Document:

EX-10.9

 Exhibit 10.9 
 August 9, 2012 
 Kevin Cook 
 C/O Dialogic Inc. 
 1504 McCarthy Boulevard 

Milpitas, CA 95035-7405 
 Dear Kevin:

 Dialogic Inc. (the “Company”) is pleased to confirm the terms and conditions of your new role as the Company’s
President and Chief Executive Officer, as set forth in this letter agreement (the “Agreement”). This Agreement is effective on August 9, 2012 (“Effective Date”). This Agreement amends and supersedes in its
entirety the employment letter agreement entered into by and between the Company and you on December 5, 2011 (the “Prior Agreement”). The terms of your continuing employment are as follows: 

1. Duties. As President and Chief Executive Officer, you will report to the Board of Directors. You will devote your best efforts
and full business time, skill and attention to the performance of your duties. You are required to adhere to the general employment policies and practices of the Company that may be in effect from time to time. The Board of Directors, subject to the
terms of this Agreement, may change your position, duties, work location and compensation from time to time in its discretion. 
  

	 	2.	Cash Compensation. 

 (a)
Annual Base Salary. You will be paid an annual base salary of $500,000 USD, less applicable deductions and withholdings, to be paid in accordance with the Company’s payroll practices, as may be in effect from time to time. Statement of
salary as an annual amount does not negate the at-will provisions of this Agreement. 
 (b) Annual Incentive
Compensation. 
 (i) Commissions. Through the end of the second fiscal quarter of 2012, you have been eligible to
earn cash incentive compensation in the form of commissions under the terms and conditions of the Company’s sales incentive plan, at an on-target rate of $300,000 USD per annum. Any commission earned from January 1, 2012 through
June 30, 2012 will be paid on or prior to September 30, 2012, subject to your continued employment through the date of payment. 
 (ii) Annual Bonus. For the remainder of 2012, you will be eligible to earn cash incentive bonus compensation based on the achievement in the second half of 2012 of certain corporate and
individual goals that will be approved by the Board of Directors on or before August 15, 2012 (the bonus opportunity, the “Annual Bonus”). The target Annual Bonus 

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for the second half of 2012 is $200,000 USD, or $400,000 USD on an annualized basis. Starting in 2013, you will be eligible to earn an Annual Bonus based on achievement of corporate and
individual goals approved by the Board of Directors, with a target amount of $400,000 USD per year. Any Annual Bonus amounts are earned subject to your continued employment through each payment date, and payment will generally occur not later than
March 15 of the following year. 
 3. Retention Compensation. As promised to you in connection with your promotion
in 2011, you will continue to be eligible to earn retention incentive compensation for each of 2012 and 2013, based on your continued service to the Company. The special retention payments will vest and be paid in installments, subject to your
continued employment on each such date and, with respect to the 2013 payments, subject to achievement of the corporate and individual goals approved by the Board of Directors as applicable for the following payment periods, as follows: $50,000 on
August 15, 2012, $50,000 on February 15, 2013 and $50,000 on August 15, 2013. If a Capitalization Adjustment (as defined in Section 4 below) occurs prior to August 15, 2013, any performance goals as to which achievement is
measured by reference to the capitalization of the Company (such as stock price or number of outstanding shares) will be appropriately and proportionately adjusted to maintain the original intent of the goals (that is, to avoid an increase or
diminution in the amount of bonus earned). These amounts will be paid on the first regularly occurring payroll pay date following each such date. If the Company closes a Change of Control prior to the payment of any amounts under this
Section 3, and subject to your continued employment through the closing of that transaction, any as yet unearned or unpaid amounts under this Section 3 will be paid immediately prior to the closing of the Change of Control. If your
employment with Company terminates for any reason, you will cease to be eligible to receive any as yet unearned retention payments. 
 4. Equity Compensation. The Company has recommended that the Compensation Committee of the Board of Directors approve the grant to you of equity awards under the Company’s 2006 Equity
Incentive Plan (the “2006 Plan”), as provided in this Section 4. For clarity, if a Capitalization Adjustment (as defined in the 2006 Plan) occurs after the Effective Date of this Agreement, the number of shares subject to the
equity awards set forth below, the exercise price (as applicable) and the trading price vesting triggers will be appropriately and proportionately adjusted to avoid an increase or diminution in value. 

(a) Initial Award. The first award (the “Initial Option”) will be a stock option that covers the number of shares
of our Common Stock equal to 500,000 shares less the aggregate number of shares subject to any stock options that are granted to you as part of the proposed offer to exchange underwater stock options that the Company expects to conduct in 2012,
subject to the approval of our stockholders at our 2012 annual meeting of stockholders. The Initial Option will be subject to the Company’s standard form of stock option agreement under the 2006 Plan. The Initial Option will have an exercise
price equal to greater of $1.00 USD per share and the fair market value of our Common Stock on the date of grant. The date of grant will be the closing date 

  
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of the proposed exchange offer, or, if no such offer closes in 2012, the date of grant will be no later than December 31, 2012. The Initial Option will vest, subject to your continued
service on each vesting date, as to 25% of the shares subject to the Initial Option on August 1, 2013, and as to
1/36th of the remaining shares each month thereafter, so
that it would be fully vested as of August 1, 2016. 
 (b) Second Award. The second award (the “Second
Award”) will be performance-vesting RSUs that cover 250,000 shares of our Common Stock and will be subject to the Company’s standard form of award agreement under the 2006 Plan. The date of grant will be the closing date of the
proposed exchange offer, or, if no such offer closes in 2012, the date of grant will be no later than December 31, 2012. The Second Award will vest, subject to your continued service on each vesting date, as follows: 

 

	 	•	 	 50% of the shares subject to the Second Award will vest on the date that either (1) the Company’s Common Stock has closed at a price equal to
or in excess of $2.00 USD for a period of 30 consecutive trading days (that is, on the 30th such trading day) or (2) the Company closes a Change of Control where the price per share to the Company’s stockholders in the deal is equal to or in excess of $2.00 USD.

  

	 	•	 	 50% of the shares subject to the Second Award will vest on the date that either (1) the Company’s Common Stock has closed at a price equal to
or in excess of $3.00 USD for a period of 30 consecutive trading days (that is, on the 30th such trading day) or (2) the Company closes a Change of Control where the price per share to the Company’s stockholders in the deal is equal to or in excess of $3.00 USD.

 (c) Third Award. We will recommend that the Board grant you a third award, in the form of
performance-vesting RSUs (the “Performance RSUs”), covering up to 18,000 shares of our Common Stock if and only if the proposed exchange offer occurs in 2012. The Performance RSUs will be subject to the Company’s standard form
of award agreement under the 2006 Plan. The date of grant will be the closing date of the proposed exchange offer, or, if no such offer closes in 2012, the third award of Performance RSUs will not be granted. Should the Performance RSUs be granted
they will vest in full, subject to your continued service, only if and when either (1) the Company’s Common Stock has closed for a period of 30 consecutive trading days at a price equal to or in excess of the greater of (i) $1.00 USD
and (ii) the fair market value of our Common Stock on the date the Initial Option is granted or (2) the Company closes a Change of Control where the price per share to the Company’s stockholders in the deal is equal to or in excess of
the greater of (i) $1.00 USD and (ii) the fair market value of our Common Stock on the date the Initial Option is granted. 

5. Employee Benefits. The Company will continue to provide you an opportunity to participate in the Company’s broad-based
medical, dental, life, supplemental life, and disability insurance policies, as well as sick leave, and other Company-sponsored benefits and programs on the same terms and conditions as such benefits are generally offered to similarly situated
employees. The Company may, from time to time, change these benefits in its 

  
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discretion. Additional information regarding these benefits is available for your review upon request. In addition, during your employment, the Company will pay the premiums to maintain a
supplemental life insurance policy for the benefit of your family with coverage of $1,000,000 and a supplemental long term disability insurance policy (above the standard employee coverage level) for your benefit on mutually agreeable terms, subject
to the Company’s ability to obtain such policies at commercially reasonable rates, your eligibility and your cooperation with any reasonable requests by the applicable carrier for personal information, physical exams, etc. 

6. Travel. This position is a position that requires frequent travel. You agree to comply with the Company’s standard travel
policies as published on the Company intranet, and as otherwise communicated by the Company from time to time. However, by exception to the foregoing, the Company agrees that you may fly Business Class for travel to Europe or Asia. 

7. Vacation. We agree to continue to provide you with 20 vacation days per calendar year. Should the Company’s policy change
so that it would entitle you to more than 20 vacation days per year, you will be covered by such policy, which would be based on your date of hire as recorded in the Company’s HR records. 

8. Termination; Severance. 
 (a) Resignation without Good Reason; Termination For Cause; Termination Due to Death or Disability. If, at any time, you resign your employment without Good Reason (as defined herein), or if
the Company terminates your employment for Cause (as defined herein), or if either party terminates your employment as a result of your death or disability, you will receive your base salary accrued through your last day of employment, as well as
any earned, unused vacation (if applicable) accrued through your last day of employment. In either of these events, you will not be entitled to any other form of compensation from the Company, including any severance benefits. 

