Document:

EX-10.1

 Exhibit 10.1 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO DISTRIBUTION OR RESALE. 
 Q THERAPEUTICS, INC. 

PROMISSORY NOTE 
  

			
	 $[                    ]
	  	 Salt Lake City, UT

            , 2013

 1. Principal and Interest. Q Therapeutics, Inc., a Delaware corporation (the
“Company”), for value received, hereby promises to pay to the order of [            ] or its assigns (the “Holder”) in lawful money of the United States,
the principal amount of [            ] ($            ), together with interest (computed on the basis of a 360-day year) accrued
on the unpaid principal of this Note at the rate of 8.00% per annum commencing on the date hereof with simple interest accruing. The initial purchase price of this Note shall be an amount equal to fifty percent (50.0%) of the
original face or principal amount of this Note, as referenced above. 
 Unless the entire outstanding principal amount of this Note,
together with all accrued but unpaid interest hereon, is converted in full in accordance with the provisions of Section 2 hereof, this Note, together with all accrued but unpaid interest thereon, is due and payable (a) on the first to
occur of (i) that date which is 180 days subsequent to the date of execution of this Note; (ii) the occurrence of a Liquidity Event, as defined below (the first of such events to occur, the “Maturity Date”), or
(b) on demand by written notice following an Event of Default. The Company shall, on the Maturity Date or, if earlier, within three (3) business days of receipt of the written notice referred to in the immediately preceding sentence (the
“Payment Date”), pay the outstanding principal and all accrued and unpaid interest on this Note (as well as any other amounts payable hereunder) as of the Maturity Date or the Payment Date, as applicable. A “Liquidity
Event” shall mean any of the following: (A) the consummation by the Company of a Qualified Financing as defined herein below, (B) the sale by the Company of all or substantially all of its assets, or (3) the acquisition by a
third party of all of the outstanding equity interests of the Company or the consolidation or merger of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, in which the shareholders of the
Company immediately prior to such consolidation, merger or reorganization, own fifty percent (50%) or less of the Company’s voting power immediately after such consolidation, merger or reorganization.  

The Company shall have one option to extend the Maturity Date of this Note for an additional 180 days by notifying the holder of this note in
writing at least 10 business days prior to the original Maturity Date and paying an extension fee. The extension fee shall be an amount equal to 25.0% of the then outstanding principal and interest payable in the form of a note in a form similar to
this Note (the new note shall not have an option to extend the Maturity Date). For the avoidance of doubt, in no case shall this Note’s Maturity Date exceed a date that is 360 days from the date hereof. 

 2. Optional Conversion. In the event of the closing by the Company of a Qualified
Financing (as defined below) on the Maturity Date, should the Company and a majority of the Note Holders negotiate and mutually agree on terms converting this Note into a Qualified Financing (“Optional Conversion Terms”), the Company and
Holder agree to convert all of the outstanding principal of, and accrued interest on, this Note into the shares of stock of the Company or its successor or affiliated entity issued and sold to the investors in the Qualified Financing (“QF
Conversion Securities”) on the Optional Conversion Terms. A “Qualified Financing” shall mean the closing of an equity investment in the form of the Company’s capital stock occurring after the date hereof in which the
Company receives from one or more investors (which investors may include the Holder) with gross proceeds to the Company of at least $3,000,000 (not including any debt conversion or cancellation of indebtedness unless allowed by investors in the
Qualified Financing). Upon conversion of this Note in accordance with this Section 2, then the Holder shall become party to a purchase agreement and all related agreements, each in customary form, along with the investors participating in such
Qualified Financing. 
 3. No Usury. This Note is hereby expressly limited so that in no event whatsoever, whether by reason of
deferment or advancement of loan proceeds, acceleration of maturity of the loan evidenced hereby, or otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance or detention of money exceed the
maximum interest rate permitted by the laws of the State of Delaware or otherwise. If at any time the performance of any provision involves a payment exceeding the limit of the price that may be validly charged for the loan, use, forbearance or
detention of money under applicable law, then automatically and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of the Company and the Holder hereof that all payments under this
Note are to be credited first to interest as permitted by law, but not in excess of (i) the agreed rate of interest hereunder, or (ii) that permitted by law, whichever is the lesser, and the balance toward the reduction of principal. 

4. Attorneys’ Fees. If the indebtedness represented by this Note or any part thereof is collected in any judicial proceedings or
if this Note is placed in the hands of attorneys for collection after default, the Company agrees to pay, in addition to the principal and interest payable hereunder, reasonable attorneys’ fees and costs incurred by the Holder, as well as any
and all interest that has accrued on the outstanding principal after the commencement of bankruptcy, receivership or other judicial proceedings. 

5. Transfer. 
 (a) The
rights and obligations of the Company and the Holder of this Note will be binding upon and inure to the benefit of the successors, assigns and transferees of the parties hereto. 

(b) Notwithstanding the provisions of the legend appearing on the face of this Note, the Holder may, prior to payment in full hereof, and with
the Company’s consent or approval at its sole discretion, surrender this Note at the principal office of the Company for transfer or exchange of all or any portion of this Note; provided, however, that such transferee to which all
or a portion of this Note is transferred (i) shall be an accredited investor, as such term is defined in Rule 501 promulgated under the Securities Act of 1933, as amended (the “Securities 

  
 2 

 
Act”), and (ii) shall agree in writing to be subject to the terms hereof to the same extent as if it were an original Holder. Within a reasonable time after notice to the Company by the
Holder of its intention to make such exchange and without expense to the Holder, the Company shall issue in exchange therefor another note or notes for the same aggregate principal amount as the unpaid principal amount of the Note so surrendered,
having the same rate of interest, containing the same provisions, and subject to the same terms and conditions as the Note so surrendered. Each such new Note shall be made payable to such person or persons, or transferees, as the Holder of such
surrendered Note may designate in writing. 
 6. Notices. Any notice or other communication required or permitted hereunder shall be
in writing and shall be faxed or delivered to each party to the facsimile number or its address set forth below (or to such other facsimile number or address as the recipient of any notice shall have notified the other in writing). All such notices
and communications shall be effective (a) when delivered by Federal Express or other overnight courier service of recognized standing; or (b) when delivered by hand, upon delivery; and (c) when faxed, upon confirmation of receipt.

