Document:

ex_207023.htm

	 	 	Exhibit 10.2
	 	 	 
	
			AMENDMENT OF SOLICITATION/MODIFICATION OF CONTRACT

				
			1. CONTRACT ID CODE

				
			PAGE OF PAGES

			
	 	 	
			1

				
			4

			
	
			2. AMENDMENT/MODIFICATION NO.

			P00019

				
			3. EFFECTIVE DATE

			See Block 16C

				
			4. REQUISITION/PURCHASE REQ. NO.

				
			5. PROJECT NO. (If applicable)

			
	
			6. ISSUED BYCODE

				
			ASPR-BARDA

				
			7. ADMINISTERED BY (If other than Item 6)

				CODE	 
	 	 	 	 
	
			ASPR-BARDA

			200 Independence Ave., S.W.

			Room 640-G

			Washington DC 20201

				
			 

			 

			 

			 

			
	
			8. NAME AND ADDRESS OF CONTRACTOR (No., street, county, State and ZIP Code)

			 

			SIGA TECHNOLOGIES, INC. 1385150

			Attn: Daniel Luckshire

			SIGA TECHNOLOGIES, INC. 35 E 6

			35 E 62ND ST

			NEW YORK NY 100658014

			 

			 

				
			(X)

				
			9A. AMENDMENT OF SOLICITATION NO.

			 

			
	 	 	 
	 	 	
			9B. DATED (SEE ITEM 11)

			 

			
	 	
			X

				
			10A. MODIFICATION OF CONTRACT/ORDER NO.

			HHSO100201100001C

			
	 	 	
			10B. DATED (SEE ITEM 13)

			05/13/2011

			
	
			CODE 1385150

				
			FACILITY CODE

				 	 
	
			11. THIS ITEM ONLY APPLIES TO AMENDMENTS OF SOLICITATIONS

			
	
			☐ The above numbered solicitation is amended as set forth in Item 14. The hour and date specified for receipt of Offers☐is extended.☐is not extended.

			Offers must acknowledge receipt of this amendment prior to the hour and date specified in the solicitation or as amended, by one of the following methods: (a) By completing

			Items 8 and 15, and returning     ______ copies of the amendment; (b) By acknowledging receipt of this amendment on each copy of the offer submitted; or (c) By separate letter or electronic communication which includes a reference to the solicitation and amendment numbers. FAILURE OF YOUR ACKNOWLEDGMENT TO BE RECEIVED AT THE PLACE DESIGNATED FOR THE RECEIPT OF OFFERS PRIOR TO THE HOUR AND DATE SPECIFIED MAY RESULT IN REJECTION OF YOUR OFFER. If by virtue of this amendment you desire to change an offer already submitted, such change may be made by letter or electronic communication, provided each letter or electronic communication makes reference to the solicitation and this amendment, and is received prior to the opening hour and date specified.

			
	
			12. ACCOUNTING AND APPROPRIATION DATA (If required)

			See Schedule

			
	
			13. THIS ITEM APPLIES ONLY TO MODIFICATION OF CONTRACTS/ORDERS. IT MODIFIES THE CONTRACT/ORDER NO. AS DESCRIBED IN ITEM 14.

			
	
			CHECK ONE

				
			A.THIS CHANGE ORDER IS ISSUED PURSUANT TO: (Specify authority) THE CHANGES SET FORTH IN ITEM 14 ARE MADE IN THE CONTRACT ORDER NO. IN ITEM 10A.

			
	 	 
	 	
			B.THE ABOVE NUMBERED CONTRACT/ORDER IS MODIFIED TO REFLECT THE ADMINISTRATIVE CHANGES (such as changes in paying office, appropriation data, etc.) SET FORTH IN ITEM 14, PURSUANT TO THE AUTHORITY OF FAR 43.103(b).

