Document:

exhibit
10.3

CHANGE
IN CONTROL severance AGREEMENT

THIS AGREEMENT, dated as of November
12, 2013, is by and between Atlantic Stewardship Bank (“the Bank”) and Stewardship Financial Corporation (“the
Corporation”), a New Jersey corporation (the Bank and the Corporation being referred to collectively as “the Company”),
and Mark J. Maurer (the “Executive”).

RECITALS:

 

1.          The Executive is an employee
of the Company and is an important participant in management or administration of the Company.

2.          The Company wishes to encourage
the Executive to continue Executive’s career and services with the Company following a Change in Control (as hereinafter
defined).

3.          It would be in the best interests
of the Company and its stockholders to ensure continuity in the management and administration of the Company in the event of a
Change in Control by entering into this Agreement with the Executive.

Agreement

For good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Executive and the Company agree
as follows:

1.          Definitions.

a.          “Board”
shall mean the Board of Directors of the Company (the members of the Board of Directors of the Corporation are also the Board of
Directors of the Bank).

b.          “Cause”
shall mean:

(i) the continued and willful failure
of the Executive at any time to perform the Executive’s duties with the Company (other than any such failure resulting from
incapacity due to physical or mental illness, but including a continued and willful failure by the Executive for any other reason
to attempt in good faith to meet reasonable, material performance expectations that are not measured by Company economic performance),
after a written demand for performance is delivered to the Executive by the Company or its representative, which specifically identifies
the manner in which the Company believes that the Executive has not attempted in good faith to perform the Executive’s duties
and which gives the Executive no fewer than 30 days to cure the deficiency noted therein; or

(ii) the willful engaging by the Executive
in illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company; or

    	 

    	 

    

(iii) conviction of the Executive
of a felony (other than a traffic-related felony) or a guilty or nolo contendere plea by the Executive with respect thereto;
or

(iv) a material breach by the Executive
of any material provision of this Agreement; provided that, if such breach is curable, the Company shall not have the right to
terminate the Executive’s employment for Cause unless the Executive, having received written notice of the breach, fails
to cure the breach within 30 days of receipt of such notice; or

(v) a willful violation by the Executive
of a material legal requirement, or of any material written Company policy or procedure that is materially and demonstrably injurious
to the Company; or

(vi) the Executive’s failure
to obtain or maintain, or inability to qualify for, any license (other than a driver’s license) required by law for the performance
of the Executive’s material job responsibilities, or the suspension or revocation of any such license held by the Executive
as a result of an action or inaction by the Executive; provided that, if such failure, suspension or revocation is curable, the
Company shall not have the right to terminate the Executive’s employment for Cause unless the Executive, having received
written notice of the failure, does not cure the failure within a reasonable time (not less than 30 days after the receipt of such
notice), provided, in no event shall Cause exist under this clause (vi) so long as the Executive is diligently pursuing a cure
of such failure, suspension or revocation in good faith and the failure is cured within 120 days after receipt of notice.

c.          “Change
in Control” shall mean the date on which the earliest of the following events occurs:

(i)          any Person, as defined in this
Paragraph 1(c)(v) below, becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Securities Exchange
Act of 1934, as amended) of 50% or more of (x) the then outstanding shares of common stock of the Corporation or (y) the combined
voting power of the then outstanding securities of the Corporation entitled to vote generally in the election of directors (the
“Company Voting Stock”);

(ii)          any Person other than the
Corporation or a wholly-owned subsidiary of the Corporation becomes the beneficial owner of 50% or more of (x) the then outstanding
shares of common stock of the Bank or (y) the combined voting power of the then outstanding securities of the Bank entitled to
vote generally in the election of directors;

(iii)          the closing of a sale or
other disposition (whether by merger, consolidation, reorganization or otherwise) of all or substantially all of the assets of
the Corporation or the Bank, or the Corporation or the Bank adopts a plan of liquidation providing for the distribution of all
or substantially all of its assets;

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(iv)          the Corporation or the Bank
combines with another entity and is the surviving entity but, immediately after the combination, the stockholders of the Corporation
or the Bank immediately prior to the combination hold, directly or indirectly, 50% or less of the Voting Stock or other ownership
interests of the combined entity (there being excluded from the number of shares or other ownership interests held by such stockholders,
but not from the voting stock of the combined entity, any shares or other ownership interests received by affiliates of such other
entity in exchange for stock or other ownership interests of such other entity);

(v)          the majority of the Board consists
of individuals other than Incumbent Directors, which term means the members of the Board on the date of the Change in Control Severance
Agreement; provided that any person becoming a director subsequent to such date whose election or nomination for election was supported
by two-thirds of the directors who then comprised the Incumbent Directors shall be considered to be an Incumbent Director; provided,
further, notwithstanding anything herein to the contrary, for purposes of this Agreement, a Change in Control shall not include
any transaction, whether by bona fide public offering or private placement to institutional investors of any class or series of
capital stock of the Company, determined by the Board to be effected for the purpose of equity financing, including the conversion
of any debt securities of the Company into equity securities of the Company. The definition of a Change in Control under this Agreement
is not intended to modify or otherwise affect the definition of such term or any similar term under any other plan or arrangement
of the Company. For purposes of this Paragraph 1c, a “Person” means any individual, entity, or group within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than employee benefit plans sponsored
or maintained by the Company and corporations controlled by the Company.

 

d.          “Good
Reason” shall mean the occurrence of any of the following without the Executive’s consent:

(i)          a
material reduction by the Company in Executive’s base salary; or

(ii)          a
material reduction in Executive’s authority, duties, or responsibilities, including the budget over which Executive retains
authority; or

(iii)          any
order from any person to whom the Executive reports, directing the Executive to take any action or to refrain from taking any action,
in any case, that in Executive’s good-faith, considered and informed judgment violates any applicable legal or regulatory
requirement, which order continues in effect and is not revoked after 30 business days’ written notice of objection from
the Executive;

(iv)          a
material diminution in the authority, duties, or responsibilities of the person or persons to whom Executive is required to report
(including, if Executive reports directly the board of directors, a requirement that Executive instead report to a corporate officer
or employee);

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(v)          a
material change in the geographic location at which Executive is required to work, which shall mean a requirement that Executive
relocate to an office at least 50 miles from the Company’s corporate headquarters and at least 20 miles farther from the
Executive’s principal residence than the headquarters prior to such relocation (“relocate” means to regularly
report physically to a different location); or

(vi)          the
Company’s failure to require a successor entity to assume and agree to perform the Company’s obligations pursuant to
Section 9.

No event described hereunder shall
constitute Good Reason, unless the Executive has given written notice to the Company specifying the event relied upon for such
termination within ninety (90) days after the occurrence of such event and the Company has not remedied such event within 30 days
of receipt of such notice. The Company and Executive, upon mutual written agreement, may waive any of the foregoing provisions
which would otherwise constitute Good Reason.

e.          “Disability”
shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 180 consecutive
days as a result of mental or physical incapacity, which qualifies the Executive for benefits under the Company’s long-term
disability program covering the Executive and which is reasonably believed by the Company based on the facts available at the time
to be total and permanent.

2.          Term.

This Agreement shall be effective as of
the date set forth in the first paragraph of this Agreement and shall continue indefinitely or, if a Change in Control occurs,
until terminated by, or on behalf of, the Company not sooner than two years after the most recent Change in Control;  provided,
however, the Company’s obligations, if any, to provide payments and/or benefits pursuant to Section 3 of this Agreement
and the obligations of the Company and the Executive under Section 5 of this Agreement shall survive the termination of this Agreement.

3.          Severance Benefits.

a.          If
the Executive’s employment with the Company is terminated by the Company within six months preceding or two years following
a Change in Control for any reason other than Cause, death, or Disability (for avoidance of doubt, transfer of employment between
or among the Companies shall not constitute a termination of employment for purposes of this Agreement), or by the Executive for
Good Reason within two years following a Change in Control:

(i)          within
five business days after such termination (or, if later, the date of the Change in Control), the Company shall pay or cause to
be paid to the Executive (or if the Executive dies after such a termination of employment but before receiving all payments to
which he has become entitled hereunder, to the estate of the Executive) the following amounts:

(A)          accrued
but unpaid salary; accrued but unpaid bonus awarded to the Executive; accrued but unused vacation and sick time in accordance with
the Company’s leave policy or similar program, as may be amended from time to time; any benefits to which Executive is entitled
under any other plans or programs then in effect; and any unreimbursed business expenses incurred prior to the date of termination,
all as of the effective date of termination; and

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(B)          a
lump sum cash amount equal to 24 months’ salary, plus an amount equal to 100% of any bonus awarded to Executive during the
24 months prior to termination; and

(ii)          the
Executive shall be entitled to the following additional severance benefits:

(A)          notwithstanding
anything in any other award notice or agreement providing otherwise, as applicable, (1) all of the Executive’s outstanding
stock options that would have vested within twelve months following the date of termination had the Executive remained an employee
of the Company shall become immediately vested and exercisable; and (2) all of the Executive’s outstanding shares of restricted
stock and any other stock or stock-based award that otherwise would have vested within twelve months following the date of termination
had the Executive remained an employee of the Company shall become immediately vested in full (at 100 % of target levels for any
performance-based stock awards); and (3) all profit sharing plan awards that otherwise would have vested within twelve months following
the date of termination had the Executive remained an employee of the Company shall become immediately vested in full; provided
that the provisions of this paragraph are not intended to limit or restrict provisions as to vesting under plans or programs of
the Company applicable to the Executive at the time that confer greater rights upon the Executive than those conferred under this
Agreement;

(B)          for
a period commencing with the month in which termination of employment shall have become effective and ending 24 months thereafter,
the Executive and, as applicable, the Executive’s covered dependents at the time of termination, shall be entitled to all
benefits under the Company’s welfare benefit plans (within the meaning of Section 3(1) of the Employee Retirement Income
Security Act of 1974, as amended), as if the Executive were still employed during such period, at the same level of benefits and
at the same dollar cost to the Executive as the Company makes available for the period to employees of similar status generally.
If and to the extent that equivalent benefits cannot be payable or provided under any such plan, the Company shall pay or provide
(or cause to be paid or provided) equivalent benefits on an individual basis. If the date of termination precedes the Change in
Control, such benefits shall be provided retroactively to the date of termination or, to the extent that such benefits may not
be provided retroactively, the Company shall pay the Company’s cost of such benefits to the Executive. The benefits provided
in accordance with this Section 3a(ii)(B) shall be secondary to any comparable benefits provided by another employer.

b.          In
the event of any termination of the Executive’s employment described in Section 3a, the Executive shall be under no obligation
to seek other employment, and there shall be no offset against amounts due the Executive under this Agreement on account of any
remuneration attributable to any subsequent employment; provided, however, to the extent the Executive receives medical
and health benefits from a subsequent employer, those benefits shall be primary to benefits provided pursuant to Section 3a(ii)(B).

