Document:

Exhibit 10.3
	 

	 
		AMENDED AND RESTATED AGENCY
		AGREEMENT
	 

	 
		SMITH BARNEY WARRINGTON FUND
		L.P.
	 

	 
		(A NEW YORK LIMITED
		PARTNERSHIP)
	 

	 
		UNITS OF LIMITED PARTNERSHIP
		INTEREST
	 

	 
		April 26, 2007
	 

	 
		Citigroup Global Markets
		Inc.
	 

	 
		Smith Barney Division
	 

	 
		388 Greenwich Street
	 

	 
		New York, New York 10013
	 

	 
		Re: Smith Barney Warrington Fund L.P.
	 

	 
		Gentlemen:
	 

	 
		Citigroup Managed Futures LLC, a
		Delaware limited liability company (the “General Partner”),
		has caused Smith Barney Warrington Fund L.P. (the
		“Partnership”) to be organized as a limited partnership
		under the New York Revised Uniform Limited Partnership Act, as
		amended and in effect on the date hereof (the “Partnership
		Act”) for the purpose of speculative trading, either directly or
		indirectly, in commodity interests including, but not limited to
		futures contracts, swaps, options, spot, and forward contracts. This
		Agency Agreement (the “Agreement”) amends and restates the
		initial Agency Agreement dated January 17, 2006. The General Partner
		desires to continue to raise capital for the Partnership by the sale
		of units of limited partnership interest therein (the
		“Units”) to certain qualified investors pursuant to Rule
		506 of Regulation D (“Reg. D”) under section 4(2) of the
		Securities Act of 1933, as amended (the “Securities Act”)
		and has increased the number of Units available for sale. The General
		Partner, the Partnership, the business of the Partnership and the
		Units are described in a Private Placement Offering Memorandum and
		Disclosure Document dated October 31, 2006, prepared by the General
		Partner. The commodity trading advisor to the Partnership is
		currently Warrington Mgt., L.P. As used in this Agreement,
		“Memorandum” refers to that Private Placement Offering
		Memorandum and Disclosure Document, including the appendices thereto,
		unless such memorandum or appendices have been supplemented or
		amended, in which case the term shall refer, from and after the time
		the supplement or amendment is delivered to you, to the memorandum
		and appendices as so amended and supplemented. 
	 

	 
		The subscribers for Units will be
		required to execute the Subscription Agreement, a copy of which is
		attached as an appendix to the Memorandum, and to tender or cause to
		be tendered for each Unit subscribed cash in the amount of the Net
		Asset Value per Unit and partial Unit (rounded to four decimal
		places) on the date of purchase. Subscribers for Units whose
		Subscription Agreements are accepted by the General Partner will
		become limited partners of the Partnership (the “Limited
		Partners”) upon the execution by the General Partner as
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		attorney-in-fact for each such
		subscriber of a Limited Partnership Agreement, a copy of which is
		attached as an appendix to the Memorandum (the “Partnership
		Agreement”), and at the time such subscribers’ names are
		entered in the books and records of the Partnership.
	 

	 
		Section 1. Appointment of Agent.
	 

	 
		On the basis of the
		representations, warranties and covenants contained in this
		Agreement, but subject to the terms and conditions set forth in it,
		you are hereby appointed the non-exclusive agent of the Partnership
		during the Offering Period specified in this Section, for the purpose
		of finding subscribers for the Units for the account and risk of the
		Partnership through a private offering. The Offering Period will
		continue until the General Partner terminates it or until up to
		350,000 Units have been subscribed (the “Continuous
		Offering”). Units or partial Units sold during the Continuous
		Offering will be sold at Net Asset Value per Unit as of the last day
		of each month, provided that the General Partner may determine to
		offer no Units in a particular month. Subject to the performance by
		the General Partner of all of its obligations to be performed under
		this Agreement and to the completeness and accuracy of all material
		representations and warranties of the General Partner contained in
		this Agreement, you hereby accept such agency and agree on the terms
		and conditions set forth in this Agreement to use commercially
		reasonable efforts during the Continuous Offering to find subscribers
		for the Units. Your agency under this Agreement, which is coupled
		with an interest and, therefore, is not terminable by the General
		Partner without your permission so long as Units that have been sold
		by you remain outstanding, will continue until the termination of the
		Continuous Offering or until such time as all Units sold by you have
		been redeemed, whichever is later.
	 

	 
		Section 2. Representations and Warranties of the
		Partnership and the General Partner.
	 

	 
		(a) The Partnership and the
		General Partner jointly and severally represent and warrant to you,
		for your benefit, and for the benefit of the purchasers of the Units
		that:
	 

	 
		(i) They will deliver to you such
		number of copies of the Memorandum as you may reasonably request,
		regardless of whether the Units are offered solely to
		“accredited investors” as defined in Rule 501(a) of Reg. D.
		They will not make any amendment or supplement to the Memorandum
		until they have given you a copy thereof and reasonable notice of the
		same, and no such amendment or supplement will be made if you
		reasonably object thereto.
	 

	 
		(ii) The Memorandum complies with
		Rule 502(b)(2) of Reg. D and the information to be made available or
		furnished to each purchaser of a Unit pursuant to Section 5(e) hereof
		or otherwise will be sufficient to comply with Rule 502(b)(2)(iv) and
		502(b)(2)(v) of Reg. D.
	 

	 
		(iii) The Memorandum will not
		contain any untrue statement of a material fact or omit to state a
		material fact necessary in order to make the statements therein, in
		light of the circumstances under which they were made, not
		misleading.
	 