  

			
	If to the Holder, to:	  	
		
		  	Ph
		
	If to the Company, to:	  	 Q Therapeutics, Inc.
 615 Arapeen Drive, Ste.
102
 Salt Lake City, UT 84108
 Ph (801) 582-5400

Fx (801) 582-5401
 Attention: Chief Financial Officer

 
 With a copy to:

P. Christian Anderson, Esq.
 Ballard Spahr LLP

One Utah Center, Suite 800
 Salt Lake City, UT 84111

Ph (801-517-6826
 Fx (801) 531-3001

 7. Event of Default. 

(a) General. If an Event of Default (as defined below) occurs, the Holder may, by notice to the Company, declare the principal amount
then outstanding of, and the accrued interest and all other amounts payable on, this Note to be immediately due and payable. The Company agrees to give the Holder of this Note written notice of the occurrence of an Event of Default promptly (setting
forth in reasonable detail all facts related thereto). 

  
 3 

 (b) Definition. For purposes of this Note, an “Event of Default” is any
of the following occurrences: 
 (i) The Company shall fail to pay the outstanding principal and all accrued and unpaid interest and all
other amounts payable on this Note on the Maturity Date; or 
 (ii) The Company shall have breached any covenant in this Note (other than a
payment default described in Section 7(b)(i)), and, with respect to breaches capable of being cured, such breach shall not have been cured within five (5) days following notice of such breach to the Company by the Holder; or 

(iii) Any representation or warranty subject to a materiality qualification made by the Company herein or any other document referred to
herein shall prove to have been incorrect in any respect, or any representation or warranty not subject to a materiality qualification made by the Company herein or in any other such document shall prove to have been incorrect in any material
respect; or 
 (iv) The Company shall be involved in financial difficulties as evidenced (i) by its commencement of a voluntary case
under Title 11 of the United States Bankruptcy Code as from time to time in effect, or by its authorizing, by appropriate proceedings of its Board of Directors or other pleading admitting or failing to deny the material allegations of a petition
filed against it commencing an involuntary case under said Title 11, or seeking, consenting to or acquiescing in the relief therein provided, or by its failing to controvert timely the material allegations of any such petition, (ii) by the
entry of an order for relief in any involuntary case commenced under said Title 11, which order is not rescinded within 60 days of the date of entry of such order, (iii) by its seeking relief as a debtor under any applicable law, other than
said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors, or by its consenting to or acquiescing in such relief, (iv) by the entry of an order by
a court of competent jurisdiction (A) finding it to be bankrupt or insolvent, (B) ordering or approving its liquidation, reorganization or any modification or alteration of the rights of its creditors, or (C) assuming custody of, or
appointing a receiver or other custodian for, all or a substantial part of its property, or (v) by its making an assignment for the benefit of, or entering into a composition with, its creditors, or appointing or consenting to the appointment
of a receiver or other custodian for all or a substantial part of its property; or 
 (v) The Company shall take any action authorizing, or
in furtherance of, any of the foregoing. 
 In case any one or more Events of Default shall occur and be continuing, the Holder may proceed
to protect and enforce its rights by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or for an injunction against a violation of any of the terms hereof, or in
aid of the exercise of any power granted hereby or by law or otherwise. In case of a default in the payment of any principal of or premium, if any, or interest on this Note, the Company will pay to the Holder such further amount as shall be
sufficient to cover the reasonable cost and expenses of collection, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. No course of dealing and no delay on the part of the Holder in exercising any right,
power or remedy shall operate as a 

  
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waiver thereof or otherwise prejudice the Holder’s rights, powers or remedies. No right, power or remedy conferred by this Note upon the Holder shall be exclusive of any other right, power
or remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise. 
 8. Waivers and Amendments.
The Company hereby waives presentment, demand for performance, notice of non-performance, protest, notice of protest and notice of dishonor. No delay on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right
or any other right. Any term of this Note may be amended or waived only with the written consent of the Company and the Holder. Notwithstanding the foregoing, in the event that at any time prior to date that this Note is paid in full or converted
into QF Conversion Securities, the Company issues any additional convertible bridge notes on terms more favorable to the holders thereof than contained in this Note, than the terms and conditions of this Note shall automatically be deemed to be
revised to correspond to such more favorable terms. 
 9. Governing Law. This Note is being delivered in, and shall be governed by
and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of laws provisions thereof. 
 10.
Fractional Shares. No fractional shares will be issued in connection with any conversion hereunder; in lieu of such fractional shares, the Company shall pay to the Holder in cash that amount of the unconverted principal balance of, or accrued
interest on, this Note. 
 11. Prepayment. The Company may prepay all or any portion of this Note without the prior approval of the
Holder. 
 12. Miscellaneous. In the event any one or more of the provisions of this Note shall for any reason be held to be invalid,
illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively operate to invalidate this Note, then and in any such event, such provision(s) only
shall be deemed null and void and shall not affect any other provision of this Note and the remaining provisions of this Note shall remain operative and in full force and effect and in no way shall be affected, prejudiced, or disturbed thereby. 

