Document:

EX-10.3(a)

 Exhibit 10.3(a) 
 June 1, 2013 
 Graham Capital Management, L.P. 

Rock Ledge Financial Center 
 40 Highland Avenue

 Rowayton, CT 06853 
 Attention:
Mr. Paul Sedlack 
 Re: Management Agreement Renewals  
 Dear Mr. Sedlack: 
 We are writing with respect to your management agreements concerning the
commodity pools to which reference is made below (the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2014 and all other provisions of the Management Agreements will remain unchanged.

  

	 	•	 	 Diversified 2000 Futures Fund L.P. 

  

	 	•	 	 Fairfield Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. II 

 

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 Fairfield Futures Fund L.P. II 

  

	 	•	 	 CMF Graham Capital Master Fund L.P. 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Mr. Damian George at the address above or fax to 212-296-6868. If you have any
questions I can be reached at 212-296-1292. 
 Very truly yours, 

 

					
	 CERES MANAGED FUTURES LLC
	 	
			
	By:	 	 /s/ Damian George
	 	
		 	 Damian George
	 	
		 	Chief Financial Officer & Director	 	
		
	GRAHAM CAPITAL MANAGEMENT, L.P.	 	
			
	By:	 	 /s/ Paul Sedlack
	 	
		 	Print Name: Paul Sedlack	 	

 DG/srEX-10.4(b)

 Exhibit 10.4(b) 
 June 1, 2013 
 Willowbridge Associates Inc. 

101 Morgan Lane - Suite 180 
 Plainsboro, N.J.
08536 
 Attention: Mr Steve R. Crane 
  

	 	Re:	Management Agreement Renewals 

 Dear
Mr. Crane: 
 We are writing with respect to your management agreements concerning the commodity pools to which reference is made below
(the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2014 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. 

  

	 	•	 	 Diversified Multi-Advisor Futures Fund L.P. II 

  

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 CMF Willowbridge Master Fund L.P. 

  

	 	•	 	 Emerging CTA Portfolio LP 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Damian George at the address
above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1292. 
 Very truly yours, 

 

			
	CERES MANAGED FUTURES LLC
		
	By:	 	/s/ Damian George
		 	  

		 	 Damian George

		 	Chief Financial Officer & Director
	
	WILLOWBRIDGE ASSOCIATES INC.
		
	By:	 	/s/ Steven R. Crane
		 	  

			
		
	Print Name:	 	 Steven R. Crane

			
		
	DG/srEX-10.5(a)

 Exhibit 10.5(a) 
 June 1, 2013 
 Drury Capital Inc. 
 c/o Drury Capital Services 
 47 Hulfish Street - Suite 340 

Princeton, NJ 08542 
 Attention:
Mr. Bernard Drury 
  

	 	Re:	Management Agreement Renewals 

 Dear
Mr. Drury: 
 We are writing with respect to your management agreements concerning the commodity pools to which reference is made below
(the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2014 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 CMF Drury Capital Master Fund L.P. 

  

	 	•	 	 Institutional Futures Portfolio L.P. 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Damian George at the address above or fax to 212-296-6868. If you have any questions
I can be reached at 212-296-1292. 
 Very truly yours, 
  

			
	CERES MANAGED FUTURES LLC
		
	By:	 	/s/ Damian George
		 	  

		 	Damian George 
		 	Chief Financial Officer & Director

			
	
	DRURY CAPITAL INC.
		
	By:	 	/s/ Bernard Drury
		 	  

			
		
	Print Name:	 	 BERNARD DRURY

			
	DG/srEX-10.8(a)

 Exhibit 10.8(a) 
 June 1, 2013 
 Aspect Capital Ltd. 

Nations House – 8th Floor 
 103
Wigmore Street 
 London W1U 1QS, U.K. 

Attention: Mr. Anthony Todd, CEO 
  

	 	Re:	Management Agreement Renewals 

 Dear
Mr. Todd: 
 We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the
“Management Agreements”). We are extending the term of the Management Agreements through June 30, 2014 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 Global Diversified Futures Fund L.P. 

  

	 	•	 	 Diversified 2000 Futures Fund L.P. 

  

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 CMF Aspect Master Fund L.P. 

