Document:

EX-10.21

 Exhibit 10.21 

VWR MANAGEMENT SERVICES LLC 

Building One, Suite 200 

P.O. Box 6660, One Hundred Matsonford Road 

Radnor, PA 19087 
 December 20, 2010

 Greg Cowan 
 RE: Amended and Restated Employment Letter 

Dear Greg: 
 The following are the amended and restated terms of
your employment with VWR Management Services LLC, effective as of the date hereof, under which you will provide services to VWR International, LLC and its various affiliates, including its parent companies. As used herein, “VWR” shall
collectively refer to VWR Management Services LLC, VWR International, LLC and all of their various affiliates. 
  

			
		
	Position:	  	Senior Vice President and Chief Financial Officer.
		
	Base Salary:	  	$455,000 per year, payable in installments on VWR’s regular payroll dates.
		
	Duties:	  	Those duties performed by you as of immediately prior to the date of this Agreement.
		
	Reporting:	  	You will report solely and directly to John Ballbach.
		
	Office Location:	  	Your office will be located in Radnor, PA.
		
	Annual Bonus:	  	You will be eligible to participate in VWR’s Management Incentive Program (MIP) with a target bonus of 75% of base salary.
		
	Benefits:	  	You will be entitled to participate in all vacation, health, welfare and other similar benefits available to senior executives of VWR. You will be entitled to five weeks of vacation annually.
		
	 Severance/Restrictive

Covenants:
	  	If your employment with VWR is terminated (i) by VWR without Cause (as defined on Annex 1) or (ii) by you for Good Reason (as defined on Annex 1), you will be entitled to receive (A) an aggregate amount
equal to one and a half times the sum of your base salary then in effect and your target bonus for the year in which such termination occurs, payable in equal installments on VWR’s regular payroll dates during a period of twelve months after
such termination and (B) continued health benefits for a period of twelve months after

			
		  	such termination. The payments (and benefits) described in the immediately preceding sentence that are due to be paid (or provided) more than sixty (60) days after your termination are subject to your execution of a general
release in the form attached to this Letter Agreement as Annex 2 no later than fifty (50) days after your termination. You agree to be subject to those restrictions set forth on Annex 1 attached hereto, which are a part of this
letter agreement (the “Employee Covenants”).
		
		  	If you incur a Disability (as defined on Annex 1), you will be entitled to receive a lump-sum payment, as soon as practicable following your Disability but in no event later than
March 15 of the calendar year following the calendar year in which such Disability is incurred, in an amount equal to the target amount of your bonus for the year in which such Disability is incurred, prorated for the portion of such year
during which you were employed with VWR. In addition, you shall be entitled to receive payments of your base salary until payments to you under VWR’s long-term disability plan commence but in any event for a period not to exceed 18 months from
the date of your termination of employment.
		
		  	If your employment with VWR is terminated by reason of your death, your beneficiary or estate, as applicable, will be entitled to receive a lump-sum payment as soon as practicable following
your death but in no event later than March 15 of the calendar year following the calendar year in which your death occurs, in an amount equal to the target amount of your bonus for the year in which your death occurs, prorated for the portion
of such year during which you were employed with VWR.
		
		  	You shall be under no obligation to seek other employment for any reason or to mitigate any severance payments following a termination of your employment with VWR for any reason. In addition, there shall be no offset against amounts
due to you upon termination of your employment with VWR on account of any compensation attributable to any employment subsequent to your employment with VWR. Either you or VWR may terminate your• employment with VWR at any time.
		
		  	Except as provided above in this Severance/Restrictive Covenants section, you shall not be entitled to any other salary, compensation or benefits from VWR after termination of your employment with VWR, except as otherwise
specifically provided for in VWR’s employee benefit plans or as otherwise expressly required by applicable law.

			
		  	Notwithstanding anything herein to the contrary, if any payments due hereunder would subject you to any tax imposed under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), as a result
of your characterization as a “specified employee” of VWR (within the meaning of Treasury Regulation Section 1.409A-1(i)), then such payments that would otherwise cause such taxation shall be
payable in a single lump sum on the first business day that is six months following your “separation from service” (within the meaning of Code Section 409A and the regulations thereunder), and any remaining payments will be made in
accordance with the foregoing provisions of this section.
		
	Legal Fees:	  	In the event of a contest between you and VWR regarding a breach or alleged breach of this Agreement in which you substantially prevail, then VWR agrees to pay (within ten business days of receipt of an invoice from you), all
reasonable legal fees and expenses that you have incurred as a result of such contest.
		
	Personal Services Agreement:	  	The Personal Services, Confidentiality and Inventions Agreement that you previously executed, in the form attached hereto as Exhibit A, shall remain in full force and effect.
		
	Entire Agreement:	  	This letter agreement, (including any Annexes attached hereto) and the Personal Services, Confidentiality and Inventions Agreement referenced above set forth the entire understanding between you and VWR with respect to the subject
matter hereof and thereof, and supersede and preempt all prior oral or written understandings and agreements with respect to the subject matter hereof and thereof between you and VWR, which shall terminate and be of no further effect upon the
execution of this letter agreement.
		
	Tax and Financial Planning Services:	  	You will be provided a personal executive financial advisor by VWR to assist you with financial and estate planning, asset management, tax planning and preparation.
		
	Code Section 409A:	  	This Letter Agreement will be interpreted to avoid any tax under §409A of the Code. For purposes of §409A, each payment made under this Letter Agreement will be treated as a separate payment. With respect to any
reimbursements provided under this Letter Agreement that are subject to §409A, (i) the reimbursement set forth under “Legal Fees” applies only to the eligible amounts that are incurred during your lifetime, and
(ii) the amount of expenses eligible for reimbursement during a calendar year cannot affect the expenses eligible for reimbursement in any other calendar year.

 
					
	VWR MANAGEMENT SERVICES LLC
	By: VWR International, LLC, its sole member
			
		 	By:	 	 /s/ John M. Ballbach

		 	Name: John M. Ballbach,
		 	Title:	 	Chairman, President and CEO

  

	
	Accepted and Agreed
	
	 /s/ Greg Cowan

	Greg Cowan
	
	Date: 12/13/2010

 Exhibit A - Personal Services, Confidentiality and Inventions Agreement 

See Attached. 

 VWR International, Inc. 

PERSONAL SERVICES, CONFIDENTIALITY AND INVENTIONS AGREEMENT 

THIS AGREEMENT (this “Agreement”) is between VWR International, Inc., presently headquartered at 1310 Goshen Parkway, West
Chester, Pennsylvania, 19380 (“VWR”) and Greg Cowan (“Executive” or “I”) who is employed by VWR. 

