Document:

Exhibit 10.1

 

 

 

EXCHANGE
AGREEMENT

 

by
and between

 

U.S.
ENERGY CORP.

 

and

 

MT.
EMMONS MINING COMPANY

 

Dated
as of December 31, 2020

 

 

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	2
	 	Section
    1.1	Definitions.	2
	 	Section
    1.2	Other
    Defined Terms	3
	 	Section
    1.3	Interpretative
    Provisions	4
	 	 	 	 
	ARTICLE II PURCHASE AND SALE	5
	 	Section
    2.1	Authorization
    of Shares	5
	 	Section
    2.2	Purchase
    and Sale	5
	 	Section
    2.3	Closing	5
	 	Section
    2.4	Satisfaction
    of Dividends	5
	 	Section
    2.5	Deliveries	5
	 	 	 	 
	ARTICLE III REPRESENTATIONS AND
    WARRANTIES OF THE COMPANY	6
	 	Section
    3.1	Subsidiaries	6
	 	Section
    3.2	Organization
    and Qualification	6
	 	Section
    3.3	Authorization;
    Enforcement	7
	 	Section
    3.4	No
    Conflicts	7
	 	Section
    3.5	Filings,
    Consents and Approvals	8
	 	Section
    3.6	Issuance
    of the Shares	8
	 	Section
    3.7	Capitalization	8
	 	Section
    3.8	SEC
    Reports; Financial Statements	10
	 	Section
    3.9	Material
    Changes; Undisclosed Events, Liabilities or Developments	10
	 	Section
    3.10	Litigation	10
	 	Section
    3.11	Labor	11
	 	Section
    3.12	Compliance
    with Laws; Permits	11
	 	Section
    3.13	Title
    to Assets; Properties	11
	 	Section
    3.14	Reserve
    Reports	12
	 	Section
    3.15	Transactions
    with Affiliates and Employees	12
	 	Section
    3.16	Sarbanes-Oxley;
    Internal Accounting Controls	13
	 	Section
    3.17	No
    Brokers	13
	 	Section
    3.18	No
    Registration	13
	 	Section
    3.19	Investment
    Company	13
	 	Section
    3.20	Change
    of Control	14
	 	Section
    3.21	Listing
    and Maintenance Requirements	14
	 	Section
    3.22	Application
    of Takeover Protections	14
	 	Section
    3.23	Full
    Disclosure	15
	 	Section
    3.24	No
    Integrated Offering	15
	 	Section
    3.25	Accountants	15
	 	Section
    3.26	Company
    Stock Plans	15
	 	Section
    3.27	Tax
    Status	16

 

    	1

     

    

 

	ARTICLE IV REPRESENTATIONS AND
    WARRANTIES OF MT. EMMONS	16
	 	Section
    4.1	Organization;
    Authority	16
	 	Section
    4.2	Absence
    of Conflicts	16
	 	Section
    4.3	Ownership
    of Preferred Stock	16
	 	 	 	 
	ARTICLE V OTHER AGREEMENTS	17
	 	Section
    5.1	Acknowledgement
    of No Set Off	17
	 	Section
    5.2	Survival	17
	 	Section
    5.3	Integration	17
	 	Section
    5.4	Listing
    of Shares	17
	 	Section
    5.5	Securities
    Laws Disclosure; Publicity	18
	 	Section
    5.6	Termination
    of Investor Rights Agreements	18
	 	Section
    5.7	Non-Affiliate
    Status	18
	 	Section
    5.8	Restrictions
    on Sales of the Shares	18
	 	 	 	 
	ARTICLE VI MISCELLANEOUS	18
	 	Section
    6.1	Fees
    and Expenses	18
	 	Section
    6.2	Entire
    Agreement	19
	 	Section
    6.3	Notices	19
	 	Section
    6.4	Amendments;
    Waivers	19
	 	Section
    6.5	Headings;
    Gender	20
	 	Section
    6.6	Successors
    and Assigns	20
	 	Section
    6.7	No
    Third-Party Beneficiaries	20
	 	Section
    6.8	Governing
    Law	20
	 	Section
    6.9	Severability	20
	 	Section
    6.10	Remedies
    Cumulative	20
	 	Section
    6.11	Mutual
    Drafting	20
	 	Section
    6.12	Legal
    Fees and Costs	20
	 	Section
    6.13	Enforcement
    of Agreement	20
	 	Section
    6.14	Execution;
    Counterparts.	20

 

Disclosure
Schedules

 

    	2

     

    

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT (this “Agreement”), dated and effective as of December 31, 2020 (the “Effective
Date”), is entered into by and between U.S. Energy Corp., a Wyoming corporation (the “Company”),
and Mt. Emmons Mining Company, a Delaware corporation (“Mt. Emmons”). The Company and Mt. Emmons are hereinafter
at times referred to individually as a “Party” and collectively as the “Parties.”

 

WHEREAS,
subject to the terms and conditions set forth in the Series A Convertible Preferred Stock Purchase Agreement, dated and effective
as of February 11, 2016 (the “Preferred Stock Purchase Agreement”) and pursuant to Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”), the Company issued and sold to Mt. Emmons, and Mt. Emmons acquired,
50,000 shares of the Series A Convertible Preferred Stock, par value $0.01 per share, of the Company (the “Preferred
Stock”), which has the designations, powers, preferences and relative, participating, optional or other special rights,
and the qualifications, limitations or restrictions set forth in the Certificate of Designations of Series A Convertible Preferred
Stock filed with the Wyoming Secretary of State effective February 11, 2016 (as amended by the Articles of Correction filed with
the Wyoming Secretary of State on April 20, 2016, and restated in the Articles of Amendment to Restated Articles of Incorporation,
as amended, of the Company filed with the Secretary of State of Wyoming on December 31, 2019, the “Certificate of Designations”).

 

WHEREAS,
contemporaneous with the execution of the Preferred Stock Purchase Agreement, the Parties entered into an Acquisition Agreement
(the “Acquisition Agreement”) pursuant to which, among other things and subject to the terms and conditions
therein, Mt. Emmons agreed (at the Company’s request) to accept the transfer of the property and rights specified therein,
including the Project (as defined therein), and to replace the Company as the permittee and operator of the WTP (as defined therein).

 

WHEREAS,
Mt. Emmons owns all of the outstanding shares of the Preferred Stock, and the Company desires to acquire the Preferred Stock from
Mt. Emmons in exchange for Two Million U.S. Dollars ($2,000,000) (the “Cash Exchange Consideration”) and Three
Hundred Twenty-Eight Thousand (328,000) shares (the “Shares”) of the Common Stock, par value $0.01 per share,
of the Company (the “Common Stock”).

 

WHEREAS,
Mt. Emmons is willing to exchange the Preferred Stock for the Cash Exchange Consideration and the Shares (the Cash Exchange Consideration
and the Shares being collectively referred to herein as the “Exchange Consideration”), on the terms and subject
to the conditions set forth herein.

 

WHEREAS,
the board of directors of the Company (the “Board of Directors”) has determined that the transactions contemplated
by this Agreement and the other Transaction Documents (defined below) are in the best interests of the Company and its shareholders
and creditors and that the consideration to be received for the Shares is adequate, has approved the transactions contemplated
by this Agreement and the other Transaction Documents, and has approved the issuance of the Shares for purposes of Section 17-18-104
of the Wyoming Management Stability Act.

 

    	1

     

    

 

WHEREAS,
the sole director of Mt. Emmons has determined that the transactions contemplated by this Agreement and the other Transaction
Documents are in the best interests of Mt. Emmons and its shareholder and has approved the transactions contemplated by this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements and covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Mt. Emmons agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.1 Definitions. Initially capitalized terms used in this Agreement shall have the meanings assigned to them in this Section
1.1 or the applicable Section referenced in Section 1.2, unless the context otherwise indicates:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 promulgated under the Securities Act.

 

“Beneficial
Ownership” or “Beneficially Own” means such terms as defined by, and within the meaning of, Section
13(d) of the Exchange Act and the applicable rules and regulations promulgated thereunder.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Contracts”
means any contracts, agreements, licenses, notes, bonds, mortgages, indentures, leases or other binding instruments or
binding commitments, whether written or oral. “Disclosure Date” means December 28, 2020.

 

“Disclosure
Schedules” means the Disclosure Schedules attached hereto.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended.

 

“Governmental
Entity” means any supranational, national, state, municipal, local or foreign government, any instrumentality, subdivision,
court, administrative agency or commission or other governmental authority, or any quasi-governmental or private body exercising
any regulatory or other governmental or quasi-governmental authority.

 

“Knowledge
of the Company” means when used in reference to any matter or representation, the actual knowledge of Ryan Smith, including
the knowledge of matters, developments or trends that Ryan Smith should reasonably infer from any matters discovered or reviewed
as part of his due inquiry. For purposes of this definition, “due inquiry” means that level of due diligence that
a reasonable person would undertake in order to give reasonable assurance that the representations and warranties contained herein,
and the Schedules attached hereto, are accurate and complete.

 

    	2

     

    

 

“Laws”
means any domestic or foreign laws, including any environmental laws, common law, statutes, ordinances, rules, regulations, codes,
Orders or legally enforceable requirements enacted, issued, adopted, promulgated, enforced, ordered or applied by any Governmental
Entity.

 

“Lien”
means any lien, charge, pledge, security interest, mortgage, encumbrance, claim, right of first refusal, transfer restriction,
preemptive right, right of way, servitude, restrictive covenant or other restriction.

 

“NASDAQ”
means the NASDAQ Capital Market.

 

“Order”
means any order, writ, assessment, decision, injunction, decree, stipulation, determination, award, ruling or judgment of, or
entered by or with, a Governmental Entity.

 

“Permits”
means licenses, permits, approvals, registrations, certificates and other authorizations issued, granted, given or provided by
a Governmental Entity, including environmental permits.

 

“Permitted
Lien” means (a) liens for Taxes not yet due and payable; and (b) mechanics’, carriers’, workmen’s,
repairmen’s or other like liens arising or incurred in the ordinary course of business consistent with past practice or
amounts that are not delinquent.

 

“Person”
means any individual, company, partnership, limited liability company, joint venture, association, joint stock company, trust,
unincorporated organization, Governmental Entity or any other entity.

