Document:

Exhibit 10.3

	 

	 
		AMENDED AND RESTATED AGENCY AGREEMENT

	 

	 
		SMITH BARNEY TIDEWATER FUTURES FUND L.
		P.
	 

	 
		(A NEW YORK LIMITED PARTNERSHIP)
	 

	 
		UNITS OF LIMITED PARTNERSHIP INTEREST

	 

	 
		April 1, 2001
	 

	 
		Salomon Smith Barney Inc.
	 

	 
		388 Greenwich Street
	 

	 
		New York, New York 10013
	 

	 
		Re: Smith Barney Tidewater Futures Fund L.P.
	 

	 
		Ladies and Gentlemen:
	 

	 
		Smith Barney Tidewater Futures Fund L.P.
		(the “Partnership”) was organized as a limited partnership under the
		New York Revised Uniform Limited Partnership Act, as amended (the
		“Partnership Act”) for the purpose of achieving substantial capital
		appreciation through speculative trading of a portfolio of commodity interests
		(including futures contracts and forward contracts). Smith Barney Futures
		Management LLC (“SBFM” or the “General Partner” has been
		elected general partner of the Partnership and SFG Global Investments, Inc. has
		withdrawn as general partner of the Partnership, effective as of the date
		hereof. You, the Partnership and SBFM entered into an agency agreement dated
		March 8, 1995 (the “Initial Agency Agreement”). This Amended and
		Restated Agency Agreement (the “Agreement”) supersedes the Initial
		Agency Agreement in all respects.
	 

	 
		The General Partner desires to raise capital
		for the Partnership by the sale of units of limited partnership interest
		therein (the “Units”) to certain qualified investors pursuant to Rule
		506 of Regulation D (“Reg. D”) under the Securities Act of 1933, as
		amended (the “Securities Act”). The General Partner, the Partnership,
		the business of the Partnership and the Units are described in a Private
		Placement Offering Memorandum and Disclosure Document dated January 19, 2001,
		prepared by the General Partner. The commodity trading advisor to the
		Partnership is currently Chesapeake Capital Corporation (the
		“Advisor”). As used in this Agreement, “Memorandum” refers
		to that Private Placement Offering Memorandum and Disclosure Document,
		including the appendices thereto, unless such memorandum or appendices have
		been supplemented or amended, in which case the term shall refer, from and
		after the time the supplement or amendment is delivered to you, to the
		memorandum and appendices as so amended and supplemented. 
	 

	 
		The subscribers for Units will be required
		to execute the Subscription Agreement, a copy of which is attached as an
		appendix to the Memorandum, and to tender or cause to be 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		tendered for each Unit subscribed cash in
		the amount of the Net Asset Value per Unit and partial Unit (rounded to four
		decimal places) on the date of purchase. Subscribers for Units whose
		Subscription Agreements are accepted by the General Partner will become limited
		partners of the Partnership (the “Limited Partners”) upon the
		execution by the General Partner as attorney-in-fact for each such Subscriber
		of the Second Amended and Restated Limited Partnership Agreement, a copy of
		which is attached as an appendix to the Memorandum (the “Partnership
		Agreement”).
	 

	 	
			 
				 
			 

		  	
			 
				Section 1.
			 

		  	
			 
				Appointment of
				Agent. 
			 

		  

	 
		On the basis of the representations,
		warranties and covenants contained in this Agreement, but subject to the terms
		and conditions set forth in it, you are hereby appointed the non-exclusive
		selling agent of the Partnership during the offering period specified in this
		Section, for the purpose of finding subscribers for the Units for the account
		and risk of the Partnership through a private offering. The offering period
		will continue until the General Partner terminates it (the “Continuous
		Offering”). Units or partial Units sold during the Continuous Offering
		will be sold at Net Asset Value per Unit as of the last day of each month,
		provided that the General Partner may determine to offer no Units in a
		particular month. Subject to the performance by the General Partner of all of
		its obligations to be performed under this Agreement and to the completeness
		and accuracy of all material representations and warranties of the General
		Partner contained in this Agreement, you hereby accept such agency and agree on
		the terms and conditions set forth in this Agreement to use your best efforts
		during the Continuous Offering to find subscribers for the Units. Your agency
		under this Agreement, which is coupled with an interest and, therefore, is not
		terminable by the General Partner without your permission, will continue until
		the termination of the Continuous Offering.
	 

	 
			
				
				   
				

			 	
				
				  Section 2.
				

			 	
				
				  Representations and Warranties of
				  the Partnership and the General Partner. 
				

			 

 

	 
		(a) The Partnership and the General Partner
		jointly and severally represent and warrant to you, for your benefit, and for
		the benefit of the purchasers of the Units that:
	 

	 
		(i) They will deliver to you such number of
		copies of the Memorandum as you may reasonably request, regardless of whether
		the Units are offered solely to “accredited investors” as defined in
		Rule 501(a) of Reg. D. They will not make any amendment or supplement to the
		Memorandum until they have given you a copy thereof and reasonable notice of
		the same, and no such amendment or supplement will be made if you reasonably
		object thereto.
	 

	 
		(ii) The Memorandum complies with Rule
		502(b)(2) of Reg. D and the information to be made available or furnished to
		each purchaser of a Unit pursuant to Section 5(f) hereof or otherwise will be
		sufficient to comply with Rule 502(b)(2)(iv) and 502(b)(2)(v) of Reg. D.

	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		(iii) The Memorandum will not contain any
		untrue statement of a material fact or omit to state a material fact necessary
		in order to make the statements therein, in light of the circumstances under
		which they were made, not misleading.
	 

	 
		(iv) All action required under the
		Partnership Agreement or otherwise to be taken by the General Partner before
		the subscription for and sale of the Units to qualified subscribers therefor
		has been taken or before the Monthly Closing dates, as defined in Section 4
		hereof, will have been taken, and upon (i) payment of the consideration
		therefor specified in the Subscription Agreement, (ii) acceptance by the
		General Partner of each subscriber acceptable to the General Partner, and (iii)
		the payment of any required filing fee, the subscribers will become Limited
		Partners of the Partnership entitled to all the rights of Limited Partners
		under the Partnership Agreement and the Partnership Act. The Units, when sold
		and paid for as contemplated by the Memorandum, will represent validly
		authorized and duly issued limited partnership interests in the Partnership and
		will conform to all statements relating thereto contained in the Memorandum,
		including the Partnership Agreement.
	 

	 
		(v) The Partnership is a limited partnership
		duly and validly organized pursuant to the Partnership Agreement and the laws
		of New York, and is validly existing under, and subject to, the laws of New
		York with full power and authority to conduct the business in which it proposes
		to engage as described in the Memorandum. A Limited Partner will have no
		liability in excess of his capital contribution and his share of Partnership
		assets and undistributed profits except as set forth in Section 7(f) of the
		Partnership Agreement and in the Partnership Act.
	 

	 
		(vi) There is no action, suit, litigation or
		proceeding before or by any court or governmental agency, federal, state or
		local, pending or threatened against or affecting or involving the property or
		business of the General Partner, or the business of the Partnership, that would
		materially and adversely affect the condition (financial or otherwise, business
		or prospects of the General Partner or the Partnership.
	 

	 
		(vii) Neither the Partnership, the General
		Partner, nor any person directly or indirectly affiliated with any of them has,
		either directly or through an agent, sold or offered for sale or solicited
		offers to subscribe for or buy, or approached potential investors for or
		otherwise negotiated in respect of, the Units except for the activities of the
		General Partner in approaching potential investors undertaken in cooperation
		with you after advance consultation with you; and neither the Partnership, the
		General Partner nor any person directly or indirectly affiliated with either of
		them has, either directly or through an agent, participated in the organization
		or management of any partnership or other entity, or has engaged in any other
		activity, in a manner or under circumstances that would jeopardize the status
		of the offering of the Units as an exempted transaction under the Securities
		Act or under the laws of any state in which it is represented by the General
		Partner that the offering may be made.
	 

