Document:

ex_210841.htm

Exhibit 10.4

 

TRANSENTERIX, INC.

 

EMPLOYMENT INDUCEMENT STOCK OPTION AWARD AGREEMENT

 

 

1.          Grant of Option. TRANSENTERIX, INC. (the “Company”) hereby grants, as of August 24, 2020 (the “Date of Grant”), to Shameze Rampertab (the “Optionee”) a non-qualified stock option (the “Option”) to purchase up to 150,000 shares of the Company’s common stock, par value $0.001 per share (the “Shares”), at an exercise price per share equal to $0.42 (the “Exercise Price”). The Option is an employment inducement award exempt from the stockholder approval requirements under the NYSE American Company Guide Section 711(a). This Employment Inducement Stock Option Award Agreement (the “Option Agreement”), along with other Employment Inducement awards made to the Optionee as of the Date of Grant shall collectively constitute the “Plan” for purposes of the NYSE American rules, the Ontario Employment Standards Act, 2000 (“ESA”) and, if applicable, the securities regulations and laws of Ontario. The provisions set forth in the TransEnterix, Inc. Amended and Restated Incentive Compensation Plan, including its appendices, as adopted or amended from time to time (the “TransEnterix Plan”) relating to non-qualified stock options that are not set forth in this Option Agreement are hereby deemed incorporated by reference in this Plan. The Optionee hereby acknowledges receipt of a copy of the Plan and the TransEnterix Plan, and agrees to be bound by all of the terms and conditions hereof and thereof and all applicable laws and regulations.

 

2.           Definitions. Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto in the TransEnterix Plan; provided, however, that the following changes apply to this Plan:

 

(a)     the definition of “Disability” for purposes of this Plan is set forth in the Employment Agreement between the Optionee and TransEnterix Canada, Inc., entered into on August 14, 2020 (the “Employment Agreement”) and not in the TransEnterix Plan;

 

(b)      the definition of “Continuous Service” in the TransEnterix Plan is amended to also refer to any ESA job-protected leave as a leave that does not interrupt such Continuous Service; and

 

(c)     the definition of “Termination of Employment” for purposes of this Plan is set forth in the Employment Agreement and not in the TransEnterix Plan.

 

3.          Exercise Schedule. Except as otherwise provided in Sections 6 or 9 of this Option Agreement, or in the TransEnterix Plan, the Option shall vest and be exercisable one-third of the award on each of August 24, 2021, 2022 and 2023 (each, a “Vesting Date”), subject to Optionee’s Continuous Service through such Vesting Date. Upon the termination of the Optionee’s Continuous Service prior to a Vesting Date, the unvested portion of this Option shall terminate and be null and void.

 

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4.           Method of Exercise. The vested portion of this Option shall be exercisable, in whole or in part, by written notice, which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised, and such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the TransEnterix Plan. Such written notice shall be signed by the Optionee and shall be delivered in person or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised after both (a) receipt by the Company of such written notice accompanied by the Exercise Price and (b) arrangements that are satisfactory to the Committee in its sole discretion have been made for Optionee’s payment to the Company of the amount, if any, that is necessary to be withheld in accordance with applicable federal, state, provincial or local withholding requirements. No Shares shall be issued pursuant to the Option unless and until such issuance and such exercise complies with all relevant provisions of applicable law, including the requirements of any stock exchange upon which the Shares may then be traded.

 

5.         Method of Payment. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee: (a) cash; (b) check; (c) to the extent permitted by the Committee, with Shares owned by the Optionee, or the withholding of Shares that otherwise would be delivered to the Optionee as a result of the exercise of the Option; (d) pursuant to a “cashless exercise” procedure, by delivery of a properly executed exercise notice together with such other documentation, and subject to such guidelines, as the Committee shall require to effect an exercise of the Option and delivery to the Company by a licensed broker acceptable to the Company of proceeds from the sale of Shares or a margin loan (to the extent available to the Optionee) sufficient to pay the Exercise Price and any applicable income or employment taxes; or (e) such other consideration or in such other manner as may be determined by the Committee in its absolute discretion.

 

6.           Termination of Option.

 

(a)          General. Any vested and unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time of the earliest of the following to occur:

 

(i)     unless the Committee otherwise determines in writing in its sole discretion, on the later of (i) the end of the minimum statutory notice of termination period required by the ESA (if applicable) if the Optionee is entitled to notice of termination of employment by the Company pursuant to the ESA, or (ii) three months after the date on which the Optionee’s Continuous Service terminates, other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determined by a medical doctor satisfactory to the Committee, or (C) the death of the Optionee;

 

(ii)     immediately upon the termination of the Optionee’s Continuous Service by the Company or a Related Entity for Cause, or on the expiry of the minimum notice of termination period required by the ESA (if applicable) if, despite the “Cause”, the Optionee is entitled to notice of termination pursuant to the ESA;

 

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(iii)     twelve months after the date on which the Optionee’s Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee;

 

(iv)     (A) twelve months after the date of termination of the Optionee’s Continuous Service by reason of the death of the Optionee, or, if later, (B) three months after the date on which the Optionee dies if such death occurs during the one year period specified in Section 6(a)(iii) hereof; or

 

(v)     the seventh (7th) anniversary of the date as of which the Option is granted.

 

(b)        Cancellation. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to Section 9(b) of the TransEnterix Plan, and (ii) the Committee in its sole discretion may by written notice (“cancellation notice”) cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his or her exercise of the Option upon the consummation of a transaction referred to in this Section 6(b).

