Document:

EX-4.1

 AIR PRODUCTS AND CHEMICALS, INC. 

€350,000,000 
 0.375% Notes
due 2021 
 Officers’ Certificate to the Trustee 

and Company Order for Authentication 

The undersigned, M. Scott Crocco, as Senior Vice President and Chief Financial Officer of Air Products and Chemicals, Inc. (the
“Company”), a Delaware corporation, and Gregory E. Weigard, as Corporate Treasurer of the Company, hereby certify on behalf of the Company pursuant to Sections 2.3, 2.4 and 11.5 of the Indenture (the “Indenture”)
dated as of January 10, 1995, between the Company and The Bank of New York Mellon Trust Company, N.A., successor to U.S. Bank, National Association (formerly Wachovia Bank, National Association and initially First Fidelity Bank, National
Association), as trustee (the “Trustee”), in connection with the issuance of €350,000,000 principal amount of the Company’s 0.375% Notes due 2021 (the “Notes”), as follows: 

 

	 	1.	We have read the relevant provisions of the Indenture including, but not limited to, Sections 2.1, 2.3 and 2.4 of the Indenture, including the definitions set forth in the Indenture as to terms used in those
Sections; have read and reviewed the resolutions of the Board of Directors relating to issuance and establishing the form of the captioned Notes and the manner in which the terms thereof are to be determined, and have reviewed the forms of the Notes
attached hereto as Exhibit A. A Certificate of the Secretary or an Assistant Corporate Secretary of the Company certifying, among other things, the resolutions referred to above attached thereto is being provided to you simultaneously herewith. In
our opinion, we have made such examination or investigation as is necessary for us to express an informed opinion as to whether the conditions precedent to the execution, authentication and delivery of the Notes have been satisfied and, in our
opinion, all such conditions precedent have been complied with. 

  

	 	2.	The Indenture has been duly and validly authorized, executed and delivered by the Company. 

  

	 	3.	Attached hereto as Exhibit A is a true, correct and complete specimen of the Notes, which complies with the resolutions and approval referred to above and which establishes the form and terms of the Notes as required by
Sections 2.1 and 2.3 of the Indenture. In addition, pursuant to the Indenture, the following provisions will apply to this series of Notes: 

(a) Section 3.5 is amended to replace the final sentence in its entirety with the following: “At least one signatory to such
statement shall be the 

 
principal executive officer, principal financial officer, principal accounting officer, treasurer or an assistant treasurer of the Issuer.” 

(b) Section 4.3 is amended to add the following subsection (d): 

“(d) Any reports, information, or documents required under subsections (a) or (b) of this Section 4.3 to be filed with the
Trustee will be deemed to be so filed with the Trustee upon being filed with the Commission pursuant to its EDGAR system.” 
 (c)
Section 6.2 is hereby amended to add the following clause (i): 
 “(i) the Trustee may accept and act upon notice, instructions or
directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the Issuer elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic
method) and the Trustee, in its discretion, elects to act upon such instructions, the Trustee’s reasonable understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer assumes all risks arising out of its
use of electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting upon unauthorized instructions and the risk of interception and misuse by third parties.” 

(d) Section 8.4 is hereby amended to add the following sentence to the end of such Section: 

“In addition, the Trustee shall be entitled to receive an Opinion of Counsel stating that the supplemental indenture is authorized or
permitted by this Indenture.” 
 (e) Section 11.8 is hereby amended to add the following provisions to the end of such Section:

 “EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR ANY TRANSACTION CONTEMPLATED HEREBY. Further, each of the Issuer and the Trustee hereby irrevocably submits to the jurisdiction of any New York
State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this

  
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Indenture and the Securities, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts.” 

(f) Article 11 is hereby amended to add the following Sections: 

“SECTION 11.13 No Consequential Damages. In no event shall the Trustee be responsible or liable for special, indirect or
consequential loss or damage of any kind whatsoever (including without limitation any loss of profit) irrespective of whether it has been advised of the likelihood of such loss or damage and regardless of the form of action.” 

“SECTION 11.14 Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by (directly or indirectly) forces beyond its control and not due to its negligence; such forces may include without limitation strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the affected party
shall use reasonable efforts that are consistent with accepted practices in the banking industry and to resume performance as soon as practicable under the circumstances.” 

(g) Section 11.5 is hereby amended to add the following sentence to the end of such Section; 

“Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates).” 
 (h) The Company may, without the consent of the holders of a series of the Notes,
issue additional Notes having the same ranking and the same interest rate, maturity and other terms (except for the issue date and public offering price) as the Notes. Any additional Notes having such similar terms, together with the Notes, will
constitute a single series of Securities (as defined in the Indenture) under the Indenture. No additional Notes having such similar terms may be issued if an Event of Default has occurred with respect to the Notes or if such additional Notes will
not be fungible with the previously issued Notes for federal income tax purposes. 
 Pursuant to Section 2.4 of the Indenture, the
Company hereby authorizes and directs that you authenticate and deliver €350,000,000 aggregate principal amount of its 0.375% Notes due 2021, CUSIP 009158 AX4, ISIN XS1419858094, 

  
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Certificate No. 1, in the name of The Bank of New York Depository (Nominees) Limited, as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear Bank
S.A./N.V. and Clearstream Banking, société anonyme, Luxembourg. 
 [Signature page follows] 

  
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	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	 /s/ M. Scott Crocco

	Name:	 	M. Scott Crocco
	Title:	 	Senior Vice President and Chief Financial Officer
		
	By:	 	 /s/ Gregory E. Weigard

	Name:	 	Gregory E. Weigard
	Title:	 	Corporate Treasurer

 Dated: June 1, 2016 

[Officer’s Certificate Designating Terms] 

  
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 EXHIBIT A 

Form of Note 

  
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 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK,
S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”) AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME, LUXEMBOURG (“CLEARSTREAM, LUXEMBOURG” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN. 