VWR’s sound business policy requires that its trade secrets, technical and nontechnical know-how,
business knowledge, plans, systems, business methods, business records and customer relations to be protected and not utilized by any person or firm who competes or wants to compete with VWR. The parties wish to evidence the terms of the employment
relationship between them and particularly to set forth certain restrictions which shall apply to Executive in the event of termination of his/her employment with VWR. 

In consideration of and as part of the terms of employment by VWR, it is agreed as follows: 

 

	1.	 Compensation and Benefits. Executive shall be entitled to a salary, annual bonus and other monetary
compensation, which shall be established by VWR at the inception of employment, and may be periodically thereafter adjusted for increase only. Executive shall also be entitled to participate in various VWR employee benefit plans (for example, health
insurance, retirement, and the like), in accordance with the participation requirements of said plans, and nothing contained herein shall confer benefit eligibility which is in any manner inconsistent with the terms of the benefit plans.

  

	2.	 Executive’s General Obligations; Conflicts of Interest. During my employment with VWR, I
agree to devote substantially all my working time during normal business hours to VWR. During my employment with VWR, I agree to use my best efforts to perform the duties associated with my position and title with VWR as VWR may direct, not to
engage in any other business or activity the nature of which shall be determined by VWR to be competitive with VWR, its suppliers or its customers and to comply with any Conflict of Interest Policy of VWR; provided that, with the approval of
VWR, which such approval shall not be unreasonably delayed or withheld, I may serve on the board of directors of one public company. I further agree to conform to all VWR policies, practices, and procedures, to the extent such policies, practices
and procedures have been provided to me in writing, as well as lawful directions of VWR and/or its affiliates as to performance of services for VWR, to the extent that the same are consistent with my position and title with VWR.

  

	3.	 No Existing Restrictive Agreements. I represent that I am not a party to any contract limiting my
present or future right to work for VWR or to perform such activities as shall be required from time to time by VWR. 

  

	4.	 Prior Employer Information. I agree that I will not use improperly or disclose any confidential or
proprietary information or trade secrets of my former or current employers, principals, partners, co-venturers, customers, or suppliers, or the vendors or customers of such persons or entities, and I will not violate any nondisclosure or proprietary
rights agreement I might have signed in connection with any such employer, person or entity. 

	5.	 Non-Disclosure of Information. I recognize that, in the
performance of my duties with VWR, Confidential Information belonging to VWR will come into my possession, including, without limitation, information regarding business methods, plan, systems, customer lists and customer relations, vendor lists and
vendor relations, cost and pricing information, distribution and logistical information, and other information relating to the business of VWR that is not known to the general public. I recognize that the business of VWR is materially dependent upon
the relationship between VWR and its customers who are serviced by its associates and that VWR has and will entrust me with Confidential Information, that must remain the property of VWR. As used in this Agreement, “Confidential
Information” shall mean the trade secrets, technical and non-technical know-how, technical and business knowledge and information, plans and systems, business
methods, customer lists and customer relations of VWR, including but not limited to research, development, manufacturing, purchasing, accounting, data processing, engineering, marketing, merchandising, selling and invoicing, which information is
acquired from or through VWR during the course of my employment by VWR. “Confidential Information” shall not include any information that is or becomes publicly known or that enters the public domain other than as a result of my
breach of my obligations under this Agreement or any other agreement between me and VWR or its affiliates. I agree that I will not at any time hereafter disclose Confidential Information to third parties or use Confidential Information for any
purpose other than to further VWR’s business, except as is required by law, any court of competent jurisdiction or any governmental agency or authority or recognized subpoena power. 

 

	6.	 Assignment of Inventions. I will make prompt and full disclosure to VWR, will hold in trust for the sole
benefit of VWR, and will assign, exclusively to VWR all my right, title, and interest in and to any and all inventions, discoveries, designs, developments, improvements, copyrightable material, and trade secrets (collectively herein
“Inventions”) that I, solely or jointly, may conceive, develop, or reduce to practice during the period of time I am in the employ of VWR. I hereby waive and quitclaim to VWR any and all claims of any nature whatsoever that I now or
hereafter may have for infringement of any patent resulting from any patent applications for any Inventions so assigned to VWR. 

My obligation to assign shall not apply to any Invention about which I can prove that: 

 

	 	(a)	 it was developed entirely on my own time; and 

 

	 	(b)	 no equipment, supplies, facility, services, or trade secret information of VWR were used in its development;
and 

  

	 	(c)	 it does not relate (i) directly to the business of VWR or (ii) to the actual or demonstrably
anticipated research or development of VWR; and 

  

	 	(d)	 it does not result from any work performed by me for VWR. 

	7.	 Excluded and Licensed Inventions. I have attached hereto a list describing all Inventions belonging to
me and made by me prior to my employment with VWR that I wish to have excluded from this Agreement. If no such list is attached, I represent that there are no such Inventions. If in the course of my employment at VWR, I incorporate into a VWR
product, process, or machine, an Invention owned by me or in which I have an interest, VWR is hereby granted and shall have an exclusive royalty-free, irrevocable, worldwide license to make, have made, use, and sell that Invention without
restriction as to the extent of my ownership or interest. 

  

	8.	 Application for Copyrights and Patents. I will execute any proper oath or verify any proper document in
connection with carrying out the terms of this Agreement. If, because of my mental or physical condition or for any other reason whatsoever, VWR is unable to secure my signature to apply for or to pursue any application for any United States or
foreign patent or copyright covering Inventions assigned to VWR as stated above, I hereby irrevocably designate and appoint VWR and its duly authorized officers and agents as my agent and attorney in fact, to act for me and in my behalf and stead to
execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of U.S. and foreign patents and copyrights thereon with the same legal force and effect as if executed by me. I will testify
at VWR’s request and expense in any interference, litigation, or other legal proceeding that may arise during or after my employment. 

  

	9.	 Third Party Information. I recognize that VWR has received and will receive confidential or proprietary
information from third parties subject to a duty on VWR’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. This information shall be deemed not to include shall not include any
information that is or becomes publicly known or that enters the public domain other than as a result of my breach of my obligations under this Agreement or any other agreement between me and VWR or its affiliates. During the term of my employment
and thereafter I will not disclose nor use such information for the benefit of anyone other than VWR or such third party, or in any manner inconsistent with any agreement between VWR and such third party of which I am made aware, except as is
required by law, any court of competent jurisdiction or any governmental agency or authority or recognized subpoena power. 

  

	10.	 Termination. I acknowledge that this Agreement shall not constitute a contract for employment for any
specific period of time, and that either VWR or I am free to terminate this Agreement, and employment relationship, “at will,” at any time, with or without cause. I agree that upon termination of this Agreement and my employment, for any
or no reason, I will promptly return to VWR all records of Confidential Information, including copies in my possession, and all other physical properties issued to me as an employee, in a reasonable state of function or repair. I will also so return
any keys, pass cards, identification cards or other property belonging to VWR. 