  

	 	•	 	 Institutional Futures Portfolio L.P 

  

	 	•	 	 Global Futures Fund Ltd 

Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Damian George at the address
above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1292. 
 Very truly yours, 

CERES MANAGED FUTURES LLC 
  

			
	By:	 	 /s/ Damian George

		 	  

		 	Damian George
		 	Chief Financial Officer & Director
	
	ASPECT CAPITAL LTD.
		
	By:	 	 /s/ Kenneth Hope

		 	  

			
		
	Print Name:	 	 Kenneth
Hope

			
	DG/srEX-10.9(a)

 Exhibit 10.9(a) 
 June 1, 2013 
 Altis Partners (Jersey) Limited 

2 Hill Street 
 St Helier, Jersey 

Channel Islands JE2 4UA 
 Attention:
Mr. Stephen Hedgecock 
  

	 	Re:	Management Agreement Renewals 

 Dear
Mr. Hedgecock: 
 We are writing with respect to your management agreements concerning the commodity pools to which reference is made below
(the “Management Agreements”). We are extending the term of the Management Agreements through June 30, 2014 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 CTA Capital LLC 

  

	 	•	 	 Global Diversified Futures Fund L.P. 

  

	 	•	 	 Emerging CTA Portfolio L.P. 

  

	 	•	 	 CMF Altis Partners Master Fund L.P. 

  

	 	•	 	 Institutional Futures Portfolio L.P. 

  

	 	•	 	 Global Futures Fund Ltd. 

  

	 	•	 	 Tactical Diversified Futures Fund L.P. 

 Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Damian George at the address above or fax to 212-296-6868. If you have any questions
I can be reached at 212-296-1292. 
 Very truly yours, 
  

			
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Damian George 

		 	  

		 	Damian George 
		 	Chief Financial Officer and Director
	
	ALTIS PARTNERS (JERSEY) LIMITED
		
	By:	 	 /s/ Tom O’Connor

		 	  

			
		
	Print Name:	 	 TOM O’CONNOR    N. REEVE - GRAY

			
	DG/srEX-10.10(a)

 Exhibit 10.10(a) 
 June 1, 2013 
 Krom River Trading AG 
 Walker House 
 87 Mary Street 
 George Town 
 Grand Cayman KY1-9002 
 Cayman Islands 
 Attention: Mr. Giles Hill 

 

	 	Re:	Management Agreement Renewals 

 Dear
Mr. Hill: 
 We are writing with respect to your management agreements concerning the commodity pools to which reference is made below (the
“Management Agreements”). We are extending the term of the Management Agreements through June 30, 2014 and all other provisions of the Management Agreements will remain unchanged. 

 

	 	•	 	 Commodity Advisors Portfolio, L.P. 

  

	 	•	 	 Tactical Diversified Futures Fund L.P. 

  

	 	•	 	 KR Master Fund L.P. 

  

	 	•	 	 Spectrum Currency 

 Please
acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Damian George at the address above or fax to 212-296-6868. If you have any questions I can be reached at 212-296-1292. 

Very truly yours, 
  

			
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Damian George 

		 	  

		 	Damian George
		 	Chief Financial Officer & Director
	
	KROM RIVER TRADING AG
		
	By:	 	 /s/ Mike Cartier

		 	  

			
	Print Name:	 	 MIKE CARTIER

			
		
	DG/sr2014 Award Formula under the Company's 2014 Key Officers Incentive Plan

 Exhibit 10.1 

AWARD FORMULA FOR 2014 

LEGGETT & PLATT, INCORPORATED 

2014 KEY OFFICERS INCENTIVE PLAN 
 The 2014
Key Officers Incentive Plan (“Plan”) provides cash Awards to Participants based on the Company’s operating results for the prior year. Capitalized terms not defined in this document have the meaning ascribed under the Plan.
There are separate Award Formulas under the Plan for Corporate Participants and Profit Center Participants. 
 Under both formulas, a Participant’s
Award is calculated by reference to the Target Percentage of the Participant’s annual salary at the end of the Year. The Award Formulas and each Participant’s Target Percentage are determined by the Committee no later than 90 days after
the beginning of each Year or before 25% of the Performance Period has elapsed. 
 Participants in the Plan are the executive officers of the Company. The
Company has a separate Key Management Incentive Plan for other employees. Awards under the Key Management Incentive Plan are calculated in substantially the same manner as awards under the Plan. 