			
	
			X

				
			C.THIS SUPPLEMENTAL AGREEMENT IS ENTERED INTO PURSUANT TO AUTHORITY OF:

			FAR 52.243-2 Changes - Cost Reimbursement, Alternate I

			
	 	
			D.OTHER (Specify type of modification and authority)

			
	
			E. IMPORTANT:Contractor☐ is not☒ is required to sign this document and return ________1___________ copies to the issuing office.

			
	
			14. DESCRIPTION OF AMENDMENT/MODIFICATION (Organized by UCF section headings, including solicitation/contract subject matter where feasible.)

			Tax ID Number: 13-3864870

			DUNS Number: 932651516

			Modification 19 accomplishes the following no-cost administrative actions:

			1.IAW with Section C.1, Section F.1 Period of Performance for Base CLINS 0007 and 0008 PoP are extended as indicated in Attachment 1.

			2.IAW with Section C.7, Section F.1 Period of Performance for Option CLINS 0007 and 0008 PoP is extended from 06/28/2016 through 09/20/2020 to 06/28/2016 through 12/09/2022 as indicated in Attachment 1.

			3.Revises Article G.1 changing the Contracting Officer from George J. Keane, Jr. to John K. Warner.

			4.Revises Article G.2 changing the Contracting Officer's Representative from David Simon,

			Continued ...

			Except as provided herein, all terms and conditions of the document referenced in Item 9A or 10A, as heretofore changed, remains unchanged and in full force and effect.

			
	
			15A. NAME AND TITLE OF SIGNER (Type or print)

			Dennis E. Hruby, CSO

				
			16A. NAME AND TITLE OF CONTRACTING OFFICER (Type or print)

			JOHN K. WARNER

			
	
			15B. CONTRACTOR/OFFEROR

			 

			 

			/s/ Dennis E. Hruby

			(Signature of person authorized to sign)

				
			15C. DATE SIGNED

			20 Jul 2020

				
			16B. UNITED STATES OF AMERICA

			 

			 

			/s/ John K. Warner

			(Signature of Contracting Officer)

				
			16C. DATE SIGNED

			07/20/2020

			
	Previous edition unusable	 	 	STANDARD FORM 30 (REV. 11/2016)
	 	 	 	Prescribed by GSA FAR (48 CFR) 53.243

 

	
			CONTINUATION SHEET

				
			REFERENCE NO. OF DOCUMENT BEING CONTINUED

			HHSO100201100001C/P00019

				
			PAGE OF

			
	 	 	
			  2

				
			 4

			
	
			NAME OF OFFEROR OR CONTRACTOR

			SIGA TECHNOLOGIES, INC. 1385150

			
	
			ITEM NO.

			(A)

				
			SUPPLIES/SERVICES

			(B)

				
			QUANTITY

			(C)

				
			UNIT

			(D)

				
			UNIT PRICE

			(E)

				
			AMOUNT

			(F)

			
	 	
			Ph.D. to Annie Xi Lu Ph.D..

			 

			All other terms and conditions of contract HHSO100201100001C remain unchanged.

			Discount Terms: PSC NET 30P

			Period of Performance: 06/28/2016 to 09/21/2023

			 

			Change Item 1 to read as follows(amount shown is the obligated amount):

				 	 	 	 
	 	 	 	 	 	 
	
			1

				
			Smallpox Antiviral Drug for the Strategic National Stockpile

			 

			Accounting Info:

			2011.1990001.26402 Appr. Yr.: 2011 CAN: 1990001 Object Class: 26402

			Funded: $0.00

			 

			Accounting Info:

			2016.1992016.25103 Appr. Yr.: 2016 CAN: 1992016 Object Class: 25103

			Funded: $0.00

			 

			Accounting Info:

			2018.199TWNP.26201 Appr. Yr.: 2018 CAN: 199TWNP Object Class: 26201

			Funded: $0.00

			FOB: Destination

			 

