Document:

EX-10.2

 Exhibit 10.2 

MANAGEMENT AGREEMENT 

AGREEMENT made as of the 1st day of January, 2019 by and among CERES MANAGED FUTURES LLC,
a Delaware limited liability company (“CMF”), CERES TACTICAL GLOBAL L.P., a Delaware limited partnership (the “Partnership”) and WILLOWBRIDGE ASSOCIATES INC., a Delaware corporation (the “Advisor”, together with CMF and
the Partnership, the “Parties”). 
 W I T N E S S E T H
: 
 WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of speculative trading
of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial capital appreciation, such trading to be conducted directly or through investment in
CMF Willowbridge Master Fund L.P., a New York limited partnership (the “Master Fund”) of which CMF is the general partner and the Advisor is the advisor; and 

WHEREAS, the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of October 31, 2017 (the
“Partnership Agreement”), permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions on behalf of the Partnership; and 

WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is a
member of the National Futures Association (“NFA”); and 
 WHEREAS, CMF is registered as a commodity pool operator with the CFTC
and is a member of the NFA; and 
 WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in order to set forth the
terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity trading activities during the term of this Agreement; 

NOW, THEREFORE, the parties agree as follows: 

1.    DUTIES OF THE ADVISOR. 

(a) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the
Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to
time by CMF in commodity interests, including commodity futures contracts, options, forward contracts, swaps and other derivative instruments. All such trading on behalf of the Partnership shall be in accordance with (i) the trading policies
set forth in Appendix B , and as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change and (ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor
in managing the Partnership’s assets as described in Appendix A. CMF has initially selected the Advisor’s wPraxis FuturesTrading 

 
Approach (the “Program”) to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading
policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the trading policies set forth in the Memorandum without the prior written consent of the
Partnership given by CMF. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses. 

(b) CMF acknowledges receipt of the Advisor’s Disclosure Document dated February 27, 2018, as filed with the NFA (the
“Disclosure Document”). All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor
shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor.
However, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may direct all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with
instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor
brokerage fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant
give-up agreements (via EGUS or by original, fax copy or email copy) and the Advisor shall have no responsibility for such payment. CMF will cause the Partnership’s commodity brokers to provide the
Advisor with copies of all confirmation, purchase and sale, monthly and similar statements at the time such statements are available to CMF. 

(c) The initial allocation of the Partnership’s assets to the Advisor shall be made to the Program, as described in Appendix A attached
hereto, provided that CMF, the Partnership and the Advisor agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be in
accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of June 20, 2005, as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading system or methodology
other than or in addition to the Program as outlined in the Memorandum in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize
such different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership
which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written
consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in the Memorandum or Appendix A to be materially
inaccurate. Non-material changes in the trading systems utilized on behalf of the Partnership may be instituted without prior written approval. Further, the Advisor will provide the Partnership with a current
list of all commodity interests to be traded for the Partnership’s 

  
 -2- 

 
account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also
agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The
Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of
more than $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. The parties acknowledge that if Net Assets of the Partnership (as defined in Section 3(b) hereof)
under the Advisor’s management fall below $750,000, the Advisor may not be able to trade the Program in full. 
 (d) The Advisor agrees
to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), shareholders, directors, officers and employees, their trading performance and
general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers or other information deemed by the Advisor to be proprietary and confidential) and anything otherwise required in the
reasonable judgment of CMF to be made in any filings required by federal or state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor shall not be required to disclose the actual trading results of
proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by
federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential. Neither CMF nor
the Partnership shall distribute, except to officers, directors, employees, partners, affiliates, or administrative agents, including but not limited to fund administrators, auditors, or consultants, of CMF or the Partnership, any description of the
Advisor, its principals, or its or their trading performance without the prior written consent of the Advisor, which consent shall not be unreasonably withheld. 

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

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

  
 -3- 

 (g) The Advisor shall assume financial responsibility for any errors committed or caused by
it in transmitting orders for the purchase or sale of commodity interests for the Partnership’s or Master Fund’s account including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges
and give-up charges incurred by the brokers on such trades. The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the commodity
brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors with respect to the account, and the Advisor shall use its best efforts to identify and
promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions to any broker utilized to execute orders for the Partnership. 

