Document:

EX-10.1

 Exhibit 10.1 

MANAGEMENT AGREEMENT 

AGREEMENT (this “Agreement”) made as of the 1st day of February, 2019, by and
among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), CERES TACTICAL GLOBAL L.P., a Delaware limited partnership (the “Partnership”) and ADG CAPITAL MANAGEMENT LLP, a limited liability partnership
registered in England and Wales (“ADG Capital” or the “Advisor”). 
 W I T N E
S S E T H : 
 WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized
for the purpose of speculative trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial capital appreciation; and 

WHEREAS, such trading is to be conducted directly or through investment in CMF ADG Master Fund LLC, a Delaware limited liability company (the
“Master Fund”) of which CMF is the trading manager and ADG Capital is the advisor; and 
 WHEREAS, the Fourth Amended and Restated
Agreement of Limited Partnership of the Partnership, dated as of October 31, 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, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission
(“CFTC”) and is a member of National Futures Association (“NFA”); and 
 WHEREAS, CMF is registered as a commodity
trading advisor and a commodity pool operator with the CFTC and is a member of NFA; and 
 WHEREAS, CMF, the Partnership and the Advisor
wish to enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity interest trading activities during
the term of this Agreement. 
 NOW, THEREFORE, the parties agree as follows: 

1. DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, effective February 1, 2019,
the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of
the assets and funds of the Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by CMF in the instruments listed in Appendix C of this agreement, as amended from time to time. The Advisor may also
engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be (i) in accordance with the trading policies of CMF
expressly set forth in Appendix A hereto as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change (the “CMF Trading Policies”), provided that the Advisor shall
notify CMF 

 
of its inability to comply with the new CMF Trading Policies within one (1) business day of notice of such change, and (ii) pursuant to the trading strategy selected by CMF to be
utilized by the Advisor in managing the Partnership’s assets allocated to it. CMF has initially selected the Advisor’s ADG Systematic Macro Fund’s strategy (the “Strategy”), as described in Appendix B attached hereto,
to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the
ordinary course of trading. The Advisor may not deviate from the CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the
Partnership will be profitable or will not result in losses. 
 (b) CMF acknowledges receipt of the description of the Strategy, attached
hereto as Appendix B. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall
have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor. However, the
Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with
instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant, independent floor broker and any give-up or floor
brokerage fees are approved in advance by CMF. The initial list of approved executing brokers is attached as Appendix D hereto. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and
other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF provided that the swap dealer and any give-up or other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed
the relevant give-up agreements (via EGUS or by original, fax copy or email copy). 
 (c) The initial
allocation of the Partnership’s assets to the Advisor shall be invested in accordance with the Strategy, as described in Appendix B. The Partnership and the Advisor agree that the Advisor shall trade the initial allocation, either directly or
indirectly through the Master Fund, at a trading level confirmed to the Advisor by CMF, which initially shall be traded at a target annualized volatility of 20%. Where due notice is provided, the Advisor agrees to run the Strategy at the trading
level requested by CMF by written notice to allocations@adgcorporate.com indicating the new target annualized volatility and the effective date of the new trading level. This will be acknowledged and confirmed in writing by the Advisor. 

This trading level can be increased at the agreement of both the Advisor and CMF. In the event the Advisor wishes to use a trading system or
methodology other than or in addition to the Strategy in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different
trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five business days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which
the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be 

 
material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any
changes to the trading system or methodology that would cause the description of the trading strategy or methods described in Appendix B or the Partnership’s current Confidential Private Placement Offering Memorandum and Disclosure Document
(“Memorandum”), as applicable, to be materially inaccurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account (which is attached hereto as
Appendix C) and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a monthly basis, with
a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. Monthly reports will be deemed to be delivered when
received by email at the email address(es) for notices indicated in Section 12. 
 The Advisor further agrees that it will convert
foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be converted to U.S.
dollars within one business day after such funds are no longer needed to margin, non-U.S. dollar-based positions. 