			No-cost time extension for CLIN 0008.11 Physical and IT security funding in support of completion FDA requested additional regulatory studies that involve the Geriatric and Pediatric formulation of the oral TPOXX PoP changed to 06/28/2016 through 12/09/2022

			 

			Change Item 3 to read as follows(amount shown is the obligated amount):

				 	 	 	
			0.00

			
	 	 	 	 	 	 
	
			3

				
			CLIN 0007 Smallpox Antiviral Drug for the Strategic National Stockpile – Supportive Clinical and Non-clinical Studies

			 

			Accounting Info:

			2013.1992002.25106 Appr. Yr.: 2013 CAN: 1992002 Object Class: 25106

			Funded: $0.00

			 

			Accounting Info:

			2016.1992016.25103 Appr. Yr.: 2016 CAN: 1992016 Object Class: 25103

			Funded: $0.00

			 

			Accounting Info:

			2016.1992016.25103 Appr. Yr.: 2016 CAN: 1992016 Object Class: 25103

			Funded: $0.00

			 

			Accounting Info:

			Continued ...

				 	 	 	
			0.00

			
	NSN 7540-01-152-8067	 	 	OPTIONAL FORM 336 (4-86)
	 	 	 	 	Sponsored by GSA
	 	 	 	 	FAR (48 CFR) 53.110

 

 

 

 

 

	
			CONTINUATION SHEET

				
			REFERENCE NO. OF DOCUMENT BEING CONTINUED

			HHSO100201100001C/P00019

				
			PAGE OF

			
	 	 	
			 3

				
			 4

			
	
			NAME OF OFFEROR OR CONTRACTOR

			SIGA TECHNOLOGIES, INC. 1385150

			
	
			ITEM NO.

			(A)

				
			SUPPLIES/SERVICES

			(B)

				
			QUANTITY

			(C)

				
			UNIT

			(D)

				
			UNIT PRICE

			(E)

				
			AMOUNT

			(F)

			
	 	
			2016.1992016.25103 Appr. Yr.: 2016 CAN: 1992016 Object Class: 25103

			Funded: $0.00

			FOB: Destination

			 

			No-cost time extension to comply with FDA requested additional supportive studies.

			CLIN 0007.12 Specific PoP extended to 04/22/2023

			CLIN 0007.14 Specific PoP extended to 09/21/2023

			 

			Change Item 5 to read as follows (amount shown is the obligated amount):

				 	 	 	 
	 	 	 	 	 	 
	
			5

				
			No-cost extension of CLIN 00018, Geriatric Formulation ASPR-16-00275

			PoP changed to 06/28/2016 through 12/09/2022

			 

			Accounting Info:

			2016.1992016.25103 Appr. Yr.: 2016 CAN: 1992016 Object Class: 25103

			Funded: $0.00

			 

			No-cost time extension for FDA requested additional regulatory studies that involve the Geriatric formulation of the oral TPOXX

			 

			Change Item 6 to read as follows(amount shown is the obligated amount):

				 	 	 	
			0.00

			
	 	 	 	 	 	 
	
			6

				
			No-cost extension of CLIN 00021, Pediatric Formulation ASPR-16-00275

			PoP changed to 06/28/2016 through 12/09/2022

			 

			Accounting Info:

			2016.1992016.25103 Appr. Yr.: 2016 CAN: 1992016 Object Class: 25103

			Funded: $0.00

			 

			No-cost time extension for completion of FDA requested regulatory studies that involve the Pediatric formulation of the oral TPOXX

			-

			PSC: 6505 NAICS: SAM has 541714 recorded; FPDS_NG reflects 541711 for Mod 17

			 

			 

			 

			 

			 

			 

			 

			 

			 

			 

			 

			 

				 	 	 	
			0.00

			
	NSN 7540-01-152-8067	 	 	 	OPTIONAL FORM 336 (4-86)
	 	 	 	 	Sponsored by GSA
	 	 	 	 	FAR (48 CFR) 53.110

 

	
			Contract No.