 

7.         Transferability. Unless otherwise determined by the Committee, the Option is not transferable, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee’s guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee. Notwithstanding the foregoing or anything in the Plan, the Optionee hereby acknowledges that he may not dispose of any Option or Share issuable upon the exercise of the Option other than in accordance with applicable securities laws.

 

8.           No Stockholder Rights. Neither the Optionee nor any personal representative (or beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the Company with respect to any Shares issuable upon the exercise of the Option, in whole or in part, prior to the date on which the Shares are issued.

 

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9.           Acceleration of Exercisability of Option.

 

(a)          Acceleration upon Certain Terminations or Cancellations of Option. This Option shall become immediately fully exercisable prior to the termination of the Option pursuant to Section 6 hereof, in the event that, (i) the Option will be terminated pursuant to Section 6(b)(i) hereof, or (ii) the Company exercises its discretion to provide a cancellation notice with respect to the Option pursuant to Section 6(b)(ii) hereof.

 

(b)          Acceleration upon Change in Control. This Option shall become immediately fully exercisable in the event that, prior to the termination of the Option pursuant to Section 6 hereof, and during the Optionee’s Continuous Service, there is a “Change in Control,” as defined in Section 9(b) of the TransEnterix Plan and the Optionee’s employment is terminated, other than for Cause, in connection with or as a result of such Change in Control.

 

(c)          Exception to Acceleration upon Change in Control. Notwithstanding the foregoing, if in the event of a Change in Control the successor company assumes or substitutes for the Option, the vesting of the Option shall not be accelerated as described in Section 9(b). For the purposes of this paragraph, the Option shall be considered assumed or substituted for if following the Change in Control the Option or substituted option confers the right to purchase, for each Share subject to the Option immediately prior to the Change in Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company or its parent or subsidiary, the Committee may, with the consent of the successor company, or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of the Option will be solely common stock of the successor company or its parent or subsidiary substantially equal in Fair Market Value to the per share consideration received by holders of Shares in the transaction constituting a Change in Control. The determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding. Notwithstanding the foregoing, on such terms and conditions as may be set forth in an Award Agreement, in the event of a termination of the Optionee’s employment in such successor company (other than for Cause) within 24 months following such Change in Control, the option held by the Optionee at the time of the Change in Control shall be accelerated as described in paragraph (b) of this Section 9.

 

10.         Representations and Warranties of Optionee.  The Optionee represents and warrants that (i) he is an employee of the Company and/or a Subsidiary, and (ii) his participation in this distribution is voluntary.

 

11.        Prospectus Exemption. For purposes of compliance with National Instrument 45-106 - Prospectus Exemptions, the prospectus requirement does not apply to a distribution by an issuer in a security of its own issue with an employee, executive officer, director or consultant of the issuer or a related entity of the issuer provided participation in the distribution is voluntary, and accordingly, the Options, and Shares issuable upon exercise of the Options, acquired under the Plan are acquired pursuant to the prospectus exemptions under Ontario securities laws.

 

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12.       Resale Restrictions. Shares issuable upon exercise of the Options are subject to certain restrictions on resale imposed by Ontario securities laws. Notwithstanding any provision of the Plan to the contrary, any transfer or resale of any Shares issuable upon exercise of the Options must be in accordance with the resale rules under Ontario Securities Commission Rule 72-503 Distributions Outside of Canada (“72-503”), if the Optionee is a resident in the Province of Ontario. In Ontario, the prospectus requirement does not apply to the first trade of shares issued in connection with the exercise of the Options, provided the conditions set forth in section 2.8 of 72-503 are satisfied. The Optionee is advised to consult their legal advisor prior to any resale of Shares.

 

12.         No Right to Continued Employment. Neither the Option nor this Option Agreement shall confer upon the Optionee any right to continued employment or service with the Company.

 

13.         Governing Law. This Option Agreement shall be governed in accordance with and by the internal laws of the State of Delaware; provided, however, that the applicable provisions of ESA and the securities regulations and the laws of the Province of Ontario, and the Federal laws of Canada applicable therein, shall control to the extent required by such laws.

 

14.        Interpretation / Provisions of Plan Control. This Option Agreement is subject to all the terms, conditions and provisions of the TransEnterix Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the TransEnterix Plan adopted by the Committee as may be in effect from time to time. If and to the extent that this Option Agreement conflicts or is inconsistent with the terms, conditions and provisions of the TransEnterix Plan, the TransEnterix Plan shall control, and this Option Agreement shall be deemed to be modified accordingly. The Optionee accepts the Option subject to all of the terms and provisions of the Plan, the TransEnterix Plan and this Option Agreement. The undersigned Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, the TransEnterix Plan and this Option Agreement, unless shown to have been made in an arbitrary and capricious manner.

 

15.         Notices. Any notice under this Option Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited in the United States mail or the Canada Post, registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Secretary at 635 Davis Drive, Suite 300, Morrisville, NC 27560, or if the Company should move its principal office, to such principal office, and, in the case of the Optionee, to the Optionee’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section.

 

Signatures Follow on Next Page

 

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Option Grant No.:__________

 

IN WITNESS WHEREOF, the undersigned have executed this Option Agreement as of the date first set forth above.