THIS SECURITY IS A GLOBAL SECURITY AS REFERRED TO IN THE INDENTURE HEREINAFTER REFERENCED. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 AIR PRODUCTS AND
CHEMICALS, INC. 
 0.375% Note due 2021 

CUSIP 009158 AX4 
 ISIN XS1419858094

 No. 1 
 Interest Payment Dates: June 1 of each
year, commencing June 1, 2017 
 Record Dates: Fifteenth calendar day preceding each Interest Payment Date Interest Rate: 0.375% per annum 

Original Issue Date: June 1, 2016 Maturity Date: June 1, 2021 

AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation (the “Issuer”), for value received, hereby promises to pay to The
Bank of New York Depository (Nominees) Limited (the “Depositary”) as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear Bank S.A./N.V. and Clearstream Banking, société
anonyme, Luxembourg, or registered assigns, the principal sum of Three Hundred Fifty Million Euros (€350,000,000.00) on the Maturity Date specified above or upon earlier redemption at The Bank of New York Mellon, London Branch (the
“Paying Agent”), as Paying Agent, currently located 

  
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at One Canada Square, London E14 5AL, or such other location or locations as may be provided for pursuant to the Indenture referred to herein, in such coin, currency or currency unit specified
above as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest annually on the Interest Payment Date in each year and on the Maturity Date or upon earlier redemption or repayment; commencing
with the first Interest Payment Date next succeeding the Original Issue Date specified above on said principal sum at the Interest Rate specified above from the most recent date to which interest has been paid or duly provided for, or, if no
interest has been paid or duly provided for, from the Original Issue Date, until the principal hereof becomes due and payable; provided, however, that any payment of principal or interest to be made on an Interest Payment Date, on the
Maturity Date or on a date fixed for redemption which is not a Business Day (as hereinafter defined) shall be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, on the Maturity Date or on
the date fixed for redemption, as the case may be, and no additional interest shall accrue as a result of such delayed payment. For purposes of this Note, “Business Day” means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York or London, and on which the Trans-European Automated Real-Time Gross settlement Express Transfer system
(the TARGET2 System) or any successor thereto, is open. 
 The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will be paid to the person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date
and interest payable on the Maturity Date or upon earlier redemption will be payable to the person to whom principal is payable, except that, if this Note is issued between a Record Date and the initial Interest Payment Date relating to such Record
Date, interest for the period beginning on the Original Issue Date and ending on such initial Interest Payment Date shall be paid to the person to whom this Note shall have been originally issued. Payment of principal and interest on this Note will
be made, if at maturity or upon earlier redemption, then on the Maturity Date or the date fixed for redemption, as applicable, upon surrender of this Note at the office of the Paying Agent. All such payments shall be made in immediately available
funds, provided that this Note is presented to the Paying Agent in time for the Trustee to make such payments in such funds in accordance with its normal procedures. Payment of interest on this Note (other than interest paid on the Maturity Date or
upon earlier redemption) will be made by wire transfer to the person entitled thereto appearing on the register for the Notes on the applicable Record Date; provided that such holder shall have designated such account by written notice to the
Trustee no later than the Record Date preceding the applicable Interest Payment Date. Notwithstanding the foregoing, payments of principal and interest on Global Securities shall be made in accordance with the Depositary’s procedures. Any
interest not punctually paid or duly provided for shall be payable as provided in the Indenture referred to on the reverse hereof. 

Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number
of days from and including the last date on which interest was paid on the Notes (or June 1, 2016, if no interest has been paid on the Notes), to but excluding the next scheduled interest payment date. This payment convention is referred to as
ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Markets Association. 

  
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 Principal and interest payments of the Notes are payable in Euro. If, on or after May 24,
2016, the Euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or if the Euro is no longer being used by the then-member states of the European Monetary Union that have
adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the Euro is again
available to us or so used. In such circumstances, the amount payable on any date in Euros will be converted into U.S. dollars in accordance with the Indenture. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event
of Default under the Notes or the Indenture. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF, WHICH FURTHER PROVISIONS SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 
 This Note shall not be valid or
become obligatory for any purpose until the certificate of authentication hereon shall have been manually signed by or on behalf of the Trustee under the Indenture referred to on the reverse hereof. 

AGENCY FOR TRANSFER, EXCHANGE AND PAYMENT: THE BANK OF NEW YORK MELLON, LONDON BRANCH 

  
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 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed in its name by its duly
authorized officers, and has caused its corporate seal to be affixed hereunto or imprinted hereon. 
 Dated: June 1, 2016 

 

			
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

 
			
	Name:	 	Gregory E. Weigard
	Title:	 	Vice President and Corporate Treasurer

 (CORPORATE SEAL) 
 Attest:

  

	
	  

Name: Ann E. Padjen

 Title: Assistant Secretary and Senior Corporate and Finance Counsel 

  
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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee 

By: 
  

	
	  
 Authorized Officer

	
	Dated: June 1, 2016

  
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 REVERSE OF NOTE 

This Note is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the Issuer (hereinafter
called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of January 10, 1995 (the “Indenture”), duly executed and delivered by the
Issuer to The Bank of New York Mellon Trust Company, N.A., successor to U.S. Bank National Association (formerly Wachovia Bank, National Association and initially First Fidelity Bank, National Association), as Trustee (the
“Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the
holders (the words “holders” or “holder” meaning the registered holders or registered holder of the Securities). The Securities may be issued in one or more series, which different series (and which securities
issued within each series) may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption or repayment provisions (if any), may be subject to
different sinking fund or analogous provisions (if any), may be subject to different Events of Default (as defined in the Indenture) and may otherwise vary as in the Indenture provided. This Note is one of a series designated as “0.375% Notes
due 2021” (the “Notes”) of the Issuer, initially limited in aggregate principal amount to €350,000,000, subject to the right of the Issuer to reopen the series and issue additional principal amounts; provided that no
additional Notes having such similar terms may be issued if an Event of Default has occurred with respect to the Notes or if such additional Notes will not be fungible with the previously issued Notes for federal income tax purposes. 

In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be declared, and upon
such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

At any time, or from time to time, prior to May 1, 2021, the Notes may be redeemed, as a whole or in part, at the Issuer’s option
upon mailing a notice of such redemption not less than 30 days nor more than 60 days prior to the date fixed for redemption to the holders of the Notes at their last registered addresses, all as provided in the Indenture, at a redemption price equal
to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; or (ii) the sum of the present values of the Remaining Scheduled Payments, as defined below, discounted to the redemption date on an annual basis
(ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate, as defined below, plus fifteen (15) basis points, plus, in each case, any interest accrued but not paid to the date of redemption. The redemption price shall be calculated by the
Issuer. 
 At any time on or after May 1, 2021, the Notes may be redeemed, at the Issuer’s option, upon mailing of a notice of
such redemption not less than 30 days nor more than 60 days prior to the date fixed for redemption to the holders of the Notes at their last registered addresses, all as provided in the Indenture, at a redemption price equal to 100% of the principal
amount of the applicable Notes being redeemed, plus accrued and unpaid interest on the principal amount being redeemed, to but excluding the redemption date. 