			HHSO100201100001C

			Modification No.19

				
			Attachment 1

				
			Page 4 of 4

			

 

Beginning with the effective date of this modification, the U.S. Government and Contractor mutually agree as follows:

 

	
			1.

				
			IAW with Section C.1, Section F.1 Period of Performance, the periods of performance for the following CLINS are revised as indicated:

			

 

	
			CLIN

				
			Scope

				
			Contract Mod

				
			Date Exercised

				
			Previous POP

			End Date

				
			Revised POP End

			Date

			
	
			0007.12

				
			Additional supportive studies

				
			0012

				
			22 Apr 2016

				
			24 Sep 2020

				
			22 Apr 2023

			
	
			0007.14

				
			Additional supportive studies

				
			0014

				
			21 Sep 2016

				
			24 Sep 2020

				
			21 Sep 2023

			
	
			0008.11

				
			Physical and IT security

				
			0011

				
			09 Dec 2015

				
			24 Sep 2020

				
			09 Dec 2022

			

 

	
			2.

				
			IAW with Section C.7, Section F.1 Period of Performance, the periods of performance for Option CLINS 0007 and 0008 are revised as indicated:

			

 

	
			CLIN

				
			Scope

				
			Contract Mod

				
			Date Exercised

				
			Previous POP

			End Date

				
			Revised POP End

			Date

			
	
			0018

				
			Geriatric formulation

				
			011

				
			09 Dec 2015

				
			24 Sep 2020

				
			09 Dec 2022

			
	
			0021

				
			Pediatric formulation

				
			011

				
			09 Dec 2015

				
			24 Sep 2020

				
			09 Dec 2022

			

 

	
			3.

				
			ARTICLE G.1 CONTRACTING OFFICER

			

 

The Contracting Officer is hereby changed to:

 

	
			John K. Warner, Contracting Officer

			Station Support & Administrative Branch

			Division of Contracts Management & Acquisition

			Biomedical Advanced Research & Development Authority (BARDA)

			Office of Secretary for Preparedness & Response (ASPR)

			Department of Health and Human Services

				
			Mailing Address:

			O’Neill House Office Building / 21J07

			Washington, D.C. 20201

			202-805-4158 (Cell)

			Email: john.warner@hhs.gov

			

 

	
			4.

				
			ARTICLE G.2 CONTRACTING OFFICER’S REPRESENTATIVE (COR)

			

 

The Contracting Officer’s Representative is hereby changed to:

 

	
			Annie Xi Lu, Ph.D.

			Project Officer / Antiviral Antitoxin Branch

			Division of CBRN Countermeasures

			Biomedical Advanced Research & Development Authority (BARDA) Office of Secretary for Preparedness & Response (ASPR)

			Department of Health and Human Services

				
			Mailing Address:

			O’Neill House Office Building

			Washington, D.C. 20201

			(202) 604-5814 (Cell)

			Email: Xi.Lu@hhs.gov

			

 

END OF ATTACHMENTExhibit 10.1

      

    MANAGEMENT AGREEMENT

    This AGREEMENT made as of the 13th day of October 2020 by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), CERES
      TACTICAL COMMODITY L.P., a New York limited partnership (the “Partnership”) and GEOSOL CAPITAL, LLC, a Texas limited liability company (“Geosol” or the “Advisor”).

    W I T N E S S E T H:

    WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of speculative trading of commodity interests, including
      futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving capital appreciation; and

    WHEREAS, such trading is to be conducted directly or through investment in CMF CMF GSL Master Fund LLC (the “Master Fund”) of which CMF is the trading manager
      and Geosol is the advisor; and

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

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

    WHEREAS, CMF is registered as a commodity pool operator with the CFTC and is a member of NFA; and

    WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will render
      and implement advisory services in connection with the conduct by the Partnership of its commodity interest trading activities during the term of this Agreement.