13. Arbitration. Any dispute arising under or in connection with any matter of any nature (whether sounding in contract or tort)
relating to or arising out of this Agreement, shall be resolved exclusively by arbitration. The arbitration shall be in conformity with and subject to the applicable rules and procedures of the American Arbitration Association. All parties agree to
be (1) subject to the jurisdiction and venue of the arbitration in the State of Utah, (2) bound by the decision of the arbitrator as the final decision with respect to the dispute, and (3) subject to the jurisdiction of the District
Courts of the State of Utah for the purpose of confirmation and enforcement of any award. 
 [Remainder of Page Intentionally Blank]

  
 5 

 
			
	 Q THERAPEUTICS, INC.,
 a
Delaware corporation

		
	By:	 	  

	Name:	 	  

	Its:	 	  

		
	By:	 	  

	Name:	 	  

	Its:	 	  

  
 6EX-10.8

 EXHIBIT 10.8 

ALTERNATIVE INVESTMENT 

SELLING AGENT AGREEMENT 

This Alternative Investment Selling Agent Agreement (“Agreement”) is dated as of November 12, 2013, by and among each of the
limited partnerships listed on Schedule 1 hereto (each, a “Partnership,” and together, the “Partnerships”), Ceres Managed Futures LLC, a Delaware limited liability company (the “General Partner”), and Morgan
Stanley Smith Barney LLC, a Delaware limited liability company, currently doing business as Morgan Stanley Wealth Management (“MSSB”). Partnerships may be added to this Agreement upon the agreement of the General Partner and MSSB. The
listing of such partnership on Schedule 1 hereto shall be evidence of such agreement. This Agreement supersedes all prior agreements between each Partnership, MSSB and the General Partner. 

WHEREAS, the offering and sale of units of limited partnership or other interests in the Partnerships (“Interests” or
“Units”) in accordance with the terms of each Partnership’s private placement offering memorandum and disclosure document, including any supplements thereto approved by the applicable Partnership (each, a “Memorandum”), each
Partnership’s subscription/exchange agreements (the “Subscription Agreements”) and certain other investor materials or supplements approved for use or prepared by each Partnership, including without limitation the summary information
contained in certain related marketing materials, all as amended from time to time (collectively, the “Offering Documents”), and each Partnership’s organizational documents (as amended or supplemented from time to time,
“Organizational Documents”) (collectively, “Offering Materials”) is exempt from the registration requirements of the Securities Act of 1933, as amended (“Securities Act”), pursuant to Section 4(a)(2) and Rule 506
of Regulation D promulgated thereunder; 
 WHEREAS, the Partnerships desire to retain MSSB as a selling agent; and 

WHEREAS, MSSB desires to be so retained and to assist, as selling agent, in the offer and sale of the Interests. 

NOW, THEREFORE, in consideration of the promises and the mutual agreements hereinafter contained and other good and valuable consideration the
value of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Appointment of MSSB. 

(a) MSSB is hereby appointed as a non-exclusive selling agent of the Partnerships during the term of this Agreement for the purpose of finding
eligible investors for Interests through offerings that are exempt from registration under the Securities Act, pursuant to Section 4(a)(2) thereof and Rule 506 of Regulation D promulgated thereunder. 

 (b) In the case of any Partnership formed after the date of this agreement, Units initially shall
be offered at $1,000 per Unit or as otherwise determined by the General Partner, and thereafter shall be offered on a continuous basis as of the first day of each month at the final Net Asset Value per Unit (as defined in each Partnership’s
Limited Partnership Agreement) as of the last day of the immediately preceding month. For all other Partnerships, Units are being offered on a continuous basis as of the first day of each month at the final Net Asset Value per Unit (as defined in
each Partnership’s Limited Partnership Agreement) as of the last day of the immediately preceding month. The General Partner in its sole discretion may terminate at any time the continuous offering period of one or more of the Partnerships and
may at any time in its sole discretion, terminate, discontinue or resume the continuous offering of any class of Units in any of the Partnerships. 

(c) Subject to the right of the General Partner to reject any subscription in whole or in part at any time prior to acceptance, the General
Partner shall accept subscriptions for Units properly made and shall cause proper entries to be made in the books and records of the relevant Partnership. No certificate evidencing Interests shall be issued to any limited partner, although limited
partners shall receive confirmations of purchase from the General Partner in its customary form. Payment for the Interests shall be made as described in the Offering Documents at such time on such date as may be agreed to by the General Partner.
Payment shall be made against issuance of the Interests in the name of the limited partners. 
 (d) Subject to the performance by the
Partnerships and the General Partner of their respective obligations hereunder, MSSB hereby accepts such appointment and agrees on the terms and conditions set forth herein to find eligible investors for Interests during the term hereof and to use
reasonable efforts to assist the Partnerships and the General Partner in communicating with limited partners with respect to consent solicitations and limited partner votes and other items requiring actions of the limited partners with respect to
the applicable Partnership, at the reasonable request of the General Partner. MSSB shall have no obligation to offer or sell any Interests. 

(e) MSSB may, without notice to the Partnership or the General Partner, assign or delegate its rights and obligations to its affiliates, or
otherwise retain affiliates to act as sub-selling agents, in connection with the solicitation of investors and otherwise to assist MSSB in performing its obligations under this Agreement to the extent MSSB deems appropriate, subject to compliance
with applicable laws, rules or regulations; provided however, that each such sub-selling agent shall execute a sub-agent agreement substantially in the form of this Agreement. MSSB may compensate any such sub-selling agent by paying the sub-selling
agent from MSSB’s own funds. 
 2. Offering and Sale of Interests. 

(a) MSSB shall deliver to each person to whom MSSB makes an offer of an Interest, the Offering Documents, as amended as of such time. 

  
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 (b) MSSB shall not make any offer of Interests on the basis of any communications or documents
relating to any of the Partnerships or the Interests, except the Offering Materials, any other documents supplied or prepared by the General Partner on behalf of the Partnerships and delivered to MSSB by the General Partner for use in making an
offer of Interests, or any other materials expressly approved for such use by the General Partner in writing (which shall include electronic mail). Subject to Section 9, the Partnerships and the General Partner shall provide MSSB copies of any
Offering Documents a commercially reasonable time prior to providing such Offering Documents to any limited partner for MSSB’s review and approval, which shall not be unreasonably withheld. 