	 
		(viii) This Agreement and the Partnership
		Agreement have been duly and validly authorized, executed and delivered by and
		on behalf of the General Partner and constitute valid and binding agreements of
		the General Partner enforceable in accordance with their terms. This Agreement
		and the Subscription Agreement have been or will be duly and validly
		authorized, 
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		executed and delivered by and on behalf of
		the Partnership and constitute or will constitute valid and binding agreements
		of the Partnership enforceable in accordance with their terms.
	 

	 
		(ix) The execution and delivery of this
		Agreement, the Subscription Agreements and the Partnership Agreement, and the
		consummation of the transactions contemplated in this Agreement and in the
		Memorandum, do not conflict with and will not constitute a breach of, or
		default under, the certificate of formation or limited liability company
		agreement of the General Partner or any agreement or instrument by which it is
		bound by any order, rule or regulation applicable to it of any court or any
		governmental body or administrative agency having jurisdiction over it.
	 

	 
		(x) A separate escrow account has been
		opened at European American Bank (the “Escrow Agent”) and will be
		maintained for all funds received from subscribers for Units. All payments
		received from persons desiring to purchase Units will be deposited in such
		account and held in accordance with the terms of such Escrow Agreement.
	 

	 
			
				
				   
				

			 	
				
				  Section 3.
				

			 	
				
				  Your Representations and
				  Warranties.
				

			 

 

	 
		You represent and warrant to and for the
		benefit of the Partnership and the General Partner that:
	 

	 
		(a) You will not offer or sell the Units by
		any form of general solicitation or general advertising within the meaning of
		Rule 502(c) of Reg. D.
	 

	 
		(b) Where required by applicable state law
		or regulation, you will initiate contact with a prospective offeree only after
		determining that the suitability and sophistication standards described in the
		Memorandum are likely to be satisfied with respect to such prospective offeree
		and, where applicable, only after having obtained an executed Purchaser
		Representative Questionnaire.
	 

	 
		(c) You will not offer the Units for sale
		to, or solicit any offers to subscribe for the Units from, any offeree who
		resides in a state whose securities or “blue sky” laws require
		offerees to meet specified qualifications unless such offeree meets such
		qualifications or which laws require offerees to receive disclosure documents
		until you have delivered (or directed the General Partner to deliver) the
		Memorandum, the Partnership Agreement, and any other agreement or document that
		may be attached as an exhibit or appendix referred to in and distributed with
		the Memorandum or any other information provided by the General Partner which
		is required to be delivered to purchasers pursuant to Rule 502(b)(2) to such
		offeree, and within a reasonable time prior to the Monthly Closing you shall
		deliver (or cause the General Partner to deliver) all such documents to all
		persons who are to purchase the Units, to the extent they have not theretofore
		received such documents. In connection with the offering, you will not
		represent to any person acquiring Units any material facts relating to the
		offering unless such facts are contained in the Memorandum or have been
		provided to you in writing by the General Partner.
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		(d) You will make offers to sell Units to,
		or solicit offers to subscribe for Units from, persons in only those states or
		other jurisdictions where the General Partner has either qualified or
		registered the offering for sale or where the General Partner has determined
		that an exemption from such qualification or registration is available under
		the applicable securities or “blue sky” statutes of such states or
		other jurisdictions. You will not sell Units to any person unless, immediately
		before making such sales, you reasonably believe such person (i) would be able
		to represent that such person is acquiring the Units for such person’s own
		account as principal for investment and not with a view to resale or
		distribution, (ii) either qualifies as an accredited investor under Rule 501 of
		Reg. D or alone, or together with his purchaser representative has such
		knowledge in financial and business matters that he is capable of evaluating
		the merits and risks of the prospective investment, and (iii) meets such other
		suitability standards as are specified in the Memorandum under the caption
		“Who May Invest” and the other conditions contained in the
		Subscription Agreement. You will not sell Units to more than 35 purchasers who
		are not “accredited investors” or persons specified in Rule 501(c) of
		Reg. D.
	 

	 
		(e) You will maintain a record of all
		information obtained by you indicating that subscribers for Units meet the
		suitability standards referred to in Section 3(d) hereof. The General Partner
		will approve or reject the subscriptions and notify you of the same.
	 

	 
		(f) You are a member in good standing of
		NASD Inc.
	 

	 
			
				
				   
				

			 	
				
				  Section 4.
				

			 	
				
				  Closings.
				

			 

 

	 
		During the Continuous Offering, closings may
		be held as of the last business day of each month (“Monthly
		Closings”).
	 

	 
			
				
				   
				

			 	
				
				  Section 5.
				

			 	
				
				  Covenants of the Partnership and
				  the General Partner.
				

			 

 

	 
		The Partnership and the General Partner
		covenant with you that:
	 

	 
		(a) If any event occurs before a Monthly
		Closing and relates to or affects the business or condition (financial or
		other) of the General Partner or the Partnership which makes it necessary to
		amend or supplement the Memorandum in order that the Memorandum will not
		contain an untrue statement of a material fact or omit to state a material fact
		necessary in order to make the statements therein not misleading in the light
		of the circumstances existing at the time it is delivered to a subscriber, the
		General Partner forthwith will prepare and furnish to you a reasonable number
		of copies of the amendment or amendments of, or supplement or supplements to,
		the Memorandum (in form and substance satisfactory to you and your counsel)
		that will so amend or supplement the Memorandum.
	 

	 
		(b) They will qualify or register the Units
		for offering and sale under, or establish the exemption of the offering and
		sale of the Units from qualification or registration under, the applicable
		securities or “blue sky” laws of the jurisdictions listed in Appendix
		I hereto and use their best efforts to qualify in such other jurisdictions as
		you may reasonably request in writing; 
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		provided, however, that
		neither of them will be obligated to qualify as a dealer in securities in any
		jurisdiction in which it is not so qualified. The General Partner will promptly
		notify you in writing of such qualification, registration or exemption in each
		such jurisdiction and of any modification, rescission or withdrawal of any such
		qualification, registration or exemption. The General Partner will not
		consummate a sale of a Unit in any jurisdiction in which such survey indicates
		such sale may not be lawfully made and will not consummate any sale otherwise
		than in accordance with the restrictions and limitations, if any, set forth or
		referred to in such survey.
	 

	 
		(c) Neither they nor any of their affiliates
		will, either directly or through an agent (other than you), sell or offer for
		sale, or solicit offers to subscribe for or buy or approach potential offerees
		for, or otherwise negotiate in respect of, the Units except for the activities
		of the General Partner in approaching potential offerees undertaken in
		cooperation with you after advance consultation with you.
	 

	 
		(d) The Partnership will apply the proceeds
		from the sale of the Units for the purposes set forth under “Use of
		Proceeds” in the Memorandum in substantially the amounts and at the times
		indicated thereunder.
	 

	 
		(e) Neither they nor any person directly or
		indirectly affiliated with either of them is or will be engaged, as a general
		partner, sponsor or otherwise (i) in the organization or management of any
		partnership, fund or other entity, in a manner or under circumstances which, in
		the opinion of their counsel, will jeopardize the status of the offering of the
		Units as an exempted transaction under the Securities Act or under the laws of
		any state in which it is represented by them that the offering may be made, or
		(ii) in any offering of securities which, when integrated with the offering of
		the Units in the manner prescribed by Rule 501(a) of Reg. D and SEC Release No.
		33-4552 (Nov. 6, 1962) will jeopardize the status of the offering of the Units
		as an exempted transaction under Reg. D.
	 

	 
		(f) At all times during the Continuous
		Offering and before each Monthly Closing, they will (i) make available to each
		potential purchaser and to the purchaser’s representative, if any, such
		information (in addition to that contained in the Memorandum) concerning
		themselves, the offering and any other relevant matters, as they possess or can
		acquire without unreasonable effort or expense, and (ii) provide to each
		potential purchaser and to any purchaser representatives the opportunity to ask
		questions of, and receive answers from, them concerning the terms and
		conditions of the offering and the business of the Partnership and to obtain
		any other additional information, to the extent they possess the same or can
		acquire it without unreasonable effort or expense, necessary to verify the
		accuracy of the information furnished to the potential purchaser or any
		purchaser representatives.
	 

