Document:

Separation Agreement

 Exhibit 10.1 

SEPARATION AGREEMENT & RELEASE OF CLAIMS 

This is a Separation Agreement and Release of Claims (“Agreement” or “Release”) between HD Supply, Inc., its
subsidiaries, affiliates, predecessors, and related entities (hereinafter the “Company”) and Mark Jamieson (the “Employee”). 

WHEREAS, the Employee acknowledges that the consideration provided to Employee under this Agreement is sufficient to support the
releases provided by Employee under this Agreement; and, 
 WHEREAS, the Employee acknowledges and agrees that the
consideration provided to Employee under this Agreement is divided into two separate categories, with the receipt of twenty-four (24) months of base salary continuation, minus applicable tax withholdings, to serve as consideration attributable
solely to the restrictive covenants contained in Section 10 of the Agreement, and the receipt of Employee’s bonus/management incentive plan payout for fiscal year 2010 to serve as consideration specifically attributable to all other
covenants and promises made by Employee in the Agreement; and 
 WHEREAS, the Employee acknowledges and agrees that the
Company is an international Company doing business in the geographic territories listed in this Agreement, and that as the Company’s Chief Financial Officer, Employee was exposed to the most sensitive financial information regarding the
Company’s business practices and future business plans, which if such information became known to the Company’s competitors, could seriously jeopardize the Company’s business operations; and 

WHEREAS, the Employee acknowledges and agrees that if the Employee were to work for any of the Company’s business competitors
identified herein, that certain critical competitive information about the Company’s business practices would inevitably be disclosed to the such competitors; and 

WHEREAS, the Employee represents that he has not filed any charges, claims or lawsuits against the Company involving any aspect of
his employment; and 
 WHEREAS, the Employee understands the Company regards the representations by him as material and
that the Company is relying on these representations in entering into this Agreement, 
 NOW, THEREFORE, the Company and
the Employee agree as follows: 
 1. Termination Date. The Employee’s last day of employment was April 14, 2010
(“Termination Date”). Therefore, except as otherwise specifically provided for in this Agreement, Employee shall not be entitled to receive any further remuneration from the Company, and will not accrue any vacation days or credit
subsequent to the Termination Date. 
 2. Consideration. 

 

	 	a.	 As consideration for the Release of Claims contained in Section 8 of this Agreement, as well as the other covenants and promises of Employee
other than those relating to the restrictive covenants contained in Section 10 of this Agreement, Employee will receive a bonus/management incentive plan payout for fiscal year 2010 in the amount $393,750.00. Such payout shall be paid with
normally scheduled bonus/management incentive plan payouts for fiscal year 2010 (currently scheduled for April 2011). Employee acknowledges and agrees that under the terms of the Company’s bonus/management incentive plan, as well as the terms
of his offer letter dated October 23, 2007, that he was required to be employed on the payout date in order to receive such payments, and thus the payment to Employee of the 2010 management incentive plan payouts constitutes consideration for
which he is not otherwise entitled to receive but for his entering into this Agreement. 

	 	b.	 As consideration for Employee entering into the restrictive covenants set forth in Section 10 of this Agreement and abiding by them for the
entire period of such covenants, Employee shall receive base salary continuation payments at the rate of $525,000.00 per year subject to all applicable tax withholdings, paid on a bi-weekly basis, for the period from April 14, 2010 through and
until April 14, 2012. These payments are referred to as the “Restrictive Covenant Payments,” and Employee acknowledges that he is not otherwise entitled to receive such compensation. Employee understands and agrees that his
entitlement to receive the Restrictive Covenant Payments is conditioned expressly and solely on his adherence to the terms of the restrictive covenants set forth in Section 10 of this Agreement throughout the entire period they remain in
effect, signified by his execution of this Agreement. Employee covenants and agrees that in the event he violates the terms of the restrictive covenants set forth in Section 10 of this Agreement, that (a) all remaining Restrictive Covenant
Payments will immediately cease and Employee will forfeit his right to receive any future Restrictive Covenant Payments, and (b) Employee will immediately return the gross amount of all Restrictive Covenant Payments previously paid to Employee
under this provision, plus interest at the rate of 7% per annum, compounded daily. 

 3. Stock and
Stock Options. Employee shall forfeit all rights, if any, to unvested stock options but will retain ownership rights of the 50,000 shares purchased by Employee. All rights to stock purchased and stock options granted shall be controlled by the
terms of the Employee Stock Subscription Agreement and the HDS Investment Holding, Inc. Stock Incentive Plan. 
 4.
Benefits. The Employee’s benefits shall end on the last day of the month in which the Termination Date falls. Employee shall not be entitled to any other benefits except as expressly provided for in this Agreement; provided, however,
that Employee, if eligible, may continue certain benefits under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), 29 U.S.C. § 1161 et seq., but only if Employee timely elects such coverage and timely makes
all premium payments. 
 5. Company Vehicle. While employed, the Employee was provided a company vehicle for his use. The
vehicle is: Make: Lexus; Model: LS 460; Year: 2008 and Color: Black. Employee has the option to purchase this company vehicle for $36,900. Said purchase will need to be completed no later than seven (7) days following the execution of this
Agreement 
 6. Additional Benefits. Employee will be permitted to port his death benefit only insurance policy; however,
Employee must pay the associated premiums. 
 7. Outplacement Services. In lieu of providing outplacement services and at
Employee’s request, the Company shall pay Employee a lump sum amount that after the deduction of applicable tax withholding will result in a net payment $16,000.00 to Employee. 

8. Release of Claims. The Employee and Employee’s heirs, assigns, and agents release, waive and discharge the Company and its
past and present directors, officers, employees, parents, subsidiaries, affiliates, related entities, and agents and each of its and their predecessors, successors and assigns from each and every claim, action or right of any sort, known or unknown,
arising on or before the Effective Date. 
 a.     The foregoing
release includes, but is not limited to, any claim of discrimination on the basis of race, sex, religion, sexual orientation, national origin, disability, age, or citizenship status; any other claim based on any local, state, or federal prohibition,
including but not limited to claims under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 1981, the Age Discrimination in Employment Act of 1967, as amended, the Family Medical Leave Act, the Fair Labor Standards Act, the
Americans With Disabilities Act or the Employee Retirement Income Security Act, as amended; any claim arising out of or related to any alleged express or implied employment contract, any other alleged contract affecting terms and conditions of
employment, or an alleged covenant of good faith and fair dealing; or any claim for severance pay, bonus, 
  

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salary, sick leave, stocks, attorneys’ fees, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe benefit, workers’ compensation or disability.

  

	 	b.	 The Employee represents that Employee understands the foregoing release, that rights and claims under the Age Discrimination in Employment Act of
1967, as amended, are among the rights and claims against the Company Employee is releasing, and that Employee understands that Employee is not presently releasing any future rights or claims that might arise after the Effective Date.

  

	 	c.	 The Employee further agrees never to sue the Company or its past and present directors, officers, employees, parents, subsidiaries, affiliates,
predecessors, related entities, and agents and each of its and their predecessors, successors and assigns or cause the Company or its past and present directors, officers, employees, parents, subsidiaries, affiliates, predecessors, related entities,
and agents and each of its and their predecessors, successors and assigns to be sued, regarding any matter within the scope of the above release. If the Employee violates this section of the Agreement, the Company may recover all damages as allowed
by law, including all costs and expenses, including reasonable attorneys’ fees, incurred in defending against the suit; provided, however, that this covenant not to sue does not apply to a claim challenging the validity, enforceability or legal
sufficiency of Employee’s release of claims under the Age Discrimination in Employment Act of 1967, as amended, including the Older Worker Benefits Protection Act of 1990. 