(d) The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the
CFTC’s regulations (“principals”), its officers, directors and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its
customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not required to
disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill CMF’s fiduciary obligations to the Partnership or the reporting,
filing or other obligations imposed on it by federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep
all such advice confidential. 
 (e) The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and
apportion or reapportion to such other trading advisors the management of an amount of Net Asset Value of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading
advisors and the apportionment or reapportionment of Net Asset Value of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and
obligations of the parties hereunder. 
 (f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and
reapportion funds among the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at any
time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not
require the liquidation of specific positions by the Advisor. CMF will use its 

 
best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations, after which the Advisor will have a maximum of two business days to effect the
specified liquidation. CMF and the Advisor acknowledge that, should the amount of the Partnership’s assets under the Advisor’s management be increased, this notice period may be extended upon the mutual consent of the parties, which
consent shall not be unreasonably withheld. 
 (g) The Advisor shall assume financial responsibility for any errors committed or caused by it
in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account, including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the brokers on such trades. The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the commodity brokers.
The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors caused by the Advisor or any of its executing brokers identified in Appendix D with respect to the
account, and the Advisor shall use its best efforts to identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions to any broker utilized to execute orders for the
Partnership. 
 2. INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed to be an independent contractor
and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor. The
Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership. 

3. COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the Advisor to the
Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable semi-annually equal to 25% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the
“Incentive Fee”) and (ii) a monthly fee for professional management services equal to 1.0% per year of the beginning of the month Net Asset Value of the Partnership allocated to the Advisor (computed monthly by multiplying the Net
Asset Value of the Partnership allocated to the Advisor as of the first day of each month by 1.0% and dividing the result thereof by 12) (the “Management Fee”). 

(b) “Net Asset Value of the Partnership” shall have the meaning set forth in Section 7(d)(1) of the Partnership Agreement and,
unless the Advisor consents in writing, without regard to further amendments thereto, provided that in determining the Net Asset Value of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions,
administrative fees or incentive fees accrued or payable as of the date of such determination. 
 (c) “New Trading Profits” shall
mean the excess, if any, of Net Asset Value of the Partnership managed by the Advisor at the end of the fiscal period over Net Asset Value of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Asset Value
of the Partnership allocated to the Advisor at the date trading commences by the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Asset Value of the Partnership resulting from new capital
contributions, redemptions, 

 
reallocations or capital distributions, if any, made during the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s
assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing expenses shall be attributed to the assets managed by the Advisor (but shall be paid by the Partnership) based on the Advisor’s proportionate
share of Net Assets of the Partnership. Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership. No Incentive Fee shall be paid to the Advisor until the end of the first
semi-annual period of the Advisor’s trading for the Partnership, which fee shall be based on New Trading Profits (if any) earned from the commencement of trading by the Advisor on behalf of the Partnership through the end of the first
semi-annual period of such trading (which, for the avoidance of doubt, shall be June 30, 2019). Interest income earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Asset Value of the
Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there shall be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the
Advisor is eligible to receive another Incentive Fee. 
 (d) Semi-annual Incentive Fees and monthly Management Fees shall be paid within
twenty (20) business days following the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a semi-annual period or a calendar month, as the case may
be, the semi-annual Incentive Fee shall be computed as if the effective date of termination were the last day of the then current semi-annual period and the monthly Management Fee shall be prorated to the effective date of termination. If, during
any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management Fee shall be prorated by the ratio which the
number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 

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

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

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

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

(d) The Advisor agrees that it shall make such information available to CMF respecting the performance of the Partnership’s account as
compared to the performance of other accounts managed by the Advisor or its principals that utilize the Strategy, if any, as shall be reasonably requested by CMF. The Advisor presently believes and represents that existing speculative position
limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts
for which they have contracted to act as trading advisor. 
 5. TERM. (a) This Agreement shall continue in effect until
January 31, 2020 (the “Initial Termination Date”). If this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. At any time during the term
of this Agreement, CMF may elect to terminate this Agreement with five (5) days’ notice to the Advisor; provided however, that CMF may immediately terminate this Agreement if (i) the Net Asset Value per Unit of the Partnership shall
decline as of the close of business on any day to $4.00 or less; (ii) the Net Asset Value of the Partnership allocated to the Advisor through the Master Fund (adjusted for redemptions, distributions, withdrawals or reallocations, if any)
decline by 30% or more as of the end of a trading day from the previous highest Net Asset Value of the Partnership; (iii) limited partners owning not less than a “Majority of Units” (as defined in Section 4(a) of the Partnership
Agreement) in the Partnership shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement (v) CMF, in good faith, reasonably determines that the performance of the Advisor has
been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the

 
performance of the Partnership; (vii) the Advisor fails to conform to the CMF Trading Policies as they may be changed from time to time; (viii) the Advisor merges, consolidates with
another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent; (ix) the Advisor fails to notify CMF if Igor Yelnik dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor
Strategy Program or is otherwise not managing the trading programs or systems of the Advisor; (x) the Advisor’s registration as a commodity trading advisor with the CFTC or its membership in NFA or any other regulatory authority, is
terminated or suspended; or (xi) CMF reasonably believes that the Advisor has or may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon
dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution. 
 (b) The Advisor may terminate this
Agreement by giving not less than 30 days’ written notice to CMF (i) after the Initial Termination Date or (ii) in the event that CMF or the Partnership fails to comply with the terms of this Agreement. The Advisor may immediately
terminate this Agreement if CMF’s registration as a commodity pool operator or its membership in NFA is terminated or suspended. 
 (c)
Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof.

