAS WHEAT

    CBT SOYBEANS,

    CBT SOYBEAN OIL

    CBT SOYBEAN MEAL

    NYC COCOA

    NYC COFFEE

    NYC SUGAR

    NYB COTTON

    CME FEEDER CATTLE

    CME LIVE CATTLE

    CME LEAN HOGS

    

    

  

  - 19 -

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