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c.          It
is intended that the payments and benefits provided under this Agreement are in lieu of, and not in addition to, severance payments
and benefits provided under any other severance, change in control or similar plan or policies of the Companies (“Other Severance
Benefits”). Unless waived by the Executive, any Other Severance Benefits the Executive receives, or will receive in the future,
shall reduce payments and benefits provided hereunder dollar for dollar.

4.          Nature of Obligation.

The Company shall not be required to establish
a special or separate fund or other segregation of assets to assure payments under this Agreement, and, if the Company shall make
any investments to aid it in meeting its obligations hereunder, the Executive shall have no right, title or interest in or to any
such investments, except as may otherwise be expressly provided in a separate written instrument relating to such investments.
Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust
of any kind or a fiduciary relationship between the Company and the Executive or any other person. To the extent that any person
acquires a right to receive payments under this Agreement such right shall be no greater than the right of an unsecured creditor.

5.          Full Settlement; Litigation Expenses.

Except as provided below, the Company’s
obligation to make or cause to be made the payments provided for in this Agreement and otherwise to perform its obligations hereunder
shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have
against the Executive or others. The Company agrees to pay, upon written demand therefor by the Executive, all legal fees and expenses
the Executive reasonably incurs as a result of any dispute or contest (regardless of the outcome thereof) by or with the Company
or others regarding the validity or enforceability of, or liability under, any provision of this Agreement, plus in each case,
interest at the applicable Federal rate provided for in Section 7872(f)(2) of the Internal Revenue Code. Notwithstanding the foregoing,
the Executive agrees to repay to the Company any such fees and expenses paid or advanced by the Company if and to the extent that
the Company or such others obtains a judgment or determination that the Executive’s claim was frivolous or was without merit
from a court of competent jurisdiction from which no appeal may be taken, whether because the time to do so has expired or otherwise.
Notwithstanding any provision hereof or in any other agreement, the Company may offset any other obligation it has to the Executive
by the amount of such repayment. In any such action brought by the Executive for damages or to enforce any provisions of this Agreement,
he shall be entitled to seek both legal and equitable relief and remedies, including, without limitation, specific performance
of the Company’s obligations hereunder, in his sole discretion.

6.          Tax Withholding.

The Company may withhold from any payments
made under this Agreement all federal, state or other taxes as shall be required pursuant to any law or governmental regulation
or ruling.

7.          Entire Understanding.

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This Agreement contains the entire understanding
between the Company and the Executive with respect to the subject matter hereof and supersedes any prior severance, change in control
or similar agreement between the Company and the Executive; provided, however, that, except as otherwise expressly provided
in this Section 7 and in Section 3c, this Agreement shall not affect or operate to reduce any benefit or compensation inuring to
the Executive of any kind elsewhere provided, including any obligation of the Company to indemnify or provide liability insurance
coverage to Executive.

8.          Severability.

If, for any reason, anyone or more of
the provisions or part of a provision contained in this Agreement shall be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement
not held so invalid, illegal or unenforceable, and each other provision or part of a provision shall to the full extent consistent
with law continue in full force and effect.

9.          Consolidation, Merger, or Sale
of Assets.

If the Company consolidates or merges
into or with, or transfers all or substantially all of its assets to, another entity, the term “Company” as used herein
shall mean such other entity, and this Agreement shall continue in full force and effect. In the case of any transaction in which
a successor would not by the foregoing provision or by operation of law be bound by this Agreement, the Company shall require such
successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Agreement, in
the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

10.          Notices.

All notices, requests, demands and other
communications required or permitted hereunder shall be given in writing and shall be deemed to have been duly given if delivered
or mailed, postage prepaid, first class as follows:

	 	
        To the Company:

         

	 	
        Atlantic Stewardship Bank

        630 Godwin Avenue

        Midland Park, NJ 07432-1405

        Attention: Human Resources Department

         

	 	
        To the Executive:

         

	 	At the address (or to the facsimile number) last shown on the records of the Company

 

or to such other address as either party shall have previously
specified in writing to the other.

11.          No Attachment.

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Except as required by law, no right by
the Executive or Executive’s estate to receive payments under this Agreement shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment, levy or similar process
or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and
of no effect.

12.          Binding Agreement.

This Agreement shall be binding upon,
and shall inure to the benefit of, the Executive and the Company and their respective permitted successors and assigns.

13.          Modification and Waiver.

This Agreement may not be terminated,
modified or amended except by an instrument in writing signed by the parties hereto. No term or condition of this Agreement shall
be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except
by written instrument signed by the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing
waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived
and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

14.          Headings of No Effect.

The section headings contained in this
Agreement are included solely for convenience of reference and shall not in any way affect the meaning or interpretation of any
of the provisions of this Agreement.

15.          Executive Acknowledgment.

The Executive acknowledges that Executive
has read and understands the provisions of this Agreement. The Company advises Executive to consult with Executive’s personal
counsel regarding whether to enter into this Agreement. The Executive acknowledges that Executive has been given an opportunity
for Executive’s personal legal counsel to review this Agreement and that the provisions of this Agreement are reasonable
and that Executive has received a copy of this Agreement.

16.          Not Compensation for Other Plans.

Except for amounts paid pursuant to Section
3a(i)(A) that are considered compensation, earnings or wages for purposes of any employee benefit plan of the Company, it is understood
by all parties hereto that amounts paid and benefits provided hereunder are not to be considered compensation, earnings or wages
for purpose of any employee benefit plan of the Company, including, but not limited to, any tax-qualified retirement plan.

17.          Noncompetition and Confidentiality
Agreements; Release.

Notwithstanding any provision herein to
the contrary, the Company shall not have any obligation to pay (or cause to be paid) any amount or provide any benefit under this
Agreement unless and until the Executive executes a release of all claims against the Company, its subsidiaries and other affiliates
and related parties relating to the Executive’s employment and termination thereof, and any revocation period applicable
to such release has expired. The release shall be in a form acceptable to the Company, and Executive and Company agree that the
release will include the provisions of Exhibit A attached to this Agreement.

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18.          Governing Law.

The interpretation, construction, performance
and the rights and remedies of the parties hereunder shall be governed by the internal laws of the State of New Jersey, without
regard to the conflict of law provisions thereof. For the purpose of litigating disputes that may arise under this Agreement, the
parties hereby agree that such litigation will be conducted in the federal or state courts of the State of New Jersey in and for
Bergen County, and the Parties consent to the personal jurisdiction of those courts.

19.          Code Section 409A Compliance.

a.          If
any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive
to incur any additional tax or interest under Internal Revenue Code (“Code”) Section 409A or any regulations or Treasury
guidance promulgated thereunder, the Company shall, after consulting with the Executive, reform such provision, to the extent possible,
to comply with Code Section 409A; provided, that the Company agrees to make only such changes as are necessary to bring
such provisions into compliance with Code Section 409A and to maintain, to the maximum extent practicable, the original intent
and economic benefit to the Executive of the applicable provision without violating the provisions of Code Section 409A.

b.          Notwithstanding
any provision to the contrary in this Agreement, if the Executive is deemed on the date of termination of employment to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision
of any benefit that is required to be delayed in compliance with Section 409A(a)(2)(B) such payment or benefit shall not be made
or provided (subject to the last sentence hereof) prior to the earlier of (i) the expiration of the six (6)-month period measured
from the date of the Executive’s “separation from service” (as such term is defined in Treasury Regulations issued
under Code Section 409A) or (ii) the date of Executive’s death (the “Deferral Period”). Upon the expiration of
the Deferral Period, all payments and benefits deferred pursuant to this Section 19 (whether they would have otherwise been payable
in a single sum or in installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum,
and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment
dates specified for them herein. Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any
ongoing welfare benefits to the Executive that would not be required to be delayed if the premiums therefor were paid by the Executive,
the Executive shall pay the full cost of premiums for such welfare benefits during the Deferral Period and the Company shall pay
(or cause to be paid) to the Executive an amount equal to the amount of such premiums paid by the Executive during the Deferral
Period promptly after its conclusion.

20.           Excise Tax

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If any payments or benefits under this
Agreement are subject to the excise tax under Code Section 4999, such payments nonetheless shall not be subject to any cutback,
gross-up or other adjustment, except as the Company and the Executive may otherwise agree.

21.          Counsel.

The Company recommends that Executive
review this Agreement with Executive’s personal counsel before signing it. Executive acknowledges and understands that McCarter
& English, LLP has acted solely as counsel to the Company in connection with the preparation, negotiation and execution of
this Agreement and not as counsel to Executive.

 

IN WITNESS WHEREOF, the Company
and the Executive have duly executed and delivered this Agreement as of the date first above written.