9. Confidential Information and Trade Secrets. The Employee acknowledges that through Employee’s employment with the Company,
Employee has acquired and had access to the Company’s Confidential Information. Employee further acknowledges that Employee has not published, disclosed or used any of the Company’s Confidential Information except in accordance with
Employee’s duties for the Company. The Employee agrees that, for a period of three years after the Effective Date, Employee will hold in confidence all Confidential Information of the Company and will not disclose, publish or make use of such
Confidential Information, unless compelled by law and then only after notice to the Senior Vice President, Human Resources of the Company. Employee further agrees to return all documents, disks, or any other item or source containing Confidential
Information, or any other Company property, to the Company on or before the Termination Date. If the Employee has any question regarding what data or information would be considered by the Company to be Confidential Information, the Employee agrees
to contact the Senior Vice President, Human Resources for written clarification. In addition, Employee shall immediately notify the Company in writing if any electronic copies of Company documents, including but not limited to Confidential
Information, are contained on or within a computer, PDA, email account, or other electronic storage media owned by or within the control of Employee, and further, will take all steps requested by the Company to permanently delete or destroy such
copies and verify that the copies have been deleted or destroyed in a manner acceptable to the Company. “Confidential Information” shall include any data or information, other than trade secrets, that is valuable to the Company and not
generally known to competitors of the Company or other outsiders, regardless of whether the confidential information is in printed, written, or electronic form, retained in the Employee’s memory, or has been compiled or created by the Employee.
This includes, but is not limited to: technical, financial, credit marketing, personnel, staffing, payroll, computer systems, marketing, advertising, merchandising, operations, strategic planning, product, vendor, customer or store planning data,
trade secrets, or other information similar to the foregoing. 

a.     The Employee also acknowledges that through Employee’s employment
with the Company Employee has acquired and had access to the Company’s Trade Secrets. The Employee further acknowledges that the Company has made reasonable efforts under the circumstances to maintain the secrecy of its Trade Secrets. Employee
agrees to hold in confidence all Trade Secrets of the Company that came into Employee’s knowledge during employment by the Company and shall not disclose, publish, or make use of at any time such Trade Secrets for the longer of (1) so long
as the information remains a Trade Secret, or (2) a period of three years after the Effective Date. Trade 
  

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Secret” means information, without regard to form, including, but not limited to, any technical or non-technical data, formula, pattern, compilation, program, device, method, technique,
drawing, process, financial data, financial plans, strategic plans, product plans, or list of actual or potential customers or suppliers which is not commonly known by or available to the public and which information: (i) derives economic
value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can derive economic value from its disclosure or use and (ii) is the subject of efforts that are reasonable
under the circumstances to maintain its secrecy. 
  

	 	b.	 The Employee further acknowledges that his breach of any of the covenants in this Section of the Agreement would result in immediate and irreparable
harm to the Company, its parents, subsidiaries, affiliates or related entities that cannot be adequately or reasonably compensated by law. Accordingly, the Employee agrees that the Company shall be entitled, if any such breach shall occur or be
threatened or attempted, if it so elects, to seek a temporary, preliminary, and permanent injunction, without being required to post a bond, enjoining and restraining such breach or threatened or attempted breach by the Employee.

  

	 	c.	 The restrictions set forth in this Section of the Agreement are in addition to, not in lieu of, any protections for information, documents,
Confidential Information, or Trade Secrets under applicable law. 

 10. Non-Competition and
Non-Solicitation. 
 a.      Employee agrees that Employee
will not, for a period of 36 months following the Termination Date (the “Non-Competition Period”), either directly or indirectly, compete with the Company within the Geographical Area (as hereinafter defined). The term “compete”
means to render any Business Services (as herein defined), directly or indirectly, on Employee’s own behalf or in the service of or on behalf of any other individual or entity, either as a proprietor, employee, agent, independent contractor,
consultant, director, officer, partner or stockholder (other than a stockholder of a corporation listed on a national securities exchange or whose stock is regularly traded in the over-the-counter market, provided that Employee at no time owns,
directly or indirectly, in excess of one percent (1%) of the outstanding stock of any class of any such corporation) in furtherance of Competitive Services (as herein defined). For purposes of this Agreement, the term “Geographical
Area” means the area including the United States, Canada, Puerto Rico, Mexico, and China, in which Employee agrees and affirms the Company currently does business, and which Employee further agrees and affirms that, by virtue of his position as
the Company’s Chief Financial Officer, he had responsibility for with respect to the execution of his duties for the Company. For purposes of this Agreement, the term “Business Services” means (a) the provision of financial
services in accordance with the duties and responsibilities of a chief financial officer position, including but not limited to the overseeing of financial appropriations and expenditures, disseminating financial data, directing budget and spending,
reporting the financial condition of a company to the senior executive team and/or the board of directors, insuring financial transparency to a company’s shareholders and governmental regulatory boards, and participating in the planning of a
company’s short and long term business strategies and goals, all of which Employee acknowledges he carried out on behalf of the Company, and further, (b) supervising or managing any of the foregoing in an executive position other than
chief financial officer. For purposes of this Agreement, the term “Competitive Services” means the sale or provision of building supply materials to the wholesale market by distributing building materials and tools and providing
installation services to professionals in the construction, maintenance and repair, energy and infrastructure markets. Without limitation, Employee specifically agrees that this non-competition restriction prohibits him from providing professional
assistance, as an officer, employee, consultant, independent contractor or otherwise, to the finance departments of any of the companies identified in Exhibit “A,” of this Agreement, which Employee specifically acknowledges and agrees are
companies that engage 
  

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in Competitive Services. Further, Employee covenants and agrees that he will resign from any future employer that, during the Non-Competition Period, subsequently merges with, acquires or is
acquired by any of the companies identified in Exhibit “A.” 
  

	 	b.	 The Employee agrees that for a period of 36 months following the Termination Date, Employee will not directly or indirectly solicit or attempt to
solicit any Competitive Services from any of the Company’s customers or suppliers with whom Employee had material business contact during the one-year period prior to Employee’s Termination Date. 

11. Non-Solicitation of Employees. The Employee agrees that for a period of 36 months following the Termination Date, Employee
will not directly or indirectly solicit any person who is an employee of the Company and with whom the Employee had material business contact during the one-year prior to Employee’s Termination Date, to terminate his or her relationship with
the Company, without first obtaining prior written approval from the Senior Vice President, Human Resources of the Company. The Employee further acknowledges that his breach of any of the covenants in this Section of the Agreement would result in
immediate and irreparable harm to the Company, its parents, subsidiaries, affiliates or related entities that cannot be adequately or reasonably compensated by law. Accordingly, the Employee agrees that the Company shall be entitled, if any such
breach shall occur or be threatened or attempted, if it so elects, to seek a temporary, preliminary, and permanent injunction, without being required to post a bond, enjoining and restraining such breach or threatened or attempted breach by the
Employee. 
 12. Breach by Employee. The Company’s obligations to the Employee under this Agreement are contingent
on Employee’s performance of Employee’s obligations under this Agreement. Any breach by Employee of this Agreement will entitle the Company to all its remedies allowed in law or equity, including but not limited to the return of any
payments that it made to Employee under this Agreement to the extent permitted under federal, state and local law. Employee specifically understands and agrees that if the Company, in its sole discretion, determines that Employee has violated any of
the restrictive covenants contained in Section 10 of this Agreement, that all Restrictive Covenants Payments set forth in Section 2 of this Agreement will immediately cease and the Company shall have no liability to Employee for stopping
such payments based on its determination that Employee has violated any of the covenants in Section 10. Further, if it is determined in arbitration that Employee has violated Section 10 in any respect, (a) all Restrictive Covenants
Payments will be forfeited and Employee will no longer be entitled to receive any such payments, and (b) Employee will immediately return the gross amount of all Restrictive Covenants Payments previously paid to Employee under Section 2,
plus interest at the rate of 7% per annum, compounded daily. Employee expressly understands and agrees that in the event of his breach of the covenants contained in Section 10 of this Agreement the cessation of all future, and repayment of
all previously paid, Restrictive Covenant Payments is an appropriate remedy as it would be difficult, if not impossible, to ascertain damages to the Company in the event of such a breach. 