2.    INDEPENDENCE OF THE ADVISOR. For all purposes herein, the Advisor shall be deemed to be an independent
contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading
advisor. The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership. 

3.    COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the
Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and
(ii) a monthly fee for professional management services equal to 1/12 of 1.25% (1.25% per year) of the Net Assets of the Partnership as of the first day of each month allocated to the Advisor (computed monthly by multiplying the adjusted net
assets of the Partnership allocated to the Advisor as of the first business day of each month by 1.25% and dividing the result thereof by 12). 

(b) “Net Assets” shall have the meaning set forth in Section 7(d)(1) of the Partnership Agreement, and without regard to
further amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions or incentive fees accrued or payable as of the date of such determination.

 (c) “New Trading Profits” shall mean the excess, if any, of Net Assets of the Partnership managed by the Advisor at the end of
the quarter over Net Assets of the Partnership managed by the Advisor at the end of the highest previous quarter or Net Assets of the Partnership allocated to the Advisor at the date trading commences by the Advisor for the Partnership, whichever is
higher, and as further adjusted to eliminate the effect on Net Assets resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during the fiscal quarter decreased by interest or other income, not

  
 -4- 

 
directly related to trading activity, earned on the Partnership’s assets during the fiscal quarter, whether the assets are held separately or in margin accounts. Ongoing expenses shall be
attributed to the Advisor based on the Advisor’s proportionate share of Net Assets as of the end of each month. Ongoing expenses will not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership.
Ongoing expenses include offering and organizational expenses of the Partnership. Interest income earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Assets allocated to the Advisor are
reduced due to redemptions, distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another
incentive fee. For the avoidance of doubt, the Advisor shall not be entitled to any Incentive Fee until it has recouped the loss carryforward attributable to the Advisor’s trading on behalf of Ceres Tactical Macro L.P. incurred prior to the
date of this Agreement and has earned New Trading Profits. The amount of such losses will be provided to the Advisor by CMF on or before December 31, 2018. 

(d) Quarterly incentive fees and monthly management fees shall be paid within twenty (20) business days following the end of the period
for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or a calendar month, as the case may be, the quarterly incentive fee shall be computed as if the
effective date of termination were the last day of the then current quarter and the monthly management fee shall be prorated to the effective date of termination. If, during any month, the Partnership does not conduct business operations or the
Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly management fee shall be prorated by the ratio which the number of business days during which CMF conducted the Partnership’s
business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. No incentive fee shall be paid to the Advisor until the end of the first calendar quarter of the Advisor’s
trading for the Partnership, which incentive fee shall be based on New Trading Profits, if any, earned from the commencement of trading by the Advisor on behalf of the Partnership through the end of the first full calendar quarter of such trading.

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

4.    RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) Except as otherwise provided herein, the services provided by
the Advisor hereunder are not to be deemed exclusive. CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and shareholder(s), may render
advisory, consulting and management services to other clients and accounts. The Advisor and its officers, directors, employees and shareholder(s) shall be free to trade for their own accounts and to advise other investors and manage other commodity
accounts during the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership. However, the
Advisor represents, warrants and agrees that it believes 

  
 -5- 

 
the rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the Program and will not affect the capacity of the
Advisor to continue to render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 
 (b) If, at
any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s and/or Master Fund’s commodity positions with the positions of any other person for purposes of applying
CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in writing if the Partnership’s and/or Master Fund’s
positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the application of any speculative position limits, it will not
modify the trading instructions with respect to the Partnership’s and/or Master Fund’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other accounts. The Advisor
further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or methods employed for any other client or account
whose assets are traded pursuant to the Program and that it will not knowingly or deliberately favor any such client or account managed by it over any other client or account whose assets are traded pursuant to the Program in any manner, it being
acknowledged, however, that different trading programs, strategies or methods may be utilized for differing sizes of accounts, accounts traded with different degrees of leverage, accounts with different trading policies, accounts experiencing
differing inflows or outflows of equity, accounts which commence trading at different times, accounts which have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and
that such differences may cause divergent trading results. 
 (c) It is acknowledged that the Advisor and/or its officers, employees,
directors and shareholder(s) presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may be
more or less than the amounts received from the Partnership. 
 (d) The Advisor agrees that it shall make such information available to CMF
respecting the performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals, if any, as shall be reasonably requested by CMF, provided that nothing contained herein shall be
deemed to require the Advisor to disclose the names of other customers or information that the Advisor deems to be proprietary or confidential. The Advisor presently believes and represents that existing speculative position limits will not
materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which they
have contracted to act as trading advisor. 