	 
		 
	 

	 
		 
	 

	 
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		(iv) All action required under the
		Partnership Agreement or otherwise to be taken by the General Partner
		before the subscription for and sale of the Units to subscribers
		therefor has been taken or before the Monthly Closing dates, as
		defined in Section 4 hereof, will have been taken, and upon (i)
		payment of the consideration therefor specified in the Subscription
		Agreement, (ii) acceptance by the General Partner of each subscriber
		acceptable to the General Partner, and (iii) the payment of any
		required filing fee, the subscribers will become Limited Partners of
		the Partnership entitled to all the rights of Limited Partners under
		the Partnership Agreement and the Partnership Act. The Units, when
		sold and paid for as contemplated by the Memorandum, will represent
		validly authorized and duly issued limited partnership interests in
		the Partnership and will conform to all statements relating thereto
		contained in the Memorandum, including the Partnership Agreement. The
		General Partner shall maintain records required of a registered
		commodity pool operator pursuant to the rules of each of the
		Commodity Futures Trading Commission and the National Futures
		Association.
	 

	 
		(v) The Partnership is a limited
		partnership duly and validly organized pursuant to the Partnership
		Agreement and the laws of New York, and is validly existing under,
		and subject to, the laws of New York with full power and authority to
		conduct the business in which it proposes to engage as described in
		the Memorandum. A Limited Partner will have no liability in excess of
		his capital contribution and his share of Partnership assets and
		undistributed profits except as set forth in Section 7(f)(2) of the
		Partnership Agreement and in the Partnership Act.
	 

	 
		(vi) There is no action, suit,
		litigation or proceeding before or by any court or governmental
		agency, federal, state or local, pending or threatened against or
		affecting or involving the property or business of the General
		Partner, or the business of the Partnership, that would materially
		and adversely affect the condition (financial or otherwise), business
		or prospects of the General Partner or the Partnership.
	 

	 
		(vii) Other than as disclosed to
		you, neither the Partnership, the General Partner, nor any person
		directly or indirectly affiliated with either of them has, either
		directly or through an agent, sold or offered for sale or solicited
		offers to subscribe for or buy, or approached potential investors for
		or otherwise negotiated in respect of, the Units except for the
		activities of the General Partner in approaching potential investors
		undertaken in cooperation with you after advance consultation with
		you; and neither the Partnership, the General Partner nor any person
		directly or indirectly affiliated with any of them has, either
		directly or through an agent, participated in the organization or
		management of any partnership or other entity, or has engaged in any
		other activity, in a manner or under circumstances that would
		jeopardize the status of the offering of the Units as an exempted
		transaction under the Securities Act or under the laws of any state
		in which it is represented by the General Partner that the offering
		may be made.
	 

	 
		(viii) This Agreement and the
		Partnership Agreement have been duly and validly authorized, executed
		and delivered by and on behalf of the General Partner and constitute
		valid and binding agreements of the General Partner enforceable in
		accordance with their terms. This Agreement and the Subscription
		Agreements have been or will be duly and validly authorized, executed
		and delivered by and on behalf of the Partnership and constitute or
		will constitute valid and binding agreements of the Partnership
		enforceable in accordance with their terms.
	 

	 
		 
	 

	 
		 
	 

	 
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		(ix) The execution and delivery of
		this Agreement, the Subscription Agreements and the Partnership
		Agreement, and the consummation of the transactions contemplated in
		this Agreement and in the Memorandum, do not conflict with and will
		not constitute a breach of, or default under, the certificate of
		formation or limited liability company agreement of the General
		Partner or any agreement or instrument by which the General Partner
		is bound by any order, rule or regulation applicable to it of any
		court or any governmental body or administrative agency having
		jurisdiction over it.
	 

	 
		(x) A separate escrow account has
		been opened at JPMorgan Chase Bank, New York, New York (the
		“Escrow Agent”) and will be maintained for all funds
		received from subscribers for Units. All payments received from
		persons desiring to purchase Units will be deposited in such account
		and held in accordance with the terms of the Escrow Agreement entered
		into with the Escrow Agent. During the Continuous Offering the
		general partner may elect to hold subscription proceeds at its
		affiliate, Citibank, N.A. If the general partner elects to hold
		subscription proceeds at Citibank, N.A., it will notify you promptly
		and provide you with details of the new account.
	 

	 
		Section 3. Your Representations and
		Warranties.
	 

	 
		You represent and warrant to and
		for the benefit of the Partnership and the General Partner
		that:
	 

	 
		(a) You will not offer or sell the
		Units by any form of general solicitation or general advertising
		within the meaning of Rule 502(c) of Reg. D.
	 

	 
		(b) Where required by applicable
		state law or regulation, you will initiate contact with a prospective
		offeree only after determining that the suitability and
		sophistication standards described in the Memorandum are likely to be
		satisfied with respect to such prospective offeree and, where
		applicable, only after having obtained an executed Purchaser
		Representative Questionnaire.
	 

	 
		(c) You will not offer the Units
		for sale to, or solicit any offers to subscribe for the Units from,
		any offeree who resides in a state whose securities laws require
		offerees to meet specified qualifications unless such offeree meets
		such qualifications or which laws require offerees to receive
		disclosure documents until you have delivered (or directed the
		General Partner to deliver) the Memorandum, the Partnership
		Agreement, and any other agreement or document that may be attached
		as an exhibit or appendix referred to in and distributed with the
		Memorandum or any other information provided by the General Partner
		which is required to be delivered to purchasers pursuant to Rule
		502(b)(2) of Reg. D to such offeree, and within a reasonable time
		prior to the Monthly Closing you shall deliver (or cause the General
		Partner to deliver) all such documents to all persons who are to
		purchase the Units, to the extent they have not theretofore received
		such documents. In connection with the offering, you will not
		represent to any person acquiring Units any material facts relating
		to the offering unless such facts are contained in the Memorandum or
		have been provided to you in writing by the General Partner.
	 