    NOW, THEREFORE, the parties agree as follows:

    1. DUTIES OF
          THE ADVISOR.  (a) For the period and on the terms and conditions of this Agreement, effective November 1, 2020, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing
        the investment and reinvestment of the assets and funds of the Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by CMF in commodity interests, including commodity futures, options on futures and
        cleared swap transactions. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies set forth in Appendix B attached hereto as such trading policies may be changed from time to time upon receipt by the
        Advisor of prior written notice of such change (the “CMF Trading Policies”), and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets.  CMF has initially selected the Advisor’s
        Geosol U.S. Power and Natural Gas Program (the “Program”), as described in Appendix A attached hereto, to manage the Partnership’s assets allocated to it, whether directly or indirectly through the Master Fund.  Any open positions or other
        investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading.  The Advisor may not deviate from the CMF Trading
        Policies without the prior written consent of the Partnership given by CMF.  The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses.

    
      
        

    

    (b) CMF
        acknowledges receipt of the description of the Advisor’s Program, attached hereto as Appendix A. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made
        through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the
        Partnership or for the negotiation of brokerage rates charged therefor.  However, the Advisor, with the prior written permission (by original or email copy) of CMF, may direct any and all trades in commodity futures and options to a futures
        commission merchant or independent voice broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent voice broker and any give-up or voice
        brokerage fees are approved in advance by CMF.  The Advisor, with the prior written permission (by original or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with
        instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF.  All give-up or similar fees relating to the foregoing shall be paid by the Partnership
        after all parties have executed the relevant give-up agreements (via EGUS or by original or email copy).

    (c) The initial
        allocation of the Partnership’s assets to the Advisor shall be made to the Program, as described in Appendix A, provided that CMF, the Partnership and the Advisor agree that the volatility applied to the assets of the Partnership allocated
        to the Advisor, either directly or indirectly through the Master Fund, shall initially be 50.0% (one half) of the volatility typically employed for trading of the Program. In the event the Advisor wishes to use a trading system or methodology other
        than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or
        methodology and CMF consents thereto in writing.  In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. 
        If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF.  In addition, the
        Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in Appendix A to be materially accurate.  Further, the Advisor will
        provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account, whether directly or indirectly through the Master Fund, which is attached as Appendix C to this Agreement, and the
        Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval.  The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the
        assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF.  The Advisor further agrees that it will convert foreign currency balances (not
        required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly.  U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be converted to U.S. dollars within one business
        day after such funds are no longer needed to margin foreign positions.

    
      
        

    

    (d) The Advisor
        agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), its manager(s), employees and member(s), their trading performance and general trading
        methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA
        rule or order.  Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such
        disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order.  The Partnership and CMF acknowledge that the trading
        advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential.

    (e) The Advisor
        understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as
        it shall determine in its absolute discretion.  The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this
        Agreement nor modify in any regard the respective rights and obligations of the parties hereunder.

    (f) CMF may, from
        time to time, in its absolute discretion, select additional trading advisors and reapportion funds among the trading advisors for the Partnership as it deems appropriate.  CMF shall use its best efforts to make reapportionments, if any, as of the
        first day of a calendar month.  The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account,
        fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor.  CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations.

    (g) The Advisor
        shall assume financial responsibility for any errors committed or caused by the Advisor in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account including payment to the brokers of the floor brokerage
        commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the brokers on such trades.  The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section
        8(a)(iii) of any errors (as described above) with respect to the account, and the Advisor shall use its best efforts to identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with
        its instructions to any broker utilized to execute orders for the Partnership.

    
      
        

    

    2. INDEPENDENCE
          OF THE ADVISOR.  For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall
        not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor.  The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other
        trading advisor to the Partnership.

