Document:

EX-4.13

 Exhibit 4.13 

CONFIDENTIAL 
  

 
  

CONVERTIBLE NOTE PURCHASE AGREEMENT 

by and between 
 GRIDSUM
HOLDING INC. 
 and 

FUTUREX INNOVATION SPC 

(on behalf of and for the account of New Technology Fund II SP as one of its segregated portfolios) 

Dated April 30, 2018 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I DEFINITIONS AND INTERPRETATION	  	 	1	 
	 Section 1.1
	  	 Definitions
	  	 	1	 
	 Section 1.2
	  	 Interpretation and Rules of Construction
	  	 	5	 
		
	ARTICLE II PURCHASE AND SALE OF THE NOTE	  	 	6	 
	 Section 2.1
	  	 Sale and Issuance of the Note
	  	 	6	 
	 Section 2.2
	  	 Closing
	  	 	6	 
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	 	7	 
	 Section 3.1
	  	 Organization, Good Standing and Qualification
	  	 	7	 
	 Section 3.2
	  	 Authorization
	  	 	7	 
	 Section 3.3
	  	 Valid Issuance
	  	 	7	 
	 Section 3.4
	  	 No Violation
	  	 	8	 
	 Section 3.5
	  	 No Default
	  	 	8	 
	 Section 3.6
	  	 Consents
	  	 	8	 
	 Section 3.7
	  	 Compliance with Applicable Laws; Permits
	  	 	8	 
	 Section 3.8
	  	 Capitalization; Significant Subsidiaries
	  	 	10	 
	 Section 3.9
	  	 Litigation
	  	 	11	 
	 Section 3.10
	  	 Tax
	  	 	11	 
	 Section 3.11
	  	 Intellectual Property
	  	 	11	 
	 Section 3.12
	  	 Real and Personal Property
	  	 	11	 
	 Section 3.13
	  	 Investment Company
	  	 	12	 
	 Section 3.14
	  	 Offering
	  	 	12	 
	 Section 3.15
	  	 Listing
	  	 	12	 
	 Section 3.16
	  	 Structured Entities
	  	 	12	 
	 Section 3.17
	  	 No General Solicitation
	  	 	12	 
	 Section 3.18
	  	 Brokers
	  	 	12	 
		
	ARTICLE IV REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE PURCHASER	  	 	12	 
	 Section 4.1
	  	 Representations and Warranties of the Purchaser
	  	 	12	 
	 Section 4.2
	  	 No Reliance
	  	 	14	 
		
	ARTICLE V CONDITIONS	  	 	15	 
	 Section 5.1
	  	 Conditions to the Purchaser’s Obligations
	  	 	15	 
	 Section 5.2
	  	 Conditions to the Company’s Obligations
	  	 	15	 
		
	ARTICLE VI AGREEMENTS	  	 	16	 
	 Section 6.1
	  	 Use of Proceeds
	  	 	16	 
	 Section 6.2
	  	 Confidentiality
	  	 	16	 
	 Section 6.3
	  	 Further Assurances
	  	 	17	 
	 Section 6.4
	  	 Lock-up
	  	 	17	 
		
	ARTICLE VII TERMINATION	  	 	17	 
	 Section 7.1
	  	 Termination
	  	 	17	 
	 Section 7.2
	  	 Effect of Termination
	  	 	18	 

  
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	 	  	 	  	Page	 
		
	ARTICLE VIII MISCELLANEOUS	  	 	18	 
	 Section 8.1
	  	 Successors and Assigns; No Third Party Beneficiaries
	  	 	18	 
	 Section 8.2
	  	 Governing Law; Dispute Resolution.
	  	 	18	 
	 Section 8.3
	  	 Counterparts
	  	 	18	 
	 Section 8.4
	  	 Notices
	  	 	18	 
	 Section 8.5
	  	 Fees and Expenses
	  	 	19	 
	 Section 8.6
	  	 Entire Agreement
	  	 	19	 
	 Section 8.7
	  	 Amendment; Waiver
	  	 	20	 
	 Section 8.8
	  	 Severability
	  	 	20	 

  

					
	SCHEDULE 1	 		  	SIGNIFICANT SUBSIDIARIES
	EXHIBIT A	 		  	FORM OF CONVERTIBLE NOTE
	EXHIBIT B	 		  	FORM OF REGISTRATION RIGHTS AGREEMENT
	EXHIBIT C	 	      	  	FORM OF CAYMAN LEGAL OPINION

  
 ii 

 THIS CONVERTIBLE NOTE PURCHASE AGREEMENT (this “Agreement”), dated
April 30, 2018, is entered into by and between: 
 (1)    Gridsum Holding Inc., a Cayman Islands company (the
“Company”); and 
 (2)    FutureX Innovation SPC (on behalf of and for the account of New Technology
Fund II SP as one of its segregated portfolios), an exempted company incorporated under the laws of the Cayman Islands and registered as a segregated portfolio company (the “Purchaser”). 

RECITALS 
 WHEREAS, the
Company desires to issue and sell to the Purchaser, and the Purchaser desires to subscribe for and purchase from the Company, the Note (as defined below) on the terms and subject to the conditions of this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements set forth herein, as
well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

ARTICLE I 
 DEFINITIONS
AND INTERPRETATION 
 Section 1.1    Definitions. In this Agreement, except to the extent otherwise
provided or that the context otherwise requires: 
 “ADS” means American depositary shares of the Company, each representing
one Ordinary Share as of the date hereof. 
 “Affiliate” means, with respect to any specified Person, any Person that
controls, is controlled by, or is under common control with such Person. For purposes of this definition, the term “control” (including the terms “controlling,” “controlled by” and “under common control
with”), when used with respect to any specified Person, means the possession, directly or indirectly, individually or together with any other Person, of the power to direct or to cause the direction of the management and policies of a Person,
whether through ownership of voting securities or other interests, by contract or otherwise. 
 “Agreement” has the meaning
ascribed to this term in the preamble hereto. 
 “Anti-Money Laundering Laws” has the meaning ascribed to this term in
Section 3.7(b). 
 “Anti-Corruption Laws” has the meaning ascribed to this term in
Section 3.7(c). 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on
which banking institutions in the Cayman Islands, the State of New York, Beijing, or Hong Kong are required by Law to be closed. 

“Closing” has the meaning ascribed to this term in Section 2.2(a). 

“Closing Date” has the meaning ascribed to this term in Section 2.2(a). 

 “Company” has the meaning ascribed to this term in the preamble hereto.

 “Company Material Adverse Effect” means any event, change, development or occurrence that, individually or in the
aggregate, has had or would reasonably be expected to have a material adverse effect on (a) the business, shareholders’ equity, financial condition or results of operations of the Company and the Significant Subsidiaries, taken as a whole
(including any material adverse action by applicable regulatory authorities), or (b) the ability of the Company to enter into this Agreement, the Note or the Registration Rights Agreement or to perform its obligations hereunder or thereunder;
provided, however, that for purposes of clause (a) above, no change, event, circumstance, development or effect attributable to or resulting from any of the following shall be deemed to be, or taken into account in determining
whether there has been or would reasonably be expected to be, a Company Material Adverse Effect: (i) changes, events, developments or circumstances in or affecting general economic conditions or the securities, credit or financial markets in
general (including interest rates and exchange rates), (ii) changes, events, developments or circumstances generally affecting the industries in which any of the Company and the Significant Subsidiaries operate, (iii) changes or
developments in GAAP, other applicable accounting rules or applicable Law, or the enforcement or interpretation thereof, or changes or developments in political, regulatory or legislative conditions, (iv) changes, events, circumstances or
developments resulting from any weather-related or other force majeure event or natural disaster (including hurricane, tornado, flood, earthquake, tsunami or volcano eruption) or outbreak or escalation of hostilities or acts of war (whether or not
declared) or terrorism, (v) seasonal fluctuations in the Company or its Subsidiaries’ business performance or results of operations, (vi) the matters publicly disclosed, or disclosed to the Purchaser or its Affiliates (or any
directors, officers, employees, counsel, advisers or representatives thereof), about the letter dated April 16, 2018 from PricewaterhouseCoopers Zhong Tian LLP (“PwC”), the Company’s independent registered public
accounting firm, notifying the Company’s board of directors and audit committee that, among other things, PwC’s audit report for the Company’s financial statements for the year ended December 31, 2016 should no longer be relied
upon (the “PwC Letter”), the investigation by the Company’s audit committee, or delays in SEC filings and litigations relating to the PwC Letter or the audit committee investigation or to the matters contemplated thereby,
(vii) any failure by the Company or any of the Significant Subsidiaries to meet any internal or published projections, forecasts, estimates or projections or analysts’ expectations in respect of revenues, cash flow, earnings or other
financial or operating metrics for any period, in and of itself, or (viii) any changes in the market price or trading volume of Ordinary Shares or ADSs; provided, however, that (A) the underlying cause(s) of such change or
failure shall not be excluded in the case of clauses (vii) and (viii) (unless otherwise excepted under the foregoing clauses (i) through (vi)) and (B) any changes, events, circumstances or developments referred to in clauses (i),
(ii), (iii) and (iv) shall not be excluded to the extent the same disproportionately affect (individually or together with other changes, events, circumstances or developments) the Company and the Significant Subsidiaries, taken as a whole, as
compared to other similarly situated Persons operating in the same principal industries in which the Company and the Significant Subsidiaries operate. 

“Company SEC Documents” means all registration statements, proxy statements and other statements, reports, schedules, forms
and other documents filed or furnished by the Company with the SEC, including all financial statements, notes, exhibits and schedules included therein and all documents incorporated by reference therein. 

  
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 “Confidential Information” has the meaning ascribed to this term in
Section 6.2(a). 
 “Conversion Shares” means the Ordinary Shares into which the Note is
convertible. 
 “Depositary” means Citibank, N.A., the depositary of the Company’s ADS program. 

“Disclosure Letter” means the disclosure letter delivered by the Company to the Purchaser on or prior to the date hereof.

 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “GAAP” means accounting principles generally accepted in the United States. 

“Governmental Authority” means any federal, national, supranational, state, provincial, local, municipal or other government,
any governmental, quasi-governmental, supranational, judicial, regulatory or administrative authority (including any governmental division, department, agency, commission, instrumentality, organization, unit or body, political subdivision, and any
court or other tribunal) or any stock exchange or self-regulatory organization (including the NASDAQ) with competent jurisdiction. 

“Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or
with any Governmental Authority. 
 “Gridsum Stock Option Plan” means the Company’s stock option plan, adopted in 2011
and amended in 2014 and 2017, as disclosed in the Company SEC Documents prior to the date hereof. 
 “Gridsum Equity Incentive
Plan” means the Company’s equity incentive plan, adopted on February 2, 2016 and amended in 2017, as disclosed in the Company SEC Documents prior to the date hereof. 