	 
		 
	 

	 
		 
	 

	 
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		(d) You will not sell Units to any
		person unless, immediately before making such sales, you reasonably
		believe such person (i) qualifies as an accredited investor under
		Rule 501 of Reg. D and (ii) meets such other suitability standards as
		are specified in the Memorandum under the caption “Who May
		Invest” and the other conditions contained in the Subscription
		Agreement.
	 

	 
		(e) You will maintain a record of
		all information obtained by you indicating that subscribers for Units
		meet the suitability standards referred to in Section 3(d) hereof.
		The General Partner will approve or reject the subscriptions and
		notify you of the same.
	 

	 
		(f) You are a member in good
		standing of National Association of Securities Dealers, Inc.
	 

	 
		(g) You are in compliance with
		applicable anti-money laundering laws (including the USA Patriot Act)
		and related regulations and shall be responsible for compliance with
		such laws and regulations with respect to purchasers of Units.

	 

	 
		(h) You acknowledge that, in its
		sole discretion, the General Partner may in the future engage
		additional selling agents for the Partnership. Compensation of any
		additional selling agents shall be determined by the General Partner
		in its sole discretion.
	 

	 
		Section 4. Closings.
	 

	 
		During the Continuous Offering,
		closings may be held as of the last business day of each month
		(“Monthly Closings”).
	 

	 
		Section 5. Covenants of the Partnership and the General
		Partner.
	 

	 
		The Partnership and the General
		Partner covenant with you that:
	 

	 
		(a) If any event occurs before a
		Monthly Closing and relates to or affects the business or condition
		(financial or other) of the General Partner or the Partnership which
		makes it necessary to amend or supplement the Memorandum in order
		that the Memorandum will not contain an untrue statement of a
		material fact or omit to state a material fact necessary in order to
		make the statements therein not misleading in the light of the
		circumstances existing at the time it is delivered to a subscriber,
		the General Partner forthwith will prepare and furnish to you a
		reasonable number of copies of the amendment or amendments of, or
		supplement or supplements to, the Memorandum (in form and substance
		satisfactory to you and your counsel) that will so amend or
		supplement the Memorandum.
	 

	 
		 
	 

	 
		 
	 

	 
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		(b) They will qualify or register
		the Units for offering and sale under, or establish the exemption of
		the offering and sale of the Units from qualification or registration
		under, the applicable securities or “blue sky” laws of the
		jurisdictions listed in Appendix I hereto and use reasonable efforts
		to qualify in such other jurisdictions as you may reasonably request
		in writing; provided, however, that none of them will be obligated to
		qualify as a dealer in securities in any jurisdiction in which it is
		not so qualified. The General Partner will promptly notify you in
		writing of such qualification, registration or exemption in each such
		jurisdiction and of any modification, rescission or withdrawal of any
		such qualification, registration or exemption. The General Partner
		will not consummate a sale of a Unit in any jurisdiction in which
		such sale may not be lawfully made and will not consummate any sale
		otherwise than in accordance with the restrictions and limitations,
		if any, set forth or referred to in such survey.
	 

	 
		(c) The Partnership will apply the
		proceeds from the sale of the Units for the purposes set forth under
		“Use of Proceeds” in the Memorandum in substantially the
		amounts and at the times indicated thereunder.
	 

	 
		(d) Neither they nor any person
		directly or indirectly affiliated with any of them is or will be
		engaged, as a general partner, sponsor or otherwise (i) in the
		organization or management of any partnership, fund or other entity,
		in a manner or under circumstances which, in the opinion of their
		counsel, will jeopardize the status of the offering of the Units as
		an exempted transaction under the Securities Act or under the laws of
		any state in which it is represented by them that the offering may be
		made, or (ii) in any offering of securities which, when integrated
		with the offering of the Units in the manner prescribed by Rule
		501(a) of Reg. D and SEC Release No. 33-4552 (Nov. 6, 1962) will
		jeopardize the status of the offering of the Units as an exempted
		transaction under Reg. D.
	 

	 
		(e) At all times during the
		Continuous Offering and before each Monthly Closing, they will (i)
		make available to each potential purchaser and to the
		purchaser’s representative, if any, such information (in
		addition to that contained in the Memorandum) concerning themselves,
		the offering and any other relevant matters, as they possess or can
		acquire without unreasonable effort or expense, and (ii) provide to
		each potential purchaser and to any purchaser representatives the
		opportunity to ask questions of, and receive answers from, them
		concerning the terms and conditions of the offering and the business
		of the Partnership and to obtain any other additional information, to
		the extent they possess the same or can acquire it without
		unreasonable effort or expense, necessary to verify the accuracy of
		the information furnished to the potential purchaser or any purchaser
		representatives.
	 

	 
		(f) Before each Monthly
		Closing, they will provide to each purchaser the information required
		to be delivered by Rule 502(b)(2)(iii) and 502(b)(iv).
	 

	 
		(g) Within 15 days of
		receiving from you copies of information indicating that subscribers
		meet the suitability standards, the General Partner will approve or
		reject the subscriptions and notify you of the same.
	 

	 
		(h) The General Partner has
		filed five copies of a notice on Form D with the Securities and
		Exchange Commission no later than 15 days after the first sale of a
		Unit pursuant
	 

	 
		 
	 

	 
		 
	 

	 
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		 to Rule 503 under Reg. D. The
		General Partner shall comply with any filing requirement imposed by
		the laws of any state or jurisdiction in which sales are made. The
		General Partner shall furnish you and your counsel with copies of all
		filings made on Form D pursuant hereto.
	 

