Document:

Customer Agreement between the KMP Futures Fund I LLC and UBS Securities LLC

 Exhibit 10.3 
 CUSTOMER AGREEMENT 
 This Customer Agreement
(“Agreement”) between UBS Securities LLC (“UBS-S LLC”) and WCM Pool LLC (“Customer”) shall govern the purchase and sale by UBS-S LLC of certain futures contracts, options thereon and options contracts for the account
and risk of Customer through one or more accounts carried by UBS-S LLC on behalf and in the name of Customer (collectively, the “Account”), as more fully described below. “Business Day” as used in this Agreement means any day
other than a Saturday, Sunday and/or other day on which the New York Stock Exchange is closed. 
  

	1.	UBS-S LLC’S AUTHORIZATION TO ACT AS BROKER 

 Customer authorizes UBS-S LLC, acting through employees and agents selected by it in its sole discretion, to purchase and sell for the Account contracts for certain futures contracts, options thereon and
options contracts for which UBS-S LLC has notified Customer that UBS-S LLC is prepared to execute transactions (collectively, “Contracts”) within or outside the United States of America in accordance with Customer’s instructions.

  

	2.	CUSTOMER’S REPRESENTATIONS AND WARRANTIES 

 (a) Representations and Warranties. Customer hereby represents and warrants (which representations and warranties are deemed to be continuing for the term of this Agreement) as follows: 

(i) Authority. Customer has full right, power and authority to enter into this Agreement and the Contracts, and the
person executing this Agreement on behalf of Customer is authorized to do so. This Agreement is binding on Customer and enforceable against Customer in accordance with its terms; 
 (ii) Lawful Agreement. Customer may lawfully establish and open the Account for the purpose of effecting purchases and
sales of Contracts through UBS-S LLC. Transactions entered into pursuant to this Agreement will not violate any “Applicable Law” (as defined below) to which Customer is subject or any agreement to which Customer is subject or a party and
the execution, delivery and performance of this Agreement by Customer require no action by or in respect of or filing with any governmental body, agency or official; 
 (iii) Customers Information. Any financial or other information provided to UBS-S LLC by Customer in connection with
this Agreement will be accurate and complete in every material respect. 
 (iv) Interest or Control of
Account. If any person or entity has, or during the term of this Agreement will have, any interest in the Account other than Customer, Customer hereby agrees to so notify UBS-S LLC immediately (and no later than within one Business Day); and

  

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 (v) Designation. If Customer is not a citizen or resident of the
United States, Customer has been informed by UBS-S LLC of Commodity Futures Trading Commission (“CFTC”) Regulations concerning the designation of a futures commission merchant as the agent of foreign brokers, customers of a foreign broker
and foreign traders for certain purposes as set forth in CFTC Regulation §15.05 and concerning special calls for information from futures commission merchants, foreign brokers and members of contract markets as set forth in CFTC Regulation
§21.03. 
 (b) Notice of Change. Customer shall immediately (and no later than within one Business Day) notify UBS-S
LLC in writing if any of the representations contained herein materially change or cease to be true and correct. 
  

	3.	APPLICABLE LAW 

 The
Account and all transactions and agreements in respect of the Account shall be subject to the regulations of all applicable Federal, state and self-regulatory agencies or authorities, including but not limited to: (a) the provisions of the
Commodity Exchange Act, as amended, and any rules, regulations, orders and interpretations promulgated thereunder by the CFTC; (b) the constitution, by-laws, rules, regulations, orders and interpretations of the relevant board of trade, trading
facility, market, or exchange and its clearing house, if any (each, an “exchange”) on or subject to the rules of which such transactions are executed and/or cleared, and any relevant registered futures association, including, without
limitation, the National Futures Association (“NFA”); and (c) custom and usage of the trade. All such provisions, rules, regulations, orders, interpretations, constitution, by-laws, custom and usage, as in effect from time to time,
are hereinafter collectively referred to as “Applicable Law.” 
  

	4.	RELIANCE ON INSTRUCTIONS 

 UBS-S LLC shall be entitled to rely on any instructions, notices and communications, whether oral or in writing, that it believes to be that of an individual authorized to act on behalf of Customer, including, but not limited to, any
individual identified in writing by Customer as authorized to act on its behalf, and Customer shall be bound thereby. Customer hereby waives any defense that any such instruction was not in writing as may be required by the Statute of Frauds or any
other similar law, rule or regulation. 
  

	5.	ACCEPTANCE OF ORDERS; POSITION LIMITS 

 (a) Acceptance of Orders. UBS-S LLC shall have the right to limit the size of open positions (net or gross) of Customer with respect to the Account at any time and to refuse acceptance of any
orders (whether such refusal or limitation is required by, and whether such refusal is based on position limits imposed under, Applicable Law). UBS-S LLC shall immediately notify Customer of its rejection of any order. Unless specified by Customer,
UBS-S LLC may designate the exchange or trading system on which it will attempt to execute orders. 
 (b) Position
Limits. Customer shall not, either alone or in combination with others, violate any position or exercise limit established by or under Applicable Law. If Customer

  

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intends at any time to exceed such position limits, Customer shall cause to be filed an application with the CFTC or the relevant exchange requesting authorization for Customer to exceed such
position limits and shall provide UBS-S LLC with a copy of such application and such other information as UBS-S LLC may reasonably request with respect to such application. Customer shall indemnify and hold UBS-S LLC harmless from and against all
claims, damages, fines or assessments of any kind whatsoever, including reasonable attorneys’ fees in connection with the defense thereof, made and incurred in connection with any violation by Customer of its obligations under this
Section 5(b). 
  