  
 -6- 

 5.    TERM. (a) This Agreement shall continue in effect
until December 31, 2019 (the “Initial Termination Date”). If this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein.    At any
time during the term of this Agreement, CMF may terminate this Agreement upon 5 days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement if (i) the Net Asset Value
per unit of the Partnership shall decline as of the close of business on any day to $4.00 or less; (ii) the Net Assets of the Partnership allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any)
decline by 20% or more as of the end of a trading day from such Net Assets’ previous highest value; (iii) limited partners owning not less than a “Majority of Units in the Partnership” (as defined in Section 4(a) of the
Partnership Agreement) shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement in any material respect; (v) CMF, in good faith, reasonably determines that the performance of
the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of
the Partnership; (vii) the Advisor fails to conform to the trading policies set forth in the Partnership Agreement or the Memorandum as they may be changed from time to time; (viii) the Advisor merges, consolidates with another entity,
sells a substantial portion of its assets, or becomes bankrupt or insolvent; (ix) either Philip Yang or Frank Marrapodi die, become incapacitated, leave the employ of the Advisor, cease to control the Advisor or are otherwise not managing the
trading programs or systems of the Advisor; (x) the Advisor’s registration as a commodity trading advisor with the CFTC or its membership in NFA or any other regulatory authority, is terminated or suspended; or (xi) CMF reasonably
believes that the Advisor has or may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by
the Partnership prior to dissolution. 
 (b) The Advisor may terminate this Agreement by giving not less than 30 days’ written notice
to CMF (i) in the event that the trading policies of the Partnership as set forth in the Memorandum are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) after
the Initial Termination Date; or (iii) in the event that CMF or the Partnership fails to comply with the terms of this Agreement. The Advisor may immediately terminate this Agreement if (i) Net Assets of the Partnership under the
Advisor’s management fall below $750,000 or (ii) CMF’s registration as a commodity pool operator or its membership in the NFA is terminated or suspended. 

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

6.    INDEMNIFICATION. (a) (i) In any threatened, pending or completed action, suit, or proceeding to which
the Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall,
subject to 

  
 -7- 

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

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

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

(v)    As used in this Section 6(a), the term “Advisor” shall include the Advisor, its
principals, officers, directors, stockholders and employees and the term “CMF” shall include the Partnership. 

  
 -8- 

 (b) (i) The Advisor agrees to indemnify, defend and hold harmless CMF, the Partnership
and their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and
awards and amounts paid in settlement reasonably incurred by them (A) as a result of the breach of any representations and warranties or covenants made by the Advisor in this Agreement, or (B) as a result of any act or omission of the
Advisor relating to the Partnership if (i) there has been a final judicial or regulatory determination, a written opinion of an arbitrator pursuant to Section 14 hereof, to the effect that such acts or omissions violated the terms
of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in Section 1(g)), or (ii) there has been a settlement of
any action or proceeding with the Advisor’s prior written consent. 
 (ii)    In the event CMF, the
Partnership or any of their affiliates is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals,
officers, directors, shareholder(s) or employees unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage,
fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses, judgments, awards and amounts including amounts paid in settlement)
incurred in connection therewith. 
 (iii)    Neither Philip Yang nor Frank Marrapodi shall have any
liability to the Partnership or CMF or any of their respective officers, directors, employees, partners or affiliates under this Agreement or in connection with the transactions contemplated by this Agreement except in the case of his own fraud or
willful misconduct. 
 (iv)    Any indemnification under subsection (b)(i) above, unless ordered by a
court, arbitrator or administrative forum, shall be made by the Advisor only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances.
Such independent legal counsel shall be selected by the Advisor in a timely manner, subject to CMF’s approval, which approval shall not be unreasonably withheld. CMF will be deemed to have approved the Advisor’s selection unless CMF
notifies the Advisor in writing, received by the Advisor within five days of the Advisor’s facsimile to CMF of the notice of the Advisor’s selection, that CMF does not approve the selection. 