    3. COMPENSATION. 

        (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee (“Incentive Fee”) payable annually equal to 20% of
        New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee for professional management services (“Management Fee”) equal to 1/12 of 1% (1% per year) of the month-end Net Assets of the
        Partnership allocated to the Advisor (computed monthly by multiplying the Net Assets of the Partnership allocated to the Advisor as of the last business day of each month by 1% and dividing the result thereof by 12).

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

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

    
      
        

    

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

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

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

    (b) If, at any
        time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC‐ or exchange‐imposed speculative position limits, the Advisor
        agrees that it will promptly notify CMF in writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit.  The Advisor agrees that, if its trading recommendations are altered
        because of the application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the
        Advisor’s other accounts.  The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or methods
        employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged, however, that different trading programs,
        strategies or methods may be utilized for differing sizes of accounts, accounts with different trading policies or risk parameters, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different times,
        accounts that have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results.

    
      
        

    

    (c) It is
        acknowledged that the Advisor and/or its officers, manager(s), employees and member(s) presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with
        respect to services for such accounts in amounts which may be more or less than the amounts received from the Partnership.

    (d) The Advisor
        agrees that it shall make such information available to CMF – on a “no-name” basis – respecting the performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals, if any, as shall
        be reasonably requested by CMF.  The Advisor presently believes and represents that existing speculative position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the
        Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which they have contracted to act as trading advisor.

    5. TERM. 
        (a) This Agreement shall continue in effect until December 31, 2021 (the “Initial Termination Date”).  If this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for
        an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. At any time during the term of this Agreement, CMF may terminate this Agreement upon 30
        days’ notice to the Advisor.  At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement if (i) the Net Asset Value per Unit of the Partnership shall decline as of the close of business on any day to $400
        or less; (ii) the Net Assets of the Partnership allocated to the Advisor, either directly or indirectly through a master fund (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 40% or more as of the end of a
        trading day from such Net Assets of the Partnership’s previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership (excluding interests owned by CMF, an affiliate of CMF other than the Partnership,
        or any of their employees) shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such
        that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; (vii) the Advisor
        fails to conform to the CMF Trading Policies, as they may be changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent, (ix) Alex Elsik dies,
        becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading programs or systems of the Advisor, (x) the Advisor fails to maintain its registration as a commodity trading advisor
        with the CFTC or its registration with any other regulatory authority (if any) is terminated or suspended; or (xi) CMF reasonably believes that the Advisor has contributed or may contribute to any material operational, business or reputational risk
        to CMF or CMF’s affiliates.  This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution.

    (b) The Advisor
        may terminate this Agreement upon giving CMF not less than (i) 90 days’ written notice if the date of termination is prior to the Initial Termination Date or (ii) 30 days’ written notice if the date of termination is after the Initial Termination
        Date. The Advisor may immediately terminate this Agreement if CMF’s registration as a commodity pool operator or its membership in NFA is terminated or suspended.

    
      
        

    

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

    6. INDEMNIFICATION. 

        (a)(i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets
        by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense
        (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with such action,
        suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, bad faith, recklessness,
        intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon
        application that, despite the adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and
        further provided that no indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Partnership Agreement.  The termination of any action, suit or proceeding by judgment, order or settlement
        shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership.

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

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

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

    
      
        

    

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

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

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

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

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

    (e) The provisions
        of this Section 6 shall survive the termination of this Agreement.

    
      
        

    

    7. REPRESENTATIONS,

          WARRANTIES AND AGREEMENTS.

    (a) The Advisor
        represents and warrants that:

    (i) All
        information with respect to the Advisor and its principals and the trading performance of any of them that has been provided to CMF, including, without limitation, the description of the Program contained in Appendix A, is complete and accurate in
        all material respects and such information does not contain any untrue statement of a material fact or omit to state a material fact that is necessary to make such statements and information therein not misleading.  All references to the Advisor
        and its principals, if any, in the Partnership’s current Private Placement Offering Memorandum and Disclosure Document  or a supplement thereto filed with the NFA (collectively, the Memorandum”) will, after review and approval of such references by
        the Advisor prior to the use of such Memorandum in connection with the offering of Partnership units, be accurate in all material respects, except that with respect to pro forma or hypothetical performance information in such Memorandum, if any,
        this representation and warranty extends only to any underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments. Once such references have been reviewed and approved by the Advisor
        for use in the Memorandum (“Approved Advisor References”), such Approved Advisor References may be used by CMF in communications with the Partnership’s limited partners without review or approval by the Advisor; provided, however, no material
        changes are made to the Approved Advisor References.