  

	11.	 Non-Waiver. The failure by VWR to enforce any of the provisions
hereof upon any default by me at a particular time or under certain circumstances shall not be treated as a permanent waiver of such provisions and shall not prevent subsequent enforcement of such provisions upon default by either party.

	12.	 Irreparable Harm. I agree that any proven breach of this Agreement by me would cause irreparable harm to
VWR for which monetary damages could not adequately compensate. If VWR proves a breach, irreparable harm shall be presumed and I expressly waive any bonding requirement as a prerequisite to VWR obtaining injunctive relief. VWR can also seek damages.

  

	13.	 Assignability of This Agreement. The services contracted for between VWR and me in this Agreement are
personal, and therefore I may not assign this Agreement to any other person or entity. This Agreement may, however, be assigned by VWR to a successor to the business of VWR. 

 

	14.	 Severability. It is the intention of the parties that this Agreement shall be enforceable to the fullest
extent permitted by local, state, and/or federal law in the jurisdiction in which performance of this Agreement occurs, or in which performance of this Agreement is sought to be enforced. In the event that a court of competent jurisdiction
determines that one or more provisions of this Agreement are not enforceable under the provisions of the jurisdiction in which performance occurs or enforcement is sought, such a determination shall not affect the enforceability of the remainder of
this Agreement. 

  

	15.	 Other Agreements. This Agreement, together with the letter agreement, dated June 29, 2007, between
me and VWR (the “Letter Agreement”), sets forth the sole and entire agreement between the parties hereto, and supersedes and replaces any and all prior agreements, whether oral, written, or implied, entered into by me and VWR,
pertaining to my employment, the terms, conditions, and responsibilities thereof, and/or any other subject matter contained in this Agreement or the Letter Agreement. This Agreement and the Letter Agreement shall be considered together as one
agreement. There will be no modification of this Agreement, either verbal, implied, written, or otherwise, except through a written agreement signed by me, and an officer of VWR, which refers to the specific paragraph of this Agreement intended to
be modified, and sets forth, in writing, the specific modification of said paragraph. 

 WITNESS WHEREFORE, the parties have executed this Agreement as of
the     day of June, 2007. 
  

							
		  		  	VWR International, Inc.
				
	  
 Executive — Signature
	  		  	By:	  	          

		  		  	Its:	  	
	  
 Executive — Print Name
	  		  		  	

 Annex 1—Employee Covenants 

1. Noncompetition and Nonsolicitation. You acknowledge that in the course of your employment with VWR or any of its Subsidiaries or Affiliates you will
become familiar with VWR’s and its Subsidiaries’ and Affiliates’ trade secrets and with other confidential information concerning VWR and such Subsidiaries and Affiliates and that your services will be of special, unique and
extraordinary value to VWR and such Subsidiaries and Affiliates. Therefore, you agree that: 
 (a) Noncompetition. During the
Employment Period and for a period of twelve months thereafter, you shall not directly or indirectly, anywhere in the world, own, manage, control, participate in, consult with, render services for or enter into employment with any distributor with
annual sales revenue exceeding $200,000,000 in the laboratory supplies industry (the “Business”). Nothing herein shall prohibit you from being a passive owner of not more than 2% of the outstanding stock of any class of a
corporation that is publicly traded, so long as you have no active participation in the business of such corporation. 
 (b)
Nonsolicitation. During the Employment Period and for a period of eighteen months thereafter, you shall not directly or indirectly (i) induce or attempt to induce any employee of VWR or any of its Subsidiaries or Affiliates to leave the
employ of VWR or any such Subsidiary or Affiliate, or in any way interfere with the relationship between VWR or any of its Subsidiaries or Affiliates and any employee thereof, (ii) hire any person who was an employee of VWR or any of its
Subsidiaries or Affiliates within 180 days after a Separation, (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of VWR or any of its Subsidiaries or Affiliates to cease doing business with VWR or
such Subsidiary or Affiliate or in any way interfere with the relationship between any such customer, supplier, licensee or business relation and VWR or any of its Subsidiaries or Affiliates or (iv) directly or indirectly acquire or attempt to
acquire an interest in any business relating to the Business and with which VWR or any of its Subsidiaries or Affiliates has entertained discussions relating to the acquisition of such business by VWR or any of its Subsidiaries or Affiliates in the
twelve month period immediately preceding a Separation. 
 (c) Enforcement. If, at the time of enforcement of
Section 1 or 2, a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under
such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law. Because your services are
unique and because you have access to confidential information, the parties hereto agree that money damages would be an inadequate remedy for any breach of this Annex 1. Therefore, in the event a breach or threatened breach of this Annex
1, VWR or any of its Subsidiaries or Affiliates or their successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or
other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). 
 (d)
Additional Acknowledgments. You acknowledge that the provisions of Sections 1 and 2 are in consideration of: (i) employment with VWR or its Subsidiaries or Affiliates and (ii)

 
additional good and valuable consideration, including the payment of salary and bonus, as set forth in this letter agreement. In addition, you agree and acknowledge that the restrictions
contained in Sections 1 and 2 do not preclude you from earning a livelihood, nor do they unreasonably impose limitations on your ability to earn a living. In addition, you acknowledge (A) that the business of VWR and its
Subsidiaries and Affiliates will be conducted throughout the world, (B) notwithstanding the state of incorporation or principal office of VWR or any of its Subsidiaries or Affiliates, or any of their respective executives or employees
(including you), it is expected that VWR and its Subsidiaries and Affiliates will have business activities and have valuable business relationships within its industry throughout the world, and (C) as part of your responsibilities, you will be
traveling throughout the world in furtherance of VWR’s or any of its Subsidiaries’ or Affiliates’ business and relationships. You agree and acknowledge that the potential harm to VWR and any of its Subsidiaries and Affiliates of the non-enforcement of Sections 1 and 2 outweighs any potential harm to you of its enforcement by injunction or otherwise. You acknowledge that you have carefully read this Annex 1 and have given
careful consideration to the restraints imposed upon you by this Annex 1, and are in full accord as to their necessity for the reasonable and proper protection of confidential and proprietary information of VWR and any of its Subsidiaries and
Affiliates now existing or to be developed in the future. You expressly acknowledge and agree that each and every restraint imposed by this Annex 1 is reasonable with respect to subject matter, time period and geographical area. 

2. Definitions. 

“Affiliate” means, with respect to any Person, any Person that controls, is controlled by or is under common control with
such Person or an Affiliate of such Person. 
 “Board” means VWR’s board of directors. 