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

  
 -9- 

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

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

7.    REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a) The Advisor represents and warrants that: 

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

(ii)    The information with respect to the Advisor set forth in the actual performance tables in the
Memorandum, if any, is based on all of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein, and such tables have
been prepared by the Advisor or its agents in accordance with applicable CFTC and NFA rules and guidance, including, but not limited to, CFTC Rule 4.25. 

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

 (iv)    The Advisor is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has full corporate power and authority to enter into this Agreement and to provide the services required of it hereunder. 

  
 -10- 

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

(vi)    This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a
valid and binding agreement enforceable in accordance with its terms. 
 (vii)    At any time during the
term of this Agreement that an offering memorandum or a prospectus relating to the Partnership units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to provide the Partnership
with such information as shall be necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate. 

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

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

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

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

(v)    CMF is registered as a commodity pool operator and is a member of the NFA, and is in compliance with
such other registration and licensing requirements as shall be necessary to enable it to perform its obligations hereunder, and agrees to maintain and renew such registrations and licenses during the term of this Agreement. 

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

(vii)    The Partnership is a qualified eligible person under CFTC Rule 4.7 and consents to the Advisor treating it as
such. 

  
 -11- 

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

(a) The Advisor agrees as follows: 

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

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

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

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

  
 -12- 

 (iii)    CMF or the selling agents for the Partnership
have policies, procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA PATRIOT Act. CMF or the selling agents for
the Partnership have Customer Identification Programs (“CIP”), which require the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance. CMF or the selling agents for the
Partnership also have policies, procedures, and internal controls in place that are reasonably designed to comply with regulations and economic sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets
Control. 
 9.    COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties
pertaining to the subject matter hereof. 
 10.    ASSIGNMENT. This Agreement may not be assigned by any party
without the express written consent of the other parties. 
 11.    AMENDMENT. This Agreement may not be amended
except by the written consent of the parties. 
 12.    NOTICES. All notices, demands or requests required to be
made or delivered under this Agreement shall be effective upon actual receipt and shall be made either by electronic mail (or email) copy or in writing and delivered personally, by facsimile or by registered or certified mail or expedited courier,
return receipt requested, postage prepaid, to the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given: 

If to CMF or to the Partnership: 

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

Attention: Patrick T. Egan 

Email: patrick.egan@morganstanley.com 

If to the Advisor: 

Willowbridge Associates Inc. 

101 Morgan Lane, Suite 180 

Plainsboro, New Jersey 08536 

Attention: Jack C. Yuen 
 Email:
jyuen@willowbridge.com; jkioko@willowbridge.com 
 with a copy to: 

Ropes & Gray LLP 
 111
South Wacker Drive, 46th Floor 
 Chicago, Illinois 60606 

Attention: Deborah A. Monson 

Email: deborah.monson@ropesgray.com 

  
 -13- 

 13.    GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without giving effect to principles of conflicts of law. 

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

15.    CONFIDENTIALITY. Nothing in this Agreement shall require the Advisor to disclose the details of its trading
system, methods, models, strategies and formulas. CMF and the Partnership acknowledge that the trading systems, methods, models, strategies and formulas of the Advisor are the sole and exclusive property of the Advisor; CMF and the Partnership
further agree that it will keep confidential and will not disseminate information regarding such systems, methods, models, strategies and formulas to any person. CMF and the Partnership will use any such information solely to evaluate and monitor
the Advisor’s services described herein and not for any other purpose. 
 16.    NO THIRD PARTY
BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain persons not parties to this Agreement have rights under Section 6 hereof. 

17.    COUNTERPARTS. This Agreement may be executed in any number of counterparts, including via facsimile or
email, each of which is an original and all of which when taken together evidence the same agreement. 
 [THE REMAINDER OF THIS PAGE HAS BEEN
INTENTIONALLY LEFT BLANK] 

  
 -14- 

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

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

 

			
	CERES MANAGED FUTURES LLC
		
	By	 	 /s/ Patrick T.
Egan                                         
   

		 	Patrick T. Egan
		 	President and Director
	
	CERES TACTICAL GLOBAL L.P.
		