 6. INDEMNIFICATION. (a)(i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a
party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subsection
(a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court
costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to
be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, bad faith, recklessness, intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity
trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case,
the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership if such indemnification is
prohibited by Section 14 of the Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the Partnership. 
 (ii) Without limiting subsection (i) above, to
the extent that the Advisor has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify the Advisor
against the expenses (including, without limitations, attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith. 

 (iii) Any indemnification under subsection (i) above, unless ordered by a court or
administrative forum, shall be made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met
the applicable standard of conduct set forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, whose approval shall not be unreasonably withheld. The
Advisor will be deemed to have approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not
approve the selection. 
 (iv) In the event the Advisor is made a party to any claim, dispute or litigation or otherwise incurs any loss or
expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any loss, liability, damage, fine,
penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees), incurred in connection therewith. 

(v) As used in this Section 6(a), the term “Advisor” shall include the Advisor, its principals, officers, directors and
employees and the term “CMF” shall include the Partnership. 
 (b)(i) The Advisor agrees to indemnify, defend and hold harmless
CMF, the Partnership and their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal
expenses), judgments and awards and amounts paid in settlement reasonably incurred by them (A) as a result of the breach of any representations and warranties or covenants made by the Advisor in this Agreement, or (B) as a result of any
act or omission of the Advisor relating to the Partnership if (i) there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Section 14 hereof, to the effect that such acts or
omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in Section 1(g)), or
(ii) there has been a settlement of any action or proceeding with the Advisor’s prior written consent. 
 (ii) In the
event CMF, the Partnership or any of their affiliates is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its
principals, officers, directors and employees unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage,
fine, penalty, obligation cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses) judgments, awards and amounts including amounts paid in settlement incurred
in connection therewith. 
 (c) In the event that a person entitled to indemnification under this Section 6 is made a party to an
action, suit or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage,
cost or expense incurred in such action, suit or proceeding which relates to the matters for which indemnification can be made. 

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

7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a)    The Advisor represents and warrants that: 

(i)    All information with respect to the Advisor and its principals and the trading performance of any of them that has
been provided to CMF, including, without limitation, the description of the Strategy contained in Appendix B, is complete and accurate in all material respects and such information does not contain any untrue statement of a material fact or omit to
state a material fact that is necessary to make such statements and information therein not misleading. All references to the Advisor and its principals, if any, in the Memorandum or a supplement thereto will, after review and approval of such
references by the Advisor prior to the use of such Memorandum in connection with the offering of Partnership units, be accurate in all material respects, except that with respect to pro forma or hypothetical performance information in such
Memorandum, if any, this representation and warranty extends only to any underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments. 

(ii)    The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any,
is based on (a) all of the customer accounts managed pursuant to the Strategy by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein or (b) with the written consent
of CMF, a representative account of the Strategy. Such performance has been prepared by the Advisor or its agents in accordance with applicable CFTC and NFA rules and guidance, including, but not limited to, CFTC Rule 4.25. The annual financial
statements of ADG Systematic Macro Fund for the period January 1, 2017 through December 31, 2017 have been examined by an independent certified public accountant and a copy of the report thereon has been provided to CMF. 

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

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

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

(vi)     This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a valid and
binding agreement enforceable in accordance with its terms. 
 (vii)    At any time during the term of this Agreement
that an offering memorandum or prospectus relating to the Partnership units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such
information as shall be necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate. 
 (b)
    CMF represents and warrants for itself and the Partnership that: 
 (i) CMF is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of Delaware and has full limited liability company power and authority to perform its obligations under this Agreement. 