13. Employee Availability. Employee agrees to make himself reasonably available to the Company to respond to requests by the
Company for information pertaining to or relating to the Company and/or the Company’s affiliates, subsidiaries, agents, officers, directors or employees which may be within the knowledge of the Employee. Employee agrees to cooperate fully with
the Company in connection with any and all existing or future litigation, charges, or investigations brought by or against the Company or any of its past or present affiliates, agents, officers, directors or employees, whether administrative, civil
or criminal in nature, in which and to the extent the Company deems the Employee’s cooperation necessary. In conjunction with Employee’s commitments under this Section, the Company will reimburse the Employee for reasonable out-of-pocket
expenses incurred as a result of such cooperation. 
  

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 14. Non-Disparagement. The Employee agrees that Employee will not make or cause to be
made any statements that disparage, are inimical to, or damage the reputation of the Company or any of its past or present affiliates, subsidiaries, agents, officers, directors or employees to anyone, including but not limited to the media, public
interest groups and publishing companies. The Employee agrees that if he breaches this Section 14, the damages resulting from such breach would be difficult if not impossible to ascertain. Therefore, for each disclosure that the Employee makes,
directly or indirectly, in violation of this Section 14, the Employee will pay the Company, within five business days of receiving written notice from the Company of such statement, liquidated damages in the amount of $10,000.00. The Employee
acknowledges and agrees that the liquidated damage payment of $10,000.00 per violation is a reasonable estimate of the harm that would be caused by a disclosure in violation of this Section 14. In addition to liquidated damages, the Company
will be entitled to injunctive or other equitable relief to require specific performance, or to prevent a breach, of this Section 14 without posting bond or any requirement or showing that the Company has suffered any damages from the
Employee’s breach. 
 15. Insider Trading. The Employee acknowledges that through his employment with the Company he
may have learned material, non-public information regarding the Company. The federal securities laws prohibit trading by persons while aware of material, non-public information. The Employee should seek advice of his legal counsel prior to
conducting any transactions in the Company’s stock if the Employee thinks he may possess such information. 
 16.
Employee Acknowledgements. Employee acknowledges that Employee is knowingly and voluntarily waiving and releasing any rights he/she may have under the Age Discrimination in Employment Act of 1967. Employee also acknowledges that the
consideration given for the waiver and release set forth in this Agreement is in addition to anything of value to which Employee was already entitled without the waiver and release. Employee further acknowledges that Employee has been advised by
this writing, as required by the Older Workers’ Benefit Protection Act, that: (1) his/her waiver and release does not apply to any rights or claims that may arise after the Effective Date of this Agreement; (2) he/she should consult
with an attorney prior to executing this Agreement; (3) he/she has at least twenty-one (21) days to consider this Agreement (although he/she may by his/her own choice execute this Agreement earlier); (4) he/she has seven (7) days
following his/her execution of this Agreement to revoke the Agreement; and (5) this Agreement shall not be effective until the date upon which the revocation period has expired (“Effective Date”). Employee may revoke this Release only
by giving the Company formal, written notice of Employee’s revocation of this Agreement, which should be addressed to Stephanie Caron, HD Supply, Inc., Global Support Center, Cumberland Center II, 3100 Cumberland Boulevard, D16, Atlanta, GA
30339 and which must be received by Ms. Caron by the close of business on the seventh (7th) day following Employee’s execution of this Agreement. 

17. Non-Assignment. The Employee represents and warrants that as of the date of this Release he has not assigned or transferred,
or purported to assign or transfer, to any person, firm, corporation, association or entity whatsoever any released claim. Employee hereby agrees to indemnify and hold the Company and its past and present directors, officers, employees, parents,
subsidiaries, affiliates, related entities, and agents harmless against, without any limitation, any and all rights, claims, warranties, demands, debts, obligations, liabilities, costs, court costs, expenses, including attorneys’ fees, causes
of action or judgments based on or arising out of any such assignment or transfer. 
 18. Entire Agreement. This Release
constitutes the entire understanding between the parties. The parties have not relied on any oral statements that are not included in this Separation Agreement and Release of Claims. Any modifications to this Release must be in writing and signed by
the Senior Vice President, Human Resources of The Company. 
  

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 19. Governing Law. This Agreement shall be construed, interpreted and applied in
accordance with the law of the State of Georgia, without giving effect to the choice of law provisions thereof. 
 20.
Arbitration. Any dispute, controversy, or claim arising out of or related to this Agreement, including, but not limited to, a claim for breach or an action for declaratory judgment regarding the validity of this Agreement or any provision
hereof, specifically including any breach of the restrictive covenant agreements contained in Section 10 of this Agreement (a “Claim”), shall be settled by final and binding arbitration pursuant to the rules of the American
Arbitration Association. Any such arbitration shall be conducted by one arbitrator mutually acceptable to the parties, who has substantial experience in the matters covered by this Agreement. If the parties are unable to agree on the arbitrator
within thirty (30) days of one party’s giving the other party written notice of intent to arbitrate, the American Arbitration Association shall appoint an arbitrator with such qualifications to conduct such arbitration. The decision of the
arbitrator shall be conclusive and binding on the parties. The arbitration shall be conducted in Atlanta, Georgia or such other location to which the parties may agree. The arbitrator shall have the authority to determine the arbitrability of any
Claim. The parties understand and agree that the arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of preliminary and permanent
injunctive relief. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain
interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of the Senior Vice President, Human Resources and the Employee. 

The Employee understands and acknowledges the significance and consequences of this Agreement, that the consideration
provided herein is fair and adequate, and represents that the terms of this Agreement are fully understood and voluntarily accepted. 
  

							
	 HD Supply, Inc.
	 	 	 	 
				
	 By:
	 	
 

	 		 	 5/10/10

		 	 Meg Newman
	 		 	 Date

			
	 Employee
	 		 	
	
 

	 		 	 5/10/2010

	 Mark Jamieson
	 		 	 Date

 Sign and
return to 
 Meg Newman 

HD Supply 

Global Support Center 

Cumberland Center II 

3100 Cumberland Boulevard, D16 

Atlanta, GA 30339 
  

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 EXHIBIT A 

HD Supply Competitors 
  

																			
	 HD Supply
	 	 Waterworks
	 	 Facilities
Maintenance
	 	 White Cap
	 	 Utilities
	 	 IPVF
	 	 CT1
	 	 PHVAC and
Electrical
	 	 Crown Bolt
	 	 R&R