“HKIAC” has the meaning ascribed to this term in Section 8.2(b). 

“HKIAC Rules” has the meaning ascribed to this term in Section 8.2(b). 

“Information” has the meaning ascribed to this term in Section 4.2(c). 

“Intellectual Property” means all (i) trademarks, service marks, brand names, certification marks, collective marks,
d/b/a’s, Internet domain names, logos, symbols, trade dress, trade names, and other indicia of origin, all applications and registrations for the foregoing, and all goodwill associated therewith and symbolized thereby, including all renewals of
same; (ii) inventions and discoveries, whether patentable or not, and all patents and applications therefor, including provisional applications, divisions, continuations,
continuations-in-part, extensions, reexaminations and reissues; (iii) confidential information, trade secrets and know-how,
including processes, schematics, business methods, formulae, drawings, prototypes, models, designs, customer lists and supplier lists; (iv) published and unpublished works of authorship, whether copyrightable or not (including, without
limitation, databases and other compilations of information), copyrights therein and thereto, and registrations and applications therefor, and all renewals, extensions, restorations and reversions thereof; and (v) other intellectual property or
proprietary rights. 

  
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 “Law” means any statute, law, ordinance, regulation, rule, code, order,
judgment, writ, injunction, decree or requirement of law (including common law) enacted, issued, promulgated, enforced or entered by a Governmental Authority. 

“Lien” means, with respect to any property or asset, any mortgage, pledge, claim, security interest, easement, covenant,
restriction, reservation, defect in title, encroachment or other encumbrance, lien (choate or inchoate), charge, equity, or other restriction or limitation, whether arising by contract or under Law. 

“Lock-Up Securities” has the meaning ascribed to this term in
Section 6.4. 
 “NASDAQ” means The NASDAQ Global Select Market. 

“Note” means the convertible note in the principal value of US$40,000,000 issued to the Purchaser pursuant to Article
II, the form of which is attached hereto as Exhibit A. 
 “Ordinary Shares” means Class B ordinary shares
of the Company, par value US$0.001 per share. 
 “Permits” has the meaning ascribed to this term in
Section 3.7(d). 
 “Person” means an individual, a corporation, a limited liability company, an
association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a Governmental Authority. 

“PRC” means the People’s Republic of China. 

“Proceeding” means any action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative or
appellate proceeding) or hearing commenced, brought, conducted or heard by or before, or otherwise involving, any arbitrator, arbitration panel, court or other Governmental Authority. 

“Purchase Price” has the meaning ascribed to this term in Section 2.1. 

“Purchaser” has the meaning ascribed to this term in the preamble hereto. 

“Purchaser Material Adverse Effect” means any event, change or occurrence that, individually or in the aggregate, has had or
would reasonably be expected to have a material adverse effect on the ability of the Purchaser to enter into this Agreement or to perform its obligations hereunder. 

“Sanctions” has the meaning ascribed to this term in Section 3.7(a). 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Registration Rights Agreement” means the registration rights agreement, the form of which is attached
hereto as Exhibit B. 
 “Significant Subsidiaries” means the entities set forth in Schedule 1 hereto. 

  
 4 

 “Structured Entities” has the meaning ascribed to this term in
Section 3.16. 
 “Subsidiary” means, as of the relevant date of determination, with respect to
any Person (the “subject entity”), (i) any Person (x) more than fifty percent (50%) of whose shares or other interests entitled to vote in the election of directors or (y) more than fifty percent (50%) interest in the profits or
capital of such Person are owned or controlled directly or indirectly by the subject entity or through one or more Subsidiaries of the subject entity, (ii) any Person, including for the avoidance of doubt any “variable interest
entity,” whose financial statements, or portions thereof, are or are intended to be consolidated with the financial statements of the subject entity for financial reporting purposes in accordance with GAAP or (iii) any Person with respect
to which the subject entity has the sole power to control or otherwise direct the business and policies of that entity directly or indirectly through another subsidiary or otherwise. 

“Tax” or “Taxes” means all federal, state, local, and foreign income, excise, gross receipts, gross income,
ad valorem, profits, gains, property, capital, sales, transfer, use, payroll, employment, severance, withholding, duties, intangibles, franchise, backup withholding, value-added, and other taxes imposed by a Governmental Authority, together with all
interest, penalties and additions to tax imposed with respect thereto. 
 “Tax Return” means any report, return or other
document (including any amendments thereto) required to be supplied to a Governmental Authority with respect to Taxes. 

Section 1.2    Interpretation and Rules of Construction. In this Agreement, except to the extent otherwise
provided or that the context otherwise requires: 
 (a)    The words “party” and “parties” shall be
construed to mean a party or the parties to this Agreement, and any reference to a party to this Agreement or any other agreement or document contemplated hereby shall include such party’s successors and permitted assigns. 

(b)    When a reference is made in this Agreement to an article, section or clause, such reference is to an article,
section or clause of this Agreement. 
 (c)    The headings for this Agreement are for reference purposes only and do
not affect in any way the meaning or interpretation of this Agreement. 
 (d)    Whenever the words “include,”
“includes” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation.” 

(e)    The words “hereof,” “herein” and “hereunder” and words of similar import, when used
in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement. 

(f)    All terms defined in this Agreement have the defined meanings when used in any certificate or other document made
or delivered pursuant hereto, unless otherwise defined therein. 
 (g)    The definitions contained in this Agreement
are applicable to the singular as well as the plural forms of such terms. 

  
 5 

 (h)    A reference to any legislation or to any provision of any
legislation shall include any modification, amendment, re-enactment thereof, any legislative provision substituted therefor and all rules, regulations and statutory instruments issued or related to such
legislation. 
 (i)    The parties have each participated in the negotiation and drafting of this Agreement and if any
ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or burdening either party by virtue of the authorship of any of
the provisions in this Agreement or any interim drafts thereof. 
 ARTICLE II 

PURCHASE AND SALE OF THE NOTE 

Section 2.1    Sale and Issuance of the Note. Subject to the terms and conditions of this Agreement, at
the Closing, the Company agrees to issue and sell to the Purchaser, and the Purchaser agrees to subscribe for and purchase from the Company, the Note, for a purchase price of US$40,000,000 (the “Purchase Price”). 

Section 2.2    Closing. 

(a)    Subject to the satisfaction or waiver of the conditions set forth in Article V, the closing of the
transactions described in this Agreement (the “Closing”) shall take place as soon as practicable but in no event later than the third (3rd) Business Day following the satisfaction or waiver of the conditions set forth in Article
V (other than those conditions that by their nature are to be satisfied at the Closing), or such other date as the parties may mutually agree in writing (the date on which the Closing takes place, the “Closing Date”). 

(b)    The Closing shall take place remotely via the exchange of documents and signatures, or at such other place and in
such other manner as the parties may mutually agree in writing. 
 (c)    At the Closing, the Purchaser shall
(i) pay the Purchase Price to the Company in U.S. dollars by wire transfer of immediately available funds to a bank account designated in writing by the Company to the Purchaser at least two (2) Business Days prior to the Closing Date; and
(ii) deliver to the Company the Registration Rights Agreement duly executed by the Purchaser. 
 (d)    At the
Closing, the Company shall deliver to the Purchaser: 
 (i)    the Note, dated the Closing Date and
registered in the name of the Purchaser; 
 (ii)    the Registration Rights Agreement, duly executed by
the Company, 
 (iii)    an opinion of Travers Thorp Alberga, Cayman Islands counsel to the Company,
dated the Closing Date, substantially in the form attached hereto as Exhibit C; and 
 (iv)    a
certificate, dated the Closing Date and signed by the Chief Executive Officer or a Chief Financial Officer of the Company, certifying on behalf of the Company that the conditions specified in Section 5.1(a), (b) and
(c) have been fulfilled. 

  
 6 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except as set forth in the Company SEC Documents or the Disclosure Letter, the Company hereby represents and warrants to the Purchaser that,
as of the date hereof and as of the Closing: 
 Section 3.1    Organization, Good Standing and Qualification.
The Company is an exempted company, duly incorporated, validly existing and in good standing under the Laws of the Cayman Islands, and each of the Company’s Significant Subsidiaries is duly incorporated or organized, validly existing and in
good standing (where such concept is applicable) under the Laws of the jurisdiction of its incorporation or organization. The Company and each of its Significant Subsidiaries has the requisite corporate power and authority to own or lease all of its
properties and assets and to carry on its business as it is now being conducted, and is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties
and assets owned or leased by it makes such licensing or qualification necessary, except where the failure so to qualify or to be in good standing would not, individually or in the aggregate, result in a Company Material Adverse Effect. 

Section 3.2    Authorization. The Company has all requisite corporate power to enter into this Agreement, the
Note and the Registration Rights Agreement and to perform its obligations hereunder and thereunder. The execution, delivery and performance of this Agreement, the Note and the Registration Rights Agreement by the Company have been duly authorized by
all necessary corporate action on the part of the Company. This Agreement and the Registration Rights Agreement have been or will be duly executed and delivered by the Company and, assuming due authorization, execution and delivery by the Purchaser,
constitute or will constitute legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforcement may be limited by general principles of equity, whether applied in a court of Law
or a court of equity, and by applicable bankruptcy, insolvency and similar Law affecting creditors’ rights and remedies generally. 

Section 3.3    Valid Issuance. The Note has been duly and validly authorized for issuance and sale to the
Purchaser by the Company, and when issued and delivered by the Company against payment therefor by the Purchaser in accordance with the terms of this Agreement, the Note will be legally binding and valid obligations of the Company and enforceable
against the Company in accordance with its terms, except as enforcement may be limited by general principles of equity, whether applied in a court of Law or a court of equity, and by applicable bankruptcy, insolvency and similar Law affecting
creditors’ rights and remedies generally. The Conversion Shares have been duly authorized for issuance and, when issued upon conversion of the Note, will be duly and validly issued, fully paid and
non-assessable, and will not be subject to any pre-emptive or similar rights and will rank pari passu with all other existing Ordinary Shares. 

  
 7 

 Section 3.4    No Violation. The execution, delivery and
performance by the Company of this Agreement, the Note and the Registration Rights Agreement, the issuance of the Conversion Shares upon conversion of the Note, and the consummation of the other transactions contemplated hereby and thereby, do not
and will not (i) violate, conflict with or result in the breach of any provision of the memorandum and articles of association (or similar organizational documents) of the Company or any of its Significant Subsidiaries, (ii) subject to the
truth and accuracy of the representations and warranties of the Purchaser in Article IV, conflict with or violate any Law or Governmental Order applicable to the Company or any of its Significant Subsidiaries or the assets, properties,
businesses or operations of the Company or any of its Significant Subsidiaries, or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default)
under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation of, any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit,
franchise or other instrument or arrangement to which the Company or any of its Significant Subsidiaries is a party or result in the creation of any Liens upon any of the properties or assets of the Company or any of its Significant Subsidiaries.