	By:	 	Ceres Managed Futures LLC
		 	(General Partner)
		
	By	 	 /s/ Patrick T. Egan

		 	Patrick T. Egan
		 	President and Director
	
	WILLOWBRIDGE ASSOCIATES INC.
		
	By	 	 /s/ Michael Y. Gan

		 	Name: Michael Y. Gan
		 	Title:   Executive Vice President

  
 -15- 

 APPENDIX A 

The wPraxis Futures Trading Approach 
 The
wPraxis Futures Trading Approach’s primary investment objective is to achieve capital appreciation from trading. Willowbridge will utilize a fully discretionary trading strategy to build a portfolio consisting of futures on currency, fixed
income, stock indices and commodities pursuant to its wPraxis approach. The approach may trade commodities, futures, forwards, options, spot contracts in the commodities, currencies, and fixed income markets, and, in the future, it may trade swaps.

 Trading decisions are made jointly by Philip Yang and by Frank Marrapodi, a trader for Willowbridge. Both Mr. Yang and Mr. Marrapodi must agree
on each position taken in the program. They utilize their experience in the markets and their analysis of fundamental and technical information to formulate reward to risk expectations about a broad number of liquid markets. All positions are
closely monitored to evaluate risk parameter status. As markets move, positions are refined and expectations updated in response to current market conditions. 

  
 -16- 

 Appendix B 

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

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

2.    The Advisor will not initiate additional positions in any commodity interest if these positions would result in aggregate positions
requiring margin of more than 66 2/3% of the Partnership’ net assets allocated to the Advisor. To the extent the CFTC and/or exchanges have not otherwise established margin requirements with respect to particular contracts (i) forward
contracts in currencies will be deemed to have approximately the same margin requirements as the same or similar futures contracts traded on the Chicago Mercantile Exchange and (ii) swap contracts will be deemed to have margin requirements
equivalent to the collateral deposits, if any, made with swap counterparties. 
 3.    The Partnership may occasionally accept delivery
of a commodity. Unless such delivery is disposed of promptly by retendering the warehouse receipt representing the delivery to the appropriate clearinghouse, the physical commodity position will be fully hedged. 

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

5.    The Partnership will not utilize borrowings except short-term borrowings if the Partnership takes delivery of any cash commodities.

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

  
 -17-pbhc-ex101_6.htm

 

 

PATHFINDER BANK

SENIOR EXECUTIVE SPLIT DOLLAR LIFE INSURANCE PLAN 

 

EFFECTIVE December 31, 2018

 

Pursuant to due authorization by its Board of Directors, the undersigned, PATHFINDER BANK, adopted the following SENIOR EXECUTIVE SPLIT DOLLAR LIFE INSURANCE PLAN (the “Plan”) on the 31 day of December, 2018.

 

The purpose of this Plan is to attract, retain and reward Employees by dividing the death proceeds of certain life insurance policies which are owned by the Bank on the lives of the participating Employees with the designated beneficiary of each insured participating Employee. The Bank will pay the life insurance premiums due under this Plan from its general assets. 

 

 

Article 1

Definitions

 

Whenever used in this Plan, the following terms shall have the meanings specified: 

Bank means PathFinder Bank, or its successor or surviving company. 

 

Bank’s Interest means the benefit set forth in Section 3.1.

 

Beneficiary means each designated person, or the estate of a deceased Participant, entitled to benefits, if any, upon the death of a Participant.

 

Board means the Board of Directors of the Bank as from time to time constituted.

 

Code means the Internal Revenue Code of 1986, as amended.

 

Disability or Disabled means the Participant’s suffering a sickness, accident, or injury which has been determined by the carrier of any individual or group disability insurance policy covering the Participant, or by the Social Security Administration, to be a disability rendering the Participant totally or permanently disabled.  The Participant must submit proof to the Bank of the carrier’s or Social Security Administration’s determination upon the request of the Bank.

 

Effective Date means the date the Plan is adopted by the Board.

 

Election Form means the form required by the Plan Administrator of an eligible Employee to indicate acceptance of participation in this Plan.