    (ii) The
        information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is based on all of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period
        covered by such tables and required to be disclosed therein, and such tables have been prepared by the Advisor or its agents in accordance with applicable CFTC and NFA rules and guidance, including, but not limited to, CFTC Rule 4.25.  The
        Advisor’s performance tables have been examined by an independent third-party administrator and the financial statements have been audited by an independent certified public accountant and the reports thereon have been provided to CMF.  The Advisor
        will have its performance tables so examined no less frequently than annually during the term of this Agreement.

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

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

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

    
      
        

    

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

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

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

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

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

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

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

    (v) CMF is
        registered as a commodity pool operator and is a member of NFA, and it will maintain and renew such registration and membership during the term of this Agreement.

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

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

    (viii) The
        Partnership is an eligible contract participant as defined in Section 1a(18) of the Commodity Exchange Act.

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

    	

          	(a)	
             The Advisor agrees as follows:

          

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

    
      
        

    

    (ii) The Advisor
        will promptly notify CMF, in writing, of the commencement of any investigation, suit, action or proceeding involving the Advisor or any of its affiliates, officers, manager(s), employees and member(s), agents or representatives, where such action
        is (a) taken either in relation to the business of the Advisor or (b) adversely affects the business of the Advisor, regardless of whether such investigation, suit, action or proceeding also involves CMF.  The Advisor will provide CMF with copies
        of any correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with an investigation or audit
        of the Advisor’s business activities; provided, however, that nothing herein shall require the Advisor to provide all correspondence with the NFA during the course of a routine examination.  The Advisor shall provide NFA’s customary report of
        findings at the conclusion of a routine compliance examination.

    (iii) In the
        placement of orders for the Partnership’s account and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the
        Partnership than to any other account managed by the Advisor.  The Advisor acknowledges its obligation to review and reconcile the Partnership’s positions, prices and equity in the account managed by the Advisor daily and, within two business days,
        to notify, in writing, the broker and CMF and the Partnership’s brokers of (A) any error committed by the Advisor or its principals or employees; (B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C)
        any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the information reported on the account’s daily and monthly broker statements.

    (iv) The Advisor
        will maintain a net worth of not less than $1 million during the term of this Agreement.

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

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

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

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

    (i) CMF and the
        Partnership will comply with all applicable laws, including rules and regulations of the CFTC, NFA, swap execution facility and/or the commodity exchange on which any particular transaction is executed, to the
        extent that the failure to so comply would have a materially adverse effect on CMF's ability to act as described herein, the Partnership Agreement and in the Memorandum.

    
      
        

    

    (ii) CMF will
        promptly notify the Advisor of the commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor.

    (iii) CMF or the
        selling agents for the Partnership have policies, procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA
        PATRIOT Act.  CMF or the selling agents for the Partnership have Customer Identification Programs (“CIP”), which require the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance.  CMF
        or the selling agents for the Partnership also have policies, procedures, and internal controls in place that are reasonably designed to comply with regulations and economic sanctions programs administered by the U.S. Department of the Treasury’s
        Office of Foreign Assets Control. CMF or the selling agents for the Partnership has policies and procedures in place reasonably designed to comply with Section 312 of the USA PATRIOT Act, including processes reasonably designed to identify clients
        that may be senior foreign political figures1, in accordance with applicable requirements and regulatory guidance, and to conduct enhanced scrutiny on such clients where required under applicable law.  In addition, CMF or the selling
        agents for the Partnership has policies and procedures in place reasonably designed to prohibit accounts for foreign shell banks2 in compliance with Sections 313 & 319 of the USA PATRIOT Act.