 Section 3.5    No Default. To the Company’s knowledge, neither the Company nor any of its
Significant Subsidiaries (i) is in violation of any provision of its memorandum and articles of association (or similar organizational documents) ; (ii) is in default, and no event has occurred that, with notice or lapse of time or both, would
constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Significant
Subsidiaries is a party or by which the Company or any of its Significant Subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject; or (iii) is in violation of any law or statute
applicable to the Company or any of its Significant Subsidiaries or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority having jurisdiction over the Company or any of its Significant
Subsidiaries, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not reasonably be expected, individually or in the aggregate, to have a Company Material Adverse Effect. 

Section 3.6    Consents. Subject to the truth and accuracy of the representations and warranties of the
Purchaser in Article IV, the execution, delivery and performance by the Company of this Agreement, the Note and the Registration Rights Agreement, the issuance of the Conversion Shares upon conversion of the Note, and the consummation of the
other transactions contemplated hereby and thereby do not and will not require any consent, approval, authorization or other order of, action by, filing with, or notification to, any Governmental Authority or any third party other than those as have
been made or obtained, and except for any required filing or notification with the SEC or NASDAQ in connection therewith. 

Section 3.7    Compliance with Applicable Laws; Permits. 

(a)    None of the Company, its Subsidiaries and, the Company’s and its Subsidiaries’ respective directors,
officers, and to the knowledge of the Company, employees, representatives, agents or Affiliates has conducted or entered into a contract to conduct any transaction with the governments or any sub-division
thereof, agents or representatives, residents of, or any entity based or resident in the countries that are currently, or at the time such transaction was conducted or such contract entered into were, subject to any sanctions administered by the
Office of Foreign Assets Control of the U.S. Treasury Department , the United Nations Security Council, the European Union or Her Majesty’s Treasury (collectively, “Sanctions”); and neither the Company nor any of its
Subsidiaries has financed the activities of any person currently subject to any Sanctions. The Company will not directly or indirectly use the proceeds from the sale of the Note, or lend, contribute or otherwise make available such proceeds to any
Subsidiary, Affiliate, joint venture partner or other person or entity for the purpose of financing the activities of any person currently subject to any Sanctions. 

  
 8 

 (b)    None of the Company, its Subsidiaries and, the Company’s and
its Subsidiaries’ respective directors, officers, and to the knowledge of the Company, employees, representatives, agents or affiliates, has violated, and the Company’s participation in the transaction contemplated hereby will not violate,
any Anti-Money Laundering Laws (as defined below). As used herein, “Anti-Money Laundering Laws” means all applicable Laws regarding anti-money laundering, including, without limitation, Title 18 U.S. Code section 1956 and 1957, the
USA Patriot Act, the Bank Secrecy Act, and international anti-money laundering principals or procedures published by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States
is a member and with which designation the United States representative to the group or organization continues to concur, in each case as amended, and any executive order, directive, or regulation pursuant to the authority of any of the foregoing,
or any orders or licenses issued thereunder. There is no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to Anti-Money
Laundering Laws that is pending or, to the knowledge of the Company, threatened. 
 (c)    To the Company’s
knowledge, neither the Company nor any of its Significant Subsidiaries nor any director, officer, or employee of the Company or any of its Significant Subsidiaries nor, to the knowledge of the Company, any agent, affiliate or other person acting on
behalf of the Company or any of its Significant Subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an
offer, promise or authorization of any direct or indirect unlawful payment or unlawful benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of
the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the
Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption laws (collectively, the “Anti-Corruption Laws”); or (iv) made, offered, agreed, requested or taken an act in furtherance of any
unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company and its Significant Subsidiaries have instituted and maintain
policies and procedures designed to promote and ensure compliance with the Anti-Corruption Laws. 
 (d)    Except in
each case as, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect, (i) the Company and its Significant Subsidiaries have all licenses, permits, qualifications,
accreditations, approvals, consents, authorizations, franchises, variances, exemptions and orders of any Governmental Authority (collectively, the “Permits”), and have made all necessary filings required under applicable Laws,
necessary to conduct the business of the Company and its Significant Subsidiaries, (ii) since December 31, 2016, neither the Company nor any of its Significant Subsidiaries has received any written notice of any violation of or failure to
comply with any Permit or any actual or possible revocation, withdrawal, suspension, cancellation, termination or material modification of any Permit, and (iii) each such Permit has been validly issued or obtained and is in full force and
effect. 

  
 9 

 Section 3.8    Capitalization; Significant Subsidiaries.

 (a)    The authorized capital stock of the Company consists of 200,000,000 ordinary shares, par value of US$0.001 per
share, which is divided into 20,000,000 Class A ordinary shares, par value of US$0.001 per share, and 180,000,000 Class B ordinary shares, par value of US$0.001 per share, of which 30,824,438 ordinary shares, comprising of 4,543,461
Class A ordinary shares and 26,280,977 Class B ordinary shares, are issued and outstanding as of February 28, 2018 (excluding the 110,758 Class B ordinary shares issued to the Depositary for bulk issuance of ADSs reserved for
future issuances upon the exercise or vesting of awards granted under the Gridsum Stock Option Plan or the Gridsum Equity Incentive Plan). The Company has not issued any shares of capital stock since February 28, 2018 except pursuant to
exercise of the outstanding share options or other equity awards disclosed in paragraph (b) below. Except as set forth in this Section 3.8, the Company has no outstanding warrants, options, bonds, debentures, notes or
other obligations, the holders of which have the right to vote (or which are convertible into or exercisable or exchangeable for securities having the right to vote) with the shareholders of the Company on any matter. All issued and outstanding
Ordinary Shares have been duly authorized and validly issued and are fully paid and non-assessable, are free of preemptive rights, were issued in compliance with applicable U.S. and other applicable securities
Laws and were not issued in violation of any preemptive right, resale right, right of first refusal, or similar right. 

(b)    As of February 28, 2018, 1,341,889 Ordinary Shares were issuable upon the exercise of outstanding share
options under the Gridsum Stock Option Plan and 1,320,000 Ordinary Shares were issuable upon the exercise of outstanding share options under the Gridsum Equity Incentive Plan. As of February 28, 2018, the Company has granted 1,013,026
restricted share units under the Gridsum Equity Incentive Plan and 1,013,026 restricted share units were outstanding. The Company has not issued any share options or restricted share units since February 28, 2018 except for restricted share
units representing not more than 313,125 Ordinary Shares. 
 (c)    Except as set forth above in this
Section 3.8, there are no outstanding (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company convertible into or exercisable or exchangeable for shares of capital stock or
voting securities of the Company or (iii) preemptive or other outstanding rights, options, warrants, conversion rights, “phantom” stock rights, stock appreciation rights, redemption rights, repurchase rights, agreements, arrangements,
calls, commitments or rights of any kind that obligate the Company to issue or sell any shares of capital stock or other securities of the Company or any securities or obligations convertible or exchangeable into or exercisable for, or giving any
Person a right to subscribe for or acquire, any securities of the Company, and no securities or obligations evidencing such rights are authorized, issued or outstanding. The authorized capital stock of the Company is sufficient to accommodate the
issuance of the Conversion Shares upon conversion of the Note. 

  
 10 

 (d)    All outstanding shares of capital stock or other securities of
the Significant Subsidiaries (other than any Significant Subsidiary organized under the Laws of the PRC) are duly authorized, validly issued, fully paid and non-assessable. The registered capital of each
Significant Subsidiary organized under the Laws of the PRC has been timely contributed in accordance (if so required) with its articles of association. 

(e)    Other than the Significant Subsidiaries set forth on Schedule 1, there are no Subsidiaries that meet the
definition of a “significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act (but with all references to “10%” therein
being deemed to refer to “15%”). 
 Section 3.9    Litigation. 

(a)    As of the date of this Agreement, to the knowledge of the Company, there is no pending Proceeding against the
Company or any of its Significant Subsidiaries or any director or officer thereof (in their capacity as such), in each case, as would have, if decided adversely, individually or in the aggregate, a Company Material Adverse Effect. 

(b)    There is no Governmental Order in effect or pending to which the Company or any of its Significant Subsidiaries is
a party or subject which materially interferes with the business of the Company and its Significant Subsidiaries as currently conducted, taken as a whole. 

Section 3.10    Tax. Except as, individually or in the aggregate, has not had and would not reasonably be
expected to have a Company Material Adverse Effect: 
 (a)    the Company and each of its Significant Subsidiaries have
timely filed (taking into account all applicable extensions) all Tax Returns required to be filed by them, and all such Tax Returns were correct and complete in all respects, and the Company and each of its Significant Subsidiaries have paid (or
have had paid on their behalf) to the appropriate Governmental Authority all Taxes that are required to be paid by them, except, in each case, with respect to matters contested in good faith or for which adequate reserves have been established in
accordance with GAAP; and 
 (b)    there are no disputes pending, or claims asserted in writing, in respect of Taxes of
the Company or any of its Significant Subsidiaries for which reserves in accordance with GAAP have not been established. 

Section 3.11    Intellectual Property. The Company owns, or possesses the right to use, all of the
Intellectual Property, licenses, permits and other authorizations that are reasonably necessary for the operation of its business, without infringing the rights of any other Person, except for failures to so own, or so possess the right to use, that
would not have a Company Material Adverse Effect. 
 Section 3.12    Real and Personal Property. Except as
would not reasonably be expected, individually or in the aggregate, to have a Company Material Adverse Effect, the Company and its Significant Subsidiaries have good and marketable title in fee simple (in the case of real property) to, or have valid
and marketable rights to lease or otherwise use, all items of real and personal property and assets (other than intellectual property, which is subject to Section 3.11) that are material to the business of the Company and
its Significant Subsidiaries, in each case free and clear of all Liens, encumbrances, claims and defects and imperfections of title. 

  
 11 

 Section 3.13    Investment Company. The Company is not, and
immediately after receipt of the Purchase Price will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

Section 3.14    Offering. Subject to the truth and accuracy of the representations and warranties of the
Purchaser in Section 4.1(f), the offer, sale and issuance of the Note are conducted outside the United States in an “offshore transaction” as defined in Rule 902 of Regulation S under the Securities Act and are
exempt from the registration requirements of the Securities Act. 
 Section 3.15    Listing. The Ordinary
Shares are registered pursuant to Section 12(b) of the Exchange Act and the ADSs are listed on the NASDAQ. 