“Cause” means (i) the conviction of a felony or the commission of fraud with respect to VWR or any of its Subsidiaries
or Affiliates or any of their customers or suppliers, (ii) substantial and repeated failure to perform duties as reasonably directed by the Board or a supervisor or report, after providing you with 15 days’ prior written notice and a
reasonable opportunity to remedy such failure and (iii) gross negligence or willful misconduct with respect to VWR or any of its Subsidiaries or Affiliates. “Cause” shall be deemed not to include any act or failure to act, on your
part, unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best interests of VWR or any of its respective Affiliates. Any act, or failure to act, based upon authority
given pursuant to a direction from the Board or based upon the advice of counsel for VWR or any of its respective Affiliates shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of VWR and
its Affiliates. Your cessation of employment shall not be deemed to be for Cause unless and until (i) there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of at least a majority of the entire
membership of the Board (excluding for this purpose any seat on the Board then held by you) at a meeting of the Board called and held for such purpose (after reasonable notice is provided to you and you are given an opportunity, together with
counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, that Cause exists for the termination of your employment, and specifying the particulars thereof in reasonable detail and (ii) if capable of cure
within 30 days, you shall have been given 30 clays from the date of the meeting of the Board at which you were given an opportunity, together with counsel, to be heard by the Board to cure the conduct specified by the Board. At any such Board
meeting, you shall be automatically recused from participation in such meeting as a member of the Board. 

 “Disability” means any physical or mental injury, illness or incapacity as
a result of which you are unable to perform the functions of your duties for a continuous period of more than 90 days or for 120 days (whether or not continuous) within a 180 day period, as reasonably determined by the Board in good faith. 

“Employment Period” means the period during which you are employed by VWR or any of its Subsidiaries or Affiliates,
regardless of whether such employment is pursuant to the terms of this Letter Agreement or another agreement. 
 “Good
Reason” means (i) VWR materially changes your authority, titles, reporting rights or obligations, and/or duties in a manner inconsistent with the position you currently hold or as described in the Letter Agreement, (ii) VWR fails
to make any payment to you, or provide you with any benefit, required to be paid or provided to you pursuant to the Letter Agreement, (iii) VWR reduces your base salary and/or bonus entitlement described in your Letter Agreement, (iv) a
relocation of your principal place of employment to a location that increases your commuting distance by more than 25 miles, except for travel by you on company business or (v) any successor to the business of VWR fails to assume VWR’s
obligations under the Letter Agreement; provided that, in order for your resignation for Good Reason to be effective, written notice of the occurrence any event that constitutes Good Reason must be delivered by you to VWR within 180 days
after you have actual knowledge of the occurrence of any such event and the occurrence of such event is not cured by VWR within ten (10) days after the date of such written notice by you to VWR. 

“Person” means an individual, a partnership, a limited liability company, a corporation, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, investment fund, any other business entity and a governmental entity or any department, agency or political subdivision thereof. 

“Separation” means you ceasing to be employed by VWR or any of it Subsidiaries or Affiliates for any reason. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association, or
business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association, or other business entity (other
than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof For purposes
hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association, or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority
of limited liability company, 

 
partnership, association, or other business entity gains or losses or shall be or control any managing director or general partner of such limited liability company, partnership, association, or
other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term
“Subsidiary” refers to a Subsidiary of VWR. 
  

	3.	 Miscellaneous. 

(a) Applicable Law. This Annex 1 shall be governed by, and construed in accordance with, the laws of the State of Pennsylvania,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Pennsylvania or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Pennsylvania.

 (b) Consent to Jurisdiction. You hereby irrevocably submit to the nonexclusive jurisdiction of the United States District Court for
the Eastern District of Pennsylvania and the state courts of the State of Pennsylvania for the purposes of any suit, action or other proceeding arising out of this Annex 1 or any transaction contemplated hereby. You further agree that service
of any process, summons, notice or document by certified or registered mail to your address as listed above or such other address or to the attention of such other person as you have specified by prior written notice to VWR shall be effective
service of process in any action, suit or proceeding in the State of Pennsylvania with respect to any matters to which you have submitted to jurisdiction as set forth above in the immediately preceding sentence. You irrevocably and unconditionally
waive any objection to the laying of venue of any action, suit or proceeding arising out of this Annex 1 or the transactions contemplated hereby in the United States District Court for the Eastern District of Pennsylvania or the state courts
of the State of Pennsylvania and hereby irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum. 

(c) Additional Agreements. The provisions of this Annex 1 are in addition, and do not supersede, the provisions of the Personal
Services, Confidentiality and Inventions Agreement between you and VWR. 
 (d) MUTUAL WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING
IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR
DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS LETTER AGREEMENT (INCLUDING VWR) HEREBY WAIVES ALL RIGHTS TO
TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS LETTER
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER. 

 Annex 2 - General Release 

I, Greg Cowan, in consideration of and subject to the performance by VWR Management Services LLC, a Delaware limited liability company
(together with its affiliates, the “Company”), of its obligations under the Employment Agreement, dated as of December 20, 2010 (the “Agreement”), do hereby release and forever discharge as of the date hereof
the Company and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Company and the Company’s direct or indirect owners (collectively, the “Released Parties”) to the
extent provided below. 
  

	1.	 I understand that any payments or benefits paid or granted to me under the “Severance/Restrictive
Covenants” section of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive the payments and
benefits specified in the “Severance/Restrictive Covenants” section of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release. I
also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the date hereof) by virtue of any employment by the Company. 

 

	2.	 Except as provided in paragraph 4 below and except for the provisions of my Employment Agreement which
expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all
claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities
of any nature whatsoever in law and in equity, both past and present (through the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties
which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation,
claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay
Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive
Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public
policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs,
fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). 

	3.	 I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other
matter covered by paragraph 2 above. 

  

	4.	 I agree that this General Release does not waive or release any rights or claims that I may have under the Age
Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the
basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). 

  

	5.	 In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every
one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected
Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I
acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim
seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims. I further agree that
I am not aware of any pending claim of the type described in paragraph 2 as of the execution of this General Release. 

  

	6.	 I agree that neither this General Release, nor the furnishing of the consideration for this General Release,
shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct. 

  

	7.	 I agree that this General Release and the Agreement are confidential and agree not to disclose any information
regarding the terms of this General Release or this Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing
not to disclose the same to anyone. Notwithstanding anything herein to the contrary, each of the parties (and each affiliate and person acting on behalf of any such party) agree that each party (and each employee, representative, and other agent of
such party) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of this transaction contemplated in the Agreement and all materials of any kind (including opinions or other tax analyses) that are
provided to such party or such person relating to such tax treatment and tax structure, except to the extent necessary to comply with any applicable federal or state securities laws. This authorization is not intended to permit disclosure of any
other information including (without limitation) (i) any portion of any materials to the extent not related to the tax treatment or tax structure of this transaction, (ii) the identities of participants or potential

	 	
participants in the Agreement, (iii) any financial information (except to the extent such information is related to the tax treatment or tax structure of this transaction), or (iv) any
other term or detail not relevant to the tax treatment or the tax structure of this transaction. 