(c) Without the prior written consent of the General Partner, MSSB shall not use any form of “general solicitation” or “general
advertising” (within the meaning of Rule 502 of Regulation D under the Securities Act prior to the effective date of the final rules implementing Section 201(a) of the Jumpstart Our Business Startups Act) in making offers of Interests,
including any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation
or advertising. 
 (d) MSSB shall, in accordance with requirements of Regulation D under the Securities Act, reasonably believe immediately
prior to making any offer or sale of Interests that any prospective investor solicited by MSSB is an “accredited investor,” as that term is defined in Rule 501(a) of Regulation D under the Securities Act, and meets such other eligibility
criteria as are set forth in the Offering Documents. The Partnerships shall be responsible for the timely filing with the U.S. Securities and Exchange Commission (“SEC”) of any notices required by Rule 503 of Regulation D under the
Securities Act. MSSB shall only solicit prospective investors in any jurisdiction in compliance with the marketing rules and private placement rules of such jurisdiction. 

(e) MSSB represents and warrants that it has policies and procedures reasonably designed to comply with applicable anti-money laundering and
anti-terrorist financing laws, rules and regulations. Additionally, MSSB represents and warrants that it has policies and procedures reasonably designed to ensure that it does not accept or maintain investments in the Partnerships, directly or
indirectly, from a person, government, organization or entity (a) who is or becomes the subject of a sanctions program administered by the U.S. Office of Foreign Assets Control (“OFAC”), is included in any executive order or is on the
list of Specially Designated Nationals and Blocked Persons maintained by OFAC, or (b) whose name appears on such other lists of prohibited persons and entities as may be mandated by applicable local law or regulation. 

(f) MSSB represents to the Partnerships as of the date hereof that MSSB is subject to the anti-money laundering regime of the United States
and maintains anti-money laundering policies and procedures in compliance with applicable anti-money laundering legislation and regulations, as amended from time to time (the “Anti-Money Laundering Regime”). 

  
 - 3 - 

 (g) MSSB shall be responsible for ensuring that any activities taken in connection with the sale
of Interests in any jurisdiction outside of the United States shall be conducted in compliance with the private placement or other applicable offering rules of such jurisdiction; provided, however, that, the Partnerships and the
General Partner agree to coordinate with MSSB in respect of determining the number of offers made to prospective investors in any particular jurisdiction and such other relevant information in respect of offerings of Interests made by any party
other than MSSB, which would reasonably be deemed to affect MSSB’s compliance with applicable offering rules. MSSB shall make no offer or sale of any Interest in any foreign jurisdiction, or to any prospective investor located in any foreign
jurisdiction, where there is a prohibition on the sale of securities such as the Interests. 
 (h) The General Partner shall be responsible
for any applicable registration or qualification of the Interests under all applicable laws, rules or regulations of the United States and the states therein. The General Partner on behalf of the Partnerships acknowledges that MSSB intends to offer
the Interests in each state within the United States. The General Partner, at the applicable Partnership’s expense, shall use reasonable efforts to register or qualify the Interests, if required, in each jurisdiction within the United States
that the Interests are offered by MSSB or to make any filings required by applicable law in each jurisdiction within the United States in which the Interests are sold by MSSB. If the Interests may not be offered in any particular jurisdiction in the
United States, the applicable Partnership and the General Partner shall promptly notify MSSB. 
 (i) The Partnerships shall provide a
reasonable quantity of copies of the Offering Materials and such other documents as MSSB is required to provide to prospective investors under this Agreement. If any Offering Materials are amended or supplemented, the General Partner shall promptly
notify MSSB, and provide copies of such amendments or supplements in accordance with the preceding sentence. 
 (j) All subscriptions for
Interests submitted by or through MSSB shall be subject to the General Partner’s approval, in its sole discretion. The General Partner and MSSB agree that the General Partner has the ultimate responsibility to determine whether a prospective
investor meets all applicable private placement accreditation, minimum investment, and other regulatory requirements necessary to invest in a Partnership, provided, however, it is acknowledged by MSSB that the General Partner shall
reasonably rely upon due diligence conducted by MSSB on each prospective investor. 
 3. Fees and Expenses.  

(a) Each Partnership listed in Schedule 2 shall pay MSSB a monthly ongoing selling agent fee equal to the amount described for each
Partnership in Schedule 2 (“Ongoing Selling Agent Fee”). Net Assets shall have the meaning set forth in the respective Partnership’s Limited Partnership Agreement. The fee shall be payable monthly beginning with the first month
that a Unit is issued. 
 (b) MSSB may introduce investors on an advisory basis whereby the applicable Partnership shall not be obligated to
pay MSSB any direct compensation for such limited partners; provided MSSB may be compensated directly by such limited partners in relation to their investments in such Partnership. 

  
 - 4 - 

 (c) MSSB may, without notice, allocate all or a portion of its fees to its affiliates and may
also allocate all or a portion of its fees to non-affiliates upon written notice to the General Partner. The Partnerships and the General Partner agree that MSSB, including any applicable affiliate of MSSB, reserves the sole right to reduce or waive
the Ongoing Selling Agent Fee in whole or in part. The General Partner agrees to reduce or waive the Ongoing Selling Agent Fee described herein for any limited partner in accordance with written instructions provided by MSSB to the General Partner.
MSSB agrees that neither the Partnerships nor the General Partner shall have any additional responsibility or liability to MSSB or any other party for complying with the written instructions provided by MSSB relating to this Section 3(c) beyond
making payments in accordance with such written instructions. 
 (d) If MSSB becomes aware that a limited partner is no longer a client of
MSSB, it shall promptly inform the General Partner and if the General Partner becomes aware that a limited partner is no longer a client of MSSB, the General Partner shall promptly notify MSSB. Once a limited partner is no longer a client of MSSB,
the Partnership will no longer be obligated to pay the Ongoing Selling Agent Fee attributable to such limited partner. Notwithstanding the foregoing, a limited partner may be a client of MSSB and another broker-dealer at the same time, and the fact
that such limited partner is a client of another broker-dealer may not, by itself, serve as evidence that such limited partner is not a client of MSSB. 