Section 3.16    Structured Entities. The Company controls the structured entities set forth on
Schedule 1 (the “Structured Entities”) through a series of contractual arrangements, and there is no enforceable agreement or understanding to rescind, amend or change the nature of such captive structure
or material terms of the contractual arrangements with the Structured Entities. 
 Section 3.17    No General
Solicitation. Neither the Company nor any other Person authorized by the Company to act on its behalf has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with
respect to offers or sales of the Note. The Company has not, directly or indirectly, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which, to its knowledge, is
or will be integrated with the Note sold pursuant to this Agreement. 
 Section 3.18    Brokers. Neither the
Company nor any other Person authorized by the Company to act on its behalf has retained, utilized or been represented by any broker or finder in connection with the transactions contemplated by this Agreement whose fees the Purchaser would be
required to pay. 
 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE PURCHASER 

Section 4.1    Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants
to the Company that, as of the date hereof and as of the Closing: 
 (a)    Organization and Good Standing. The
Purchaser is duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of organization. 

(b)    Authorization. The Purchaser has all requisite corporate power to enter into this Agreement and the
Registration Rights Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement and the Registration Rights Agreement by the Purchaser have been duly authorized by all necessary corporate or similar
action on the part of the Purchaser. This Agreement and the Registration Rights Agreement have been or will be duly executed and delivered by the Purchaser and, assuming due authorization, execution and delivery by the Company, constitute or will
constitute legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as enforcement may be limited by general principles of equity, whether applied in a court of Law or a court of
equity, and by applicable bankruptcy, insolvency and similar Law affecting creditors’ rights and remedies generally. 

  
 12 

 (c)    No Violation. The execution, delivery and performance by
the Purchaser of this Agreement, the Note and the Registration Rights Agreement and the consummation of the transactions contemplated hereby and thereby do not and will not (i) violate, conflict with or result in the breach of any provision of
its memorandum and articles of association (or similar organizational documents), (ii) conflict with or violate any Law or Governmental Order applicable to it or any of its assets, properties or businesses, or (iii) conflict with, result in any
breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension,
revocation or cancellation of, any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party or result in the creation of any Liens upon any of its
properties or assets, other than, in the case of clauses (ii) and (iii) above, any such conflict, violation, default, termination, amendment, acceleration, suspension, revocation, cancellation or encumbrance that would not have, individually or
in the aggregate, a Purchaser Material Adverse Effect. 
 (d)    Consents. The execution, delivery and
performance by the Purchaser of this Agreement, the Note and the Registration Rights Agreement do not and will not require any consent, approval, authorization or other order of, action by, filing with, or notification to, any Governmental Authority
or any third party. 
 (e)    Offshore Transaction. The Purchaser is not a “U.S. person” and is located
outside of the United States, as such terms are defined in Rule 902 of Regulation S under the Securities Act. The Purchaser is acquiring the Note in an offshore transaction executed in reliance upon the exemption from registration provided by
Regulation S under the Securities Act. 
 (f)    No Distribution. The Purchaser is acquiring the Note for its own
account and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the Securities Act. The Purchaser does not presently have any agreement or
understanding, directly or indirectly, to distribute the Note or any Conversion Shares. 
 (g)    Restricted
Securities. The Purchaser acknowledges that the Note and the Conversion Shares are “restricted securities” that have not been registered under the Securities Act or any applicable state securities Law, and may not be resold unless
pursuant to an effective registration under the Securities Act and applicable state securities Laws or an exemption from. 

(h)    Brokers. Neither the Purchaser nor any other Person authorized by the Purchaser to act on its behalf has
retained, utilized or been represented by any broker or finder in connection with the transactions contemplated by this Agreement whose fees the Company would be required to pay. 

(i)    No Additional Representations. The Purchaser acknowledges that the Company makes no express or implied
representations or warranties as to any matter whatsoever except as expressly set forth in this Agreement or in any certificate delivered by the Company to the Purchaser in accordance with the terms hereof. 

  
 13 

 Section 4.2    No Reliance. 

(a)    The Purchaser represents and warrants that (i) it is a sophisticated investor familiar with transactions
similar to those contemplated by this Agreement, the Note and the Registration Rights Agreement, and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment
in the Note and the Conversion Shares; (ii) it is experienced in the trading of securities of private and public companies; and (iii) it is capable of bearing the economic risks of such investment, including a complete loss thereof. 

(b)    The Purchaser further represents and warrants that (i) it has carefully reviewed such information
as it and its advisers deem necessary to make its decision to invest in the Note and the Conversion Shares, (ii) has the ability to make, and has made, an informed decision as to the risks and merits of its investment in the Note and
the Conversion Shares on the terms set forth in this Agreement, the Note and the Registration Rights Agreement, and (iii) has made its own decision to consummate the transactions contemplated hereunder based exclusively on its own independent
review, its financial experience, and consultations with such advisers as it deemed necessary. Without limiting the generality of the foregoing, the Purchaser acknowledges that neither the Company nor any of its Affiliates or representatives is
acting as a fiduciary or financial or investment adviser to the Purchaser, or has given the Purchaser any investment advice, opinion or other information on whether an investment in the Note and/or the Conversion Shares is prudent. The Purchaser is
not relying on the Information (as defined below), or any other information other than the express representations set forth in this Agreement. 

(c)    The Purchaser acknowledges that the Company and its Affiliates and representatives possess material nonpublic
information regarding the Company not known to the Purchaser that may impact the value of the Note and/or the Conversion Shares (the “Information”), that the Information is not disclosed in the Company’s public disclosures or
its filings with the SEC, and that the Company is not disclosing the Information to the Purchaser and that the Company and its Affiliates and representatives have not made, and are not making, any representation with respect to any Information. The
Purchaser understands, based on its experience, the disadvantage to which the Purchaser is subject due to the disparity of information between the Company and the Purchaser and the fact that the Information is not being disclosed to the Purchaser.
The Purchaser acknowledges and agrees that, notwithstanding such disparity, it has deemed it appropriate to enter into this Agreement, the Note and the Registration Rights Agreement and to consummate the transactions contemplated hereunder and
thereunder. The Purchaser acknowledges the possibility that the Information may be material to a determination of a fair value for the Note or the Conversion Shares and that value may be substantially different from the Purchase Price. 

(d)    The Purchaser agrees that neither the Company nor any of its Affiliates or representatives shall have any liability
to the Purchaser whatsoever due to or in connection with the non-disclosure of the Information, and the Purchaser hereby irrevocably waives any claim that it might have based on the failure of the Company to
disclose the Information. The Purchaser hereby irrevocably and unconditionally expressly releases, discharges and waives, to the fullest extent permitted by law, any and all claims, rights, causes of action, suits, obligations, debts, demands,
liabilities, controversies, costs, expenses, fees or damages of any kind (including, but not limited to, any and all claims alleging violations of federal or state securities laws, common-law fraud or deceit,
breach of fiduciary duty, negligence or otherwise), whether directly, derivatively, representatively or in any other capacity, that it may have or hereafter acquire against the Company, or any of its Affiliates and their respective officers,
employees, agents and controlling persons, relating to the offer and sale of the Note and/or the Conversion Shares, including the existence or non-existence of any Information, the Purchaser’s inability
to review such Information or any failure to disclose such Information. 

  
 14 

 (e)    The Purchaser understands that the Company relies on the accuracy
and truth of the foregoing representations, warranties, acknowledgements and agreements in entering into this Agreement, the Note and the Registration Rights Agreement and performing its obligations hereunder and thereunder, and would not engage in
the transactions contemplated by this Agreement, the Note and the Registration Rights Agreement in the absence of such representations, warranties, acknowledgements and agreements, and the Purchaser hereby consents to such reliance. 

(f)    Notwithstanding the forgoing, nothing in this Section 4.2 shall be deemed to limit or
restrict the Purchaser’s rights or remedies with respect to any breach or violation by the Company of any of its representations, warranties or covenants contained in this Agreement, the Note or the Registration Rights Agreement. 

ARTICLE V 
 CONDITIONS

 Section 5.1    Conditions to the Purchaser’s Obligations. The obligations of the
Purchaser to consummate the Closing are subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Purchaser in its sole discretion: 

(a)    The representations and warranties of the Company contained in Article III shall be true and correct in all
material respects (except for those representations and warranties that are qualified by materiality or Company Material Adverse Effect, which shall be true and correct to such extent) as of the date hereof and as of the Closing (except for those
representations and warranties that speak as of a specific date, which shall be so true and correct as of such date). 

(b)    The Company shall have performed its obligations hereunder to be performed on or before the Closing Date in all
material respects. 
 (c)    Since the date hereof, there shall not have occurred any circumstance or event that,
individually or in the aggregate, has had or would reasonably be expected to have a Company Material Adverse Effect. 

(d)    All applicable anti-takeover measures under the Cayman Islands, and any anti-takeover provisions under the
certificate of incorporation, bylaws, memorandum and articles of association or similar organizational documents of the Company or any of its Significant Subsidiaries, or the laws, statutes, orders, rules, regulations, policies or guidelines of any
federal, state or local Governmental Authority applicable to the Company or such Significant Subsidiary, that are applicable to the Purchaser as a result of the transactions hereunder, shall be duly waived. 

Section 5.2    Conditions to the Company’s Obligations. The obligations of the Company to
consummate the Closing are subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Company in its sole discretion: 

  
 15 

 (a)    The representations and warranties of the Purchaser contained
herein shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or Purchaser Material Adverse Effect, which shall be true and correct to such extent) as of the date hereof
and as of the Closing. 
 (b)    The Purchaser shall have performed its obligations hereunder to be performed on or
before the Closing Date in all material respects. 
 (c)    Since the date hereof, there shall not have occurred any
circumstance or event that, individually or in the aggregate, has had or would reasonably be expected to have a Purchaser Material Adverse Effect. 

ARTICLE VI 
 AGREEMENTS

 Section 6.1    Use of Proceeds. The Company shall use the net proceeds from the sale of the Note
hereunder for working capital and other lawful general corporate purposes consistent with past practice and in the ordinary course of business or for the payment of any amount payable hereunder, and shall not use such proceeds (a) for the
satisfaction of any portion of the Company’s debt other than payment of any amount payable hereunder or any trade payables in the ordinary course of the Company’s business and consistent with past practices, (b) for the payment of
dividends on or the redemption of any capital stock of the Company, ADS or any shares, interests, rights to acquire, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by the Company or
(c) for the settlement of any outstanding litigation. 
 Section 6.2    Confidentiality. 