	Wolseley	 	Wells Supply	 	lnterserv	 	ProBuild	 	Cooper Industries	 	McJunkin Redman	 	Bluelinx Holdings	 	Graybar	 	Hilman Group	 	84 Lumber
	Wesco Inc.	 	Ed Walsh	 	Weesco International	 	Ram Tool & Supply	 	Brownstone Electric Supply	 	Edgen Murray	 	Builders FirstSource	 	Consolidated Electrical Distributor	 	Stanley Hand Tools	 	Ace Hardware
	Reliance Steel	 	Waterworks Industries	 	Guest Supply	 	CMC Construction Services Div.	 	Fletcher-Reinhardt Company	 	ASA Alloys	 	Beacon Roofing Supply	 	Senepar	 	Jarden Corp.	 	Lindsay Lumber Co.
	Smith International	 	S8J Supply	 	American Hotel Register	 	Construction Materials	 	Border States Electric	 	Global Stainless	 	BMC Select	 	Crescent Electric Supply Company	 	Newel Rubbermaid	 	General Lumber
		 	United Pipe & Supply	 	McMaster Carr	 	Carroll Distributing	 	Kriz-Davis (KD)	 	Rolled Alloys	 	Hutlig Building Products	 	Border States	 	Cooper Industries	 	Orchard Supply
	Anixter Int’l	 	Western Nevada Supply	 	Hunter Amenities	 	Allied Fastener & Tool	 	Specialized Technical Services	 	Ryerson	 	CanWel Holdings Corp.	 	City Electric	 	Midwest Fastener	 	Stock Building Supply
	Houston Wire & Cable	 	HD Fowler	 	Marietta Drapery	 	Costal Construction Products	 	Tech-Line	 		 		 	WinNelson	 	Paulin	 	
	Roxel SA	 	Groeniger Company	 	Concept Amenities	 	Waldo Brothers	 	Rual Electric Supply (RESCO)	 	Team Industries	 	Comstock Homebuilding	 	WinWholesale	 		 	
	Lawson Product	 	Consolidated Pipe	 	Nazco Enterprises	 	Pro-Fast Supply	 	Western United	 	Boccard	 	DR Horton	 	Haloca	 		 	
	WW Grainger	 	Western Waterworks	 	Mission of Nevada. Inc.	 	Vimco	 	OneSource Distributors	 	Fleur Daniel	 	Hovanian Enterprises	 	Morrison Supply	 		 	
	MSC Industrial	 	Pace Supply	 	Coaster Company of America. Inc.	 	Tri Bond Construction Supplies	 	HJ Arnett Industries LLC	 	Aker Kvaerner	 	KB Home	 	Southern Pipe & Supply	 		 	
	Interline Brands	 	Kenko Utility	 	Ideal Chemical and Supply Company	 	Gatt-Morrison Construction Supply	 	General Pacific (Gen Pac)	 	Chicao Bridge and Iron	 	Lennar Corp	 	Thoa Somerville Co	 		 	
	Fastenal	 	Inland Waterworks Supply Co.	 	Direct Supply	 	Ace/Haverda	 	Agile Sourcing Partners	 	Ohmstede	 	MDC Holdings	 	Plumbing Distributors. Inc.	 		 	
	Home Depot	 	Trident Supply	 	Crest Healthcare Supply	 	Kasa Industrial Supply	 	WESCO - Utilities Division	 	Callidus Technologies	 	MVl Homes. Inc.	 		 		 	
	Lowes Cos.	 	Roberts and Brune	 	Alco	 	Houston Post Tension	 	RTEC	 	Paul Mueller Co.	 	Meritage Homes Corp.	 		 		 	
	Watsco Inc.	 	LB Water	 	The Andwin Corporation	 	Elfco	 	KBS Electrical Distributors	 	Dow Chemical	 	NVR Inc.	 		 		 	
	Masco	 	Vellano Brothers	 	Orr Safety	 	CMC/MMI Contractors Materials Co.)	 	Carolina Electric Utility (CEELUS)	 	Mosaic	 	Ryland Group Standard Pacific	 		 		 	
		 	Gilmore & Associates	 	Uline	 	United Tool & Fastener	 	MD Henry	 	BP	 	Toll Brothers	 		 		 	
		 	IMCO - Illinois Water	 	Takkt/C&H	 	SSI/Silicona Specialties, Inc.	 	Tri-State Utility Products	 	Stainless Distributors	 	Mohawk Industries	 		 		 	
		 	Utility Equipment	 	New Pig Corporation	 	Stetson Building Products	 	DIS-TRAN	 	A&B Bolt	 	Shaw Group	 		 		 	
		 	Lee Company	 	Production Too! Supply	 	Service Construction	 	Car Vir Corporation	 		 	Interior Specialists |nc	 		 		 	
		 	Viking Supply	 	Lawson Products	 	Southern Fastening	 	Irby	 		 	Leonards	 		 		 	
		 	Beclair Road Supply	 	Doortech	 	Guaranteed Supply	 	Georgia Rual Electric (GRESCO)	 		 	A.L Interiors	 		 		 	
		 	Public Works	 	Arbill	 	Hahn Systems	 	Tarheal Electric	 		 	CB Floors	 		 		 	
		 	EJ Prescott	 	Travels Tool	 	Janell Inc	 	Arkansas Electric (AEC)	 		 	Rve Rug	 		 		 	
		 	T Mina	 	Total Facility	 	Summit Supplies	 	Kentucky (UUS)	 		 	JJ Nelson	 		 		 	
		 	WW Supply	 	Orr Safety	 	RKD Construction Supply & Equipment	 	Texas Electric Corp	 		 		 		 		 	
		 	Underground Pipe & Valve	 	Northern Safety	 	Kenseal Construction Products	 	PrairieCentral Line Supply	 		 		 		 		 	
		 	Jack Farrelly	 	EMEDCO	 	Williams Equipment	 	Trydor	 		 		 		 		 	
		 	Underground Pipe & Valve	 	Safety Today	 	The Nafoo Corporation	 	Morning Star	 		 		 		 		 	
		 	Mountain States Supply	 	Magid Safety	 	Sy’s Supplies	 		 		 		 		 		 	
		 	Dakota Supply	 	Safeware	 	Colony Supply	 		 		 		 		 		 	
		 	Sholzen Products	 	Wholesale Tool Co	 	A H Harris	 		 		 		 		 		 	
		 	Northwest Pipe	 	KBC Tools	 	Hatch Building Supply	 		 		 		 		 		 	
		 	Minnesota Pipe and Equipment	 	Washington Tools, Inc.	 	Brock White	 		 		 		 		 		 	
		 	Vanderlind & Sons	 	Groom Energy Services	 	Nu-Way	 		 		 		 		 		 	
		 	Fargo Water & Equipment	 	Bass Tool & Supply	 	McCann Industries	 		 		 		 		 		 	
		 	Utility Equipment	 	General Too! 8 Supply Co.	 	WACO Formworks, LLC	 		 		 		 		 		 	
		 	Gland Junction	 	S&S Tool & Supply. Inc.	 	Manor Hardware	 		 		 		 		 		 	
		 	Etna Supply	 	Stellar Industrial Supply. Inc.	 	Texas Tool Trader	 		 		 		 		 		 	
		 	Dana Kepner	 	Smardan-Hatcher Company	 	D.M. Figley	 		 		 		 		 		 	
		 	SLC Motor Service	 	Fasteners. Inc.	 	Concrete Systems	 		 		 		 		 		 	
		 	Mainline Supply Company	 	Packwell Inc.	 	Safway Supply (dba Edge Construction)	 		 		 		 		 		 	
		 	Premier Utilities & Services	 	Safetymaster Corporation	 	Fasteners, Inc. (Vegas)	 		 		 		 		 		 	
		 	McDade Waterworks	 	CC Distributors, Inc.	 	Westside Concrete Accessories	 		 		 		 		 		 	
		 	A&B Pipe and Supply	 	Turtle & Hughes	 	Geodecke	 		 		 		 		 		 	
		 	Delta Municipal	 	Corporation	 	Biersbach Equipment & Supply	 		 		 		 		 		 	
		 	ACT Pipe & Supply	 	S.L Fusco. Inc.	 	Maxwell Supply	 		 		 		 		 		 	
		 	Sprinkler World	 	Wise Safety	 	Barnsco	 		 		 		 		 		 	
		 	Clow & Cowan	 	Jet Specialty. Inc.	 	Darragh Company	 		 		 		 		 		 	
		 	Normand Plumbing	 	Saf - T - Gard	 	Carlson Systems	 		 		 		 		 		 	
		 	AMC Industries, Inc.	 	DoAII Company	 	DSD Tool Trader	 		 		 		 		 		 	
		 	Water Products	 	Mared Industries Incorporated	 	Geo Supply	 		 		 		 		 		 	
		 	KW Sharp	 	Ameritech Machine Tools, Inc.	 	Hanes GeoComp	 		 		 		 		 		 	
		 	Utility Supply	 	ARAMSCO	 	Hub Construction	 		 		 		 		 		 	
		 	Pioneer Supply	 	Thunder Group. Inc.	 	Lowry’s	 		 		 		 		 		 	
		 	OWASSO Water Products	 	Jackson Supply Company	 	Pro-Con Supply	 		 		 		 		 		 	
		 	MDN Enterprises	 	Sanders Tool	 	Mason Supply Company	 		 		 		 		 		 	
		 	American Waterworks	 	Harrington Industrial Plastics. Inc.	 	Rio Grande Co.	 		 		 		 		 		 	
		 	OK Contractors Supply	 	Alamo Iron Sorks, Inc.	 	Border Construction Specialties	 		 		 		 		 		 	
		 	Central Sprinkler (Tyco)	 	E8R Industrial	 	Northern States Supply	 		 		 		 		 		 	
		 	Viking Supply	 	Skaggs Companies, Inc.	 	Total Tool	 		 		 		 		 		 	
		 	Reliable Automatic Sprinkler	 	School Health Corp.	 	Lincoln Contractors Supply	 		 		 		 		 		 	
		 	D’Angalo Co.	 	Boelter Companies	 	Barton Bros.	 		 		 		 		 		 	
		 	Long island Pipe	 	Abatix	 	Tomarco Fasteners	 		 		 		 		 		 	
		 	For Sprinkler Supply	 	Freed Appliance Distributors, Inc.	 	Nina Construction Supplies	 		 		 		 		 		 	
		 	Atlantic American	 	Decore-Active Specialties	 	Stells Industrial Products, LTD	 		 		 		 		 		 	
		 	Guardian Automatic Sprinkler	 	General Pool & Spa Supply Inc.	 		 		 		 		 		 		 	
		 	Brendle Fab	 	Central Wholesalers	 		 		 		 		 		 		 	
		 	Perkins Supply	 	Arizona Partsmaster	 		 		 		 		 		 		 	
		 	Mueller Flow Control	 	National Water Services	 		 		 		 		 		 		 	
		 	National Fire Equipment LTD	 	Marcone	 		 		 		 		 		 		 	
		 	Kenko Supply (Canada)	 	Water Smart	 		 		 		 		 		 		 	
		 	Midwest Fire	 	Marietty Diapery and Window	 		 		 		 		 		 		 	
		 	Prime Fab	 	Doorway Manufacturing Company	 		 		 		 		 		 		 	
		 	Sprink Fabrication	 	Joseph G. Pollard	 		 		 		 		 		 		 	
		 	J&S Fabrication	 	Brooks Equipment	 		 		 		 		 		 		 	
		 	Trumball Industries	 	Traffic Control Service. Inc.	 		 		 		 		 		 		 	
		 	CI Thomburg	 	Hach Company	 		 		 		 		 		 		 	
		 	C&B Piping	 	Nelson Jameson	 		 		 		 		 		 		 	
		 	Quality Water Products	 	Wilmer Associates	 		 		 		 		 		 		 	
		 	Public Works Supply	 	Forestry Supplies	 		 		 		 		 		 		 	
		 	Rawdone Myers	 	Chief Supply	 		 		 		 		 		 		 	
		 	Plant and Flanged	 	Mallory Company	 		 		 		 		 		 		 	
		 	McDade Waterworks	 	Galls	 		 		 		 		 		 		 	
		 	Cohen Industrial	 	Emergency Medical Products	 		 		 		 		 		 		 	
		 	Metro-tex Fabricators	 	Clark Security Products	 		 		 		 		 		 		 	