  
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 “Comparable Government Bond” means, in relation to any Comparable Government
Bond Rate calculation, at the discretion of an independent investment bank selected by the Issuer, a German Bundesanleihe security whose maturity is closest to the maturity of the Notes, or if such independent investment bank in its
discretion considers that such similar bond is not in issue, such other German Bundesanleihe security as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German Bundesanleihe
securities selected by such independent investment bank, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, 0.0005 being
rounded upwards), at which the gross redemption yield on the Notes, if they were to be purchased at such price on the third business day prior to the date fixed for redemption, would be equal to the gross redemption yield on such business day of the
Comparable Government Bond (as defined above) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment bank selected by the
Issuer. 
 “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments
of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the
amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such redemption date. 

If, as a result of any change in, or amendment to, the laws of the United States or the official interpretation thereof that is announced or
becomes effective on or after May 24, 2016, the Issuer becomes or, based upon a written opinion of nationally recognized independent counsel selected by the Issuer, will become obligated within 90 days to pay additional amounts as described
below with respect to the Notes, then the Issuer may, at any time and at its option, redeem, in whole, but not in part, the Notes on not less than 30 nor more than 60 days’ prior notice, at a redemption price equal to 100% of their principal
amount, together with accrued and unpaid interest on the Notes to, but not including, the date fixed for redemption. 
 The Issuer will,
subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts as are necessary in order that the net payment by the Issuer or a paying agent of the principal of and interest on the Notes
to a holder that is not a United States person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will
not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply: 

 

	 	(1)	to any tax, assessment or other governmental charge that would not have been imposed but for the holder, a fiduciary, settlor, beneficiary, member or shareholder of the holder, or a person holding a power over an estate
or trust administered by a fiduciary holder, being treated as: 

  
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	 	(a)	being or having been engaged in a trade or business in the United States, or having or having had a permanent establishment in the United States; 

 

	 	(b)	having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment in respect of the Notes or the enforcement of
any rights under the Indenture), including being or having been a citizen or resident of the United States; 

  

	 	(c)	being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for U.S. federal income tax purposes, a foreign tax exempt organization, or a corporation that
has accumulated earnings to avoid United States federal income tax; 

  

	 	(d)	being or having been a “10-percent shareholder” of the Issuer, as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any successor provision;
or 

  

	 	(e)	being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, within the meaning of section 881(c)(3) of the Code or any
successor provision; 

  

	 	(2)	to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficiary or settlor with
respect to the fiduciary, a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its
beneficial or distributive share of the payment; 

  

	 	(3)	to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the holder or beneficial owner to comply with certification, identification or information reporting
requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States or any taxing authority
therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge; 

 

	 	(4)	to any tax, assessment or other governmental charge that is imposed otherwise than by withholding from the payment; 

  

	 	(5)	to any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the
payment becomes due or is duly provided for, whichever occurs later; 

  
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	 	(6)	to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge; 

 

	 	(7)	to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest on any Note, if such payment can be made without such withholding by at least
one other paying agent in a member state of the European Union; 

  

	 	(8)	to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the
date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

  

	 	(9)	to any tax, assessment or other governmental charge required to be withheld or deducted that is imposed on a payment pursuant to Sections 1471 through 1474 of the Code (or any amended or successor version of such
Sections that is substantively comparable and not materially more onerous to comply with), any Treasury regulations promulgated thereunder, or any other official interpretations thereof, any agreement (including any intergovernmental agreement)
entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing the Foreign Account Tax Compliance Act (“FACTA”) or an intergovernmental agreement in respect of FATCA;
or 

  

	 	(10)	in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), and (9). 

 Except as
specifically provided above, the Issuer will not be required to pay additional amounts in respect of any tax, assessment or other governmental charge. 

For the purposes of the two preceding paragraphs, “United States” means the United States of America, any state thereof, and
the District of Columbia, and the term “United States person” means (i) any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, (ii) a corporation, partnership or other entity
created or organized in or under the laws of the United States, any state thereof or the District of Columbia (other than a partnership that is not treated as a United States person for U.S. federal income tax purposes), (iii) any estate the
income of which is subject to U.S. federal income taxation regardless of its source, or (iv) any trust if a U.S. court can exercise primary supervision over the administration of the trust and one or more United States persons can control all
substantial trust decisions, or if a valid election is in place to treat the trust as a United States person. 
 Upon the occurrence of a
Change of Control Triggering Event, the Issuer will be required to make an offer (a “Change of Control Offer”) to each holder of Notes to repurchase all or any part (equal to €1,000 or an integral multiple thereof) of such
holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (the “Change of Control Payment”). Within 30 days following
any Change of Control Triggering Event, the Issuer will be required to mail (or otherwise transmit in accordance with the Depositary) a notice to each holder stating: 

  
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	 	(1)	that the Change of Control Offer is being made pursuant to the covenant entitled “Change of control and ratings decline”; 

  

	 	(2)	the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 45 days after the date such notice is mailed (the “Change of Control Payment Date”); 

 

	 	(3)	that any Notes not tendered will continue to accrue interest in accordance with the terms of the Indenture and this Note; 

  

	 	(4)	that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment
Date; 

  

	 	(5)	that holders will be entitled to withdraw their election if the paying agent receives, not later than the close of business on the fifth business day preceding the Change of Control Payment Date, a telegram, telex,
facsimile transmission or letter setting forth the name of the holder, the principal amount of Notes delivered for purchase, and a statement that such holder is unconditionally withdrawing its election to have such Notes purchased;

  

	 	(6)	that holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to €100,000
in principal amount or an integral multiple of €1,000 in excess thereof; and 

  

	 	(7)	any other information material to such holder’s decision to tender Notes. 

 The Issuer
will not be required to make a Change of Control Offer following a Change of Control Triggering Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the
Notes applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in
advance of a Change of Control Triggering Event, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

“Board of Directors” means either the Board of Directors of the Issuer or any committee of such Board duly authorized to act
hereunder. 
 “Capital Stock” means any and all shares, interests, participations, rights or other equivalents, however
designated, of corporate stock or partnership or membership interests, whether common or preferred. 
 “Change of Control”
means the occurrence of any one of the following: 
  

	 	(1)	 the consummation of any transaction (including without limitation, any merger or consolidation) the result of
which is that any person (including any “person” (as 

  
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that term is used in Section 13(d)(3) of the Exchange Act (as defined below))) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly
or indirectly, of more than 50% of the Issuer’s outstanding Voting Stock, measured by voting power rather than number of shares; 

  

	 	(2)	the first day on which the majority of the members of the Issuer’s Board of Directors cease to be Continuing Directors; or 

  

	 	(3)	the adoption of a plan relating to the liquidation or dissolution of the Issuer. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline. 

“Continuing Director” means, as of any date of determination, any member of the Issuer’s Board of Directors who: 

 

	 	(1)	was a member of such Board of Directors on the date of the issuance of the Notes; or 

  

	 	(2)	was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election.