	 	ATLANTIC STEWARDSHIP BANK
	 	 	 
	 	 	 
	 	By:	/s/ Robert J. Turner
	 	 	Robert J. Turner
	 	 	Chairperson, Compensation Committee
	 	 	 
	 	STEWARDSHIP FINANCIAL CORPORATION
	 	 	 
	 	 	 
	 	By:	/s/ Robert J. Turner
	 	 	Robert J. Turner
	 	 	Chairperson, Compensation Committee
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/ Mark J. Maurer
	 	Mark J. Maurer

 

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EXHIBIT A

 

 

FORM OF RELEASE

 

1.          Release of Claims.

 

The Executive recognizes that the payments and
other benefits to be received under the Change in Control Severance Agreement include amounts and benefits above and beyond any
amounts due under any other agreement or under the Company’s general policies or programs.

 

In consideration of, and as a condition to these
payments, and to the extent allowed by law, Executive releases and forever discharges the Company and all of its affiliates, and
all of their present or former officers, directors, shareholders, employees, agents, successors or assigns (the “Releasees”)
from all claims or causes of action or other demands whatsoever, which Executive ever had or now has against the Releasees, arising
out of or related to his employment relationship with the Company or the termination of that relationship, except as stated below
(the “Claims”).

 

This release is binding on the Executive and
Executive’s heirs, assigns, and/or representatives. This release includes, but is not limited to, the claims described below.
If the law prohibits a release or waiver of any Claim, the Executive hereby waives the right to seek or accept damages in a proceeding
under the Claim and/or hereby acknowledges that Executive has no valid claim under such statute or theory. The Claims released
include any alleged violation by the Company of:

 

		•	Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.;

		•	Sections 1981 through 1988 of Title 42 of the United States Code, as amended;

		•	The Employment Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001 et seq.;

		•	The Immigration Reform Control Act, as amended;

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		•	The Americans with Disabilities Act;

		•	The Age Discrimination in Employment Act, as amended, and including the Older Workers Benefit Protection Act, 29 U.S.C. §
621 et seq.;

		•	The Fair Labor Standards Act, as amended;

		•	The Occupational Safety and Health Act, as amended;

		•	The Family and Medical Leave Act;

		•	The Consolidated Omnibus Budget Reconciliation Act, as amended;

		•	The National Labor Relations Act, as amended;

		•	The Sarbanes-Oxley Act, as amended;

		•	the New Jersey Law Against Discrimination;

		·	the New Jersey Conscientious Employee Protection Act;

		·	the New Jersey Family Leave Act;

		·	the New Jersey Wage Payment Law;

		·	the New Jersey Wage and Hour Law;

		·	Any federal, state or local laws against discrimination or protecting whistleblowers, or any other federal, state or local
law or common law relating to employment, wages, hours, or any other terms and conditions of employment;

The Claims released also include:

 

•          Any claim related to the Company’s
stock incentive plans or other benefit plans or compensation plans;

 

•          Any claim based in whole or in part
on any public policy, contract, tort, or other common law claim or cause of action, including but not limited to breach of implied
or express contract, intentional or negligent infliction of emotional distress, negligent misrepresentation, defamation, wrongful
discharge;

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		•	Any claim or cause of action for commission, back wages, bonuses, or other compensation, including, but not limited to, commissions,
back wages or compensation related to or arising out of any payments or sums the Company has received or may receive in the future
from any source at any time;

		•	Any claim or allegation for costs, fees, or other expenses, including attorneys’ fees, incurred in ay matter or proceeding.

2.          Unknown Claims Released. The Executive
understands that Executive is releasing claims that Executive may not know about. This is the Executive’s knowing and voluntary
intent, even though the Executive recognizes that someday Executive might learn that some or all of the facts currently believed
to be true are untrue and even though Executive might then regret having signed this Release. Nevertheless, the Executive assumes
that risk and agrees that this Release shall remain effective in all respects in any such case.

 

3.          Claims Not Released. Anything to
the contrary notwithstanding contained herein, nothing herein shall release any Releasee from any claims or damages based on (i)
any right the Executive may have to enforce this Release or the Change in Control Severance Agreement, (ii) any right or claim
that arises after the date of this Release, (iii) any right the Executive may have to benefits or entitlements under any health
benefits plan, (iv) the Executive’s eligibility for indemnification and advancement of expenses in accordance with applicable
laws or the certificate of incorporation and by-laws of Company or any applicable agreement or insurance policy, or (v) any right
the Executive may have to obtain contribution as permitted by law in the event of entry of judgment against the Executive as a
result of any act or failure to act for which the Executive, on the one hand, and Company or any Releasee, on the other hand, are
jointly liable. In addition, nothing in this Release shall preclude Executive from filing a charge with or participating in any
manner in an investigation, hearing, or proceeding conducted by the Equal Employment Opportunity Commission, but Executive hereby
waives any and all rights to recover compensation as a result of any such charge, investigation, hearing or proceeding.

 

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4.          No Participation in Claims. The
Executive understands that if this Agreement were not signed, Executive could have the right to voluntarily assist other individuals
or entities in bringing claims against the Releasees. The Executive hereby waives that right and agrees not to provide any such
assistance, other than assistance in an investigation or proceeding conducted by an agency of the United States or of a state or
local government.

 

5.          Nonadmission of Liability. The this
Release is not intended to imply any wrongdoing by Releasees or by Executive and shall not constitute evidence of any wrongdoing
by Releasees or Executive.

 

6.          Voluntary Agreement and Consultation
with Counsel. The Executive’s decision to enter into this Release is a wholly free and voluntary decision. Before signing
this Release, the Executive has had the opportunity for up to twenty-one (21) days to carefully consider the terms and ramifications
of this Release and the opportunity to consult with Executive’s own attorneys and other advisors. The Company advises Executive
to consult with Executive’s own attorney before signing this Release.

 

7.          Governing Law and Interpretation.
This Release shall be governed by the laws of the State of New Jersey, without regard to its conflict of laws provisions.

 

8.          Separate Enforceability of Terms.
If any terms of this Release are declared invalid by any court of competent jurisdiction, the Release shall be deemed amended by
excluding the invalid term or terms, and all remaining terms shall continue in full force and effect. The Executive and the Company
agree to execute such amendments as may be necessary to accomplish the intent of this paragraph, which is to maintain in force
all terms of this Release to the full extent permitted by law.

 

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9.          Limitations on Changing Release.
This Release may not be modified, altered, or changed except in a writing signed by both parties.

 

10.           Revocation; Effectiveness. The
Executive may revoke this Release for a period of seven (7) days following the day Executive signs this Release. Any revocation
within this period must be submitted, in writing, to the Company at the address listed below. The revocation must be delivered
to Human Resources Department, Atlantic Stewardship Bank, 630 Godwin Avenue, Midland Park, NJ 07432, and delivered by hand or e-mail.
This Release shall not become effective or enforceable until the revocation period has expired. If the last day of the revocation
period is a Saturday, Sunday, or legal holiday in New Jersey, then the revocation period shall not expire until the next following
day which is not a Saturday, Sunday, or legal holiday.

 

EXECUTIVE HAS HAD TWENTY ONE (21) DAYS TO CONSIDER THIS RELEASE
AND CONFIRMS THAT THE COMPANY ADVISED EXECUTIVE TO CONSULT WITH PERSONAL COUNSEL BEFORE EXECUTING THE RELEASE.

 

EXECUTIVE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE,
MADE TO THIS RELEASE DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY ONE (21) DAY CONSIDERATION PERIOD.

 

EXECUTIVE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS
INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EXECUTIVE HAS OR MIGHT HAVE AGAINST THE
RELEASEES.

 

 

IN WITNESS WHEREOF, the parties knowingly and voluntarily executed
this Release as of the date set forth below:

Atlantic Stewardship Bank

 

	By:	/s/ Robert J. Turner	 
	 	Robert J. Turner	 
	 	Chairperson, Compensation Committee	 
	 	 	 
	Date:	November 12, 2013	 

 

	Executive:	 
	/s/ Mark J. Maurer	 
	Mark J. Maurer	 
	 	 	 
	Current personal mailing address:	 
	 	 
	 	 

 

    	-15-agreement.htm

  

Exhibit 10.01

AMENDED AND RESTATED COMMODITY FUTURES CUSTOMER AGREEMENT

This Amended and Restated Commodity Futures Customer Agreement (the “Agreement”), made and entered into as of the date set forth at the end of this Agreement and effective with respect to each Fund as of the date set forth in Appendix A, is entered into in consideration of acceptance by Morgan Stanley & Co. LLC (“Morgan Stanley”), a registered futures commission merchant (“FCM”), of an account or accounts (individually or jointly an “Account”) in the name of each of the funds or accounts listed in a schedule (each such fund or account, a “Customer,” and such schedule the  “Customer Schedule”) to this Agreement attached hereto as Appendix A, as may from time to time be amended, and amends and restates the Commodity Futures Customer Agreement dated as of May 30, 2012.

 

Each Customer will engage a commodity trading advisor to provide investment advice to Customer (each an “Advisor”). Such Advisor is selected by Ceres Managed Futures LLC, the trading manager of each Customer (“Ceres”).  As of the date hereof, each such Advisor has previously executed a form of the Representations of Advisor in favor of Morgan Stanley which is hereby incorporated by reference, and going forward henceforth, any Advisor selected by Ceres shall execute such form prior to trading in the relevant Account.  The Customer Schedule applicable as of the effective date of this Agreement is set forth in Appendix A hereto.  A form of Customer Schedule by which additional Customers may from time to time be joined as a Customer subject to this Agreement is attached as Appendix B hereto.  The parties agree that Appendix A shall be revised from time to time to reflect the joinder of new Customers under this Agreement whenever any such Customer is so joined under the form set forth in Appendix B.