	 
		(g) Before each Monthly Closing, they will
		provide to each purchaser the information required to be delivered by Rule
		502(b)(2)(iii) and 502(b)(iv) and will disclose to each purchaser, in writing,
		any material relationships between such purchaser’s purchaser
		representative, if any, or its affiliates and themselves or any of their
		affiliates which then exists or is understood to be contemplated or has existed
		at any time during the previous two years and any compensation received or to
		be received as a result of such relationship.
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		(h) Immediately before accepting any
		subscription for the Units and making any sale thereof to any purchasers other
		than an “accredited investor” as defined in Reg. D, they, after
		reviewing each Subscription Agreement and accompanying questionnaire(s), will
		have reasonable grounds to believe and will believe that the purchaser, either
		alone or with his purchaser representative, has such knowledge and experience
		in financial and business matters that he is capable of evaluating the merits
		and risks of the prospective investment. Within 15 days of receiving from you
		copies of information indicating that subscribers meet the suitability
		standards, the General Partner will approve or reject the subscriptions and
		notify you of the same.
	 

	 
		(i) The General Partner has filed five
		copies of a notice on Form D with the Securities and Exchange Commission no
		later than 15 days after the first sale of a Unit pursuant to Rule 503 under
		Reg. D. The General Partner shall comply with any filing requirement imposed by
		the laws of any state or jurisdiction in which sales are made. The General
		Partner shall furnish you and your counsel with copies of all filings made on
		Form D pursuant hereto.
	 

	 
			
				
				   
				

			 	
				
				  Section 6.
				

			 	
				
				  Payment of Expenses and Fees;
				  Interest Income.
				

			 

 

	 
		The Partnership will pay its ongoing legal,
		accounting, filing and reporting fees in addition to the costs of the
		Continuous Offering, expenses of printing and other administrative costs which
		are estimated at $75,000 per year. In consideration for your entering into this
		Agreement, you will act as the Partnership’s commodity broker as described
		in the Memorandum and be compensated as described in the Memorandum and be
		compensated therefore pursuant to a Second Amended and Restated Customer
		Agreement of even date herewith. 
	 

	 
		All of the Partnership’s funds used to
		margin its commodities account will be deposited in cash or U. S. Treasury
		Bills in a brokerage account with you or in securities. You will deposit the
		funds in segregated bank accounts as required by the Commodity Futures Trading
		Commission regulations. Such accounts do not earn interest. You will pay
		monthly interest to the Partnership on 80% of the average daily equity
		maintained in cash in the Partnership’s commodity accounts during each
		month (i.e., the sum of the daily cash balances in such accounts divided by the
		number of calendar days in that month) at a 30-day Treasury bill rate
		determined weekly by you based on the average non-competitive yield on 3-month
		U.S. Treasury bills maturing in 30 days (or on the maturity date closest
		thereto) from the date on which such weekly rate is determined.
	 

	 
			
				
				   
				

			 	
				
				  Section 7.
				

			 	
				
				  Conditions of Your
				  Obligations.
				

			 

 

	 
		Your obligations under this Agreement are
		subject to the accuracy of and compliance with the representations and
		warranties of the Partnership and the General Partner made in Section 2 hereof,
		to the performance by the Partnership and the General Partner of their
		obligations under this Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		If any of the conditions specified in this
		Section 7 have not been fulfilled when and as required by this Agreement to be
		fulfilled, you may cancel this Agreement and all your obligations under it by
		notifying the General Partner of such cancellation in writing or by telegram at
		any time at or before any Monthly Closing and any such cancellation will be
		without liability or obligation of any party to any other party except as
		otherwise provided in Section 5, Section 6 and Section 9 hereof.
	 

	 
			
				
				   
				

			 	
				
				  Section 8.
				

			 	
				
				  Conditions of the Obligations of
				  the Partnership and the General Partner.
				

			 

 

	 
		The obligations of the Partnership and the
		General Partner under this Agreement are subject to the performance by you of
		your obligations under the same and to the further condition that the
		Partnership and the General Partner will have received your certificate stating
		that you have offered the Units for sale, or solicited offers to subscribe for
		or buy Units, or otherwise negotiated with any person with respect to the
		Units, only in such manner and under such circumstances as are in compliance
		with the securities or “blue sky” laws of the jurisdictions
		designated by you in accordance with Section 5(b) hereof.
	 

	 
			
				
				   
				

			 	
				
				  Section 9.
				

			 	
				
				  Indemnification and
				  Contribution.
				

			 

 

	 
		You will indemnify and hold harmless the
		Partnership and the General Partner and their officers, directors and
		employees, against any and all loss, liability, claim, damage, expense,
		judgment or amount paid in settlement (including reasonable attorneys’
		fees) with respect to statements or omissions in the Memorandum made with
		respect to you or your obligations under this Agreement made in reliance upon
		and in conformity with information furnished to the General Partner by you
		expressly for use in the Memorandum.
	 

	 
			
				
				   
				

			 	
				
				  Section 10.
				

			 	
				
				  Representations, Warranties and
				  Agreements to Survive Delivery.
				

			 

 

	 
		All representations, warranties and
		agreements contained in this Agreement or contained in certificates or opinions
		delivered pursuant to this Agreement will remain operative and in full force
		and effect, regardless of any investigation made by or on behalf of you or by
		or on behalf of the General Partner and will survive the Monthly
		Closings.
	 

	 
			
				
				   
				

			 	
				
				  Section 11.
				

			 	
				
				  Notices and Authority to
				  Act.
				

			 

 

	 
		All communications herein shall be in
		writing and, if sent to you, will be mailed, delivered or telegraphed and
		confirmed to you at:
	 

	 
		Salomon Smith Barney Inc.
	 

	 
		388 Greenwich Street
	 

	 
		New York, New York 10013
	 

	 
		Attention: David J. Vogel
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		or if sent to the General Partner, will be
		mailed, delivered or telegraphed and confirmed to the General Partner
		at:
	 

	 
		Smith Barney Futures Management LLC
	 

	 
		388 Greenwich Street-7th floor
	 

	 
		New York, New York 10013
	 

	 
		Attention: David J. Vogel
	 

	 
			
				
				   
				

			 	
				
				  Section 12.
				

			 	
				
				  Parties.
				

			 

 

	 
		This Agreement will inure to the benefit of
		and be binding upon you, the Partnership and the General Partner and your and
		their respective successors, heirs and representatives. This Agreement and its
		conditions and provisions are intended to be and are for the sole and exclusive
		benefit of the parties to it and their respective successors, heirs and
		representatives, and not for the benefit of any other person, firm or
		corporation unless expressly stated otherwise.
	 

	 
			
				
				   
				

			 	
				
				  Section 13.
				

			 	
				
				  Governing Law.
				

			 

 

	 
		This Agreement shall be governed by and
		construed under the laws of the State of New York.
	 

	 
			
				
				   
				

			 	
				
				  Section 14.
				

			 	
				
				  Waiver.
				

			 

 

	 
		Any party to this Agreement may waive
		compliance by the other with any of the terms, provisions and conditions set
		forth in this Agreement.
	 

	 
			
				
				   
				

			 	
				
				  Section 15.
				

			 	
				
				  Entire Agreement.
				