(e) The Partnerships and MSSB shall each bear their own expenses in connection with the solicitation of prospective investors, including
expenses of preparing, reproducing, mailing and/or delivering offering and sales materials. 
 4. Representations, Warranties and Agreements of the
Partnership and the General Partner. Each Partnership and the General Partner (for purposes of this Section 4 only, each a “Party”) severally, and not jointly, represent and warrant to MSSB and agree with MSSB as follows: 

(a) It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation or organization, and it has
full power and authority under applicable laws, rules or regulations to conduct its business as contemplated by the Offering Materials. 

(b) The execution, delivery and performance of this Agreement has been duly authorized by all necessary action of each Party, and upon the
execution and delivery hereof, this Agreement shall constitute a valid, binding and enforceable obligation of such Party. 
 (c) The
execution, delivery and performance of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Offering Materials, including the issuance and sale of the Interests,
shall not constitute a breach of or default under any agreement or instrument by which such Party is bound, or to which any of its assets is subject, or any order, rule or regulation applicable to it of any court or any governmental body or
administrative agency having jurisdiction over it. 

  
 - 5 - 

 (d) There is not pending or, to the best knowledge of such Party, threatened any action, suit or
proceeding before or by any court or other governmental body to which such Party is a party, or to which any of its assets is subject, which might reasonably be expected to result in any material adverse change in the condition, financial or
otherwise, business or prospects of such Party. Such Party has not received any notice of an investigation regarding non-compliance by such Party with applicable laws, rules or regulations. 

(e) The Offering Materials, as of the date hereof and at any subsequent time during the term of this Agreement, do not and shall not contain
any untrue statement of a material fact, or omit to state any material fact required to be stated therein or necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading. If any
statement were to become untrue or if an omission of a material fact is discovered, the General Partner shall promptly supplement the Offering Materials to remove such untrue statement or to disclose such material fact. 

(f) At all times during which MSSB client(s) own(s) an Interest, the General Partner shall, as soon as commercially practical, notify and
update in writing such MSSB client(s) of any material changes or developments relating to the applicable Partnership or their Interests. 

(g) The Interests have been duly authorized for issuance and sale, and, when issued and subscribed for in the amounts and for the
consideration described in the Offering Materials, shall be entitled to the rights and subject to the restrictions and conditions contained in the Organizational Documents; no limited partner shall be personally liable for the debts of and claims
against the Partnership in which it is invested by the mere reason of being a limited partner; and all necessary action required to be taken for authorization, issue and sale of the Interests has been validly and sufficiently taken. 

(h) It is not necessary in connection with the offer, sale and delivery of the Interests in the manner contemplated by this Agreement to
register the Interests under the Securities Act or, to the best knowledge of such Party, the laws of any other jurisdiction where it is being offered. Each Party shall conduct itself, and ensure that its agents conduct themselves, in a manner
consistent with the exemption from registration under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder and, without limitation, shall not use, or permit any other person to use, any form of prohibited
solicitation or advertising in making offers of Interests. 
 (i) The General Partner will promptly notify MSSB in the event that a
Partnership is no longer able to rely on the private placement exemption under Rule 506(d). 

  
 - 6 - 

 (j) Each Party acknowledges that in performing the services contemplated hereby, MSSB shall be
entitled to rely upon and assume, without independent verification, the accuracy and completeness of all information that is available from public sources and all information that has been provided to it by, or on behalf of, the Partnerships or the
General Partner, and that MSSB has no obligation to verify the accuracy or completeness of any such information and shall have no liability to the Partnerships, the General Partner or any third party for any information contained in the Offering
Materials. 
 (k) The representations and warranties set forth in this Agreement are continuing during the term of this Agreement and each
Party agrees to notify MSSB promptly in writing if at any time during the term of this Agreement, any such representation or warranty becomes materially inaccurate or untrue and of the facts related thereto. 

(l) Each Party acknowledges that MSSB enters into this Agreement in reliance on the representations, warranties and agreements of the
Partnerships and the General Partner contained herein. 
 5. Representations, Warranties and Agreements of MSSB. MSSB represents and warrants to and
agrees with, the Partnerships and the General Partner as follows: 
 (a) MSSB is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization and MSSB has full power and authority under applicable laws, rules or regulations to engage in the activities contemplated under this Agreement. 

(b) The execution, delivery and performance of this Agreement has been duly authorized by all necessary action of MSSB, and upon the execution
and delivery hereof, this Agreement shall constitute a valid, binding and enforceable obligation of MSSB. 
 (c) The execution, delivery and
performance of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein shall not constitute a breach of or default under any agreement or instrument by which MSSB is bound, or
to which any of its assets is subject, or any order, rule or regulation applicable to it or of any court or any governmental body or administrative agency having jurisdiction over it. 

(d) MSSB (or any designee to which it delegates its right and obligations hereunder pursuant to Section 1(e)) has and shall maintain all
licenses and registrations necessary under applicable federal and state laws, rules and regulations, including the rules and regulation of any self-regulatory organization with competent jurisdiction, to provide the services required to be provided
by MSSB (or such designee) hereunder. To the reasonable knowledge of MSSB, MSSB has not solicited and shall not solicit any offer to buy or offer to sell Interests in any manner that would be inconsistent with applicable laws and regulations, or in
any manner that would be inconsistent with the 

  
 - 7 - 

 
solicitation and advertising limitations of Regulation D under the Securities Act or any state securities laws. MSSB shall conduct itself and take reasonable measures to ensure that its
respective agents conduct themselves, in a manner consistent with (i) the exemption from registration under Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder, including, without limitation the
requirements of Regulation D under the Securities Act, and (ii) any applicable state law exemptions from registration. 
 (e) MSSB
shall furnish to each prospective investor it solicits the most current copy of the applicable Partnership’s Memorandum provided to it by the General Partner prior to that person’s admission as a limited partner. 