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

(iii) This Agreement has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is a
valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms. 
 (iv) CMF will not, by acting as general
partner to the Partnership and the Partnership will not, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the
performance of its duties under this Agreement. 
 (v) CMF is registered as a commodity pool operator and is a member of NFA, and it will
maintain and renew such registration and membership during the term of this Agreement. 
 (vi) The Partnership is a “qualified eligible
person” as defined in Rule 4.7 under the Commodity Exchange Act. 
 (vii) The Partnership is a limited partnership duly organized and
validly existing under the laws of the State of New York and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement. 

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

(a) The Advisor agrees as follows: 

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

 (ii) The Advisor will promptly notify CMF of the commencement of any investigation, suit,
action or proceeding (collectively, an “action”) involving the Advisor or any of its officers, directors or employees, agents or representatives regardless of whether such investigation, suit, action or proceeding also involves CMF. The
Advisor shall promptly notify CMF of any action against an affiliate where such action is (a) taken either in relation to the business of the Advisor or (b) adversely affects the business of the Advisor. The Advisor will provide CMF with
copies of any correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with any material, non-routine investigation, examination or audit of the Advisor’s business activities unless such disclosure is otherwise prohibited by applicable law or regulation; provided, however, that any such
correspondence provided to CMF by the Advisor shall be subject to Section 9 hereof. 
 (iii) In the placement of orders for the
Partnership’s account and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less
favorable to the Partnership than to any other account managed by the Advisor. The Advisor acknowledges its obligation to review and reconcile the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within
two business days to notify, in writing, the broker and CMF and the Partnership’s brokers of (A) any error committed by the Advisor or its principals or employees with respect to the Partnership’s assets managed by the Advisor;
(B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its
records and the information reported on the account’s daily and monthly broker statements. 
 (iv) The Advisor will maintain a net worth
of not less than USD 250,000 during the term of this Agreement. 
 (v) The Advisor will use its best efforts to close out all futures
positions prior to any applicable delivery period, and will use commercially reasonable efforts to avoid causing the Partnership to take delivery of any commodity. 

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

(i) CMF and the Partnership will comply with all applicable laws, including rules and regulations of the CFTC, NFA, swap execution facility
and/or the commodity exchange on which any particular transaction is executed. 
 (ii) CMF will promptly notify the Advisor of the
commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor. 

(iii) CMF or the selling agents for the Partnership have policies, procedures, and internal controls in place that are reasonably designed to
comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA PATRIOT Act. CMF or the selling agents for the Partnership have Customer Identification Programs (“CIP”), which require
the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance. CMF or the selling agents for the 

 
Partnership also have policies, procedures, and internal controls in place that are reasonably designed to comply with regulations and economic sanctions programs administered by the U.S.
Department of the Treasury’s Office of Foreign Assets Control. CMF or the selling agents for the Partnership has policies and procedures in place reasonably designed to comply with Section 312 of the USA PATRIOT Act, including processes
reasonably designed to identify clients that may be senior foreign political figures1, in accordance with applicable requirements and regulatory guidance, and to conduct enhanced scrutiny on such
clients where required under applicable law. In addition, CMF or the selling agents for the Partnership has policies and procedures in place reasonably designed to prohibit accounts for foreign shell banks2 in compliance with Sections 313 & 319 of the USA PATRIOT Act. 
  

	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. 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 Financial Conduct Authority or CFTC or valid legal process. Notwithstanding the foregoing, nothing in this Section 9 shall prevent the disclosure of Confidential
Information by either party to its attorneys, accountants, administrators, or other professional advisers in the proper performance of their duties; provided, in each case, that any such attorney, accountants, administrators, 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. 

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

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

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

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

Ceres Managed Futures LLC 
 522
Fifth Avenue 
 New York, New York 10036 

Attention: Patrick Egan 
 Email:
Patrick.Egan@morganstanley.com 

 If to the Advisor: 

ADG Capital Management LLP 
 10
Chiswell Street 
 3rd Floor 

London, EC1Y 4UQ 
 United Kingdom

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

16. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain persons not parties to
this Agreement may have rights under Section 6 hereof. 
 17. COUNTERPART ORIGINALS. This Agreement may be executed in any
number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement. 

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

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

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

 

			
	CERES MANAGED FUTURES LLC
		
	By	 	/s/ Patrick T. Egan
		 	 Patrick T. Egan
 President and
Director

	
	CERES TACTICAL GLOBAL L.P.
		
	By:	 	 Ceres Managed Futures LLC,
 General
Partner

		
	By	 	/s/ Patrick T. Egan
		 	 Patrick T. Egan
 President and
Director

	
	ADG CAPITAL MANAGEMENT LLP
		
	By:	 	/s/ Riaan Daly-Evans
		 	Name: Riaan Daly-Evans
		 	Title:   Head of Operations

 APPENDIX A 

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

1.    The Partnership will invest its assets only in commodity interests that the 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 the Advisor believes will permit it to enter and exit trades without noticeably moving the market. 