(b) Termination without Cause; Resignation for Good Reason. If, at any time, either (x) the Company terminates your
employment without Cause, and other than if your employment terminates as a result of your death or disability, or (y) you resign for Good Reason, and provided such termination constitutes a “separation from service” (as defined under
Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), then subject to your obligations below, you will be entitled to receive (collectively, the
“Severance Benefits”): 
 (i) Salary Continuation. Eighteen (18) months of
your then current Base Salary, ignoring any decrease in Base Salary that forms the basis for Good Reason, less all applicable withholdings and deductions (the “Salary Continuation”), paid in equal installments on the Company’s
normal payroll schedule for the first eighteen (18) months following your Separation from Service (provided that no payments will be made prior to the 60th day following 

  
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your Separation from Service, and on such 60th day, the Company will pay you in a lump sum the Salary Continuation that you would have received on or prior to such date under the original schedule but for the delay while waiting for the 60th day in compliance with Code Section 409A). 

(ii) Annual Bonus. A lump sum payment equal to the Annual Bonus that you would have earned, had you remained employed through the
payment date, based on the actual achievement of the performance goals, as determined by the Board, but pro-rated based on the number of days you served as an active employee in the year of termination, paid in a lump sum on the date that the
Company pays the Annual Bonus to active employees for that year, but in all cases not later than March 15 of the year following the year of termination. 

(iii) Payments for COBRA. If you timely elect continued coverage under COBRA for yourself and your covered
dependents under the Company’s group health plans following your Separation from Service, then the Company will pay to you the same dollar amount of the health insurance premiums that it was paying on your behalf immediately prior to your
Separation from Service, from that date until the earliest of (A) the close of the 18th month period following your Separation from Service, (B) the expiration of your eligibility for the continuation coverage under COBRA, or (C) the date when you become eligible for substantially
equivalent health insurance coverage in connection with new employment or self-employment (such period from the termination date through the earliest of (A) through (C), the “COBRA Payment Period”). The Company will make these
payments, subject to applicable tax deductions, during each month in which you receive the coverage in the check that contains with your Salary Continuation payment for that month. On the 60th day following your Separation from Service, the Company will make the first payment under this clause equal to the
aggregate amount of payments that the Company would have paid through such date had such payments commenced on the Separation from Service, with the balance of the payments paid thereafter on the schedule described above. If you become eligible for
coverage under another employer’s group health plan or otherwise cease to be eligible for COBRA during the period provided in this clause, you must immediately notify the Company of such event, and all payments and obligations under this clause
will cease. 
 The Severance Benefits are conditional upon (a) your continuing to comply with your obligations under your
Non-Disclosure, Confidentiality and Non-Solicitation Agreement, your Invention and Secrecy Agreement, and your Non-Competition and Non-Solicitation Agreement; (b) your delivering to the Company an effective, general release of claims in favor
of the Company in a form acceptable to the Company within 60 days following your Separation from Service; and (c) your delivering to the Company a letter resigning from any office which you hold within the Company and its affiliates at that
time and any Board position which you hold at that time in the Company and its affiliates effective no later than the date of your termination date (or such other date as requested by the Board). 

  
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 (c) Termination without Cause; Resignation for Good Reason – Change of
Control. If on or within twelve (12) months following the closing of a future Change of Control, either (x) the Company or a successor corporation terminates your employment without Cause and other than as a result of your death or
disability, or (y) you resign for Good Reason, and provided such termination constitutes a Separation from Service, then, in addition to receiving the Severance Benefits, you will also receive (subject to your satisfaction of the conditions to
receiving the Severance Benefits) the acceleration of the vesting of all of your then-outstanding compensatory stock grants as of the date of termination. 
 9. Definitions. 
 (a) Change of Control. “Change of
Control” will mean the consummation of any one of the following events, but only if such event also constitutes a “change in the ownership or effective control of the corporation or in the ownership of a substantial portion of the
assets of the corporation” as defined under Treasury Regulation Section 1.409A-3: (a) a sale, lease or other disposition of all or substantially all of the assets of the Company; (b) a consolidation or merger of the Company with
or into any other corporation or other entity or person, or any other corporate reorganization, in which the shareholders of the Company immediately prior to such consolidation, merger or reorganization, own less than 50% of the Company’s
outstanding voting power of the surviving entity (or its parent) following the consolidation, merger or reorganization or (c) any transaction (or series of related transactions involving a person or entity, or a group of affiliated persons or
entities) in which in excess of fifty percent (50%) of the Company’s outstanding voting power is transferred (excluding (i) any consolidation or merger effected exclusively to change the domicile of the Company, or (ii) any
transaction or series of transactions with any then-existing shareholder of the Company or their affiliates or any holder of the Company’s debt principally for bona fide equity financing purposes in which cash is received by the Company or any
successor or indebtedness of the Company is cancelled or converted or a combination thereof). 
 (b) Cause. For
purposes of this Agreement, “Cause” will mean one or more of the following: (i) your conviction of a felony; (ii) your commission of any act of fraud with respect to the Company; (iii) any intentional misconduct by
you that has a material adverse effect upon the Company’s business that is not cured by you within thirty (30) days after written notice is given to you by the Company identifying such misconduct; (iv) your breach of any fiduciary or
contractual obligation that you owe to the Company that has a material adverse effect upon the Company’s business and is not cured by you within thirty (30) days after written notice is given to you by the Company identifying such breach;
(v) willful misconduct or gross negligence in the performance of your duties hereunder, including (without limitation) your refusal to comply in any material respect with the legal directives of the Board or the CEO, so long as such directives
are not inconsistent with your position and duties, that are not cured by you within thirty (30) days after written notice is given to you by the Company identifying such misconduct or negligence. 

  
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 (c) Good Reason. For the purposes of this Agreement, “Good
Reason” will mean your resignation in writing from all positions you then hold with the Company as a result of any one of the following events which occurs without your consent and provided you notify the Company in writing, within thirty
(30) days after the occurrence of one of the following actions, that you intend to terminate your employment no earlier than thirty (30) days after providing such notice, and the Company fails to cure such actions within thirty
(30) days after receipt of such notice, and such resignation is effective not later than sixty (60) days (or shorter timeframe if mutually agreed to in writing by you and the Company) after the expiration of the applicable thirty
(30) day cure period: (i) a material reduction of your then current Base Salary, which the parties agree is a reduction by 10% or more; (ii) any material diminution of your duties, responsibilities, or authority to a level below that
of an officer of the Company, excluding for this purpose (1) an isolated or inadvertent action not taken in bad faith that is remedied by the Company immediately after notice thereof is given by you, (2) any change in your title, duties,
responsibilities or authority if you are given or you retain other officer level duties within the Company and (3) a reduction in duties, position or responsibilities solely by virtue of the Company being acquired and made part of a larger
entity, whether or not public provided you retain duties, position or responsibilities consistent with that of a senior executive of the Company or the larger entity (for example, there will not be Good Reason if you are not made the Chief Executive
Officer of the acquiring corporation, but remain the head of the Dialogic business within the acquiring company’s organization); or (iii) any requirement that you relocate to a work site that results in a material adverse change in the
geographic location at which you provide services, which the parties agrees is an increase in your one-way commute by more than fifty (50) miles. 
 (d) Code. For the purposes of this Agreement, “Code” means the Internal Revenue Code of 1988, as amended. 
 10. 280G Best After Tax. If any payment or benefit you would receive from the Company or otherwise in connection with a change of control or other similar transaction (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or
(y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the
highest applicable marginal rate), results in your receipt of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give rise to the greater after tax
benefit, the reduction in the Payments will occur in the following order: (a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of
stock options; and (d) reduction of other benefits paid to you. Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction will occur first with respect to amounts that are not “deferred
compensation” within the meaning of Section 409A and 

  
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then with respect to amounts that are. In the event that acceleration of compensation from your equity awards is to be reduced, such acceleration of vesting will be canceled, subject to the
immediately preceding sentence, in the reverse order of the date of grant. 
 11. Section 409A. Notwithstanding
anything to the contrary herein, it is intended that the Severance Benefits and other payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under
Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-(b)(9) and this Agreement will be construed to the greatest extent possible as consistent with those provisions. For purposes of Section 409A of the Code and the regulations and
other guidance thereunder and any state law of similar effect (collectively “Section 409A”) (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), all payments made under this
Agreement, including without limitation your right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) will be treated as a right to receive a series of separate payments and,
accordingly, each installment payment hereunder will at all times be considered a separate and distinct payment. 
 It is
intended that any severance payment and any other benefits provided hereunder that are not exempt from application of Section 409A will be interpreted and administered so as to comply with the requirements of Code Section 409A to the
greatest extent possible, including the requirement that, notwithstanding any provision to the contrary in this Agreement, if you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for
purposes of Code Section 409A(a)(2)(B)(i), and to the extent payments due to you upon a Separation from Service are deemed to be “deferred compensation”, then to the extent delayed commencement of any portion of such payments (or
delayed issuance of any shares subject to stock awards that are not themselves exempt from Code Section 409A) is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation
under Section 409A, such payments will not be provided to you (or such shares issued) prior to the earliest of (i) the expiration of the six-month period measured from the date of your Separation from Service with the Company,
(ii) the date of your death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code
Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph will be paid in a lump sum to you, and any remaining payments due will be paid as otherwise provided herein or in the applicable agreement. No interest will be
due on any amounts so deferred. 
 12. Confidentiality, Non-Competition and Non-Solicitation Obligations. As a condition
of your continued employment under the terms herein, you must (a) continue to abide by the terms of the Non-Disclosure, Confidentiality and Non-Solicitation Agreement and the Invention and Secrecy Agreement you have executed, copies of which
are attached hereto as Exhibit A and Exhibit B; and (b) execute and abide by the Non-Competition and Non-Solicitation Agreement attached as Exhibit C. These separate agreements may be amended by us from time to time without regard
to this Agreement and contain provisions that are intended by us to survive and do survive termination or expiration of this Agreement. 