(f) MSSB shall furnish to the Partnerships a description of all material pending and prior litigation and regulatory actions involving MSSB
and its subsidiaries, required to be disclosed in the Memorandums during the term of this Agreement. 
 (g) MSSB has and maintains policies,
procedures, and internal controls that are reasonably designed to ensure that no Covered Person identified in Appendix A subject to disqualification is permitted to participate in any of a Partnership’s offerings pursuant to Rule 506 of
Regulation D under the Securities Act (“Rule 506”). MSSB represents that it has exercised reasonable care, in accordance with section (e) of Rule 506 in making a factual inquiry into whether any Covered Person is the subject of any of
the acts enumerated in Rule 506(d)(1)(i) through (viii) or that would cause a Partnership to be unable to rely upon Rule 506 (each a “Disqualifying Event”). MSSB agrees that each Partnership may disclose any Disqualifying Event
involving a Covered Person that occurred prior to September 23, 2013, in accordance with the method of disclosure under Rule 506(e). 

(h) The representations and warranties set forth in this Agreement are continuing during the term of this Agreement and MSSB agrees to notify
each of the Partnerships and the General Partner promptly in writing if at any time during the term of this Agreement, any such representation or warranty becomes materially inaccurate or untrue and of the facts related thereto. 

(i) MSSB acknowledges that each of the Partnerships and the General Partner enter into this Agreement in reliance on the representations,
warranties and agreements of MSSB contained herein. 
 6. Covenants of MSSB. 

(a) MSSB will promptly notify the Partnerships and the General Partner if it becomes aware of any Covered Person who is or becomes the subject
of a Disqualifying Event. 
 (b) MSSB shall, to the extent practicable and reasonable, make available personnel to the General Partner to
respond to reasonable queries about its processes directly related to identifying Covered Persons and Disqualifying Events under Rule 506(d) and confirm that the representations made in Section 5(g) are accurate and complete. 

  
 - 8 - 

 7. Indemnification. 

(a) Each Partnership shall indemnify, hold harmless, and defend MSSB, each person who controls MSSB within the meaning of Section 15 of
the Securities Act or Section 20(a) of the Securities Exchange Act of 1934, and their respective officers, directors, partners, members, shareholders, employees and agents from and against any losses, claims, damages or liabilities (or actions
in respect thereof) (“Covered Claims”) arising out of or relating to (i) the offer or sale of the Interests or the management or affairs of the applicable Partnership; (ii) any untrue statement or alleged untrue statement of
material fact or any omission of a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in any Offering Materials or in any advertising or promotional material
approved, published or provided to MSSB by or on behalf of the applicable Partnership or the General Partner or accurately derived from information approved, published or provided to MSSB by or on behalf of the applicable Partnership (iii) any
violation of any law, rule or regulation relating to the registration or qualification of Interests or the applicable Partnership, (iv) any breach by the applicable Partnership or the General Partner of any representation, warranty or agreement
contained in this Agreement, (v) any violation of any law, rule or regulation relating to the operation of the applicable Partnership or (vi) any willful misconduct or gross negligence by the applicable Partnership or the General Partner
or their respective affiliates in the performance of, or failure to perform, its obligations under this Agreement, except to the extent that any such Covered Claim is caused by breach of this Agreement by MSSB or its affiliates, directors, members,
employees, agents and affiliates or the willful misconduct or gross negligence of any of the foregoing in the performance of, or failure to perform, their obligations under this Agreement. 

(b) MSSB shall indemnify, hold harmless, and defend each of the Partnerships and the General Partner, each person who controls any of the
foregoing within the meaning of Section 15 of the Securities Act or Section 20(a) of the Securities Exchange Act of 1934, and their officers, directors, partners, members, shareholders, employees, and agents from and against any Covered
Claims arising out of or relating to (i) any breach by MSSB of any representation, warranty or agreement contained in this Agreement, (ii) failure of MSSB to comply with marketing rules or private placement rules in any jurisdiction,
(iii) any untrue statement, or alleged untrue statement of a material fact, made by MSSB in connection with MSSB’s placement of the Interests that is not in reliance on or in conformity with the Offering Materials, or (iv) willful
misconduct or gross negligence by MSSB in the performance of, or failure to perform, its obligations under this Agreement, except in each case to the extent that any Covered Claim is caused by breach of this Agreement by any of the Partnerships or
the General Partner or their officers, directors, partners, members, shareholders, employees, agents and affiliates or the willful misconduct or gross negligence of any of the foregoing in the performance of, or failure to perform, their obligations
under this Agreement. 

  
 - 9 - 

 (c) Promptly after receipt of notice of any claim or complaint or the commencement of any action
or proceeding with respect to which an indemnified party is entitled to seek indemnification hereunder, the indemnified party shall notify the indemnifying party in writing of such claim or complaint or the commencement of such action or proceeding.
The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects within a reasonable time after receipt of such notice, to assume the defense of any suit so brought, which defense shall be conducted by
counsel chosen by it and satisfactory to the indemnified party or parties. In the event that the indemnifying party elects to assume the defense of any such suit and retain such counsel, the indemnified party or parties shall bear the fees and
expenses of any additional counsel thereafter retained by it or them. 
 (d) If the foregoing indemnification is for any reason unavailable
to an indemnified party (other than by reason of the terms thereof), the indemnifying party shall contribute to the Covered Claims that are paid or payable by the indemnified party in such proportion as is appropriate to reflect the relative
economic interests of the indemnifying party, on the one hand, and the indemnified party, on the other hand, in the transactions contemplated by this Agreement (whether or not consummated) and any other relevant equitable considerations. For
purposes of this paragraph, the relative interests of the applicable Partnership and the General Partner, on the one hand, and MSSB, on the other hand, in the transactions contemplated by this Agreement, shall be deemed to be in the same proportion
as (i) the total proceeds received or contemplated to be received by the applicable Partnership and the General Partner in the transactions contemplated by this Agreement (whether or not any such transaction is consummated) bears to
(ii) the fees paid or to be paid to MSSB under the Agreement; provided however, that to the extent permitted by applicable law, in no event shall the applicable Partnership and the General Partner contribute less than the amount
necessary to ensure that all indemnified parties, in the aggregate, are not liable in excess of the amount of fees actually received by MSSB pursuant to this Agreement. 