	 
		(i) The General Partner shall
		notify you within a reasonable period of time if it engages an
		additional selling agent for the Partnership.
	 

	 
			
				
				   
				

			 	
				
				  Section 6. 
				

			 	
				
				  Acknowledgment of
				  Payment of Compensation to Citigroup Global Markets Inc. and its
				  Smith Barney Financial Advisors
				

			 

 

	 
		Pursuant to the Customer Agreement
		between Citigroup Global Markets Inc. and the Partnership, the
		Partnership shall pay to Citigroup Global Markets, in lieu of
		brokerage commissions on a per trade basis, a monthly flat rate
		brokerage fee equal to 3.75% per year of the Partnership’s
		month-end Net Assets. The brokerage fee will be credited to the
		Citigroup Global Markets branch that supports the General Partner and
		the funds it operates. The Partnership and the General Partner
		acknowledge that during the term of the Partnership a portion of such
		brokerage fees will be paid to Smith Barney financial advisors (or an
		additional selling agent) who place Units and who are registered with
		the CFTC as associated persons.
	 

	 
		Section 7. Conditions of Your Obligations.
	 

	 
		Your obligations under this
		Agreement are subject to the accuracy of and compliance with the
		representations and warranties of the Partnership and the General
		Partner made in Section 2 hereof, to the performance by the
		Partnership and the General Partner of their obligations under this
		Agreement.
	 

	 
		If any of the conditions specified
		in this Section 7 have not been fulfilled when and as required by
		this Agreement to be fulfilled, you may cancel this Agreement and all
		your obligations under it by notifying the General Partner of such
		cancellation in writing or by telegram at any time at or before any
		Monthly Closing and any such cancellation will be without liability
		or obligation of any party to any other party except as otherwise
		provided in Section 5 and Section 9 hereof.
	 

	 
		Section 8. Conditions of the Obligations of the
		Partnership and the General Partner.
	 

	 
		The obligations of the Partnership
		and the General Partner under this Agreement are subject to the
		performance by you of your obligations under the same and to the
		further condition that the Partnership and the General Partner will
		have received your certificate stating that you have offered the
		Units for sale, or solicited offers to subscribe for or buy Units, or
		otherwise negotiated with any person with respect to the Units, only
		in such manner and under such circumstances as are in compliance with
		the securities or “blue sky” laws of the jurisdictions
		designated by you in accordance with Section 5(b) hereof.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 9. Indemnification and
		Contribution.
	 

	 
		You will indemnify and hold
		harmless the Partnership and the General Partner and their officers,
		directors and employees, against any and all loss, liability, claim,
		damage, expense, judgment or amount paid in settlement (including
		reasonable attorneys’ fees) with respect to statements or
		omissions in the Memorandum made with respect to you or your
		obligations under this Agreement made in reliance upon and in
		conformity with information furnished to the General Partner by you
		expressly for use in the Memorandum.
	 

	 
		Section 10. Representations, Warranties and Agreements to
		Survive Delivery.
	 

	 
		All representations, warranties
		and agreements contained in this Agreement or contained in
		certificates or opinions delivered pursuant to this Agreement will
		remain operative and in full force and effect, regardless of any
		investigation made by or on behalf of you or by or on behalf of the
		General Partner and will survive the Monthly Closings.
	 

	 
		Section 11. Notices and Authority to Act.
	 

	 
		All communications herein shall be
		in writing and, if sent to you, will be mailed, delivered or
		telegraphed and confirmed to you at:
	 

	 
		
	 

	 
		Citigroup Global Markets
		Inc.
	 

	 
		Smith Barney Division
	 

	 
		485 Lexington Avenue,
		12th Floor 
	 

	 
		New York, New York 10017
	 

	 
		Attention: Paul Weisenfeld
	 

	 
		or if sent to the General Partner,
		will be mailed, delivered or telegraphed and confirmed to the General
		Partner at:
	 

	 
		Citigroup Managed Futures
		LLC
	 

	 
		731 Lexington Avenue - 25th
		Floor
	 

	 
		New York, New York 10022
	 

	 
		Attention: Jennifer Magro
	 

	 
		or at such other address as may be
		provided in writing to the other party.
	 

	 
		Section 12. Parties.
	 

	 
		This Agreement will inure to the
		benefit of and be binding upon you, the Partnership and the General
		Partner and your and their respective successors, heirs and
		representatives. This Agreement and its conditions and provisions are
		intended to be and are for the sole and exclusive benefit of the
		parties to it and their respective successors, heirs and
		representatives, and not for the benefit of any other person, firm or
		corporation unless expressly stated otherwise.
	 

	 
		 
	 

	 
		 
	 

	 
		-8-
	 

	 
		 
	 

	 
	 

	 

	 
		Section 13. Governing Law.
	 

	 
		This Agreement shall be governed
		by and construed under the laws of the State of New York.
	 

	 
		Section 14. Waiver.
	 

	 
		Any party to this Agreement may
		waive compliance by the other with any of the terms, provisions and
		conditions set forth in this Agreement.
	 

	 
		Section 15. Entire Agreement.
	 

	 
		This Agreement contains the entire
		agreement between the parties to it, and is intended to supersede any
		and all prior agreements between those parties, relating to the same
		subject matter.
	 

	 
		Section 16. 
	 

	 
		The effective date of this
		Agreement is October 31, 2006.
	 