			 

 

	 
		This Agreement contains the entire agreement
		between the parties to it, and is intended to supersede any and all prior
		agreements between those parties, relating to the same subject matter.
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		If the foregoing is in accordance with your
		understanding of our agreement, kindly sign and return to us a counterpart
		hereof, whereupon this instrument, along with all counterparts, will become a
		binding agreement among you, the Partnership and the General Partner, in
		accordance with its terms.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Sincerely,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  SMITH BARNEY FUTURES

				  MANAGEMENT LLC
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ David J. Vogel
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  David J. Vogel
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  President and Director
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  SMITH BARNEY TIDEWATER
				

				
				  FUTURES FUND L.P.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: Smith Barney Futures 
				

				
				  Management LLC 
				

				
				  (General Partner)
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ David J. Vogel
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  David J. Vogel
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  President and Director
				

			 

 

	 
		 
	 

	 
			
				
				  Confirmed, accepted and 
				

				
				  agreed to as of the date 
				

				
				  first above written.
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SALOMON SMITH BARNEY INC.
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 
				

			 	
				
				  
 /s/ David J. Vogel
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  David J. Vogel
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		10Exhibit 10.4

	 

	 
		Smith Barney Account No.:
		____________________
	 

	 
		 
	 

	 
		________Please check here if 
	 

	 
		employed by Citigroup Global
	 

	 
		Markets Inc. or an affiliate.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		SMITH BARNEY
	 

	 
		TIDEWATER FUTURES FUND L.P.
	 

	 
		(a New York limited partnership)
	 

	 
		Subscription Agreement
	 

	 
		 
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 
	 

	 

	 
		Citigroup Managed Futures LLC
	 

	 
		731 Lexington Avenue - 25th
		Floor
	 

	 
		New York, New York 10022
	 

	 
		 
	 

	 
		Re: Smith Barney Tidewater Futures Fund
		L.P.
	 

	 
		Ladies and Gentlemen:
	 

	 
		1. Subscription for Units. I hereby irrevocably subscribe for the amount of Units
		(and partial Units rounded to four decimal places) of Limited Partnership
		Interest (“Units”) of Smith Barney Tidewater Futures Fund L.P. (the
		“Partnership”) as indicated on page B-7 hereof. I understand that
		each Unit will be offered at Net Asset Value per Unit on the date of sale. I
		hereby authorize Citigroup Global Markets Inc. (“CGM”) to debit my
		Smith Barney account in the amount of my subscription as described in
		“Subscription Procedure” in the Private Placement Offering Memorandum
		and Disclosure Document dated December 18, 2006 as amended or supplemented from
		time to time (the “Memorandum”).
	 

	 
		I am aware that this subscription is not
		binding on the Partnership unless and until it is accepted by the General
		Partner, which may reject this subscription in whole or in part for any reason
		whatsoever. I understand that the General Partner will advise me within five
		business days of receipt of my funds and this Agreement if my subscription has
		been rejected. I further understand that if this subscription is not accepted,
		the full amount of my subscription will be promptly returned to me without
		deduction.
	 

	 
		2. Representations, Warranties and Covenants of
		Subscriber. As an inducement to the
		General Partner on behalf of the Partnership to sell me the Units for which I
		have subscribed I hereby represent, warrant and agree as follows:
	 

	 
		(a) I am over 21 years old, am legally
		competent to execute this Agreement and have received and reviewed the
		Memorandum and the Partnership’s most recent monthly statement and annual
		report, if any, and except as set forth in the Memorandum, no representations
		or warranties have been made to me by the Partnership, its General Partner or
		their agents, with respect to the business of the Partnership, the financial
		condition of the Partnership, the deductibility of any item for tax purposes or
		the economic, tax, or any other aspects or consequences of a purchase of a
		Unit, and I have not relied upon any information concerning the offering,
		written or oral, other than that contained in the Memorandum or provided by the
		General Partner at my request. In addition, I have been represented by such
		legal and tax counsel and others selected by me as I have found it necessary to
		consult concerning this transaction. I am in compliance with all federal and
		state regulatory requirements applicable to this investment. With respect to
		the tax aspects of my investment, I am relying upon the advice of my own
		personal tax advisors and upon my own knowledge with respect thereto.
	 

	 
		(b) I have carefully reviewed the various
		conflicts of interest set forth in the Memorandum, including those arising from
		the fact that the General Partner is an affiliate of CGM, the selling agent and
		commodity broker/dealer for the Partnership.
	 

	 
		(c) I hereby acknowledge and agree to the
		terms of the Customer Agreement between the Partnership and CGM and to the
		payment to CGM of the flat rate brokerage fee as described in the Memorandum. I
		understand that lower brokerage fees might be available, but that the General
		Partner will not negotiate with CGM or any other broker to obtain such lower
		rates.
	 

	 
		(d) The Partnership has made available to
		me, prior to the date hereof, the opportunity to ask questions of, and to
		receive answers from, the General Partner and its representatives, concerning
		the terms and conditions of the offering, and has afforded me access to obtain
		any information, documents, financial 
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		statements, records and books (i) relating
		to the Partnership, its business, the offering and an investment in the
		Partnership, and (ii) necessary to verify the accuracy of any information,
		documents, financial statements, records and books furnished in connection with
		the offering. All materials and information requested by me, including any
		information requested to verify any information furnished, have been made
		available and have been examined to my satisfaction.
	 

	 
		(e) I understand that the Partnership
		offering has not been registered under the Securities Act of 1933, as amended
		(the “Act”), or pursuant to the provisions of the securities or other
		laws of certain jurisdictions, in reliance on exemptions for private offerings
		contained in the Act and in the laws of certain jurisdictions. I am fully aware
		of the restrictions on sale, transferability and assignment of the Units as set
		forth in the Limited Partnership Agreement, and that I must bear the economic
		risk of my investment in the Partnership for an indefinite period of time
		because the offering has not been registered under the Act. I understand that
		the Units cannot be offered or sold unless they are subsequently registered
		under the Act or an exemption from such registration is available, and that any
		transfer requires the consent of the General Partner, who may determine not to
		permit any specific transfer.
	 

	 
		(f) I represent that I am aware of the
		speculative nature of this investment and of the high degree of risk involved,
		that I can bear the economic risks of this investment and can afford a complete
		loss of my investment. As evidence of the foregoing, I hereby represent to you
		that I: (i) have sufficient liquid assets to pay the purchase price for my
		interest in the Partnership; (ii) have adequate means of providing for my
		current needs and possible personal contingencies and have no present need for
		liquidity of my investment in the Partnership; (iii) have adequate net worth
		and sufficient means to sustain a complete loss of my investment in the
		Partnership; (iv) either (a) I am an accredited investor as defined in Rule 501
		(a) of the Act, the terms of which are set forth in Exhibit I to this
		Subscription Agreement by virtue of the subparagraph indicated on page B-7 or
		(b) I have a net worth (exclusive of home, furnishings and automobiles) at
		least three times my investment in the Partnership or my actual gross income
		for the last two calendar years was, and my projected gross income for the
		current calendar year will be, not less than three times my investment in the
		Partnership for each year; (v) have substantial experience in making similar
		investments; (vi) have, alone or with my purchaser representative, sufficient
		knowledge to be able to evaluate the merits and risks of this investment; and
		(vii) have made the decision to invest in the Partnership based on my own or my
		purchaser representative’s independent evaluation.
	 

	 
		(g) I will not transfer or assign this
		Subscription Agreement, or any of my interest herein. I am acquiring my
		interest in the Partnership hereunder for my own account and for investment
		purposes only and not with a view to or for the transfer, assignment, resale or
		distribution thereof, in whole or in part. I have no present plans to enter
		into any such contract, undertaking, agreement or arrangement. I understand
		that the General Partner may in its absolute discretion require any limited
		partner to redeem all or part of his Units, upon 10 days’ notice to such
		limited partner. 
	 

	 
		(h) If I am not a citizen or resident of the
		United States for U.S. tax purposes, I agree to pay or reimburse CGM or the
		Partnership for any taxes, including but not limited to withholding tax imposed
		with respect to my Units.
	 

	 
		(i) I understand that as part of the
		Partnership’s responsibility for the prevention of money laundering, CGM
		or the general partner may require a detailed verification of identity and the
		source of payment. In the event of delay or failure by me to produce any
		information required for verification purposes, the general partner may refuse
		to accept my application and subscription funds relating thereto or may refuse
		to process a redemption request until proper information has been
		provided.
	 