 

	 	COMPANY:	 
	 	 	 	 
	 	TRANSENTERIX, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Anthony Fernando	 
	 	 	 	 
	 	Name:	Anthony Fernando	 
	 	 	 	 
	 	Title:	President and Chief Executive Officer	 

 

The Optionee acknowledges receipt of a copy of the Plan and the TransEnterix Plan and represents that he or she has reviewed the provisions of the Plan, the TransEnterix Plan and this Option Agreement in their entirety, is familiar with and understands their terms and provisions, and hereby accepts this Option subject to all of the terms and provisions of the Plan, the TransEnterix Plan and this Option Agreement. The Optionee further represents that he has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement.

 

	 	OPTIONEE:	 
	 	 	 	 
	 	 	 	 
	 	 	/s/ Shameze Rampertab	 
	 	 	 	 
	 	Name:	Shameze Rampertab	 

 

	
			GRANT SUMMARY

				 	 	 
	 	 	 	 
	
			Grant Date:

				
			August 24, 2020

				
			Expiration Date:

				
			August 24, 2027

			
	 	 	 	 
	
			Grant Type:

				
			NQSO

				
			Optionee Class:

				
			Employee

			
	 	 	 	 
	
			Number of Shares:

				
			150,000

				
			Exercise Price:

				
			$0.42 per share

			
	 	 	 	 
	
			Vesting Dates:

				
			One-third on each of August 24, 2021, 2022 and 2023

				
			Number or % Vesting:

				
			One-third on each vesting date

			

 

 

[Inducement Stock Option Award]Exhibit 10.1

      

    MANAGEMENT AGREEMENT

    AGREEMENT made as of the 12th day of October, 2020 by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), CERES TACTICAL
      SYSTEMATIC L.P., a New York limited partnership (the “Partnership”), EPISTEME CAPITAL PARTNERS (UK), LLP, a limited liability partnership registered in England (“Episteme UK”), EPISTEME CAPITAL PARTNERS (US), LLC, a Delaware limited liability company
      (“Episteme US”) and EPISTEME CAPITAL PARTNERS (CAYMAN), LTD., a company incorporated under the laws of the Cayman Islands (“Episteme” and together with Episteme UK and Episteme US, and each separately, the “Advisor”, and together with CMF and the
      Partnership, the “Parties”).

    W I T N E S S E T H:

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

    WHEREAS, such trading is to be conducted directly or indirectly through investment in a master fund of which CMF would be the trading manager and Episteme would
      be the advisor; and

    WHEREAS, the Amended and Restated Limited Partnership Agreement effective as of November 22, 2017 (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, each of Episteme, Episteme UK and Episteme US are registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and a
      member of the National Futures Association (“NFA”) and Episteme UK is registered as an investment adviser with the Securities and Exchange Commission and is also authorized and regulated by the Financial Conduct Authority (“FCA”) in the United
      Kingdom with firm reference number 496748; and

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

    WHEREAS, Episteme is the ultimate governing entity responsible for coordinating the efforts of Episteme UK and Episteme US in their implementation of the
      Program; 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 Episteme UK and
      Episteme US will render and implement advisory services in connection with the conduct by the Partnership of its commodity interest trading activities during the term of this Agreement.

    NOW, THEREFORE, the parties agree as follows:

    
      
        

    

    1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, effective November 1, 2020, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents
        and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership, whether directly or indirectly through a master fund, allocated to it from time to time by CMF in commodity interests, commodity
        interests, including commodity futures contracts, options, spot and forward contracts (including exchange-cleared forward contracts) and over-the-counter foreign exchange (including currency spot and swap contracts) and exchange-cleared swap
        contracts. The Advisor may also engage in swap 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
        strategies and trading policies set forth in Appendix B hereto as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change (the “CMF Trading Policies”) and (ii) pursuant to
        the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets. CMF has initially selected the Episteme Systematic Quest Program (the “Program”), as described in Appendix A attached hereto, to manage
        the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in 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 trading policies set forth in Appendix B without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be
        directed by it for the Partnership will be profitable or will not incur losses.

    (b) CMF acknowledges receipt of the description of the Advisor’s Program, attached hereto as Appendix A. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through 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 or independent floor broker and
        any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses
        for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid
        by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by original, fax copy or email copy).

    (c) The initial allocation of the Partnership’s assets to the Advisor shall be made to the Program, as described in Appendix A, provided that CMF, the Partnership and the Advisor agree that the leverage applied to the
        assets of the Partnership allocated to the Advisor (Allocation Amount”), either directly or indirectly through a master fund, shall initially be equal to 2x and may be changed by CMF from time to time with 5 days prior notice to the Advisor but in
        no event shall the leverage applied to the Allocation Amount exceed 2x. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in
        whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’
        prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the
        changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a
        change in the description of the trading strategy or methods described in Appendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s
        account, whether directly or indirectly through a master fund, which is attached as Appendix C to this Agreement, and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and
        receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its
        business not previously reported to CMF. The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly.

  

  
    
      

  

  
    (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, directors, employees, shareholders,
        partners, manager(s) and members(s), their general trading methods, and otherwise as are reasonably requested by CMF from time to time in order for CMF to make such filings required by federal or state law or NFA rule or order. Notwithstanding the
        foregoing, the Advisor agrees to make all material disclosures to the Partnership regarding its trading performance as may be reasonably requested by the Partnership and/or CMF in connection with required updates to the Memorandum or other
        materials related to the Partnership. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of other customers or proprietary accounts of the Advisor or its principals unless
        CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order. The Partnership
        and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential.