  

 Page 1 of 2 

																			
		 	Jones and Frank	 	Gulf Systems Inc.	 		 		 		 		 		 		 	
		 	2M Company	 	E. B. Bradley Company	 		 		 		 		 		 		 	
		 	Northwest Pump and Equipment	 	Curtis Restaurant Equipment. Inc.	 		 		 		 		 		 		 	
		 	Preferred Pump and Equipment	 	Qualis International, Inc.	 		 		 		 		 		 		 	
		 	Hayes Pump	 	Houston’s Inc.	 		 		 		 		 		 		 	
		 	D&F Distributors	 	Ace Mart Restaurant Supply Co.	 		 		 		 		 		 		 	
		 	Geiger Pump and Equipment	 	Kimball Midwest	 		 		 		 		 		 		 	
		 	D&S Pump and Supply	 	PAC Worlwide Corporation	 		 		 		 		 		 		 	
		 	Gasovada and Associates	 	Climatec, Inc.	 		 		 		 		 		 		 	
		 	Isco	 	Furniture Marketing Group. Inc.	 		 		 		 		 		 		 	
		 	Secor	 	American International Supply. Inc.	 		 		 		 		 		 		 	
		 	Jabo Supply	 	Ince Distributing	 		 		 		 		 		 		 	
		 	Maskell Robbins	 	Holloway-Houston. Inc.	 		 		 		 		 		 		 	
		 	Forrer	 	Cooks Direct	 		 		 		 		 		 		 	
		 	Producers Supply Co.	 	FM Facilities Maintenance	 		 		 		 		 		 		 	
		 	MT Deason	 		 		 		 		 		 		 		 	
		 	Upeco	 		 		 		 		 		 		 		 	
		 	Wal-Rich	 		 		 		 		 		 		 		 	
		 	Heming Underground	 		 		 		 		 		 		 		 	
		 	Milford Pipe	 		 		 		 		 		 		 		 	
		 	P&F Distributors	 		 		 		 		 		 		 		 	
		 	Groabner	 		 		 		 		 		 		 		 	
		 	McElvenny	 		 		 		 		 		 		 		 	

  

 Page 2 of 2Administration Agreement

 Exhibit 10.02 

ADMINISTRATION AGREEMENT 

This Agreement (the “Agreement”), dated as of January 1, 2007, by and between Rogers International Raw Materials Fund,
L.P. (the “Client”), a Illinois limited partnership with a principal place of business at c/o Beeland Management Company, L.L.C., 141 West Jackson Boulevard, Suite 1340A, Chicago, Illinois 60604., and Fund Dynamics, Inc. (“Fund
Dynamics”), an Illinois corporation, with a place of business at 116 Village Blvd., Suite 210, Princeton, NJ 08540. 

WHEREAS, the Client wishes to appoint Fund Dynamics to provide various administrative services as specified herein; and 

WHEREAS, Fund Dynamics has agreed to provide such services to the Client pursuant to the terms of this Agreement 

NOW THEREFORE, the parties hereto agree as follows: 

1. Appointment 

The Client hereby appoints Fund Dynamics as administrator for the Client from the date of this Agreement and to provide the services set
forth on Schedule A hereto, or as may otherwise be agreed from time to time in writing by the Client and Fund Dynamics, (collectively, the “Services”). No implied duties are assumed by or may be asserted against Fund Dynamics hereunder.

 2. Rights of the Administrator 

(a) Fund Dynamics may, without limiting its liability or responsibility under this Agreement, (i) at its own expense employ servants
or agents in performance of its duties and the exercise of its rights under this Agreement, and (ii) delegate its functions, powers, discretions, privileges and duties under this Agreement or any of them to any affiliate of Fund Dynamics on
such terms and conditions as it may deem appropriate, including such responsibilities as are required to be performed by a transfer agent registered including Section 17A(c) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). 
 (b) Fund Dynamics is entitled to rely upon the Client’s constituent documents, offering memorandum,
subscription documents, material agreements (collectively, the “Client Documents”), and all other information, data, records, documents, and other representations provided to Fund Dynamics by the Client, the Client’s general partner
and commodity pool operator, (the “General Partner”), or their respective agents (including regarding pricing and valuation of Client assets), and is not required or expected to conduct any independent inquiry as to the truth, completeness
or accuracy of any such statements or representations. 
  