	 
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		LEFT BLANK]
	 

	 
		 
	 

	 
		 
	 

	 
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		If the foregoing is in accordance
		with your understanding of our agreement, kindly sign and return to
		us a counterpart hereof, whereupon this instrument, along with all
		counterparts, will become a binding agreement among you, the
		Partnership and the General Partner, in accordance with its
		terms.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Sincerely,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  SMITH BARNEY WARRINGTON
				  FUND L.P.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: Citigroup Managed
				  Futures LLC
				

				
				  (General Partner)
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				  /s/ Jennifer Magro
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Jennifer Magro
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Chief Financial Officer
				  and Director
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CITIGROUP MANAGED FUTURES
				  LLC
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				  /s/ Jennifer Magro
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Jennifer Magro
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Chief Financial Officer
				  and Director
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				  Confirmed, accepted and
				  agreed to as of the date first above written.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  CITIGROUP GLOBAL MARKETS
				  INC.
 Smith Barney
				  Division
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By:
				

			 	
				
				  /s/ Paul M. Weisenfeld
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				  Name: Paul M.
				  Weisenfeld
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title: DirectorExhibit 10.4
	 

	 
		SUBSCRIPTION AGREEMENT
	 

	 
		Please check here if 
	 

	 
		employed by Citigroup 
	 

	 
		Global Markets Inc. or an 
	 

	 
		affiliate. _______
	 

	 
		Smith Barney Account No.: 
	 

	 
		________________________ 
	 

	 
		SMITH BARNEY WARRINGTON FUND
		L.P.
	 

	 
		(a New York limited partnership)
	 

	 
		Subscription Agreement
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Citigroup Managed Futures LLC
	 

	 
		731 Lexington Avenue - 25th floor
	 

	 
		New York, New York 10022
	 

	 
		 
	 

	 
		Re: Smith Barney Warrington Fund L.P.
	 

	 
		Ladies and Gentlemen:
	 

	 
		1. Subscription for Units. I hereby irrevocably subscribe for the amount of Units
		(and partial Units rounded to four decimal places) of Limited Partnership
		Interest (“Units”) of Smith Barney Warrington Fund L.P. (the
		“Partnership”) as indicated on page B-6 hereof. I understand that
		each Unit will be offered at Net Asset Value per Unit on the date of sale. I
		hereby authorize Citigroup Global Markets Inc. (“CGM”) to debit my
		Smith Barney securities account in the amount of my subscription as described
		in the Private Placement Offering Memorandum and Disclosure Document dated
		October 31, 2006, as amended or supplemented from time to time (the
		“Memorandum”).
	 

	 
		I am aware that this subscription is not
		binding on the Partnership unless and until it is accepted by the General
		Partner, which may reject this subscription in whole or in part for any reason
		whatsoever. I understand that the General Partner will advise me within five
		business days of receipt of my funds and this Agreement if my subscription has
		been rejected. I further understand that if this subscription is not accepted,
		the full amount of my subscription will be promptly returned to me without
		deduction.
	 

	 
		2. Representations, Warranties and Covenants of
		Subscriber. As an inducement to the
		General Partner on behalf of the Partnership to sell me the Units for which I
		have subscribed I hereby represent, warrant and agree as follows:
	 

	 
		(a) I am over 21 years old, am legally
		competent to execute this Subscription Agreement and have received and reviewed
		the Memorandum and the Partnership’s most recent monthly statement and
		annual report, if any, and except as set forth in the Memorandum, no
		representations or warranties have been made to me by the Partnership, its
		General Partner or their agents, with respect to the business of the
		Partnership, the financial condition of the Partnership, the deductibility of
		any item for tax purposes or the economic, tax, or any other aspects or
		consequences of a purchase of a Unit, and I have not relied upon any
		information concerning the offering, written or oral, other than that contained
		in the Memorandum or provided by the General Partner at my request. In
		addition, I have been represented by such legal and tax counsel and others
		selected by me as I have found it necessary to consult concerning this
		transaction. I am in compliance with all federal and state regulatory
		requirements applicable to this investment. With respect to the tax aspects of
		my investment, I am relying upon the advice of my own personal tax advisors and
		upon my own knowledge with respect thereto.
	 

	 
		(b) I have carefully reviewed the various
		conflicts of interest set forth in the Memorandum, including those arising from
		the fact that the General Partner is an affiliate of CGM, the selling agent and
		commodity broker/dealer for the Partnership.
	 

	 
		(c) I hereby acknowledge and agree to the
		terms of the Customer Agreement between the Partnership and CGM and to the
		payment to CGM of the flat rate brokerage fee as described in the Memorandum. I
		understand that lower brokerage fees might be available, but that the General
		Partner will not negotiate with CGM or any other broker to obtain such lower
		rates.
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		(d) The Partnership has made available to
		me, prior to the date hereof, the opportunity to ask questions of, and to
		receive answers from, the General Partner and its representatives, concerning
		the terms and conditions of the offering, and has afforded me access to obtain
		any information, documents, financial statements, records and books (i)
		relating to the Partnership, its business, the offering and an investment in
		the Partnership, and (ii) necessary to verify the accuracy of any information,
		documents, financial statements, records and books furnished in connection with
		the offering. All materials and information requested by me, including any
		information requested to verify any information furnished, have been made
		available and have been examined to my satisfaction.
	 

