Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 

MANAGEMENT AGREEMENT 

AGREEMENT made as of the 22nd day of January, 2016 by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company
(“CMF”), MANAGED FUTURES PREMIER MACRO 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 Third Amended and Restated Limited Partnership Agreement, dated as of January 1, 2016 (the “Partnership
Agreement”), permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership; and 

WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading Commission (“CFTC”) and is a
member of 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 strategies and trading policies set forth in the Partnership’s Confidential Private Placement Memorandum and Disclosure Document dated as of September 30, 2015, as supplemented from time to time (the
“Memorandum”), 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. CMF has initially selected the Advisor’s wPraxis
Futures Trading 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 28, 2015, 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 

  
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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 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 or affiliates 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 

  
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margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor. CMF will use its
best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. 
 (g) The Advisor shall
assume financial responsibility for any errors committed or caused by it in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account including payment to the brokers of the floor brokerage commissions,
exchange, NFA fees, and other transaction charges and give-up charges incurred by the brokers on such trades. The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the
commodity brokers. The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any errors 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 1.5% (1.5% 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 1.5% 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 payable as of the date of such determination. 
 (c) “New
Trading Profits” shall mean the excess, if any, of Net Assets managed by the Advisor at the end of the quarter over Net Assets managed by the Advisor at the end of the highest previous quarter or Net Assets 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 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

  
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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 Partnership’s loss carryforward 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 February 29, 2016. 

(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 the rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the Advisor’s 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. 

  
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 (b) If, at any time during the term of this Agreement, the Advisor is required to aggregate the
Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor
agrees that it will promptly notify CMF in writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered
because of the application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with
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. 
 5. TERM. (a) This Agreement
shall continue in effect until June 30, 2016. CMF may, in its sole discretion, renew this Agreement for additional one year periods upon notice to the Advisor not less than 30 days prior to the expiration of the previous period. After
June 30, 2016, 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 shall decline
as of the close of business on any day to $400 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 

  
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at least 50% of the outstanding units of the Partnership 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) Philip Yang and Frank Marrapodi both 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 June 30, 2016; 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 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 

  
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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. 
 (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. 

  
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 (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. 

(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 

  
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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. 
 (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. 

  
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 (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 New York 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. 
 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). 

  
 -11- 

 (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. 

(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- 

 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: Richard G. Faux 

Email: rfaux@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. 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. 

  
 -13- 

 
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
	
	MANAGED FUTURES PREMIER MACRO 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/ Steven R. Crane
		 	Name:    Steven R. Crane
		 	Title:      Senior 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-EX-10.35

 EXHIBIT 10.35 

REVOLVING CREDIT NOTE 
  

			
	$27,000,000.00	  	 Atlanta, Georgia

February 2, 2016

 FOR VALUE RECEIVED, the undersigned, Deltic Timber Corporation, a Delaware corporation (the
“Borrower”), hereby promises to pay to GREENSTONE FARM CREDIT SERVICES, ACA (the “Lender”) or its registered assigns, at the office of SunTrust Bank
(“SunTrust”) at 303 Peachtree Street, N.E., Atlanta, Georgia 30308, on the Commitment Termination Date (as defined in the Second Amended and Restated Revolving Credit Agreement dated as of November 18, 2014
(as the same may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders from time to time party thereto and SunTrust, as Administrative Agent
for the Lenders), the lesser of the principal sum of TWENTY SEVEN MILLION AND NO/100 DOLLARS ($27,000,000.00) and the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to the Credit Agreement, in
lawful money of the United States of America in immediately available funds, and to pay interest from the date hereof on the principal amount thereof from time to time outstanding, in like funds, at said office, at the rate or rates per annum and
payable on such dates as provided in the Credit Agreement. In addition, should legal action or an attorney-at-law be utilized to collect any amount due hereunder, the Borrower further promises to pay all costs of collection, including the reasonable
attorneys’ fees of the Lender. Terms not defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 
 The
Borrower promises to pay Default Interest, on demand, on the terms and conditions set forth in the Credit Agreement. 
 All borrowings
evidenced by this Revolving Credit Note and all payments and prepayments of the principal hereof and the date thereof shall be endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which
shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided, that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the
obligations of the Borrower to make the payments of principal and interest in accordance with the terms of this Revolving Credit Note and the Credit Agreement. 

This Revolving Credit Note is issued in connection with, and is entitled to the benefits of, the Credit Agreement which, among other things,
contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for prepayment of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement,
all upon the terms and conditions therein specified. THIS 

 
REVOLVING CREDIT NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF GEORGIA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

 

			
	DELTIC TIMBER CORPORATION
		
	By:	 	/s/ Kenneth D. Mann
		 	Name: Kenneth D. Mann
		 	Title: Vice President & CFO

  
 [Signature page to
Deltic Timber Revolving Credit Note] 

 REVOLVING CREDIT NOTE 

 

			
	$123,000,000.00	  	 Atlanta, Georgia

February 2, 2016

 FOR VALUE RECEIVED, the undersigned, Deltic Timber Corporation, a Delaware corporation (the
“Borrower”), hereby promises to pay to AMERICAN AGCREDIT, PCA (the “Lender”) or its registered assigns, at the office of SunTrust Bank
(“SunTrust”) at 303 Peachtree Street, N.E., Atlanta, Georgia 30308, on the Commitment Termination Date (as defined in the Second Amended and Restated Revolving Credit Agreement dated as of November 18, 2014
(as the same may be amended, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders from time to time party thereto and SunTrust, as Administrative Agent
for the Lenders), the lesser of the principal sum of ONE HUNDRED TWENTY-THREE MILLION AND NO/100 DOLLARS ($123,000,000.00) and the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to the Credit
Agreement, in lawful money of the United States of America in immediately available funds, and to pay interest from the date hereof on the principal amount thereof from time to time outstanding, in like funds, at said office, at the rate or rates
per annum and payable on such dates as provided in the Credit Agreement. In addition, should legal action or an attorney-at-law be utilized to collect any amount due hereunder, the Borrower further promises to pay all costs of collection, including
the reasonable attorneys’ fees of the Lender. Terms not defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 

The Borrower promises to pay Default Interest, on demand, on the terms and conditions set forth in the Credit Agreement. 

All borrowings evidenced by this Revolving Credit Note and all payments and prepayments of the principal hereof and the date thereof shall be
endorsed by the holder hereof on the schedule attached hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof, or otherwise recorded by such holder in its internal records; provided,
that the failure of the holder hereof to make such a notation or any error in such notation shall not affect the obligations of the Borrower to make the payments of principal and interest in accordance with the terms of this Revolving Credit Note
and the Credit Agreement. 
 This Revolving Credit Note is given in substitution and replacement of that certain Revolving Credit Note dated
November 18, 2014, in the principal amount of $60,000,000, executed by the Borrower in favor of the Lender. 
 This Revolving Credit
Note is issued in connection with, and is entitled to the benefits of, the Credit Agreement which, among other things, contains provisions for the acceleration of the maturity hereof upon the happening of certain events, for prepayment of the
principal hereof prior to the maturity hereof and for the amendment or waiver of certain provisions of the Credit Agreement, all upon the terms and conditions therein specified. THIS 

 
REVOLVING CREDIT NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF GEORGIA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

 

			
	DELTIC TIMBER CORPORATION
		
	By:	 	/s/ Kenneth D. Mann
		 	Name: Kenneth D. Mann
		 	Title: Vice President & CFO

  
 [Signature page to
Deltic Timber Revolving Credit Note]

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