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

    
      
        

    

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

    (g) The Advisor shall assume financial responsibility for any errors committed or caused by the Advisor in transmitting or executing orders for the purchase or sale of commodity interests for the Partnership’s account including
        payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the brokers on such trades. The Advisor shall have an affirmative obligation to promptly notify CMF in
        accordance with the provisions of Section 8(a)(iii) of any errors 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. For purposes of calculating the Advisor’s responsibility for trade error losses pursuant to this Section 1(g), the amount of trade error
        losses incurred in any one quarter shall be netted against the amount of trade error gains accrued in that same quarter, if any. Notwithstanding anything in this Agreement to the contrary, CMF accepts that the Advisor is not responsible and shall
        not be liable for any loss, liability or expense resulting from errors committed by the Advisor (including any technological or machine errors associated with implementing the Program) other than Material Advisor Errors. “Material Advisor Errors”
        are solely those errors committed or caused by Advisor in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account that (i) result in a loss greater than 0.03% of the agreed upon trading level assets
        allocated by the Partnership, either directly or indirectly through a master fund, to the Adviser as of the date such error occurred and (ii) are due to either (1) manual intervention by a human employee of Advisor or (2) malfunctions in Advisor’s
        trade management system for which no remedial action is taken by Advisor promptly upon becoming aware of such malfunction.

    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 an incentive fee
        (“Incentive Fee”) payable quarterly equal to 22.5% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee for professional management services (“Management Fee”) equal to 1/12 of 1%
        (1% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Net Assets of the Partnership allocated to the Advisor as of the last business day of each month by 1% and dividing the
        result thereof by 12).

    
      
        

    

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

    (c) “New Trading Profits” shall mean the excess, if any, of Net Assets of the Partnership managed by the Advisor at the end of the fiscal period over Net Assets of the Partnership managed by the Advisor at the end of the
        highest previous fiscal period or Net Assets of the Partnership allocated to the Advisor at the date trading commences by the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets of the
        Partnership resulting from new capital contributions, redemptions, reallocations or distributions, if any, made during the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s
        assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing expenses shall be attributed to the Advisor based on the Advisor’s proportionate share of Net Assets of the Partnership. Ongoing expenses shall
        not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. Ongoing expenses include offering and organizational expenses of the Partnership. Interest income earned, if any, shall not be taken into
        account in computing New Trading Profits earned by the Advisor. If Net Assets of the Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there shall be a corresponding proportional
        reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive Fee.

    (d) Quarterly Incentive Fees in respect of each calendar quarter shall be paid within twenty (20) business days following the end of the calendar quarter. The first calendar quarter Incentive Fee shall be due to the Advisor
        with respect to New Trading Profits, if any, earned from the commencement of trading by the Advisor on behalf of the Partnership through the end of such calendar quarter and subsequent Incentive Fees shall be due the Advisor with respect to each
        calendar quarter thereafter until termination of the Agreement. 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 calendar quarter.

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

    
      
        

    

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

    (b) If, at any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC-, FCA or exchange-imposed or
        other regulatory imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The
        Advisor agrees that, if its trading recommendations are altered because of the application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the
        Partnership substantially disproportionately as compared with the Advisor’s other accounts. The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use strategies or methods for the
        Partnership that are inferior to strategies or methods employed for any other client or account also trading the Program 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, trading programs 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, directors, employees, shareholders, partners, manager(s) and members(s) presently act, and it is agreed that they may continue to act, as advisor for other accounts
        managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may be more or less than the amounts received from the Partnership.

    (d) The Advisor agrees that it shall make such information available to CMF respecting the performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals
        utilizing the same investment 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.

    
      
        

    

    (e) The Advisor may, on occasions when it deems the purchase or sale of any commodity interests to be in the best interests of the Partnership’s account as well as other fiduciary or agency accounts managed by the Advisor,
        aggregate, to the extent permitted by applicable laws and regulations, the commodity interests to be sold or purchased in order to obtain the best overall terms available. In such event, allocation of the commodity interests so purchased or sold,
        as well as the expenses incurred in the transaction, will be made by the Advisor in the manner as to comply with the Advisor’s Allocation Policy and all applicable laws, including without limitation, the rules established by the CFTC, the NFA and
        the FCA.

    (f) Although the Program is systematic in nature, by reason of the Advisor’s business, the Advisor may acquire confidential or material non-public information or be restricted from initiating transactions in certain financial
        products. It is acknowledged and agreed that the Advisor will not be free to divulge, or to act upon, any such confidential or material non-public information with respect to the Advisor’s performance of this Agreement and that, due to these
        restrictions, the Advisor may not initiate a transaction for the Partnership’s account that the Advisor otherwise might have initiated, and the Partnership’s Account may be frozen in an investment position that it otherwise might have liquidated or
        closed out.

    (g) Consistent with the Advisor’s Code of Ethics, the Advisor, its affiliates and partners, managers, members, shareholders, officers, directors, employees and agents of the Advisor and such affiliates may engage in
        transactions or make investments for their own accounts which may differ from or be identical to the transactions engaged in or investments made by the Advisor for the Partnership’s account; neither of the Advisor nor its affiliates shall have any
        obligation to engage in any transaction or make any investment for the Partnership’s account that the Advisor, its affiliates or any of the members, officers, directors or employees of the Advisor or its respective affiliates may engage in or make
        for their own accounts, except as otherwise required by applicable law or Section 4(a) and (b) above.