 

Employee means an active employee of the Bank.

 

Endorsement and Beneficiary Designation Form(s) means the form or forms established from time to time by the Plan Administrator that a Participant completes, signs and returns to the Plan Administrator to record the endorsement of the Participant’s Interest designate one or more Beneficiaries.

 

Insured means an individual Participant whose life is insured.

 

Insurer means an insurance company or companies issuing a Policy or Policies on the life of an Insured.

1

 

 

Net at Risk means the total proceeds of the applicable Policy or Policies less the cash value of the Policy or Policies.

 

Participant means a full time Employee (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who signs an Election Form and an Endorsement and Beneficiary Designation Form, (iv) whose signed Election Form and Endorsement and Beneficiary Designation Form are accepted by the Plan Administrator, (v) who commences participation in the Plan, (vi) whose Participation has not terminated, and (vii) who is listed in the attached Appendix A of this executed document.

 

Participant’s Interest means the benefit set forth in Section 3.2.

 

Plan Administrator means the plan administrator described in Article 11.

 

Policy or Policies means the individual life insurance policy or policies adopted by the Plan Administrator for purposes of insuring a Participant’s life under this Plan.

 

Retirement Age means Age 65.  

 

Retirement or Retire means Separation from Service on or after attainment of Retirement Age.

 

Separation from Service means the termination of a Participant’s employment with the Bank for reasons other than death. Whether a Separation from Service takes place is determined in accordance with the requirements of Code Section 409A and the regulations issued thereunder, based on the facts and circumstances surrounding the termination of the Participant’s employment and whether the Bank and the Participant intended for the Participant to provide significant services for the Bank following such termination, substituting “less than 50%” for “no more than 20%” in the Code Section 409A regulatory definition pertaining to the amount of service that the Participant can continue provide to the Bank after termination in order to be considered to have had a Separation from Service.  The Participant’s employment relationship will be treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such leave of absence does not exceed six (6) months, or if longer, so long as the Participant’s right to reemployment with the Bank is provided either by statute or by contract. If the period of leave exceeds six (6) months and there is no right to reemployment, a Separation from Service will be deemed to have occurred as of the first date immediately following such six (6) month period. 

 

 

Article 2

Participation

 

2.1Selection by Plan Administrator. Participation in the Plan shall be limited to those Employees of the Bank selected by the Plan Administrator, in its sole discretion, to participate in the Plan.  The initial Employees selected as Participants are identified in Appendix A to the Plan.

 

2.2Enrollment Requirements. As a condition to participation, each selected Employee shall complete, execute and return to the Plan Administrator (i) an Election Form, and (ii) an Endorsement and Beneficiary Designation Form(s). In addition, the Plan Administrator shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary.

 

2.3Eligibility; Commencement of Participation. Provided an Employee selected to participate in the Plan has met all enrollment requirements set forth in this Plan and required by 

2

 

 

the Plan Administrator, and provided that the Policy or Policies on a such Employee have been issued by the Insurer(s), that Employee will become a Participant, be covered by the Plan and will be eligible to receive benefits at the time and in the manner provided hereunder, subject to the provisions of the Plan. A Participant’s participation is limited to only issued Policies where the Participant is the Insured. 

 

2.4Termination of Participation. A Participant’s rights under this Plan shall automatically cease and his or her participation in this Plan shall automatically terminate (i) upon the Participant’s termination of employment before the Participant reaches Retirement Age, other than by reason of death or Disability (ii) as otherwise provided in Articles 5 or 10. In the event that the Bank decides to maintain the Policy after the Participant’s termination of participation in the Plan, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy.

  

 

Article 3

Policy Ownership/Interests

 

3.1Bank’s Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership and the Bank may terminate a Policy without the consent of the Insured. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after the Participant’s Interest is determined according to Section 3.2.

 

3.2Participant’s Interest. The Participant, or the Participant’s assignee, shall have the right to designate the Beneficiary of an amount of death proceeds as specified in the Participant’s Split Dollar Policy Endorsement and Beneficiary Designation Form. The Participant shall also have the right to elect and change settlement options with respect to the Participant’s Interest by providing written notice to the Bank and the Insurer.