 

“Proceeding”
means an action, claim, suit, notice of violation, investigation or proceeding (including an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1 and shall, where applicable, also include any direct or
indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Transaction
Documents” means this Agreement, all exhibits and schedules to this Agreement, and any other documents or agreements
executed in connection with the transactions contemplated by such documents.

 

“Transfer
Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of
250 Royall Street, Canton, MA 02021, and any successor transfer agent of the Company.

 

    	3

     

    

 

Section
1.2 Other Defined Terms. In addition, each of the following terms is defined in the Section set forth opposite such term:

 

	Term	 	Section
	Acquisition
    Agreement	 	Preamble
	Agreement	 	Preamble
	Action	 	3.10
	Board
    of Directors	 	Preamble
	Bylaws	 	2.4(a)(iv)
	Cash
    Exchange Consideration	 	Preamble
	Certificate
    of Designations	 	Preamble
	Code	 	3.20(a)
	Common
    Stock	 	Preamble
	Company	 	Preamble
	Company
    Reserve Reports	 	3.14
	Company
    Stock Plan	 	3.26
	Closing	 	2.3
	Effective
    Date	 	Preamble
	Evaluation
    Date	 	3.16
	Exchange
    Consideration	 	Preamble
	GAAP	 	3.8
	Material
    Adverse Effect	 	3.2
	Mt.
    Emmons	 	Preamble
	November
    Offering	 	3.5
	Parties	 	Preamble
	Party	 	Preamble
	Preferred
    Stock	 	Preamble
	Preferred
    Stock Purchase Agreement	 	Preamble
	Report
    Preparer	 	3.14
	Required
    Approvals	 	3.5
	Restated
    Articles of Incorporation	 	2.4(a)(iv)
	SEC
    Reports	 	3.8
	Securities
    Act	 	Preamble
	September
    Offering	 	3.5
	Shares	 	Preamble
	Stock
    Award	 	3.26

 

Section
1.3 Interpretative Provisions. The words “hereof”, “herein” and “hereunder” and words
of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
Any initially capitalized terms used in any exhibit, annex or schedule but not otherwise defined therein, shall have the meaning
as defined in this Agreement. Whenever the words “include”, “includes” or “including” are
used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they
are in fact followed by those words or words of like import. The word “extent” in the phrase “to the extent”
means the degree to which a subject or other thing extends, and shall not simply mean “if”. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted
assigns of that Person.

 

    	4

     

    

 

ARTICLE
II 

PURCHASE
AND SALE

 

Section
2.1 Authorization of Shares. The Company has authorized the issuance to Mt. Emmons of the Shares.

 

Section
2.2 Purchase and Sale. Upon the terms and subject to the conditions set forth herein, at the Closing, the Company shall
issue (as applicable), assign, transfer, convey and deliver to Mt. Emmons the Exchange Consideration and, in consideration and
exchange for the Exchange Consideration, Mt. Emmons shall assign, transfer, convey and deliver to the Company, the Preferred Stock.

 

Section
2.3 Closing. The closing of the sale and exchange of the Exchange Consideration for the Preferred Stock contemplated by
this Agreement (the “Closing”) shall occur remotely via the exchange of documents and signatures on the date
hereof at such time as the parties hereto shall agree orally or in writing.

 

Section
2.4 Satisfaction of Dividends. Mt. Emmons agrees that all dividends accrued under the terms of the Preferred Stock shall
be deemed satisfied and paid in full in connection with the issuance of the Shares and payment of the Cash Exchange Consideration,
regardless of the aggregate value of the Exchange Consideration.

 

Section
2.5 Deliveries

 

(a)
At the Closing, the Company shall deliver or cause to be delivered to Mt. Emmons the following:

 

(i)
evidence satisfactory to Mt. Emmons in its reasonable discretion of the issuance of the Shares credited to book-entry accounts
maintained by the Transfer Agent, free and clear of all Liens, registered in such name(s) as Mt. Emmons shall have designated;

 

(ii)
the Cash Exchange Consideration via wire transfer of immediately available funds to an account specified by Mt. Emmons;

 

(iii)
evidence of the completed review by NASDAQ of the Listing of Additional Shares Notification Form related to the Shares; and

 

(iv)
a certificate of the Secretary of the Company certifying as complete and accurate as of the Closing and having attached thereto
(A) the Company’s Restated Articles of Incorporation as in effect on the Effective Date (the “Restated Articles
of Incorporation”), (B) the Company’s bylaws as in effect on the Effective Date (the “Bylaws”),
(C) resolutions approved by the Board of Directors authorizing the transactions contemplated by this Agreement and the other Transaction
Documents and duly authorizing the issuance of the Shares, and (D) good standing certificates with respect to the Company from
the applicable authority(ies) in Wyoming and any other jurisdiction in which the Company is qualified to do business, dated as
of the Effective Date or a recent date before the Effective Date, and certifying to the incumbency and signatures of the Company’s
officers executing the Transaction Documents.

 

    	5

     

    

 

(b)
At the Closing, Mt. Emmons shall deliver or cause to be delivered to the Company, as applicable, the following:

 

(i)
an affidavit of lost stock certificate for the Preferred Stock, duly executed by Mt. Emmons;

 

(ii)
a stock power and assignment, duly executed by Mt. Emmons, with respect to the transfer by Mt. Emmons to the Company of the Preferred
Stock; and

 

(iii)
a certificate of the Secretary of Mt. Emmons certifying all requisite resolutions or actions of Mt. Emmons’ board of directors
approving the execution and delivery of this Agreement and the transactions contemplated hereby (and attaching such resolutions
to such certificate), and certifying to the incumbency and signatures of the officers of Mt. Emmons executing this Agreement and
any other document relating to the transactions contemplated hereby and thereby.

 

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

Except
as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation
made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company represents
and warrants as of the Closing to Mt. Emmons as follows (unless as of a specific date therein):

 

Section
3.1 Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1. The
Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of
any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid,
non- assessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

Section
3.2 Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with
the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
The Company is not in violation or default of any of the provisions of its articles of incorporation, bylaws or other organizational
or charter documents, and no Subsidiary is in violation or default, in any material respect, of any provision of its certificate
or articles of incorporation, bylaws or other organizational or charter documents, in each case as in effect as of the Effective
Date. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, has not resulted in and could
not reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction
Document; (ii) a material adverse effect on the results of operations, cash flow, assets, business, prospects or condition (financial
or otherwise) of the Company and the Subsidiaries, taken as a whole; or (iii) a material adverse effect on the Company’s
ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii)
or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking,
limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

    	6

     

    

 

Section
3.3 Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s shareholders
in connection herewith or therewith other than the Required Approvals, all of which have been obtained as of the Closing (other
than the Exchange Act filing expressly contemplated to be made after the Closing pursuant to Section 5.5). This Agreement
and each other Transaction Document to which it is a party have been (or upon delivery will have been) duly executed by the Company
and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally; and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies.

 

Section
3.4 No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents
to which it is a party, the issuance and sale of the Shares and the consummation by it of the transactions contemplated hereby
and thereby do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents; (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing
a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected; or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii)
and (iii), such as has not resulted in and could not reasonably be expected to result in a Material Adverse Effect. Without limiting
the generality of the foregoing, the execution of this Agreement and the redemption or repurchase by the Company of the Preferred
Stock will not violate any statutory restrictions on the redemption or repurchase of the Company’s capital stock under any
applicable Law, including but not limited to Section 17-16-640 of the Wyoming Business Corporation Act.

 

    	7

     

    

 

Section
3.5 Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order
of, give any notice to, or make any filing or registration with, any court or other Governmental Entity or other Person in connection
with the execution, delivery and performance by the Company of this Agreement, other than: (i) the listing application filed with
NASDAQ pursuant to Section 2.4(a)(iii) and (ii) disclosures required to be made under the Exchange Act as contemplated
by Section 5.5 (collectively, the “Required Approvals”). Without limiting the generality of the foregoing,
the Company has received the necessary approvals, if any, of the Company’s prior investors, placement agent and underwriters
as may be required pursuant to (x) the terms and conditions of the Company’s agreements with the applicable investors and
the placement agent in connection with the registered direct offering of an aggregate of 315,810 shares of Common Stock at $5.25
per share (the “September Offering”), and (y) the terms and conditions of the Company’s agreement with
the underwriters in connection with the underwritten offering of an aggregate of 1,150,000 shares of Common Stock at a public
offering price of $3.00 per share (the “November Offering”).

 

Section
3.6 Issuance of the Shares. The Shares are duly authorized and, when issued in accordance with this Agreement, will be
duly and validly issued, fully paid and nonassessable, free and clear of all Liens. The issuance of the Shares is not subject
to any preemptive rights or rights of first refusal. Without limiting the generality of the foregoing, the Company has satisfied,
or obtained the waiver of, any preemptive rights or rights of first refusal granted in connection with the September Offering
and the November Offering.

 

Section
3.7 Capitalization.

 

(a)
The authorized capital stock of the Company consists of an unlimited number of shares of Common Stock and 100,000 shares of preferred
stock, par value $0.01 per share, of which 50,000 have been designated as Series P Preferred Stock and 50,000 have been designated
as Series A Convertible Preferred Stock. As of the Closing, immediately prior to the issuance of the Shares pursuant to this Agreement,
there were 2,989,983 shares of Common Stock issued and outstanding, 50,000 shares of Series A Convertible Preferred Stock issued
and outstanding, and no shares of Series P Preferred Stock issued and outstanding. All of the outstanding shares of capital stock
of the Company are duly authorized and validly issued, fully paid and non-assessable, and not subject to any redemption or preemptive
rights. No Subsidiary of the Company owns any shares of capital stock of the Company.