For 2014, Awards under the Plan will be determined by achievement of the following Performance Objectives. Additional awards will be made based on the
achievement of Individual Performance Goals, which will be established separately from this Plan and will be wholly independent of Awards under this Plan. 
  

							
	 Participant Type
	  	 Performance Objectives
	  	 Relative

Weight
	 
	 Corporate Participants
	  	Return on Capital Employed (ROCE)	  	 	60	% 
		  	Cash Flow	  	 	20	% 
		  	Individual Performance Goals*	  	 	20	% 
	 Profit Center Participants
	  	Return on Capital Employed (ROCE)	  	 	60	% 
		  	Free Cash Flow (FCF)	  	 	20	% 
		  	Individual Performance Goals*	  	 	20	% 

  

	*	These awards are established outside the Plan. 

 Award Formula for Corporate Participants

 Awards for Corporate Participants are determined by the Company’s aggregate 2014 financial results. Financial results from acquisitions are
excluded from calculations in the year of acquisition. 
 The Performance Objectives for Corporate Participants are calculated as follows: 

 

					
	ROCE  =	 	 EBIT
	  	
		 	Net PP&E and Working Capital1, 2	  	

  

	 	1	Quarterly averaging of Net PP&E and Working Capital 

	 	2 	Working Capital, excluding cash and current maturities of long-term debt, as presented on the Company’s Consolidated Balance Sheets 

 

					
	Cash Flow	 	=  EBITDA ± Change in Working Capital1 + Non-Cash Impairments – Capital
Expenditures

  

	 	1 	Change in Working Capital, excluding cash and current maturities of long-term debt, from December 31, 2013 to December 31, 2014, as reflected on the Company’s Consolidated Balance Sheets

 The Committee shall adjust the Performance Objectives for all items of gain, loss or expense for the fiscal year,
as determined in accordance with standards established under U.S. Generally Accepted Accounting Principles, (i) from non-cash impairments; (ii) related to loss contingencies identified in Note T to the financial statements in the
Company’s 2013 10-K; (iii) that are (a) extraordinary, (b) unusual in nature, or (c) infrequent in occurrence; (iv) related to the disposal of a segment of a business; or (v) related to a change in accounting
principle. 
 Achievement targets and payout percentages for Corporate Participants’ Performance Objectives are set forth below. No Awards are paid for
ROCE achievement below 30% and Cash Flow below $200M. The ROCE and Cash Flow payouts are each capped at 150%. Payouts will be interpolated for achievement levels falling between those set out in the schedule. 

2014 
 Corporate Targets
and Payout Schedule 
  

																	
	ROCE	 	 	 	  	Cash Flow	 
	 Achievement
	 	  	Payout	 	 	 	  	Achievement	 	  	Payout	 
	 	< 30.0%	  	  	 	0	% 	 		  	 	<$200.0M	  	  	 	0	% 
	 	30.0%	  	  	 	50	% 	 	Threshold	  	 	$200.0M	  	  	 	50	% 
	 	32.5%	  	  	 	75	% 	 		  	 	$237.5M	  	  	 	75	% 
	 	35.0%	  	  	 	100	% 	 	Target	  	 	$275.0M	  	  	 	100	% 
	 	37.5%	  	  	 	125	% 	 		  	 	$312.5M	  	  	 	125	% 
	 	40.0%	  	  	 	150	% 	 	Maximum	  	 	$350.0M	  	  	 	150	% 

 The Award is calculated by multiplying a Participant’s year-end salary, Target Percentage, the relative weight of the
Performance Objective, and the payout percentage. The sample calculation set forth below assumes a Participant with a base salary of $250,000 and a Target Percentage of 50%. If the Company achieved 35% ROCE and $200M Cash Flow, the
Participant’s Award under the Plan (which does not include the Individual Performance Goals), would be $87,500. 
  

																					
	 Performance Objective
	  	Participant’s
Base Salary	 	  	Participant’s
Target %	 	 	Relative
Weight	 	 	Payout
Percentage	 	 	Award	 
	 ROCE
	  	$	250,000	  	  	 	50	% 	 	 	60	% 	 	 	100	% 	 	$	75,000	  
	 Cash Flow
	  	$	250,000	  	  	 	50	% 	 	 	20	% 	 	 	50	% 	 	$	12,500	  
		  				  				 				 				 	  
	  
	 
	Total Award	  				  				 				 				 	$	87,500	  

 Award Formula for Profit Center Participants 

Profit Center Participants manage numerous Profit Centers. The Company sets a ROCE target and a FCF target for each Profit Center every Year. The achievement
of those Profit Center targets “rolls up” to an aggregate achievement for all the operations under a Profit Center Participant’s management. Financial results for each Profit Center may include a critical compliance adjustment,
ranging from a potential 5% increase for exceptional safety performance to a 20% deduction for critical compliance failures. Financial results from acquisitions are excluded from calculations in the year of acquisition. 