  
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 13. At-Will Employment. Your employment with Company will be “at-will.”
This means that either you or Company may terminate your employment at any time, with or without Cause, and with or without advance notice. 
 14. Arbitration. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company continue to agree that any and all
disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, your employment with the Company, or the termination of your employment, will be
resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in New York City, New York by JAMS, Inc. (“JAMS”) or its successor, under JAMS’ then applicable rules and procedures. You
acknowledge that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. You will have the right to be represented by legal
counsel at any arbitration proceeding. The arbitrator will: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written
statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The
arbitrator will be authorized to award all relief that you or the Company would be entitled to seek in a court of law. The Company will pay all JAMS arbitration fees in excess of the administrative fees that you would be required to pay if the
dispute were decided in a court of law. Nothing in this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. 

15. Miscellaneous. This Agreement, including Exhibits A, B and C, is the complete and exclusive statement of all of the terms and
conditions of your employment with the Company, and supersedes and replaces any and all prior agreements or representations with regard to the subject matter hereof, whether written or oral, including but not limited to the Prior Agreement. It is
entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified, amended or extended except in a writing signed by you and a duly authorized member of the Board. This Agreement is
intended to bind and inure to the benefit of and be enforceable by you and the Company, and our respective successors, assigns, heirs, executors and administrators, except that you may not assign any of your duties or rights hereunder without the
express written consent of the Company. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal
or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other 

  
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jurisdiction, but this Agreement will be reformed, construed and enforced as if such invalid, illegal or unenforceable provisions had never been contained herein. This Agreement and the terms of
your employment with the Company will be governed in all aspects by the laws of the State of New Jersey. 
 If you agree to the terms and
conditions set forth herein, please initial the bottom of each page and sign where indicated on the last page. This Agreement will become effective on the Effective Date. 
 If you have any questions about this Agreement, please do not hesitate to call me. 
 Best regards,

  

			
	DIALOGIC INC.
	
	 /s/ Nicholas J. DeRoma        Nicholas J.
DeRoma

	[Board Member’s Name]
	
	Accepted and agreed:
	
	 /s/ Kevin Cook

	Kevin Cook
		
	Date:	 	 8/9/12

  
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 EXHIBIT A 
 EMPLOYEE NON-DISCLOSURE, CONFIDENTIALITY AND NON-SOLICITATION 
 AGREEMENT

 Initialed KPC 

 

 
  

			
	 Kevin Cook Offer Letter
	  	September 3, 2008

  

 ANNEX A. 
 EMPLOYEE NON-DISCLOSURE, CONFIDENTIALITY, & NON-SOLICITATION AGREEMENT 

(“Agreement”) 
 In
consideration of my employment with Dialogic Inc. or with any other corporation, partnership, association, trust or joint venture, affiliated, in participation with or controlled by Dialogic Corporation, in Canada, the U.S. or in any other country
(hereinafter collectively referred to as “Company” with any specific reference which should not be read in the collective meaning the specific employer company): 
 Non-Disclosure & Confidentiality 
 For purposes of this Agreement and in connection
with my employment with the Company, Confidential Information shall mean information including, but not limited to, any records, data or information concerning inventions, engineering drawings, designs, processes, methods, trade secrets, or
manufacturing techniques, software programs, product specifications, product roadmaps and plans, system configuration, government classified business, customer lists and other customer-related information, cost and price information, legal
information, finance information, human resources information, supplier lists and other supplier-related information, or any other information not disseminated to the public relating to the Company’s business, affairs or plans of the business,
affairs or plans of the Company’s customers or suppliers (all of which is collectively referred to herein as “Confidential Information”). 
 I acknowledge that I have or will have access, while employed by the Company, to Confidential Information relating to the business, affairs, clients and suppliers of the Company and its clients. I hereby
agree that both during and subsequent to my employment with the Company, I will not disclose to any other person whatsoever any Confidential Information which I learned in the course of my employment, whether such Confidential Information belongs to
the Company or any third party, except as required by my employment with the Company or by applicable law. I also agree that both during and subsequent to my employment with the Company, I will not use any Confidential Information in any way
contrary to the best interests of the Company, I will treat and protect all Confidential Information with a high standard of care, and I will not directly or indirectly divulge, use, or exploit any Confidential Information (except in the normal
course of my employment with the Company) to or for the benefit of myself or any other person whatsoever, except with the express prior written consent of an authorized representative of the Company. 

I understand and agree that at the time of leaving the employ of the Company, except for material published and disseminated for distribution to the
public, I will deliver to the Company (to an officer designated by my superior) and will not keep in my possession or deliver to anyone else, all drawings, prints, notes, memoranda, specifications, devices, samples, documents, or any other material
containing or disclosing any of the matters constituting Confidential Information. 
 I understand and agree that all business documentation on
any computer that will be created in association with my employment at the Company (including but not limited to E-mail, Word documents and Excel spreadsheets) are the property of the Company. I agree that upon the termination of my 

  
  

Dialogic Inc. 
 1515 Route 10 
 Parsippany, NJ 07054 

Human Resources Parsippany: Esther Zohn: 973-967-6720 HR Fax: 973 967-6030 

 

 
  

			
	 Kevin Cook Offer Letter
	  	September 3, 2008

  

 employment, all such computer documentation shall be delivered to my supervisor or to a representative
of the Human Resources Department. At any time during the course of my employment, the Company may reasonably request to back up such information on to the server or otherwise request a copy of such information. 

I also understand and agree that the Company is only interested in my abilities, skills, general knowledge and expertise that I have developed through my
work history and I certify that I will not bring with me to the Company or share with the Company the confidential information, if any exists, of any of my former employers. 
 Non-Solicitation 
 I understand that the employees of the Company constitute a valuable
asset of the company and I agree that during the one year subsequent to the termination of my employment with the Company, I will make no attempt to contact any person who is at that time working for the Company for the explicit or implicit purpose
of soliciting or encouraging them to seek other employment. 
 In the event any one or more of the provisions of this Agreement shall be
declared to be illegal or unenforceable, such illegality or unenforceability shall not affect the validity or the enforceability of any other provisions of this Agreement, and the illegal or invalid provisions shall be construed as limited to the
minimum extent possible to cure said illegality or invalidity. 
 The present Agreement is governed by the laws of the Province of Quebec,
Canada with the exception of its conflict of laws provisions and I acknowledge that I have requested that the present Agreement and all documentation relating directly or indirectly hereto be drafted in English. 

 

							
	WITNESS:	 		 		  	
				
	DIALOGIC INC.	 		 	EMPLOYEE:	  	
				
	 /s/ Rosanne M. Sargent
	 		 	 /s/ Kevin P. Cook
	  	
	Signature	 		 	Signature:	  	
				
	By:         Rosanne M. Sargent	 		 	Name: Kevin P. Cook	  	
	               Senior VP, Human Resources	 		 		  	
				
	Date Signed: September 3, 2008	 		 	Date Signed: 9/4/08	  	

  
  

Dialogic Inc. 
 1515 Route 10 
 Parsippany, NJ 07054 

Human Resources Parsippany: Esther Zohn: 973-967-6720 HR Fax: 973 967-6030 

  Page
 14
 
  

 EXHIBIT B 
 INVENTION AND SECRECY AGREEMENT 

  
 Initialed:
KPC 

 

 
  

			
	 Kevin Cook Offer Letter
	  	September 3, 2008

  

 ANNEX B. 
 DIALOGIC CORPORATION 
 INVENTION AND SECRECY AGREEMENT (“Agreement”)

 In consideration of my employment with Dialogic Inc. or with any other corporation, partnership, association, trust or joint venture,
affiliated, in participation with or controlled by Dialogic Corporation (hereinafter collectively referred to as “Dialogic” with any specific reference which should not be read in the collective meaning the specific employer company), I
agree as follows (in addition to any other obligations required of me pursuant to the nature of my employment): 
 1. During the period of my
employment, to promptly and fully communicate in writing to Dialogic (to such department or officer of Dialogic as it may direct from time to time) any and all creations, ideas, designs, processes, inventions, improvements, discoveries, developments
and the like, made, acquired, obtained, created or conceived by me, either solely or jointly with others during such period, related to the scope of my employment or using Dialogic’ resources or equipment at any time, or which relate to the
business of Dialogic or its affiliated or associated companies, whether or not such creations, ideas, designs, processes, inventions, improvements, discoveries, developments and the like are patentable or copyrightable or used by Dialogic (the
“Inventions”). I do hereby acknowledge that Dialogic shall be the sole owner of any and all rights, title and interests in and to the said Inventions and hereby assign any and all of my rights, title and interests in and to the said
Inventions, including without limitation any and all intellectual property rights therein, and the right to sue for past, present and future infringement, in any and all countries, to Dialogic or to such persons or parties as Dialogic may designate.
I hereby waive any and all moral rights in and to all works, past and future, created in the course of my employment. 
 2. During the period of
my employment and at any time thereafter, I undertake to execute any and all documents, assignments, instruments and other papers, to make any proper oath, and to accomplish any and all acts which Dialogic may deem necessary for securing and
protecting the rights, title and interests of Dialogic in such Inventions; and I further agree that I will (but at no out-of-pocket cost to me) assist Dialogic in any and all administrative and legal proceedings before intellectual property offices,
courts and other bodies involving the said Inventions or any and all intellectual property right which may evolve therefrom, including without limitation, patents, patent applications, trade secrets, copyrights, and copyright applications.