 

    	8

     

    

 

(b)
Immediately prior to the Closing, (i) a total of 31,367 shares of Common Stock are issuable pursuant to outstanding stock options
granted to directors, officers and employees with an exercise price of $64.78 per share, (ii) warrants to purchase 50,000 shares
of Common Stock with an exercise price of $3.92 per share are outstanding, and (iii) with respect to the Company’s Amended
and Restated 2012 Equity and Performance Incentive Plan, (A) 158,232 shares of restricted Common Stock are issued and outstanding
pursuant to such plan, (B) 68,000 shares of Common Stock are subject to issuance, but not yet issued or outstanding, pursuant
to awards granted pursuant such plan, and (C) 50,869 shares of Common Stock are reserved and available for issuance under such
plan, but are not yet issued, outstanding or subject to issuance pursuant to awards granted pursuant to such plan. There are no
Contracts to which the Company is a party obligating the Company to accelerate the vesting of any Stock Award as a result of the
transactions contemplated by the Transaction Documents. Except as set forth in this Section 3.7(b), there are no outstanding
(x) securities of the Company or any Subsidiary convertible into or exchangeable for shares of capital stock of the Company or
any Subsidiary, (y) options, warrants or other agreements or commitments to acquire from the Company or any of its Subsidiaries,
or obligations of the Company or any of its Subsidiaries to issue, any shares of capital stock of (or securities convertible into
or exchangeable for shares of capital stock of) the Company or any Subsidiary or (z) restricted shares, restricted stock units,
stock appreciation rights, performance shares, profit participation rights, contingent value rights, “phantom” stock
or similar securities or rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value
or price of, any shares of capital stock of the Company or any Subsidiary, in each case that have been issued by the Company or
any Subsidiary. All outstanding shares of Common Stock, all outstanding Stock Awards, and all outstanding shares of capital stock,
voting securities or other ownership interests in any Subsidiary of the Company, have been issued or granted, as applicable, in
compliance in all material respects with all applicable securities Laws.

 

(c)
There are no outstanding Contracts requiring the Company or any Subsidiary to repurchase, redeem or otherwise acquire any capital
stock of the Company or any Subsidiary. Neither the Company nor any Subsidiary is a party to any voting agreement or shareholders
agreement with respect to any capital stock of the Company or any Subsidiary and to the Knowledge of the Company there are no
such agreements between or among any of the Company’s shareholders.

 

(d)
No bonds, debentures, notes or other indebtedness issued by the Company or any Subsidiary (i) having the right to vote on any
matters on which shareholders, members or equityholders of the Company or any Subsidiary may vote (or which is convertible into,
or exchangeable for, securities having such right), or (ii) the value of which is directly based upon or derived from the capital
stock, voting securities or other ownership interests of the Company or any Subsidiary, are issued or outstanding.

 

(e)
Assuming that the Shares issued by the Company to Mt. Emmons pursuant to this Agreement are the only shares of Common Stock of
which Mt. Emmons has Beneficial Ownership, then upon the issuance by the Company of the Shares to Mt. Emmons, Mt. Emmons will
Beneficially Own 9.88% of the Common Stock outstanding immediately following the Closing. For the avoidance of doubt, immediately
following the issuance of the Shares, Mt. Emmons will Beneficially Own less than ten percent (10%) of the outstanding Common Stock.

 

    	9

     

    

 

Section
3.8 SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act for the two years preceding the date of this
Agreement, and will file such documents through the Closing (the foregoing materials, including the exhibits thereto and documents
incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely
basis or has received or will receive a valid extension of such time of filing and has filed or will file any such SEC Reports
prior to the expiration of any such extension. Except as disclosed in Schedule 3.8, as of their respective dates, the SEC
Reports complied or will comply in all material respects with the requirements of the Securities Act and the Exchange Act, as
applicable, and none of the SEC Reports, when filed, contained or will contain any untrue statement of a material fact or omitted
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading (except to the extent superseded by subsequently filed SEC Reports
filed prior to the Disclosure Date). The financial statements of the Company included in the SEC Reports comply or will comply
in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect
thereto as in effect at the time of filing. Such financial statements have been or will be prepared in accordance with United
States generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved,
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present or will fairly present in all material respects the financial
position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash
flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

Section
3.9 Material Changes; Undisclosed Events, Liabilities or Developments. Since December 31, 2019, except as specifically
disclosed in an SEC Report filed after December 31, 2019 and prior to the Disclosure Date: (i) there has been no event, occurrence
or development that has had or that could reasonably be expected to result in a Material Adverse Effect; and (ii) the Company
and its Subsidiaries have not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses
incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in
the Company’s consolidated financial statements pursuant to GAAP or disclosed in filings made with the Commission.

 

Section
3.10 Litigation. Except as disclosed in Schedule 3.10, there is no Proceeding pending or, to the Knowledge of the
Company, threatened against, related to or affecting the Company, any Subsidiary or any of their respective properties before
or by any court, arbitrator, or Governmental Entity (collectively, an “Action”) which (i) adversely affects
or challenges the legality, validity or enforceability of any of the Transaction Documents or the Shares or (ii) could, if there
were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any
Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or
liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and, to the Knowledge
of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current
or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness
of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. Neither the
Company nor any of its Subsidiaries is subject to any proceeding or action under any applicable Law relating to bankruptcy, reorganization,
insolvency, moratorium, fraudulent conveyance or preferential transfers, or similar Law relating to or affecting creditors’
rights generally. There is no Proceeding pending or, to the Knowledge of the Company, threatened against or affecting the Company
or any of their Affiliates, directors, officers or employees, involving any challenge to or seeking damages or other relief in
connection with any of the transactions contemplated by this Agreement or the other Transaction Documents or that may, to the
Knowledge of the Company, have the effect of preventing, delaying, making illegal or otherwise interfering with the transactions
contemplated by this Agreement or the other Transaction Documents.

 

    	10

     

    

 

Section
3.11 Labor. Schedule 3.11 sets forth the names and titles of all of the Company’s executive officers as of
the Effective Date. To the Knowledge of the Company, no current or former executive officer of the Company or any Subsidiary,
is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary
information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of
any third party, and the continued employment of each such currently employed executive officer does not subject the Company or
any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in
compliance with all Laws relating to employment and employment practices, terms and conditions of employment and wages and hours,
except where the failure to be in compliance has not had and could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

Section
3.12 Compliance with Laws; Permits. Except as set forth in the SEC Reports filed prior to the Disclosure Date, or in each
case as has not resulted in and could not reasonably be expected to result in a Material Adverse Effect, since December 31, 2019:

 

(a)
To the Knowledge of the Company, the operations and activities of the Company comply and have complied, in all material respects,
with all applicable Laws and Permits;

 

(b)
To the Knowledge of the Company, the Company possesses all Permits that are required by Law to permit the operations and activities
of the Company as currently conducted or operated; all such Permits are valid and are in full force and effect; all applications
or notices required to have been filed for the renewal or extensions of such Permits have been duly filed on a timely basis with
the appropriate Governmental Entity, and the Company has not been notified in writing that such renewals or extensions will be
withheld or delayed.

 

(c)
To the Knowledge of the Company, except as set forth on Schedule 3.12(c), the Company has not received any written notice
from any Governmental Entity or third party regarding (i) any violation of or failure to comply with, in any material respect,
any Law or Permit, (ii) any withdrawal, suspension, cancellation, termination of, or modification to any Permit held by the Company
or any employee of the Company, or (iii) any obligation on the part of the Company to undertake, or to bear all or any portion
of the cost of, any remedial action; and

 

(d)
To the Knowledge of the Company, no event has occurred that, with or without notice or lapse of time or both, could reasonably
be expected to result in the revocation, suspension, lapse or limitation of any Permit.

 

Section
3.13 Title to Assets; Properties. The Company and the Subsidiaries have good and marketable title in fee simple to all
real property owned by them except for unpatented mining claims and good and marketable title in all personal property owned by
them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for
the Permitted Liens. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under
valid, subsisting and enforceable leases with which the Company and the Subsidiaries, and to the Knowledge of the Company the
lessor(s), are in compliance.

 

    	11

     

    

 

Section
3.14 Reserve Reports. The Company has delivered or otherwise made available to Mt. Emmons true and correct copies of all
material written reports requested or commissioned by the Company or any Subsidiary and delivered to the Company or any Subsidiary
in writing on or before the date of this Agreement estimating the Company’s and such Subsidiaries’ proved oil and
gas reserves prepared by any unaffiliated person (each, a “Report Preparer”) concerning the oil and gas interests
of the Company and such Subsidiaries as of December 31, 2019 (the “Company Reserve Reports”). The factual,
non-interpretive data provided by the Company and the Subsidiaries to each Report Preparer in connection with the preparation
of the Company Reserve Reports that was material to such Report Preparer’s estimates of the proved oil and gas reserves
set forth in the Company Reserve Reports was, to the Knowledge of the Company, as of the time provided (or as modified or amended
prior to the issuance of the Company Reserve Reports) accurate, and to the Knowledge of the Company there were no material errors
in the assumptions and estimates provided by the Company and its Subsidiaries to any Report Preparer in connection with their
preparation of the Company Reserve Reports. The Company’s internal proved reserve estimates prepared by management prior
to the Closing, copies of which have been provided to Mt. Emmons were not, taken as a whole, materially lower than the conclusions
in such Company Reserve Reports. Except for changes generally affecting the oil and gas exploration, development and production
industry (including changes in commodity prices) and normal depletion by production, there has been no change in respect of the
matters addressed in the Company Reserve Reports that has resulted in and could reasonably be expected to result in a Material
Adverse Effect.

 

Section
3.15 Transactions with Affiliates and Employees. Except as set forth in the SEC Reports filed prior to the Disclosure Date,
none of the officers or directors of the Company or any Subsidiary and, to the Knowledge of the Company, none of the employees
of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services
as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of
services to or by, providing for rental of real or personal property to or from, or providing for the borrowing of money from
or lending of money to, or otherwise requiring payments to or from any officer, director or such employee or, to the Knowledge
of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director,
trustee, shareholder, member or partner, in each case involving an amount in excess of $120,000 other than for: (i) payment of
salary for services rendered; (ii) reimbursement for expenses incurred on behalf of the Company; and (iii) other employee benefits,
including Stock Awards under a Company Stock Plan.

 

    	12

     

    

 

Section
3.16 Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all
applicable requirements of the Sarbanes-Oxley Act of 2002 that are applicable to the Company and are effective as of the date
of this Agreement and as of the Effective Date, and any and all applicable rules and regulations promulgated by the Commission
thereunder that are effective as of the Effective Date. The Company and the Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s
general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements
in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) for the Company and the
Subsidiaries and designed such disclosure controls and procedures to provide reasonable assurance that information required to
be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers have evaluated
the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered
by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company
presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the
effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation
Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act)
that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of
the Company and its Subsidiaries.