  

	8.	 Any non-disclosure provision in this General Release does not prohibit
or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the National Association of Securities Dealers, Inc. (NASD), any
other self-regulatory organization or governmental entity. 

  

	9.	 Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish,
diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof. 

  

	10.	 Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be
effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein. 

 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 

 

	 	(i)	 I HAVE READ IT CAREFULLY; 

 

	 	(ii)	 I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED; 

  

	 	(iii)	 I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

 

	 	(iv)	 I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 

  

	 	(v)	 I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON
                    ,          TO CONSIDER IT AND THE CHANGES MADE SINCE THE
                        ,         VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT
RESTART THE REQUIRED 21-DAY PERIOD; 

	 	(vi)	 THE CHANGES TO THE AGREEMENT SINCE
                        ,          EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST.

  

	 	(vii)	 I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE
SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 

  

	 	(viii)	 I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND 

  

	 	(ix)	 I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 

  

							
	DATE:MANAGEMENT AGREEMENT

    This AGREEMENT made as of the 1st day of April 2019 by and among CERES MANAGED FUTURES LLC, a
        Delaware limited liability company (“CMF”), CERES ORION L.P., a New York limited partnership (the “Partnership”) and NORTHLANDER COMMODITY ADVISORS LLP, a limited liability partnership registered in England and Wales (“Northlander” 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 NL
        Master Fund LLC (the “Master Fund”) of which CMF is the trading manager and Northlander 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 claims an exemption from registration as a commodity trading advisor with the
        Commodity Futures Trading Commission (“CFTC”) pursuant to CFTC Rule 4.14(a)(10) and is authorized and regulated by the Financial Conduct Authority (“FCA”) in the United Kingdom with firm reference number 587706; and

    WHEREAS, CMF is registered as a commodity pool operator with the CFTC and is a member of the National
        Futures Association (“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

      
        

    

    1.   DUTIES OF THE
            ADVISOR.  (a) For the period and on the terms and conditions of this Agreement, effective April 1, 2019, 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 cleared commodity futures,
        cleared options on futures and exchange 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
        Northlander Commodity Program (the “Program”), as described in Appendix A attached hereto, to manage the Partnership’s assets allocated to it.  Any open positions or other investments at the time of receipt of such notice of a change in CMF Trading Policy shall not be deemed to
        violate the changed CMF Trading 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, fax copy or email copy) of CMF, may direct any and all trades in commodity futures and options to
        a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or
        floor brokerage fees are approved in advance by CMF.  The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution
        with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF.  All give-up or similar fees relating to the foregoing shall be paid by the
        Partnership after all parties have executed the relevant give-up agreements (via EGUS or by original, fax copy or email copy).

    (c)   The initial allocation of the Partnership’s assets to the Advisor shall be made to the Program,
        as described in Appendix A. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in
        connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in
        writing.  In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material.  If the Advisor deems such change in
        system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF.  In addition, the Advisor will notify CMF of any
        changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in Appendix A to be materially accurate.  Further, the Advisor will provide the Partnership with a current list
        of all commodity interests to be traded for the Partnership’s account, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and
        receiving CMF’s written approval.  The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its
        business not previously reported to CMF. The Advisor shall provide periodic statements setting out certain details in relation to the activities undertaken and of the performance of the Partnership during the reporting period. The periodic
        statement shall include all information required by Directive 2014/65/EU on markets in financial instruments, Regulation (EU) No 600/2014 on markets in financial instruments, and any secondary legislation, rules, regulations and procedures made
        pursuant thereto (“MiFID”) to be provided in such statements, including a statement of the contents and the valuation of the Partnership, on a periodic basis which shall be at such frequency permitted by applicable regulation and agreed with CMF.
        The basis of all valuations will be as stated in the first periodic statement unless otherwise notified. Unless otherwise agreed, the Advisor will not provide information about executed transactions on a transaction-by-transaction basis.  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 non-U.S. dollar based positions.

     

      

     

      

    
      2

      
        

    

    (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. The Partnership and CMF further acknowledge that the Advisor may disclose any confidential information to a competent regulatory authority as may be required in order to assist the Partnership and CMF in
        complying with its obligations under applicable law in connection with the services provided under this Agreement; provided that the Advisor will (i) promptly, but at least within 48 hours, notify the Partnership and CMF of the intent to disclose
        such information, (ii) seek and obtain the Partnership’s and CMF’s consent to such disclosure and (iii) provide the Partnership and CMF with an opportunity to review the information to be disclosed and coordinate with the Advisor in drafting any
        related disclosure.

    (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.

     

      

     

      

    
      3

      
        

    

    (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 it 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 commercially reasonable 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.

    (h)   For the purposes of the rules and guidance contained in the Handbook issued by the FCA (“FCA
        Rules”) and based on information obtained in respect of CMF, the Advisor has categorized CMF, acting as agent for the Partnership, as a professional client in relation to the services provided under this Agreement. It is CMF’s sole responsibility
        to keep the Advisor informed about any change to CMF’s circumstances which could affect the Advisor’s categorization of CMF as a professional client. CMF acknowledges that it may request that the Advisor considers its re-categorization as a retail
        client, but it is not the Advisor’s policy to accept requests to be treated as a retail client for any service under this Agreement.

    (i)   Based on information provided by CMF, in providing the services, the Advisor shall be
        responsible for assessing the suitability of investments for CMF as required by the FCA Rules. The reason for assessing suitability is to enable the Advisor to act in CMF’s best interests. As CMF is a professional client, the Advisor is entitled to
        assume that CMF has the necessary level of experience and knowledge in order to understand the risks involved in the relevant transaction. CMF shall be responsible for ensuring that information provided to the Advisor is kept accurate, complete and
        up to date so as to enable the Advisor to assess suitability for CMF.

    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.

     

      

     

      

    
      4

      
        

    

    3.   COMPENSATION. 
        2) 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 1.25% (1.25% per year) of the month-end Net Assets of the
        Partnership allocated to the Advisor (computed monthly by multiplying the Net Assets of the Partnership allocated to the Advisor as of the last business day of each month by 1.25% and dividing the result thereof by 12).