	6.	ORIGINAL AND VARIATION MARGIN; PREMIUMS; OTHER CONTRACT OBLIGATIONS 

 With respect to every Contract purchased, sold or cleared for the Account, Customer shall make, or cause to be made, all applicable original margin, variation margin, intra-day margin and premium
payments, and perform all other obligations attendant to transactions or positions in such Contracts, as may be required by Applicable Law or by UBS-S LLC in its sole and absolute discretion. Requests for margin deposits and/or premium payments may,
at UBS-S LLC’s election, be communicated to Customer orally, telephonically or in writing. Margin requirements established by UBS-S LLC may exceed the margin requirements set by any exchange on which transactions are executed or cleared or
caused to be executed or cleared by UBS-S LLC or any agent thereof for Customer and may be changed by UBS-S LLC without prior notice to Customer. Except as otherwise provided herein, all such margin and premium payments shall be in the form, as
UBS-S LLC permits, of cash in U.S. dollars, securities of the U.S. Government, or a combination thereof. If at any time Customer fails timely to deposit or maintain required margin, or Customer fails timely to make any premium payments, UBS-S LLC
may at any time, without further notice to Customer, close out Customer’s open position in whole or in part and take any action it deems appropriate. 
  

	7.	SECURITY INTEREST AND RIGHTS RESPECTING COLLATERAL 

 All Contracts, cash, securities, and/or other property of Customer, including all proceeds of all such property such as profits from Account transactions (collectively, the “Collateral”) now or
at any future time in the Account or otherwise held by UBS-S LLC or its affiliates, any exchange through which trades of the Account are executed and/or positions are held, or any other entity authorized to act as an agent of UBS-S LLC or Customer,
hereby are pledged to UBS-S LLC and shall be subject to a general lien and continuing first priority security interest in UBS-S LLC’s favor to secure any indebtedness or other amounts at any time owing from Customer to UBS-S LLC, and to secure
any and all other obligations and liabilities of Customer to UBS-S LLC (collectively, the “Customer’s Liabilities”). Customer will not cause or allow any of the Collateral held in Customer’s Accounts whether now owned or
hereafter acquired, to be or become subject to any liens, security interests or encumbrances of any nature without the prior written consent of UBS-S LLC and in no event shall the Collateral held in Customer’s Account be subject to a lien or
security interest superior to that of UBS-S LLC. Customer hereby grants UBS-S LLC the right to borrow, pledge, repledge, hypothecate, rehypothecate, loan or invest any of the Collateral without notice to Customer, and without any obligation to pay
or to account to Customer for any interest, income or benefit that may be derived therefrom. UBS-S LLC shall be under no obligation to deliver to Customer the identical Collateral in the Account, but shall

  

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only be under an obligation to deliver to Customer Collateral of like or equivalent kind and amount. The rights of UBS-S LLC set forth above shall be qualified by any applicable requirements for
segregation of customer’s property under Applicable Law. 
  

	8.	PAYMENT OBLIGATIONS OF CUSTOMER 

 (a) Charges to the Account. With respect to every Contract purchased, sold or cleared for the Account, Customer shall pay UBS-S LLC upon demand and UBS-S LLC hereby is authorized to charge Customer’s Account for: (i) all
brokerage charges, give-up fees, commissions and service fees as UBS-S LLC may from time to time charge; (ii) all exchange, clearing member, NFA or CFTC fees or charges, fines or penalties; (iii) any tax imposed on such transactions by any
competent taxing authority; (iv) the amount of any trading losses in the Account; (v) any debit balance or deficiency in the Account; (vi) interest and service charges on any debit balances or deficiencies in the Account, any advances
or any loan (including interest on the amount of variation margin calls, until satisfaction of such calls, when the Customer posts U.S. Treasury Bills for original margin purposes), at the rate customarily charged by UBS-S LLC (which may be at the
prevailing and/or allowable rates according to the laws of the State of Illinois) from the day any such deficit was incurred to (but not including) the day of payment (calculated on the basis of a 360 day year and for the actual number of days
elapsed for all deficits, except for those denominated in foreign currencies for which generally accepted accounting principles require that the interest rate shall be calculated otherwise), together with costs and reasonable attorneys’ fees
incurred in collecting any such deficit; (vii) all storage and delivery service fees; and (viii) any other amounts owed by Customer to UBS-S LLC with respect to the Account or any transactions therein. 
 (b) Payment in U.S. Dollars. Any and all payment obligations of Customer, if not deducted from Customer’s Account as permitted
hereunder, shall be made upon demand in immediately available U.S. dollars to UBS-S LLC or at such other place and at such time and in such manner as UBS-S LLC notifies Customer. The obligation of Customer to make all payments due hereunder shall
not be discharged or satisfied by any tender, or any recovery pursuant to any judgment, which is expressed in or converted into any other currency other than U.S. dollars, except to the extent that such tender or recovery shall result in the actual
receipt by UBS-S LLC of the full amount of such U.S. dollars expressed to be payable in respect of such amounts. Customer agrees that its obligations to make payment in U.S. dollars as aforesaid shall be enforceable as an alternative or additional
cause of action for the purpose of recovery of the amount (if any) by which such actual receipt shall fall short of the full amount of U.S. dollars expressed to be payable in respect of such amount due hereunder, and shall not be affected by
judgment being obtained for other sums due hereunder. 
 (c) Setoff. Any Collateral may at any time or from time to time
without notice or compliance with any condition precedent (which notice hereby is expressly waived) be setoff, appropriated and applied by UBS-S LLC against any and all payment obligations of Customer hereunder including, but not limited to, any
deficit balance or margin deficiency in the Account (or any sub-account within the Account), in such manner as UBS-S LLC in its discretion may determine. 
  