 

Section
3.17 No Brokers. No broker, finder, investment banker, financial advisor or other person is entitled to any brokerage,
finder’s, or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements
made by or on behalf of the Company.

 

Section
3.18 No Registration. The offer, issuance, exchange and sale of the Shares by the Company to Mt. Emmons as
contemplated hereby is exempt from the registration requirements of the Securities Act pursuant to Section 3(a)(9) of the
Securities Act, and therefore no registration under the Securities Act is required for the offer, issuance, exchange and sale
of the Shares, and upon issuance the Shares will not be subject to restrictions on transfer under the U.S. federal securities
laws. The offer, issuance, exchange and sale of the Shares does not contravene the rules and regulations of
NASDAQ.

 

Section
3.19 Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the
Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act
of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

    	13

     

    

 

Section
3.20 Change of Control.

 

(a)
Neither the execution or performance of the Transaction Documents nor the issuance of the Shares by the Company will (i) entitle
any current or former director, officer, employee, independent contractor or consultant of the Company to severance pay or any
other payment; (ii) accelerate the time of payment, funding or vesting, or increase the amount of compensation (including stock-based
compensation) due to any such individual; (iii) limit or restrict the right of the Company to merge, amend, or terminate any Company
Stock Plan; (iv) increase the amount payable under or result in any other material obligation pursuant to any Company Stock Plan;
(v) result in “excess parachute payments” within the meaning of Section 280G(b) of the Internal Revenue Code (the
“Code”); or (vi) require a “gross-up” or other payment to any “disqualified individual”
within the meaning of Section 280G(c) of the Code.

 

(b)
Neither the execution or performance of the Transaction Documents nor the issuance of the Shares has obligated the Company to
make, nor will the Company be obligated to make, any payment to any Person or to issue any shares of capital stock to any Person
or provide any benefit or property to any Person in connection with any “change of control” or similar provisions
of the Company’s Contracts or organizational documents. No rights or benefits of any Person have been (or will be) accelerated,
increased or modified, and no Person has the right to receive any payment, shares of capital stock, benefit, property or remedy
(including rescission or liquidated damages), in each case as a result of any “change of control” or similar provisions
of the Company’s Contracts or organizational documents in connection with the execution and performance of the Transaction
Documents or issuance of the Shares by the Company.

 

Section
3.21 Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act,
and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. Except as disclosed in Schedule 3.21, the Company has not, in the twelve (12) months preceding
the date hereof, received notice from NASDAQ to the effect that the Company is not in compliance with NASDAQ’s listing or
maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company
and the Company is current in payment of any required fees of the Depository Trust Company in connection with such electronic
transfer.

 

Section
3.22 Application of Takeover Protections. No poison pill (including any distribution under a rights agreement) or other
similar anti-takeover provision or arrangement is in effect, and no shares of the Company’s Series P Preferred Stock are
issued and outstanding. The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other
anti-takeover provision under the Company’s Restated Articles of Incorporation, Bylaws, and the laws of the State of Wyoming
including but not limited to the Wyoming Management Stability Act, that is or could become applicable to Mt. Emmons as a result
of Mt. Emmons and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including
without limitation as a result of the Company’s issuance of the Shares and Mt. Emmons’ ownership of the Shares.

 

    	14

     

    

 

Section
3.23 Full Disclosure. No representation or warranty by the Company in this Agreement and no statement contained in the
Disclosure Schedules to this Agreement or any certificate or other document furnished or to be furnished to Mt. Emmons pursuant
to this Agreement contains any untrue statement of a material fact or omits to state any material fact necessary in order to make
the statements made therein, in light of the circumstances under which they were made, not misleading. The Company has disclosed
to Mt. Emmons, in the SEC Reports filed prior to filed prior to the Disclosure Date, and in this Agreement (including the Disclosure
Schedules), all information regarding the Company and its Subsidiaries material to Mt. Emmons’ decision to exchange the
Preferred Stock for the Exchange Consideration. Without limiting the generality of the foregoing, except as disclosed in Schedule
3.23, as of the Closing, the Company is not contemplating, considering, discussing or negotiating, and has not entered into
any Contract or other agreement, letter of intent, commitment, agreement in principle or similar arrangement (whether written
or oral, binding or nonbinding), relating to any plan, proposal, agreement, arrangement or action that if effectuated, taken or
entered into prior to the Closing (a) involves or results in, would involve or result in, or would reasonably be expected to involve
or result in (i) a “Liquidation” as defined in Section 5 of the Certificate of Designations for the Preferred Stock,
or (ii) a “Change of Control” pursuant to (and as defined in) Section 8 of the Certificate of Designations for the
Preferred Stock; or (b) that requires, would require or would reasonably be expected to require the consent or approval of Mt.
Emmons pursuant to Section 6(b) of the Certificate of Designations for the Preferred Stock.

 

Section
3.24 No Integrated Offering. Assuming the accuracy of Mt. Emmons’ representations and warranties set forth in Article
IV of this Agreement, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering of the Shares to be integrated with other offerings by the Company for purposes of the exemption of
the offer and sale of the Shares to Mt. Emmons from registration under the Securities Act and state securities laws, and any applicable
shareholder approval provisions of NASDAQ.

 

Section
3.25 Accountants. Plante & Moran, PLLC, who have audited certain consolidated financial statements of the Company and
its Subsidiaries are independent public accountants with respect to the Company and its Subsidiaries within the applicable rules
and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by
the Securities Act.

 

Section
3.26 Company Stock Plans. All benefit, compensation and award plans administered by the Company that provide for the award
of rights of any kind to receive shares of Common Stock or benefits measured in whole or in part by reference to shares of Common
Stock (each a “Company Stock Plan”) are listed on Schedule 3.26 of the Disclosure Schedules. Each award
granted by the Company under a Company Stock Plan (each a “Stock Award”) was granted (i) in accordance with
the terms of the applicable Company Stock Plan and (ii) if applicable, with an exercise price at least equal to the fair market
value of the Common Stock on the date such Stock Award would be considered granted under GAAP and applicable law. No Stock Award
granted under a Company Stock Plan has been backdated. The Company has not knowingly granted, and there is no and has been no
Company policy or practice to knowingly grant, Stock Awards prior to, or otherwise knowingly coordinate the grant or vesting of
Stock Awards with, the release or other public announcement of material information regarding the Company or its Subsidiaries
or their financial results or prospects.

 

    	15

     

    

 

Section
3.27 Tax Status. Except for matters that could not, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect, the Company (i) has made or filed all United States federal, state and local income and all
foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in
any material amount claimed to be due by the taxing authority of any jurisdiction, and to the Knowledge of the Company no basis
for any such claim exists.

 

ARTICLE
IV

REPRESENTATIONS
AND WARRANTIES OF MT. EMMONS

 

Mt.
Emmons represents and warrants as of the Closing to the Company as follows:

 

Section
4.1 Organization; Authority.Mt. Emmons is an entity duly incorporated, validly existing and in good standing under the
laws of the State of Delaware with full right, corporate power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and
delivery of the Transaction Documents and performance by Mt. Emmons of the transactions contemplated by the Transaction Documents
have been duly authorized by all necessary corporate action, as applicable, on the part of Mt. Emmons, and no further action is
required by Mt. Emmons, its board of directors or its stockholder in connection herewith or therewith. Each Transaction Document
to which it is a party has been (or upon delivery will have been) duly executed by Mt. Emmons, and when delivered by Mt. Emmons
in accordance with the terms hereof, will constitute the valid and legally binding obligation of Mt. Emmons, enforceable against
it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally; and
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

 

Section
4.2 Absence of Conflicts. The execution and delivery of this Agreement by Mt. Emmons does not, and the consummation of
the transactions contemplated hereby will not, (i) conflict with or violate the articles of incorporation or bylaws of Mt. Emmons
or (ii) conflict with or violate in any material respect any Law or Governmental Order applicable to Mt. Emmons.

 

Section
4.3 Ownership of Preferred Stock. The Preferred Stock is owned of record and beneficially by Mt. Emmons. Mt. Emmons is
the sole record and beneficial owner of the Preferred Stock and has good and marketable title to all of the Preferred Stock, free
and clear of any Liens, except for such transfer restrictions as are required under applicable law (including the Securities Act).
Mt. Emmons has sole managerial and dispositive authority with respect to the Preferred Stock and has not granted any person a
proxy or option to buy the Preferred Stock that has not expired or been validly withdrawn. No Preferred Stock has been pledged
or encumbered by Mt. Emmons. The transfer and delivery of the Preferred Stock to the Company as provided in this Agreement will
vest in the Company the legal and valid title to the Preferred Stock, free and clear of all Liens, except for such transfer restrictions
as are required under applicable law (including the Securities Act).

 

    	16

     

    

 

ARTICLE
V

OTHER
AGREEMENTS

 

Section
5.1 Acknowledgement of No Set Off. The Company acknowledges that its obligations under the Transaction Documents to issue
the Shares pursuant to this Agreement are unconditional and absolute and not subject to any right of set off, counterclaim, delay
or reduction, regardless of or any claim the Company may have against Mt. Emmons and regardless of the dilutive effect that such
issuance may have on the ownership of the other shareholders of the Company.

 

Section
5.2 Survival.

 

(a)
All representations, warranties, covenants and obligations in this Agreement, the Disclosure Schedules, and any other document,
certificate or instrument delivered pursuant to this Agreement shall survive the Closing and the consummation of the transactions
contemplated by this Agreement, subject to Section 5.2(b).

 

(b)
The Company will have liability pursuant to this Agreement with respect to any breach of a representation or warranty in this
Agreement only if Mt. Emmons notifies the Company of a claim in writing, specifying the factual basis of the claim in reasonable
detail to the extent then known by Mt. Emmons, on or before June 30, 2022, except for claims of breaches of the representations
and warranties set forth in Sections 3.2, 3.3, 3.4, and 3.7, which shall survive indefinitely and
as to which Mt. Emmons may notify the Company at any time after the Effective Date.