	 
		(j) FOR MAINE
		INVESTORS. THESE SECURITIES ARE BEING SOLD PURSUANT TO AN EXEMPTION FROM
		REGISTRATION WITH THE BANK SUPERINTENDENT OF THE STATE OF MAINE UNDER SECTION
		10502(2)(R) OF TITLE 32 OF THE MAINE REVISED STATUTES. THESE SECURITIES MAY BE
		DEEMED RESTRICTED SECURITIES AND AS SUCH THE HOLDER MAY NOT BE ABLE TO RESELL
		THE SECURITIES UNLESS PURSUANT TO REGISTRATION
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		UNDER STATE OR FEDERAL SECURITIES LAWS OR
		UNLESS AN EXEMPTION UNDER SUCH LAW EXISTS.
	 

	 
		(k) FOR NON-ACCREDITED INVESTORS WHO RESIDE
		IN, RECEIVE OFFERS FROM OR MAKE PURCHASES IN THE STATES OF ALABAMA OR
		KANSAS. Subscriber hereby represents and affirms that
		Subscriber has a net worth (exclusive of principal residence, its furnishings
		and personal automobiles) exceeding five
		(5) times Subscriber’s investment.
	 

	 
		(l) FOR NON-ACCREDITED INVESTORS WHO RESIDE
		IN, RECEIVE OFFERS FORM OR MAKE PURCHASES IN THE STATE OF KENTUCKY.
		Subscriber hereby represents and affirms that Subscriber has a net worth
		exceeding ten (10) times Subscriber’s investment.
	 

	 
		(m) FOR NON-ACCREDITED INVESTORS WHO RESIDE
		IN, RECEIVE OFFERS FROM OR MAKE PURCHASES IN THE STATE OF MAINE.
		Subscriber hereby represents and affirms that Subscriber has (i) a minimum net
		worth (exclusive of home, home furnishing and automobiles) of $200,000 or (ii)
		a minimum net worth (exclusive of home, home furnishings and automobiles) of
		$50,000 and a minimum annual gross income of $50,000.
	 

	 
		(n) FOR NON-ACCREDITED INVESTORS WHO RESIDE
		IN, RECEIVE OFFERS FROM OR MAKE PURCHASES IN THE STATE OF MISSOURI.
		Subscriber hereby represents and affirms that Subscriber has a net worth
		exceeding five (5) times Subscriber’s investment.
	 

	 
		(o) FOR ALL INVESTORS WHO RESIDE IN, RECEIVE
		OFFERS FROM OR MAKE PURCHASES IN THE STATE OF NEW HAMPSHIRE. Subscriber hereby warrants that Subscriber has (i) net
		worth, exclusive of home, home furnishings and automobiles of $250,000 or (ii)
		net worth, exclusive of home, home furnishings and automobiles of $125,000 and
		$50,000 of taxable income.
	 

	 
		(p) FOR ALL INVESTORS WHO RESIDE IN, RECEIVE
		OFFERS FROM OR MAKE PURCHASES IN THE STATE OF NORTH CAROLINA (SUITABILITY STANDARDS FOR A FIDUCIARY ACCOUNT MAY BE
		MET BY THE FIDUCIARY, THE ACCOUNT OR THE DONOR). Subscriber hereby represents
		and affirms that Subscriber is making an initial cash payment of at least
		$5,000 and Subscriber has either (i) a minimum net worth (exclusive of home,
		home furnishings and automobiles) of $60,000 and a taxable income in the last
		tax year or estimated in the current tax year of $60,000 or (ii) a minimum net
		worth (exclusive of home, home furnishings and automobiles) of $225,000.

	 

	 
		(q) FOR ACCREDITED INVESTORS WHICH ARE
		GENERAL PARTNERSHIPS AND RESIDE IN, RECEIVE OFFERS FROM OR MAKE PURCHASES IN
		THE STATE OF WASHINGTON.
		Subscriber hereby represents and affirms that Subscriber has not determined
		accreditation by aggregating the net worth of Subscriber’s general
		partners.
	 

	 
		(r) FOR ALL ACCREDITED INVESTORS. Subscriber
		hereby represents and affirms that (i) Subscriber has a net worth alone or with
		spouse exceeding 10 times Subscriber’s investment or (ii)
		Subscriber has either alone or with Subscriber’s professional advisor the
		capacity to protect Subscriber’s interests in connection with this
		transaction or (iii) Subscriber is able to bear the economic risk of the
		investment.
	 

	 
		(s) Subscriber represents that the
		information contained herein is complete and accurate as of the date hereof and
		may be relied upon by the General Partner. Subscriber further represents that
		Subscriber will notify the General Partner immediately of any adverse change in
		any such information which may occur prior to the acceptance of
		Subscriber’s subscription and will promptly send the General Partner
		written confirmation thereof.
	 

	 
		
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		(t) If Subscriber is a collective investment
		vehicle, Subscriber is in compliance with all applicable Federal regulatory
		requirements including the registration rules of the Commodity Futures Trading
		Commission.
	 

	 
		3. Acceptance of Limited Partnership Agreement and Power of
		Attorney. I hereby apply to become a
		limited partner as of the date upon which the sale of my Units becomes
		effective, and I hereby agree to each and every term of the Limited Partnership
		Agreement as if my signature were subscribed thereto. I hereby constitute and
		appoint the General Partner of the Partnership, with full power of
		substitution, as my true and lawful attorney to execute, acknowledge, file and
		record in my name, place and stead: (i) an Agreement of Limited Partnership
		(the “Partnership Agreement”) of the Partnership substantially in the
		form included as an Appendix to the Memorandum; (ii) all certificates and other
		instruments which the General Partner of the Partnership shall deem appropriate
		to create, qualify, continue or dissolve the Partnership as a limited
		partnership in the jurisdictions in which the Partnership may be formed or
		conduct business; (iii) all agreements amending or modifying the Partnership
		Agreement that may be appropriate to reflect a change in any provision of the
		Partnership Agreement or the exercise by any person of any right or rights
		thereunder not requiring my specific consent, or requiring my consent if such
		consent has been given, and any other change, interpretation or modification of
		the Partnership Agreement in accordance with the terms thereof; (iv) such
		amendments, instruments and documents which the General Partner deems
		appropriate under the laws of the State of New York or any other state or
		jurisdiction to reflect any change, amendment or modification of the
		Partnership Agreement of any kind referred to in subparagraph (iii) hereof; (v)
		filings with agencies of any federal, state or local governmental unit or of
		any jurisdiction which the General Partner shall deem appropriate to carry out
		the business of the Partnership; and (vi) all conveyances and other instruments
		which the General Partner shall deem appropriate to effect the transfer of my
		Partnership interest pursuant to the Partnership Agreement or of Partnership
		assets and to reflect the dissolution and termination of the Partnership. The
		foregoing appointment (a) is a special power of attorney coupled with an
		interest, is irrevocable and shall survive my subsequent death, incapacity or
		disability and (b) shall survive the delivery of an assignment by me of the
		whole or any portion of my interest, except that where an assignee of the whole
		of such interest has been approved by the General Partner for admission to the
		Partnership as a substituted Limited Partner, the power of attorney shall
		survive the delivery of such assignment for the sole purpose of enabling the
		General Partner to execute, acknowledge and file any instrument necessary to
		effect such substitution.
	 

	 
		4. Indemnification.
		I hereby agree to indemnify and hold harmless the Partnership, the General
		Partner and its affiliated persons from any and all damages, losses, costs and
		expenses (including reasonable attorneys’ fees) which they may incur by
		reason of any breach by me of the covenants, warranties and representations
		contained in this Subscription Agreement.
	 

	 
		5. Survival. All
		representations, warranties and covenants contained in this Subscription
		Agreement and the indemnification contained in Section 4 shall survive (i) the
		acceptance of the subscription, (ii) changes in the transactions, documents and
		instruments described in the Memorandum that are not material, and (iii) the
		death or disability of the undersigned.
	 

	 
		6. Miscellaneous.
		This subscription is not revocable by me and constitutes the entire agreement
		among the parties hereto with respect to the subject matter hereof and may not
		be amended orally. This Agreement shall be construed in accordance with and be
		governed by the laws of the State of New York.
	 