 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor
rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). In the event that the Issuer shall select any other Rating Agency, the equivalent of such ratings by such
Rating Agency shall be used. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s
Corporation, and its successors. 
 “Rating Agency” means each of Moody’s and S&P and any other Rating Agency
appointed by the Issuer. 
 “Ratings Decline” means within 60 days after the earlier of, (i) the occurrence of a
Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Issuer to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced
consideration for a possible downgrade by any of the Rating Agencies) (the “Trigger Period”), (a) if two or more Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the rating of the
Notes shall be reduced by at least two Rating Agencies and the Notes shall be rated below Investment Grade by each of such Rating Agencies or (b) if only one Rating Agency is providing a rating for the Notes at the commencement of any Trigger
Period, the rating of the Notes shall be reduced by such Rating Agency and the Notes shall be rated below Investment Grade by such Rating Agency. Neither the trustee nor the paying agent shall be responsible for monitoring the Issuer’s
Investment Grade status or determining whether a Ratings Decline has occurred. 

  
 17 

 “S&P” means Standard & Poor’s Ratings Services, a division of
The McGraw-Hill Companies, Inc., and its successors. 
 “Voting Stock” with respect to any person, means securities of any
class of Capital Stock of such person entitling the holders thereof (whether at all times or only so long as no senior class of stock or other relevant equity interest has voting power by reason of any contingency) to vote in the election of members
of the Board of Directors of such person. 
 On and after the redemption date, interest will cease to accrue on the Notes or any portion
thereof called for redemption, unless the Issuer defaults in the payment of the redemption price and accrued interest. On or before the redemption date, the Issuer will deposit with a Paying Agent, or the Trustee, money sufficient to pay the
redemption price of and accrued interest on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with applicable depositary procedures. 

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the holders of not less than 66-2/3% in aggregate
principal amount of the Securities at the time outstanding (as defined in the Indenture) of all series to be affected (voting as one class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities of each such series; provided, however, that no such
supplemental indenture shall (i) extend the final maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or
reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity thereof pursuant to Section 5.1 of the Indenture or the amount thereof provable in bankruptcy pursuant
to Section 5.2 of the Indenture, or impair or affect the right of any Securityholder to institute suit for the payment thereof or the right of repayment, if any, at the option of the Securityholder without the consent of the holder of each
Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series, the consent of the holders of which is required for any such supplemental indenture, without the consent of the holder of each Security so affected. Any
such consent or waiver by the holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and any Notes which may be issued in exchange or
substitution therefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. 
 No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the
respective times, at the rate and in the coin, currency or currency unit herein prescribed unless in accordance with Section 10.1(c) or Section 10.2 of the Indenture the Issuer shall have: (i) irrevocably deposited or caused to be
deposited in trust with the Trustee funds in cash and/or U.S. Government Obligations (as defined in the Indenture) as will be sufficient to pay interest due or to become due on the Notes to, and to pay the principal and any premium due on the Notes
upon the Maturity Date or upon earlier redemption; and (ii) delivered to the Trustee an opinion of counsel to the effect that the holders of the Notes will not recognize income, gain, or loss for federal

  
 18 

 
income tax purposes as a result of such defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
defeasance had not occurred. 
 The Issuer shall be deemed to have paid the principal of, premium, if any, and interest on the Notes when
the same shall have become due and payable if in accordance with Section 10.1(c) or Section 10.2(A) of the Indenture the Issuer shall have: (i) irrevocably deposited or caused to be deposited in trust with the Trustee funds in cash
and/or Foreign Government Securities (as defined in the Indenture) as will be sufficient (solely with respect to Section 10.2(A)(2) and Section 10.2(A)(3) of the Indenture, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee) to pay interest due or to become due on the Notes to, and to pay the principal and any premium due on the Notes upon the Maturity Date or upon earlier
redemption of the outstanding Notes; and (ii) delivered to the Trustee an opinion of counsel to the effect that the holders of the Notes will not recognize income, gain, or loss for federal income tax purposes as a result of such defeasance and
will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

The Notes are issuable in fully registered form without coupons in the minimum denomination of €100,000, and in integral multiples of
€1,000 in excess thereof. Upon due presentment for registration of transfer of this Note at the office of the Paying Agent or at such other office or agency as is designated by the Issuer, a new Note or Notes of authorized denominations for an
equal aggregate principal amount and like tenor will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection
therewith; provided, however, that this Note is exchangeable only if (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for this Note or if at any time the Depositary ceases to be in
good standing under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or other applicable statutes or regulations, and the Issuer does not appoint a successor Depositary within 90 days after the Issuer received
such notice or becomes aware of such ineligibility or (ii) the Issuer in its sole discretion determines that this Note shall be exchanged for certificated Notes in definitive form, provided that the definitive Notes so issued in exchange for
this Note shall be in authorized denominations and be of like aggregate principal amount and tenure and terms as the portion of this Note to be exchanged. 

The Issuer will pay any administrative costs imposed by banks in connection with making payments on this Note by wire transfer, but any tax,
assessment or governmental charge imposed upon payments will be borne by the holder hereof. 
 The Issuer, the Trustee and any agent of the
Issuer or the Trustee may deem and treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving
payment of or on account of the principal hereof and premium, if any, and subject to the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee
shall be affected by any notice to 

  
 19 

 
the contrary. Neither the Trustee nor the Paying Agent shall act as the exchange rate agent or have any responsibility for effecting any foreign currency conversions or calculations hereunder.

 No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Note, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

Undefined terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 20 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  

					
		 	TEN COM —	 	as tenants in common
		 	TEN ENT —	 	as tenants by the entireties
		 	JT TEN —	 	as joint tenants with right of survivorship and not as tenants in common

					
			
		 	UNIF GIFT MIN ACT —	 	            Custodian
		 		 	(Cust)         (Minor)
		 		 	under Uniform Gifts to Minors Act
		 		 	 (State)

 Additional abbreviations may also be used though not in the above list 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

  
  

the within Note of AIR PRODUCTS AND CHEMICALS, INC. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the said Note on the books of the within-named Issuer, with full power of substitution in the premises. 

 

					
	Dated	 	  
	  	

 NOTICE: The signature to this 

assignment must correspond with the 

name as written upon the face of the 

certificate in every particular, 

without alteration or enlargement or 

any change whatever. 