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 (d) Netting. UBS-S LLC may at any time or from time to time without notice or
compliance with any condition precedent (which notice hereby is expressly waived) net (i) any Collateral held in or on behalf of the Account (or any sub-account within the Account) or liabilities or payment obligations of UBS-S LLC to Customer
or the Account (or any sub-account within the Account) against (ii) any liabilities or payment obligations of Customer thereunder, including, but not limited to any deficit balance or margin deficiency in the Account (or any sub-account within
the Account), paying to Customer only the amount by which the aggregate amount of (i) above exceeds the aggregate amount of (ii) above. 
 (e) Gross-Up. All payments made by Customer to UBS-S LLC hereunder will be made without setoff or counterclaim free and clear and without deduction or withholding for, any present or future taxes,
levies, assessments or other charges of whatever nature, now or hereinafter imposed by any jurisdiction or by any agency, state or other political subdivision or taxing authority thereof or therein, and all interest, penalties, or similar
liabilities with respect thereto (collectively, “Taxes”). If any Taxes are so levied or imposed, Customer agrees to pay the full amount of such Taxes, and such additional amounts as may be necessary so that every net payment of all amounts
due hereunder, after withholding or deduction for or on account of any Taxes, will not be less than the amount provided for herein. Customer will furnish to UBS-S LLC, within thirty days after the date the payment of any Taxes is due pursuant to
Applicable Law, certified copies of tax receipts evidencing such payment by Customer. 
  

	9.	DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE 

 (a) Instructions. Customer will provide UBS-S LLC with instructions either to liquidate Contracts previously established by Customer, make or take delivery under any such Contracts, or exercise
options entered into by Customer, within such time limits as may be specified by UBS-S LLC; provided that if no such time limit is specified, (i) if Customer maintains an Account for speculation, liquidating instructions on open futures
positions maturing in a current delivery month must be given to UBS-S LLC at least five (5) Business Days prior to the first notice day or last trading day, whichever is earlier; and (ii) if Customer maintains an Account for hedging,
Customer understands that liquidating instructions on open futures positions maturing in a current delivery month must be given to UBS-S LLC at least one (1) Business Day prior to the first notice day in the case of long positions, and in the
case of short positions, at least one (1) Business Day prior to the last trading day. UBS-S LLC shall have no responsibility to take any action on behalf of Customer, including, without limitation, exercising option Contracts, unless and until
UBS-S LLC receives oral or written instructions reasonably acceptable to UBS-S LLC indicating the action UBS-S LLC is to take. Any instructions, if given orally to UBS-S LLC, shall immediately be confirmed in writing by Customer. Funds sufficient to
take delivery pursuant to such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to UBS-S LLC at such time and location as UBS-S LLC may require in connection with any delivery. 
 (b) Allocation Procedures. Short option Contracts may be subject to exercise at any time. Exercise notices received by UBS-S LLC with
respect to option Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. Such notices may be allocated to Customer after the close of
trading on the day on which such notices have been

  

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allocated to UBS-S LLC by the applicable exchange. In the event of any allocation to Customer, unless UBS-S LLC has previously received instructions from Customer, UBS-S LLC’s sole
responsibility shall be to use commercially reasonable efforts to notify Customer by telephone of such allocation at any time before trading commences on the first day on which such option Contracts are traded on the applicable exchange following
the day on which the applicable contract market has allocated such notices to UBS-S LLC. 
 (c) Failure to Provide
Instructions. If Customer fails to comply with any of the foregoing obligations, UBS-S LLC may, in its sole and absolute discretion, liquidate any open positions, make or receive delivery of any commodities or instruments, or exercise or allow
the expiration of any options, in such manner and on such terms as UBS-S LLC, in its sole and absolute discretion, deems necessary or appropriate. Any such action taken shall be in the sole and absolute discretion of UBS-S LLC and Customer shall
remain fully liable for all costs, losses, expenses, liabilities and damages (including special, indirect and consequential damages, penalties and fines) which UBS-S LLC may be required to pay or which it has sustained in connection with such
transactions and for any remaining debit balance in the Account. 
  