 

3.2.1 Death Prior to Separation from Service.  If the Participant dies while employed by the Bank, the Participant’s Beneficiary shall be entitled to an amount as described in the Beneficiaries section of the Participant’s Split Dollar Policy Endorsement and Beneficiary Designation Form.

 

3.2.2Death After Retirement from Service. If the Participant Retires after reaching the Retirement Age, the Participant will continue to be entitled to a benefit under his Plan.  Upon the Participant’s death, the Participant’s Beneficiary will be entitled to the benefit described in the Beneficiaries section of the Participant’s Senior Executive Split Dollar Policy Endorsement and Beneficiary Designation Form.

 

3.2.3Disability Prior to Separation from Service.  If the Participant becomes Disabled and cannot continue to work as a full-time employee, the participant will become fully vested in this Plan and benefits will be provided as outlined in this Section 3.2.3.  If the Participant dies after becoming Disabled and before Retirement Age, the Participant’s Beneficiary shall be entitled to a Pre-Retirement Benefit.  If he Participant dies after attaining Retirement Age, the Participant’s Beneficiary will be entitled to the Post-retirement Benefit as set forth in the Participant’s Beneficiary Designation Form.

 

3.2.4Benefit Shall Not Exceed Nat at Risk.  Notwithstanding the foregoing provisions of this Section 3.2, a Participant’s benefit under the Plan shall never exceed the Net at Risk under the Policy or Policies attributable to the Participant.

 

 

3

 

 

Article 4

Premiums And Imputed Income

 

4.1Premium Payment. The Bank shall pay all premiums due on all Policies. 

 

4.2Economic Benefit. The Plan Administrator shall determine the economic benefit attributable to any Participant based on the minimum amount required to be imputed under applicable IRS regulations or any subsequent applicable authority.

 

4.3Imputed Income. The Bank shall impute the economic benefit to the Participant on an annual basis, by adding the economic benefit to the Participant’s W-2, or if applicable, Form 1099.

 

Article 5

SUICIDE OR MISSTATEMENT

 

No benefits shall be payable if the Participant commits suicide within two years after the date of this Plan, or if the insurance company denies coverage (i) for material misstatements of fact made by the Participant on any application for life insurance purchased by the Bank, or (ii) for any other reason; provided, however that the Bank shall evaluate the reason for the denial, and upon advice of legal counsel and in its sole discretion, consider judicially challenging any denial.

 

 

Article 6

Beneficiaries

 

6.1Beneficiary. Each Participant shall have the right, at any time, to designate a Beneficiary to receive any benefits payable under the Plan upon the death of a Participant. The Beneficiary designated under this Plan may be the same as or different from the beneficiary designated under any other plan of the Bank in which the Participant participates.

 

6.2Beneficiary Designation; Change. A Participant shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Plan Administrator or its designated agent. The Participant’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Participant or if the Participant names a spouse as Beneficiary and the marriage is subsequently dissolved. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Plan Administrator prior to the Participant’s death.

 

6.3Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or its designated agent.

 

6.4No Beneficiary Designation. If the Participant dies without a valid designation of beneficiary, or if all designated Beneficiaries predecease the Participant, then the Participant’s surviving spouse shall be the designated Beneficiary. If the Participant has no surviving spouse, the benefits shall be made payable to the personal representative of the Participant’s estate.

 

6.5Facility of Payment. If the Plan Administrator determines in its discretion that a benefit 

4

 

 

is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount.

 

 

Article 7

AssignmenT

 

Any Participant may assign without consideration all of such Participant’s Interest in this Plan to any person, entity or trust. In the event a Participant shall transfer all of such Participant’s Interest, then all of that Participant’s Interest in this Plan shall be vested in his or her transferee, subject to such transferee executing agreements binding them to the provisions of this Plan, who shall be substituted as a party hereunder, and that Participant shall have no further interest in this Plan.

 

Article 8

Insurer

 

The Insurer shall be bound only by the terms of its given Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of this Plan. The Insurer shall have the right to rely on the Plan Administrator’s representations with regard to any definitions, interpretations or Policy interests as specified under this Plan.