  
 21EX-10.1

 Exhibit 10.1 

Execution Copy 

MANAGEMENT AGREEMENT 

AGREEMENT (this “Agreement”) made as of the 1st day of June 2016, by and among
CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), MORGAN STANLEY SMITH BARNEY SPECTRUM TECHNICAL L.P., a Delaware limited partnership (the “Partnership”) and FORT, L.P., a Delaware limited partnership (the
“Advisor” or “FORT”). 
 W I T N E S S E T H : 

WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized to trade, buy, sell, spread, or otherwise acquire,
hold, or dispose of commodities (which may include foreign currencies, mortgage-backed securities, money market instruments, financial instruments and any other securities or items which are now, or may hereafter be, the subject of futures contract
trading), domestic and foreign commodity futures contracts, commodity forward contracts, foreign exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, and any rights pertaining
thereto and securities (such as United States Treasury bills) approved by the Commodity Futures Trading Commission (the “CFTC”) for investment of customer funds, and to engage in all activities incident thereto; and 

WHEREAS, the Fifth Amended and Restated Limited Partnership Agreement made as of January 1, 2016 (the “Partnership Agreement”),
permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership; and 

WHEREAS, the Advisor is registered as a commodity trading advisor with the CFTC and is a member of the National Futures Association
(“NFA”); and 
 WHEREAS, CMF is registered as a commodity pool operator with the CFTC and is a member of 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
discretionary authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by CMF and
deposited in one or more accounts established by the Partnership at one or more clearing brokers for the Advisor’s trading (all such accounts collectively being referred to 

 
herein as the “Account”) in commodity interests, including commodity futures contracts, options on futures contracts and forward contracts, including foreign exchange forwards, foreign
exchange swaps and non-deliverable foreign exchange forwards. The Advisor may also engage in swap transactions and other derivative transactions and trade other instruments on behalf of the Partnership with the prior written approval of CMF and
subject to its obtaining all required registrations or licenses. All such trading by the Advisor on behalf of the Partnership shall be in accordance with the Advisor’s Global Contrarian Program as described in the Advisor’s CTA Disclosure
Document, dated August 2014 (the “Disclosure Document”), and implemented by the Advisor on behalf of FORT Global Contrarian, L.P. (the “Program”), a summary of which is contained in Appendix A hereto, and subject to the
trading policies of CMF expressly set forth in Appendix B hereto (the “CMF Trading Policies”). CMF may change the CMF Trading Policies upon at least 5 business days’ notice to the Advisor by providing Advisor an amended
Appendix B; provided, that (i) any open positions or other investments at the time such change in the CMF Trading Policies is effective shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course
of trading; and (ii) the Advisor may immediately terminate this Agreement if it determines, reasonably and in good faith, that a change in the CMF Trading Policies would require the Advisor to trade for the Account in a manner that is
materially different than the Program. The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not result in losses. 

(b) CMF acknowledges that it has received and understood the contents of the Advisor’s Disclosure Document. All trades made by the
Advisor for the Account shall be cleared through such clearing futures commission merchants as CMF shall direct (“Clearing Brokers”) and shall be executed through such commodity broker or other executing brokers listed on Appendix D
hereto or in the future selected by the Advisor with the prior approval of CMF (which approval may be given via EGUS or by email), 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. Moreover, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may
enter into swaps and other derivative transactions permitted under Section 1(a) of this Agreement with such swap dealers or other counterparties as it may choose for execution with instructions to give-up the trades to the broker designated by
CMF provided that the swap dealer or counterparty 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 after all parties have executed the relevant
give-up agreements (via EGUS or by original, fax copy or email copy). The Clearing Brokers shall at all times have custody of the assets in the Account, and the Advisor shall not be responsible for the management of any cash or reserve assets held
in the Account. 
 (c) CMF agrees that on or about June 1, 2016 (the “Funding Date”), the Partnership shall deposit
approximately $20 million of cash in the Account (such amount, as increased or decreased by gains, losses, additional capital contributions and withdrawals, the “Actual Funds”). The Partnership and the Advisor agree that the Advisor shall
trade the account as though the Partnership had deposited 1.25 times the Actual Funds in the account (the “Trading 

  
 2 

 
Level”). For example, if the Partnership deposits $40 million in Actual Funds in the Account, the Advisor shall implement the Program for the Account as though the Partnership deposited $50
million in Actual Funds in the Account. For the avoidance of doubt, the actual amount of leverage applied to the assets of the Account may substantially exceed 1.25 times Actual Funds, as the Program itself – as implemented on a fully funded
basis – is highly leveraged. 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 Program which the Advisor, in its sole discretion, deems material (it being acknowledged by CMF and the Partnership that the Program is updated and modified by the Advisor from time to time as a matter of course, as described in the
Disclosure Document, and not all updates and modifications constitute material changes to the Program). If the Advisor deems such change in the Program to be material, the material change in system or methodology or markets traded will not be
implemented for the Partnership without the prior written consent of CMF. In addition, the Advisor will notify CMF of any changes to the Program that would cause the description of it in Appendix A to be materially inaccurate. The Advisor has
provided the Partnership with a current list of all commodity interests that may be traded for the Account in Appendix C and the Advisor will not trade any additional commodity interests for the Account without providing an amended
Appendix C to CMF and receiving CMF’s written approval. In the event that CMF does not consent to a material change to the Program or additional commodity interests that may be traded for the Account, the Advisor may terminate this
Agreement or cease trading for the Account immediately if it determines, reasonably and in good faith, that CMF’s lack of consent would require the Advisor to trade for the Account in a manner that is materially different than the Program. For
the avoidance of doubt, the fact that the Advisor does not cause the Account to hold one or more commodity interests from time to time shall not constitute a material change in the Program. The Advisor also agrees to provide CMF, on a monthly basis,
with a written report of the dollar value of the assets under the Advisor’s management. 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 provide to the Partnership: (i) the Disclosure Document, and any material amendments or updates thereto
promptly after such amendment or update is made; (ii) the Advisor’s performance and related disclosures and statistics with respect to the Program; (iii) the name and general description of the Program; and (iv) such other
information as the Partnership and its designees may reasonably request to comply with applicable law and in connection with any due diligence or other investigation that may be conducted at any time and from time to time (collectively, the
“Advisor Information”). Notwithstanding Sections 1(e) 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 such disclosure is
required by federal or state law or NFA rule or order. The Partnership may use 

  
 3 

 
Advisor Information in a disclosure document or investor or prospective investor reports or similar material (collectively, “Investor Materials”); provided that the Advisor has
previously reviewed and approved the Advisor Information for inclusion in such Investor Materials (provided, that repeated consent by the Advisor shall not be required for repeated use of the same Advisor Information previously approved by the
Advisor so long as such repeated use is materially consistent with the context and content of what the Advisor previously approved and the content of such Advisor Information has not been changed or altered by CMF or the Partnership). If the Advisor
becomes aware that any Advisor Information approved for use in the Investor Materials contains an untrue statement of a material fact or, when read in the aggregate, omits to state a material fact necessary in order to make the statements made, in
light of the circumstances under which they were made, not misleading, the Advisor shall inform CMF as soon as reasonably practicable. For the avoidance of doubt, none of the Advisor, its affiliates, and its or their respective principals, managers,
members, partners, directors, officers, shareholders or employees (collectively, the “Advisor Parties”) is responsible for the content of the Investor Materials (other than the accuracy of the Advisor Information approved for use by the
Advisor), nor is any Advisor Party responsible for any marketing, solicitation, or sale activities relating to the Partnership. 
 (e) The
Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets (as defined in Section 3(b) hereof) as it
shall determine in its absolute discretion; provided, that the Advisor shall have sole discretionary authority over the assets of the Account. The designation of other trading advisors and the apportionment or reapportionment of Net Assets to any
such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder. 