	10.	EVENTS OF DEFAULT; UBS-S LLC’S REMEDIES 

 (a) Events of Default. As used herein, each of the following shall be deemed an “Event of Default”: (i) the commencement of a case under any bankruptcy, insolvency or reorganization
law or similar law effecting creditors’ rights of any jurisdiction, or the filing of a petition for the appointment of a receiver by or against Customer, for the benefit of its creditors, an admission in writing by Customer that it is insolvent
or is unable to pay its debts when they mature, or the suspension by the Customer of its usual business or any material portion thereof; (ii) the issuance of any warrant or order of attachment against the Account or the levy of a judgment
against the Account; (iii) if Customer is an employee benefit plan, the termination of Customer or the filing by Customer of a notice of intent to terminate with the Pension Benefit Guaranty Corporation (or other similar governmental agency or
body of any jurisdiction), or the receipt of a notice of the Pension Benefit Guaranty Corporation’s (or other similar governmental agency’s or body’s) intent to terminate Customer, or the inability of Customer to pay benefits under
the relevant employee benefit plan when due; (iv) the failure by Customer to deposit or maintain margins, to pay required premiums, or to make payments required by Section 8 hereof; (v) the Account shall incur a deficit balance;
(vi) the failure by Customer to perform, in any material respect, its obligations respecting delivery, exercise or a notice of allocation of exercise, payment for delivery, or settlement under Contracts held in the Account (it being understood
that any failure to comply with any Applicable Law shall be deemed material); (vii) the failure by Customer, in any material respect, to perform any of its other obligations hereunder (it being understood that any failure to comply with any
Applicable Law shall be deemed material); (viii) if UBS-S LLC for any reason whatsoever deems it necessary or desirable for its protection; or (ix) there occurs or exists (1) an event as described in sub-paragraphs
(i)-(viii) above under one or more agreements or instruments entered into by the Customer with UBS-S LLC or its affiliates (“Other Agreement”), or (2) there occurs or exists an event which constitutes an event of default
(howsoever defined or described) under any Other Agreement. 
 (b) Remedies. Upon the occurrence of an Event of Default
that is continuing UBS-S LLC shall have the right, in addition to any other remedy available to UBS-S LLC at law or in

  

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equity, and in addition to any other action UBS-S LLC may deem appropriate under the circumstances, to liquidate, spread or roll-forward any or all open Contracts held in or for the Account, sell
any or all of the securities or other property of Customer held by UBS-S LLC and its affiliates and to apply the proceeds thereof to any amounts owed by Customer to UBS-S LLC, borrow or buy any options, securities, Contracts or other property for
the Account and cancel any unfilled orders for the purchase or sale of Contracts for the Account, or take such other or further actions as UBS-S LLC, in its reasonable discretion, deems necessary or appropriate for its protection, all without demand
for margin and without notice or advertisement. In the event UBS-S LLC’s position would not be jeopardized thereby, UBS-S LLC will make reasonable efforts under the circumstances to notify Customer prior to taking any such action. Any such
liquidation, sale, purchase, borrowing or cancellation shall be made at the discretion of UBS-S LLC on, through or subject to the rules of an exchange, on other markets, at public auction or by private transaction, including, without limitation, by
an exchange for physical transaction or similar transaction wherein UBS-S LLC may act as agent and/or as principal in such transaction. Customer acknowledges and agrees that a prior demand or margin call of any kind from UBS-S LLC or prior notice
from UBS-S LLC shall not be considered a waiver of UBS-S LLC’s right to take any action without notice or demand. In any transaction described above, UBS-S LLC may sell any Collateral to itself or its affiliates or buy any Collateral from
itself or its affiliates. UBS-S LLC may, to the extent permitted by law, purchase the whole or any part thereof free from any right of redemption. In all cases, Customer shall remain liable for and shall pay to UBS-S LLC on demand the amount of any
deficiency in its Account resulting from any such transaction, and Customer shall reimburse, compensate and indemnify UBS-S LLC for any and all costs, losses, penalties, fines, taxes and damages which UBS-S LLC may incur, including reasonable
attorneys’ fees incurred in connection with the exercise of its remedies and the recovery of any such costs, losses, penalties, fines, taxes and damages. 
  

	11.	EXCULPATION AND INDEMNIFICATION 

 (a) Exculpation. Neither UBS-S LLC nor any of its managing directors, officers, employees or affiliates shall be liable for any costs, losses, penalties, fines, Taxes and damages sustained or incurred by Customer other than as a
result of UBS-S LLC’s gross negligence or willful misconduct. In no event will UBS-S LLC be liable to Customer for consequential, incidental or special damages. Without limiting the generality of the foregoing, neither UBS-S LLC nor any of its
managing directors, officers, employees or affiliates shall have any responsibility or liability to Customer hereunder for any costs, losses, penalties, fines, Taxes and damages, including consequential, incidental or special damages, sustained or
incurred by Customer, (i) in connection with the performance or non-performance by any exchange, clearing firm or other third party (including other exchange members, banks and floor brokers) to UBS-S LLC of its obligations in respect of any
Contract or other property of Customer; (ii) as a result of any prediction, recommendation or advice made or given by a representative of UBS-S LLC whether or not made or given at the request of Customer; (iii) as a result of any delay in
the performance or non-performance of any of UBS-S LLC’s obligations hereunder to the extent that losses arising therefrom are, directly or indirectly, caused by the occurrence of any contingency beyond the control of UBS-S LLC including, but
not limited to, the unscheduled closure of an exchange or contract market or delays in the transmission of orders due to breakdowns or failures of transmission or communication facilities, execution, and/or trading facilities or other systems;
(iv) as a result of any action taken by UBS-S LLC, its managing directors, officers,

  