 

 

Article 9

Claims And Review Procedure

 

9.1Claims Procedure. A Participant or Beneficiary (“claimant”) who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows:

 

9.1.1Initiation - Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. If such a claim relates to the contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant.

 

9.1.2Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90 days after receiving the claim. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

 

9.1.3Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan Administrator 

5

 

 

shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

 

(a)The specific reasons for the denial;

 

(b)A reference to the specific provisions of the Plan on which the denial is based;

 

(c)A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed;

 

(d)An explanation of the Plan’s review procedures and the time limits applicable to such procedures; and

 

(e)A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review.

 

 

9.2Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

 

9.2.1Initiation - Written Request. To initiate the review, the claimant, within 60 days after receiving the Plan Administrator’s notice of denial, must file with the Plan Administrator a written request for review.

 

9.2.2Additional Submissions - Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Plan Administrator shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

 

9.2.3Considerations on Review. In considering the review, the Plan Administrator shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 

9.2.4Timing of Plan Administrator’s Response. The Plan Administrator shall respond in writing to such claimant within 60 days after receiving the request for review. If the Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Plan Administrator expects to render its decision.

 

9.2.5Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

 

(a)The specific reasons for the denial;

 

(b)A reference to the specific provisions of the Plan on which the denial is based;

 

6

 

 

(c)A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and

 

(d)A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

 

Article 10

Amendments And Termination

 

The Bank may amend or terminate the Plan at any time or may amend or terminate a Participant’s rights under the Plan at any time prior to a Participant’s death, by providing written notice of such to the Participant. In the event that the Bank decides to maintain the Policy after the Participant’s termination of participation in the Plan, the Bank shall be the direct beneficiary of the entire death proceeds of the Policy.

 

Article 11

Administration

 

11.1Plan Administrator Duties. This Plan shall be administered by a Plan Administrator which shall consist of the Board, or such committee or persons as the Board may choose. The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan.

 

11.2Agents. In the administration of this Plan, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Bank.

 

11.3Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.

 

11.4Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Plan Administrator or any of its members.

 

11.5Information. To enable the Plan Administrator to perform its functions, the Bank shall supply full and timely information to the Plan Administrator on all matters relating to the its Participants, the date and circumstances of the retirement or Separation from Service of its Participants, and such other pertinent information as the Plan Administrator may reasonably require.

 

 

 

 

 

 

7

 

 

Article 12

Miscellaneous

 

12.1Binding Effect. This Plan shall bind each Participant and the Bank, their beneficiaries, survivors, executors, administrators and transferees and any Beneficiary.

 

12.2No Guarantee of Employment. This Plan is not an employment policy or contract. It does not give a Participant the right to remain an Employee of the Bank, nor does it interfere with the Bank’s right to discharge a Participant. It also does not require a Participant to remain an Employee nor interfere with a Participant’s right to terminate employment at any time.

 

12.3Applicable Law. The Plan and all rights hereunder shall be governed by and construed according to the laws of the State of New York, except to the extent preempted by federal law.

 

12.4Notice. Any notice or filing required or permitted to be given to the Plan Administrator under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the Bank’s main office.  Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration or certification.  Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant.

 

12.5Entire Agreement. This Plan, along with a Participant’s Election Form, Beneficiary Designation Form and any agreement in writing between the Bank and any Participant, constitute the entire agreement between the Bank and the Participant as to the subject matter hereof. No rights are granted to the Participant under this Plan other than those specifically set forth herein.

 

 

IN WITNESS WHEREOF, the Bank, acting through its authorized officer has adopted this Plan.  

 

 

 

 

 

		
	
ATTEST:
	
PATHFINDER BANK

	
 
	
 

	
Date: December 31, 2018
	
By: /s/ Thomas W. Schneider

	
 
	
 

	
 
	
Its: President and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

Appendix A

 

The following employees of the Bank are designated as the initial Participant’s in the Plan:

 

			
	
Thomas Schneider

James Dowd

Ronald Tascarella
	
 

	
 
		
	
 
		
	
 
		
	
 
		
	
 
		
	
 
		
	
 
		
	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

ATTEST:PATHFINDER BANK

 

		
	
Date: December 31, 2018
	
By: /s/ Thomas W. Schneider

	
 
	
 

	
 
	
Its: President and Chief Executive Officer

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]