 

Section
5.3 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares
in a manner that would require the registration under the Securities Act of the sale of the Shares or that would be integrated
with the offer or sale of the Shares for purposes of the rules and regulations of NASDAQ such that the issuance of the Shares
pursuant to this Agreement would require approval of the Company’s shareholders.

 

Section
5.4 Listing of Shares. The Company shall take all steps necessary to (a) cause the Shares to be approved for listing
or quotation on NASDAQ; (b) provide to Mt. Emmons at or not more than fifteen (15) days after the Closing evidence of such
approval for listing or quotation, including, without limitation, written evidence of the completed review by NASDAQ of the
Listing of Additional Shares Notification Form related to the Shares; and (c) use its reasonable best efforts to maintain the
listing or quotation of such Shares on NASDAQ or another national securities exchange.

 

    	17

     

    

 

Section
5.5 Securities Laws Disclosure; Publicity. The Company shall file all required Current Reports on Form 8-K relating to
the transactions contemplated by the Transaction Documents, including all required exhibits thereto, with the Commission within
the time required by the Exchange Act; provided that the Company shall submit a draft of such Form 8-K(s) to Mt. Emmons and provide
Mt. Emmons with two business days to review and comment on such Form 8-K(s). The Parties shall consult with each other prior to
issuing any press releases with respect to the transactions contemplated by the Transaction Documents, and neither Party shall
issue any press release nor otherwise make any public statement with respect to the transactions contemplated by the Transaction
Documents without the prior consent of the other Party, which consent shall not unreasonably be withheld or delayed, except if
such disclosure is required by Law or NASDAQ, in which case the disclosing Party shall provide the other Party with notice of
such press release or public statement as promptly as possible. Notwithstanding anything else contained in this Section 5.5,
except for any press releases or public statements regarding the transactions contemplated by the Transaction Documents made in
connection with and immediately following the Closing, Mt. Emmons shall not be required to consult with the Company regarding
any press release or other public statement after the Closing.

 

Section
5.6 Termination of Investor Rights Agreements. Upon the Company’s delivery to Mt. Emmons of the Exchange Consideration
in exchange for the delivery by Mt. Emmons to the Company of the Preferred Stock, the Investor Rights Agreement by and between
the Company and Mt. Emmons dated as of February 11, 2016 shall terminate.

 

Section
5.7 Non-Affiliate Status. Assuming that the Shares issued by the Company to Mt. Emmons pursuant to this Agreement are the
only shares of Common Stock of which Mt. Emmons has Beneficial Ownership, the Company will not consider Mt. Emmons to be an Affiliate
of the Company for purposes of the U.S. federal securities laws immediately after the Closing.

 

Section
5.8 Restrictions on Sales of the Shares. Mt. Emmons agrees that, without the prior written consent of the Company, it will
not, until April 1, 2021, offer, sell or contract to sell, or otherwise transfer or dispose of, directly or indirectly, the Shares.
Notwithstanding the foregoing and for the avoidance of doubt, nothing in this Agreement (including this Section 5.8) shall
prevent, limit or impair any right Mt. Emmons may have, and the Company expressly acknowledges and agrees that from and after
the Closing Mt. Emmons shall have the right, to cause or permit all or any portion of the Shares to be transferred to any Affiliate
of Mt. Emmons, subject to Section 6.6, including that the transferee remains bound by the restrictions set forth in this
Section 5.8 to the same extent as if Mt. Emmons continued to hold such Shares.

 

ARTICLE
VI 

MISCELLANEOUS

 

Section
6.1 Fees and Expenses. Each Party shall pay the fees and expenses of its own advisers, counsel, accountants and other experts,
if any, and all other expenses incurred by such Party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement and the other Transaction Documents. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes
and duties levied in connection with the acquisition of the Preferred Stock by the Company and the delivery of the Shares to Mt.
Emmons.

 

    	18

     

    

 

Section
6.2 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, taken together, are
expressly intended by the Parties to be, shall be and constitute the Parties’ single, entire, non-severable, indivisible
and integrated agreement, and none of the Parties would have entered into any of the Transaction Documents but for the totality
of terms and provisions of the Transaction Documents. The Transaction Documents, together with the exhibits and schedules thereto,
contain the entire understanding of the Parties with respect to the subject matter hereof and thereof and supersede all prior
agreements and understandings, oral or written, with respect to such matters, which the Parties acknowledge have been merged into
such documents, exhibits and schedules.

 

Section
6.3 Notices. All notices, demands, and other communications hereunder shall be in writing, and shall be deemed to have
been duly given if delivered personally, or if mailed by certified mail, return receipt requested, postage prepaid, or sent by
nationally recognized overnight carrier, as follows:

 

	If
    to Mt. Emmons:	Mt.
    Emmons Mining Company
	 	Attention:
                                         General Counsel

        333
        North Central Avenue

        Phoenix,
        Arizona 85004-2189

	 	 
	with
    a copy to:	Jones
                                         Walker, L.L.P.

        Attention:
        Dionne Rousseau

        445
        North Blvd., Suite 800

        Baton
        Rouge, Louisiana 70802

	 	 
	If
    to the Company:	U.S.
    Energy Corp.
	 	Attention:
                                         Ryan Smith

        675
        Bering Dr., Suite 100

	 	Houston,
    Texas 77057
	 	 
	with
    a copy to:	The
                                         Loev Law Firm, PC

        Attn:
        David M. Loev

	 	6300
                                         West Loop South, Suite 280

        Bellaire,
        Texas 77401

 

or
to such other address and with such other copies as such Party may hereafter reasonably specify for the purpose by notice to the
other Party, with at least 10 days prior written notice. Each such notice, demand or other communication shall be effective upon
delivery at the address specified in this Section 6.3.

 

Section
6.4 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed by the Company and Mt. Emmons. No waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of
any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder
in any manner impair the exercise of any such right.

 

    	19

     

    

 

Section
6.5 Headings; Gender. When a reference is made in this Agreement to a section, exhibit or schedule, such reference shall
be to a section, exhibit or schedule of this Agreement unless otherwise indicated. The table of contents and headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
All personal pronouns used in this Agreement shall include the other genders, whether used in the masculine, feminine or neuter
gender, and the singular shall include the plural and vice versa, whenever and as often as may be appropriate.

 

Section
6.6 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of Mt. Emmons. Mt. Emmons may assign any or all of its rights under this Agreement to any Affiliate of Mt. Emmons to whom
Mt. Emmons assigns or transfers any Shares, with written notice to the Company, provided that such transferee agrees in writing
to be bound, with respect to the transferred Shares, by the provisions of the Transaction Documents that apply to “Mt. Emmons.”

 

Section
6.7 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the Parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person
or entity.

 

Section
6.8 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by the internal laws of the State of Wyoming, United States of America, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of Wyoming or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of Wyoming.

 

Section
6.9 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their
commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as
that contemplated by such term, provision, covenant or restriction.

 

Section
6.10 Remedies Cumulative. The rights and remedies of the Parties are cumulative and not alternative.

 

Section
6.11 Mutual Drafting. This Agreement is the mutual product of the Parties and each provision hereof has been subject to
the mutual consultation, negotiation and agreement of each of the Parties, and shall not be construed for or against any Party
hereto.

 

Section
6.12 Legal Fees and Costs. In the event a Party elects to incur legal expenses to enforce or interpret any provision of
this Agreement by judicial proceedings, the prevailing Party shall be entitled to recover such legal expenses, including reasonable
attorneys’ fees, costs, and necessary disbursements at all court levels, in addition to any other relief to which such Party
shall be entitled.

 

Section
6.13 Enforcement of Agreement. The Parties agree that irreparable damage would occur in the event that any of the provisions
of this Agreement was not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed
that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions hereof in any court of competent jurisdiction, this being in addition to any other remedy to which they
are entitled at law or in equity.

 

Section
6.14 Execution; Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each Party and
delivered to the other Party, it being understood that the Parties need not sign the same counterpart. In the event that any signature
is delivered by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such “.pdf”
signature page was an original thereof.

 

*
* * * * * * * * *

 

    	20

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed by the parties hereto as of the day and year first written above.

 

	 	COMPANY:
	 	 
	 	U.S.
    ENERGY CORP.
	 	 
	 	
	 	 
	 	MT.
    EMMONS:
	 	 
	 	

 

[Signature Page to Exchange Agreement]EX-10.1

 Exhibit 10.1 

Executed Copy 
 MANAGEMENT
AGREEMENT 
 THIS MANAGEMENT AGREEMENT (this “Agreement”) made as of the
18th day of December, 2020, by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), CERES CLASSIC L.P., a Delaware limited partnership (the
“Partnership”) and Campbell & Company, LP a Delaware limited partnership (“Campbell” 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 substantial capital appreciation; and 

WHEREAS, such trading is to be conducted directly or indirectly through investment in a master fund of which CMF would be the trading manager
and Campbell would be the advisor; 
 WHEREAS, the Ninth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as
of November 25, 2020 (the “Partnership Agreement”), permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership; and 

WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is a
member of National Futures Association (“NFA”); and 
 WHEREAS, CMF is registered as a commodity trading advisor and a commodity
pool operator with the CFTC and is a member of NFA; and 
 WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement
in order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity interest trading activities during the term of this Agreement. 

NOW, THEREFORE, the parties agree as follows: 

1.    DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, effective
January 1, 2021, 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 a master fund, allocated to it from time to time by CMF in the instruments listed in Appendix C of this Agreement, as amended from
time to time. The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with
the trading policies of CMF expressly set forth in Appendix A 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”), provided
that the Advisor shall notify CMF of its inability to comply with the new CMF Trading Policies within one (1) business day of notice of such change, and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in
managing the Partnership’s assets allocated to it. CMF has initially selected the Advisor’s Campbell Managed Futures Portfolio (the “Strategy”), as described in Appendix B 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 trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The
Advisor may not deviate from the CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or
will not result in losses. 