2.    The Advisor will not initiate additional positions in any commodity interest if these positions would result in aggregate positions
requiring margin of more than 66 2/3% of the Partnership’ net assets allocated to the 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 Advisor will not employ the trading technique commonly known as “pyramiding,” in which the speculator uses unrealized
profits on existing positions as margin for the purchase or sale of additional positions in the same or related commodities. 
 5.    The
Partnership will not utilize borrowings except short-term borrowings if the Partnership takes delivery of any cash commodities. 

6.    The Advisor may, from time to time, employ trading strategies such as spreads or straddles on behalf of the Partnership. The term
“spread” or “straddle” describes a commodity futures trading strategy including the simultaneous holding of futures contracts on the same commodity but involving different delivery dates or markets and in which the trader expects
to earn a profit from a widening or narrowing of the difference between the prices of the two contracts. 
 7.    The Partnership will
not permit, and the Advisor will not engage in, the churning of its commodity trading accounts. The term “churning” refers to the practice of entering and exiting trades with a frequency unwarranted by legitimate efforts to profit from the
trades, driven by the desire to generate commission income. 

 APPENDIX B 

The Strategy seeks to provide investors with positive absolute returns through taking long and short positions on a global basis in a broad range of financial
instruments. The Strategy will take directional and relative value positions based on systematically applied fundamental global macro analysis and the Advisor’s assessment of prevailing economic conditions and other relevant factors. The
Strategy aims for the generation of excess returns by means of tactical reallocation of the risk budget between asset classes, within asset classes and between various risk factors. 

The Strategy is based on a proprietary software tool which analyses macroeconomic and market information and produces recommended portfolios and trades for
assessment by the Advisor. The methodology coded into the software makes use of theory based analysis of markets and advanced risk management techniques. 

The Strategy is composed of four independent models, consisting of one directional trading model and three relative value models. The Fund will take
directional and relative value positions based on systematic analysis of global macro and economic data. Each of these models is built from 7-11 factors which are uncorrelated and fundamental drivers of
markets. The Strategy currently utilizes a total of 38 factors, which range for GDP measurements to curve analysis. 
 As has been agreed by CMF and ADG
Capital, the Strategy will be run at a 20% volatility level. For reference, the ADG Systematic Macro Fund, the Advisor’s flagship fund under management, is run at a 15% volatility level. 

  
 17 

 APPENDIX C 

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

 

			
	 FX Forwards
  
	 	 Index Futures
  

	AUD/USD FWD	 	AEX
	NZD/USD FWD	 	CAC 40
	GBP/USD FWD	 	DAX 30
	EUR/USD FWD	 	E-mini S&P 500
	USD/SEK FWD	 	FTSE 100
	USD/JPY FWD	 	FTSE/MIB
	USD/CAD FWD	 	Hang Seng
	USD/HKD FWD	 	IBEX35
	USD/CHF FWD	 	OMXS30
		 	S&P/ASX 200
		 	S&P/TSX 60
		 	TOPIX
		 	Aus 10Y Treasury Bond
		 	Bund
		 	CGB
		 	JGB
		 	Long Gilt
		 	US 10Y T-Note
		 	VIX

 Currency Futures 
  

									
	 Instrument
	  	 Symbol
	  	 Exchange
	  	 	  	 
	AUD Currency Future	  	AD	  	CME	  		  	
	CAD Currency Future	  	CD	  	CME	  		  	
	GBP Currency Future	  	BP	  	CME	  		  	
	NZD Currency Future	  	NV	  	CME	  		  	
	JPY Currency Future	  	JY	  	CME	  		  	
	EUR Currency Future	  	EC	  	CME	  		  	
	CHF Currency Future	  	SF	  	CME	  		  	

  
 18 

 APPENDIX D 

Executing Brokers 
 Morgan
Stanley & Co. International PLC 
 Goldman Sachs International3 

 
  

	3 	 Goldman Sachs International are to be engaged as contingency in case of unforeseen execution issues with Morgan
Stanley & Co. International PLC 

  
 19Exhibit 10.1

 

THIRTEENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

THIS THIRTEENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of January 31, 2019 is by and among CELADON GROUP, INC. (the “Borrower”), the Guarantors identified on the signature pages hereto, the Lenders identified on the signature pages hereto and BANK OF AMERICA, N.A., in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”).