(e) The foregoing indemnity shall be in addition to any liabilities that the parties may otherwise have incurred hereunder. 

8. Confidentiality. 
 (a) Each party
acknowledges that, in performing its obligations under this Agreement, it may have access to confidential and proprietary information of the other party (“Confidential Information”). The parties agree that information concerning any
potential investor introduced by MSSB to the Partnerships or the General Partner is the Confidential Information of MSSB. By way of illustration but not of limitation, “Confidential Information” includes any “nonpublic personal
information” (as defined in SEC Regulation S-P or FTC Regulation 313) regarding prospective investors and limited partners or members, trade secrets, data, know-how, accounting data, statistical data, financial data or projections, forecasts,
business practices or policies, research projects, reports, development and marketing plans, strategies, or other business information that is not generally known or available to the public. The term “Confidential Information” does not
include information that: (i) is or becomes generally available to the public other 

  
 - 10 - 

 
than as a result of an improper disclosure by the disclosing party; (ii) was rightfully available to a party on a non-confidential basis before its disclosure by the other party;
(iii) was independently developed by the receiving party or (iv) becomes available to a party on a non-confidential basis from a source other than the other party, provided that such source is not prohibited from transmitting the
information by a contractual, legal, or fiduciary obligation. 
 (b) Except to the extent necessary to perform its obligations under this
Agreement, no party may disclose or use any of the other parties’ Confidential Information. Each party shall maintain the confidentiality of the other parties’ Confidential Information in its possession or control. For the avoidance of
doubt, no party may provide information concerning the Partnerships or prospective investors to any third party knowing that such third party may use such information in any form of publication, whether publicly or privately distributed, without the
express prior written approval of the other parties. Each party shall limit the disclosure of the other parties’ Confidential Information to those of its employees and agents with a need to know such Confidential Information for purposes of
this Agreement. Each party shall use reasonable care to prevent its employees and agents from violating the foregoing restrictions. Notwithstanding the above, Confidential Information may be disclosed to the extent required by law or by an order or
decree of any court or other governmental authority or a request is made by a governmental authority, regulatory agency or self-regulatory agency; provided, however, that each party shall, to the extent practicable, if legally compelled to
disclose such information: (i) provide the applicable party with prompt written notice of that fact so that the other party may attempt to obtain a protective order or other appropriate remedy and/or waive compliance with the provisions of this
Section 8; (ii) disclose only that portion of the information that a party’s legal counsel advises is legally required; and (iii) endeavor to obtain assurance that confidential treatment shall be accorded the information so
disclosed. Notwithstanding the foregoing, limited partners shall also be governed by the privacy policy included in the Offering Materials. 

(c) On written request or on the expiration or termination of this Agreement, each party shall return to the other parties or destroy all
Confidential Information in its possession or control, provided that each party may retain a single archival copy of any document or information that such party is obligated to maintain pursuant to record keeping requirements to which it is subject
under applicable laws, rules or regulations, but for only so long as such records are required to be maintained. 
 9. Client Communications. Each
Partnership and the General Partner severally agree to provide to MSSB copies of any communications to limited partners with respect to the operation and performance of the applicable Partnership. Communications that are provided on a regular basis
such as monthly account statements, shall be distributed to MSSB when such communications are distributed to MSSB clients. The General Partner shall use its commercially reasonable efforts to distribute to MSSB all communications that require any
action by limited partners such as limited partner consent or vote prior to the distribution of such communication to limited partners. Each Partnership and the General Partner agree that MSSB may use such communications in connection with

  
 - 11 - 

 
reports issued by MSSB to the applicable limited partners to which such communications were directed. Each Partnership and the General Partner severally agree to respond as soon as practicable to
inquiries of MSSB investors as communicated by MSSB and shall endeavor to copy MSSB on all such communications. 
 10. Term and Termination. 

(a) This Agreement shall remain in full force and effect until terminated by a party on thirty days’ prior written notice to the other
parties. 
 (b) This Agreement may be terminated immediately on written notice to the other parties hereto on the dissolution, insolvency or
bankruptcy of any party and upon a material breach of any condition, warranty, representation or other term of this Agreement by the other party. 

(c) Notwithstanding Section 10(b), upon becoming aware of a Disqualifying Event occurring on or after September 23, 2013 with
respect to MSSB or any of its Covered Persons, a Partnership may, in its sole discretion, terminate this Agreement which shall be effective immediately or on such future date as indicated by such Partnership in a notice to MSSB relating to such
termination. 
 (d) On termination of this Agreement, the General Partner shall continue to pay MSSB the compensation set forth in
Section 3 for so long as each limited partner introduced to the Partnerships by MSSB remains a limited partner and MSSB (and its applicable employees) maintains all necessary licenses and regulations required to receive such compensation. For
purposes of the foregoing, MSSB shall be entitled to the compensation set forth in Section 3 with respect to any person introduced by MSSB to the General Partner prior to termination whose subscription is accepted by the applicable Partnership
within sixty days following such termination. 
 11. Notices. Any notice required or desired to be delivered under this Agreement shall be effective
on actual receipt and shall be in writing and (i) delivered personally; (ii) sent by first class mail or overnight delivery, postage prepaid; (iii) transmitted by electronic mail (with confirmation of delivery and receipt); or
(iv) transmitted by fax (with confirmation by first class mail, postage prepaid) to the parties at the following address or such other address as the parties from time to time specify in writing: 

  
 - 12 - 

			
	 If to the Partnership or the General Partner :
  

[Name of Partnership]
 c/o Ceres Managed Futures LLC

Morgan Stanley Alternative Investments
 522 5th Avenue, 14th
Floor
 New York, NY 10036
 Fax: 212-296-6869

Email: Alper.Daglioglu@morganstanley.com
 Attention: Alper
Daglioglu, President
  
 With a copy to:

 
 Willkie Farr & Gallagher LLP

787 Seventh Avenue
 New York, NY 10019

Email: RMolesworth@willkie.com
 Attention: Rita
Molesworth
	 	 If to MSSB:
  

Morgan Stanley Smith Barney LLC
 522 5th Avenue, 13th Floor

New York, NY 10036
 Fax: 212 905-2750

Email: Jeremy.Beal@morganstanley.com
 Attention: Jeremy Beal,
Executive Director

 12. Status of Parties. In selling the Interests, MSSB shall be an independent contractor (rather than employee, agent
or representative) of any Partnership or the General Partner, and MSSB shall not have the right, power or authority to enter into any contract or to create any obligation on behalf of any Partnership or the General Partner or otherwise bind any
Partnership or the General Partner in any way. Nothing in this Agreement shall create a partnership, joint venture, agency, association, syndicate, unincorporated business or any other similar relationship between the parties. Nothing in this
Agreement shall be construed to imply that MSSB is a partner, shareholder, manager, managing member or member of any Partnership or the General Partner. 