(a)    Subject to the remaining provisions of this Section 6.2, each party shall keep
confidential and not disclose to any third party (i) any information exchanged between the parties or any of their respective Affiliates (or any directors, officers, employees or representatives thereof) in connection with this Agreement, the
Note or the Registration Rights Agreement or the transactions contemplated hereby or thereby, (ii) the existence, status and provisions of this Agreement, the Note or the Registration Rights Agreement, and (iii) the status and content of
any discussion between the parties or any of their respective Affiliates (or any directors, officers, employees or representatives thereof) in connection with the transactions contemplated hereby or by the Note, unless such information is
(w) previously known on a non-confidential basis by the receiving party, (x) in the public domain through no fault of such receiving party or any of its Affiliates (or any directors, officers,
employees or representatives thereof), (y) received from a Person other than the other party or its Affiliates (or any directors, officers, employees or representatives thereof), so long as such Person was not, to the knowledge of the receiving
party, subject to a duty of confidentiality, or (z) developed independently by the receiving party without reference to any Confidential Information (collectively, “Confidential Information”); provided that a party may
disclose Confidential Information to (A) its Affiliates, financing providers, or any officer, director, employee or representative of such party or its Affiliates or financing providers, on a need-to-know and confidential basis, or (B) to any Governmental Authority having jurisdiction over such party or its Affiliates if such disclosure is required by applicable Laws. Each party shall use
Confidential Information only for the purpose of, and to the extent necessary to perform, this Agreement, the Note and the Registration Rights Agreement, and shall not use any Confidential Information for any other purposes. 

  
 16 

 (b)    Notwithstanding any other provisions in this
Section 6.2, if any party believes in good faith that any announcement or notice is required to be prepared or published pursuant to applicable Laws (including any rules or regulations of any securities exchange or valid
legal process) or information is otherwise required to be disclosed to any Governmental Authority, such party may make the required disclosure in the manner it deems in compliance with the requirements of applicable Laws or such Governmental
Authority; provided that the parties, to the extent permitted by applicable Law, will consult with each other before issuance, and provide each other the opportunity to review and comment upon any press release or public statement with
respect to this Agreement, the Note or the Registration Rights Agreement and the transactions contemplated hereby or thereby. Notwithstanding any other provisions in this Section 6.2, each party may make public statements
in response to specific questions by the press, analysts, investors or those attending industry conferences or financial analyst conference calls, so long as any such statements are not materially inconsistent with previous press releases, public
disclosures or public statements made in compliance with this Section 6.2(b) and do not reveal material, non-public information regarding the other party or the transactions
contemplated by this Agreement, the Note or the Registration Rights Agreement. 
 Section 6.3    Further
Assurances. Each party agrees to cooperate with each other, and do such other reasonable acts and things in good faith as may be necessary to effectuate the intents and purposes of this Agreement, the Note and the Registration Rights Agreement,
subject to the terms and conditions hereof and thereof and compliance with applicable Laws, including taking reasonable action to facilitate the filing of any document or the taking of reasonable action to assist the other party in complying with
the terms hereof or thereof. 
 Section 6.4    Lock-up. The
Purchaser shall not, at any time from the Closing Date to the date that is six (6) months thereafter, directly or indirectly, (i) offer, sell, pledge, transfer, assign or otherwise dispose of all or any part of the Note, any Conversion
Shares, any Ordinary Shares, ADSs or other securities of the Company (collectively, “Lock-Up Securities”) to any third party, (ii) enter into any swap, short sale or any other arrangement
or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of any Lock-Up Securities, (iii) enter into any agreement with respect to any of the
foregoing, or (iv) publicly disclose the intention to effect any of the foregoing, without, in each case, the prior written consent of the Company. 

ARTICLE VII 
 TERMINATION

 Section 7.1    Termination. This Agreement may be terminated: 

(a)    by the written consent of both parties; or 

(b)    by either the Company or the Purchaser, if the Closing shall not have occurred by May 8, 2018; provided,
however, that the right to terminate this Agreement under this Section 7.1(b) shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the principal cause of,
or shall have resulted in, the failure of the Closing to occur on or prior to such date. 

  
 17 

 Section 7.2    Effect of Termination. Upon any termination
of this Agreement pursuant to Section 7.1, this Agreement will have no further force or effect, except that Section 6.2, this Section 7.2 and Article VIII shall
survive such termination and remain in full force and effect; provided that no termination of this Agreement shall relieve any party of liability for any breach of this Agreement prior to such termination. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.1    Successors and Assigns; No Third Party Beneficiaries. This Agreement and the rights and
obligations herein may not be assigned by any party without the prior written consent of the other party. This Agreement shall be binding upon and inure solely to the benefit of the parties and their respective successors and permitted assigns and
nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, except as expressly provided in this Agreement. 

Section 8.2    Governing Law; Dispute Resolution. 

(a)    This agreement shall be governed by and construed in accordance with the laws of Hong Kong, without regard to the
principles of conflict of laws. 
 (b)    Any dispute, controversy, difference or claim arising out of or relating to
this Agreement, including its existence, validity, interpretation, performance, breach or termination or any dispute regarding non-contractual obligations arising out of or relating to it, shall be referred to
and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) under the HKIAC Administered Arbitration Rules (the “HKIAC Rules”) in force when the notice of arbitration
is submitted. The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong. The arbitration tribunal shall consist of three arbitrators to be appointed in accordance with the HKIAC Rules. Any party may apply
for a preservation order or seek other interim or injunctive relief, and judgment upon an award rendered in arbitration proceedings under this Agreement may be applied for and entered, in each case in any court of competent jurisdiction. 

Section 8.3    Counterparts. This Agreement may be signed in any number of counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 

Section 8.4    Notices. All notices, requests, claims, demands and other communications hereunder shall be in
writing and shall be deemed duly given, made or received (i) on the date of delivery if delivered in person, (ii) on the date of confirmation of receipt of transmission by facsimile or other form of electronic delivery (provided
confirmation of transmission is mechanically or electronically generated and kept on file by the sending party) or (iii) three (3) Business Days after deposit with an internationally recognized express courier service to the respective parties
at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 8.4): 

  
 18 

 If to the Company, to: 

Gridsum Holding Inc. 
 Jade Palace
Hotel Office Building, 8th Floor 
 76 Zhichun Road 

Haidian District, Beijing 100086 

People’s Republic of China 

Attention: Michael Peng Zhang 
 E-mail: zhangpeng@gridsum.com 
 with a copy to: 

Fenwick & West LLP 
 Unit
908, 9th Floor, Kerry Parkside Office 
 No. 1155 Fang Dian Road 

Pudong New Area, Shanghai 201204 

People’s Republic of China 

Attention: David Michaels and Niping Wu 

E-mail: dmichaels@fenwick; niping.wu@fenwick.com 

If to the Purchaser, to: 
 FutureX Innovation SPC

 Unit 1602, Cheung Kong Center, 

2 Queen’s Road, Central, Hong Kong 

Attention: Laurel RONG 
 E-mail: ryq@futurexcapital. com 
 with a copy to: 

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, L.L.P 

Address: Suite 2101, Building C 

Yintai Center, #2 Jianguomenwai Ave 

Beijing 100022 China 
 Attention:
Steven Liu 
 E-mail: sliu@gunder.com 

Fax: + 8610-5680-3889 

Section 8.5    Fees and Expenses. Each party shall bear and pay its own costs, fees and expenses incurred by
it in connection with this Agreement and the transactions contemplated hereby; provided that the Company shall, upon Closing, reimburse the Purchaser for reasonable fees and expenses incurred by Gunderson Dettmer Stough Villeneuve
Franklin & Hachigian, LLP, counsel to the Purchaser, in connection with this Agreement and the transactions contemplated hereby, up to a maximum amount of US$125,000. 

Section 8.6    Entire Agreement. Except as otherwise provided herein, this Agreement, the Note, the
Registration Rights Agreement and the other documents delivered pursuant hereto or thereto constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, and supersede all prior agreements and
understandings, both oral and written, between the parties and/or their Subsidiaries and Affiliates with respect to such subject matter. 

  
 19 

 Section 8.7    Amendment; Waiver. 

(a)    This Agreement may be amended, modified or supplemented only by a written instrument duly executed by both parties.

 (b)    The observance of any provision in this Agreement may be waived only by the written consent of the party
against whom such waiver is to be effective. No failure or delay on the part of any party to exercise any right hereunder shall operate as waiver thereof, nor shall any single or partial exercise by any party of any right preclude any other or
future exercise thereof or the exercise of any other right. 
 Section 8.8    Severability. If any provision
of this Agreement is found to be invalid or unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on
substantially the same terms as originally set forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed
provision is essential to the rights or benefits intended by the parties. In such event, the parties shall use commercially reasonable efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement, which most nearly
effects the parties’ intent in entering into this Agreement. 

  
 20 

 IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute
this Agreement on the date first above written. 
  

			
	Gridsum Holding Inc.
		
	By: 	 	 /s/ Guosheng Qi

		 	Name: Guosheng Qi
		 	Title:   Director

 [Signature Page to Convertible Note Purchase Agreement] 

 IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute
this Agreement as of the date first above written. 
  

			
	FutureX Innovation SPC (on behalf of and for the account of New Technology Fund II SP as one of its segregated portfolios)
		
	By: 	 	 /s/ ZHANG Qian

		 	Name: ZHANG Qian
		 	Title:   Director

 [Signature Page to Convertible Note Purchase Agreement] 

 SCHEDULE 1 

SIGNIFICANT SUBSIDIARIES 

Subsidiaries 
  

	
	Gridsum Holding (China) Limited
	Dissector (Beijing) Technology Co., Ltd.

 Structured Entities 
  

	
	Gridsum Holding (Beijing) Co., Ltd.
	Beijing Gridsum Technology Co., Ltd.
	Guoxinjunhe (Beijing) Technology Co., Ltd.
	Beijing Moment Everlasting Ad Co., Ltd.
	Beijing Gridsum Yizhun Technology Co., Ltd.
	Beijing Guoxinwangyan Technology Co., Ltd.
	Beijing Yunyang Ad Co., Ltd.