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employees, agents (including other clearing firms through which transactions are effected on behalf of Customer) or floor brokers, to comply with Applicable Law; or (v) for any acts or
omissions of those neither employed nor supervised by UBS-S LLC. Moreover, UBS-S LLC shall have no responsibility for compliance by Customer with any law or regulation governing Customer’s conduct as a fiduciary, if applicable. 
 (b) Force Majeure and Acts of State. In the event that UBS-S LLC’s performance of any of its obligations and undertakings
hereunder shall be interrupted or delayed by any occurrence not occasioned by the conduct of either party hereto, whether such occurrence shall be an act of God or the common enemy or the result of war, riot, fire, flood, civil commotion, acts of
terrorism, sovereign conduct or other acts of State, or the act or conduct of any person or persons not party or privy hereto, then UBS-S LLC shall be excused from performance for such period of time as is reasonably necessary after such occurrence
to remedy the effects thereof and neither UBS-S LLC nor any of its managing directors, officers, employees or affiliates shall be directly or indirectly responsible for losses occasioned thereby. 
 (c) Electronic Trading Systems Waiver. In consideration of UBS-S LLC making electronic trading systems or services available, in
whole or in part, directly or indirectly, Customer agrees that neither UBS-S LLC, the electronic trading systems or services provided, exchanges whose products may be traded on or through such electronic trading systems or services, nor any other
entities controlling, controlled by or under common control with such entities, nor their respective directors, officers, or employees, shall be liable for any losses, damages, costs or expenses (including, but not limited to, loss of profits, loss
of use, incidental or consequential damages), regardless of the cause, arising from any fault, delay, omission, inaccuracy or termination of the electronic trading systems or services, or the inability to enter or cancel orders, or any other cause
in connection with the furnishing, performance, maintenance, or use of or inability to use all or any part of the electronic trading systems or services. The foregoing shall apply regardless of whether a claim arises in contract, tort, negligence,
strict liability or otherwise. 
 (d) Indemnification of UBS-S LLC. Customer agrees to indemnify and hold UBS-S LLC and
its managing directors, officers, employees and affiliates harmless from and against any and all costs (including reasonable attorneys’ fees), losses, penalties, fines, taxes and damages incurred by UBS-S LLC as a result of any action taken or
not taken by UBS-S LLC in reliance upon any instructions, notices and communications which UBS-S LLC believes to be that of an individual authorized to act on behalf of Customer, or in connection with UBS-S LLC’s recovery of any such costs,
losses, penalties, fines, taxes and damages. 
  

	12.	TERMINATION 

 This
Agreement may be terminated at any time by Customer or UBS-S LLC by written notice to the other; provided, however, that any such termination shall not relieve either party of any obligations in connection with any debit or credit balance in the
Account or other liability or obligation arising or accruing prior to such termination. In the event of such notice, Customer

  

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shall promptly either close out open positions in the Account or arrange for such open positions to be transferred to another futures commission merchant. Upon satisfaction by Customer of all of
Customer’s Liabilities, UBS-S LLC shall transfer to another futures commission merchant all Contracts, if any, then held for the Account, and shall transfer to Customer or to another futures commission merchant, as Customer may instruct, all
cash, securities and other property held in the Account, whereupon this Agreement shall terminate. 
  

	13.	CLOSE-OUT OF OFFSETTING POSITIONS 

 UBS-S LLC shall close-out any Contract for which an offsetting order is entered by Customer, unless Customer instructs UBS-S LLC not to close-out such Contract and to maintain the offsetting Contracts as open positions; provided, that UBS-S
LLC shall not be obligated to comply with any such instructions given by Customer if Customer fails to provide UBS-S LLC with any representations, documentation or information reasonably requested by UBS-S LLC or if, in UBS-S LLC’s reasonable
judgment, any failure to close-out such offsetting Contracts against each other would result in a violation of Applicable Law. If offsetting Contracts are not closed out, Customer acknowledges that any such offsetting long and short positions may
result in the charging of additional fees and commissions and the payment of additional margin, even though such offsetting Contracts may not result in any additional market gain or loss. 
  

	14.	REPORTS AND OBJECTIONS 

 (a) All confirmations, purchase and sale notices, correction notices and account statements (collectively, “Reports”) shall be submitted to Customer and shall be conclusive and binding on Customer unless Customer notifies UBS-S
LLC of any objection thereto prior to the opening of trading on the contract market on which such transaction occurred on the Business Day following the day on which Customer receives such Report; provided, that with respect to monthly statements,
Customer may notify UBS-S LLC of any objection thereto within five (5) Business Days after receipt of such monthly statement, provided the objection could not have been raised at the time any prior Report was received by Customer as provided
for above. Any such notice of objection, if given orally to UBS-S LLC, shall promptly (and in no event later than within one (1) Business Day) be confirmed in writing by Customer. 
 (b) Customer consents to the electronic delivery of Reports via facsimile, electronic mail, computer networks (e.g., local area networks,
commercial on-line services and SwisKey, Abacus or any similar online statement delivery system) or other electronic means agreed upon by Customer and UBS-S LLC. Customer may revoke its consent at any time upon reasonable notice to UBS-S LLC.

  

	15.	FOREIGN CURRENCY TRANSACTIONS 

 In the event that the Customer directs UBS-S LLC to enter into any Contract on an exchange on which such transactions are effected in a currency other than the U.S. dollar, any profit or loss arising as a result of a fluctuation in the
exchange rate affecting such currency will be entirely for the account and risk of the Customer. All initial and subsequent deposits for margin purposes, and the return to the Customer of any funds, are expected to be made in the currency of
contract settlement. Should the Customer elect to deposit funds other than the

  

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currency of settlement or instruct UBS-S LLC to convert funds which are already on deposit in another currency, UBS-S LLC shall debit or credit the Account of Customer at a rate of exchange
determined by UBS-S LLC in its sole discretion on the basis of the then prevailing market rate of exchange for such foreign currency. Customer authorizes UBS-S LLC to deposit Customer funds in depositories located outside of the United States
consistent with the requirements of Applicable Law. 
  