 (b)    CMF acknowledges receipt of the description of the Strategy,
attached hereto as Appendix B. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through a 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, independent floor broker and any
give-up or floor brokerage fees are approved in advance by CMF. The initial list of approved executing brokers is attached as Appendix D hereto. 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 invested in accordance with the
Strategy, as described in Appendix B. The Partnership and the Advisor agree that the Advisor shall trade the initial allocation, either directly or indirectly through a master fund, at a trading level confirmed to the Advisor by CMF. In the
event the Advisor wishes to use a trading system or methodology other than or in addition to the Strategy 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 business 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 cause the description of the trading strategy or methods described in Appendix B or
the Partnership’s current Confidential Private Placement Offering Memorandum and Disclosure Document (“Memorandum”), as applicable, to be materially inaccurate. 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 hereto as Appendix C) 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. Monthly reports will be deemed to be delivered when received by email at the email address(es) for notices indicated in Section 13. 

 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. 

(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 officers, partners and employees, 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 CMF’s fiduciary obligations to the Partnership or the
reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they
will keep all such advice confidential. 
 (e)    The Advisor understands and agrees that CMF may designate other
trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Asset Value 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 Asset Value of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in
any regard the respective rights and obligations of the parties hereunder. 
 (f)    CMF may, from time to time, in its
absolute discretion, select additional trading advisors and reapportion funds among the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar
month. The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund
redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or
liquidations, after which the Advisor will have a maximum of two business days to effect the specified liquidation. CMF and the Advisor acknowledge that, should the amount of the Partnership’s assets under the Advisor’s management be
increased, this notice period may be extended upon the mutual consent of the parties, which consent shall not be unreasonably withheld. 

 (g)    The Advisor shall assume financial responsibility subject to a de
minimis threshold (currently $500.00 or less) 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’s errors shall include, but not be limited to, inputting improper
trading signals or communicating incorrect orders to the commodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors caused by the Advisor or
any of its executing brokers identified in Appendix D with respect to the account, and the Advisor shall use its best efforts to identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in
accordance with its instructions to any broker utilized to execute orders for the Partnership. 
 2.    INDEPENDENCE
OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not
be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor. The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading
advisor to the Partnership. 
 3.    COMPENSATION. (a) In consideration of and as compensation for all of the
services to be rendered by the Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 20% of Trading Profits (as such term is defined below) earned by the Advisor
for the Partnership (the “Incentive Fee”) and (ii) a monthly fee for professional management services equal to 1.25% per year of the beginning of the month Net Asset Value of the Partnership allocated to the Advisor (computed monthly
by multiplying the Net Asset Value of the Partnership allocated to the Advisor as of the first day of each month by 1.25% and dividing the result thereof by 12) (the “Management Fee”). 

(b)    “Net Asset Value of the Partnership” shall have the meaning set forth in Section 7(d)(1) of the
Partnership Agreement and, unless the Advisor consents in writing, without regard to further amendments thereto, provided that in determining the Net Asset Value of the Partnership on any date, no adjustment shall be made to reflect any
distributions, redemptions, administrative fees or incentive fees accrued or payable as of the date of such determination. 

(c)    “Trading Profits” shall mean the excess, if any, of Net Asset Value of the Partnership managed by the
Advisor at the end of the fiscal period over Net Asset Value of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Asset Value 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 Asset Value 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 assets managed by the Advisor (but shall be paid by the Partnership) 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. No Incentive Fee shall be paid to the Advisor until the end of the first quarterly period 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 quarterly period of such trading (which, for the avoidance of doubt, shall be March 31, 2021). Interest
income earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Asset Value of the Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of
additions), there shall be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive Fee. 

 (d)    Quarterly 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 quarter or a calendar month, as the
case may be, the quarterly Incentive Fee shall be computed as if the effective date of termination were the last day of the then current annual period and the monthly Management Fee shall be prorated to the effective date of termination. If, during
any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management Fee shall be prorated by the ratio which the
number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 

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

4.    RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) The services provided by the Advisor hereunder are not 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, partners and employees may render advisory, consulting and management services to other clients and
accounts. The Advisor and its officers, partners, and employees shall be free to trade for their own accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the same information,
computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the rendering of
such consulting, advisory and management services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies for the Partnership and will not affect the capacity of the Advisor to continue to
render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 
 (b)    If, at
any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in writing that 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 other accounts managed by the Advisor. The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately
use trading programs, strategies or methods for the Partnership that are inferior to strategies or methods employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any
other client or account in any manner, it being acknowledged, however, that different trading programs, strategies or methods may be utilized for differing sizes of accounts, accounts with different trading policies or risk parameters, accounts
experiencing differing inflows or outflows of equity, accounts that commence trading at different times, accounts that have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other
differences, and that such differences may cause divergent trading results. 

 (c)    It is acknowledged that the Advisor and/or its officers,
employees and partners presently act, and 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 that utilize the Strategy, if any, as shall be reasonably requested by CMF. The Advisor presently
believes and represents that existing speculative position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its
principals’ current accounts and all proposed accounts for which they have contracted to act as trading advisor. 

5.    TERM. (a) This Agreement shall continue in effect until December 31, 2021 (the “Initial Termination
Date”). If this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall continue to
renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. At any time during the term of this Agreement, CMF may elect to terminate this Agreement with five
(5) days’ notice to the Advisor; provided however, that CMF may 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 $5.00 or less;
(ii) the Net Asset Value of the Partnership allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 40% or more as of the end of a trading day from the previous highest Net Asset Value
of the Partnership; (iii) limited partners owning not less than a “Majority of Units” (as defined in Section 4(a) of the Partnership Agreement) in the Partnership shall vote to require CMF to terminate this Agreement;
(iv) the Advisor fails to comply with the terms of this Agreement (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate
this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; (vii) the Advisor fails to conform to the CMF Trading Policies as they may be
changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent; (ix) if D. Keith Campbell, G. William Andrews, or Dr. Kevin Cole
dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Strategy, or is otherwise not managing the trading programs or systems of the Advisor; (x) the Advisor’s registration as a commodity trading advisor with
the CFTC or its membership in NFA or any other regulatory authority, is terminated or suspended; (xi) CMF reasonably believes that the Advisor has or may contribute to any material operational, business or reputational risk to CMF or CMF’s
affiliates; or (xii) the Partnership’s Net Assets fall below $1,000,000 at any time. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution. 

 (b)    The Advisor may terminate this Agreement by giving not less than
30 days’ written notice to CMF (i) after the Initial Termination Date or (ii) 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 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 14 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 limitations,
attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 

(iii)    Any indemnification under subsection (i) above, unless ordered by a court or administrative forum, shall be
made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met the applicable standard of
conduct set forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, whose 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), incurred in connection therewith. 

(v)    As used in this Section 6(a), the term “Advisor” shall include the Advisor, its principals,
officers, partners and employees and the term “CMF” shall include the Partnership. 
 (b)(i)    The Advisor
agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees,
collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement reasonably incurred by them (A) as a result of the breach of any representations and warranties or covenants made by the Advisor in this
Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if (i) there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Section 14
hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in
Section 1(g)), or (ii) there has been a settlement of any action or proceeding with the Advisor’s prior written consent. 

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

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

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

 (e)    The provisions of this Section 6 shall survive the
termination of this Agreement. 
 7.    REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a)    The Advisor represents and warrants that: 

(i)    All information with respect to the Advisor and its principals and the trading performance of any of them that has
been provided to CMF, including, without limitation, the description of the Strategy contained in Appendix B, 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 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 pursuant to the Strategy 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 Strategy. 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. 

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

(iv)    The Advisor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization and has full corporate 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 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 general partner to the Partnership and the Partnership will not, breach or cause to be
breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the performance of its duties under this Agreement. 

(v)    CMF is registered as a commodity pool operator and is a member of NFA, and it will maintain and renew such
registration and membership during the term of this Agreement. 
 (vi)    The Partnership is a “qualified eligible
person” as defined in Rule 4.7 under the Commodity Exchange Act. 
 (vii)    The Partnership is a limited
partnership duly organized and validly existing under the laws of the State of Delaware and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement. 

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

(a)    The Advisor agrees as follows: 

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

 (ii)    The Advisor will promptly notify CMF of the commencement of any
investigation, suit, action or proceeding (collectively, an “action”) involving the Advisor or any of its officers, partners or employees, agents or representatives regardless of whether such investigation, suit, action or proceeding also
involves CMF. The Advisor shall promptly notify CMF of any action against an affiliate where such action is (a) taken either in relation to the business of the Advisor or (b) adversely affects the business of the Advisor. The Advisor will
provide CMF with copies of any correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with any
material, non-routine investigation, examination or audit of the Advisor’s business activities unless such disclosure is otherwise prohibited by applicable law or regulation; provided, however, that any
such correspondence provided to CMF by the Advisor shall be subject to Section 9 hereof. 
 (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 subject to a de minimis threshold (currently $500.00 or less) committed by the Advisor or its
principals or employees with respect to the Partnership’s assets managed by the Advisor; (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 USD $1,000,000 during the term of this Agreement. 

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

(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. 
 (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. 
 (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. 

10.    COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties pertaining to the
subject matter hereof. 
 11.    ASSIGNMENT. This Agreement may not be assigned by any party without the express
written consent of the other parties. 
 12.    AMENDMENT. This Agreement may not be amended except by the
written consent of the parties. 
  

	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. 

 13.    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 mail (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt
requested, postage prepaid, 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: 

Campbell & Company, LP 

2850 Quarry Lake Drive 

Baltimore, MD 21209 
 Attention:
General Counsel 
 Email: legal@campbell.com 

14.    GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York. 
 15.    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. 

16.    NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain
persons not parties to this Agreement may have rights under Section 6 hereof. 
 17.    COUNTERPART
ORIGINALS. 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. Any signature on the signature page of this
Agreement may be an original or electronically transmitted signature or may be executed by applying an electronic signature using DocuSign© or, if permitted by CMF (such permission not to be
unreasonably withheld), any other similar program. 
 [Signature Page Follows] 

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

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

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

 

			
	CERES MANAGED FUTURES LLC	  	CAMPBELL & COMPANY, LP
		
	By:      /s/ Patrick T. Egan                    	  	By:     /s/ Thomas P. Lloyd
	Patrick T. Egan	  	Name:     Thomas P. Lloyd
	 President and Director
  
	  	Title:       General Counsel & Chief Compliance Officer
		  	By:     /s/ Gabriel A. Morris
		  	Name:     Gabriel A. Morris
	CERES CLASSIC L.P.	  	 Title:       Chief Operating Officer

		
	 By:    Ceres Managed Futures LLC
	  	
	(General Partner)	  	
		
	By:      /s/ Patrick T. Egan                    	  	
	Patrick T. Egan	  	
	President and Director	  	

 APPENDIX A 

CMF Trading Policies 
 The
Partnership, either directly or indirectly through its investment in a master fund, and the Advisor will follow the trading policies set forth below: 
  

	 	1.	 The Advisor shall trade only in those Futures Interests (as defined in Section 3 of the Partnership
Agreement) that have been approved by CMF. The Partnership normally will not establish new positions in a futures interest for any one contract month or option if such additional positions would result in a net long or short position for that
futures interest requiring as margin or premium more than 15% of the Partnership’s Net Assets. 