 

 

It is understood and agreed that for ease of administration, this Agreement is being executed so as to enable each fund or account listed on the Customer Schedule hereto to utilize Morgan Stanley as a FCM.  Ceres may add additional Customers to the Customer Schedule without the consent of any other Customer and upon providing notice to Morgan Stanley.  For the avoidance of doubt, each fund or account identified on the Customer Schedule at any time shall be an individual Customer of Morgan Stanley and each shall be deemed to have entered into a separate Agreement with Morgan Stanley.  If any existing Customer is removed from such Customer Schedule at any time, as long as no positions remain open hereunder with respect to such Customer, this Agreement shall be deemed terminated with respect to such Customer and neither such Customer nor Morgan Stanley shall have any further obligations to each other hereunder.  The latest-dated Customer Schedule shall supersede and replace, in all respects, any prior Customer Schedule.

The parties agree that this Agreement shall be treated as if it were a separate agreement with respect to each fund or account listed on the Customer Schedule under the heading “Name of Customer,” as if each such fund or account had executed a separate agreement naming only itself as Customer, and that no fund or account listed on a Customer Schedule shall have any liability under this Agreement for the obligations of any other fund or account listed on the same or another Customer Schedule. For the avoidance of doubt, no Customer has been deemed to have any affiliates under this Agreement.

	
1.

	
Applicable Law.  The Account and all Contracts, transactions and agreements in respect of the Account shall be subject to the Commodity Exchange Act (“CEA”) and the rules, regulations, rulings, advisories and interpretations of the Commodity Futures Trading Commission (“CFTC”), the National Futures Association (“NFA”), exchanges, contract markets and clearing organizations where any transaction in the Account is executed and/or cleared by Morgan Stanley or Morgan Stanley’s designated agents hereunder.  All such laws, rules, regulations, rulings, advisories and interpretations, as in effect from time to time, are hereinafter collectively referred to as “Applicable Law.”

  

  

  

	
2.

	
Customer’s Representations and Warranties.  At the time of entering into this Agreement and again upon the entry into any Contracts or transactions under this Agreement, Customer represents, warrants and covenants that (a) Customer has full right, power and authority to enter into this Agreement, and the person executing this Agreement on behalf of Customer is authorized to do so; (b) this Agreement is binding on Customer and enforceable against Customer in accordance with its terms; (c) Customer may lawfully establish and open the Account for the purpose of effecting purchases and sales of Contracts through Morgan Stanley; (d) performance of this Agreement and of transactions entered into pursuant to this Agreement will not violate any Applicable Law to which Customer is subject or any agreement to which Customer is subject or a party, except to the extent such violation does not cause a material adverse effect to the Customer’s business; (e) performance of this Agreement and of transactions entered into pursuant to this Agreement will comply with Customer’s Constitutive Documents, except to the extent such failure to comply does not cause a material adverse effect to the Customer’s business; (f) all of Customer’s information in the Account Application preceding this Agreement (which Application and the information contained therein is hereby incorporated into this Agreement) is true and correct in all material respects and Customer shall promptly notify Morgan Stanley of any material change in such information; (g) if Customer is domiciled or resident in any Province of Canada, Customer is (i) a company or person, other than an individual, that is an “accredited investor” as defined in section 1.1 of National Instrument 45-106 — Prospectus and Registration Exemptions; or (ii) a person or company deemed to be a “designated institution” under subsection 204(1) of Ontario Regulation 1015 — General Regulation made under the Securities Act (Ontario); (h) if Customer is domiciled or resident in the Province of Québec, Canada, Customer is an “accredited counterparty” under Section 3 of the Québec Derivatives Act; (i) to the extent required under Applicable Law as a regulatory prerequisite to the execution or clearing of any Contract for its Account, Customer is an “eligible contract participant” as defined under Section 1a(18) of the CEA and (j) if Customer enters into any OTC agricultural swap transaction for the purpose of clearing such transaction in the Account, Customer is and will remain during the term of any such transaction an eligible swap participant within the meaning of Rule 35.1(b)(2) of the rules of the CFTC (“CFTC Rules”).  “Constitutive Documents” means any (i) incorporating documents, including any articles of incorporation or unanimous shareholders’ agreement, (ii) partnership agreement, (iii) trust deed, agreement or declaration, (iv) by-laws, (v) plan documents, including any statement of investment policies and procedures, in the case of an employee benefit plan, pension plan or master trust in which the assets of a pension plan are invested, and (vi) prospectus or offering memorandum and annual information form, all as applicable, and as amended, replaced, or supplemented from time to time, together with any attachments, schedules, exhibits and documents incorporated by reference.

	
3.

	
Payment Obligations Of Customer.  Customer shall pay Morgan Stanley upon demand (a) all brokerage charges, give-up fees, commissions and service fees as Morgan Stanley and Customer may from time to time agree; (b) all exchange, clearing house, NFA or other regulatory fees or charges; (c) any tax imposed on Customer’s transactions hereunder by any competent taxing authority; (d) any debit balance or deficiency in the Account, including margin obligations in respect of the Account arising under Section 6(e) hereof; (e) interest on any debit balances or deficiencies in the Account, at rates agreed from time to time between the parties; and (f) any other amounts owed by Customer to Morgan Stanley with respect to the Account or any transactions therein.

Customer agrees to compensate Morgan Stanley and its affiliates, officers, employees, successors, assigns and agents for any and all loss, liability, cost, penalty or tax (each a “Loss” and collectively “Losses”) incurred by Morgan Stanley as a direct result of Customer’s failure to comply with any provision of, or to perform any obligations under, this Agreement in a material way, or as a direct result of the failure of any of its representations, warranties or covenants made hereunder to be true and correct in any material respect; provided however, Customer shall not compensate Morgan Stanley to the extent such Loss is caused by the negligence, fraud or willful misconduct of Morgan Stanley.

  

  

  

	
  

	
4.

	
Customer’s Events Of Default; Morgan Stanley’s Remedies.

	
  

	
(a)

	
Events of Default.   As used herein, any of the following is an “Event of Default”:

	
  

	
(i)

	
the commencement of a proceeding under any bankruptcy, insolvency, arrangement or reorganization regime existing under Applicable Law or the institution of any other relief under bankruptcy or insolvency law or other similar law affecting creditors’ rights, or the filing or presentation of a petition for the appointment of a receiver by or against Customer or for the Customer’s winding up or liquidation, an assignment, arrangement or composition made by Customer with or for the benefit of creditors, Customer becomes insolvent or is unable to pay its debts or fails or makes an admission in writing that it is insolvent or is unable to pay its debts when they mature, or the suspension by Customer of its usual business or any material portion thereof, provided that a proceeding seeking a judgment of insolvency or bankruptcy against Customer that is instituted by a person other than Customer or an affiliate of Customer or a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over the Customer shall constitute an Event of Default hereunder only if, and at such time as, such proceeding results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or is not dismissed or withdrawn within 30 calendar days of being instituted;

	
  

	
(ii)

	
the issuance of any warrant or order of attachment against the Account or the levy of a judgment against the Account;

	
  

	
(iii)

	
Customer (a) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (c) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or similar official for it or for all or substantially all of its assets; (d) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (e) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i), (ii) or (iii) above or (f) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts;

	
  

	
(iv)

	
if Customer is an employee benefit plan or other pension fund (or administrator or trustee of such a plan, fund or master trust in which the fund assets are invested), (A) any step is taken by Customer, any governmental authority or body or regulator, or other person to terminate, wind-up or liquidate Customer, the fund or the plan, in whole or in part; (B) any event or condition occurs or exists that would entitle any court or regulator to require the termination, wind-up or liquidation of Customer, the fund or the plan, in whole or in part, or the termination or close-out of any Contract; (C) Customer is unable to pay benefits under the relevant employment or pension benefit plan when due; (D) Customer or any other person does anything or takes any action or step to merge, consolidate or combine the fund with any other pension fund or its assets, whereby assets are transferred from the fund or are to become available for the payment of any liabilities of the other fund without the consent of Morgan Stanley;

  

  

  

	
  

	
(v)

	
if Customer is a trust or investment fund, (A) any step is taken by Customer or any governmental authority to terminate, wind-up or liquidate Customer or the fund; or (B) any event or condition occurs or exists that would entitle any court or regulator to require the termination, wind-up or liquidation of Customer or the fund or to issue a cease trade order in respect of Customer, in whole or in part, or the termination or close-out of any Contract;

	
  

	
(vi)

	
the failure by Customer to deposit or maintain margin or to pay required premiums in accordance with Section 6(e) hereof, or otherwise to make payments required by Section 3 hereof;

	
  

	
(vii)

	
Customer is in default, or an event of default exists, with respect to any material obligation or liability (including the failure to make a payment on demand or to satisfy margin requirements) arising under any agreement styled as Customer Documents (Eligible Counterparty / Professional Client) (Including Exchange – Traded Derivatives) between Morgan Stanley & Co. International plc and Customer (for the avoidance of doubt, the term “Customer” as used herein shall refer to an individual investment vehicle alone and no affiliates of such vehicle);

	
  

	
(viii)

	
Customer is suspended from membership of, or participation in, any exchange, clearing house or self-regulatory organization, or suspended from dealings in Contracts by any government agency or self-regulatory organization, or by act of any judicial authority;

	
  

	
(ix)

	
Morgan Stanley determines in good faith and a commercially reasonable manner that any material representation or warranty or covenant made by Customer to Morgan Stanley is untrue or inaccurate in any material respect, and following Morgan Stanley providing notice to Customer regarding such representation and Customer failing to cure such matter within three Business Days following such notice; and

	
  

	
(x)

	
the failure by Customer to perform, in any material respect, its other obligations hereunder and following Morgan Stanley providing notice to Customer regarding such performance and Customer failing to cure such matter within three Business Days following such notice.