	 
		7. Employee-Benefit Plans. By so indicating on page B-7 hereof, the undersigned
		hereby represents and warrants whether or not the subscriber is a “Benefit
		Plan Investor” within the meaning of U.S. Department of Labor Regulation
		29 CFR 2510.3-101, as amended by the Pension Protection Act of 2006 (the
		“Plan Assets Regulation”). Generally, a “Benefit Plan
		Investor” is any plan or fund organized by an employer or employee
		organization subject to Title I of the Employee Retirement Income Security Act
		of 1974, as amended (“ERISA”), or any plans subject to Section 4975
		of the Internal Revenue Code of 1986 (the “Code”) to provide
		retirement, deferred compensation, welfare or similar benefits to employees or
		beneficiaries, including an entity described in Section (g) of the Plan Assets
		Regulation, in which 25% or
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		more of any class of equity interests is
		owned by such plans and that is primarily engaged in the business of investing
		capital. If the undersigned is investing with the assets of, or on behalf of,
		an employee-benefit plan subject to ERISA, or plan subject to Section 4975 of
		the Code (the “Plan”) (such undersigned, the “Fiduciary”)
		then the Fiduciary further represents and agrees as follows with respect to the
		Plan:
	 

	 
		(1) Either (a) or (b): (a) neither CGM, the General Partner nor any of their
		employees, financial advisors or affiliates (i) manages any part of the
		investment portfolio of the Plan, or (ii) has an agreement or understanding,
		written or unwritten, with the Fiduciary under which the Fiduciary regularly
		receives information, recommendations or advice concerning investments which
		are used as a primary
		basis for the Plan’s investment
		decisions and which are individualized to the particular needs of the
		Plan.
	 

	 
		or (b) The relationship between the Plan and CGM, the
		General Partner or any of their employees, financial advisors or affiliates
		comes within (i) or (ii) above with respect to only a portion of the
		Plan’s assets and the investment in the Partnership is being made by the
		Fiduciary from a portion of Plan assets with respect to which such relationship
		does not exist.
	 

	 
		(2) Although a CGM account executive or a
		financial advisor may have suggested that the Fiduciary consider the investment
		in the Partnership, the Fiduciary has studied the Memorandum and has made the
		investment decision solely on the basis of the Memorandum and without reliance
		on such suggestion.
	 

	 
		(3) The Plan is in compliance with all
		applicable Federal regulatory requirements.
	 

	 
		(4) The undersigned Fiduciary acknowledges
		that it is: independent of CGM, the General Partner and all of their
		affiliates; capable of making an independent decision regarding the investment
		of Plan assets; knowledgeable with respect to the Plan in administrative
		matters and funding matters related thereto, and able to make an informed
		decision concerning participation in the Partnership.
	 

	 
		(5) The undersigned Fiduciary, if the Plan
		is an IRA or Keogh account of which CGM is the custodian, hereby directs said
		custodian as custodian of the Plan to subscribe for the amount indicated on
		page B-7. In addition, the Fiduciary represents and confirms that all of the
		information contained in this Subscription Agreement and relating to the
		subscribing Plan is complete and accurate.
	 

	 
		Please complete this Subscription Agreement
		by filling in the blanks and executing it on the following page.
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		EXECUTION PAGE
	 

	 
		I. For Client Use:
	 

	 
			
				
				  A.
				

			 	
				
				  Subscription
				  Amount: I hereby subscribe for
				  $_____________ (minimum $25,000).
				

			 

 

	 
			
				
				  B.
				

			 	
				
				  Accreditation: Please select one of the following.
				

			 

 

	 
			
				
				   
				

			 	
				
				  1.
				

			 	
				
				  ___ I am an accredited investor
				  under paragraph _______ of Exhibit I on page B-9.
				

			 

 

	 
		OR
	 

	 
			
				
				   
				

			 	
				
				  2.
				

			 	
				
				  ___ I am a non-accredited
				  investor.
				

			 

 

	 
		If you selected #2 above, please fill in the
		Prospective Purchaser Questionnaire (Exhibit II, page B-10) and, if applicable,
		the Purchaser Representative Questionnaire (Exhibit II-1, page B-12).
	 

	 
			
				
				  C.
				

			 	
				
				  Benefit Plan Investor
				  Status: The subscriber is ___ or is not
				  ___ a “Benefit Plan Investor” as defined in Section 7 above.
				

			 

 

	 
			
				
				  D.
				

			 	
				
				  1. Representation:
				  The foregoing statements are complete and accurate as of the date hereof and
				  may be relied upon by the General Partner. I further represent that I will
				  notify the General Partner immediately of any adverse change in any such
				  information and will promptly send the General Partner written confirmation
				  thereof.
				

			 

 

	 
		2. Signature: [If joint ownership, all parties must sign (if
		fiduciary, partnership or corporation, indicate capacity of signatory
		under signature line)]
	 

	 
		IN WITNESS WHEREOF, I have executed this
		Subscription Agreement including Power of Attorney as of the date below.

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Signature
				

			 	
				
				   
				

			 	
				
				  Signature
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title (if applicable)
				

			 	
				
				   
				

			 	
				
				  Title (if applicable)
				

			 
	
				
				  3. Date: 
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Date: 
				

			 	
				
				   
				

			 
					

 

	 
			
				
				  E.
				

			 	
				
				  Please complete Registration Data
				  on the next page.
				

			 

 

	 
		 
	 

	 
			
				
				  II. For Branch Use:
				

				
				  I have received all documents
				  required to open this account and acknowledge the suitability of this
				  investment for the client. In recommending the purchase of Units, I, on behalf
				  of Citigroup Global Markets have determined the suitability of the subscriber
				  and will maintain records containing the basis of the suitability
				  determination. Prior to executing the purchase of Units, I, on behalf of
				  Citigroup Global Markets have informed the subscriber of facts relating to the
				  liquidity and marketability of the Units. If the account is a partnership or
				  trust, I acknowledge that my review of the partnership or trust documents
				  allows investments in limited partnerships whose principal business is in
				  futures trading and the anti-money laundering and know-your-customer
				  documentation for this subscriber is complete.
				

			 	 	
				
				  III. For General Partner’s
				  Use:
				

				
				  ACCEPTED:

				  Citigroup Managed Futures LLC
				

			 
	
				
				  By:
				

			 	
				
				   
				

			 
	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				  Title:
				

			 	
				
				   
				

			 
	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Branch Manager - Signature
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Branch Manager - Print Name
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		Registration Data
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name of Limited Partner
				

			 	
				
				   
				

			 	
				
				  Name of Joint Limited Partner (if
				  any)
				

			 
	
				
				  (Please Print) 
				

			 	
				
				   
				

			 	
				
				  (Please Print)
				

			 
	
				
				  (See Note 1 Below)
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Residence Street Address
				

			 	
				
				   
				

			 	
				
				  Mail Address (if different
				

			 
	
				
				  (See Note 2 Below)
				

			 	
				
				   
				

			 	
				
				  than Residence Address)
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  City          
				  State          Zip
				  Code
				

			 	
				
				   
				

			 	
				
				  City          
				  State          Zip
				  Code
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Social Security or
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Federal Employer I.D.
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Number
				

			 	
				
				   
				

			 	
				
				  If Joint Ownership, check
				  one:
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  / / Joint Tenants with right
				  to
				

			 
	
				
				  Smith Barney Account Number
				

			 	
				
				   
				

			 	
				
				  Survivorship (all parties must
				  sign)
				

			 

 

	 
		 
	 

	 
			
				
				  Note 1: If subscriber is an
				  ERISA
				

			 	
				
				   
				

			 	
				
				  / / Tenants in Common
				

			 
	
				
				  plan or account, please so
				  indicate
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  (e.g.: “XYZ” Co. Pension
				  Plan”, “Dr.
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  A Keogh Account”,
				  “Mr. B IRA Account”).
				