(f) CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among the trading
advisors for the Partnership as it deems appropriate. CMF shall use its best efforts to make reapportionments, if any, as of the last day of a calendar month. Notwithstanding the foregoing, the Advisor understands 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. The Advisor shall use commercially reasonably efforts to promptly comply with such requests in accordance with the CMF Trading Policies, and the Advisor shall not be responsible or liable
for any adverse consequences to the Account or the Partnership resulting from the Advisor complying with such request (provided that the Advisor does not act in bad faith in doing so). CMF agrees that the Advisor shall not be in breach of the CMF
Trading Policies as a result of liquidations if specifically authorized by CMF to make liquidations which are not in accordance with the CMF Trading Policies. CMF will use its best efforts to give at least two business days’ prior notice to the
Advisor of any such reallocations or liquidations. 

  
 4 

 (g) The Advisor shall use commercially reasonable efforts to identify and promptly correct any
errors with respect to the Account’s trading activities, including 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. The
Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the provisions of Section 8(a)(iii) of any Material Advisor Errors (as defined below) and any failures, errors or omissions by any broker (“Broker
Errors”) used by Advisor on behalf of the Account that, either individually or collectively, have an adverse effect on the Account. In the event of a Broker Error, the Advisor agrees to use commercially reasonable efforts to pursue an
appropriate financial remedy on CMF’s and the Partnership’s behalf with the relevant broker; provided, that CMF or the Partnership shall pay or reimburse Advisor for any material out-of-pocket costs and expenses incurred by Advisor in
doing so; and, provided further, that Advisor obtain CMF’s written consent prior to incurring a single cost or expense of $2,000 or more. Notwithstanding anything in this Agreement to the contrary, CMF accepts that the Advisor is not
responsible and shall not be liable for any loss, liability or expense resulting from trade errors committed by the Advisor (including any technological or machine errors associated with implementing the Program) other than Material Advisor Errors.
“Material Advisor Errors” are solely those errors committed or caused by Advisor in transmitting orders for the purchase or sale of commodity interests for the Account that (i) result in a loss greater than 0.03% of 1.25 times the
Actual Funds as of the date such error occurred and (ii) are due to either (1) manual intervention by a human employee of Advisor or (2) malfunctions in Advisor’s trade management system for which no remedial action is taken by
Advisor promptly upon becoming aware of such malfunction. 
 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. For the avoidance of
doubt, other than its responsibility for directing the trading and investment activities of the Account pursuant to the terms of this Agreement, the Advisor is not responsible for and shall not participate in the operations, management and
administration of the Partnership (including, but not limited to, any marketing or solicitation activities). 
 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 as of the end of each calendar year equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership (the “Incentive Fee”) and
(ii) a monthly fee for professional management services equal to 1/12 of 1.25% (1.25% per year) of the Net Assets of the Partnership allocated to the Advisor as of the opening of business on the first day of each calendar month commencing with
the month in which the Partnership begins to receive trading advice from the Advisor pursuant to this Agreement (the “Management Fee”). 

  
 5 

 (b) “Net Assets” shall have the meaning set forth in Section 7(d)(1) of the
Partnership Agreement and without regard to further amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions, 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 Assets managed by the Advisor at the end of the fiscal period over Net Assets managed by the Advisor at the end of the highest previous fiscal period (after reduction for the Incentive Fee then due) or Net Assets allocated to the Advisor
at the date trading commences by the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets resulting from 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 of the
Partnership shall be attributed to the Account based on the proportionate share of the Partnership’s Net Assets allocated to the Account. Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on
behalf of the Partnership. The initial Incentive Fee shall be paid to the Advisor as of the end of the calendar year in which Advisor commenced 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 such calendar year. Interest income earned, if any, will not be taken into account in computing the Account’s Net Assets and the New Trading Profits earned
by the Advisor. If Net Assets allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions effective as of the same date), 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 fiscal
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. 

(e) In the event of any dispute over the amounts so due, the Partnership shall promptly pay the full amount not reasonably considered the
subject of dispute, and the remainder 

  
 6 

 
as soon as practicable after the dispute is resolved. Upon request of the Advisor, CMF shall provide such books and records of the Partnership as are reasonable necessary to support the
calculation of Management Fees and Incentive Fees 
 (f) 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 Parties may render advisory, consulting and management services to other
clients and accounts. The Advisor Parties 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 commodity trading advice
to other accounts will not affect the capacity of the Advisor to render services to the Account as 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
methods for the Partnership in implementing the Program that are inferior to methods employed for any other client or account traded pursuant to the Program and that it will not knowingly or deliberately favor any client or account managed by it, on
an overall basis, over any other client or account in any manner, it being acknowledged, however, that, among other factors, different trading programs, strategies or methods may be utilized for differing sizes of accounts, accounts with different
trading policies or risk parameters (including the CMF Trading Policies), 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, accounts subject to different fee terms and accounting mechanics and accounts with other differences may cause divergent trading results between the Account and the Advisor’s other
accounts, and such differences do not constitute knowingly and deliberately favoring one account over another. 
 (c) CMF and the
Partnership each acknowledge and agree that the Advisor Parties presently act, and 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. 