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

    10. ASSIGNMENT. 

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

    11. AMENDMENT. 

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

    12. NOTICES. 

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

    

      

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

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

       

    
      
        

    

    If to CMF or to the Partnership:

    Ceres Managed Futures LLC

      522 Fifth Avenue,

      New York, New York  10036

      Attention:  Patrick Egan

    Email:  patrick.egan@morganstanley.com

    If to the Advisor:

    Geosol Capital, LLC

    5701 Woodway Dr, Suite 300

    Houston, TX 77057

    713-885-9330

    

    

    Email:  aelsik@geosolcapital.com

    kvolf@geosolcapital.com

    

    

    with a copy to:

    Ruddy Gregory, PLLC

      1225 15th Street, NW

    Washington, DC 20005

      202-797-0762

    Email:  mruddy@ruddylaw.com

    

    

    13. GOVERNING
          LAW.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of law principles.

    14. ARBITRATION. 

        The parties agree that any dispute or controversy arising out of or relating to this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of NFA or, if NFA shall refuse jurisdiction,
        then in accordance with the rules, then in effect, of the American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall
        state in writing his reasons for his award, and further provided, that any such arbitration shall occur within the Borough of Manhattan in New York City.  Judgment upon any award made by the arbitrator may be entered in any court of competent
        jurisdiction.

    
      
        

    

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

    16. COUNTERPARTS. 

        This Agreement may be executed in any number of counterparts, including email, each of which is an original and all of which when taken together evidence the same agreement. Any signature on the signature page of this Agreement may be an original
        or electronically transmitted signature or may be executed by applying an electronic signature using DocuSign© or, if permitted by CMF (such permission not to be unreasonably withheld), any other similar program.

    

    

    THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

    

    

    
      
        

    

    

    

    

    

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

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

    

    

    
      
        

    

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

    
    

    

    
      
        

    

    APPENDIX A

    Description of Program

    Investment Strategy. The Advisor will use proprietary fundamental valuation analysis combined with their proprietary profit
      maximizing risk management framework to identify a variety of trade opportunities and execution possibilities in North American energy markets, including electricity and natural gas, using listed commodity futures and options.

    Upon identifying opportunities through fundamental analysis (i.e., supply, demand, storage and power dispatch stack), the Advisor then
      determines the most appropriate means of capturing the identified value. The Advisor will allocate risk based on predetermined calculations of maximum acceptable loss exposure associated with each strategy and commodity.  The Advisor employs several
      different types of risk models based on the characteristics of each strategy and commodity, and will periodically shift risk allocations between commodities and risk books based on the opportunities observed in the marketplace.  The Advisor believes
      that flexible risk allocations tend to produce greater total returns in a multi-commodity book due to higher average capital utilization. The risk process measures profit/loss and position by strategy and commodity on a daily basis.

    The Advisor will manage trading activity in the Account to strive for pari passu with trading activity in the Geosol Capital Onshore I, LP with subject to
      the targeted volatility differential as described above and/or directed (in writing) by the Trading Manager.

    

    

    

    
      
        

    

    APPENDIX B

    CMF Trading Policies

    
      	
              1.

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

            

    

    
      	
              2.

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

            

    

    
      	
              3.

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

            

    

    
      	
              4.

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

            

    

    
      	
              5.

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

            

    

    
      	
              6.

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

            

    

    
      

      

    

    
      	
              7.

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

            

    

    

    

    
      
        

    

    

    

    APPENDIX C

    List of Commodity Interests

    United States Natural Gas and Electricity futures and options

    European natural gas futures and options

    
      	
              -

            	
              Products to be cleared only on agreed upon exchanges, typically ICE and CME

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