 3. I certify that as of this date, I have no inventions, improvements, discoveries or developments falling within the scope of this Agreement
which were made prior to the date of my employment and which I own either totally or in part (the “Prior Inventions”) except as follows: 
  

 
  

 
 which Prior Inventions shall not be assigned under
this Invention and Secrecy Agreement. However, if I incorporate a Prior Invention into an Invention, I hereby grant to Dialogic a nonexclusive, irrevocable, perpetual, worldwide license to make, have made, modify, use, offer to sell, sell, import
and to otherwise fully exploit such Prior Invention as a part of or in connection with such Invention, with the right to grant 

  
  

Dialogic Inc. 
 1515 Route 10 
 Parsippany, NJ 07054 

Human Resources Parsippany: Esther Zohn: 973-967-6720 HR Fax: 973 967-6030 

 

 
  

			
	 Kevin Cook Offer Letter
	  	September 3, 2008

  

 sublicenses of any or all such rights to others, without further compensation or royalty due to me from
Dialogic or any successor or assign. If by incorporating a Prior Invention into an Invention, I create new, including but not limited to patentable or copyrightable subject matter (“New Invention”), said New Invention will be treated as an
Invention as set forth herein. 
 4. I acknowledge and agree that Dialogic is only interested in my abilities, skills, general knowledge and
expertise that I have developed through my work history and I certify that I am not bringing with me to Dialogic any confidential information or other proprietary information of a former employer or former or existing client or any other third party
and will not, in the performance of my duties for Dialogic, use any confidential information or other proprietary information of any former employer or former or existing client or any other third party without the prior written consent of such
client or third party. 
 5. I also acknowledge that I have received a copy of, and carefully read Dialogic Conflict of Interest Policy; I
understand it and hereby agree to abide by any and all of its terms. 
 6. I acknowledge that Dialogic is also the owner of various intellectual
property (including but not limited to industrial designs, inventions, trademarks, copyrights, patents, trade secrets whether registered or unregistered) and I agree never during or after my employment to make use of those intellectual property
rights except as directed by Dialogic and in any case solely for the benefit of Dialogic. 
 7. The obligations contained herein shall continue
beyond the termination of my employment, irrespective of the cause of termination. 
 8. This Agreement shall be governed and interpreted by the
laws of the Province of Quebec, Canada with the exclusion of its conflict of laws provisions. 
 9. I acknowledge that I have required that the
present Agreement and all documentation relating directly and indirectly hereto be drafted in English. 
 10. In the event any one or more of
the provisions of this Agreement shall be declared to be illegal or unenforceable, such illegality or unenforceability shall not affect the validity or the enforceability of any other provisions of this Agreement, and the illegal or invalid
provisions shall be construed as limited to the minimum extent possible to cure said illegality or invalidity. 
 I have carefully read this
Invention and Secrecy Agreement, I understand it and hereby agree to abide by any and all of its terms. 
  

									
	 DIALOGIC INC.
	  		  	EMPLOYEE:
					
	 By:
	 	 /s/ Rosanne M. Sargent
	  		  	Signed:	 	 Kevin P. Cook

	 Printed Name: Rosanne M. Sargent
	  		  	Print:	 	Kevin P. Cook
	 Title:
	 	 Senior VP, Human Resources
	  		  		 	
	 Date:
	 	 September 3, 2008
	  		  	Date Signed: 9/4/08
				
	 Attachment: Conflict of Interest Policy
	  		  		 	

  
  

Dialogic Inc. 
 1515 Route 10 
 Parsippany, NJ 07054 

Human Resources Parsippany: Esther Zohn: 973-967-6720 HR Fax: 973 967-6030 

 EXHIBIT C 
 NON-COMPETITION AND NON-SOLICITATION AGREEMENT 
 This NON-COMPETITION AND NON-SOLICITATION
AGREEMENT (the “Agreement”) is made and entered into this 9th day of August, 2012 (the “Effective Date”), by and between Dialogic Inc. (the “Company”), and Kevin Cook, an individual
(“Executive”). 
 RECITALS 
 In connection with Executive’s promotion to the role of President and Chief Executive Officer for the Company and the increases in his compensation as set forth in the letter agreement effective
August 9, 2012 (the “Employment Agreement”), the Company has required that Executive enter into this Agreement. 
 In his
new role, Executive will obtain extensive and valuable knowledge and confidential information concerning the business of the Company and its affiliated companies. 
 AGREEMENT 
 In consideration of Executive’s promotion and the increases
in compensation hereafter paid to Executive, Executive hereby agrees as follows: 
  

	1.	NATURE OF AGREEMENT 

 1.1 Executive and the Company intend this Agreement to be an agreement of non-competition and non-solicitation only. Executive’s employment with the Company is at-will which means that either
Executive or the Company may terminate the employment relationship at any time for any reason. This at-will relationship may not be modified or varied in any way except by a written agreement signed by the Board of Directors of the Company.
Executive agrees that neither the provisions set forth in this Agreement nor any other written or verbal communications between the Company and Executive as of the date of this Agreement has created or is intended to create a contract of employment
or a promise to provide any benefits. 
 1.2 This Agreement contains obligations that survive termination of the
employment relationship between Executive and the Company. 
 2. DEFINITIONS. As used in this Agreement, the following
terms will have the following meanings: 
 2.1 “Competitor” is any entity that designs, develops, markets or
sells, or is preparing to design, develop, market or sell a Conflicting Service, which, as of the Effective Date, is limited to Acme Packet, Audiocodes, Genband, Huawei, Radisys, Sonus, and Tekelec. The Board of Directors of the Company may, in good
faith, unilaterally edit this list of Competitors from time to time as the Company’s business or its affiliates’ business changes and as new entities enter the marketplace for Competitive Services. 

 2.2 “Conflicting Service” means any product, service, or process or the
research and development thereof, of any person or organization other than the Company or its affiliates that directly competes with a product, service, or process, including the research and development thereof, of the Company or its affiliates
with which Executive worked directly or indirectly during Executive’s employment by the Company or about which Executive acquired Confidential Information during Executive’s employment by the Company. 

2.3 “Customer or Potential Customer” is any person or entity who or which, at any time during the one (1) year
prior to the date Executive’s employment with the Company ends, (i) contracted for, was billed for, or received from the Company or its affiliates any product, service or process with which Executive worked directly or indirectly during
Executive’s employment by the Company or about which Executive acquired Confidential Information; or (ii) was in contact with Executive or in contact with any other employee, owner, or agent of the Company or its affiliates, of which contact
Executive was or should have been aware, concerning any product, service or process with which Executive worked directly or indirectly during Executive’s employment with the Company or about which Executive acquired Confidential Information; or
(iii) was solicited by the Company or its affiliates in an effort in which Executive was involved or of which Executive was or should have been aware. 
 2.4 “Confidential Information” shall have the meaning set forth in the Non-Disclosure, Confidentiality and Non-Solicitation Agreement by and between Executive and the Company dated
September 4, 2008, a copy of which is attached to the Employment Agreement as Exhibit A. 
 2.5 “Invention
Agreement” shall mean the Invention and Secrecy Agreement by and between Executive and the Company dated September 4, 2008, a copy of which is attached to the Employment Agreement as Exhibit B. 

2.6 “Non-Disclosure Agreement” shall mean the Non-Disclosure, Confidentiality and Non-Solicitation Agreement by and
between Executive and the Company dated September 4, 2008. 
  

	3.	NON-COMPETITION 

 3.1 Duty of Loyalty During Employment. Executive agrees that during the period of his employment by the Company, Executive will not, without the Company’s express written consent,
directly or indirectly engage in any employment or business activity that is directly or indirectly competitive with, or would otherwise conflict with, his employment by the Company. 

3.2 No Competition. Executive covenants and agrees that, during the period of Executive’s employment with the Company
and for the eighteen (18) month period after the date 

  
 2 

 
Executive’s employment ends for any reason, including but not limited to voluntary termination by Executive or involuntary termination by the Company, the Executive shall not, directly or
through others: 
 (a) compete with the Company or its affiliates by working for a Competitor as an employee, consultant,
advisor, independent contractor, or in any other capacity. 
 (b) solicit, perform, provide or attempt to perform or
provide any Conflicting Services for a Customer or Potential Customer. 
  

	4.	NON-SOLICITATION 

 4.1 No Hire of Employees. Executive covenants and agrees that, during the period of Executive’s employment with the Company and for the eighteen (18) month period after the date
Executive’s employment ends for any reason, including but not limited to voluntary termination by Executive or involuntary termination by the Company, Executive will not, as an officer, director, employee, consultant, owner, partner, or in any
other capacity, either directly or through others (except on behalf of the Company), hire, employ, or engage in business with or attempt to hire, employ, or engage in business with any person employed by the Company or its affiliates or who has left
the employment of the Company or its affiliates within the preceding three (3) months of any such prohibited activity or discuss any potential employment or business association with such person, even if Executive did not initiate the
discussion or seek out the contact. 
 4.2 No Solicitation of Customer or Consultants. Executive covenants and
agrees that, during the period of Executive’s employment with the Company and for the eighteen (18) month period after the date Executive’s employment ends for any reason, including but not limited to voluntary termination by
Executive or involuntary termination by the Company, Executive will not, as an officer, director, employee, consultant, owner, partner, or in any other capacity, either directly or through others (except on behalf of the Company), solicit, induce or
attempt to induce any Customer or Potential Customer, or any consultant or independent contractor with whom Executive had direct or indirect contact during Executive’s employment with the Company or whose identity Executive learned as a result
of Executive’s employment with the Company, to terminate, diminish, or materially alter in a manner harmful to the Company or its affiliates its relationship with the Company or its affiliates. 