  
 7 

 (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 writing (including via email) by CMF, subject to the Advisor’s
confidentiality obligations to the Advisor’s other accounts and provided that the Advisor shall not be required to disclose any client identities, client records, or other information that would violate any applicable legal or contractual
restrictions applicable to the Advisor or any intellectual property or proprietary information. 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, 2016 (the “Initial Termination Date”). If
this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this
Agreement is otherwise terminated, as provided for herein. At any time during the term of this Agreement, CMF may terminate this Agreement upon 5 days’ notice to the Advisor. At any time during the term of this Agreement, CMF may elect to
immediately terminate this Agreement if (i) the Net Asset Value per unit shall decline as of the close of business on any day to $4.00 or less; (ii) the Net Assets allocated to the Advisor (adjusted for redemptions, distributions,
withdrawals or reallocations, if any) decline by 50% or more as of the end of a trading day from such Net Assets’ previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership shall vote to
require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement in any material respect; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that
CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership;
(vii) the Advisor fails to conform to the trading policies as set forth in the Partnership Agreement as it may be changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial portion of its
assets, or becomes bankrupt or insolvent; (ix) either Yves Balcer or Sanjiv Kumar 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 NFA or any other regulatory authority, is terminated or suspended; or (xi) CMF reasonably believes that the Advisor has or may
contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates. This Agreement will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to
dissolution. 

  
 8 

 (b) The Advisor may terminate this Agreement by giving not less than 30 days’ notice to CMF
(i) in the event that the trading policies as set forth in the Partnership Agreement are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) at any time after
December 31, 2016; or (iii) in the event that CMF or the Partnership fails to comply with the terms of this Agreement. Notwithstanding the foregoing, the Advisor may immediately terminate this Agreement at any time if (i) CMF’s
registration as a commodity pool operator or its membership in NFA is terminated or suspended; or (ii) in accordance with Sections 1(a) and (c) of this Agreement. 

(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. 
 (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 or another Advisor Party 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 and each Advisor Party against any loss, liability, damage, fine, penalty obligation, cost,
expense (including, without limitation, reasonable attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in
connection with such action, suit, or proceeding (collectively, “Losses”) if the Advisor or such Advisor Party 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 or such other Advisor Party 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 or such Advisor Party 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. 

  
 9 

 (ii) Without limiting subsection (i) above, to the extent that the Advisor or such other
Advisor Party 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 or such other
Advisor Party 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 or such other Advisor Party 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 or such other Advisor Party against any Losses, incurred in connection therewith. 
 (v) As used in this Section 6(a), 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 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 (1) 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 (2) 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 (i) above, unless ordered by a court or administrative forum, shall be made by the Advisor
only as authorized in the specific case and 

  
 10 

 
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 the Advisor in a timely manner, subject to CMF’s approval, which approval shall not be unreasonably withheld. CMF will be deemed to have approved the
Advisor’s selection unless CMF notifies the Advisor in writing, received by the Advisor within five days of CMF’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. 
 (e) The provisions of this Section 6 shall survive the termination of this Agreement. 

7. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

(a) The Advisor represents and warrants that: 

(i) All information with respect to the Advisor and its principals and the trading performance of any of them that has been provided to CMF,
including, without limitation, the description of the Program contained in Appendix A, is complete and accurate in all material respects and such information does not contain any untrue statement of a material fact or omit to state a material fact
which is necessary to make the statements and information not misleading. 
 (ii) 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 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, and agrees to maintain and renew such registrations and licenses during the term of this Agreement, including, without limitation, registration as a commodity trading advisor with
the CFTC and membership in NFA. 
 (iii) The Advisor is a limited partnership 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. 

  
 11 

 (iv) 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. 

(v) 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. 
 (vi) At any time during the term of this Agreement that Investor Materials are required to be
delivered in connection with the offer and sale of Partnership interests, the Advisor agrees upon the request of CMF to promptly provide the Advisor Information. 

(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 registration and membership
during the term of this Agreement. 
 (vi) The Partnership is a “qualified eligible person” as defined in Rule 4.7 under the
Commodity Exchange Act and consents to the Advisor treating it as an exempt account under Rule 4.7(c). 
 (vii) 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. 

(viii) CMF and the Partnership have received the Disclosure Document and are aware of all the risks and conflicts of interest associated with
the Program as described therein. 
 (ix) The Advisor has not made any representation regarding the profitability of the Account or its
ability to avoid losses. 

  
 12 

 (x) The assets of the Partnership are not and will not be during the term of this Agreement,
“plan assets” for purposes of the U.S. Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). It will provide the Advisor with advance
notice if it will breach this representation. 
 (xi) There are no material suits, actions or proceedings pending or threatened involving
it, its affiliates or the Partnership, by any federal, state, municipal, foreign or other governmental department, commission, board, bureau, agency, or instrumentality, or any other governmental, regulatory or self-regulatory authority or any
exchange. 
 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 Account, the Advisor will comply with all applicable laws, including rules and
regulations of the CFTC, NFA and/or the commodity exchange on which any particular transaction is executed. 
 (ii) The Advisor will
(A) promptly notify CMF if the Advisor or any Advisor Party has been named in any suit, action or proceeding or any governmental or regulatory investigation regarding the provision of advisory, consulting or management services to CMF or other
clients or accounts of Advisor or any Advisor Party and (B) 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 any investigation or audit of the Advisor’s or any Advisor Party’s business activities; in each case excluding routine regulatory audits, general information requests, industry
“sweeps” or comparable proceedings and provided that the Advisor is not prohibited from doing so by applicable law, confidentiality obligation or at the request of the relevant regulator. 

(iii) In the placement of orders for the Account and for the accounts of any other client, the Advisor will utilize a pre-determined,
systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other account managed by the Advisor (it being acknowledged that exact equality of treatment may not be
possible in each and every instance). The Advisor acknowledges its obligation to review the positions, prices and equity in the Account daily and within two business days to notify, in writing, the broker and CMF and the Partnership’s brokers
of (A) any Material Advisor Error; (B) failures or errors by any executing brokers that, either individually or collectively, have an adverse effect on the Account; 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. 

  
 13 

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

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

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

(iii) CMF or the selling agents for the Partnership have policies, procedures, and internal controls in place that are reasonably designed to
comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA PATRIOT Act. CMF or the selling agents for the Partnership have Customer Identification Programs (“CIP”), which require
the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance. CMF or the selling agents for the Partnership also have policies, procedures, and internal controls in place that are reasonably
designed to comply with regulations and economic sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control. 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. 

 
  

	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. 

  
 14 

 9. COMPLETE AGREEMENT. This Agreement constitutes the entire agreement between the parties
pertaining to the subject matter hereof. 
 10. ASSIGNMENT. This Agreement may not be assigned by any party without the express
written consent of the other parties. 
 11. AMENDMENT. This Agreement may not be amended except by the written consent of the
parties. 
 12. NOTICES. All notices, demands or requests required to be made or delivered under this Agreement shall be effective
upon actual receipt and shall be made either by electronic mail (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 T. Egan 

email: patrick.egan@morganstanley.com 

If to the Advisor: 
 FORT, L.P.