	
(b)  

	
Remedies.  Upon the occurrence of an Event of Default, Morgan Stanley shall have the right, in addition to any other remedy available to Morgan Stanley at law or equity, to (i) buy, sell or otherwise liquidate any or all open Contracts held in or for the Account (including without limitation through the making or taking of delivery, the use of exchange-for-physical, exchange-for-swap, exchange-for-risk, exchange-for-options or exchange-for-related-positions transactions, block trades, any associated cash transactions as broker or principal, or any other means); (ii) set off or apply any or all cash margin held in or for the Account to any amount owed by Customer to Morgan Stanley; (iii) sell any or all of the securities or other property of Customer held in or for the Account and to apply the proceeds thereof to any amounts owed by Customer to Morgan Stanley; (iv) borrow or buy any options, securities, Contracts or other property for the Account; or (v) cancel any unfilled orders for the purchase or sale of Contracts for the Account, all without demand for margin and without notice or advertisement and to the full extent permitted under Applicable Law.  In exercising its remedies hereunder, Morgan Stanley may in its sole discretion and without prior notice to Customer (A) straddle or spread open positions in the Account; (B) switch positions to another month, commodity or exchange; (C) close out positions in whole or in part, or limit and/or terminate the right of Customer to trade in the Account, other than for liquidation; (D) sell Contracts to itself or its affiliates or buy Contracts from itself or its affiliates in arms-length transactions; (E) purchase the whole or any part of open positions in the Account free from any right of redemption, and, in each case, Customer shall remain liable for any resulting deficiency.  In the event Morgan Stanley’s position would not be jeopardized thereby, Morgan Stanley will make reasonable efforts under the circumstances to notify Customer prior to taking any such action.  A prior demand or margin call of any kind from Morgan Stanley or prior notice from Morgan Stanley shall not be considered a waiver of Morgan Stanley’s right to take any action without notice or demand.

  

  

  

	
(c)  

	
Set-off Rights.  Upon the occurrence of an Event of Default, in addition to and not in limitation of any other right or remedy (including any right to set-off, counterclaim, or otherwise withholding of payment) under any agreement or Applicable Law, Morgan Stanley will at its option have the right, at any time and from time to time, without prior notice to Customer, to set-off any sum or obligation (whether or not vested or contingent and whether or not such sum or obligation is then due and payable) owed by Customer to Morgan Stanley against any sum or obligation (whether or not vested or contingent and whether or not such sum or obligation is then due and payable) owed by Morgan Stanley or any affiliate of Morgan Stanley (the “Original Obligation”) to Customer and, for this purpose, may convert one currency into another at the commercially reasonable rates of exchange as determined by Morgan Stanley for the purchase of such other currency from time to time. Any such set-off will automatically satisfy and discharge the Original Obligation to Customer and, if the Original Obligation exceeds the sum or obligation to be set-off against, the Original Obligation will be novated and replaced by an obligation to pay Customer only the excess of the Original Obligation over such sum or obligation.  Customer authorizes Morgan Stanley and its affiliates, on behalf of and in the name of Customer, to do all such acts and to execute all such documents as may be required to effect such application.

	
5.

	
Limitation Of Liability.  Except as otherwise provided in this Section 5, neither Morgan Stanley nor its affiliates shall have any responsibility or liability to Customer hereunder for, any Losses however caused, incurred or suffered by Customer directly or indirectly (i) in connection with the performance or non-performance, for any reason, by any designated contract market, swaps execution facility, trading facility, clearing house, derivatives clearing organization, executing broker, clearing firm or custodian or by any electronic trading system, facility or service (any such system, facility or service, collectively, “Electronic Trading Services”), or by any other third party of its obligations to Morgan Stanley in respect of or in connection with any Contract provided, however, that Morgan Stanley has picked such party in a commercially reasonable manner; (ii) as a result of any prediction, recommendation or advice made or given by a representative of Morgan Stanley, whether or not made or given at the request of Customer; (iii) as a result of Morgan Stanley’s commercially reasonable reliance on any instruction, notice or communication that it believes to be that of an individual authorized to act on behalf of Customer; (iv) as a result of any delay in the performance or non-performance of any of Morgan Stanley’s obligations hereunder directly or indirectly caused by the occurrence of any contingency beyond the control of Morgan Stanley including, but not limited to, government or exchange suspensions or restrictions on trading or clearing, war, acts of terrorism or natural disasters, or the unscheduled closure of an exchange or contract market or delays in the transmission of orders due to breakdowns or failures of transmission or communication facilities, execution, and/or trading facilities or other systems (including, without limitation, any Electronic Trading Services), it being understood that Morgan Stanley shall be excused from performance of its obligations hereunder for such period of time as is reasonably necessary after such occurrence to remedy the effects therefrom; (v) as a result of any action reasonably taken by or on behalf of Morgan Stanley or its floor brokers in compliance with Applicable Law; or (vi) in connection with or arising out of any agreements relating to Electronic Trading Services provided to Customer by Morgan Stanley (the terms and conditions of which in their entirety are incorporated herein by reference). Further, with respect to any Electronic Trading Services Morgan Stanley expressly disclaims any representation or warranty whatsoever (a) with respect to accuracy, completeness or timeliness of such services, (b) that such services shall be uninterrupted or error free; and (c) including any implied warranties of title, non-infringement, merchantability or fitness for a particular purpose relating to such services; provided however, Morgan Stanley shall be liable to the extent such Loss is caused by the negligence, fraud or willful misconduct of Morgan Stanley. Neither party shall be liable to the other for consequential, incidental, punitive or special damages hereunder, including, without limitation, damages alleged on the basis of lost profits or lost assets, including income-producing assets.

  

  

  

6.           General Agreements.  The parties agree that:

	
  

	
(a)

	
Morgan Stanley’s Responsibility.  Morgan Stanley is not acting as a fiduciary, foundation manager, commodity pool operator, commodity trading advisor or investment adviser in respect of any Account opened by Customer.  Customer is acting for its own account and has made its own independent decisions to effect transactions in Contracts and as to whether each transaction is prudent or appropriate for it based on Customer’s own judgment and upon advice from such advisors as it has deemed necessary.  Customer is solely responsible for any trading decisions including order-routing decisions made by Customer.  Morgan Stanley does not make any recommendation as to where such orders should be executed and does not undertake to notify Customer of price improvement opportunities or more advantageous execution quality at particular exchange venues.  Morgan Stanley shall have no responsibility hereunder for compliance with any law or regulation governing the conduct of fiduciaries, foundation managers, commodity pool operators, commodity trading advisors or investment advisers.

Without limitation of the foregoing (i) Morgan Stanley shall provide the services listed in Appendix C (which may be amended from time to time upon the written mutual consent of Morgan Stanley and each Customer) to each Customer; (ii) Morgan Stanley shall comply with the segregation requirements of Section 4d(a)(2) of the CEA and the CFTC Rules or, if applicable, Part 30 of the CFTC Rules or, with respect to eligible cleared OTC derivatives, the rules of the derivatives clearing organization where such cleared OTC derivatives are cleared, with respect to assets deposited by Customer hereunder; (iii) Morgan Stanley, as appropriate to Customer’s transactions and in accordance with the CEA and CFTC Rules (including Part 30 of such Rules and, as applicable, the rules of relevant derivatives clearing organizations), may place and maintain Customer’s assets to effect Customer’s transactions with another FCM, a clearing organization or a foreign bank (as such terms are defined under Rule 17f-6 under the Investment Company Act of 1940 promulgated by the Securities and Exchange Commission (“SEC”)) or a member of a foreign board of trade, and shall obtain an acknowledgement, as required under CFTC Rules 1.20(a) or 30.7(c) or the rules of relevant derivatives clearing organizations, as applicable, that such assets are held on behalf of Morgan Stanley’s customers in accordance with the provisions of the CEA; (iv) Morgan Stanley shall promptly furnish copies of or extracts from its records or such other information pertaining to Customer’s assets as the SEC through its employees or agents may request; and (v) the parties acknowledge and agree that if at any time Customer’s custodial arrangement in respect of the Account no longer meets the requirements of this section 6(a), Customer shall withdraw its assets from the Account as soon as reasonably practicable.

  

  

  

	
  

	
(b)

	
Advice.  All advice communicated by Morgan Stanley with respect to the Account or transactions effected by Customer hereunder is incidental to the conduct of Morgan Stanley’s business as an FCM and such advice shall not serve as the primary basis for any decision made by or on behalf of Customer.  Morgan Stanley shall have no discretionary authority, power or control over any decisions made by or on behalf of Customer in respect of the Account, regardless of whether Customer relies on the advice of Morgan Stanley in making any such decision.  Customer acknowledges that Morgan Stanley and its managing directors, officers, employees and affiliates may take or hold positions in, or advise other customers concerning, contracts that are from time to time the subject of advice from Morgan Stanley to Customer.  The positions and advice of Morgan Stanley and its managing directors, officers, employees and affiliates may be inconsistent with or contrary to positions of, and the advice given by, Morgan Stanley to Customer.  Customer acknowledges and agrees that Morgan Stanley is not acting hereunder as a municipal advisor within the meaning of Section 975 of the Dodd-Frank Wall Street Reform & Consumer Protection Act.

	
  

	
(c)

	
Recording.   Each party may record, on tape or otherwise, any telephone conversation between Morgan Stanley and Customer involving their respective officers, agents and employees, and each party hereby agrees and consents thereto.

(d)           Acceptance of Orders; Position Limits.