    5. TERM. (a) This Agreement shall continue in effect until December 31, 2021 (the “Initial Termination Date”), unless otherwise terminated as set forth in this Section. If this Agreement is not terminated on the Initial
        Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for
        herein. At any time during the term of this Agreement, CMF may terminate this Agreement upon 5 days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement if (i) the Net Asset
        Value per Unit shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets of the Partnership allocated to the Advisor, either directly or indirectly through a master fund (adjusted for redemptions, distributions,
        withdrawals or reallocations, if any) decline by 25% or more as of the end of a trading day from such Net Assets of the Partnership’s previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership
        (excluding interests owned by CMF, an affiliate of CMF or any of their employees) shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement; (v) CMF, in good faith, reasonably
        determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially
        affect the performance of the Partnership; (vii) the Advisor fails to conform to the trading policies set forth in the Partnership Agreement or Appendix B, 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) Adrian Eterovic dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the
        trading programs or systems of the Advisor (x) Episteme UK or Episteme US’ registration as a commodity trading advisor with the CFTC or its membership in NFA or any other regulatory authority (including, without limitation, with the FCA), is
        terminated or suspended; or (xi) CMF reasonably believes that the Advisor has contributed or may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon
        dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution.

    
      
        

    

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

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

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

    
      
        

    

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

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

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

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

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

    
      
        

    

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

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

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

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

    7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS.

    (a) The Advisor represents and warrants that:

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

    
      
        

    

    (ii) The performance information with respect to the Program provided by the Advisor is based on all of the accounts managed on a discretionary basis by the Advisor during the period covered by such tables and required to be
        disclosed therein, and such tables have been prepared by the Advisor or its agents in accordance with the Global Investment Performance Standards (GIPS®) The Advisor’s performance tables have been examined by an independent verifier. The Advisor
        will have its performance tables so verified no less frequently than annually during the term of this Agreement. Furthermore, the annual financial statements of the Advisor’s Systematic Quest Portfolio Company for the periods January 1, 2018
        through December 31, 2018 and January 1, 2019 through January 2019 have been examined by an independent certified public accountant and a copy of the reports thereon have been provided to CMF.

    (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 including, solely with respect to Episteme UK with the registration and licensing requirements
        of the FCA in the conduct of its investment business. The Advisor agrees to maintain and renew such registrations and licenses during the term of this Agreement including, without limitation, registration as a commodity trading advisor with the
        CFTC, membership in the NFA and registration with the FCA.

    (iv) It is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it was formed. It has full power and authority (corporate or otherwise) to enter into and perform its obligations under
        this Agreement. The Advisor is qualified to do business and is in good standing as a foreign entity in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could
        materially adversely affect the Advisor’s ability to perform its obligations hereunder.

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

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

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

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

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

    
      
        

    

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

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

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

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

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

    (vii) The Partnership is a qualified eligible person as defined in CFTC Rule 4.7 and consents to being treated as an exempt account by the Advisor.

    (viii) The Partnership agrees to be treated as a “Professional Client” under FCA rules.

    (ix) The Partnership, as a commodity pool, is not subject to the U.S. Investment Advisers Act of 1940 and the Partnership acknowledges that the Advisor will not be acting as a securities investment adviser with respect to the
        Partnership.

    (x) Pursuant to the due diligence requests of CMF, CMF and the Partnership have obtained sufficient information to evaluate the Program and are aware of all of the material risks and conflicts of interests associated with the
        Program.

    (xi) the Advisor has not made any representation regarding the profitability of the Program or its ability to avoid losses.

    (xii) the funds in the Partnership’s account represent risk capital to the Partnership and CMF and the Partnership are aware of the speculative nature of, and the risks of loss inherent in trading futures and the Partnership is
        able to bear such loss.

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

    
      
        

    

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

    (a) The Advisor agrees as follows:

    (i) In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and regulations of the CFTC, NFA, FCA, 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 involving the Advisor or any of its affiliates, officers, directors, employees, shareholders, partners, manager(s)
        and members(s), agents or representatives, regardless of whether such investigation, suit, action or proceeding also involves CMF. The Advisor will provide CMF with copies of any correspondence (including, but not limited to, any notice or
        correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA, FCA or any commodity exchange in connection with any material, non-routine investigation or audit of the Advisor’s business activities.
        This paragraph shall not require the Advisor to provide all correspondence with the NFA or FCA during the course of a routine compliance examination. The Advisor will provide NFA’s or FCA’s customary report of findings at the conclusion of a
        routine compliance examination.

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

    (iv) At least one of Episteme, Episteme UK or Episteme US will maintain a net worth of not less than $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 its best efforts to avoid causing the Partnership to take delivery of any commodity.

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

    
      
        

    

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

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

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

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

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

    (i) 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 and applicable anti-bribery laws, rules and regulations. 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, if any,
      have 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, if any have policies and procedures in place reasonably
      designed to prohibit accounts for foreign shell banks2 in compliance with Sections 313 & 319 of the USA PATRIOT Act.

    

      

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

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

    

    
      
        

    

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

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

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

    12. NOTICES. All notices, demands or requests required to be made or delivered under this Agreement shall be effective upon actual receipt and shall be made either by electronic (email) copy or other electronic means (as
        CMF deems appropriate under the circumstances) or in writing and delivered personally or by registered or certified mail 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:

    Episteme Capital Partners (US) LLC

    800 Westchester Avenue

    Suite S-704

    Rye Brook, NY 10573

    Attn: Richard Leahy

    Phone: (914) 305 - 8138

    Email: rleahy@epistemecap.com

    With a copy to:

    Episteme Capital Partners (UK), LLP38 Dover Street

    London, W1S 4NL

    United Kingdom

    Attn: Adrian Eterovic

    Phone: +44 20 7292 2662

    E-mail: aeterovic@epistemecap.com

    
      
        

    

    With further copies as follows:

    For a change in trading level, a copy to:

    tradinglevel@epistemecap.com

    For legal matters, a copy to:

    legal@epistemecap.com

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

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

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

    16. COUNTERPARTS. This Agreement may be executed in any number of counterparts, including 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, a fax 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.