 

	5.	REASONABLENESS OF RESTRICTIONS. 

5.1 Company’s Legitimate Business Interest. Executive agrees that Executive has read this entire Agreement and
understands it. Executive agrees that this Agreement does not prevent Executive from earning a living or pursuing Executive’s career. Executive agrees that the restrictions contained in this Agreement are reasonable, proper, and necessitated by
the Company’s legitimate business interests. Executive represents and agrees that Executive is entering into this Agreement freely and with knowledge of its contents with the intent to be bound by the Agreement and the restrictions contained in
it. 

  
 3 

 5.2 Modifications and Amendments. In the event that a court finds this
Agreement, or any of its restrictions, to be ambiguous, unenforceable, or invalid, Executive and the Company agree that the court shall read the Agreement as a whole and interpret the restriction(s) at issue to be enforceable and valid to the
maximum extent allowed by law. If the court declines to enforce this Agreement in the manner provided in the preceding sentence, Executive and the Company agree that this Agreement will be automatically modified to provide the Company with the
maximum protection of its business interests allowed by law and Executive agrees to be bound by this Agreement as modified. 
  

	6.	LEGAL AND EQUITABLE REMEDIES 

6.1 Remedies. Executive agrees that it may be impossible to assess the damages caused by Executive’s violation of
Sections 3 and 4 of this Agreement. Executive agrees that any threatened or actual violation of Sections 3 and 4 of this Agreement will constitute immediate and irreparable injury to the Company and the Company shall have the right to enforce this
Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach or threatened breach of this Agreement.

 6.2 Attorneys’ Fee Award. Each party agrees that if the other party is successful in whole in any
legal or equitable action under this Agreement, the prevailing party shall be entitled to payment of all costs, including reasonable attorney’s fees, from the other party. 

6.3 Extension of Restricted Period. In the event the Company enforces this Agreement through a court order, Executive
agrees that the restrictions of Sections 3 and 4 shall remain in effect for a period of twenty-four (24) months from the effective date of the order enforcing the Agreement. 

 

	7.	MISCELLANEOUS 

 7.1 Entire Agreement. This Agreement supersedes all prior discussions and agreements among the parties with respect to the subject matter hereof and contain the sole and entire agreement
between the parties hereto with respect to the subject matter hereof. The parties have entered into a separate Non-Disclosure Agreement and a separate Inventions Agreement. These separate agreements govern other aspects of the relationship between
the parties, may be amended or superseded by the Parties without regard to this Agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement. 

7.2 Survival. The provisions of this Agreement shall survive the termination of Executive’s employment,
regardless of the reason, and the assignment of this Agreement by the Company to any successor in interest or other assignee. 

  
 4 

 7.3 Governing Law. This Agreement shall be construed and governed by the
internal laws of the State of New Jersey without giving effect to principles of conflicts of law. The Parties expressly consent to the personal jurisdiction and venue of the state and federal courts located in New Jersey for any lawsuit filed there
against Executive by Company arising from or related to this Agreement. 
 7.4 Severability. If any provision of
this Agreement shall be determined by a court of competent jurisdiction to be void and of no effect, the provisions of this Agreement shall be deemed amended to delete or modify, as necessary, the offending provision, and this Agreement as so
amended or modified shall not be rendered unenforceable or impaired, but shall remain in force to the fullest extent possible in keeping with the intention of the parties hereto. If moreover, any one or more of the provisions contained in this
Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it
shall then appear. 
 7.5 Successors and Assigns. This Agreement is for Executive’s benefit and the benefit
of the Company, its successors, assigns, parent corporations, subsidiaries, affiliates, and purchasers, and will be binding upon Executive’s heirs, executors, administrators and other legal representatives. 

7.6 Waiver. No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or
succeeding breach. No waiver by the Company of any right under this Agreement shall be construed as a waiver of any other right. The Company shall not be required to give notice to enforce strict adherence to all terms of this Agreement. 

7.7 Amendments. Any amendment to this Agreement must be in writing executed by, or on behalf of, all of the parties hereto.

 7.8 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original, but all of which taken together shall constitute one and the same instrument. 
 [signatures to follow on next
page] 

  
 5 

 IN WITNESS WHEREOF, the Executive has executed this Agreement, and the Company has caused
this Agreement to be executed, as of the date first written above. 
  

			
	DIALOGIC INC.
		
	By:	 	 /s/ Nicholas J. DeRoma

	Name:	 	Nicholas J.DeRoma
	Title:	 	Board Member
	
	EXECUTIVE:
	
	 /s/ Kevin Cook

	Kevin Cook

  
 6Form of Subscription Agreement

 Exhibit 10.4 
  

 
 TIDEWATER FUTURES FUND L.P. 

SUBSCRIPTION/EXCHANGE AGREEMENT 
 To accompany the Private Placement Offering Memorandum and Disclosure Document dated June 30, 2012. 
 NOT FOR USE AFTER MARCH 31, 2013. 
  

					
	  
	 		 	  

			
	Morgan Stanley Smith Barney Account	 		 	Full Name of Account

 CASH SUBSCRIPTIONS Note: only use this section for cash purchases or adding cash to an exchange subscription to
meet the minimum 
  

			
	 	  	Minimum Subscription Amounts
	 Partnership
	  	$25,000; $10,000 for additional subscriptions (all accounts)
		
	 Tidewater Futures Fund L.P.
	  	$        
		  	  

  

					
	 EXCHANGE SUBSCRIPTIONS (AVAILABLE FOR TRAIL OPTION ONLY)

 

	  
 Fund name
and/or security number(s) for commodity pool(s) from which
units are to be redeemed to exchange
	 	 	 	 ALL MINIMUMS APPLY

 
 Check Box to specify entire interest or quantity of units to be redeemed
to
exchange

			
	                        
	 		 	 ̈    Entire Interest or
                     Units
			
	                        
	 		 	 ̈    Entire Interest or
                     Units
			
	                        
	 		 	 ̈    Entire Interest or
                     Units
	
	  
 This
Subscription/Exchange Agreement must be received by the General Partner no later than 3 business days prior to calendar month-end to be included in the current close. Enter Subscription/Exchange order before sending Agreement to the below
address. Client(s) signature MUST be original and therefore can not be faxed or scanned to the General Partner. Account will be debited upon receipt of this Agreement by the General Partner.

 
 For Branch Use: FA/PWA Payment Type: Check one:
         (Trail)          (Upfront)
  

	Mail completed Subscription Agreement to:	 		 	 Ceres Managed Futures LLC
 522 Fifth Ave, 14th Fl
 New York, New York 10036

(212) 296-1999

 

											
	  
	 		 	  
	 		 	  

	Financial Advisor/Private Wealth Advisor Name	 		 	Employee ID/FA/PW Number	 		 	FA/PW Advisor’s Telephone No.
				
	  
	 		 		 	  

	Client Service Associate Name	 		 		 	Client Service Associate Telephone No.

  
 B-1

 By executing the signature page of this Subscription Agreement and Power of Attorney (the
“Agreement”), you (for yourself and any co-subscriber, and, if you are signing on behalf of an entity, on behalf of and with respect to that entity and its shareholders, partners, beneficiaries or members), represent and warrant to
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC, Ceres Managed Futures LLC (the “General Partner”) and Tidewater Futures Fund L.P. (the “Partnership”), as follows (as used
below, the terms “you” and “your” refer to you and your co-subscriber, if any, or if you are signing on behalf of an entity, such entity). You understand that Citigroup Global Markets Inc., Morgan Stanley & Co. LLC,
Morgan Stanley Smith Barney LLC, the General Partner, and the Partnership will rely upon all of your statements and representations in this Agreement in deciding whether to allow you to invest in the Partnership. 

(1) You have received and carefully read, understand and agree to abide by the terms of investment as described in the Private Placement Memorandum and
Disclosure Document dated June 30, 2012 (the “Memorandum”) and the limited partnership agreement (the “Limited Partnership Agreement”) including any supplements and exhibits thereto, relating to and describing the terms and
conditions of the private placement of units of limited partnership interest (the “Units”). You hereby acknowledge that no person is authorized to give any information or to make any statement not contained in the Memorandum or the Limited
Partnership Agreement, and that any information or statement not contained in the Memorandum or the Limited Partnership Agreement must not be relied upon as having been authorized by the Partnership. You represent that an investment in the
Partnership in the amount subscribed, despite its substantial risk, is suitable and appropriate for you given your investment objectives, risk tolerance, other holdings, and financial situation and needs, and you understand that an investment in the
Partnership is speculative and may result in the complete loss of your investment. You have carefully reviewed and understand the various risks of an investment in the Partnership, including those summarized under “Risk Factors” and
“Conflicts of Interest” in the Memorandum. 
 (2) You understand that the General Partner intends to restrict investment in the
Partnership to purchasers who are “accredited investors” as defined in Regulation D of the Securities Act of 1933, as amended (the “Securities Act”). You hereby represent that you are an “accredited investor” because
you satisfy one or more of the following categories of “accredited investor:” 
 INDIVIDUAL INVESTORS 

Please check ALL applicable boxes below. 
  

	 ̈	I have a net worth (or joint net worth together with my spouse) in excess of $1,000,000. I understand that the term “net worth” means the excess of total
assets at fair market value, excluding the value of my primary residence, over total liabilities. In calculating net worth, I have not included as a liability any indebtedness that is secured by my primary residence other than the amount of
such indebtedness in excess of (i) the amount outstanding 61 days ago, unless incurred as a result of the acquisition of such residence, or (ii) the estimated fair market value of such residence (whichever excess amount of indebtedness is
greater). 