W I T N E S S E T H

A. Certain credit facilities have been provided to the Loan Parties pursuant to that certain Amended and Restated Credit Agreement (as amended, modified, supplemented, increased and extended from time to time, the “Credit Agreement”) dated as of December 12, 2014 by and among the Borrower, the Guarantors identified therein, the Lenders identified therein and the Administrative Agent.

B. The Borrower has informed the Administrative Agent and the Lenders that it intends to consummate one or more Qualifying Liquidity Events and use the proceeds of such Qualifying Liquidity Events to repay certain Obligations.

C. The Borrower has requested that the Lenders make certain amendments to the Credit Agreement.

D. The Lenders have agreed to do so on the terms and conditions set forth in this Amendment.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.           Defined Terms.  Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement.

2.           Estoppel, Acknowledgement and Reaffirmation.  The undersigned Loan Parties hereby acknowledge and agree that, as of the date hereof, the Outstanding Amount of the Committed Loans and L/C Obligations constitute valid and subsisting obligations of such Loan Parties to the Lenders that are not subject to any credits, offsets, defenses, claims, counterclaims or adjustments of any kind.  The undersigned Loan Parties hereby acknowledge the Loan Parties’ obligations under the respective Loan Documents to which they are party.  Each of the undersigned Loan Parties hereby (i) acknowledges that it has granted Liens in favor of the Administrative Agent pursuant to, and is a party to, the Collateral Documents (including, with respect to certain Guarantors, pursuant to the Joinder Agreements executed by such Guarantors); (ii) reaffirms that each of the Liens created and granted in or pursuant to the Collateral Documents is valid and subsisting as of the date hereof; (iii) agrees that such Liens shall continue in effect as security for all Obligations; and (iv) agrees that this Amendment shall in no manner impair or otherwise adversely affect such Liens.

3.             Amendments to Credit Agreement.  Subject to the satisfaction of the conditions precedent set forth below, the Credit Agreement is hereby amended as follows:

(a) Section 1.01 of the Credit Agreement is hereby amended by deleting the following definitions in their entirety and substituting the following therefor:

“Aggregate Commitments” means the Commitments of all Lenders.  The amount of the Aggregate Commitments in effect (i) from the Twelfth Amendment Effective Date through and including February 27, 2019 shall be $238,240,000; (ii) from February 28, 2019 through and including March 30, 2019 shall be $128,240,000 and (iii) from and after March 31, 2019 shall be $93,240,000, in each case, as such amount may be reduced pursuant to this Agreement.

“Maximum Borrowing Amount” means (i) as of the Twelfth Amendment Effective Date, an amount equal to $203,240,000; (ii) as of February 28, 2019, an amount equal to $93,240,000 minus the amount by which the Maximum Borrowing Amount has been reduced pursuant to Section 2.05 due to the Disposition permitted by Section 7.05(d)(ii) after the Twelfth Amendment Effective Date and prior to February 28, 2019 and (iii) as of March 31, 2019, an amount equal to $58,240,000 minus the amount by which the Maximum Borrowing Amount has been reduced pursuant to Section 2.05 due to the Disposition permitted by Section 7.05(d)(ii) after the Twelfth Amendment Effective Date and prior to March 31, 2019, in each case, as such amount may be subsequently reduced from time to time pursuant to Section 2.05 or increased up to an amount not to exceed the Aggregate Commitments with the written consent of the Required Lenders.

“Maximum Outstanding Amount” means (i) as of the Twelfth Amendment Effective Date, an amount equal to $238,240,000; (ii) as of February 28, 2019, an amount equal to $128,240,000 minus the amount by which the Maximum Outstanding Amount has been reduced pursuant to Section 2.05 due to the Disposition permitted by Section 7.05(d)(ii) after the Twelfth Amendment Effective Date and prior to February 28, 2019 and (iii) as of March 31, 2019, an amount equal to $93,240,000 minus the amount by which the Maximum Outstanding Amount has been reduced pursuant to Section 2.05 due to the Disposition permitted by Section 7.05(d)(ii) after the Twelfth Amendment Effective Date and prior to March 31, 2019, in each case, as such amount may be subsequently reduced from time to time pursuant to Section 2.05 or increased up to an amount not to exceed the Aggregate Commitments with the written consent of the Required Lenders.