  
 Schedule 1 

 EXHIBIT A 

FORM OF CONVERTIBLE NOTE 
  

  
 Exhibit A 

 EXHIBIT B 

FORM OF REGISTRATION RIGHTS AGREEMENT 
  

  
 Exhibit B 

 EXHIBIT C 

FORM OF CAYMAN LEGAL OPINION 
  

  
 Exhibit CEX-10.1

 Exhibit 10.1 

Execution Copy 

MANAGEMENT AGREEMENT 

This AGREEMENT made as of January 1, 2019, is by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company
(“CMF”), CERES TACTICAL GLOBAL L.P., a Delaware limited partnership (formerly known as Ceres Tactical Currency L.P., the “Partnership”) and SECOR CAPITAL ADVISORS, L.P., a Delaware limited partnership (“SECOR” or the
“Advisor”). 
 W I T N E S S E T H : 

WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of speculative trading of commodity
interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving substantial capital appreciation; and 

WHEREAS, such trading is to be conducted directly or through investment in SECOR Master Fund L.P., a Delaware limited partnership (the
“Master Fund”) of which CMF is the trading manager and SECOR is the advisor; and 
 WHEREAS, the Fourth Amended and Restated
Agreement of Limited Partnership of the Partnership, dated as of October 31, 2017 (the “Partnership Agreement”), permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions on
behalf of the Partnership; and 
 WHEREAS, the Advisor is registered as a commodity trading advisor with the Commodity Futures Trading
Commission (“CFTC”) and is a member of the National Futures Association (“NFA”); and 
 WHEREAS, CMF is registered as a
commodity trading advisor and a commodity pool operator with the CFTC and is a member of the NFA; and 
 WHEREAS, CMF, the Partnership and
the Advisor wish to enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity interest trading
activities during the term of this Agreement. 
 NOW, THEREFORE, the parties agree as follows: 

1.    DUTIES OF THE ADVISOR. (a) For the period and on the terms and conditions of this Agreement, the Advisor
shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets
and funds of the Partnership, whether directly or indirectly through the Master Fund, allocated to it from time to time by CMF in commodity interests, including commodity futures contracts, options on futures contracts, spot and forward contracts.
The Advisor may also engage in swap transactions and other derivative transactions on behalf of the Partnership with the prior written approval of CMF. All such trading on behalf of the Partnership shall be in accordance with (i) the trading
policies expressly set forth in Appendix B hereto (the “CMF 

 
Trading Policies”), as such trading policies may be changed from time to time upon receipt by the Advisor of prior written notice of such change, and (ii) pursuant to the trading
strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets allocated to it. CMF has initially selected a variation of the program traded by SECOR Alpha Master Fund L.P. (the “Program”), as described in
Appendix A attached hereto, to manage the Partnership’s assets allocated to it. Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and
shall be closed or sold in the ordinary course of trading. The Advisor may not deviate from the CMF Trading Policies without the prior written consent of the Partnership given by CMF. The Advisor makes no representation or warranty that the trading
to be directed by it for the Partnership will be profitable or will not incur losses. 
 (b)    CMF acknowledges receipt
of the description of the Program, attached hereto as Appendix A. All trades made by the Advisor for the account of the Partnership, whether directly or indirectly through the Master Fund, shall be made through such commodity broker or brokers as
CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of
brokerage rates charged therefor. However, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent
floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant, independent floor broker or swap dealer and any give-up or floor brokerage fees are approved in advance by CMF. The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions
with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or
other fees are approved in advance by CMF. All give-up or similar fees relating to the foregoing shall be paid by the Partnership, directly or indirectly through the Master Fund, after all parties have
executed the relevant give-up agreements (via EGUS or by original, fax copy or email copy). 

(c)    The initial allocation of the Partnership’s assets to the Advisor shall be made to the Program, as described
in Appendix A, attached hereto, provided that CMF, the Partnership and the Advisor agree that for so long as the Partnership trades through the Master Fund the amount of leverage applied to the assets of the Partnership allocated to the Advisor by
CMF shall be in accordance with the terms of the agreement by and among CMF, the Master Fund and the Advisor, dated as of January 1, 2018 as such agreement may be amended from time to time. In the event the Advisor wishes to use a trading
system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such
different trading system or methodology and CMF consents thereto in writing. In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership
which the Advisor deems material. If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written
consent of CMF. In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of 

  
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the trading strategy or methods described in Appendix A to be materially accurate. Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded
for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written approval. The Advisor also agrees to provide CMF, on a
monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF. The Advisor further agrees that it
will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly. U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be
converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions. 

(d)    The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as
defined in Part 4 of the CFTC’s regulations (“principals”), its members, directors, officers and employees, their trading performance and general trading methods, its customer accounts (but not the identities of or identifying
information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA rule or order. Notwithstanding Sections 1(d) and 4(d) of this Agreement, the
Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the
Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order. The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the
Advisor and undertakes to handle such trading advice, and any data or information from the Advisor received in fulfillment of this Agreement in a confidential manner, including, but not limited to, the Advisor’s proprietary trading programs,
trading data, trading instructions, trade execution, research databases, computer software, systematic methodologies and the systematic trading approach (including positions established thereto, whether for the Partnership or other clients of the
Advisor), and all other related information (the “Confidential Information”). Subject to CMF’s and the Partnership’s right to comply with any requirement or demand of any self-regulatory, regulatory, judicial or taxing authority
having jurisdiction over either of them, the Partnership and CMF shall take all reasonable steps to protect the Confidential Information disclosed pursuant to the provisions of this Agreement, using the same standard of care that the Partnership and
CMF apply to safeguard their own respective proprietary, secret or confidential information and to store and handle the Confidential Information in such a way as to prevent any unauthorized disclosure thereof. The Partnership shall notify the
Advisor within a reasonable time upon discovery of any unauthorized use of, access to, or disclosure of Confidential Information, and agrees to cooperate with reasonable requests by the Advisor to help regain possession of such Confidential
Information and to prevent its further unauthorized use, disclosure or access. Notwithstanding the foregoing, each of the Partnership and CMF may provide the Confidential Information to its affiliates and each of their respective officers,
directors, employees, counsel, auditors, consultants, administrators, agents and service providers who need to know such information in connection with their duties to the Partnership or CMF, as the case may be; provided, that such persons
are informed of the confidential nature of such information and agree to keep it confidential as provided herein. The term “Confidential Information” does not include any information which (i) is publicly available other than as a
result of unauthorized disclosure by the Partnership, (ii) is available to the 

  
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Partnership on a non-confidential basis from a source other than the Advisor, (iii) is independently developed by the Partnership or on its behalf
without any reference to the Confidential Information or (iv) is provided by the Advisor and is included in investor materials which have been reviewed and approved by the Advisor. 

(e)    The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion
or reapportion to such other trading advisors the management of an amount of Net Asset Value of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion. The designation of other trading advisors and
the apportionment or reapportionment of Net Asset Value of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the
parties hereunder. 
 (f)    CMF may, from time to time, in its absolute discretion, select additional trading advisors
and reapportion funds among the trading advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month. The Advisor agrees that it may be called upon at
any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not
require the liquidation of specific positions by the Advisor. CMF will use its best efforts to give two business days’ prior notice to the Advisor of any reallocations or liquidations. 

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

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

3.    COMPENSATION. (a) In consideration of and as compensation for all of the services to be rendered by the
Advisor to the Partnership under this Agreement, the Partnership shall pay the Advisor (i) an incentive fee payable annually equal to 25% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the

  
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“Incentive Fee”) and (ii) a monthly fee for professional management services equal to 1/12 of 1.15% (1.15% per year) of the beginning of the month Net Asset Value of the
Partnership allocated to the Advisor (computed monthly by multiplying the Net Asset Value of the Partnership allocated to the Advisor as of the first day of each calendar month by 1.15% and dividing the result thereof by 12) (the “Management
Fee”). 
 (b)    “Net Asset Value of the Partnership” shall have the meaning set forth in
Section 7(d)(1) of the Partnership Agreement and, unless the Advisor consents in writing, without regard to further amendments thereto, provided that in determining the Net Asset Value of the Partnership on any date, no adjustment shall be made
to reflect any distributions, redemptions, administrative fees or incentive fees accrued or payable as of the date of such determination. 

(c)    “New Trading Profits” shall mean the excess, if any, of Net Asset Value of the Partnership managed by the
Advisor at the end of the fiscal period over Net Asset Value of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Asset Value of the Partnership allocated to the Advisor at the date trading commences by
the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Asset Value of the Partnership resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made
during the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts. Ongoing
expenses shall be attributed to the Advisor based on the Advisor’s proportionate share of Net Asset Value of the Partnership. Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the
Partnership. No Incentive Fee shall be paid to the Advisor until the end of the first full calendar year of the Advisor’s trading for the Partnership, which fee shall be based on New Trading Profits (if any) earned from the commencement of
trading by the Advisor on behalf of the Partnership through the end of the first full calendar year of such trading. Interest income earned, if any, will not be taken into account in computing New Trading Profits earned by the Advisor. If Net Asset
Value of the Partnership allocated to the Advisor is reduced due to redemptions, distributions or reallocations (net of additions), there will be a corresponding proportional reduction in the related loss carryforward amount that must be recouped
before the Advisor is eligible to receive another Incentive Fee. 
 (d)    Annual Incentive Fees and monthly Management
Fees shall be paid within twenty (20) business days following the end of the period for which such fee is payable. In the event of the termination of this Agreement as of any date which shall not be the end of a calendar year or a calendar
month, as the case may be, the annual Incentive Fee shall be computed as if the effective date of termination were the last day of the then current year and the monthly Management Fee shall be prorated to the effective date of termination. If,
during any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management Fee shall be prorated by the ratio which
the number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month. 

  
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 (e)    The provisions of this Section 3 shall survive the
termination of this Agreement. 
 4.    RIGHT TO ENGAGE IN OTHER ACTIVITIES. (a) Except as otherwise
provided herein, the services provided by the Advisor hereunder are not to be deemed exclusive. CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers,
directors, employees and members may render advisory, consulting and management services to other clients and accounts. The Advisor and its officers, directors, employees and members shall be free to trade for their own accounts and to advise other
investors and manage other commodity accounts during the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to
CMF for the Partnership. However, the Advisor represents, warrants and agrees that it believes the rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the
Advisor’s basic trading strategies for the Partnership and will not affect the capacity of the Advisor to continue to render services to CMF for the Partnership of the quality and nature contemplated by this Agreement. 

(b)    If, at any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s
commodity positions with the positions of any other person for purposes of applying CFTC- or exchange-imposed speculative position limits, the Advisor agrees that it
will promptly notify CMF in writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit. The Advisor agrees that, if its trading recommendations are altered because of the
application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the
Advisor’s other accounts. The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or
methods employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged, however, that different trading
programs, strategies or methods may be utilized for differing sizes of accounts, accounts with different trading policies or risk parameters, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different
times, accounts that have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results. 

(c)    CMF and the Partnership each acknowledge and agree that the Advisor and/or its officers, employees, directors and
members presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may be more or less than the
amounts received from the Partnership. 
 (d)    The Advisor agrees that it shall make such information available to CMF
respecting the performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals, if any, as shall be reasonably requested in 

  
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writing (including via email) by CMF. The Advisor presently believes and represents that existing speculative position limits will not materially adversely affect its ability to manage the
Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which they have contracted to act as trading advisor. 