  

	 ̈	I have had an annual income during the last two full calendar years of in excess of $200,000 (or joint income together with my spouse of in excess of $300,000) and
reasonably expect to have an annual income in excess of $200,000 (or joint income together with my spouse of in excess of $300,000) during the current calendar year. 

 INVESTORS OTHER THAN INDIVIDUALS INCLUDING TRUSTS, CORPORATIONS OR PARTNERSHIPS 

Please check ALL applicable boxes below. 
  

	 ̈	Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the
Securities Act whether acting in its individual or fiduciary capacity. 

  

	 ̈	Any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; any insurance company as defined in Section 2(13) of the
Securities Act. 

  
 B-2

	 ̈	Any investment company registered under the Investment Company Act of 1940, as amended, or a business development company as defined in Section 2(a)(48) of that
Act. 

  

	 ̈	Any 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. 

  

	 ̈	An employee benefit plan within the meaning of Title I of ERISA, 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. 

  

	 ̈	Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940. 

 

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

  

	 ̈	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Units whose purchase is directed by a sophisticated person as
described in Rule 506(b)(2)(ii) under Regulation D. 

  

	 ̈	Any trust that is an accredited investor because it is a revocable trust which may be amended or revoked at any time by the grantors thereof and all of the grantors are
accredited investors. 

  

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

 (3) You are acquiring the Units for your own account, as principal, for investment and not with a view to the resale or distribution of all or any part of such Units. 

(4) Units were not offered to you by means of any general solicitation or general advertising by the General Partner or any person acting on its behalf,
including without limitation (a) any advertisement, article, notice, or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or (b) any seminar or meeting to which you were
invited by any general solicitation or general advertising. 
 (5) (i) You have a net worth alone or with your spouse exceeding ten
(10) times your investment; (ii) you have either the capacity to protect your interests in connection with this transaction; or (iii) you are able to bear the economic risk of the investment. 

(6) You are of legal age to execute this Agreement and are legally competent and authorized to make this investment. 

(7) You represent that you are a U.S. resident or a U.S. citizen. If you are not a U.S. resident or U.S. citizen, you agree to pay or reimburse Morgan
Stanley Smith Barney LLC (the “Selling Agent”) or the Partnership for any taxes, including but not limited to withholding tax imposed with respect to your Units. 
 (8) Unless representation (9) below is applicable, your subscription is made with your funds for your own account and not as trustee, custodian or nominee for another. 

(9) If you are subscribing as custodian for a minor, either (a) the subscription is a gift you have made to that minor and is not made with that
minor’s funds, in which case the representation in number (2) above applies only to you, as the custodian; or (b) if the subscription is not a gift, the representation in number (2) above applies only to that minor. 

  
 B-3

 (10) If you are subscribing in a representative capacity, you have full power and authority to make this
investment and enter into and be bound by this Agreement on behalf of the entity for which you are purchasing the Units, and that entity has full right and power to purchase the Units and enter into and be bound by this Agreement and become a
limited partner pursuant to the Limited Partnership Agreement, and has been duly organized and is validly existing and is in good standing in the jurisdiction of its formation. In your representative capacity, you have determined that an investment
by either the represented beneficiary or beneficial owner in the Partnership (i) is consistent with the investment objectives, (ii) is in the best interests of, and (iii) is within the risk tolerance of such investor’s investment
in the Partnership. You have also satisfied any additional due diligence obligation you may have to your beneficiaries or beneficial owners. 

(11) If you are subscribing for a joint or community property account, you have full power and authority to purchase Units and enter into and be bound by
this Agreement on behalf of the joint or community property account. 
 (12) You either: (a) are not required to be registered with the
Commodity Futures Trading Commission (“CFTC”) or to be a member of the National Futures Association (“NFA”); or (b) if so required, you are duly registered with the CFTC and are a member in good standing of the NFA. It is an
NFA requirement that the General Partner attempt to verify that any person or entity that seeks to purchase Units be duly registered with the CFTC and a member of the NFA, if required. You agree to supply the General Partner with such information as
the General Partner may reasonably request in order to attempt such verification. Certain entities that invest in the Partnership may, as a result, themselves become “commodity pools” within the intent of applicable CFTC and NFA rules, and
their sponsors, accordingly, may be required to register as “commodity pool operators.” 
 (13) You have carefully reviewed and
understand the fees and expenses that are directly and indirectly assessed on the Partnership. 
 (14) You understand that the General Partner
is an affiliate of Citigroup Global Markets Inc., which will serve as a selling agent and commodity broker for the Partnership and may, along with its affiliates, serve as an FX counterparty for the Partnership, and Morgan Stanley Smith Barney LLC,
which will also serve as the selling agent for the Partnership. You further understand that the Partnership is subject to conflicts of interest as discussed in the “Conflicts of Interest” section in the Memorandum. You also understand that
Citigroup Global Markets Inc. credits up to 80% of the brokerage fees to financial advisors who sell Units in the Partnership and the prospect of receiving these fees may provide the General Partner (including its affiliates), the Selling Agent and
your Morgan Stanley Smith Barney LLC financial advisor or private wealth advisor with interests that potentially conflict with your own in respect of your investment in the Partnership. You consent to such conflicts and you covenant not to object to
or bring any proceedings against any of the foregoing relating to any such conflicts of interest, provided that Citigroup Global Markets Inc. and the relevant Morgan Stanley (including Morgan Stanley Smith Barney LLC) parties comply with the
appropriate standard of liability as set forth in the Limited Partnership Agreement or any other relevant controlling agreement. 
 (15) You
understand that the Units are illiquid and have not been registered under the Securities Act, or any similar state law, and cannot be transferred, sold, pledged or assigned except in certain limited circumstances, and with the consent of the General
Partner, as set forth in the Limited Partnership Agreement. You understand that the Partnership has no intention or obligation to register the Units under the Securities Act and the General Partner has no obligation to consent to any transfer, sale,
pledge or assignment thereof. 
 (16) You have such knowledge and experience in financial and business matters that you are capable of
evaluating the merits and risks of an investment in the Partnership and are able to make an informed investment decision. You are not relying on the General Partner, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Morgan Stanley
Smith Barney LLC, or any of their affiliates with respect to any legal, tax, or economic considerations relating to your investment decision, and you further understand that the only disclosures for which the Partnership, the General Partner,
Citigroup Global Markets, Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC, or any affiliates, as applicable, accepts any responsibility relating to your investment are those set forth in the Memorandum and the Limited Partnership
Agreement. 

  
 B-4

 (17) You agree that neither the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan
Stanley Smith Barney LLC, nor their respective affiliates, nor their respective managers, officers, directors, members, equity holders, employees or other applicable representatives (collectively, “Affiliated Persons”), shall incur any
liability (a) in respect of any action taken upon any information provided to the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, or their Affiliated Persons by you or for relying on any notice,
consent, request, instructions or other instrument believed, in good faith, to be genuine or to be signed by properly authorized persons on your behalf, including any document transmitted in a manner consistent with the Notice section herein, or
(b) for adhering to applicable anti-money laundering obligations whether now or hereinafter in effect. 
 (18) You agree to indemnify and
hold harmless the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, and their Affiliated Persons from and against any and all direct and consequential losses, damages, liabilities, costs or expenses
(including reasonable attorneys’ and accountants’ fees and disbursements) whether incurred in an action between the parties hereto or otherwise or resulting from any unsuccessful proceeding or other action brought by you against any of the
foregoing relating to the Partnership or the offering of the Units (collectively, “Losses”) which the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, and their Affiliated Persons, or any
one of them, may incur by reason of or in connection with this Agreement, including any misrepresentation made by you or any of your agents, any breach of any declaration, representation or warranty by you, the failure by you to fulfill any covenant
or agreements under this Agreement, our reliance on facsimile, electronic copy or other instructions, or the assertions of your lack of proper authorization from any beneficial owners to execute and perform the obligations under this Agreement. You
also agree that you will indemnify and hold harmless the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, and their Affiliated Persons, or any one of them, for any Losses they may incur in connection
with your failure to comply with any applicable law, rule or regulation (including anti-money laundering laws and regulations) having application to the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney
LLC, or their Affiliated Persons. 
 (19) You hereby represent and agree that the name, address, and ownership capacity on the Morgan Stanley
Smith Barney LLC account referenced on this Agreement are your true and correct name, address, and ownership capacity, that the name, address, and ownership capacity on the Partnership’s books and records shall be the same as your name,
address, and ownership capacity on such account, and that you will promptly notify Morgan Stanley Smith Barney LLC of any change in your address, which change shall also be effective for all Partnership purposes. You also agree to promptly notify us
if any representation, warranty or statement in this Agreement becomes incomplete, untrue or inaccurate. 
 (20) All the representations,
warranties and information that you have provided in this Agreement and that you provided upfront during the initial intake process are correct and complete as of the date of this Agreement, and, if there should be any material change in such
information you provided either in this Agreement or during the initial intake process prior to or after your admission as a limited partner, you will immediately furnish such revised or corrected information to your Morgan Stanley Smith Barney LLC
financial advisor or private wealth advisor. You acknowledge that the Partnership, the General Partner, Citigroup Global Markets Inc., Morgan Stanley Smith Barney LLC, and their Affiliated Persons will rely on such information, representations and
warranties on an ongoing basis. 
 Additional Representations and Warranties regarding Anti-money Laundering: 

(21) During the intake process, you previously made certain representations and warranties that your subscription is in compliance with the applicable
anti-money laundering laws and regulations as of such time and that there have been no material developments to make such representations and warranties false. Additionally, you represent and warrant that: you are not (a) a “Prohibited
Investor” which includes: (i) an individual, entity or organization that is named on the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) List of Specially Designated Nationals and Blocked Persons
(the “SDN List”), or that is located in, organized under the laws of, a citizen or resident of, or the government of a country or territory that is subject to U.S. trade or economic sanctions administered by OFAC; (ii) a foreign shell
bank; and (iii) a person or entity resident in or whose subscription funds are transferred from or through a jurisdiction identified as non-cooperative by the Financial 

  
 B-5

 
Action Task Force (“FATF”);1 (b) a senior foreign political figure,2 an immediate family member of a senior foreign political
figure,3 or a close associate of a senior foreign
political figure4 within the meaning of the USA Patriot
Act of 2001.5 You also represent and warrant that, to the
best of your knowledge and belief, after appropriate due diligence, none of (a) each person controlling or controlled by you; (b) if you are a privately held entity, each person holding a senior management position or any beneficial equity
interest in you; nor (c) any person for whom you are acting as agent, representative, or nominee in connection with this investment, is named on the SDN List or is otherwise subject to U.S. trade or economic sanctions administered by OFAC.