    17. CONFIDENTIALITY. (a) During the term and following the termination of this Agreement, each of the parties to this Agreement agrees to maintain in strict confidence the terms of this Agreement and any and all
        Confidential Information (as hereinafter defined) regarding the other parties which it obtains pursuant to or in connection with this Agreement or the relationship created hereby and agrees that it shall not disclose any such Confidential
        Information to any person unless required to do so by applicable laws or regulations, the request of any judicial, governmental or regulatory authority including, without limitation, the FCA or CFTC, or valid legal process. Notwithstanding the
        foregoing, nothing in this Section 17 shall prevent the disclosure of Confidential Information by either party to its attorneys, accountants or other professional advisers in the proper performance of their duties; provided, in each case, that any
        such attorney, accountants or other professional advisers is subject to similar confidentiality obligations. Each of the Partnership and CMF acknowledges that the advisory services provided by the Advisor pursuant to this Agreement constitute
        proprietary information.

    
      
        

    

    (b) As used herein the term “Confidential Information” shall mean and include, but not be limited to, each party’s respective proprietary or confidential market
      and/or computerized investment approaches, trading systems or programs, mathematical models, simulated results, simulation software, price or research databases, other research, algorithms, numerical techniques, analytical results, technical data,
      strategies and methodologies, business methods, trade secrets, internal marketing materials or memoranda, corporate policies, supervisory and risk control techniques and procedures, fee and compensation structures, trader trial programs, client lists
      and contact lists, knowledge of facilities and any books and records made available to any party and any other proprietary materials or information; provided, however, that the term Confidential Information
      shall not include any such information which is or has been made generally available to the public through means other than wrongful conduct by the party that has the obligation to keep such information confidential or its officers, employees or
      other personnel. Immediately upon the termination of this Agreement, each party hereto shall return all such Confidential Information to each party hereto, as applicable.

    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  

  

    
      
        

    

    

    

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

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

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

    

    

    

    
      
        

    

    

    

    APPENDIX A

    Description of Program

    The Episteme Systematic Quest program is a diversified systematic global macro program that seeks to maximize returns by pursuing a diversified portfolio of systematic strategies
      subject to the constraints of its risk management framework. The trading strategies are generally medium- term and aim exploit a number of sources of alpha based upon fundamental, technical, and liquidity effects. This managed futures strategy
      consists of seven different model styles, which include carry, cross-market, idiosyncratic, liquidity, mean reversion, momentum, and value models. By applying each of these trading styles, across multiple time horizons, the strategy blends multiple
      alpha drivers seeking consistent returns, uncorrelated to traditional asset classes and the managed futures asset class.

    
      
        

    

    

    

    APPENDIX B

    Trading Policies of Ceres Tactical Systematic L.P.

    

      	1.	
              The Partnership will invest its assets only in commodity interests that an advisor believes are traded in sufficient volume to permit ease of taking and liquidating positions. Sufficient volume, in this context,
                refers to a level of liquidity that an advisor believes will permit it to enter and exit trades without noticeably moving the market.

            

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

            

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

            

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

            

      	5.	
              The Partnership will not utilize borrowings except if the Partnership purchases or takes delivery of commodities. If the Partnership borrows money from CMF or any affiliate thereof to the extent permitted by NFA
                Rule 2-45, the lending entity in such case 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 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.

            

      	6.	
              From time to time, trading strategies such as spreads or straddles may be employed on behalf of the Partnership. “Spreads” or “straddles” include the simultaneous holding of contracts on the same commodity but
                with different delivery dates or markets. The trader of these contracts expects to earn a profit from a widening or narrowing of the difference between the prices of the two contracts.

            

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

            

      
        
          

      

    

    	8.	
            The Partnership will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds).

          

    	9.	
            The Advisor will trade only in those futures interests 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.

          

    	10.	
            In addition, the Partnership will, except under extraordinary circumstances, maintain positions in futures interests in at least two market segments (i.e., agricultural
              items, industrial items (including energies), metals, currencies, and financial instruments (including stock, financial, and economic indexes)) at any one time.

          

    	11.	
            The Advisor will 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.

          

    
      
        

    

    APPENDIX C

    List of Commodity Interests

    

    

    	
            Episteme Capital’s Systematic Quest

          	 	 	 	 
	
            List of Tradable Instruments:

          	 	 	 	 
	
            Futures Contracts:

          	
            Ticker

          	
            Exchange

          	
            Market Description

          	
            Asset Class

          
	
            2Y US Tsy Notes

          	
            TU

          	
            CBOT

          	
            2Y US T-Note

          	
            Fixed Income

          
	
            5Y US Tsy Notes

          	
            FV

          	
            CBOT

          	
            5Y US T-Note

          	
            Fixed Income

          
	
            10Y US Tsy Notes

          	
            TY

          	
            CBOT

          	
            10Y US T-Note

          	
            Fixed Income

          
	
            US Tsy Bonds

          	
            US

          	
            CBOT

          	
            20Y US T-Bond

          	
            Fixed Income

          
	