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 (c) Fund Dynamics shall be under no duty to comply with or take any action as a result of
any orders, instructions or directions, or pursuant to an amendment to any, or any newly-effective, Client Document, that is materially adverse to Fund Dynamics or imposes materially different or additional duties upon Fund Dynamics than those
expressly set forth in this Agreement unless Fund Dynamics expressly consents thereto. Fund Dynamics may conclusively assume that any order, instruction or direction of the Client, the General Partner, or their respective agents does not conflict
with the Client Documents. 
 (d) Unless the Client advises Fund Dynamics otherwise, orders, instructions, directions,
authorizations, notices (subject to Section 16 hereof) and data may be communicated between Fund Dynamics and the Client, the General Partner, and applicable third parties via electronic transmission such as facsimile, or e-mail. Subject to
Section 10(c) hereof, the Client assumes the risk of using electronic transmission as a means of communication, including delivery failures, security breaches, confidentiality, incompleteness, timeliness, and unauthorized modification in
respect of any such electronic transmissions. 
 3. Compensation of the Administrator 

(a) The Client shall pay Fund Dynamics for performance of the Services the fees set forth on Schedule B hereto, and any reasonable
out-of-pocket expenses incurred by Fund Dynamics in acting as administrator of the Client or carrying out its obligations hereunder. Fund Dynamics will provide documentation of any out-of-pocket expenses upon request. 

(b) The costs and fees set forth herein do not include any applicable federal, state or local taxes or governmental charges upon the
Services, and any such taxes and charges (exclusive of income or corporate franchise taxes imposed upon Fund Dynamics), shall be paid by the Client. 

(c) Fund Dynamics shall furnish at its own expense the executive, supervisory and clerical personnel necessary to perform its obligations
under this Agreement. The Client shall be responsible for all of its own expenses not otherwise allocated herein, including, without limitation, organization costs, taxes, expenses for legal and auditing services, the expenses of preparing
(including typesetting), printing and mailing reports, statements, the costs of custodial services, and all fees and charges of investment advisers and independent accountants. 

(d) Fees and expenses payable by the Client to Fund Dynamics under this Agreement shall be paid in United States Dollars. Fees are
payable as set forth in Schedule B. Expenses will be invoiced as incurred. 
 4. Duties of the Client 

(a) The Client shall timely provide to Fund Dynamics the Client Documents and all approvals, confirmations, records, books, documents,
computer data, or other information reasonably required or requested by Fund Dynamics in connection with performance of the Services, and shall cooperate, and instruct its agents and other service providers to cooperate, with Fund Dynamics in
connection with Fund Dynamics’ performance of the Services. 
  

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 (b) The Client shall provide Fund Dynamics with a list of persons from the Client, the
General Partner, and other relevant parties authorized to give instructions to Fund Dynamics on all matters, including, if applicable, a hierarchy of authority to be used in the event of conflicting instructions. Changes or additions to such list
must be in writing and will require the signature of two persons on the list from the Client or the General Partner. If the Client fails to provide a list before the effective date of this agreement, only instructions received from persons of the
Client known to Fund Dynamics will be accepted. 
 (c) The Client is responsible for conducting its activities, operations and
affairs in compliance with all applicable laws, except to the extent Fund Dynamics has assumed such responsibility as expressly set forth on Schedule A. Fund Dynamics’ Services do not include, and Fund Dynamics shall not be obligated to take
any responsibility for, the offering, sale or placement of interests in the Client, or for compliance by the General Partner or other Client agents with laws and regulations applicable to their activities. 

(d) The Client and the General Partner are responsible for all trade processing and settlements, including, without limitation, providing
trade details to Fund Dynamics, providing settlement and cash instructions to brokers, custodians and Fund Dynamics, monitoring trade settlement, reviewing prime broker and custodian reports for unmatched and failed trades, resolving open settlement
issues, and monitoring and processing expiration, assignment and termination of option, swap and other derivative transactions. The Client or the General Partner will identify any new-issue trades to Fund Dynamics, unless such trades are
identifiable as new-issue trades by segregation in a separate brokerage account. 
 5. Termination 

(a) This Agreement may be terminated for any reason at any time by either party provided that at least sixty (60) days’ written
notice has been given to the other party to this Agreement. Unless otherwise terminated, the term will automatically renew for another one year term. 

(b) In the event of termination, Fund Dynamics shall be entitled to reimbursement of all disbursements in connection with all activities
associated with effecting any such termination, including the delivery of the Client’s books and records, and documents pursuant to Section 9(a) hereof. 

6. Liability of Fund Dynamics; Indemnification by the Client 

(a) Fund Dynamics shall not incur liability to the Client or any Client investor for (i) refusing in good faith to perform any duty
or obligation herein which in its reasonable judgment is improper or unauthorized, or to do or procure the doing of anything contrary to, or in breach of, or which constitutes any offense under, any applicable law or regulation then in force;
(ii) relying on data, records, documents, representations, or other information provided to Fund Dynamics by or on behalf of the Client; (iii) complying with instructions or advice of the Client, its auditors, or any other person
authorized by the Client to instruct Fund Dynamics. 
  

 3 

 (b) Fund Dynamics shall not, in the absence of gross negligence, willful default or fraud on
the part of Fund Dynamics or its servants, agents or delegates, be liable to the Client or to any Client investor for any act or omission, in the course of, or in connection with, the Services or for any loss or damage which the Client may sustain
or suffer as the result of, or in the course of, the discharge by Fund Dynamics of its duties pursuant to this Agreement. 
 (c)
Notwithstanding anything to the contrary herein, neither Fund Dynamics nor the Client shall be liable for any delay or failure in performance of its obligations hereunder as a result of events beyond its reasonable control (“Force Majeure
Events”). Force Majeure Events include, without limitation, acts of God, strikes, lockouts, riots, insurrections, civil disturbances, terrorist actions, sabotage, embargoes, blockades, acts of war, acts or failures to act of any governmental or
regulatory body (whether civil or military, domestic or foreign), governmental regulations superimposed after the fact, communication line failures, power failures, fires, explosions, floods, accidents, epidemics, earthquakes or other natural or
man-made disasters, and all occurrences similar to the foregoing. A party affected by a Force Majeure Event shall give prompt notice of any such occurrence to the other party, and shall use its commercially reasonable efforts to minimize any
interruption in Services. The unaffected party shall not be liable for any delay or failure to perform any of its obligations hereunder as a result of the delay or failure of the affected party. If the Force Majeure Event continues to prevent or
delay performance for thirty (30) days after the notice is given of a Force Majeure Event, the unaffected party may immediately terminate this Agreement by written notice to the other party. A Force Majeure Event shall not constitute a breach
hereunder. 
 (d) The Client agrees to indemnify and hold harmless Fund Dynamics and its affiliates, and its and their
directors, officers, employees, representatives, delegates, and agents (collectively, the “Indemnitees”) from and against any and all claims, demands, actions and suits, and from and against any and all judgments, liabilities, losses,
damages, costs, charges, counsel fees and other expenses of every nature and character (collectively, “Losses”) arising out of or in any way relating to Fund Dynamics’ performance of its obligations and duties hereunder, including, if
applicable, any action or inaction by Fund Dynamics as described in Section 6(a), provided that this indemnification shall not apply to the extent any such Losses result from Fund Dynamics’ gross negligence, willful default, or fraud.

 (e) In no event shall Fund Dynamics or any of the Indemnitees be liable for consequential damages regardless of
whether such damages were foreseeable or whether either party was advised of the possibility of such damages. 
 7.
Confidentiality. 
 (a) Each party acknowledges that it may, in the course of performing or receiving the Services,
become aware of proprietary or confidential information of the other party or its affiliates, or their respective clients (collectively, “Confidential Information”). For purposes of this Section 7, (i) the General Partner shall
be considered a party hereto, and (ii) the party whose Confidential Information is at issue is referred to as the “Disclosing Party” and the party becoming aware of such Confidential Information is referred to as the “Receiving
Party”. 
  

 4 

 (b) “Confidential Information” includes, without limitation, any financial
information, documentation, strategic planning, plans, projects and technical or commercial knowledge related to the business or operations of the Disclosing Party or its affiliates, or its or their vendors, clients, customers, and third parties to
whom the Disclosing Party has an obligation of confidentiality. Notwithstanding the foregoing, “Confidential Information” does not include information that (i) is independently developed by the Receiving Party; (ii) is or becomes
publicly known without a breach of this Agreement by the Receiving Party; (iii) is disclosed to the Receiving Party by a third party not under an obligation of confidentiality to the Disclosing Party of which the Receiving Party should
reasonably be aware; or (iv) is demonstrably known to the Receiving Party prior to the date of this Agreement (unless disclosed pursuant to any other agreement between the parties to keep such information confidential). 