	16.	UBS-S LLC’S RESPONSIBILITY 

 UBS-S LLC is not acting as a fiduciary, foundation manager, commodity pool operator, commodity trading advisor or investment adviser in respect of any Account opened by Customer and UBS-S LLC shall have no responsibility hereunder for
compliance with any law or regulation governing the conduct of fiduciaries, foundation managers, commodity pool operators, commodity trading advisors or investment advisers. 
  

	17.	ADVICE 

 All advice
communicated by UBS-S LLC with respect to any Account opened by Customer hereunder is incidental to the conduct of UBS-S LLC’s business as a futures commission merchant, does not constitute an offer to sell or the solicitation of an offer to
buy any Contract, and such advice will not serve as the primary basis for any decision by or on behalf of Customer. UBS-S LLC shall have no discretionary authority, power or control over any decisions made by or on behalf of Customer in respect of
the Account, regardless of whether Customer relies on the advice of UBS-S LLC in making any such decision. Any such advice, although based upon information from sources UBS-S LLC believes to be reliable, may be incomplete or inaccurate, may not be
verified and may be changed without notice to Customer. UBS-S LLC makes no representation as to the accuracy, completeness, reliability or prudence of any such advice or information or as to the tax consequences of Customer’s futures or options
trading. UBS-S LLC is a separate and independent corporate entity, distinct from its affiliates and it shall be free to purchase and sell Contracts for any affiliates without limitation or restriction. The relationship between UBS-S LLC and Customer
as described herein shall not affect any provisions of credit to Customer by UBS AG or any other subsidiary of UBS AG. Moreover, Customer acknowledges that UBS-S LLC and its managing directors, officers, employees and affiliates may take or hold
positions in, or advise other customers concerning, contracts which are the subject of advice from UBS-S LLC to Customer. The positions and advice of UBS-S LLC and its managing directors, officers, employees and affiliates may be inconsistent with
or contrary to positions of, and the advice given by, UBS-S LLC to Customer. 
  

	18.	FINANCIAL AND OTHER INFORMATION 

 Customer agrees to furnish appropriate financial statements to UBS-S LLC and to inform UBS-S LLC of any material changes in the financial position of Customer and to furnish promptly such other information concerning Customer as UBS-S LLC
reasonably requests. UBS-S LLC is authorized from time to time to contact banks, financial institutions and credit agencies for verification of the financial condition of Customer. Customer agrees that UBS-S LLC may, from time to time, share with
its branches, agencies and affiliates, certain non-public information concerning Customer as required to open and maintain Customer’s Account in accordance with this Agreement. 
  

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	19.	RECORDING 

 UBS-S LLC, in
its sole and absolute discretion, may record, on tape or otherwise, any telephone conversation between UBS-S LLC and Customer involving their respective officers, agents and employees. Customer hereby agrees and consents to such recording, with or
without the use of an automatic tone warning device. Customer acknowledges that UBS-S LLC may erase such recordings after a reasonable period of time. 
  

	20.	ACCOUNTS INTRODUCED BY OTHER BROKERS 

 If UBS-S LLC is carrying the Account of Customer as executing or clearing broker by arrangement with another broker through whose courtesy the Account has been introduced to UBS-S LLC, then, until receipt
from Customer of written notice to the contrary, UBS-S LLC may accept from such other broker, without inquiry or investigation by UBS-S LLC, (i) orders for the purchase or sale in the Account of Contracts, and (ii) any other instructions
concerning the Account. UBS-S LLC shall not be responsible or liable for any acts or omissions of such other broker or its employees. 
  

	21.	SEVERABILITY 

 If any
provision of this Agreement is, or at any time becomes, inconsistent with any present or future Applicable Law, and if any of these authorities have jurisdiction over the subject matter of this Agreement, the inconsistent provision shall be deemed
superseded or modified to conform with such law, rule or regulation but in all other respects, this Agreement shall continue and remain in full force and effect. 
  

	22.	BINDING EFFECT 

 This
Agreement shall be binding on and inure to the benefit of the parties and their successors. In accordance with CFTC regulations, UBS-S LLC may assign Customer’s Account(s) and this Agreement to another registered Futures Commission Merchant
(“FCM”) by notifying Customer of the date and name of the intended assignee FCM. Unless Customer objects to the assignment prior to the scheduled date for the assignment, the assignment will be binding on Customer. Customer may not assign
this Agreement without UBS-S LLC’s prior consent. 
  

	23.	ENTIRE AGREEMENT 

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

 11 

	24.	INSTRUCTIONS, NOTICES OR COMMUNICATIONS 

 (a) Except as specifically otherwise provided in this Agreement, all instructions, notices or other communications may be oral or written. All oral instructions, unless custom and usage of trade dictate
otherwise, shall be promptly confirmed in writing. All written instructions, notices or other communications shall be addressed as follows: 
  

	 	(i)	if to UBS-S LLC: 

 UBS
Securities LLC 
 One North Wacker Drive Chicago, IL 60606 
 Attn: ETD Legal Department, 31st Floor 
  

	 	(ii)	if to Customer at the address as indicated on the New Account Information Form. 