(b) Section 6.12(a) of the Credit Agreement is hereby amended by deleting the ratio “3.39:1.00” appearing opposite the January 31, 2019 testing date and inserting “4.36:1.00” in place of such ratio.

4.            Extension of Certain Letters of Credit.  The Lenders hereby authorize and direct the L/C Issuer to extend the expiry date of the following Letters of Credit to a date not later than the date set forth opposite each such Letter of Credit:

	
Letter of Credit Number

	
Beneficiary

	
Existing Expiry Date

	
New Expiry Date

	
00000068139003

	
Wells Fargo Equipment Finance, Inc.

	
May 31, 2019

	
April 1, 2020

	
00000068133355

	
Westchester Fire Insurance Company

	
May 15, 2019

	
May 15, 2020

	
00000068112864

	
South Carolina Department of Insurance

	
June 30, 2019

	
June 30, 2020

 

2

5.             Conditions Precedent.  This Amendment shall become effective as of the date hereof upon the satisfaction (or waiver by the Administrative Agent) of the following conditions precedent:

(a) receipt by the Administrative Agent of counterparts of this Amendment duly executed by the Borrower, the Guarantors (excluding the Mexican Loan Parties), each Lender and the Administrative Agent;

(b) receipt  by the Administrative Agent of $30,000 in respect of an administrative fee, $10,000 of which shall be distributed to each Lender;

(c) receipt by the Administrative Agent of opinions of legal counsel to the Borrower in form and substance reasonably acceptable to the Administrative Agent, addressed to the Administrative Agent and each Lender, dated as of the date hereof; and

(d) receipt by the Administrative Agent of a certificate of each Loan Party (excluding the Mexican Loan Parties) dated as of the date hereof signed by a Responsible Officer of such Loan Party (A) certifying and attaching resolutions adopted by the board of directors or equivalent governing body of such Loan Party approving this Amendment and (B) in the case of the Borrower, certifying that, after giving effect to this Amendment, (1) the representations and warranties of each Loan Party contained in Article V of the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, in each case, other than with respect to the Audit Events, and (2) no Default exists after giving effect to this Amendment.

6.            Payment of Fees and Expenses.  Without limiting the Loan Parties’ obligations under Section 10.04 of the Credit Agreement, the Borrower shall, promptly, and in any event within 5 Business Days of demand therefor, reimburse (i) the Administrative Agent for all fees and expenses of the Administrative Agent (including without limitation, all fees and expenses of US, Mexican and Canadian counsel to the Administrative Agent and financial advisors to the Administrative Agent and all appraisal, inspection and other costs incurred by the Administrative Agent) and (ii) each Lender for all reasonable out-of-pocket travel expenses of, and fees and expenses of counsel to, such Lender, in each case, incurred in connection with the Loan Documents, including without limitation this Amendment.

7.            Release.  In consideration of the Administrative Agent’s and the Lenders’ willingness to enter into this Amendment, each of the undersigned Loan Parties hereby releases and forever discharges the Administrative Agent, the Lenders and each of the Administrative Agent’s and the Lenders’ predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, in each case to the extent arising in connection with the Loan Documents or any of the negotiations, activities, events or circumstances arising out of or related to the Loan Documents through the date of this Amendment, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which any of the undersigned Loan Parties may have or claim to have against any entity or other Person within the Lender Group.

3

8. Amendment is a “Loan Document”.  This Amendment is a Loan Document and all references to a “Loan Document” in the Credit Agreement and the other Loan Documents (including, without limitation, all such references in the representations and warranties in the Credit Agreement and the other Loan Documents) shall be deemed to include this Amendment.

9. Representations and Warranties; No Default.  Each undersigned Loan Party represents and warrants to the Administrative Agent and each Lender that (a) any forecasts of cash flows and other projections delivered to the Administrative Agent or any Lender prior to the date hereof reflect the Borrower’s good faith estimate of the matters described therein, (b) the representations and warranties of each undersigned Loan Party contained in Article V of the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, in each case, other than with respect to the Audit Events, and (c) after giving effect to this Amendment, no Default exists, including without limitation any Default under Section 8.01(e) of the Credit Agreement.

10. No Other Changes.  Except as modified hereby, all of the terms and provisions of the Loan Documents shall remain in full force and effect.

11. Counterparts; Delivery.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of this Amendment by facsimile or other electronic imaging means shall be effective as an original.

12. Amendment, Modification and Waiver.  This Amendment may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.

13. Governing Law.  This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with, the laws of the State of Indiana.

[SIGNATURE PAGES FOLLOW]

4

IN WITNESS WHEREOF, the parties hereto have caused this Thirteenth Amendment to Amended and Restated Credit Agreement to be duly executed as of the date first above written.