(c) The Receiving Party agrees to hold, and to cause its affiliates and its and their partners, directors, officers, employees,
representatives, delegates, and agents (collectively “Representatives”) to hold, the Disclosing Party’s Confidential Information in strict confidence, and not to disclose such Confidential Information to any third party without the
Disclosing Party’s written consent or use such Confidential Information for any purposes other than as necessary or appropriate under this Agreement, and to advise each of its Representatives who may be exposed to such Confidential Information
of the terms of this Section 7. 
 (d) The Receiving Party’s obligations under this Section 7 are subject to the
following exceptions: 
  

	 	(i)	Fund Dynamics may disclose Confidential Information to the third party vendors or consultants used by it in connection with the Services on a need-to know basis if such
third party is subject to a confidentiality obligation to Fund Dynamics; 

  

	 	(ii)	Fund Dynamics may disclose Confidential Information concerning an account in the Client when it is requested to make a disclosure by or on behalf of an investor that
has either a legal or beneficial interest in such account; 

  

	 	(iii)	Fund Dynamics may disclose Confidential Information to the General Partner and to any consultant, vendor, auditor, attorney or other authorized party in connection with
acting as administrator hereunder and carrying out its obligations hereunder; 

  

	 	(iv)	either party may disclose Confidential Information to its financial or legal advisors on a need-to-know basis (in either case in such manner as to ensure no further
dissemination); and 

  

	 	(v)	either party may disclose Confidential Information to the extent required by law, regulation, or legal or regulatory similar processes, provided, that the Receiving
Party shall promptly notify the Disclosing Party in writing of any required disclosure under this subsection (v) and to the extent practical afford the Disclosing Party a reasonable opportunity to seek appropriate protective orders, and
provided further that Confidential Information required to be so disclosed will remain subject to the restrictions set forth in this Agreement for all other purposes. 

(e) Upon termination of this Agreement for any reason or upon written request, each party shall return to the other all the other’s
Confidential Information in its possession. 
  

 5 

 (f) The Client, the General Partner, and Fund Dynamics agree and acknowledge that the breach
or threatened breach of any of the foregoing provisions of this Section 7 is likely to result in irreparable harm to the relevant Disclosing Party, and that the Disclosing Party’s remedies at law are likely to be inadequate, and that
therefore the affected Disclosing Party may seek injunctive or other equitable relief to prevent any such breach or threatened breach without posting a bond or other security. 

(g) Nonpublic personal financial information relating to consumers or customers of the Client provided by, or at the direction of the
Client to Fund Dynamics, or collected or retained by Fund Dynamics in the course of performing its duties hereunder, shall be considered Confidential Information. Fund Dynamics shall not give, sell or in any way transfer such information to any
person or entity, other than affiliates of Fund Dynamics (in connection with performance of the Services or Fund Dynamics’ own internal operations) except at the direction of the Client or as required or permitted by law. Fund Dynamics
represents, warrants and agrees that it has in place and will maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of
records and information relating to consumers or customers of the Client. 
 8. Personnel 

During the term of this Agreement and for one year after the termination or expiration of this Agreement, none of the Client, the General
Partner nor any of their respective affiliates shall, directly or indirectly (i) solicit, interfere with, cause or endeavor to cause, or induce or attempt to induce, any employee of Fund Dynamics (which, for purposes of this Section 8,
shall include any affiliate to which Fund Dynamics may delegate Services) to leave his or her position or otherwise terminate his or her relationship with Fund Dynamics, or (ii) directly or indirectly hire, employ, or otherwise retain the
services of any person who is or was an employee of Fund Dynamics during the term of this Agreement. In the event of any breach of this Section 8, the Client and the General Partner agree to pay Fund Dynamics, as liquidated damages, an amount
equal to the annual compensation of the relevant employee at the time such employee ceased to be employed by Fund Dynamics. The parties further acknowledge and agree that, in the event of a breach of this Section 8, (A) a determination of
actual damages incurred by Fund Dynamics would be extremely difficult and the liquidated damages agreed by the parties herein reasonably represents the cost to Fund Dynamics of recruiting, hiring and training a replacement employee of comparable
skill and experience (including knowledge of Fund Dynamics’s business), and (B) the liquidated damages contained herein is intended to adequately compensate Fund Dynamics for damages incurred and is not intended to constitute any form of
penalty. 
 9. Property Rights; Delivery of Documents 

(a) All books and records received or prepared by Fund Dynamics on behalf of the Client shall be the exclusive property of the Client.
Fund Dynamics may at its option at any time, and shall upon written request of the Client, deliver to the Client or its designee any books and records created and maintained by Fund Dynamics pursuant to this Agreement which are no longer needed by
Fund Dynamics in the performance of Services or for its legal protection. If not so delivered, such documents and records shall be retained by Fund Dynamics for at least seven years from the year to which they relate. Upon the termination of this
Agreement and provided Fund Dynamics has received full payment of its compensation, fees, costs and expenses due hereunder, Fund Dynamics shall deliver all books and records of the Client in the possession of Fund Dynamics to the Client or its
designee. Fund Dynamics may retain copies of any work papers and other documentation so delivered to the extent Fund Dynamics reasonably deems necessary for its legal protection. 

 

 6 

 (b) Notwithstanding the foregoing provisions of this Section 9 or anything else in this
Agreement to the contrary, all property rights to the practices and procedures, systems, computer programs (including the design, layout, text, data, information, and images thereof or contained therein), and the source code and object code
associated with any of the foregoing (all of the foregoing collectively, “Fund Dynamics IP”) owned, licensed or used by or on behalf of Fund Dynamics to perform Services under this Agreement shall remain solely with Fund Dynamics. Fund
Dynamics IP shall be deemed “Confidential Information”, and includes all property and materials developed or created by Fund Dynamics in connection with performing its duties under this Agreement, including but not limited to, techniques,
algorithms, tools, interfaces, media conveyors, software, menus, codes, methods, systems, processes, policies, computer programs, operating instructions, unique design concepts and all documentation developed for or specifically relating thereto,
and reports and notes prepared by Fund Dynamics (excepting only the books and records of the Client or documents, information or data provided to Fund Dynamics by the Client). Neither of the Client nor the General Partner is granted any license or
ownership rights in the Fund Dynamics IP, and each of them agrees not to copy, adapt, reverse engineer, decompile, disassemble or modify, in whole or in part, any Fund Dynamics IP. 

10. Representations and Warranties 

(a) Each party represents, warrants and covenants to the other that (i) it is duly formed, validly existing and in good standing
under the laws of the jurisdiction of its formation and has corporate power necessary to carry on its business as now being conducted; (ii) its execution, delivery and performance of this Agreement has been duly authorized and neither its
execution and delivery of this Agreement nor its performance hereunder violates or will violate any law or regulation applicable to it; (iii) it has obtained (or will obtain prior to the start of work under this Agreement) all licenses,
consents, registrations and other authorizations necessary for the conduct of its business; and (iv) it has full authority to enter into this Agreement and to consummate the transactions contemplated hereby and that this Agreement is not in
conflict with its charter or by-laws or with any other agreement to which it is a party or by which it may be bound. 
 (b) Fund
Dynamics represents and warrants that it shall maintain adequate and reliable computer and other equipment necessary or appropriate to carry out its obligations under this Agreement. 

(c) Each party (which includes, for purposes of this Section 10(c), the General Partner) represents, warrants and covenants to the
other that (i) it will not access, and will not permit unauthorized persons or entities to access, the other party’s computing systems or networks without such party’s express written authorization, and any such actual or attempted
access shall be consistent with such authorization; (ii) it will use reasonable security measures so as to minimize the threat of unauthorized access to computing systems or networks; (iii) it will use a generally recognized virus
detection or scanning program prior to any attempt to access any of the other party’s computing systems or networks. 
  