  

	 	2.	 The Partnership shall not acquire additional positions in any futures interest if such additional positions
would result in the aggregate net long or short positions for all futures interests requiring as margin or premium for all outstanding positions more than 66 2/3% of the Partnership’s Net Assets. Under certain market conditions, such as an
abrupt increase in margins required by a commodity exchange or its clearinghouse or an inability to liquidate open positions because of daily price fluctuation limits, or both, the Partnership may be required to commit as margin amounts in excess of
the foregoing limit. In such event, the Advisor shall reduce its open positions to comply with the foregoing limit before initiating new positions. 

  

	 	3.	 The Partnership shall trade currencies and other commodities in the interbank and forward contract markets only
with banks, brokers, dealers, and other financial institutions which CMF, in conjunction with MS&Co., has determined to be creditworthy. In determining the creditworthiness of a counterparty to a forward contract, CMF and MS&Co. shall
consult with the Corporate Credit Department of MS&Co. 

  

	 	4.	 The Advisor shall not generally take a position after the first notice day in any Futures Interest during the
delivery month of that Futures Interest, except to match trades to close out a position on the interbank foreign currency or other forward markets or liquidate trades in a limit market. 

 

	 	5.	 The Partnership shall not employ the trading technique commonly known as “pyramiding,” in which the
speculator uses unrealized profits on existing positions in a given Futures Interest due to favorable price movement as margin specifically to buy or sell additional positions in the same or a related Futures Interest. Taking into account the
Partnership’s open trade equity on existing positions in determining generally whether to acquire additional Futures Interest positions on behalf of the Partnership shall not be considered to constitute “pyramiding.”

	 	6.	 The Partnership shall not under any circumstances lend money to Affiliates (as defined in Section 14(c) of
the Partnership Agreement) or otherwise. The Partnership shall not utilize borrowings except if the Partnership purchases or takes delivery of commodities. If the Partnership borrows money from CMF or any Affiliate thereof, the lending entity in
such case (the “Lender”) may not receive interest in excess of its interest costs, nor may the Lender receive interest in excess of the amounts which would be charged the Partnership (without reference to the CMF’s financial abilities
or guarantees) by unrelated banks on comparable loans for the same purpose, nor may the Lender or any Affiliate thereof receive any points or other financing charges or fees regardless of the amount. Use of lines of credit in connection with its
forward trading does not, however, constitute borrowing for purposes of this trading limitation. 

  

	 	7.	 The Partnership shall not permit “churning” of the Partnership’s assets. 

 

	 	8.	 The Partnership shall not purchase, sell, or trade securities (except securities permitted by the CFTC for
investment of customer funds). The Partnership may, however, trade in futures contracts on securities and securities indexes, options on such futures contracts, and other commodity options. 

 APPENDIX B 

Description of the Strategy 

Campbell & Company will trade the Partnership’s assets in accordance with its Campbell Managed Futures Portfolio. Campbell & Company
began trading its Campbell Managed Futures Portfolio for client accounts in April 1983. The objective of the Campbell Managed Futures Portfolio is consistent with the Partnership’s objective of seeking positive returns from the speculative
trading of a portfolio of derivatives, such as futures and forward contracts. 
 The Campbell Managed Futures Portfolio seeks to generate attractive risk
adjusted returns across a broad range of market conditions through systematic investments in a diversified portfolio of futures contracts and deliverable and non-deliverable forward contracts in a diverse
array of global assets, including global interest rates, stock indices, currencies and commodities. The Campbell Managed Futures Portfolio combines a number of quantitative investment strategies and incorporates unique alpha sources across trend
following, systematic macro, and short-term strategies. Trend following strategies use statistical methods to discover and capitalize on market inefficiencies. Diversification across time horizons and model specifications is key to capturing these
alpha opportunities. Systematic macro strategies recognize that macroeconomic drivers exert substantial influence on asset pricing and return potential exists for those able to identify and exploit these relationships. These strategies use price and
exogenous information (such as fundamental data) including term structure information and economic linkages among markets. Short-term strategies seek to identify market dislocations which are driven by a diverse set of nontraditional factors to
capture short-term profits. The strategies utilize both momentum and mean reversion methods: momentum strategies seek to identify situations when traders may be chasing recent price movements, while mean reversion strategies attempt to detect when
these movements have exhausted. Additional models, markets and/or over-the-counter contracts may also be included or eliminated from time to time at Campbell &
Company’s sole discretion without notice to unitholders, but in certain circumstances with general partner approval. 
 Futures are standardized
contracts traded on commodity exchanges that call for the future delivery of commodities at a specified time and place. While futures contracts are traded on a wide variety of commodities, Campbell & Company will concentrate its futures
trading in financial instruments such as interest rates, stock index contracts, softs, grains, meats, and metal and energy contracts. The U.S. futures markets are regulated under the Commodity Exchange Act, which is administered by the CFTC.
Campbell & Company will trade futures positions on margin, meaning that Campbell & Company will utilize leverage in its trading. 

  
 17 

 Currencies and other commodities may be purchased or sold by Campbell & Company for future delivery
or cash settlement through banks or dealers pursuant to forward or swap contracts. Unlike futures contracts, forward and swap contracts are not standardized. Campbell & Company may enter into swap transactions, which are individually
negotiated, non-standardized agreements between two parties to exchange cash flows measured by different interest rates, exchange rates or prices, with payments calculated by reference to a principal amount or
quantity. The recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act includes provisions that comprehensively regulate swap transactions for the first time, such as mandatory central clearing, and many foreign governmental
authorities are in the process of contemplating similar regulatory intervention in the swap markets. 
 Since 1972, Campbell & Company has
specialized in absolute return investment management, focusing on trend following and other quantitative strategies. The firm maintains a discipline in quantitative modeling including developing systematic investment strategies driven by scientific
analysis of technical, macro, and econometric data across global financial and commodity markets. The firm seeks to generate attractive absolute and risk-adjusted returns across a broad range of market conditions through systematic investment in a
diversified portfolio of futures and forwards. The investment research team conducts scientific analysis of market data to identify market trends and to extract empirical relationships occurring within and across markets and asset classes globally.
Investment theses are converted into mathematical models that can be historically tested. Once an investment thesis is developed and thoroughly tested, it undergoes a rigorous peer review process to evaluate strength of theory and robustness. Model
assumptions, indicator selection, and other criteria are also analyzed, including tail risk and drawdown potential as well as transaction and slippage costs. New ideas must demonstrate efficacy on a stand-alone basis while complimenting the existing
portfolio. The Investment Committee approves all new models and changes to existing models. 
 Campbell & Company’s investment philosophy is
driven by a belief that markets are broadly efficient but trends emerge and remain due to shifts in supply, demand, and other economic factors. Asset mispricing can occur as a result of instability and uncertainty in markets, strongly-held opinions
by market participants, or an unreliable flow of market information. Campbell & Company seeks to systematically identify price trends and to develop macro and fundamental themes that exploit asset mispricing. 

Holding periods for Campbell & Company positions can vary from 1 day to 12 months or longer. Model signals are aggregated at the portfolio level to
produce a net portfolio position, reducing transaction costs and market impact. Portfolio composition, including contracts traded and sector allocations, may change at any time if Campbell & Company determines such change to be in the best
interests of the Partnership. As an example, natural gas is a market that is traded within the commodities sector. 
 Under normal conditions, the portfolio
targets a steady risk posture within defined risk bands set by the Investment Committee. The Investment Committee monitors the portfolio to account for tail events and unquantifiable risks. A series of risk metrics, including broad level risk factor
exposures, market diversification, correlation, and volatility are either systematically constrained or closely monitored. Each Model is allocated a maximum risk capital in accordance with liquidity and other constraints. Models scale risk based on
available opportunities and confidence. Performance is monitored to confirm that behavior is within statistical bounds and expectations. The Model review process assists in quality control. 

  
 18 

 Campbell & Company uses proprietary computerized order generating Models that analyze market
information. 
 Campbell & Company believes that utilizing multiple Models provides an important level of diversification, and is most beneficial
when multiple contracts of each market are traded. Every Model may not trade every market. It is possible that one Model may signal a long position while another Model signals a short position in the same market. It is Campbell &
Company’s intention to offset those signals to reduce unnecessary trading, but if the signals are not simultaneous, both trades may be taken and, since it is unlikely that both positions would prove profitable, in retrospect, one or both trades
may appear to have been unnecessary. 
 From time to time, Campbell & Company may increase or decrease the positions held based on increases or
decreases in an account’s assets, changes in market conditions, perceived changes in portfolio-wide risk factors, or other factors which may be deemed relevant. 

Campbell & Company estimates that, based on the margin required to maintain positions in the markets currently traded, aggregate margin for all
positions held in the Partnership’s account will range between 5% and 30% of the account’s net assets. From time to time, margin commitments may be above or below this range. 

The number of positions that Campbell & Company believes can be bought or sold in a particular market without adversely influencing prices may at
times be limited. In such cases, a portfolio would be influenced by liquidity factors because its positions in such markets might be substantially smaller than the positions that would otherwise be taken. 

There can be no assurance that the Models utilized by Campbell & Company will produce results similar to those produced in the past. 