 The Performance Objectives for Profit Center Participants are calculated as follows: 

 

					
	ROCE  =	 	 EBIT
	  	
		 	Net PP&E + Working Capital1, 2	  	

  

	 	1 	Monthly averaging of Net PP&E and Working Capital, adjusted for currency effects. 

	 	2 	Working Capital excludes cash and current maturities of long-term debt and balance sheet items not directly related to on-going Profit Center activity, such as interest receivable and payable, income taxes receivable
and payable, current deferred tax assets and liabilities, and dividends payable. 

  

					
		
	FCF  =	 	EBITDA (adjusted for currency effects) ± Change in Working Capital1 + Non-Cash Impairments – Capital
Expenditures

  

	 	1 	Change in Working Capital (adjusted for currency effects) from December 31, 2013 to December 31, 2014 excludes cash and current maturities of long-term debt and balance sheet items not directly related to
on-going Profit Center activity, such as interest receivable and payable, income taxes receivable and payable, current deferred tax assets and liabilities, and dividends payable. 

The Committee shall adjust the Performance Objectives for all items of gain, loss or expense for the fiscal year, as determined in accordance with standards
established under U.S. Generally Accepted Accounting Principles, (i) from non-cash impairments; (ii) related to loss contingencies identified in Note T to the financial statements in the Company’s 2013 10-K; (iii) that are
(a) extraordinary, (b) unusual in nature, or (c) infrequent in occurrence; (iv) related to the disposal of a segment of a business; or (v) related to a change in accounting principle. 

Achievement targets and payout percentages for Profit Center Participants are set forth below. No Awards are paid for achievement below 80% of the aggregate
ROCE and FCF targets for the Profit Centers under the Participant’s management. The ROCE and FCF payouts are each capped at 150%. The payout will be interpolated for achievement levels falling between those set out in the schedule. 

2014 
 Profit Center
Targets 
  

									
	 Segment President
	  	ROCE Target	 	 	FCF Target	 
	 Residential
	  	 	30.6	% 	 	$	125.6M	  
	 Commercial
	  	 	24.0	% 	 	$	34.2M	  
	 Industrial
	  	 	31.9	% 	 	$	49.1M	  
	 Specialized
	  	 	39.6	% 	 	$	80.7M	  

 2014 

Profit Center Payout Schedule 
  

									
	 Achievement
	 	  	 	 	Payout	 
	 	<80%	  	  		 	 	0	% 
	 	80%	  	  	Threshold	 	 	60	% 
	 	90%	  	  		 	 	80	% 
	 	100%	  	  	Target	 	 	100	% 
	 	110%	  	  		 	 	120	% 
	 	120%	  	  		 	 	140	% 
	 	125%	  	  	Maximum	 	 	150	% 

 The Award is calculated by multiplying a Participant’s year-end salary, Target Percentage, the relative
weight of the Performance Objective, and the payout percentage. The sample calculation below assumes a Participant with a base salary of $250,000 and a Target Percentage of 50%. If the Participant’s Profit Centers achieved 100% of the aggregate
ROCE target and 90% of the aggregate FCF target, as adjusted for compliance, the Participant’s Award under the Plan (which does not include the Individual Performance Goals), would be $95,000. 

 

																					
	 Performance Objective
	  	Participant’s
Base Salary	 	  	Participant’s
Target %	 	 	Relative
Weight	 	 	Payout
Percentage	 	 	Award	 
	 ROCE
	  	$	250,000	  	  	 	50	% 	 	 	60	% 	 	 	100	% 	 	$	75,000	  
	 FCF
	  	$	250,000	  	  	 	50	% 	 	 	20	% 	 	 	80	% 	 	$	20,000	  
		  				  				 				 				 	  
	  
	 
	 Total Award
	  				  				 				 				 	$	95,000

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