 7 

 (d) Except as expressly provided in this Agreement, all representations and
warranties, including, without limitation, any warranties regarding quality, suitability, merchantability, or fitness for a particular purpose (irrespective of any course of dealing, custom or usage of trade) concerning the services provided under
this agreement by Fund Dynamics (or any goods provided incidental thereto) are completely disclaimed. 
 11.
Independent Contractor 
 Fund Dynamics is retained hereunder as an independent contractor. Neither party nor any
Representative of either party shall be deemed for any purpose an employee, joint venturer or partner of the other nor shall either party be responsible to the other or to any governing or taxing body for any income or payroll-related taxes related
to the employees of the other. 
 12. Non-Exclusivity 

The Client acknowledges and agrees that the Services provided by Fund Dynamics to the Client pursuant to this Agreement are
non-exclusive, and that Fund Dynamics may and is entitled to provide similar services to other firms and companies, some or all of which may compete with the Client. Fund Dynamics shall not be deemed to have notice of, or be under any duty to
disclose to the Client or any of its agents, any fact or thing that may come to Fund Dynamics’ attention in the course of rendering services to others or in the course of any of its other activities. Fund Dynamics and its affiliates are free to
render such similar services to others on any terms or conditions and to have other businesses and interests. 
 13.
Complete Agreement; Amendment 
 The terms and conditions of any and all Exhibits, Schedules, and attachments to this
Agreement are incorporated herein by this reference and shall constitute part of this Agreement as if fully set forth herein. No amendment to this Agreement shall be valid unless made in writing and executed by both parties hereto. Except as
otherwise provided herein, this Agreement constitutes the entire agreement between the parties with respect to the matters referred to herein, and no prior agreement, verbal or otherwise, shall be binding upon the parties hereto. 

14. Governing Law and Jurisdiction 

This Agreement and all rights and actions between the parties arising out of the relationship created hereunder shall be governed by and
construed in accordance with the laws of the State of Illinois and each of the parties submits to the exclusive jurisdiction of the State and Federal courts located in Cook County for the resolution of all disputes between them relating to this
Agreement or either party’s performance hereunder. 
  

 8 

 15. Assignment 

This Agreement and the rights and duties hereunder shall not be assignable by the Client without Fund Dynamics’ written consent.
This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns. 

16. Notices 

Any notice, consent, or other communication specified to be “written” or otherwise to be given in writing and required or
permitted to be given in connection with this Agreement shall be sent to the party entitled to receive such notice at the address first set forth above (or to such other address as notified by such party in writing), and shall be deemed to have been
duly given (i) on the date of delivery, if delivered in person, by confirmed facsimile, or via Federal Express or other recognized overnight courier which obtains a signature acknowledging receipt or otherwise confirms delivery, or
(ii) five days after mailing, if mailed by certified or registered mail, postage prepaid, return receipt requested. 

17. Miscellaneous 

(a) If any provision of this Agreement, or the application of any provision to any person or circumstance, shall be held invalid, illegal
or unenforceable, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it shall be held invalid, illegal or unenforceable, shall not as a result be rendered invalid, illegal
or unenforceable. 
 (b) Except as otherwise provided herein, no failure or delay on the part of any party hereto in exercising
any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
Any waiver granted hereunder must be in writing and shall be valid only in the specific instance in which given. 
 (c) Headings
to Sections herein are for the convenience of the parties only, and are not intended to be or to affect the meaning or interpretation of this Agreement. 

(d) This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which, when taken
together, shall constitute one original instrument. 
 (e) This Agreement is not intended to and shall not convey any rights to
persons or entities not a party to this Agreement. 
 (f) Notwithstanding anything else in this Agreement to the contrary, the
Client’s obligations to pay Fund Dynamics any amounts accrued through termination, and the provisions contained in Sections 6 through 9, and 12 through 17 hereof, shall survive the termination of this Agreement. 

 

 9 

*    *    *    *    * 

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first above written. 

 

									
	Rogers International Raw Materials Fund, L.P.	 		 	Fund Dynamics, Inc.
					
	By:	 	/s/ Allen D. Goodman	 		 	By:	 	/s/ Mark Stratton
	Title:	 	 Managing Member of GP
	 		 	Title:	 	Chief Technology Officer

  

			
	Solely for purposes of Sections 7, 8, 9(b), 10(c),
	and, in connection with the foregoing, 12-17:
	
	Beeland Management Company, L.L.C.
		
	By:	 	/s/ Allen D. Goodman
	Title:	 	Managing Member

  

 10 

 SCHEDULE A 

Services 

Accounting Services 
  

	 	•	 	 Generate and maintain the Client’s general ledger and original books of entry based on information received from the Client, the General Partner,
brokers and other relevant third parties. 

  

	 	•	 	 Price the Client’s portfolio holdings in accordance with the Client Documents, including any valuation policy adopted by the Client, using,
whenever reasonably practicable, such independent pricing services as chosen by Fund Dynamics from time to time. Where prices are not available from independent pricing services Fund Dynamics uses, Fund Dynamics will verify that the holdings have
been priced by the General Partner in accordance with the Client Documents. 

  

	 	•	 	 Reconcile month-end cash balances and open positions to the Client’s internal schedules and brokerage and/or custodian statements.

  

	 	•	 	 Calculate and record management fees. 

  

	 	•	 	 Calculate the Client’s net asset value and monthly and year-to-date performance in accordance with the Client Documents.

  

	 	•	 	 Allocate income, losses and expenses among the investors in accordance with the Client Documents. 

 

	 	•	 	 Prepare and distribute a monthly account statement for each investor. 

 

	 	•	 	 Prepare a monthly workpaper package, including a detailed trial balance adjusted for accruals, balance sheet, and statements of operations.

 Administrative Services 
  

	 	•	 	 Process subscription and withdrawal requests in accordance with the provisions of the Client Documents and maintain a list of investors and their
contact information. 

  

	 	•	 	 In accordance with the Client’s relevant written policies and procedures (i) check investor names against lists of suspected terrorists and
terrorist organizations upon opening of new accounts, (ii) monitor, identify and report investor transactions and identify and report suspicious activities to the Client, and (iii) maintain required records or other documentation created
or received by Fund Dynamics pursuant to its services under this Agreement related to investor accounts and transactions, and make the same available for inspection by regulatory or law enforcement authorities, and otherwise make said records or
other documents available at the direction of the Client. 

  

	 	•	 	 Send financial statements and other written material to investors as the Client may reasonably request. 

 

	 	•	 	 Provide contact information for investor inquiries and use reasonable efforts to handle such inquiries or forward such inquiries as directed by the
Client. 

  

 11 

	N.B.:	For the sake of clarity it is agreed that Fund Dynamics shall not be responsible for effecting any U.S. federal or state regulatory filings which may be required as
a result of any offering by the Client of shares or partnership interests. 

  

 12 

 SCHEDULE B 

Fees 
 Accounting
and Administration Fee 
  

			
	 Net asset tier
	  	Basis points
	 $0 - $125 million
	  	15 bps
	 $125+ million - $200 million
	  	13 bps
	 $200+ million - $300 million
	  	10 bps
	 Amounts over $300 million
	  	8 bps

 The foregoing fee is calculated
on each tier of the Client’s total net assets as of the first of the month. Fees are presented on a per annum basis. 
 Shareholder
services fee:         $24 per investor per annum invoiced monthly. 
 General 

The foregoing fees are based on the services currently provided and the expected activity of the Client. If the Client requests Fund Dynamics to perform
additional services, or in the event of materially increased activity or an extraordinary event affecting the Client, Fund Dynamics and the Client shall agree on additional or increased fees commensurate with the additional services/workload.

  

 13

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