5.    TERM. (a) This Agreement shall continue in effect until December 31, 2019 (the “Initial
Termination Date”). If this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall
continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. At any time during the term of this Agreement, CMF may elect to immediately terminate
this Agreement if (i) the Net Asset Value per Unit shall decline as of the close of business on any day to $4.00 or less; (ii) the Net Asset Value of the Partnership allocated to the Advisor through the Master Fund (adjusted for
redemptions, distributions, withdrawals or reallocations, if any) decline by 50% or more as of the end of a trading day from the previous highest Net Asset Value of the Partnership; (iii) limited partners owning not less than a “Majority
of Units in the Partnership” (as defined in Section 4(a)(1) of the Partnership Agreement) shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement in any material
respect; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the
application of speculative position limits will substantially affect the performance of the Partnership; (vii) the Advisor fails to conform to the CMF Trading Policies, the Partnership Agreement, or the Partnership’s current Confidential
Private Placement Memorandum and Disclosure Document, as supplemented from time to time (the “Memorandum”) as they may be changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial
portion of its assets, or becomes bankrupt or insolvent; (ix) Raymond Iwanowski dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading programs or systems of the
Advisor; (x) the Advisor’s registration as a commodity trading advisor with the CFTC or its membership in the NFA or any other regulatory authority, is terminated, suspended or not renewed, or limited or qualified in any respect; or
(xi) CMF reasonably believes that the Advisor has or may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or
upon cessation of trading by the Partnership prior to dissolution. 
 (b)    The Advisor may terminate this Agreement by
giving not less than 30 days’ written notice to CMF (i) in the event that the CMF Trading Policies are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies;
(ii) after the Initial Termination Date; or (iii) in the event that CMF or the Partnership fails to comply with the terms of this Agreement. The Advisor may immediately terminate this Agreement if CMF’s registration as a commodity
pool operator or its membership in NFA is terminated or suspended. 
 (c)    Except as otherwise provided in this
Agreement, any termination of this Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof. 

  
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 (d)     Except as otherwise provided in this Agreement, the termination
of this Agreement shall not affect the settlement of any transactions made in good faith and pending at the date of termination. 
 (e)
    In the event of any termination of this Agreement, the Advisor shall cease to perform any and all of its duties and obligations under this Agreement, subject to Sections 3 and 6 of this Agreement. 

6.    INDEMNIFICATION. (a)(i) In any threatened, pending or completed action, suit, or proceeding to which the
Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall,
subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense (including, without limitation, attorneys’ and accountants’ fees,
collection fees, court costs and other reasonable legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with such action, suit, or proceeding (collectively “Losses”) if
the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, bad faith, recklessness, intentional misconduct, or a
breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided that no
indemnification shall be available from the Partnership if such indemnification is prohibited by Section 14 of the Partnership Agreement. The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself,
create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership. 

(ii)    Without limiting subsection (i) above, to the extent that the Advisor has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify the Advisor against the Losses incurred by it in connection therewith. 

(iii)    Any indemnification under subsection (i) above, unless ordered by a court or administrative forum, shall be
made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances because the Advisor has met the applicable standard of
conduct set forth in subsection (i) above. Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, which approval shall not be unreasonably withheld. The Advisor will be deemed to have
approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not approve the selection. 

(iv)    In the event the Advisor is made a party to any claim, dispute or litigation or otherwise incurs any loss or
expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any Losses incurred in connection
therewith. 

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

(b)    (i) The Advisor agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any
Losses reasonably incurred by them (A) as a result of the material breach of any representations and warranties or covenants made by the Advisor in this Agreement, or (B) as a result of any act or omission of the Advisor relating to the
Partnership if (i) there has been a final judicial or regulatory determination, or a written opinion of an arbitrator pursuant to Section 14 hereof, to the effect that such acts or omissions violated the terms of this
Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in Section 1(g)), or (ii) there has been a settlement of any
action or proceeding with the Advisor’s prior written consent. 
 (ii)    In the event CMF, the Partnership or any
of their affiliates is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, directors,
members or employees unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any Losses incurred in connection therewith. 

(iii)    Any indemnification under subsection (b)(i) above, unless ordered by a court or administrative forum, shall be
made by the Advisor only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such indemnification is proper in the circumstances. Such independent legal counsel shall be selected by
the Advisor in a timely manner, subject to the CMF’s approval, which approval shall not be unreasonably withheld. CMF will be deemed to have approved the Advisor’s selection unless CMF notifies the Advisor in writing, received by the
Advisor within five days of the Advisor’s telecopying to CMF of the notice of the Advisor’s selection, that CMF does not approve the selection. 

(c)    In the event that a person entitled to indemnification under this Section 6 is made a party to an action, suit
or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the Losses incurred in such action, suit
or proceeding which relates to the matters for which indemnification can be made. 
 (d)    None of the indemnifications
contained in this Section 6 shall be applicable with respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably
withheld or delayed, of the party obligated to indemnify such party. 

  
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 (e)    The provisions of this Section 6 shall
survive the termination of this Agreement. 
 7.    REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a)    The Advisor represents and warrants that: 

(i)    All references to the Advisor and its principals in the Memorandum and Appendix A, if any, are accurate in all
material respects and as to them the Memorandum does not contain any untrue statement of a material fact or omit to state a material fact which is necessary to make the statements and information not misleading except that with respect to any pro
forma or hypothetical performance information in the Memorandum, if any, this representation and warranty extends only to the underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma
adjustments. Subject to such exception, all references to the Advisor and its principals, if any, in the Memorandum or a supplement thereto will, after review and approval of such references by the Advisor prior to the use of such Memorandum in
connection with the offering of Partnership units, be accurate in all material respects. 
 (ii)    The information
with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is based, initially, on CMF’s determination of the performance record of the Program with respect to the assets allocated to the Advisor by CMF.
To the extent that the Advisor manages other customer accounts on a discretionary basis pursuant to a trading strategy substantially similar to the Program as determined by the Advisor, the Advisor or its agents shall prepare performance data
reflecting the performance for all such customer accounts (including the assets allocated to the Advisor by CMF) in accordance with all applicable CFTC and NFA rules and guidance. 

(iii)    The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a
securities investment adviser and is duly registered with the CFTC as a commodity trading advisor, is a member of the NFA and is in compliance with any such other registration and licensing requirements as shall be necessary to enable it to perform
its obligations hereunder. The Advisor agrees to maintain and renew such registrations and licenses during the term of this Agreement, including, without limitation, registration as a commodity trading advisor with the CFTC and membership in the
NFA. 
 (iv)    The Advisor is a limited proprietary company duly organized, validly existing and in good standing
under the laws of the State of Delaware and has full limited partnership power and authority to enter into this Agreement and to provide the services required of it hereunder. 

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

(vi)    This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a valid and
binding agreement enforceable in accordance with its terms. 

  
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 (vii)    At any time during the term of this Agreement that an offering
memorandum or prospectus relating to the Partnership is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such information as shall be
necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate. 

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

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

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

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

(v)    CMF is registered as a commodity pool operator and is a member of NFA and it will maintain and renew such
registrations and membership during the term of this Agreement. 
 (vi)    The Partnership is a limited partnership
duly organized and validly existing under the laws of the State of Delaware and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement. 

(vii)    The Partnership is a qualified eligible person as defined in CFTC Rule 4.7, and consents to being treated as an
exempt account under Rule 4.7. 
 (vii)     CMF shall serve as the commodity pool operator of the Partnership and the
Master Fund and shall claim an exemption pursuant to Rule 4.7 with respect to the Master Fund. 
 8.    COVENANTS OF
THE ADVISOR, CMF AND THE PARTNERSHIP. 
 (a)    The Advisor agrees as follows: 

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

  
 - 11 - 

 (ii)    The Advisor will promptly notify CMF of the commencement of any
investigation, suit, action or proceeding involving the Advisor or any of its affiliates, officers, members, employees, agents or representatives, regardless of whether such investigation, suit, action or proceeding also involves CMF. The Advisor
will provide CMF with copies of any correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection
with an investigation or audit of the Advisor’s business activities (excluding routine NFA examinations). 

(iii)    In the placement of orders for the Partnership’s account and for the accounts of any other client, the
Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other commodity interest trading
account managed by the Advisor. The Advisor acknowledges its obligation to review and reconcile the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, the
broker and CMF and the Partnership’s brokers of (A) any error committed by the Advisor or its principals or employees; (B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C) any
discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the information reported on the account’s daily and monthly broker statements. 

(iv)    The Advisor will maintain a net worth of not less than USD 1,000,000 during the term of this Agreement. 

(v)    The Advisor will use commercially reasonable efforts to close out all futures positions prior to any applicable
delivery period, and will use commercially reasonable efforts to avoid causing the Partnership to take delivery of any commodity. 

(vi)    The Advisor will update any information previously provided to CMF and/or the Partnership under the Agreement,
including, without limitation, information referenced in Section 7(a)(i) hereof. 
 (vii)     The Advisor shall
promptly notify CMF when the Advisor’s open positions maintained by the Advisor exceed the Advisor’s applicable speculative position limits. 

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

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

(iii)    CMF or the selling agents for the Partnership have policies, procedures, and internal controls in place that are
reasonably designed to comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA 

  
 - 12 - 

 
PATRIOT Act. CMF or the selling agents for the Partnership have Customer Identification Programs (“CIP”), which require the performance of CIP due diligence in accordance with
applicable USA PATRIOT Act requirements and regulatory guidance. CMF or the selling agents for the Partnership also have policies, procedures, and internal controls in place that are reasonably designed to comply with regulations and economic
sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control. CMF or the selling agents for the Partnership has policies and procedures in place reasonably designed to comply with Section 312 of
the USA PATRIOT Act, including processes reasonably designed to identify clients that may be senior foreign political figures1, in accordance with applicable requirements and regulatory guidance,
and to conduct enhanced scrutiny on such clients where required under applicable law. In addition, CMF or the selling agents for the Partnership has policies and procedures in place reasonably designed to prohibit accounts for foreign shell banks2 in compliance with Sections 313 & 319 of the USA PATRIOT Act. 

9.    COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties pertaining to the
subject matter hereof. 
 10.    ASSIGNMENT. This Agreement may not be assigned by any party without the express
written consent of the other parties. 
 11.    AMENDMENT. This Agreement may not be amended except by the
written consent of the parties. 
 12.    NOTICES. All notices, demands or requests required to be made or
delivered under this Agreement shall be effective upon actual receipt and shall be made either by electronic (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt requested,
postage prepaid, to the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given: 

If to CMF or to the Partnership: 

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

Attention: Patrick Egan 

Email: Patrick.Egan@morganstanley.com 
  

 

	1 	 A “senior foreign political figure” is defined as a current or former senior official in the
executive, legislative, administrative, military or judicial branches of a non-U.S. government (whether elected or not), a current or former senior official of a major non-U.S. political party, or a current or former senior executive of a non-U.S.
government-owned commercial enterprise. In addition, a “senior foreign political figure” includes any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure. For purposes of
this definition, a “senior official” or “senior executive” means an individual with substantial authority over policy, operations, or the use of government-owned resources. An “immediate family member” of a senior
foreign political figure means spouses, parents, siblings, children and a spouse’s parents and siblings. A “close associate” of a senior foreign political figure means a person who is widely and publicly known (or is actually known)
to be a close associate of a senior foreign political figure. 