	 
		(e) I understand that the Partnership
		offering has not been registered under the Securities Act of 1933, as amended
		(the “Act”), or pursuant to the provisions of the securities or other
		laws of certain jurisdictions, in reliance on exemptions for private offerings
		contained in the Act and in the laws of certain jurisdictions. I am fully aware
		of the restrictions on sale, transferability and assignment of the Units as set
		forth in the Limited Partnership Agreement, and that I must bear the economic
		risk of my investment in the Partnership for an indefinite period of time
		because the offering has not been registered under the Act. I understand that
		the Units cannot be offered or sold unless they are subsequently registered
		under the Act or an exemption from such registration is available, and that any
		transfer requires the consent of the General Partner, who may determine not to
		permit any specific transfer.
	 

	 
		(f) I represent that I am aware of the
		speculative nature of this investment and of the high degree of risk involved,
		that I can bear the economic risks of this investment and can afford a complete
		loss of my investment. As evidence of the foregoing, I hereby represent to you
		that I: (i) have sufficient liquid assets to pay the purchase price for my
		interest in the Partnership; (ii) have adequate means of providing for my
		current needs and possible personal contingencies and have no present need for
		liquidity of my investment in the Partnership; (iii) have adequate net worth
		and sufficient means to sustain a complete loss of my investment in the
		Partnership; (iv) am an accredited investor as defined in Rule 501 (a) of the
		Act, the terms of which are set forth in Exhibit I to this Subscription
		Agreement by virtue of the subparagraph indicated on page B-6; (v) have
		substantial experience in making similar investments; (vi) have sufficient
		knowledge to be able to evaluate the merits and risks of this investment; and
		(vii) have made the decision to invest in the Partnership based on my own
		independent evaluation.
	 

	 
		(g) I will not transfer or assign this
		Subscription Agreement, or any of my interest herein. I am acquiring my
		interest in the Partnership hereunder for my own account and for investment
		purposes only and not with a view to or for the transfer, assignment, resale or
		distribution thereof, in whole or in part. I have no present plans to enter
		into any such contract, undertaking, agreement or arrangement. I understand
		that the General Partner may in its absolute discretion require any limited
		partner to redeem all or part of his Units, upon ten days’ notice to such
		limited partner. 
	 

	 
		(h) If I am not a citizen or resident of the
		United States for U.S. tax purposes, I agree to pay or reimburse CGM or the
		Partnership for any taxes, including but not limited to withholding tax imposed
		with respect to my Units.
	 

	 
		(i) I understand that as part of the
		Partnership’s responsibility for the prevention of money laundering, CGM
		or the general partner may require a detailed verification of identity and the
		source of payment. In the event of delay or failure by me to produce any
		information required for verification purposes, the general partner may refuse
		to accept my application and subscription funds relating thereto or may refuse
		to process a redemption request until proper information has been
		provided.
	 

	 
		(j) I hereby represent and affirm that (i) I
		have a net worth alone or with my spouse exceeding 10
		times my investment; (ii) I have either alone or with my professional advisor
		the capacity to protect my interests in connection with this transaction or
		(iii) I am able to bear the economic risk of the investment.
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		(k) I represent that the information
		contained herein is complete and accurate as of the date hereof and may be
		relied upon by the General Partner. I further represent that I will notify the
		General Partner immediately of any adverse change in any such information which
		may occur prior to the acceptance of my subscription and will promptly send the
		General Partner written confirmation thereof.
	 

	 
		(l) If I am a collective investment vehicle,
		I am in compliance with all applicable Federal regulatory requirements
		including the registration rules of the Commodity Futures Trading Commission
		(“CFTC”).
	 

	 
		3. Acceptance of Limited Partnership Agreement and Power of
		Attorney. I hereby apply to become a
		limited partner as of the date upon which the sale of my Units becomes
		effective, and I hereby agree to each and every term of the Limited Partnership
		Agreement as if my signature were subscribed thereto. I hereby constitute and
		appoint the General Partner of the Partnership, with full power of
		substitution, as my true and lawful attorney to execute, acknowledge, file and
		record in my name, place and stead: (a) a Limited Partnership Agreement (the
		“Partnership Agreement”) of the Partnership substantially in the form
		included as an Appendix to the Memorandum; (b) all certificates and other
		instruments which the General Partner of the Partnership shall deem appropriate
		to create, qualify, continue or dissolve the Partnership as a limited
		partnership in the jurisdictions in which the Partnership may be formed or
		conduct business; (c) all agreements amending or modifying the Partnership
		Agreement that may be appropriate to reflect a change in any provision of the
		Partnership Agreement or the exercise by any person of any right or rights
		thereunder not requiring my specific consent, or requiring my consent if such
		consent has been given, and any other change, interpretation or modification of
		the Partnership Agreement in accordance with the terms thereof; (d) such
		amendments, instruments and documents which the General Partner deems
		appropriate under the laws of the State of New York or any other state or
		jurisdiction to reflect any change, amendment or modification of the
		Partnership Agreement of any kind referred to in subparagraph (c) hereof; (e)
		filings with agencies of any federal, state or local governmental unit or of
		any jurisdiction which the General Partner shall deem appropriate to carry out
		the business of the Partnership; and (f) all conveyances and other instruments
		which the General Partner shall deem appropriate to effect the transfer of my
		Partnership interest pursuant to the Partnership Agreement or of Partnership
		assets and to reflect the dissolution and termination of the Partnership. The
		foregoing appointment (i) is a special power of attorney coupled with an
		interest, is irrevocable and shall survive my subsequent death, incapacity or
		disability and (ii) shall survive the delivery of an assignment by me of the
		whole or any portion of my interest, except that where an assignee of the whole
		of such interest has been approved by the General Partner for admission to the
		Partnership as a substituted Limited Partner, the power of attorney shall
		survive the delivery of such assignment for the sole purpose of enabling the
		General Partner to execute, acknowledge and file any instrument necessary to
		effect such substitution.
	 