	
  

	
(i)

	
Morgan Stanley shall have the right to limit the size of open positions (net or gross) of Customer with respect to the Account at any time and to refuse acceptance of orders to establish new positions, without regard to whether such refusal or limitation is required by, or based on position limits imposed under, Applicable Law.  Morgan Stanley shall make commercially reasonable efforts to provide Customer with a list of any position limits it intends to apply to the Account. Morgan Stanley shall promptly notify Customer of its rejection of any order.  To the extent permitted by Applicable Law, Morgan Stanley is authorized to combine orders for Customer’s Account with orders for other customers.  Unless specified by Customer, Morgan Stanley may designate the exchange or other markets (including, without limitation, an exchange’s electronic trading platform) on or through which it will attempt to execute orders.

	
  

	
(ii)

	
Customer shall file or cause to be filed all applications or reports required under Applicable Law with the CFTC or the relevant contract market or clearing house, and shall provide Morgan Stanley with a copy of such applications or reports and such other information as Morgan Stanley may reasonably request in connection therewith and in connection with Morgan Stanley’s own regulatory reporting obligations.

	
  

	
(e)

	
Original and Variation Margin; Premiums; Other Contract Obligations.  Customer shall perform all obligations attendant to transactions in Contracts for the Account and shall make, or cause to be made, all applicable original margin, variation margin, intra-day margin and premium payments, in such amount, form and subject to such valuation mechanics, as may be required by Applicable Law or by Morgan Stanley.  Requests for margin deposits and/or premium payments shall be communicated to Customer in writing (including electronic mail); provided that Morgan Stanley reserves the right, in the event that Customer cannot be contacted by electronic means (after a commercially reasonable attempt to contact Customer by electronic means), to communicate such requests orally or telephonically.  For the avoidance of doubt, a statement of margin or premium due set forth on Customer’s daily confirmation of trading activity shall constitute a demand for such margin or premium for the purposes of this Section 6(e).  Customer margin deposits and/or premium payments shall be made by wire transfer in accordance with Morgan Stanley’s instructions to Customer segregated account, secured amount account, sequestered account or cleared swap account, as required under Applicable Law, and shall be in U.S. dollars unless Morgan Stanley agrees otherwise in writing.

  

  

  

In connection with any Customer instruction at any time to Morgan Stanley to (i) satisfy any margin requirement arising under this Section 6(e) or this Agreement by means of a transfer of available funds or securities held in a Morgan Stanley securities margin account or (ii) transfer available excess equity out of the Account to any such securities margin account, Customer acknowledges and agrees that funds and Collateral carried in and for the Account, as well as all Contracts carried in and for the Account (I) are not subject to or afforded protection under SEC Rules 8c-1, 15c2-1, 15c3-2 or 15c3-3 and (II) in the event of Morgan Stanley’s bankruptcy or insolvency, will not be afforded protection under the Securities Investor Protection Act of 1970 and, instead, Customer’s rights shall be determined pursuant to the commodity broker liquidation provisions of the Bankruptcy Code and Part 190 of the CFTC Regulations.

Interest on such funds held in segregated or secured accounts (or other accounts to the extent consented to by Ceres) shall be paid by Morgan Stanley to Customer, at rates agreed from time to time between the parties.

	
  

	
(f)

	
Security Interest and Rights Respecting Collateral.   

	
  

	
(i)

	
Customer hereby assigns, pledges and transfers to Morgan Stanley and grants to Morgan Stanley a security interest in and continuing first priority lien on all of Customer’s right, title and interest in the Account and any and all securities entitlements, securities, funds and other property from time to time credited to the Account, held by Morgan Stanley or any of its affiliates, or carried by others for the Account, whether now owned or existing or hereafter acquired and wherever located and all proceeds of any of the foregoing (collectively, the “Collateral”).  The foregoing grant of security secures, to the extent permissible by Applicable Law, all obligations of Customer now or hereafter owing to Morgan Stanley pursuant this Agreement, including, without limitation, all Losses incurred by Morgan Stanley in connection with the enforcement of this Agreement and the security interest created hereunder.  Upon the occurrence of an Event of Default, Morgan Stanley shall have and may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it pursuant to Applicable Law, at law or in equity, all the rights and remedies of a secured party upon default under Applicable Law, including but not limited to the Uniform Commercial Code (“UCC”), whether or not the UCC applies to the affected Collateral, to the fullest extent permitted under Applicable Law.  Customer agrees to execute any documents reasonably required by Morgan Stanley for the perfection or negotiation of such general lien or security interest.  Customer and Morgan Stanley agree that Morgan Stanley’s use of the Collateral shall at all times be subject to and in accordance with Applicable Law.

  

  

  

	
  

	
(ii)

	
If Customer is resident of or domiciled in, or if any of the Collateral is subject to Applicable Law of, any jurisdiction in which a security interest in the Collateral cannot be created solely by means of Customer’s pledge of such Collateral to Morgan Stanley (or any jurisdiction in which the security interest arising under such a pledge would require local registration in order to be perfected), then the parties agree that, with respect to such a jurisdiction, all right, title and interest in and to the Collateral shall vest via transfer of title in Morgan Stanley free and clear of any liens, claims, charges or encumbrances or any other interest of Customer or of any third party (other than a lien routinely imposed on all securities in a relevant clearance system).

	
  

	
(g)

	
Québec Charge. This section applies only with respect to security interests if their validity is governed by the laws of the Province of Québec.  Customer hereby hypothecates and grants a general lien and a continuing first priority security interest in all Collateral to Morgan Stanley for the amount of USD 1,000,000,000.00, with interest from the date of this Agreement.  Morgan Stanley may sell or take the Collateral in payment without giving prior notice or observing any time limits prescribed in respect of such taking in payment or such sales in the Civil Code of Québec.  The said stated amount of the hypothec, lien and security interest is inserted to comply with the requirements of the Civil Code of Québec and represents the maximum amount for which the Collateral is hypothecated and granted.  It does not represent the amount of the indebtedness of Customer secured by the hypothecation, lien and security interest from time to time nor the amount of any credit available to Customer.

	
  

	
(h)

	
Reports and Objections.  Daily confirmations of transactions in Contracts for the Account shall be submitted to Customer and absent manifest error shall be conclusive and binding on Customer unless Customer notifies Morgan Stanley of any objection thereto prior to the opening of trading on the contract market or trading facility on which such transaction occurred on the second Business Day following the day on which Customer receives such Statement; provided that, with respect to monthly statements, Customer may notify Morgan Stanley of any objection thereto within five Business Days after receipt of such monthly Statement.  Any such notice of objection, if given orally to Morgan Stanley, shall be promptly confirmed in writing by Customer.

(i)           Delivery Procedures; Options Allocation Procedure.

	
  

	
(i)

	
Customer shall provide Morgan Stanley with instructions to liquidate Contracts previously established by Customer; to make or take delivery under any such Contracts; or to exercise options entered into by Customer, within such time limits as may be reasonably specified by Morgan Stanley.  Morgan Stanley shall have no responsibility to take any action on behalf of Customer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably acceptable to Morgan Stanley.  Funds sufficient to take delivery pursuant to any such Contract or deliverable grade commodities eligible under Applicable Law for the purpose of effecting delivery pursuant to such Contract must be delivered to Morgan Stanley at such time and in accordance with such procedures as Morgan Stanley may reasonably require in connection with any such delivery.

  

  

  

	
  

	
(ii)

	
Short option Contracts may be subject to exercise at any time.  Exercise notices received by Morgan Stanley from the applicable contract market with respect to option Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices.  In the event of any allocation to Customer, unless Morgan Stanley has received prior, timely instructions from Customer, Morgan Stanley’s sole responsibility shall be to use its best efforts to notify Customer of such allocation.

	
  

	
(iii)

	
If Customer fails to comply with any of the foregoing obligations in this section 6(i), Morgan Stanley may liquidate any open positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley deems necessary or appropriate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not taken by Morgan Stanley in connection therewith or pursuant to Customer’s instructions.

	
  

	
(j)

	
Financial and Other Information.   Customer shall provide to Morgan Stanley such financial information regarding Customer as Morgan Stanley may from time to time reasonably request.  Customer shall notify Morgan Stanley promptly if the financial condition of Customer changes materially and adversely from that shown in the most recent financial information theretofore provided to Morgan Stanley.  An investigation may be conducted pertaining to Customer’s credit standing and business.  If Customer engages in exchange-for-physical, exchange-for-swap, exchange-for-risk, exchange-for-options or exchange-for-related-positions transactions, Customer agrees to provide Morgan Stanley, upon request, with documentation of the underlying cash, physical or swap transaction.

	
  

	
(k)

	
Currency Exchange Risk.  Customer shall bear all risk and cost in respect of the conversion of currencies incident to transactions in Contracts effected on behalf of Customer.  Should Customer elect to deposit funds with Morgan Stanley other than the currency of settlement or instruct Morgan Stanley to convert funds which are already on deposit in another currency, Morgan Stanley shall debit or credit the Account of Customer at a rate of exchange determined by Morgan Stanley in its sole discretion on the basis of the then prevailing market rate of exchange for such foreign currency.  Customer authorizes Morgan Stanley to deposit Customer funds in depositories located outside of the United States, subject to and consistent with the requirements of Applicable Law.  Customer agrees that the conversion of currencies under this Agreement shall be for the sole purpose of effecting transactions in Contracts hereunder and under no circumstances for the purpose of effecting spot, forward or other over-the-counter foreign currency transactions.

	
  

	
(l)

	
Inactive Accounts. Customer acknowledges that Morgan Stanley may deactivate accounts showing no trading activity and agrees to provide Morgan Stanley with any information and documents reasonably requested by Morgan Stanley in connection with Customer’s request to reactivate a closed account.

	
  

	
(m)

	
Cross-Trade Consent.  Customer hereby acknowledges and agrees that Morgan Stanley and its affiliates, officers, employees, successors, assigns, or agents, including floor brokers acting on Morgan Stanley’s behalf, may in connection with any transaction in Contracts for the Account take the other side of such transaction, subject to the transaction being executed at the prevailing price and in accordance with Applicable Law.