	2 	 The term shell bank means a bank that does not maintain a physical presence in any country and is not subject
to inspection by a banking authority. In addition, a shell bank generally does not employ individuals or maintain operating records. 

  
 - 13 - 

 If to the Advisor: 

SECOR Capital Advisors, L.P. 

One Penn Plaza, Suite 4625 
 New
York, New York 10119 
 Attention: Robert Aurigema 

Email: rob@secor-am.com 

with a copy to: 
 Schulte
Roth & Zabel LLP 
 919 Third Avenue 

New York, New York 10022 

Attention: David Nissenbaum 

Email: david.nissenbaum@srz.com 

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

15.    NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this Agreement, except that certain
persons not parties to this Agreement may have rights under Section 6 hereof. 
 16.    COUNTERPARTS. This
Agreement may be executed in any number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement. 

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT
DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY 

  
 - 14 - 

 
FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE
COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT. 
 YOU SHOULD ALSO BE
AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO
REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED
STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED. 
 THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK 

  
 - 15 - 

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

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

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

		 	Patrick T. Egan
		 	President and Director
	
	SECOR CAPITAL ADVISORS, LP
		
	By	 	 /s/ Raymond Iwanowski

		 	Name: Raymond Iwanowski
		 	Title:   Chief Executive Officer

  
 - 16 - 

 Appendix A 

SECOR Alpha Master Fund L.P. (the “Alpha Fund”) is a multi-strategy hedge fund that invests across a diverse set of asset classes, geographies,
factors, themes, and across different time horizons. The investment approach is to quantify and systematize the implementation of investment ideas in order to capture market inefficiencies or risk premia. The Advisor employs statistical techniques
and empirical analysis to determine whether observed or conjectured alpha opportunities are real and, more importantly, likely to be sustained in the future. The following list of sub-strategies represent the
models, a subset of strategies in the Alpha Fund, will be traded in the Partnership’s portfolio. The full list of instruments to be traded in the portfolio is also listed below. 

 
 

 

  
 - 17 - 

															
	BO1 Comdty	 	CBT	 	Chicago Board of Trade	 	MFS1 Index	 	NYL	 	NYSE LIFFE U.S.	  	AUD Curncy	  	Australian Dollar
	C 1 Comdty	 	CBT	 	Chicago Board of Trade	 	NK1 Index	 	OSE	 	Osaka Securities Exchange	  	BRL Curncy	  	Brazilian Real
	CC1 Comdty	 	NYB	 	ICE Futures US Softs	 	PT1 Index	 	MSE	 	Montreal Exchange	  	CAD Curncy	  	Canadian Dollar
	CL1 Comdty	 	NYM	 	New York Mercantile Exchange	 	QC1 Index	 	SSE	 	OMX Nordic Exchange Stockholm	  	CHF Curncy	  	Swiss Franc
	CO1 Comdty	 	ICE	 	ICE Futures Europe	 	QZ1 Index	 	SGX	 	Singapore Exchange (was SIMEX)	  	CLP Curncy	  	Chilean Peso
	CT1 Comdty	 	NYB	 	ICE Futures US Softs	 	ST1 Index	 	MIL	 	Borsa Italiana (IDEM)	  	COP Curncy	  	Colombian Peso
	FC1 Comdty	 	CME	 	Chicago Mercantile Exchange	 	TP1 Index	 	TSE	 	Tokyo Stock Exchange	  	CZK Curncy	  	Czech Koruna
	GC1 Comdty	 	CMX	 	Commodity Exchange, Inc.	 	TW1 Index	 	SGX	 	Singapore Exchange (was SIMEX)	  	EUR Curncy	  	Euro
	HG1 Comdty	 	CMX	 	Commodity Exchange, Inc.	 	VG1 Index	 	EUX	 	Eurex	  	GBP Curncy	  	British Pound
	HO1 Comdty	 	NYM	 	New York Mercantile Exchange	 	UX1 Index	 	CBF	 	CBOE Futures Exchange	  	HUF Curncy	  	Hungarian Forint
	JO1 Comdty	 	NYB	 	ICE Futures US Softs	 	XP1 Index	 	SFE	 	ASX Trade24	  	IDR Curncy	  	Indonesian Rupiah
	KC1 Comdty	 	NYB	 	ICE Futures US Softs	 	XU1 Index	 	SGX	 	Singapore Exchange (was SIMEX)	  	ILS Curncy	  	Israeli Shekel
	KW1 Comdty	 	KCB	 	Kansas City Board of Trade	 	Z 1 Index	 	LIF	 	NYSE LIFFE - London	  	INR Curncy	  	Indian Rupee
	LA1 Comdty	 	LME	 	London Metal Exchange	 	CN1 Comdty	 	MSE	 	Montreal Exchange	  	JPY Curncy	  	Japanese Yen
	LC1 Comdty	 	CME	 	Chicago Mercantile Exchange	 	ED1 Comdty	 	CME	 	Chicago Mercantile Exchange	  	KRW Curncy	  	South Korean Won
	LH1 Comdty	 	CME	 	Chicago Mercantile Exchange	 	ED2 Comdty	 	CME	 	Chicago Mercantile Exchange	  	MXN Curncy	  	Mexican Peso
	LL1 Comdty	 	LME	 	London Metal Exchange	 	ED4 Comdty	 	CME	 	Chicago Mercantile Exchange	  	MYR Curncy	  	Malaysian Ringgit
	LN1 Comdty	 	LME	 	London Metal Exchange	 	ED5 Comdty	 	CME	 	Chicago Mercantile Exchange	  	NOK Curncy	  	Norwegian Krone
	LP1 Comdty	 	LME	 	London Metal Exchange	 	ER1 Comdty	 	LIF	 	NYSE LIFFE - London	  	NZD Curncy	  	New Zealand Dollar
	LT1 Comdty	 	LME	 	London Metal Exchange	 	ER2 Comdty	 	LIF	 	NYSE LIFFE - London	  	PHP Curncy	  	Philippines Peso
	LX1 Comdty	 	LME	 	London Metal Exchange	 	ER4 Comdty	 	LIF	 	NYSE LIFFE - London	  	PLN Curncy	  	Polish Zloty
	NG1 Comdty	 	NYM	 	New York Mercantile Exchange	 	ER5 Comdty	 	LIF	 	NYSE LIFFE - London	  	RUB Curncy	  	Russian Ruble
	PA1 Comdty	 	NYM	 	New York Mercantile Exchange	 	ES1 Comdty	 	LIF	 	NYSE LIFFE - London	  	SEK Curncy	  	Swedish Krona
	PL1 Comdty	 	NYM	 	New York Mercantile Exchange	 	ES2 Comdty	 	LIF	 	NYSE LIFFE - London	  	SGD Curncy	  	Singapore Dollar
	QS1 Comdty	 	ICE	 	ICE Futures Europe	 	ES4 Comdty	 	LIF	 	NYSE LIFFE - London	  	THB Curncy	  	Thai Baht
	RR1 Comdty	 	CBT	 	Chicago Board of Trade	 	ES5 Comdty	 	LIF	 	NYSE LIFFE - London	  	TRY Curncy	  	Turkish Lira
	S 1 Comdty	 	CBT	 	Chicago Board of Trade	 	FV1 Comdty	 	CBT	 	Chicago Board of Trade	  	TWD Curncy	  	Taiwan Dollar
	SB1 Comdty	 	NYB	 	ICE Futures US Softs	 	G 1 Comdty	 	LIF	 	NYSE LIFFE - London	  	ZAR Curncy	  	S. African Rand
	SI1 Comdty	 	CMX	 	Commodity Exchange, Inc.	 	IR1 Comdty	 	SFE	 	ASX Trade24	  		  	
	SM1 Comdty	 	CBT	 	Chicago Board of Trade	 	IR2 Comdty	 	SFE	 	ASX Trade24	  		  	
	W 1 Comdty	 	CBT	 	Chicago Board of Trade	 	IR4 Comdty	 	SFE	 	ASX Trade24	  		  	
	XB1 Comdty	 	NYM	 	New York Mercantile Exchange	 	IR5 Comdty	 	SFE	 	ASX Trade24	  		  	
	A51 Index	 	TKD	 	Turkish Derivatives Exchange	 	JB1 Comdty	 	TSE	 	Tokyo Stock Exchange	  		  	
	AI1 Index	 	SAF	 	South African Futures Exchange	 	L 1 Comdty	 	LIF	 	NYSE LIFFE - London	  		  	
	BC1 Index	 	TEF	 	Thailand Futures Exchange	 	L 2 Comdty	 	LIF	 	NYSE LIFFE - London	  		  	
	CF1 Index	 	EOP	 	NYSE LIFFE - Paris	 	L 4 Comdty	 	LIF	 	NYSE LIFFE - London	  		  	
	EO1 Index	 	EOE	 	NYSE LIFFE - Amsterdam	 	L 5 Comdty	 	LIF	 	NYSE LIFFE - London	  		  	
	ES1 Index	 	CME	 	Chicago Mercantile Exchange	 	RX1 Comdty	 	EUX	 	Eurex	  		  	
	GX1 Index	 	EUX	 	Eurex	 	TU1 Comdty	 	CBT	 	Chicago Board of Trade	  		  	
	HC1 Index	 	HKG	 	Hong Kong Futures Exchange	 	TY1 Comdty	 	CBT	 	Chicago Board of Trade	  		  	
	HI1 Index	 	HKG	 	Hong Kong Futures Exchange	 	XM1 Comdty	 	SFE	 	ASX Trade24	  		  	
	IB1 Index	 	MFM	 	Meff Renta Variable (Madrid)	 	YE1 Comdty	 	TFX	 	Tokyo Financial Exchange	  		  	
	IH1 Index	 	SGX	 	Singapore Exchange (was SIMEX)	 	YE2 Comdty	 	TFX	 	Tokyo Financial Exchange	  		  	
	IK1 Index	 	MDE	 	Bursa Malaysia	 	YE4 Comdty	 	TFX	 	Tokyo Financial Exchange	  		  	
	IS1 Index	 	MDX	 	Mercado Mexicano de Derivados	 	YE5 Comdty	 	TFX	 	Tokyo Financial Exchange	  		  	
	MES1 Index	 	NYL	 	NYSE LIFFE U.S.	 		 		 		  		  	

  
 - 18 - 

 Appendix B 

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

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

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

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

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

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

  
 - 19 -

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