  
 19 

 APPENDIX C 

The following list of financial instruments may be traded by the Advisor on behalf of the Account: 

 

											
	 Sector
	  	 Market
	  	 Name
	  	Portfolio	  	 Portfolio Name
	  	Exchange
	Emerging FX	  	USDTWD	  	Taiwan Dollar NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDRUB	  	Russian Ruble NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDPHP	  	Philippine Peso NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDKRW	  	South Korean Won NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDINR	  	Indian Rupee NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDIDR	  	Indonesian Rupiah NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDCOP	  	Colombian Peso NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDCNH	  	Chinese Yuan Hong Kong Offshore	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDCLP	  	Chilean Peso NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDBRL	  	Brazilian Real NDF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Stock	  	DJM	  	Dow Jones Mini	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Stock	  	XU	  	FTSE China A50	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	SIMEX
	Long Term Int	  	WN	  	US Treasury Ultra Long Bond	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Stock	  	TP	  	Tokyo Price Index; Comb Session	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	TSE
	Stock	  	TOP40	  	FTSE/JSE Top 40	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	SAFEX
	Stock	  	RR	  	Russell 2000 Mini Index	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CME
	Stock	  	QZ	  	 SIMEX MSCI Sing IX ETS Index
 (Comb
Session)
	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	SIMEX
	Precious Metal	  	PL	  	Platinum	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	NYMEX
	Precious Metal	  	PA	  	Palladium	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	NYMEX
	Long Term Int	  	OAT	  	 Euro - OAT French 10 Year
 Government
Bond
	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EUREX

  
 20 

											
	 Sector
	  	 Market
	  	 Name
	  	 Portfolio
	  	 Portfolio Name
	  	Exchange
	Stock	  	MIB	  	S&P MIB INDEX	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	IDEM
	Long Term Int	  	IK	  	Euro-BTP Italian Gov Bond	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EUREX
	Meats	  	FC	  	Feeder Cattle	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CME
	Stock	  	FA	  	Mini S&P 400 Index (COMB Session)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CME
	Softs	  	COC	  	Cocoa	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	ICEUS
	Long Term Int	  	BX	  	Euro Buxl 30Y Bond (Comb Session)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EUREX
	Emerging FX	  	USDTRY	  	Turkish Lira	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDPLN	  	Polish Zloty	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDHUF	  	Hungarian Forint	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDCZK	  	Czech Koruna	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Stock	  	VX	  	SP500 Volatility Index (Comb Session)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOE
	Indust Metal	  	ZSs	  	Synthetic Zinc	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	LME
	Long Term Int	  	YM	  	Australian 3 Year 6% Treasury Bond	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	SFE
	Stock	  	XP	  	SPI200 Index	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	SFE
	Long Term Int	  	XM	  	Australian 10 Year 6% Bond	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	SFE
	Stock	  	XL	  	FT-SE Index	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	LIFFE
	Grains	  	W	  	Wheat	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Stock	  	VG	  	DJ Euro Stoxx 50 - Eurex	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EUREX
	Emerging FX	  	USDZAR	  	South African Rand	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDSGD	  	Singapore Dollar	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Developed FX	  	USDSEK	  	Swedish Krona	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Developed FX	  	USDNOK	  	Norwegian Krone	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Emerging FX	  	USDMXN	  	Mexican Peso	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH

  
 21 

											
	 Sector
	  	 Market
	  	 Name
	  	 Portfolio
	  	 Portfolio Name
	  	Exchange
	Developed FX	  	USDJPY	  	Japanese Yen	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Developed FX	  	USDCHF	  	Swiss Franc	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Developed FX	  	USDCAD	  	Canadian Dollar	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Long Term Int	  	US	  	US Bond	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Short Term Int	  	TU	  	2 Year Treasury Notes	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Long Term Int	  	TN	  	10 Year Treasury Notes	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Stock	  	SXF	  	S&P Canada 60 Index Futures	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	ME
	Precious Metal	  	SNY	  	Silver	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	COMEX
	Grains	  	SM	  	Soybean Meal	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Short Term Int	  	SL	  	Short Sterling	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	LIFFE
	Softs	  	SE	  	Sugar #11 (World)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	ICEUS
	Grains	  	S	  	Soybeans	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Energy	  	RB	  	NY Gasoline RBOB (Oxygen Blending	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	NYMEX
	Stock	  	ONX	  	Osaka Nikkei	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	OSE
	Stock	  	OMLX	  	OMX Stock Index Futures (AKA OMXS30)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	OMG
	Developed FX	  	NZDUSD	  	New Zealand Dollar	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Stock	  	NQ	  	NASDAQ 100 E-MINI Index	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CME
	Energy	  	NG	  	Natural Gas	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	NYMEX
	Indust Metal	  	NCs	  	Synthetic Nickel	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	LME
	Stock	  	MX	  	CAC 40 Stock Index (pre 6/1999 is 1 Euro contract)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EURNXT
	Stock	  	MSP	  	Mini SP 500 Index	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CME
	Energy	  	LF	  	London Gas Oil	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	IPE
	Meats	  	LC	  	Live Cattle	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CME

  
 22 

											
	 Sector
	  	 Market
	  	 Name
	  	 Portfolio
	  	 Portfolio Name
	  	Exchange
	Grains	  	KW	  	KC Hard Red Winter Wheat	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Long Term Int	  	JGB	  	10 Year Japanese Government Bond	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	TSE
	Stock	  	HS	  	Hang Seng Index	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	HKFE
	Energy	  	HO	  	Heating Oil	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	NYMEX
	Precious Metal	  	GO	  	Gold	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	COMEX
	Long Term Int	  	GL	  	Long Gilt	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	LIFFE
	Developed FX	  	GBPUSD	  	British Pound	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Cross Rate	  	GBPJPY	  	GBPJPY	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Cross Rate	  	GBPCHF	  	GBPCHF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Cross Rate	  	GBPCAD	  	GBPCAD	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Long Term Int	  	FV	  	5 Year Treasury Notes	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Developed FX	  	EURUSD	  	Euro	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Cross Rate	  	EURJPY	  	EURJPY	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Cross Rate	  	EURGBP	  	EURGBP	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Cross Rate	  	EURAUD	  	EURAUD	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Short Term Int	  	EUB	  	Euribor (3 Month Interest Rate)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	LIFFE
	Stock	  	eIX	  	IBEX35 Stock Index (Euro)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	MEFFM
	Short Term Int	  	EDT	  	Euro-Schatz Future (Short Term Interest Rate)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EUREX
	Stock	  	eDAX	  	German Stock Index (Euro)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EUREX
	Short Term Int	  	ED	  	Eurodollar	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CME
	Long Term Int	  	EBUND	  	Euro-Bund (Long Term Interest Rate)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EUREX
	Long Term Int	  	EBOBL	  	Euro-BOBL (Medium Term Interest Rate)	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	EUREX
	Indust Metal	  	CUs	  	Synthetic Copper	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	LME

  
 23 

											
	 Sector
	  	 Market
	  	 Name
	  	 Portfolio
	  	 Portfolio Name
	  	Exchange
	Softs	  	CT	  	Cotton	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	ICEUS
	Indust Metal	  	CP	  	High Grade Copper	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	COMEX
	Softs	  	COF	  	Coffee	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	ICEUS
	Energy	  	CL	  	Crude Oil	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	NYMEX
	Cross Rate	  	CHFJPY	  	CHFJPY	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Long Term Int	  	CGB	  	Canadian 10-Year Govt Bond	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	ME
	Energy	  	CB	  	London Brent Crude	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	IPE
	Cross Rate	  	CADJPY	  	CADJPY	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Cross Rate	  	CADCHF	  	CADCHF	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Short Term Int	  	CA	  	Canadian Bank Bill	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	ME
	Grains	  	C	  	Corn	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Short Term Int	  	BS	  	Australian Bank Bills	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	SFE
	Grains	  	BO	  	Soybean Oil	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CBOT
	Developed FX	  	AUDUSD	  	Australian Dollar	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Cross Rate	  	AUDJPY	  	AUDJPY	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	CASH
	Indust Metal	  	ALUs	  	Synthetic Aluminum	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	LME
	Stock	  	AEX	  	Amsterdam Exchange Index Future	  	FMELj	  	CMF Large with TSE,OSAKA,TIFFE - With G1	  	ENXTam

  
 24 

 APPENDIX D 

Executing Brokers 

Futures Commission Merchants (clearing brokers): 
  

	 	•	 	 Morgan Stanley & Co. LLC 

Futures Executing Brokers: 
  

	 	•	 	 Barclays Capital Inc. 

  

	 	•	 	 Credit Suisse Securities (USA) LLC 

 

	 	•	 	 Deutsche Bank Securities Inc. 

 

	 	•	 	 Goldman Sachs & Co. LLC 

 

	 	•	 	 J.P. Morgan Securities plc 

 

	 	•	 	 Merrill Lynch Pierce Fenner & Smith Incorporated 

 

	 	•	 	 Morgan Stanley & Co. LLC 

 

	 	•	 	 NatWest Markets 

  

	 	•	 	 UBS Securities LLC 

  

	 	•	 	 Societe General 

  

	 	•	 	 Wells Fargo Securities LLC 

LME Executing Brokers: 
  

	 	•	 	 J.P. Morgan Securities plc 

 

	 	•	 	 Marex North American LLC 

 

	 	•	 	 Societe Generale International Limited 

 

	 	•	 	 Tullett Prebon (Europe) Limited 

FX Prime Brokers: 
  

	 	•	 	 NatWest Markets 

  

	 	•	 	 UBS AG 

FX Clearing Brokers: 
  

	 	•	 	 Morgan Stanley & Co. LLC 

  
 25 

 FX Spot Executing Brokers: 

 

	 	•	 	 Bank of America, N.A 

  

	 	•	 	 Bank of Montreal 

  

	 	•	 	 Barclays Bank plc 

  

	 	•	 	 BNP Paribas 

  

	 	•	 	 Credit Suisse AG / AESFX 

 

	 	•	 	 Deutsche Bank AG, London Branch 

 

	 	•	 	 Goldman Sachs International 

 

	 	•	 	 HSBC Bank USA 

  

	 	•	 	 JP Morgan Chase Bank, N.A. 

 

	 	•	 	 Morgan Stanley and Co. LLC 

 

	 	•	 	 Royal Bank of Canada 

  

	 	•	 	 NatWest Markets 

  

	 	•	 	 Societe General 

  

	 	•	 	 Standard Chartered Bank 

 

	 	•	 	 UBS AG 

  
 26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]