	 
		4. Indemnification.
		I hereby agree to indemnify and hold harmless the Partnership, the General
		Partner and its affiliated persons from any and all damages, losses, costs and
		expenses (including reasonable attorneys’ fees) which they may incur by
		reason of any breach by me of the covenants, warranties and representations
		contained in this Subscription Agreement.
	 

	 
		5. Survival. All
		representations, warranties and covenants contained in this Subscription
		Agreement and the indemnification contained in paragraph 4 shall survive (a)
		the acceptance of the subscription; (b) changes in the transactions, documents
		and instruments described in the Memorandum that are not material; and (c) the
		death or disability of the undersigned.
	 

	 
		6. Miscellaneous.
		This subscription is not revocable by me and constitutes the entire agreement
		among the parties hereto with respect to the subject matter hereof and may not
		be amended orally. This Agreement shall be construed in accordance with and be
		governed by the laws of the State of New York.
	 

	 
		7. Employee-Benefit Plans. By so indicating on page B-6 hereof, the undersigned
		hereby represents and warrants whether or not the subscriber is a “Benefit
		Plan Investor” within the meaning of U.S. Department of Labor Regulation
		29 CFR 2510.3-101, as amended by the Pension Protection Act of 2006 
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		(the “Plan Assets Regulation”).
		Generally, a “Benefit Plan Investor” is any plan or fund organized by
		an employer or employee organization subject to Title I of the Employee
		Retirement Income Security Act of 1974, as amended (“ERISA”), or any
		plans subject to Section 4975 of the Internal Revenue Code of 1986 (the
		“Code”) to provide retirement, deferred compensation, welfare or
		similar benefits to employees or beneficiaries, including an entity described
		in Section (g) of the Plan Assets Regulation, in which 25% or more of any class
		of equity interests is owned by such plans and that is primarily engaged in the
		business of investing capital. If the undersigned is investing with the assets
		of, or on behalf of, an employee-benefit plan subject to ERISA, or plan subject
		to Section 4975 of the Code (the “Plan”) (such undersigned, the
		“Fiduciary”) then the Fiduciary further represents and agrees as
		follows with respect to the Plan:
	 

	 
		(a) Either (i) or (ii): (i) neither CGM, the General Partner nor any of their
		employees, financial advisors or affiliates (A) manages any part of the
		investment portfolio of the Plan, or (B) has an agreement or understanding,
		written or unwritten, with the Fiduciary under which the Fiduciary regularly
		receives information, recommendations or advice concerning investments which
		are used as a primary
		basis for the Plan’s investment
		decisions and which are individualized to the particular needs of the
		Plan.
	 

	 
		or (ii) The relationship between the Plan and CGM, the
		General Partner or any of their employees, financial advisors or affiliates
		comes within (A) or (B) above with respect to only a portion of the Plan’s
		assets and the investment in the Partnership is being made by the
		Fiduciary from a portion of Plan assets with respect to which such relationship
		does not exist.
	 

	 
		(b) Although a CGM account executive or a
		financial advisor may have suggested that the Fiduciary consider the investment
		in the Partnership, the Fiduciary has studied the Memorandum and has made the
		investment decision solely on the basis of the Memorandum and without reliance
		on such suggestion.
	 

	 
		(c) The Plan is in compliance with all
		applicable Federal regulatory requirements.
	 

	 
		(d) The undersigned Fiduciary acknowledges
		that it is: (i) independent of CGM, the General Partner and all of their
		affiliates; (ii) capable of making an independent decision regarding the
		investment of Plan assets; (iii) knowledgeable with respect to the Plan in
		administrative matters and funding matters related thereto, and (iv) able to
		make an informed decision concerning participation in the Partnership.
	 

	 
		(e) The undersigned Fiduciary, if the Plan
		is an IRA or Keogh account of which CGM is the custodian, hereby directs said
		custodian as custodian of the Plan to subscribe for the amount indicated on
		page B-6. In addition, the Fiduciary represents and confirms that all of the
		information contained in this Subscription Agreement and relating to the
		subscribing Plan is complete and accurate.
	 

	 
		Please complete this Subscription Agreement
		by filling in the blanks and executing it on the following page.
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		EXECUTION PAGE
	 

	 
		I. For Client Use:
	 

	 
			
				
				  A.
				

			 	
				
				  Subscription
				  Amount: I hereby subscribe for
				  $_____________ (minimum $25,000).
				

			 

 

	 
			
				
				  B.
				

			 	
				
				  Accreditation: I am an accredited investor under paragraph _______ of
				  Exhibit I on page B-8.
				

			 

 

	 
			
				
				  C.
				

			 	
				
				  Benefit Plan Investor
				  Status: The subscriber is ___ or is not
				  ___ a “Benefit Plan Investor” as defined in Section 7 above.
				

			 

 

	 
			
				
				  D.
				

			 	
				
				  1. Representation:
				  The foregoing statements are complete and accurate as of the date hereof and
				  may be relied upon by the General Partner. I further represent that I will
				  notify the General Partner immediately of any adverse change in any such
				  information and will promptly send the General Partner written confirmation
				  thereof.
				

			 

 

	 
		2. Signature: If joint ownership, all parties must sign (if
		fiduciary, partnership or corporation, indicate capacity of signatory
		under signature line)
	 

	 
		IN WITNESS WHEREOF, I have executed this
		Subscription Agreement including Power of Attorney as of the date below.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Signature
				

			 	
				
				   
				

			 	
				
				  Signature
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title (if applicable)
				

			 	
				
				   
				

			 	
				
				  Title (if applicable)
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  3. Date: 
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Date:
				

			 	
				
				   
				

			 
					

 

	 
			
				
				  E.
				