 You acknowledge that due to money laundering requirements within their respective jurisdictions, the Partnership and the
General Partner (and/or the administrator, if applicable) acting on behalf of the Partnership may require further identification of the Subscriber and the source of payment before this Agreement can be processed. 

You acknowledge that if, following the date of acceptance of your subscription, the General Partner (or administrator, if applicable)
reasonably believes that you are or have become a “Prohibited Investor,” or have otherwise breached the representations and warranties herein as to identity, the Partnership may be obliged to freeze your investment, require you to
immediately withdraw your investment, or take such other action as the Partnership considers necessary or required in accordance with applicable regulations. 
 Additional Representations and Warranties of Investor: 
 (22) You represent and warrant
that, except as you may disclose in writing to the General Partner, you are not subject to the Freedom of Information Act or any similar state, county or municipal legislation or regulation under which you are or may be compelled to disclose to the
public any information regarding your investment in the Partnership or the commodity trading advisor. 
 (23) You represent that the Form W-9
that you previously completed and returned to your Morgan Stanley Smith Barney LLC financial advisor or private wealth advisor remains current as of the date of this Agreement, and, if there should be any material change in such information prior to
or after your admission as a limited partner, you will immediately furnish a revised Form W-9 to your Morgan Stanley Smith Barney LLC financial advisor or private wealth advisor. 
 (24) You agree that the representations and warranties in this Agreement may be used as a defense in any actions relating to the Partnership or the offering of the Units, and that it is only on the basis
of such representations and warranties that the General Partner and the Selling Agent may be willing to accept your subscription for Units. 

Additional Representation and Warranty for Exchange Subscribers: 
 (25) You are the true, lawful, and beneficial owner of the Units (or fractions thereof) to be redeemed pursuant to this Agreement, with full power and authority to request redemption and make a subsequent
investment in the Partnership. The Units (or fractions thereof) which you are redeeming are not subject to any pledge or are otherwise encumbered in any fashion. 

 

	1 	 The current list of FATF member countries and territories may be found at http://www.fatf-gafi.org. 

	2 	 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 foreign government (whether elected or not), a current or former senior official of a major foreign political party, or a current or former senior executive of a foreign government-owned corporation. 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. 

	3 	 “Immediate family” of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children and in-laws.

	4 	 A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close
relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of a senior foreign political figure. 

	5 	 The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56
(2001). 

  
 B-6

 Additional Representations and Warranties for Employee Benefit Plan and IRA Investors: 

(26) If you are a “Benefit Plan Investor” (within the meaning of Section 3(42) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”)), you are a fiduciary (within the meaning of ERISA) with respect to the subscriber and you are responsible for purchasing the Units, and such purchase is in accordance with ERISA requirements and will not constitute a
prohibited transaction under ERISA or the Internal Revenue Code of 1986, as amended (the “Code”). The term “Benefit Plan Investor” means (a) an employee benefit plan subject to the provisions of Part 4 of Title I of ERISA,
(b) a plan or individual retirement account subject to Section 4975(e)(1) of the Code, or (c) an entity whose underlying assets are deemed to include ERISA plan assets by reason of investment in such entity by investors described in
clauses (a) and/or (b). You are not a participant-directed defined contribution plan. You understand that the General Partner in its sole discretion may limit investments in the Partnership so that less than 25% of the Units of the Partnership
are owned by Benefit Plan Investors, and the General Partner may require a Benefit Plan Investor to redeem its interest in the Partnership if such 25% limit would be exceeded. 
 (27) If you are a Benefit Plan Investor, you also represent that either (a) or (b) as follows is true: 
 (a) neither the General Partner nor any of its affiliates (i) manages any part of your investment portfolio on a discretionary basis, (ii) regularly gives investment advice for a fee with
respect to your assets, or (iii) has an agreement or understanding, written or unwritten, with you under which you receive information, recommendations or advice concerning investments that are used as a primary basis for your decisions, or
under which you receive individualized investment advice concerning your assets; or 
 (b) you are independent of the General
Partner, have studied the Memorandum and have made an independent decision to make the investment solely on the basis of such Memorandum and without reliance on any other information or statements as to the appropriateness of the investment, and
neither the General Partner nor its employees or affiliates: (i) has exercised any investment discretion or control with respect to your investment; (ii) has authority, responsibility to give, or has given individualized investment advice
with respect to your investment; or (iii) is the employer maintaining or contributing to you. 
 (28) If you are a Benefit Plan Investor,
you also represent that both (a) and (b) as follows are true: 
 (a) the plan’s investment in the Partnership
does not violate and is not otherwise inconsistent with the terms of any legal document constituting the plan or any trust agreement thereunder; and 
 (b) the subscriber will, at the request of the Partnership, furnish the Partnership with such information as the Partnership may reasonably require to establish that the purchase of the Units by the plan
does not violate any provision of ERISA or the Code, including without limitation, those provisions relating to “prohibited transactions” by “parties in interest” or “disqualified persons” as defined therein.

 (29) If you are a benefit plan or retirement account that is not a “Benefit Plan Investor” as defined in number (26) above,
such as a governmental plan, a non-U.S. benefit plan, or a church plan that is not subject to ERISA, this investment is in accordance with legal requirements applicable to you. 

 
  
 ACCEPTANCE OF THE LIMITED PARTNERSHIP AGREEMENT 
  

 
 You agree that as of
the date that your name is entered on the books of the Partnership, you shall become a limited partner of the Partnership. You also agree to each and every term of the Limited Partnership Agreement of the Partnership as if you signed that Limited
Partnership Agreement. You further agree that you will not be issued a certificate evidencing the Units that you are purchasing, but that you will receive a confirmation of purchase in Morgan Stanley Smith Barney LLC’s customary form.

  
  
 POWER OF ATTORNEY AND GOVERNING LAW 
  

 
 You hereby irrevocably
constitute and appoint Ceres Managed Futures LLC, the general partner of the Partnership (in addition to and not by way of limitation of the Power of Attorney included in the Limited Partnership Agreement), as your true and lawful Attorney-in-Fact,
with full power of substitution, in your name, place, and 

  
 B-7

 
stead: (1) to do all things necessary to admit you as a limited partner of the Partnership; (2) to admit others as additional or substituted limited partners to the Partnership so long
as such admission is in accordance with the terms of the Limited Partnership Agreement or any amendment thereto; (3) to file, prosecute, defend, settle, or compromise any and all actions at law or suits in equity for or on behalf of the
Partnership in connection with any claim, demand, or liability asserted or threatened by or against the Partnership; and (4) to execute, acknowledge, swear to, deliver, file, and record on your behalf and, as necessary, in the appropriate
public offices, and publish: (a) the Limited Partnership Agreement and certificate of limited partnership and all amendments thereto permitted by the terms thereof; (b) all instruments that the General Partner deems necessary or
appropriate to reflect any amendment, change, or modification of the Limited Partnership Agreement or the certificate of limited partnership made in accordance with the terms of the Limited Partnership Agreement; (c) certificates of assumed
name; and (d) all instruments that the General Partner deems necessary or appropriate to qualify or maintain the qualification of the Partnership to do business as a foreign limited partnership in other jurisdictions. You agree to be bound by
any representation made by the General Partner or any successor thereto acting in good faith pursuant to this power of attorney. 
 The power of attorney granted hereby shall be deemed to be coupled with an interest and shall be irrevocable and survive your death, incapacity, dissolution, liquidation, or termination. 

The validity and construction of this Agreement is governed by, and construed in accordance with, the laws of the State of New York
(without regard to its choice of law principles); provided, however, that causes of action for violations of federal or state securities laws shall not be governed by this Agreement. 