            US Ultra Bonds

          	
            WN

          	
            CBOT

          	
            30Y US T-Bond

          	
            Fixed Income

          
	
            2Y German Bunds

          	
            DU

          	
            EUREX

          	
            Eurex EURO-SCHATZ

          	
            Fixed Income

          
	
            5Y German Bunds

          	
            OE

          	
            EUREX

          	
            Eurex Eur-Bobl

          	
            Fixed Income

          
	
            10Y German Bunds

          	
            RX

          	
            EUREX

          	
            Eurex Eur-BUND

          	
            Fixed Income

          
	
            30Y German Bunds

          	
            UB

          	
            EUREX

          	
            Eurex Euro-BUXL

          	
            Fixed Income

          
	
            UK Gilts

          	
            G

          	
            ICF

          	
            ICF Long Gilt

          	
            Fixed Income

          
	
            Canadian Bonds

          	
            CN

          	
            MSE

          	
            MSE 10Y CDN Bond

          	
            Fixed Income

          
	
            3Y Australian Bonds

          	
            YM

          	
            SFE

          	
            SFE 3 Year T-Bond

          	
            Fixed Income

          
	
            10Y Australian Bonds

          	
            XM

          	
            SFE

          	
            SFE 10 Year T-Bond

          	
            Fixed Income

          
	
            Japanese Bonds

          	
            JB

          	
            OSE

          	
            OSE 10 Year JG Bond

          	
            Fixed Income

          
	
            10Y French OAT

          	
            OAT

          	
            EUREX

          	
            Eurex Euro-OAT

          	
            Fixed Income

          
	
            10Y Italian BTP

          	
            IK

          	
            EUREX

          	
            Eurex Euro-BTP

          	
            Fixed Income

          
	
            Aluminium

          	
            LA

          	
            LME

          	
            Aluminum- LME

          	
            Commodities

          
	
            Copper-A

          	
            HG

          	
            COMEX

          	
            Hi-Grd Copper

          	
            Commodities

          
	
            Corn

          	
            C

          	
            CBOT

          	
            Corn

          	
            Commodities

          
	
            Crude Oil (WTI)

          	
            CL

          	
            NYMEX

          	
            Nymex Light Crude Oil

          	
            Commodities

          
	
            Gas Oil

          	
            QS

          	
            ICE

          	
            ICE Gas Oil

          	
            Commodities

          
	
            Brent Crude

          	
            CO

          	
            ICE

          	
            Brent Crude

          	
            Commodities

          
	
            WTI Crude

          	
            EN

          	
            ICE

          	
            WTI Crude

          	
            Commodities

          
	
            VIX Futures

          	
            UX

          	
            CBOE

          	
            Volatility Index Futures

          	
            Commodities

          
	
            Gasoline (RBOB)

          	
            XB

          	
            NYMEX

          	
            Nymex Rbob Gas

          	
            Commodities

          
	
            Gold

          	
            GC

          	
            COMEX

          	
            Gold

          	
            Commodities

          
	
            Heating Oil #2

          	
            HO

          	
            NYMEX

          	
            Nymex Heating Oil

          	
            Commodities

          
	
            Natural Gas

          	
            NG

          	
            NYMEX

          	
            Nymex Natural Gas (Henry Hub)

          	
            Commodities

          
	
            Silver

          	
            SI

          	
            COMEX

          	
            Silver

          	
            Commodities

          
	
            Soybeans

          	
            S

          	
            CBOT

          	
            Soybeans

          	
            Commodities

          
	
            Wheat

          	
            W

          	
            CBOT

          	
            Wheat

          	
            Commodities

          
	
            Soybean Oil

          	
            BO

          	
            CBOT

          	
            Soybean Oil

          	
            Commodities

          
	
            Soybean Meal

          	
            SM

          	
            CBOT

          	
            Soybean Meal

          	
            Commodities

          
	
             Cotton #2

          	
             CT

          	
            NYB-ICE Futures US Softs

          	
             Cotton #2

          	
            Commodities

          
	
            Coffee “C”

          	
             KC

          	
            NYB-ICE Futures US Softs

          	
             Coffee “C”

          	
            Commodities

          
	
             Sugar #11

          	
             SB

          	
            NYB-ICE Futures US Softs

          	
             Sugar #11

          	
            Commodities

          
	
            Lead

          	
            LL

          	
            LME

          	
            Lead

          	
            Commodities

          
	
            Nickel

          	
            LN

          	
            LME

          	
            Nickel

          	
            Commodities

          
	
            Zinc

          	
            LX

          	
            LME

          	
            Zinc

          	
            Commodities

          
	
            Platinum

          	
            PL

          	
            NYMEX

          	
            Platinum

          	
            Commodities

          
	
            AU:S&P/ASX 200 INDEX

          	
            XP

          	
            SFE

          	
            SFE-SPI 200 INDEX

          	
            Equity Indices

          
	
            CA:S&P/TSX 60 INDEX

          	
            PT

          	
            MSE

          	
            MSE S&P CAN 60

          	
            Equity Indices

          

    

    

    
      
        

    

    	
            DE:DAX INDEX

          	
            GX

          	
            EUREX

          	
            Eurex DAX Index

          	
            Equity Indices

          
	
            EU:DJ EURO STOXX 50 = Pr

          	
            VG

          	
            EUREX

          	
            Eurex E-Stoxx 50

          	
            Equity Indices

          
	
            JP:NIKKEI 225:CME

          	
            NH

          	
            CME

          	
            CME-YEN DENOM NIKKEI

          	
            Equity Indices

          
	