			 	
				
				  Please complete Registration Data
				  on the next page.
				

			 

 

	 
		 
	 

	 
			
				
				  II. For Branch Use:
				

				
				  I have received all documents
				  required to open this account and acknowledge the suitability of this
				  investment for the client. In recommending the purchase of Units, I, on behalf
				  of Citigroup Global Markets have determined the suitability of the subscriber
				  and will maintain records containing the basis of the suitability
				  determination. Prior to executing the purchase of Units, I, on behalf of
				  Citigroup Global Markets have informed the subscriber of facts relating to the
				  liquidity and marketability of the Units. If the account is a partnership or
				  trust, I acknowledge that my review of the partnership or trust documents
				  allows investments in limited partnerships whose principal business is in
				  futures trading and the anti-money laundering and know-your-customer
				  documentation for this subscriber is complete.
				

				
				  _______________________________
				

				
				  Branch Manager - Signature
				

				
				  _______________________________
				

				
				  Branch Manager - Print Name
				

			 	
				
				   
				

			 	

				
				  III. For General Partner’s
				  Use:
				

				
				  ACCEPTED:

				  CITIGROUP MANAGED

				  FUTURES LLC
				

			 
	
				
				  By:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	

				
				   
				

			 
							

 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		Registration Data
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name of Limited Partner
				

				
				  (Please Print)

				  (See Note 1 Below)
				

			 	
				
				   
				

			 	
				
				  Name of Joint Limited Partner (if
				  any)
				

				
				  (Please Print)
				

			 
	
				
				   
   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Residence Street Address
				

				
				  (See Note 2 Below)
				

			 	
				
				   
				

			 	
				
				  Mail Address (if different
				  than
 Residence Address)
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  City           State           
				  Zip Code
				

			 	
				
				   
				

			 	
				
				  City           State           Zip
				  Code
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Social Security or Federal Employer
				  I.D. Number
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  If Joint Ownership, check
				  one:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  __________________
				

			 	
				
				   
				

			 	
				
				  / / Joint Tenants with right
				  to
				

			 
	
				
				  Smith Barney Account Number
				

			 	
				
				   
				

			 	
				
				  Survivorship (all parties must
				  sign)
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Note 1: If subscriber is an
				  ERISA
 plan or account, please so
				  indicate
 (e.g.: “XYZ” Co.
				  Pension Plan”, “Dr.
				

			 	
				
				   
				

			 	
				
				  / / Tenants in Common
				

			 
	
				
				  A Keogh Account”,
				  “Mr. B IRA Account”).
				

			 	
				
				   
				

			 	
				
				  / / Community Property
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  If Fiduciary or Corporation, check
				  one:
				

			 
	
				
				  Note 2: The address given above
				  must
 be the residence address of the
				  Limited
 Partner. Post Office boxes and
				  other
				

			 	
				
				   
				

			 	
				
				  
 / / Trust   / /
				  Partnership
				

			 
	
				
				  nominee addresses will not be
				  accepted.
				

			 	
				
				   
				

			 	
				
				  / / Corporation
				

			 

 

	 
		_____________________________________________________________________________________
	 

	 
		For Branch Use
	 

	 
		See front cover for mailing instructions of
		Subscription Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT I
	 

	 
		“Accredited investor” shall mean
		any person who comes within any of the following categories, or who the issuer
		reasonably believes comes within any of the following categories, at the time
		of the sale of the securities to that person:
	 

	 
		(1) Any bank as defined in section 3(a)(2)
		of the Act; any savings and loan association or other institution as defined in
		section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary
		capacity or any broker or dealer registered pursuant to section 15 of the
		Securities Exchange Act of 1934; insurance company as defined in section 2(13)
		of the Act; investment company registered under the Investment Company Act of
		1940 or a business development company as defined in section 2(a)(48) of that
		Act; 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; any plan established and maintained by a state, its political
		subdivisions, or any agency or instrumentality of a state or its political
		subdivisions, for the benefit of its employees, if such plan has total assets
		in excess of $5,000,000; employee benefit plan within the meaning of the
		Employee Retirement Income Security Act of 1974, if the investment decision is
		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 $5,000,000, or if a self-directed plan, with investment decisions made
		solely by persons that are accredited investors;
	 

	 
		(2) Any private business development company
		as defined in section 202(a)(22) of the Investment Advisers Act of 1940;
		
	 

	 
		(3) Any organization described in Section
		501(c)(3) of the Internal Revenue Code, any corporation, Massachusetts or
		similar business trust, or partnership, not formed for the specific purpose of
		acquiring the securities offered, with total assets in excess of
		$5,000,000;
	 

	 
		(4) Any director, executive officer, or
		general partner of the issuer of the securities being offered or sold, or any
		director, executive officer or general partner of a general partner of that
		issuer;
	 

	 
		(5) Any natural person whose individual net
		worth, or joint net worth with that person’s spouse, at the time of his
		purchase exceeds $1,000,000;
	 

	 
		(6) Any natural person who had an individual
		income in excess of $200,000 in each of the two most recent years or joint
		income with that person’s spouse in excess of $300,000 in each of those
		years and has a reasonable expectation of reaching the same income level in the
		current year;
	 

	 
		(7) Any trust, with total assets in excess
		of $5,000,000, not formed for the specific purpose of acquiring the securities
		offered, whose purchase is directed by a sophisticated person as described in
		Rule 506(b)(2)(ii); and 
	 

	 
		(8) Any entity in which all of the equity
		owners are accredited investors.
	 

	 
		 
	 

	 
		 
	 

	 
		8

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