13. Miscellaneous. 
 (a) Headings.
Headings to sections and subsections in this Agreement are for the convenience of the parties only and are not intended to be a part of or affect the meaning or interpretation hereof. 

(b) Entire Agreement. This Agreement embodies the entire agreement and understanding of the parties with respect to the subject matter
hereof, and supersedes all other agreements and understandings, whether written or oral, between the parties relating to the subject matter hereof entered into prior to this Agreement. 

(c) Amendments. This Agreement shall not be amended except by a writing signed by all parties hereto. Notwithstanding the previous
sentence, Partnerships may be added to this Agreement upon the agreement of the General Partner and MSSB. The listing of such Partnership on Schedule 1 hereto shall be evidence of such agreement. 

(d) Waiver. No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto either
before or after the effective date of this Agreement or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 

  
 - 13 - 

 (e) Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of New York. The provisions of Sections 3, 7 (including with respect to breaches of Section 4 or 5), 8, 9, 10(c), and this Section 13 shall survive termination of this Agreement. If any provision of this Agreement is
or should become inconsistent with any present or future law, rule, or regulation of any governmental or regulatory authority having jurisdiction over the subject matter of this Agreement, such provision shall be deemed rescinded or modified in
accordance with any such law, rule or regulation. In all other respects, this Agreement shall continue and remain in full force and effect. 

(f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding on the parties hereto and such parties’
respective successors and permitted assigns. 
 (g) Assignment. No party may assign this Agreement without the prior written consent
of the other parties, except as otherwise provided herein. Any purported assignment in violation of this Section 13 shall be void. 

(h) Jurisdiction and Consent. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT
SITTING IN NEW YORK CITY OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND WAIVE TRIAL BY JURY. EACH OF THE PARTIES IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES AGREES THAT A
FINAL JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND BINDING UPON THE PARTIES AND MAY BE ENFORCED IN ANY OTHER COURTS TO WHOSE JURISDICTION A PARTY IS OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT. EACH PARTNERSHIP AND THE
GENERAL PARTNER EACH HEREBY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT BY MEANS OF PERSONAL DELIVERY OR COURIER SERVICE, ADDRESSED TO ITS ADDRESS
PROVIDED ABOVE AND TO THE ATTENTION OF ANY SECRETARY, ASSISTANT SECRETARY OR ANY OTHER OFFICER, DIRECTOR, MANAGING AGENT OR GENERAL AGENT OF SUCH PARTY, AND SUCH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION
IT MAY NOW OR HEREAFTER HAVE UNDER NEW YORK LAW OR UNDER ANY LAW OF ANY STATE OF THE UNITED STATES OR OF ANY OTHER JURISDICTION OR OTHERWISE TO SERVICE OF PROCESS IN SUCH MANNER. 

  
 - 14 - 

 (i) Counterparts. This Agreement may be executed in several counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimiles (including facsimiles of the signature pages of this Agreement) shall have the same legal effect hereunder as originals. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 - 15 - 

 IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be executed as of the
day and year first above written. 
  

									
	 THE PARTNERSHIPS LISTED ON

SCHEDULE 1 HERETO
	 		 	Morgan Stanley Smith Barney LLC
			
	By: Ceres Managed Futures LLC	 		 	
					
	Name:	 	/s/ Alper Daglioglu	 		 	Name:	 	/s/ Jeremy Beal
		 	Alper Daglioglu	 		 		 	Jeremy Beal
	Title:	 	President	 		 	Title:	 	Executive Director
				
		 		 		 	Ceres Managed Futures LLC
					
		 		 		 	Name:	 	/s/ Alper Daglioglu
		 		 		 		 	Alper Daglioglu
		 		 		 	Title:	 	President

  
 - 16 - 

 Schedule 1 
  

					
	 PARTNERSHIP
	 	 STATE AND DATE OF
ORGANIZATION
	 	 EFFECTIVE DATE

	 Managed Futures Premier

Aventis II L.P.
	 	New York; April 20, 2005	 	October 1, 2013

  
 - 1 - 

 Schedule 2 
  

			
	 PARTNERSHIP
	 	 ONGOING SELLING AGENT FEE

	Managed Futures Premier Aventis II L.P.	 	3.75% per year of the adjusted net assets of the Partnership (computed monthly by multiplying the adjusted net assets of the Partnership by 3.75% and dividing the result thereof by
12)1

  

	1	Adjusted net assets are month-end Net Assets increased by that current month’s ongoing selling agent fee, management fee, the general partner’s administrative fee, the incentive fee accrued, other expenses and
any redemptions or distributions as of the end of such month. 

  
 - 2 - 

 Appendix A 

Covered Persons: 
  

	 	(i)	MSSB and its executive officers and directors and officers participating in the offering of any of the Partnerships; 

  

	 	(ii)	Morgan Stanley Financial Advisors soliciting investors for the Partnerships on September 23, 2013 and thereafter who receive compensation with respect to such solicitation; and 

 

	 	(iii)	MSSB’s managing member, Morgan Stanley Smith Barney Holdings LLC (the “Managing Member”) and the Managing Member’s executive officers and directors and officers participating in the offering of any
of the Partnerships. 

  
 - 3 -

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