  

  

  

	
  

	
(n)

	
Authorization to Transfer Funds.  Customer hereby expressly agrees that Morgan Stanley may, in its sole and absolute discretion and without prior notice to Customer (provided that Morgan Stanley shall provide prior notice to Customer to the extent practicable), transfer any funds, securities, commodities or other property between and among Customer’s segregated, secured amount and sequestered or cleared swap accounts, consistent with and to the extent permitted under Applicable Law and for the sole purpose of executing, clearing and settling transactions in respect of Contracts.  Morgan Stanley shall promptly (and no later than within one Business Day) confirm in writing each transfer of funds, securities, commodities or other property pursuant hereto.  Other than as provided for under this authorization, Morgan Stanley shall not be permitted to transfer any funds, securities, commodities or other property to other accounts without the express written consent of Ceres.  For the avoidance of doubt, funds, securities or other property shall not be transferred among the accounts of different Customers.

	
  

	
(o)

	
Give Up Transactions.  Absent a separate written agreement with Customer with respect to give-up transactions, Morgan Stanley, in its sole discretion, may, but shall not be obligated to, accept from other brokers Contracts executed by such brokers and to be given up to Morgan Stanley for clearance or carrying in any Account.

	
  

	
(p)

	
Offset/Netting Rights.  Morgan Stanley and Customer agree that the parties shall have the right to offset any unrealized gains and losses on the Customer’s open positions and to net any open orders for the purchase or sale of any property of Customer.

	
  

	
7.

	
Termination.  This Agreement may be terminated at any time by Customer upon written notice to Morgan Stanley, or Morgan Stanley upon 60 calendar days written notice to Customer.  In the event of such notice, Customer shall either close out open positions in the Account or arrange for such open positions to be transferred to another FCM.  Upon satisfaction by Customer of all of Customer’s liabilities, Morgan Stanley shall transfer to another FCM all Contracts, if any, then held for the Account, and shall transfer to Customer or to another FCM, as Customer may instruct, all cash, securities and other property held in the Account, whereupon this Agreement shall terminate.  Termination of this Agreement shall not release any party from any liability or obligation incurred or arising from activities prior to such termination.

	
8.

	
Acknowledgements re Securities Transfer Act. For purposes of the Securities Transfer Act as implemented under the laws of an applicable Canadian province, the Personal Property Security Act of an applicable province, Article 9 of the New York Uniform Commercial Code and any similar legislation in any other applicable jurisdiction (a) the jurisdiction of Morgan Stanley as securities intermediary or commodity intermediary with respect to the Account and the Contracts is New York, (b) the Account is a “securities account,” a “futures account” and a “commodity account” and (c) any property of any nature whatsoever credited to the Account is a “financial asset” or “investment property”.

	
  

	
9.

	
Eligible Financial Contract. This Agreement, including the security interest granted by this Agreement, and any Contract, are “eligible financial contracts” within the meaning of the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) and the  Payment Clearing and Settlement Act (Canada).  Customer represents that it is a “financial institution” for the purposes of the Payment Clearing and Settlement Act (Canada).

  

  

  

	
  

	
10.

	
Miscellaneous.

 

	
  

	
(a)

	
Severability.  If any provision of this Agreement is, or at any time becomes, inconsistent with any present or future requirement of Applicable Law, the inconsistent provision shall be deemed superseded or modified to conform with the relevant law, rule or regulation but in all other respects, this Agreement shall continue and remain in full force and effect.

	
  

	
(b)

	
Binding Effect.  This Agreement shall be binding on and inure to the benefit of the parties and their successors.  In the event that Morgan Stanley (i) merges with another entity, or (ii) ceases to be a FCM or (iii) is required by Applicable Law to transfer its Customer accounts to another FCM, Morgan Stanley shall have the right to transfer or assign this Agreement (and thereby the Account) to any successor entity or to another properly registered FCM, to the extent consistent with and at all times subject to Applicable Law.

	
  

	
(c)

	
Independent Adviser.  Customer hereby appoints Advisor as Customer’s agent for the purpose of receiving all communications, notices and requests for instructions related to this Agreement and the transactions effectuated pursuant to this Agreement, including, without limitation, margin calls and any trading information or advice (subject to Section 6(b) hereof).  Advisor is authorized to access and use electronic services, facilities and information provided electronically, including but not limited to Electronic Trading Services (as defined herein), and on behalf of Customer, to agree to the terms and conditions regarding such use and to enter into agreements relating to Electronic Trading Services.  Customer hereby agrees to indemnify and hold Morgan Stanley harmless from and to pay Morgan Stanley promptly on demand any and all Losses arising from Morgan Stanley’s reliance on any communication, notice or instruction of the Advisor until Morgan Stanley receives written notice of Customer’s revocation thereof; and termination of the appointment of the Advisor shall not affect any liability in any way resulting from transactions initiated prior to such termination.  This indemnity is in addition to (and in no way limits or restricts) any rights which Morgan Stanley may have under this Agreement and any other agreement or agreements between Morgan Stanley and Customer.  Nothing in this Section 10(c) shall relieve Customer of any of its obligations under this Agreement.

	
  

	
(d)

	
Entire Agreement.  This Agreement contains the entire agreement between the parties and supersedes any prior oral and written agreements between the parties as to the subject matter hereof.  No provision of this Agreement shall in any respect be waived, altered, modified, or amended unless such waiver, alteration, modification or amendment is signed by the party against whom such waiver, alteration, modification or amendment is to be enforced.

	
  

	
(e)

	
Currency Denomination.  Unless another currency is designated in the confirmations reporting transactions entered into by Customer, all margin deposits in connection with such transactions, and a debit or credit in the Account, shall be stated in United States dollars.  By placing an order in a Contract settled in a particular currency (the “Contract Currency”), Customer agrees to convert to the Contract Currency funds sufficient to meet the applicable margin requirement.  Customer understands and acknowledges that accruals from trades in Contracts that are priced and settled in non-United States dollars will be held in Customer’s account in such non-United States dollar Contract Currency and, except upon an Event of Default, will not be converted to United States dollars except upon Customer’s specific instructions to do so.  Any conversions of currency shall be at a rate of exchange determined by Morgan Stanley on the basis of the then prevailing rates of exchange for such currencies.

  

  

  

	
  

	
(f)

	
Instructions, Notices or Communications.   Except as specifically otherwise provided in this Agreement, all instructions, notices or other communications may be oral or written (and for the avoidance of doubt, notification by facsimile or email to a fax number or email address provided by either party to the other for such purpose shall be deemed written notice).  Customer hereby waives any defense that such instruction, notice, or communication was not in writing.  All oral instructions, unless custom and usage of trade dictate otherwise, shall be promptly confirmed in writing.  All written instructions, notices or other communications shall be addressed as follows:

(i)           if to Morgan Stanley:

Morgan Stanley & Co. LLC

	
  

	
One New York Plaza, 7th Floor

	
  

	
New York, New York  10004

	
  

	
Attention:  Listed Derivatives Operations Manager

	
  

	
(ii)

	
if to Customer, at the address (including email addresses) as indicated on the Commodity Futures Account Application.

In addition, the parties may agree from time to time to provide and receive written notice by electronic means for such purposes hereunder as they may agree and using email addresses that they mutually agree to use for such purposes.  Except as otherwise provided in this Agreement, notices shall be effective (1) if delivered by hand, on the date and at the time of delivery; (2) if sent by express mail service, on the date and at the time of delivery as evidenced by a confirmation from the relevant express mail services; and (3) if transmitted by facsimile or electronic means, on the date and at the time of transmission.

	
  

	
(g)

	
Rights and Remedies Cumulative.  All rights and remedies arising under this Agreement as amended and modified from time to time are cumulative and not exclusive of any rights or remedies which may be available at law or otherwise.

	
  

	
(h)

	
No Waiver.  Neither party’s failure to exercise, delay in exercising, or partial exercise of any contractual right under this or any other agreement, for Contracts or any other product, on any occasion or series of occasions is or implies waiver of any contractual right under any course of dealing theory or otherwise, and does not preclude any other future exercise, delayed exercise or partial exercise of any contractual right hereunder.

	
  

	
(i)

	
Governing Law.  THE INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES WITH RESPECT TO CONTROVERSIES ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CHOICE OF LAW (OTHER THAN SECTION 5-1401 OF NEW YORK GENERAL OBLIGATIONS LAW).

	
  

	
(j)

	
Consent to Jurisdiction.   EACH OF THE PARTIES HEREBY CONSENTS TO THE JURISDICTION OF A STATE OR FEDERAL COURT SITUATED IN NEW YORK, NEW YORK IN CONNECTION WITH ANY DISPUTE ARISING HEREUNDER.  TO THE EXTENT THAT IN ANY JURISDICTION ANY PARTY MAY NOW OR HEREAFTER BE ENTITLED TO CLAIM, FOR ITSELF OR ITS ASSETS, IMMUNITY FROM SUIT, EXECUTION, ATTACHMENT (BEFORE OR AFTER JUDGMENT) OR OTHER LEGAL PROCESS, EACH PARTY HERETO IRREVOCABLY AGREES NOT TO CLAIM, AND IT HEREBY WAIVES, SUCH IMMUNITY.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION ON THE GROUND OF VENUE, FORUM NON CONVENIENS OR ANY SIMILAR GROUNDS.

  

  

  

	
  

	
(k)

	
Waiver of Jury Trial.   CUSTOMER AND MORGAN STANLEY EACH HEREBY WAIVES A TRIAL BY JURY IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION IN CONNECTION THEREWITH.