			 	
				
				   
				

			 	
				
				  / / Community Property
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  If Fiduciary or Corporation, check
				  one:
				

			 

 

	 
		 
	 

	 
			
				
				  Note 2: The address given above
				  must
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  be the residence address of the
				  Limited
				

			 	
				
				   
				

			 	
				
				  / / Trust     /
				  / Partnership
				

			 
	
				
				  Partner. Post Office boxes and
				  other
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  nominee addresses will not be
				  accepted.
				

			 	
				
				   
				

			 	
				
				  / / Corporation
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		For Branch Use
	 

	 
		FC Instructions:
	 

	 
		Enter a ticket for purchase amount using
		security #8955306 and route through IOI.
	 

	 
		See front cover for mailing instructions of
		Subscription Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		Exhibit I
	 

	 
		“Accredited investor” shall mean
		any person who comes within any of the following categories, or who the issuer
		reasonably believes comes within any of the following categories, at the time
		of the sale of the securities to that person:
	 

	 
		(1) Any bank as defined in section 3(a)(2)
		of the Act; any savings and loan association or other institution as defined in
		section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary
		capacity or any broker or dealer registered pursuant to section 15 of the
		Securities Exchange Act of 1934; insurance company as defined in section 2(13)
		of the Act; investment company registered under the Investment Company Act of
		1940 or a business development company as defined in section 2(a)(48) of that
		Act; Small Business Investment Company licensed by the U.S. Small Business
		Administration under section 301(c) or (d) of the Small Business Investment Act
		of 1958; any plan established and maintained by a state, its political
		subdivisions, or any agency or instrumentality of a state or its political
		subdivisions, for the benefit of its employees, if such plan has total assets
		in excess of $5,000,000; employee benefit plan within the meaning of the
		Employee Retirement Income Security Act of 1974, if the investment decision is
		made by a plan fiduciary, as defined in section 3(21) of such Act, which is
		either a bank, savings and loan association, insurance company, or registered
		investment adviser, or if the employee benefit plan has total assets in excess
		of $5,000,000, or if a self-directed plan, with investment decisions made
		solely by persons that are accredited investors;
	 

	 
		(2) Any private business development company
		as defined in section 202(a)(22) of the Investment Advisers Act of 1940;
		
	 

	 
		(3) Any organization described in Section
		501(c)(3) of the Internal Revenue Code, any corporation, Massachusetts or
		similar business trust, or partnership, not formed for the specific purpose of
		acquiring the securities offered, with total assets in excess of
		$5,000,000;
	 

	 
		(4) Any director, executive officer, or
		general partner of the issuer of the securities being offered or sold, or any
		director, executive officer, or general partner of a general partner of that
		issuer;
	 

	 
		(5) Any natural person whose individual net
		worth, or joint net worth with that person’s spouse, at the time of his
		purchase exceeds $1,000,000;
	 

	 
		(6) Any natural person who had an individual
		income in excess of $200,000 in each of the two most recent years or joint
		income with that person’s spouse in excess of $300,000 in each of those
		years and has a reasonable expectation of reaching the same income level in the
		current year;
	 

	 
		(7) Any trust, with total assets in excess
		of $5,000,000, not formed for the specific purpose of acquiring the securities
		offered, whose purchase is directed by a sophisticated person as described in
		Rule 506(b)(2)(ii); and
	 

	 
		(8) Any entity in which all of the equity
		owners are accredited investors.
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT II
 Prospective Purchaser Questionnaire
	 

	 
		[To be completed by non-accredited
		investors] 
	 

	 
		The purpose of this Questionnaire is to
		determine whether you meet the standards imposed by Regulation D promulgated
		under the Securities Act of 1933, since the Units have not been and will not be
		registered under that Act and are being sold in reliance upon the exemption
		provided by Section 4(2) of that Act. Please complete these questions as
		thoroughly as possible.
	 

	 
		(i) I have a net worth (exclusive of
		home, furnishings and automobiles) either individually or jointly with my
		spouse of at least three times my investment in the Partnership.
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		(ii) My gross income for each of the
		past two years and my projected gross income for the current year is not less
		than three times my investment in the Partnership.
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		(iii) In the space below, please provide
		information regarding other types of investments which you have made during the
		last five years:
	 

	 
		(Check if applicable)
	 

	 
		 
	 

	 
			
				
				  Stocks
				

			 	
				
				   
				

			 	
				
				  _________
				

			 	
				
				   
				

			 	
				
				  Limited Partnership
				  Interests:
				

			 	
				
				   
				

			 	
				
				  _________
				

			 
	
				
				  Bonds
				

			 	
				
				   
				

			 	
				
				  _________
				

			 	
				
				   
				

			 	
				
				  Real Estate
				

			 	
				
				   
				

			 	
				
				  _________
				

			 
	
				
				  Mutual Funds
				

			 	
				
				   
				

			 	
				
				  _________
				

			 	
				
				   
				

			 	
				
				  Oil and Gas
				

			 	
				
				   
				

			 	
				
				  _________
				

			 
	
				
				  Commodities
				

			 	
				
				   
				

			 	
				
				  _________
				

			 	
				
				   
				

			 	
				
				  Equipment
				

			 	
				
				   
				

			 	
				
				  _________
				

			 
	
				
				  Options
				

			 	
				
				   
				

			 	
				
				  _________
				

			 	
				
				   
				

			 	
				
				  Other (specify)
				

			 	
				
				   
				

			 	
				
				  _________
				

			 

 

	 
		(iv) Please indicate below the highest
		educational degree you hold.
	 

	 
		 
	 

	 
		 
	 

	 
		(v) Describe below your principal business
		activities during the last five years and provide any additional information
		which would evidence your ability to evaluate the merits and risks of investing
		in the Partnership. 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(vi) If you cannot demonstrate to the
		General Partner’s satisfaction that you have such knowledge and experience
		in financial and business matters that you are capable of evaluating the merits
		and risks of investment in the Partnership (e.g., you are a lawyer or
		accountant or you have sufficient prior investment or business experience), you
		must seek advice from a Purchaser Representative.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		In evaluating the merits and risks of this
		investment, will you seek the advice of any other person? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		If YES, please identify below each such
		person and indicate his business address and telephone number and have him
		complete and return one copy of the Purchaser Representative Questionnaire
		accompanying this Subscription Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		If YES, has your Purchaser Representative
		disclosed to you whether or not any material relationship (that he has with the
		Partnership or any of its affiliates) exists and whether or not he expects to
		receive any compensation from the Partnership or its affiliates as a result of
		this sale?
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT II-1
	 

	 
		Questionnaire for Purchaser
		Representatives
	 

	 
		[For non-accredited investors only, if
		applicable] 
	 

	 
		Smith Barney Tidewater Futures Fund
		L.P.
	 

	 
		(the “Partnership”)
	 

	 
		 
	 

	 
		THIS QUESTIONNAIRE IS TO BE COMPLETED AND
		DELIVERED TO THE GENERAL PARTNER OF THE PARTNERSHIP PRIOR TO THE DETERMINATION
		BY THE GENERAL PARTNER WHETHER OFFERS FOR SUBSCRIPTIONS FOR UNITS OF LIMITED
		PARTNERSHIP INTEREST MAY BE ACCEPTED FROM:
	 

	 
		 
	 

	 
			
				
				  ______________________________________
				

			 	
				
				    (THE
				  “INVESTOR”).
				

			 
	
				
				  (Fill in name of investor)
				

			 	
				
				   
				

			 

 

	 
		INSTRUCTIONS
	 

	 
		This Questionnaire is being given to each
		person who has been designated as a “purchaser representative” by an
		individual who has expressed an interest in purchasing Units in the
		Partnership. The purpose of this Questionnaire is to determine whether you are
		qualified to act as a purchaser representative (as that term is defined in
		Regulation D under the Securities Act of 1933) since the Units have not been
		and will not be registered under that Act and are being sold in reliance upon
		an exemption contained in the Act.
	 