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

    (c)   “New Trading Profits” shall mean the excess, if any, of Net Assets of the Partnership managed
        by the Advisor at the end of the fiscal period over Net Assets of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Assets of the Partnership allocated to the Advisor at the date trading commences by the
        Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets of the Partnership resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during
        the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts.  Ongoing expenses shall be
        attributed to the Advisor based on the Advisor’s proportionate share of Net Assets of the Partnership.  Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership.  Ongoing
        expenses include offering and organizational expenses of the Partnership.  No Incentive Fee shall be paid to the Advisor until the end of the first calendar 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 calendar year of such trading (which for the avoidance of doubt, shall be December 31, 2019).  Interest income earned,
        if any, shall not be taken into account in computing New Trading Profits earned by the Advisor.  If Net Assets of the Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there
        shall be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive Fee.

     

      

    
      5

      
        

    

    (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 a 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 Advisor shall separately provide information on costs and associated charges to CMF
        including all information required by MiFID to be provided in such disclosures.

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

    4.   RIGHT TO ENGAGE
            IN OTHER ACTIVITIES.  3) 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‐, European Economic Area (“EEA”) regulator-, 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.

     

      

    
      6

      
        

    

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

    (d)   The Advisor agrees that it shall make such information available to CMF respecting the
        performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals, if any, as shall be reasonably requested by CMF.  The Advisor presently believes and represents that existing
        speculative position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts
        for which they have contracted to act as trading advisor.

    5.   TERM. 
        (a) This Agreement shall continue in effect until December 31, 2019 (the “Initial Termination Date”), unless otherwise terminated as set forth in
        this Section.  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 30% or more as of the end of a trading day from such Net Assets of the Partnership’s previous highest value; (iii) limited
        partners owning at least 50% of the outstanding units of the Partnership (excluding interests owned by CMF, an affiliate of CMF other than the Partnership, or any of their employees) shall vote to require CMF to terminate this Agreement; (iv) the
        Advisor fails to comply with the material 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 (in each case, to the extent that Ulf Torvald Ek would no longer be the controlling principal of Advisor), or the Advisor becomes
        bankrupt or insolvent, (ix) Ulf Torvald Ek dies, becomes incapacitated for a period of at least 20 consecutive business days, 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 exemption from registration as a commodity trading advisor with the CFTC pursuant to CFTC Rule 4.14(a)(10) (unless the Advisor registers as a commodity trading advisor with the CFTC and
        becomes a member of NFA prior to losing such exemption), or its registration or authorization with any other regulatory authority (including the FCA) is terminated or suspended; or (xi) CMF reasonably believes in good faith 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.

     

      

    
      7

      
        

    

    (b)   The Advisor may terminate this Agreement by giving not less than 30 days’ written notice to
        CMF: (i) in the event that the CMF Trading Policies are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) at any time after the Initial Termination Date; or (iii) in
        the event that CMF or the Partnership fails to comply with the terms of this Agreement.  The Advisor may immediately terminate this Agreement if CMF’s registration as a commodity pool operator or its membership in NFA is terminated or suspended.

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

    6.   INDEMNIFICATION. 
        (a)(i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets
        by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense
        (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with such action,
        suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute gross 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.

     

      

    
      8

      
        

    

    (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), partners, 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 gross 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), partners, 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.

     

      

    
      9

      
        

    

    (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 (the “Memorandum”) or a supplement thereto will, after review and approval of such references by the Advisor prior to the use of such Memorandum in connection with the offering of Partnership units, be accurate in
        all material respects, except that with respect to pro forma or hypothetical performance information in such Memorandum, if any, this representation and warranty extends only to any underlying data made available by the Advisor for the preparation
        thereof and not to any hypothetical or pro forma adjustments.

    (ii)   The information with respect to the Advisor set forth in the actual performance tables in the
        Memorandum, if any, is based on (a) 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, or (b) with the written
        consent of CMF, a representative account of the Program. Such performance has been prepared by the Advisor or its agents in accordance with applicable CFTC and NFA rules and guidance, including, but not limited to, CFTC Rule 4.25.  The annual
        financial statements of Northlander Commodity Master Fund, Ltd. for the period January 1, 2017 through December 31, 2017 have been examined by an independent certified public accountant and a copy of the report thereon has been provided to CMF.

    
      10

      
        

    

    (iii)   The Advisor will be acting as a commodity trading advisor with respect to the Partnership
        and not as a securities investment adviser and claims an exemption from registration as a commodity trading advisor pursuant to CFTC Rule 4.14(a)(10) and is in compliance with any other registration and licensing requirements as shall be necessary
        to enable it to perform its obligations hereunder.  The Advisor agrees to maintain such exemption from registration as a commodity trading advisor pursuant to CFTC Rule 4.14(a)(10), or, in the alternative, to register as a commodity trading advisor
        with the CFTC and become a member of NFA, and maintain any other registrations and licenses during the term of this Agreement.

    (iv)   The Advisor is duly organized, validly existing and in good standing under the laws of the
        jurisdiction of its organization and has all necessary 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.

     

      

    
      11

      
        

    

    (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)   Any restrictions to which CMF and the Partnership are subject relating to this Agreement or
        any transaction contemplated by this Agreement and the level of risk to be reflected in the Advisor’s exercise of discretion (whether as a matter of legislation, its governing documentation or otherwise), including their ability to bear losses and
        their risk tolerance, have been notified to the Advisor and the Advisor shall be entitled to assume that no restrictions other than those notified to it apply.

    (ix)   CMF has read and understood the risk disclosures that have been separately notified to CMF by
        the Advisor and which provide a description of the nature and risks of financial instruments including appropriate guidance on, and warnings of, the risks associated with investments in financial instruments or in respect of particular investment
        strategies.

    (x)   Information or documentation provided by CMF or its agent to the Advisor pursuant to this
        Agreement is accurate, complete, up-to-date and not misleading in any respect and CMF has notified the Advisor of all such information which is reasonably relevant to the performance of the Advisor’s duties under this Agreement.

    (xi)   CMF has received, read and fully understands a detailed description of the Advisor’s trading
        strategies, and it and its advisors have had the opportunity to ask questions of and receive answers from the Advisor and its principals concerning such strategies.

     (c)   All representations, warranties and covenants contained in this Agreement shall be continuing
        during the term of this Agreement and the provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect.  Each party hereby agrees that as of the date of this
        Agreement it is, and during its term shall be, in compliance with its representations, warranties and covenants herein contained.  In addition, if at any time any event occurs which would make any of such representations, warranties or covenants
        not true, the affected party will use its best efforts to promptly notify the other parties of such fact.

    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 FCA, CFTC, NFA, swap execution facility and/or the commodity exchange on which any particular transaction is executed.

     

      

    
      12

      
        

    

    (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, any other regulator, or any commodity exchange in connection with an investigation or audit of the Advisor’s business activities. This
        Section shall not require the Advisor to provide all correspondence with the NFA during the course of a routine compliance examination. The Advisor will provide NFA’s customary report of findings at the conclusion of a routine compliance
        examination.