            JP:NIKKEI 225

          	
            NI

          	
            SGX

          	
            SGX Nikkei Index

          	
            Equity Indices

          
	
            SE:OMX STOCKHOLM 30 INDEX

          	
            QC

          	
            SSE

          	
            SSE-OMXS30 INDEX

          	
            Equity Indices

          
	
            UK:FTSE 100 INDEX

          	
            Z

          	
            ICF

          	
            FTSE 100

          	
            Equity Indices

          
	
            US:S&P 500 INDEX:CME

          	
            ES

          	
            CME

          	
            E-Mini S&P 500

          	
            Equity Indices

          
	
            FR:CAC 40 INDEX:EOP

          	
            CF

          	
            EOP

          	
            CAC 40

          	
            Equity Indices

          
	
            IT:MIB 30:MIL

          	
            ST

          	
            MIL

          	
            FTSE/MIB IDX

          	
            Equity Indices

          
	
            JP:TOPIX INDEX (TOKYO):OSE

          	
            TP

          	
            OSE

          	
            TOPIX

          	
            Equity Indices

          
	
            US:Dow Jones Index:CBT:Mini

          	
            DM

          	
            CBOT

          	
            DJIA MINI

          	
            Equity Indices

          
	
            US:NASDAQ 100 STOCK INDX:CME:Mini

          	
            NQ

          	
            CME

          	
            NASDAQ 100 E-MINI

          	
            Equity Indices

          
	
            US:Russell 2000 Index:CME:Mini

          	
            RTY

          	
            CME

          	
            Russell 2000 Mini

          	
            Equity Indices

          
	
            US:S&P 400 MIDCAP INDEX:CME:Mini

          	
            FA

          	
            CME

          	
            S&P MID 400 EMINI

          	
            Equity Indices

          
	
             3m Eurodollar

          	
             ED

          	
             CME

          	
             3m Eurodollar

          	
            Short-term Rates

          
	
             3m Euribor

          	
             ER

          	
             ICF

          	
             3m Euribor

          	
            Short-term Rates

          
	
             3m Euroswiss

          	
             ES

          	
             ICF

          	
             3m Euroswiss

          	
            Short-term Rates

          
	
             3m Short Sterling

          	
             L

          	
             ICF

          	
             3m Short Sterling

          	
            Short-term Rates

          
	
             3m Canadian Bank Acceptance

          	
             BA

          	
             ME

          	
             3m Canadian Bank Acceptance

          	
            Short-term Rates

          
	
             90day Australian Bank Bill

          	
             IR

          	
             SFE

          	
             90day Australian Bank Bill

          	
            Short-term Rates

          
	
             3m Euroyen

          	
             YE

          	
             TFX

          	
             3m Euroyen

          	
            Short-term Rates

          
	
            AUD future

          	
            AD

          	
            CME

          	
            Australian dollar currency future

          	
            Currencies

          
	
            CAD future

          	
            CD

          	
            CME

          	
            Canadian dollar currency future

          	
            Currencies

          
	
            CHF future

          	
            SF

          	
            CME

          	
            Swiss franc currency future

          	
            Currencies

          
	
            EUR future

          	
            EC

          	
            CME

          	
            Euro FX currency future

          	
            Currencies

          
	
            GBP future

          	
            BP

          	
            CME

          	
            British pound currency future

          	
            Currencies

          
	
            JPY future

          	
            JY

          	
            CME

          	
            Japanse yen currency future

          	
            Currencies

          
	
            MXN future

          	
            PE

          	
            CME

          	
            Mexican peso currency future

          	
            Currencies

          
	
            NZD future

          	
            NV

          	
            CME

          	
            New Zealand dollar currency future

          	
            Currencies

          
	
            RUB future

          	
            RU

          	
            CME

          	
            Russian Ruble currency future

          	
            Currencies

          
	
            SEK future

          	
            SE

          	
            CME

          	
            Swedish Krona currency future

          	
            Currencies

          
	
            NOK future

          	
            NO

          	
            CME

          	
            Norwegian Krone currency future

          	
            Currencies

          

    

    

    
      
        

    

    	
            OTC Currencies:

          	
            Ticker

          
	
            Australian Dollar

          	
            AUD

          
	
            Canadian Dollar

          	
            CAD

          
	
            Swiss Franc

          	
            CHF

          
	
            Euro

          	
            EUR

          
	
            British Pound

          	
            GBP

          
	
            Japanese Yen

          	
            JPY

          
	
            Norwegian Krona

          	
            NOK

          
	
            New Zealand Dollar

          	
            NZD

          
	
            Swedish Krona

          	
            SEK

          
	
            Chinese Renminbi offshore

          	
            CNH

          
	
            Brazilian Real

          	
            BRL

          
	
            Chilean Peso

          	
            CLP

          
	
            Czech Krona

          	
            CZK

          
	
            Hungarian Forint

          	
            HUF

          
	
            Indonesian Rupiah

          	
            IDR

          
	
            Korean Won

          	
            KRW

          
	
            Mexican Peso

          	
            MXN

          
	
            Malasian Ringgit

          	
            MYR

          
	
            Polish Zloty

          	
            PLN

          
	
            Russian Ruble

          	
            RUB

          
	
            Singapore Dollar

          	
            SGD

          
	
            Thai Baht

          	
            THB

          
	
            Turkish Lira

          	
            TRY

          
	
            Taiwan Dollar

          	
            TWD

          
	
            South African Rand

          	
            ZAR

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