	 
		Please contact Citigroup Managed Futures
		LLC, the General Partner of the Partnership, at 731 Lexington Avenue -
		25th Floor, New York, New York 10022, telephone number (212)
		559-2011, if you have any questions in answering this Questionnaire.
	 

	 
		Your answers will, at all times, be kept
		strictly confidential. However, you agree that, should the investor whom you
		are representing agree to purchase Units, the Partnership may present this
		Questionnaire to such parties as it deems appropriate in order to insure itself
		that the offer and sale of Units in the Partnership to such investor will not
		result in the loss of the exemption from registration under the Act which is
		being relied upon by the Partnership in connection with the sale of the
		Units.
	 

	 
		Please complete this Questionnaire as
		thoroughly as possible and sign, date and return one copy to the General
		Partner at the above address. Attach additional pages if necessary to fully
		answer any question.
	 

	 
		If the answer to any question is
		“None” or “Not applicable,” please so state.
	 

	 
		 
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Name of Purchaser
				  Representative:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name of Represented Investor:

				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Your Business Address:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Your Occupation:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Your Bus. Tel. No.:
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		1. Have you received and reviewed the
		Private Placement Offering Memorandum and Disclosure Document (as supplemented
		from time to time) with regard to the offering of Units in the Partnership
		which has previously been delivered to the investor?
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		2(a). Describe principal business positions
		you have held during the last five years, or since graduation from college,
		whichever is the shorter period. Please be specific listing dates of employment
		and if possible provide us with telephone numbers where previous employers can
		be contacted:
	 

	 
		 
	 

	 
		 
	 

	 
		 (b). Describe any other business, financial
		or investment experience that would help you to evaluate the merits and risks
		of an investment in the Partnership:
	 

	 
		 
	 

	 
		 
	 

	 
		(c). Have you had experience in advising
		investors with respect to similar investments in the past? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		If you have answered “yes” to this
		question, please describe briefly such experience indicating amounts you have
		caused to be invested, number of offerings you have reviewed and their names if
		possible.
	 

	 
		 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		3(a). Please place ONE check mark
		next to the space which indicates the HIGHEST level of
		education you have completed; on the lines following, PLEASE DESCRIBE IN DETAIL any business or professional education you have
		received, listing names of schools, degrees received and dates of
		attendance.
	 

	 
		___ Completed College, awarded degree,
		B.A., B.S. or equivalent
	 

	 
		___ Some Postgraduate Education
	 

	 
		___ Two years of Postgraduate Training,
		awarded M.A. or equivalent
	 

	 
		___ Completed Postgraduate Training and
		received Ph.D. (list date degree obtained and awarding school)
	 

	 
		___ Professional School, awarded J.D.,
		or M.B.A. (list date degree obtained and awarding school)
	 

	 
		Other (PLEASE EXPLAIN IN DETAIL YOUR EDUCATIONAL BACKGROUND AND
		LIST DATES OF ATTENDANCE AND NAMES OF SCHOOLS)
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(b). List any professional licenses or
		registrations held by you; if none are held please note this in writing on the
		space provided below:
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(c). Are you registered as a broker-dealer
		within your state?
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		(d). Are you registered as an investment
		advisor in your state? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		(e). List all memberships in professional
		organizations; if you belong to no professional organizations please indicate
		this on the space provided below:
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		4(a). In advising the investor, will you be
		relying in part on the investor’s own expertise in certain areas? Yes
		  ___     No___
	 

	 
		(b). If yes, please state the basis for your
		reliance, i.e., number of deals you know this investor has invested
		in, amounts invested and the dates of these previous investments. Please note
		that what is sought here is not a reference to the general soundness of the
		business judgment of the investor but rather a specific basis for relying upon
		the investor’s own expertise:
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(c). In advising the investor, will you be
		relying in part on the expertise of an additional Purchaser Representative?
		 Yes___     No___
	 

	 
		NOTE: YOU MAY NOT RELY ON AN ADDITIONAL
		PURCHASER REPRESENTATIVE UNLESS EACH ADDITIONAL PURCHASER REPRESENTATIVE HAS
		COMPLETED A QUESTIONNAIRE AND HAS BEEN ACKNOWLEDGED BY THE INVESTOR TO BE HIS
		PURCHASER REPRESENTATIVE.
	 

	 
		(d). If the answer to (c) is
		“yes,” please list the name and address of any additional Purchaser
		Representative:
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		5(a). Have you ever been convicted in a
		criminal proceeding, or are you the subject of a criminal proceeding which is
		presently pending (except for traffic violations)? Yes ___ No ___
	 

	 
		 (b). Have you ever been the subject of any
		order, judgment or decree enjoining, barring or suspending you from acting as
		an investment advisor, broker or dealer or from engaging in any practice in
		connection with the purchase or sale of any security?
	 

	 
			
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		(c). If the answer to either (a) or (b) is
		“yes,” please explain:
	 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		6(a). Do you or any of your affiliates have,
		with the General Partner or any of its affiliates1, any relationship, that a reasonable
		investor might consider important, in making their decision as to whether or
		not to designate you as their Purchaser Representative (i.e. a
		“material” relationship within the meaning of Regulation D)? Yes
		___          No___  
	 

	 
		(b). Is such a material relationship
		contemplated? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		(c). Has such a material relationship
		existed during the past two years? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		NOTE: THE RECEIPT OF ANY SALES COMMISSION
		WITH RESPECT TO THE INVESTOR’S PURCHASE OF UNITS CONSTITUTES COMPENSATION
		TO BE RECEIVED AS A RESULT OF A MATERIAL RELATIONSHIP.
	 

	 
		 (d). If the answer to (a), (b) or (c) is
		“yes,” please describe your relationship to the Partnership and
		indicate the amount of compensation you have received or you expect to receive
		as a result of this relationship:
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(e). Was the information, if any, set forth
		in response to 6(d) above, disclosed in
		writing to the proposed investor, prior
		to his acknowledgement that you are to act as his Purchaser Representative in
		connection with this investment?
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		(f) Are you an affiliate, officer, director
		or employee of either the Partnership or its General Partner? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		I understand that the Partnership as well as
		the investor will be relying on the accuracy and completeness of my responses
		to the foregoing questions, and I hereby represent and warrant to the
		Partnership as follows:
	 

	 
		(i) The answers to the above questions are
		complete and correct and may be relied upon by the Partnership in determining
		whether the offering in connection with which I have executed this
		Questionnaire is exempt from registration under the Securities Act of 1933 and
		also by the investor in determining my suitability to be his advisor in
		connection with his possible investment in the Partnership;
	 

	 
		 
	 

	 
		 
	 

	 
		______________
	 

	 
			
				
				  1
				

			 	
				
				  The term “affiliate” of a
				  person means a person that directly or indirectly, through one or more
				  intermediaries, controls, or is controlled by, or is under common control with
				  such person.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
	 

	 

	 
		 (ii) I will notify the Partnership
		immediately of any material change in any statement made herein occurring prior
		to the closing of the purchase by the above-named investor of any interest in
		the Partnership.
	 

	 
		 (iii) If I have not checked “yes”
		in answer to question 6(a), 6(b) or 6(c) I have no “material
		relationship” as that term is defined in Regulation D, and if I have not
		checked “yes” in answer to question 6(f), I am not an affiliate,
		officer, director or employee of either the Partnership or of the General
		Partner, or any of their affiliates, nor am I a direct or beneficial owner of
		10% or more of any class of the equity securities of the General Partner or any
		of its affiliates.
	 

	 
		(iv) I personally (or, if I have checked
		“yes” in answer to question 4(a) or (b) above, together with the
		investor or the additional Purchaser Representative or Purchaser
		Representatives indicated above) have such knowledge and experience in
		financial and business matters that I am capable of evaluating the merits and
		risks of the investor’s prospective investment in the Partnership.
	 

	 
			
				
				   
				

			 	
				
				  IN WITNESS WHEREOF, I have signed
				  this Questionnaire this ___day of __________, 200__.
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  (Signature)
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  (Print Name)
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]