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

    (iv)   The Advisor will maintain a net worth of not less than $250,000 during the term of this
        Agreement.

    (v)   The Advisor will promptly notify CMF if it furnishes commodity trading advice to 12 persons
        located in the United States during the course of any preceding 12 month period.

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

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

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

    (ix)   Subject to the receipt from CMF of specific instructions in relation to the execution of
        orders, the Advisor will at all times comply with its policy relating to the execution of orders and decisions to deal on behalf of clients as required by the FCA Rules and as amended by the Advisor from time to time (“Order Execution Policy”) and
        will act in the best interests of CMF.

     

      

    
      13

      
        

    

    (x)   The Advisor will keep or cause to be kept records of investments, sales, disbursements and
        other transactions carried out by the Advisor under this Agreement in accordance with applicable law.

    (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.

     

      

  

   

    

  
    

    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.

    
     

      

    
      14

      
        

    

    (iv)   The Advisor and any affiliate may effect transactions in which the Advisor, any affiliate,
        another client of the Advisor or of an affiliate has, directly or indirectly, a material interest or a relationship of any description with another party, which involves or may involve a potential conflict with the Advisor’s duty to CMF. The
        Advisor will ensure that such transactions are effected on terms which are not materially less favorable to CMF than if the conflict or potential conflict had not existed. Any conflicts which the Advisor is not able to prevent or manage effectively
        shall be promptly disclosed by the Advisor to CMF. The Advisor’s policy relating to the identification of conflicts of interest that arise, or may arise, when providing services and whose existence may damage the interests of clients and that
        specifies procedures in order to prevent or manage such conflicts as required by the FCA Rules and as amended by the Advisor from time to time (“Conflicts of Interest Policy”) sets out types of actual or potential conflicts of interest which affect
        the Advisor’s business and provides details of how these are identified, prevented or managed. A summary of the Conflicts of Interest Policy has been separately notified to CMF. Further details of the Conflicts of Interest Policy are available to
        CMF on request.

    (v)   In respect of certain commodity derivative contracts, position limits may be imposed by an EEA
        regulator, including the FCA, and position management controls may be imposed by a trading venue. The Advisor shall not assume regulatory responsibility for ensuring that CMF complies with any position limit that an EEA regulator, including the
        FCA, might apply to any commodity derivatives held by the Partnership, provided, that the Advisor shall be responsible for ensuring that the Advisor complies with any position limit that an EEA regulator, including the FCA, might apply to any
        commodity derivatives traded by the Advisor, including any commodity derivatives traded for the Partnership’s account.  Subject to Section 4(b), the Advisor shall be expressly permitted to reduce or close out a position entered into on the
        Partnership’s behalf to the extent required by the trading venue or its rules or where the Advisor reasonably considers this necessary to comply with such rules. CMF acknowledges that the Advisor, when dealing with certain counterparties in
        providing the services under this Agreement, may be required to act in accordance with certain requirements, including any relevant rules and regulations of such counterparties, and, subject to Section 6(b), accepts any losses that may result from
        the Advisor so acting.

    (vi)   Subject to Section 1(b), CMF consents to the Order Execution Policy. In particular, CMF
        agrees that the Advisor may trade outside of a trading venue (within the meaning of the FCA Rules).

    (vii)   The Advisor may aggregate orders on behalf of CMF with those of its other clients and
        clients of its affiliates. The Advisor will allocate such orders in accordance with Section 4 and Section 8(b)(iii) of this Agreement, the requirements of the FCA Rules and the applicable rules and regulations of the CFTC, NFA and any swap
        execution facility or commodity exchange on which such order was executed. CMF acknowledges and agrees that aggregation may operate to the advantage or disadvantage of CMF.

     

      

     

      

    
      15

      
        

    

    (viii)   CMF acknowledges that certain of its transactions may be subject to MiFID, which applies
        certain transaction and position reporting obligations in respect of assets in the Partnership, including, but without limitation, the procurement of a valid code made up of 20 alphanumerical digits which is used to uniquely identify every legal
        entity or structure, in any jurisdiction that is party to a financial transaction (“Legal Entity Identifier”) for the Partnership. CMF undertakes to provide in timely fashion all such information (including, but not limited to, the Partnership’s
        Legal Entity Identifier) and documentation and to promptly take all such action as the Advisor may from time to time reasonably require in relation to the MiFID transaction and position reporting obligations.

    (ix)   CMF acknowledges that certain information about transactions the Advisor wishes to and does
        enter into on CMF’s behalf may be made public and that the Advisor will be required to report the details of certain transactions to the FCA, in some cases, via third parties, in accordance with applicable law.

    (x)   The Advisor may receive research materials or services in return for direct payments by the
        Advisor out of its own resources.

    9.   DATA PROTECTION.

    (a)   Each party will comply with all applicable statutes and regulations in any jurisdiction
        pertaining to the processing of any information relating to an identified or identifiable natural living person (“Personal Data”), including the privacy and security of Personal Data (“Data Protection Laws”).

    (b)   In order to provide the services the Advisor may need to:

    (i)   communicate with CMF’s owners, officers and employees (“Client Contacts”) in relation to the
        services;

    (ii)   process identification details of Client Contacts in order to confirm their identities;

    (iii)   check such Personal Data to meet the Advisor’s compliance and regulatory duties; and/or

    (iv)   transfer such Personal Data outside the EEA and the UK and disclose it to anti-fraud
        organizations and law enforcement or regulatory agencies anywhere in the world and the Advisor will be acting as a data controller in respect of such processing.

    (c)   Where CMF provides the Advisor with Client Contact details or where requested to do so by the
        Advisor, CMF, on behalf of the Partnership, will notify such individuals that the Advisor may need to process their Personal Data for the purposes set out in Section 9(b).

     

      

    
      16

      
        

    

    (d)   The Advisor will maintain a data protection fair processing notice on its website setting out
        the details of such processing and all other information required by, and in compliance with, Data Protection Laws, which CMF will also refer Client Contacts to when it makes a notification under Section 9(c).

    (e)   For the avoidance of doubt, except as set out above, the Advisor shall be responsible for
        providing notices and obtaining any consents in relation to the processing of Client Contacts’ Personal Data, including in relation to marketing.

    10.   COMMUNICATIONS
            AND TAPING.

    (a)   Subject to compliance with applicable law, any party may record telephone conversations with
        the other. The Advisor may record or monitor telephone conversations and other communications with or by CMF (including mails, emails or documentation of client orders made at meetings). CMF agrees that the Advisor may deliver copies or transcripts
        of such recordings to any court or competent authority; provided that the Advisor will (i) promptly, but at least within 48 hours, notify CMF of the intent to deliver such copies and recordings; (ii) seek and obtain CMF’s consent to such delivery
        and (iii) provide CMF with an opportunity to review such copies or transcripts and oppose such delivery. A copy of any such conversations with CMF and communications with CMF will be available on request for a period of five years (or, where
        requested by the FCA, for a period of up to seven years) from the date when the record is made.