 (b) All instructions, notices or other communications sent, shall be deemed given to Customer and effective as follows: if posted on the
internet, on the date it is posted; if in writing and delivered in person or by courier, on the date it is delivered or delivery is attempted; if sent by facsimile transmission, on the date sent; if sent by certified or registered mail (airmail, if
overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery attempted; or; if sent by electronic messaging system, on the date sent. All instructions, notices or other communications to UBS-S LLC shall
be directed to UBS-S LLC’s office at the address listed above or such other addresses as UBS-S LLC may hereafter direct to Customer in writing. 
  

	25.	RIGHTS AND REMEDIES CUMULATIVE 

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

	26.	NO WAIVER 

 No failure on
the part of UBS-S LLC to exercise, and no delay in exercising, any contractual right will operate as a waiver thereof, nor will any single or partial exercise by UBS-S LLC of any right preclude any other or future exercise thereof or the exercise of
any other partial right. 
  

	27.	GOVERNING LAW 

 THE
INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES OF CHOICE OF LAW.

  

 12 

	28.	CONSENT TO JURISDICTION 

 Any litigation between UBS-S LLC and Customer relating to this Agreement or transactions hereunder shall take place in the Courts of the State of Illinois located in Cook County or in the United States District Court for the Northern
District of Illinois, and the parties agree to submit to such exclusive jurisdiction. Customer consents to the service of process by the mailing to Customer of copies of such court filing by certified mail to the address of Customer as it appears on
the books and records of UBS-S LLC, such service to be effective ten days after mailing. Customer hereby waives irrevocably any immunity to which it might otherwise be entitled in any arbitration, action at law, suit in equity or any other
proceeding arising out of or based on this Agreement or any transaction in connection herewith. 
  

	29.	WAIVER OF JURY TRIAL 

 Customer hereby waives trial by jury in any action or proceeding arising out of or relating to this Agreement or any transaction in connection herewith. 
  

	30.	ACCEPTANCE OF AGREEMENT 

 This Agreement shall not be deemed to be accepted by UBS-S LLC or become a binding contract between Customer and UBS-S LLC until approved by a duly authorized officer of UBS-S LLC in writing. This Agreement may be executed by the parties
hereto in any number of counterparts, each of which when so executed and delivered will be an original, but all of which counterparts will together constitute one and the same instrument. 
  

 13 

	31.	CUSTOMER ACKNOWLEDGEMENTS (please check box below with an “x”): 

  

	x	(a) FUTURES AND OPTIONS DISCLOSURE DOCUMENTS 

 CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED, UNDERSTANDS AND CONSENTS TO THE FUTURES AND OPTIONS DISCLOSURE DOCUMENTS FURNISHED HEREWITH INCLUDING DISCLOSURES REGARDING: 
 Risk Disclosure Statement for Futures and Options 
 Notice Regarding Average Pricing 
 Questions and Answers to Address Key Features of
CME Rule 553 – Average Pricing System 
 Electronic Trading and Order Routing Systems Disclosure Statement 
 UBS-S LLC Special Disclosure Statement 
 Cross Trade Consent 
 Non-US Futures and Options Direct Order Transmittal Customer
Disclosure Statement 
 LME Guidelines (applicable to customers trading LME contracts) 
 Hong Kong Position Limit Notice (applicable to customers trading on Hong Kong Exchanges) 
 Non US Trader Disclosure Statement 
 Uniform Notification regarding access to Market Data 
 CME Disclosure on Payment
for Order Flow 
 Third Party Vendor Disclosure Statement 
 Disclosure Statement on Futures Exchange Ownership Interests and Incentive Programs 
  

	x	(b) CONSENT TO TRANSFER FUNDS 

 The undersigned acknowledges that UBS-S LLC may, until it receives a written notice of revocation with respect thereto, in its sole and absolute discretion and without prior notice to the undersigned, transfer any funds, securities,
commodities, Contracts or other property from any account (segregated, secured or non-regulated) maintained by the

  

 14 

 
undersigned to any other account (segregated, secured or non-regulated) of the undersigned maintained by UBS-S LLC or any of its affiliates. UBS-S LLC will promptly confirm in writing each
transfer of funds, securities, commodities, Contracts or other property pursuant hereto. UBS-S LLC shall not be liable for making or failing to make any transfer authorized hereby. 
 32. HEDGING REPRESENTATION (The following must be completed by Customers who will engage in transactions for bona fide hedging purposes only.) Customer has indicated on the New Account Information
Form that the Account is for hedging purposes. Customer represents that it is familiar with CFTC and exchange rules, regulations, and advisories concerning hedging. Unless Customer specifically notifies UBS-S LLC to the contrary in writing with
respect to any transaction, all transactions effected for the Account will be bona fide hedging transactions as described in Section 4a of the Commodity Exchange Act, as amended, and Rule 1.3(z) promulgated thereunder (a copy of which may be
obtained from UBS-S LLC upon request). As such, in accordance with CFTC Rule 190.06, Customer may specify whether, in the unlikely event of UBS-S LLC’s bankruptcy, Customer prefers that the trustee liquidate open commodity contracts in the
Account without seeking Customer’s instructions. Accordingly, in the event of
 UBS-S LLC’s bankruptcy, the trustee should (check one of the following): 
  

	x	Attempt to contact Customer for instructions regarding the disposition of open contracts in the Account. 

  

	 ̈	Liquidate open commodity contracts without seeking Customer’s instructions. 

 This instruction may be changed at any time by written notice sent to UBS-S LLC. 
  