	
BORROWER:

	
CELADON GROUP, INC.

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	
GUARANTORS:

	
CELADON TRUCKING SERVICES, INC.

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
CELADON LOGISTICS SERVICES, INC.

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
QUALITY EQUIPMENT LEASING, LLC

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

	 	 	 
	 	 	 
	 	
CELADON E-COMMERCE, INC.

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

 

CELADON GROUP, INC.

THIRTEENTH AMENDMENT

 

	
GUARANTORS:

	
A&S SERVICES GROUP, LLC

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
OSBORN TRANSPORTATION, INC.

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

	 	 	 
	 	 	 
	 	
CELADON CANADIAN HOLDINGS, LIMITED

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

	 	 	 
	 	 	 
	 	
HYNDMAN TRANSPORT LIMITED

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

	 	 	 
	 	 	 
	 	
BEE LINE, INC.

	 	 	 
	 	
By:

	
/s/ Chase Welsh

	 	
Name:

	
Chase Welsh

	 	
Title:

	
Secretary

 

CELADON GROUP, INC.

THIRTEENTH AMENDMENT

	
GUARANTORS:

	
BUCKLER TRANSPORT, INC.

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
CELADON DRIVING ACADEMY, LLC

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

	 	 	 
	 	 	 
	 	
CELADON REALTY, LLC

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

	 	 	 
	 	 	 
	 	
DISTRIBUTION, INC.

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
EAGLE LOGISTICS SERVICES INC.

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

 

CELADON GROUP, INC.

THIRTEENTH AMENDMENT

 

	GUARANTORS:	
QUALITY COMPANIES LLC

	 	 	 
	 	
By:

	
/s/ Paul Svindland

	 	
Name:

	
Paul Svindland

	 	
Title:

	
Chief Executive Officer

	 	 	 
	 	 	 
	 	
TAYLOR EXPRESS, INC.

	 	 	 
	 	
By:

	
/s/ Chase Welsh

	 	
Name:

	
Chase Welsh

	 	
Title:

	
Secretary

 

CELADON GROUP, INC.

THIRTEENTH AMENDMENT

 

	 GUARANTORS:	
A&S REAL ESTATE HOLDINGS, LLC

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
BUCKLER LOGISTICS, INC.

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
HUNT VALLEY EQUIPMENT CO., LLC

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
J. DAVID BUCKLER, INC.

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
QUALITY INSURANCE LLC

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

 

CELADON GROUP, INC.

THIRTEENTH AMENDMENT

 

	
GUARANTORS:

	
VORBAS, LLC

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
A&S KINARD LOGISTICS, LLC

	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

	 	 	 
	 	 	 
	 	
BUCKLER DISTRIBUTION CENTER, L.P.

	 	 	 
	 	By:	J. David Buckler, Inc., its general partner 
	 	 	 
	 	
By:

	
/s/ Thomas S. Albrecht

	 	
Name:

	
Thomas S. Albrecht

	 	
Title:

	
Chief Financial Officer

 

CELADON GROUP, INC.

THIRTEENTH AMENDMENT

 

	
ADMINISTRATIVE AGENT:

	
BANK OF AMERICA, N.A., as Administrative Agent

	 	 	 
	 	
By:

	
/s/ Andrew J. Maidman

	 	
Name:

	
Andrew J. Maidman

	 	
Title:

	
Senior Vice President

	 	 	 
	
LENDERS:

	
BANK OF AMERICA, N.A., as a Lender

	 	 	 
	 	 	 
	 	
By:

	
/s/ Andrew J. Maidman

	 	
Name:

	
Andrew J. Maidman

	 	
Title:

	
Senior Vice President

	 	 	 
	 	 	 
	 	
WELLS FARGO BANK, N.A., as a Lender

	 	 	 
	 	 	 
	 	
By:

	
/s/ Troy F. Jefferson

	 	
Name:

	
Troy F. Jefferson

	 	
Title:

	
Senior Vice President

	 	 	 
	 	 	 
	 	
CITIZENS BANK, N.A., as a Lender

	 	 	 
	 	 	 
	 	
By:

	
/s/ Gregory R.D. Clark

	 	
Name:

	
Gregory R.D. Clark

	 	
Title:

	
Executive Vice President

 

CELADON GROUP, INC.

THIRTEENTH AMENDMENT

Back to Form 8-K

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]