    (b)   The Advisor will communicate with CMF and the Partnership in English and, subject to Section
        15, will communicate with CMF and the Partnership as considered appropriate, including through the Advisor’s website, by email or otherwise.

    11.   COMPLAINTS AND
            COMPENSATION.

    (a)   All formal complaints by CMF relating to the services provided by the Advisor under this
        Agreement should in the first instance be made in writing to the compliance officer of the Advisor. Subsequently, CMF may have a right to complain directly to the UK Financial Ombudsman Service. A copy of the Advisor’s complaints management policy
        is available on request and will otherwise be provided in accordance with the FCA Rules.

    (b)   CMF may be entitled to compensation from the UK Financial Services Compensation Scheme if the
        Advisor cannot meet its obligations. This depends on the type of business and the circumstances of the claim. Generally, a professional client will not be eligible for compensation.

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

     

      

    
      17

      
        

    

    13.   ASSIGNMENT. 
        This Agreement may not be assigned by any party without the express written consent of the other parties. Notwithstanding the foregoing, the Advisor may, at any time prior to the date set for the UK to cease being a member of the European Union
        (“EU”) or December 31, 2020 if the withdrawal agreement and transition period are agreed with 60 calendar days’ prior written notice to CMF and the Partnership, transfer its rights and obligations in this Agreement to an affiliate based within a
        member state of the EU (a “Transfer Affiliate”), which may then delegate the provision of some or all of the services to the Advisor; provided, however, that any Transfer Affiliate shall have all the necessary registrations, licenses or exemptions
        therefrom required to provide the services contemplated under this Agreement including, but not limited to, (i) registration or valid exemption from registration as a commodity trading advisor with the CFTC and (ii) NFA membership, if required

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

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

    If to CMF or to the Partnership:

    Ceres Managed Futures LLC

        522 Fifth Avenue,

        New York, New York  10036

        Attention:  Patrick Egan

    Email:  patrick.egan@morganstanley.com

    If to the Advisor:

    Northlander Commodity Advisors LLP

    Shearwater House

    21 The Green

    Richmond

    London

    TW9 1PX

    Email:  ulf.ek@northlander-advisors.com; nisha.arora@northlander-advisors.com

    with a copy to:

    Eric Wagner

    Kleinberg, Kaplan, Wolff & Cohen, P.C.

    551 Fifth Avenue, 18th Floor

    New York, NY 10176

        Email:  ewagner@kkwc.com

     

      

    
      18

      
        

    

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

    17.   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.

    18.   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.

    19.   COUNTERPARTS. 
        This Agreement may be executed in any number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement.

    

    

    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.

    

    

    
      19

      
        

    

    

    

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

    
      

      

      	
              CERES MANAGED FUTURES LLC

            	 	
              NORTHLANDER COMMODITY ADVISORS LLP

            	 
	 	 	 	 
	
              By:

            	
              /s/ Patrick T. Egan                                

                  

            	 	
              By:

            	 
	 	
              Patrick T. Egan

            	 	
              Name:

            	 
	 	
              President and Director

            	 	
              Title:

            	 
	 	 	 	 
	 	 	
              By:

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 

      

      

      	
              CERES ORION L.P.

            
	
              By:  Ceres Managed Futures LLC

              (General Partner)

            
	 
	
              By:

            	
              /s/ Patrick T. Egan                                        

                  

            
	 	
              Patrick T. Egan

            
	 	
              President and Director

            

      

      

    

    

    

    

    

    

    
      20

      
        

    

    

    

    

    

    APPENDIX A

    Description of Program

    Northlander Commodity Advisors LLP (“Northlander”) is a London, UK based investment firm which was launched in March
        2012 by founder and Chief Investment Officer, Ulf Ek. Northlander Commodity Program (the “Program”) is a commodity focused trading program which invests in energy products globally, but with an emphasis on European power, European gas, European
        emissions, and international coal markets. The Program is an absolute return strategy which seeks to identify value in mispriced markets through careful fundamental analysis by focusing on market dynamics and market structure and then expressing
        their thesis through their proprietary portfolio construction and risk management procedures.

    

    

    

    

    
      21

      
        

    

    

    

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

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

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

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

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

    

    

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

    

    

    

    

    
      22

      
        

    

    

    

    APPENDIX C

    List of Commodity Interests

    

    

    	
            Product Name

          	
            Ticker

          	
            Sector

          
	
            NYM API2 QTR

          	
            COA

          	
            Coal

          
	
            ICEEU NWCSTL Q

          	
            FK

          	
            Coal

          
	
            ICEEU NWCSTL Q

          	
            FK

          	
            Coal

          
	
            NYM API2 CAL

          	
            LWL

          	
            Coal

          
	
            NYM COAL API2

          	
            MFE

          	
            Coal

          
	
            NYM COAL API4

          	
            MFW

          	
            Coal

          
	
            ICEEU ROTTERDM

          	
            TM

          	
            Coal

          
	
            ICE RDAM COAL

          	
            XA

          	
            Coal

          
	
            NYM LLSARGCAL

          	
            XAA

          	
            Coal

          
	
            ICEEU RTTRDM Q

          	
            XE

          	
            Coal

          
	
            ICE RICH COAL

          	
            XO

          	
            Coal

          
	
            ICEEU RCHBAY Q

          	
            XS

          	
            Coal

          
	
            ICE NEWC COAL

          	
            XW

          	
            Coal

          
	
            ICEEU NEWCASTL

          	
            YJ

          	
            Coal

          
	
            EEX F7BY FR

          	
            FAA

          	
            European Power

          
	
            EEX F7BM FR

          	
            FAC

          	
            European Power

          
	
            EEX PHX BS MTH

          	
            GI

          	
            European Power

          
	
            EEX PHEL BS W3

          	
            GIB

          	
            European Power

          
	
            EEX PHEL BS W2

          	
            GIB

          	
            European Power

          
	
            EEX PHEL BS W5

          	
            GIB

          	
            European Power

          
	
            EEX PHX BS QTR

          	
            GT

          	
            European Power

          
	
            EEX PHX PK QTR

          	
            HI

          	
            European Power

          
	
            EEX PHX BS YR

          	
            HP

          	
            European Power

          
	
            NPL MTH FWD

          	
            NORM

          	
            Nordpool

          
	
            NPL QTR FWD

          	
            NORQ

          	
            Nordpool

          
	
            NPL YEAR FWD

          	
            NORY

          	
            Nordpool

          
	
            IPE GAS-NBP MO

          	
            FN

          	
            UK Gas

          

    

    

  

  23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]