			
	 Specify Commodities to be Hedged:
	 	  

  
  
  
  
  
  
 * * * * * 
 (signature page on next page) 
  

 15 

 IN WITNESS WHEREOF, Customer has executed this Agreement on the date indicated below.

 WCM Pool LLC 

			
	 By:
	 	Preferred Investment Solutions Corp.,
		 	its Managing Member

  

							
	By: 	 	 David K. Spohr
 Vice
President and Director
 of Fund Administration
	  	 /s/ David K. Spohr
	  	 12-1-06

		 	Print Name and Title	  	Signature	  	Date
				
	By:	 	  
	  	  
	  	  

		 	Print Name and Title	  	Signature	  	Date

  
  
 ACCEPTED BY UBS SECURITIES LLC 
  

							
	By: 	 	 Randall F. Otte
 Director

 Legal Department
	  	 /s/ Randall F. Otte
	  	 12-29-06

		 	Print Name and Title	  	Signature	  	Date
				
	By:	 	 Tami A. Jensen
 Associate
Director
 Legal Department
	  	 /s/ Tami A. Jensen
	  	 12.29.06

		 	Print Name and Title	  	Signature	  	Date

  
  
  

 16Amendment No. 1 to Customer Agreement

 Exhibit 10.4 
 AMENDMENT NO. 1 
 TO THE 
 UBS SECURITIES LLC FUTURES AND OPTIONS CUSTOMER AGREEMENT 
 This Amendment No. 1 (“Amendment”) to the UBS Securities LLC Futures and Options Customer Agreement (“Agreement”)
dated as December 4, 2006 by and between UBS Securities LLC (“UBS-S LCC”) and WCM Pool LLC (“Customer”) is made as of this 9th day of October, 2009 by and between UBS-S LLC and Customer. 
 WITNESSETH: 
 WHEREAS, the parties hereto wish to amend the Agreement by adding an additional paragraph on Page 15 entitled “Consent to Control”. 
 NOW THEREFORE, in consideration of the premises and the mutual agreements and covenants contained in the Agreement and herein, the parties hereto agree as follows: 
 1. Consent To Control. The parties to this Agreement hereby agree to add an additional paragraph to this Agreement on
page 15 entitled “Consent to Control” by adding the following additional language: 
 Consent to Control

 UBS-S LLC and the undersigned each acknowledge and agree that UBS-S LLC holds contracts, cash, securities and/or other property, and
proceeds of such property (collectively, “Assets”) in account: 
 00A-15666 for itself and also as agent and bailee for all UBS
AG (“UBS AG”) as secured Party under a Credit Support Annex to the Schedule to the ISDA Master Agreement between the undersigned and UBS AG (“ISDA Master”). All Assets shall secure first UBS-S LLC under this Agreement and second
the obligations to UBS AG under the ISDA Master. Anything in this Agreement to the contrary notwithstanding, UBS-S LLC hereby agrees to comply with entitlement orders and other instructions with respect to the Assets, which entitlement order or
instruction is originated by UBS AG without further consent of the undersigned; and the undersigned hereby consents to such agreement. In addition, the undersigned hereby consents to any agreement pursuant to which UBS-S LLC agrees to comply with
entitlement orders originated by UBS AG with respect to the Assets, including the entering into control or similar agreements. UBS-S LLC represents and warrants that it has not, and agrees that it will not, agree to comply with entitlement orders
concerning the Assets that are originated by any person other than (i) the undersigned (unless UBS AG shall have given a “notice of sole control”) or (ii) a UBS AG. The undersigned may withdraw all or part of the Assets so long
as such withdrawal would not cause a violation of then-applicable margin requirements of UBS-S LLC or the collateralization requirements of UBS AG. 
 2. Defined Terms. Capitalized terms used herein but not otherwise defined herein shall have the meaning ascribed to them in the Agreement. 
 3. Effective Date of Amendment. This Amendment shall be effective retroactively to the date of the Agreement as set forth above.

 4. Governing Law. This Amendment shall be governed by and construed
in accordance with the laws of the United States of America and the State of Illinois, regardless of the laws that might otherwise govern under applicable choice-of-law principles. 
 5. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall, however, together
constitute one and the same document. 
 6. Reaffirmation. Except as amended herein, the Agreement is
hereby ratified, approved and confirmed in all respects. 
 [THE NEXT PAGE IS THE SIGNATURE PAGE] 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by
their respective officers thereunto duly authorized as of the date first above written. 
  

									
	CUSTOMER	 		 	
					
	By:	 	/s/ Esther E. Goodman	 		 		 	
		 	Esther E. Goodman	 		 		 	
		 	SEVP & COO	 		 		 	
			
	UBS SECURITIES LLC	 		 	
					
	By:	 	/s/ Jeff Ollada	 		 	By:	 	/s/ Susan M. Albrecht
		 	Jeff Ollada	 		 		 	Susan M. Albrecht
		 	Director	 		 		 	Associate Director
			
	UBS AG	 		 	
					
	By: 	 	/s/ Ruth G. Laslo	 		 	By: 	 	/s/ Jennifer W. Gabrielson
		 	Ruth G. Laslo	 		 		 	Jennifer W. Gabrielson
		 	Executive Director & Senior Counsel	 		 		 	Executive Director
		 	Region Americas Legal	 		 		 	Region Americas Legal
		 	Fixed Income Section	 		 		 	Fixed Income Section

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