ANY ACTION OR PROCEEDING RELATING IN ANY RESPECT TO THIS AGREEMENT, THE OPERATION OF THE PARTNERSHIP OR THE OFFERING OF THE UNITS AGAINST
YOU, THE PARTNERSHIP OR THE GENERAL PARTNER MAY BE BROUGHT AND ENFORCED IN THE COURTS OF THE CITY, COUNTY, AND STATE OF NEW YORK OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFORE) IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND YOU, THE GENERAL PARTNER AND THE PARTNERSHIP IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH STATE AND FEDERAL COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. YOU, THE GENERAL PARTNER AND THE PARTNERSHIP IRREVOCABLY
WAIVES ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO LAYING THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN THE COURTS OF THE CITY, COUNTY, AND STATE OF NEW YORK OR IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK AND
ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 YOU
HEREBY IRREVOCABLY WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM AGAINST THE PARTNERSHIP AND THE GENERAL PARTNER RELATING IN ANY RESPECT TO THIS AGREEMENT, THE OPERATION OF THE PARTNERSHIP AND THE OFFERING OF THE UNITS. 

YOU HEREBY AGREE THAT SERVICE OF PROCESS MAY BE EFFECTED IN THE SAME MANNER AS NOTICES ARE GIVEN PURSUANT TO THE NOTICE SECTION
BELOW. 
  
  

MISCELLANEOUS 
  

 
 Equitable
Relief. You agree that the Partnership, the General Partner and their affiliates would be subject to potentially irreparable injury as a result of any breach by you of any of the representations, warranties, acknowledgements, covenants, or
agreements set forth in this Agreement, and that monetary damages would not be sufficient to compensate or make whole the Partnership, the General Partner and their affiliates for any such breach. Accordingly, you agree that the Partnership and the
General Partner, separately or together, shall be entitled to equitable and injunctive relief, on an emergency, temporary, preliminary, and/or permanent basis, so as to prevent any such breach or the continuation thereof. 

  
 B-8

 Survival; Legal Effect. 

(i) You agree that the representations, warranties, agreements, and covenants set forth in this Agreement shall, in pertinent part,
survive the acceptance (or rejection) of this Agreement, and any subsequent withdrawal from the Partnership by you. 
 (ii) This
Agreement shall be binding upon you to the extent set forth herein prior to acceptance of you as a limited partner and, if accepted, on you and the General Partner, its affiliates, and shall inure to the benefit of you, the General Partner, its
affiliates and the Partnership. 
 Severability. In the event that any provision of this Agreement is held to be invalid
or unenforceable in any jurisdiction, such provision shall be deemed modified to the minimum extent necessary so that such provision, as so modified, shall no longer be held to be invalid or unenforceable. Any such modification, invalidity, or
unenforceability shall be strictly limited both to such provision and to such jurisdiction, and in each case to no other. Furthermore, in the event of any such modification, invalidity, or unenforceability, this Agreement shall be interpreted so as
to achieve the intent expressed herein to the greatest extent possible in the jurisdiction in question and otherwise as set forth herein. 
 Counterparts; Facsimiles and Electronic Copies. 
 (i) The execution page may
be executed in one or more counterparts, together shall constitute the same document. It is the General Partner’s policy to require submission of manually executed copies of this Agreement. In rare occasions, and in the sole discretion of the
General Partner, the General Partner may from time-to-time permit facsimiles and/or electronic copies to have the same binding force as originals. 
 (ii) You agree that the General Partner is authorized to accept and execute the execution page, as well as any instructions given by you, in original signed form or by facsimile or electronic copy. If
instructions are given by facsimile or electronic copy, you shall promptly courier the original signed form to the General Partner and shall indemnify the Partnership, the General Partner and their affiliates for any losses and damages suffered by
them as a result of acting on faxed or e-mailed instructions rather than instructions in original signed form. You further agree that the Partnership, the General Partner and their affiliates, are entitled to rely conclusively on, and shall incur no
liability in respect of any action taken on the basis of, any notice, consent, request, instruction, or other instrument believed in good faith to be genuine or to be signed by properly authorized persons. 

Entire Agreement. This Agreement and the Limited Partnership Agreement contain the entire agreement and understanding of the
parties hereto relating to the subject matter hereof, and supersede any prior agreements and understandings of the parties relating to such subject matter. 
 No Waiver. 
 (i) No failure or delay on the part of the Partnership,
the General Partner and their affiliates in exercising any right, power, or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise
thereof or the exercise of any other right, power, or remedy. Failure on the part of the Partnership, the General Partner and their affiliates to challenge any act by you or to declare you in default with respect to the Partnership, the General
Partner and their affiliates, irrespective of how long that failure continues, shall not constitute a waiver by the Partnership, the General Partner and their affiliates of their rights with respect to that default until the applicable statute of
limitations period has run. 
 (ii) Any waiver granted by the General Partner with respect to any term of this Agreement
hereunder must be in writing, signed by an authorized representative of the General Partner, and shall be valid only in the specific instance in which given. 
 Confidentiality. 
 (i) You understand that the information requested
in this Agreement is needed in order to ensure compliance with applicable laws and regulations, including, but not limited to, applicable anti-money laundering 

  
 B-9

 
laws and regulations. You acknowledge that you will receive or have access to confidential proprietary information concerning the Partnership, including, without limitation, portfolio positions,
valuations, information regarding potential investments, financial information, trade secrets and the like (collectively, “Confidential Information”), which is proprietary in nature and non-public. You agree that, except with the prior
written consent of the General Partner, you have and you shall at all times keep confidential any Confidential Information to which you have been or shall become privy relating to the business or assets of the Partnership, the General Partner, the
commodity trading advisor and their affiliates unless required to be disclosed by law; provided, that before you make any disclosure of Confidential Information required by law, you shall so inform the General Partner and shall give the General
Partner, to the greatest extent practicable, an opportunity to contest whether such information is required by law to be disclosed. Furthermore, you have not reproduced, duplicated or delivered (and will not reproduce, duplicate or deliver) the
Memorandum or this Agreement and any and all other Partnership related documents to any other person, except your professional advisors or as instructed by the Partnership. 
 (ii) Notwithstanding anything to the contrary contained herein, you (and each of your employees, agents or other representatives, as applicable) may disclose to any and all persons, without limitation of
any kind, the tax treatment and tax structure of the transactions contemplated herein and all materials of any kind provided by you relating to such tax treatment and tax structure (as such terms are defined in U.S. Treasury Regulation section
1.6011-4). 
 Notices. 
 Notice shall be provided in accordance with the Limited Partnership Agreement. 
  

 
 RECEIPT OF DOCUMENTATION

  
  

The regulations of the CFTC require that you be given a copy of the Memorandum, as well as additional documentation consisting of:
(a) any required supplements or amendments to the Memorandum, and (b) the most current monthly account statement (report) for the Partnership. You hereby acknowledge receipt of the Memorandum and any such additional documentation.

  
  
 THE SUBSCRIPTION PROCESS 
  

 
 In order to invest in
the Partnership, you must (1) date, complete and execute one copy of this Agreement and (2) deliver or mail the Agreement to your Morgan Stanley Smith Barney LLC financial advisor or private wealth advisor at such person’s Morgan
Stanley Smith Barney LLC branch office in time for it to be forwarded and received by the General Partner at Morgan Stanley Smith Barney Managed Futures, 522 Fifth Avenue, 14th Floor, New York, New York 10036, no later than 3:00 p.m. New York
City time, on the third to last business day of the month. This subscription is not binding on the Partnership unless and until it is accepted by General Partner, The General Partner may accept or reject this subscription in whole or in part for any
reason whatsoever. 
 THIS IS A SPECULATIVE INVESTMENT. YOU COULD LOSE ALL OR SUBSTANTIALLY ALL OF YOUR INVESTMENT.

  
 B-10

  

													
	 SIGNATURE(S) — You MUST sign Either Section A or Section B Below.

 
 By signing below you acknowledge that you have received and carefully read,
understand and agree to abide by the terms of investment as described in the Memorandum and the Limited Partnership Agreement, including any supplements and exhibits thereto.

 
 Section A. Please sign here if
you are an: INDIVIDUAL or INDIVIDUAL RETIREMENT ACCOUNT.
  
 If you are
subscribing for a joint or community property account, the statements, representations, and warranties set forth in this Subscription and Exchange Agreement and Power of Attorney shall be deemed to have been made by each owner of the account. (If
the Units will be owned by tenants-in-common, signatures of all owners are required.)
  

	 X
	 		  	  
	  		  	 X
	  		  	  

	Signature of Subscriber	 		  	Date	  		  	Signature of Co-Subscriber	  		  	Date
			
	  
	  		  	  

	Print Full Name of Subscriber	  		  	Print Full Name of Co-Subscriber

 
  
 Section B. Please sign here if you are an: ENTITY, TRUST, BENEFIT PLAN INVESTOR (see number (26) on page B-7 for the definition) or OTHER (please specify)
                    . 
  

 
 ACCEPTANCE OF SUBSCRIPTION ON BEHALF OF ERISA
PLANS OR INDIVIDUAL RETIREMENT ACCOUNTS IS IN NO RESPECT A REPRESENTATION BY THE GENERAL PARTNER OR MORGAN STANLEY SMITH BARNEY LLC THAT THIS INVESTMENT MEETS ALL RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN, OR
THAT THIS INVESTMENT IS APPROPRIATE FOR ANY PARTICULAR PLAN. 
 The undersigned officer, partner, trustee, manager, or other representative
hereby certifies and warrants that s/he has full power and authority from or on behalf of the entity named below and its shareholders, partners, beneficiaries, or members to make the statements, representations, and warranties made herein on their
behalf. 
  

													
	  
	  		  	 X
	  		  	  

	Print Full Name of Entity	  		  	Signature of Person Signing for Entity	  		  	Date
		 		  		  		  		  		  	
		 		  		  		  	Title:	  		  	
					
		 		  		  		  	  

		 		  		  		  	Print Full Name of Person Signing for Entity

  
 B-11

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