	
  

	
(l)

	
Equivalency Clause.  For purposes of disclosure pursuant to the Interest Act (Canada), the annual rate of interest which is equivalent to any rate of interest provided for in this Agreement which is to be calculated on any basis other than a full calendar year may be determined by multiplying such rate of interest (expressed as a percentage) by a fraction, the numerator of which is the number of days in the calendar year and the denominator of which is the number of days comprising such other basis.

 

	
  

	
(m)

	
Language of Documentation. The parties hereto have required that this Agreement, and all documents and notices related thereto and/or resulting therefrom be drawn up in English.  Les parties aux présentes ont exigé que la présente convention ainsi que tous les documents et avis qui s’y rattachent et/ou en découlent soient redigés en langue anglaise.

	
  

	
(n)

	
Business Day.  For purposes of this Agreement, “Business Day” shall mean any day on which, in respect of any transaction in Contracts for the Account, exchanges, trading facilities or clearing houses in the United States are open for such transactions.

	
(o)  

	
Consent to Delivery of Electronic Statements.  The CFTC permits a customer to receive daily confirmations and monthly statements for the Account by electronic media, subject to obtaining customer consent.  Morgan Stanley maintains proprietary internet-based systems that deliver confirmations, statements and other reports to Customer in lieu of delivery by ordinary mail.  Customer should be aware of the following: (i) Customer’s consent, if given, will be effective upon execution of this Agreement and shall remain effective thereafter until revoked; (ii) Customer may revoke its consent at any time by written notice of revocation to Morgan Stanley which will be effective upon receipt by Morgan Stanley; and (iii) any electronic confirmation or statement is accessible on the internet-based system for a limited time following its initial posting.

Customer hereby consents to receiving confirmations and statements by electronic means in lieu of ordinary mail.  If Advisor is executing this Agreement on behalf of Customer as Customer’s agent and attorney-in-fact, Advisor hereby represents and warrants that it shall, at all times that this Consent to Delivery of Electronic Statements is in force, make access to the appropriate Morgan Stanley internet-based system available to Customer.

  

  

  

	
  

	
(p)

	
If Customer is domiciled in the Province of Ontario, Canada, Customer hereby acknowledges that (1) Morgan Stanley may execute Contracts on behalf of Customer exclusively on futures exchanges located outside Canada, unless such Contracts are routed through an agent that is a dealer registered in Ontario under the Ontario Commodity Futures Act and the regulations thereunder (the “Ontario Act”); (2) there may be difficulty in enforcing any legal rights against Morgan Stanley, its directors, officers or employees because they are resident outside of Ontario and all or substantially all of Morgan Stanley’s assets are situated outside of Ontario; and (3) Morgan Stanley is not registered under the Ontario Act and, accordingly, the protection available to clients of a dealer registered under the Ontario Act may not be available to Customer.

	
  

	
(q)

	
If Customer is domiciled in either the Province of British Columbia, Canada or the Province of Alberta, Canada, Customer hereby acknowledges that (1) there may be difficulty in enforcing any legal rights against Morgan Stanley or any of its directors, officers, employees or agents, because it is resident outside of British Columbia or Alberta (the “Passport Jurisdictions”) and all or substantially all of its assets are situated outside of the Passport Jurisdictions; (2) Morgan Stanley is not registered under the securities legislation of the Passport Jurisdictions and, accordingly, the protection available to clients of a dealer registered under such legislation will not be available to Customer; and (3) Morgan Stanley shall provide to Customer in a separate writing that is hereby incorporated by reference the name and address of an agent for service in the Passport Jurisdiction in which Customer is located.

	
  

	
(r)

	
If Customer has indicated on the Commodity Futures Account Application that orders placed for the Account will normally represent bona fide hedging transactions, please complete the following.  You should note that CFTC Rule §190.06 permits you to specify whether, in the unlikely event of Morgan Stanley’s bankruptcy, you prefer the bankruptcy trustee to liquidate all positions in the Account.  Accordingly, Customer hereby elects as follows:  (please initial):

o             Liquidate                                      o           Do Not Liquidate

If neither alternative is initialed, Customer will be deemed to have elected to have all positions liquidated.  This election may be changed at any time by written notice.

	
  

	
(s)

	
CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED AND UNDERSTANDS THE FOLLOWING DISCLOSURE STATEMENT PRESCRIBED BY THE CFTC AND FURNISHED HEREWITH.

 

Morgan Stanley hereby acknowledges that use of this form of agreement, by which Morgan Stanley agrees with multiple entities identified on Appendix A hereto, is for ease of administration only, and it is hereby acknowledged and agreed that by executing this Agreement Morgan Stanley shall have entered into and executed a separate agreement with each Customer separately, and containing terms and provisions identical to those contained in this Agreement, and without reference to any other entity identified on Appendix A or Appendix B, as applicable.  For clarity in any case where the Customer is a class, series, division or other legal or economic sub-element of any legal or juridical entity (e.g., by way of example, and not of limitation, one series of a series investment company), the obligations under these terms shall be those of such class, series, division or other supplement alone, and shall not be obligations of or binding on (or satisfied out of the assets of) the legal or juridical entity generally or any other class, series, division, or other sub-element of such entity.

  

  

  

IN WITNESS WHEREOF, Customer and Morgan Stanley have executed this Agreement on the date  indicated below.

Customer:                      Each fund set forth on Appendix A (which may be amended from time to time in accordance with the provisions of this Agreement) attached hereto, in their individual capacity  

By:         /s/ Alper Daglioglu                                                                           11/12/13                      

(Date)

   Alper Daglioglu, Authorized Person                                                                                                             

(Please Print Name and Title)

MORGAN STANLEY & CO. LLC

By:         /s/ Ramesh Menon                                                                           11/12/13                      

(Date)

Ramesh Menon, Authorized Signatory                                                                                                           

(Please Print Name and Title)

  

  

  

Exhibit 10.01

APPENDIX A: CUSTOMER SCHEDULE TO AGREEMENT DATED AS OF

OCTOBER 29, 2013

 

 

	
Name

 

	
Morgan Stanley Smith Barney Spectrum Select L.P.

 

	
Morgan Stanley Smith Barney Spectrum Technical L.P.

 

	
Morgan Stanley Smith Barney Spectrum Global Balanced L.P.

 

	
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. (formerly Morgan Stanley Smith Barney Spectrum Currency L.P.)

 

	
Morgan Stanley Smith Barney Charter Campbell L.P.

 

	
Morgan Stanley Smith Barney Charter Graham L.P.

 

	
Morgan Stanley Smith Barney Charter WNT L.P.

 

	
Morgan Stanley Smith Barney Charter Aspect L.P.

 

	
Morgan Stanley Smith Barney Altis I, LLC

	
 

Morgan Stanley Smith Barney Aspect I, LLC

	
 

Morgan Stanley Smith Barney Augustus I, LLC

	
 

Morgan Stanley Smith Barney BHM I, LLC

	
 

Morgan Stanley Smith Barney Campbell I, LLC

	
 

Morgan Stanley Smith Barney Chesapeake Diversified I, LLC

	
 

Morgan Stanley Smith Barney Boronia I, LLC

	
 

Morgan Stanley Smith Barney Kaiser I, LLC

 

	
Morgan Stanley Smith Barney AHL I, LLC

 

	
Morgan Stanley Smith Barney Rotella I, LLC

 

	
Morgan Stanley Smith Barney TT II, LLC

 

	
Morgan Stanley Smith Barney WNT I, LLC

 

	
Managed Futures Premier Altis L.P.

 

	
Managed Futures Premier Rotterdam L.P.

 

	
Managed Futures Premier Man-AHL L.P.

 

	
BHM Discretionary Futures Fund L.P.

 

	
Polaris Futures Fund L.P.

 

  

  

  

Name

 

 

	
LV Futures Fund L.P.

 

	
Meritage Futures Fund L.P.

 

	
Morgan Stanley Smith Barney Spectrum Strategic L.P.

 

	
Managed Futures Strategic Alternatives L.P.

 

	
Cambridge Master Fund L.P.

 

	
Waypoint Master Fund L.P.

 

	
Rabar Master Fund L.P.

 

	
CMF Drury Capital Master Fund, L.P.

 

	
CMF Graham Capital Master Fund L.P.

 

	
CMF Campbell Master Fund, L.P.

 

	
CMF Aspect Master Fund L.P.

 

	
CMF Winton Master L.P.

 

	
Morgan Stanley Managed Futures Custom Solution Fund LP

 

	
Potomac Futures Fund LP

 

	
Westport Futures Fund LP

 

	
Managed Futures Premier Warrington LP

 

	
Fairfield Futures Fund L.P. II

 

	
Fairfield Futures Fund L.P.

 

	
CMF Willowbridge Master Fund L.P.

 

	
PGR Master Fund L.P.

 

	
KR Master Fund L.P.

 

	
CMF Altis Partners Master Fund L.P.

 

	
MB Master Fund L.P.

 

	
SECOR Master Fund L.P.

 

	
Diversified 2000 Futures Fund L.P.

 

	
Diversified Multi-Advisor Futures Fund L.P.

 

	
Diversified Multi-Advisor Futures Fund L.P. II

 

 

  

  

  

 

Name

 

	
Tactical Diversified Futures Fund L.P.

 

	
Tidewater Futures Fund L.P.

 

	
Institutional Futures Portfolio L.P.

 

	
Global Diversified Futures Fund L.P.

 

	
CMF Winton Feeder I L.P.

 

	
Managed Futures Premier Abingdon L.P.

 

	
Emerging CTA Portfolio L.P.

 

	
Commodity Advisors Fund L.P.

 

	
Managed Futures Premier Aventis II L.P.

 

	
AAA Master Fund LLC

 

	
Principle Master Fund L.P.

 

	
300 North Capital Master Fund L.P.

 

	
Blackwater Master Fund L.P.

 

	
CMF Eckhardt Master Fund L.P.

 

	
JEM Master Fund L.P.

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