 2 Wisconsin Circle, Suite 850 

Chevy Chase, Maryland 20815 

Attention: Devan Musser (General Counsel/CCO) 

email: legal@fortlp.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 

 15. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries to this
Agreement, other than persons not parties to this Agreement that have rights under Section 6 hereof. 
 16. CONFIDENTIALITY. The
Advisor, CMF and the Partnership each acknowledge and agree that during the course of their association with one another, each party may receive and have access to certain information, data, notes, analyses, records, and materials of the other
party, including, without limitation, information concerning the other party’s business affairs, CMF and the Partnership’s management arrangement with the Advisor and investment strategies, and all information regarding the Advisor, CMF
and the Partnership (collectively, the “Confidential Information”). The term “Confidential Information” does not include information which (i) was or becomes generally available to the public other than as a result of a
disclosure by the receiving party or its representatives in violation hereof, (ii) was or becomes available to the receiving party on a non-confidential basis prior to its disclosure by the disclosing party or its representatives or agents to
the receiving party or its representatives, (iii) becomes available to the receiving party or its representatives on a non-confidential basis from a source other than the disclosing party or its representatives or agents, provided that such
source is not known to the receiving party to be bound by a confidentiality agreement with the disclosing party or its representatives or agents or otherwise prohibited from transmitting the information to the receiving party or its representatives
by a contractual, legal or fiduciary obligation, or (iv) is independently developed by the receiving party or on its behalf, provided that such development was by the receiving party or on the receiving party’s behalf without the use of,
or any reference to, the Confidential Information. None of the parties shall disclose to third parties or use any other party’s Confidential Information without such other party’s prior written consent, except as otherwise contemplated
herein or as required by applicable law, a court of competent jurisdiction or any regulatory or self-regulatory organization, or as necessary to carry out its duties pursuant to this Agreement. 

17. COUNTERPART ORIGINALS. 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. 
 [Signature Page Follows] 

  
 16 

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

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

 

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

		 	Patrick T. Egan
		 	President and Director
	
	MORGAN STANLEY SMITH BARNEY SPECTRUM TECHNICAL L.P.
		
	By:	 	Ceres Managed Futures LLC
		 	(General Partner)
		
	By:	 	 /s/ Patrick T. Egan

		 	Patrick T. Egan
		 	President and Director

  

			
	FORT, L.P.
		
	By	 	 /s/ Yves Balcer

		 	Name: Yves Balcer
		 	Title: CEO
		
	By	 	 /s/ Sanjiv Kumar

		 	Name: Sanjiv Kumar
		 	Title: President

  
 17 

 APPENDIX A 

FORT Global Contrarian’s investment objective is to achieve attractive absolute returns and reduced volatility of returns primarily through trading a
broad spectrum of futures contracts, including contracts on short-term interest rates, bonds, currencies, stock indices, energy and metals. Global Contrarian is a systematic, technical, trend-anticipating trading program that attempts to profit from
emerging trends by identifying price behaviors that signal possible turning points. Global Contrarian generally seeks to anticipate and capitalize on short-to-intermediate-term trends (two to six weeks). Unlike a trend-following program, which would
attempt to identify existing trends, Global Contrarian attempts to anticipate trends before they occur. Global Contrarian takes positions while the market is moving against the signal. As a result, its performance can be much more volatile than
traditional trend-following models, but the potential for diversification is much greater. In an attempt to reduce the volatility of returns, the allocation of capital is geographically diversified across Asia, Europe, Australia and North America.
The Adviser exercises little or no discretion over the rule-based and computerized trading signals generated by Global Contrarian. Global Contrarian uses Bayesian learning techniques to systematically adjust model parameters, markets, and sectors.
The learning process favors both winners and losers for allocations. For example, markets that underperform recently but perform well over the long-term are candidates for allocation. The full list of instruments to be traded in the portfolio is
also listed below. 
 See the Disclosure Document for a more detailed description of the Global Contrarian Program, which is incorporated by reference
herein. 

  
 A-1 

 APPENDIX B 

CMF Trading Policies Pursuant to Section 8(c) of the Partnership Agreement 

Capitalized terms used but not otherwise defined have the meanings assigned to them in the Partnership Agreement. 

The General Partner shall require any Trading Advisor retained by the Partnership to follow the trading policies set forth below. The following trading
policies are applicable to the Partnership as a whole and do not apply to the trading of any individual Trading Advisor. 
  

	 	•	 	The Partnership will not employ the trading technique commonly known as “pyramiding,” in which the speculator uses unrealized profits on existing positions in a given Futures Interest due to favorable price
movement as margin specifically to buy or sell additional positions in the same or a related Futures Interest. Taking into account the Partnership’s open trade equity on existing positions in determining generally whether to acquire additional
Futures Interest positions on behalf of the Partnership will not be considered to constitute “pyramiding.” 

  

	 	•	 	The Partnership will not under any circumstances lend money to affiliated entities or otherwise. The Partnership will not utilize borrowings except if the Partnership purchases or takes delivery of commodities. If the
Partnership borrows money from the General Partner or any Affiliate thereof, the lending entity in such case (the “Lender”) may not receive interest in excess of its interest costs, nor may the Lender receive interest in excess of the
amounts which would be charged the Partnership (without reference to the General Partner’s financial abilities or guarantees) by unrelated banks on comparable loans for the same purpose, nor may the Lender or any Affiliate thereof receive any
points or other financing charges or fees regardless of the amount. Use of lines of credit in connection with its forward trading does not, however, constitute borrowing for purposes of this trading limitation. 

 

	 	•	 	The Partnership will not permit “churning” of the Partnership’s assets. 

  

	 	•	 	The Partnership will not purchase, sell, or trade securities (except securities approved by the CFTC for investment of customer funds). 

 

	 	•	 	The Trading Advisors will trade only in those Futures Interests that have been approved by the General Partner. The Partnership normally will not establish new positions in a Futures Interest for any one contract month
or option if such additional positions would result in a net long or short position for that Futures Interest requiring as margin or premium more than 15% of the Partnership’s Net Assets. In addition, the Partnership will, except under
extraordinary circumstances, maintain positions in Futures Interests in at least two market segments (i.e., agricultural items, industrial items (including energies), metals, currencies, and financial instruments (including stock, financial,
and economic indexes)) at any one time. 

  
 B-1 

	 	•	 	The Partnership will not acquire additional positions in any Futures Interest if such additional positions would result in the aggregate net long or short positions for all Futures Interests requiring as margin or
premium for all outstanding positions more than 66 2/3% of the Partnership’s Net Assets. Under certain market conditions, such as an abrupt increase in margins required by a commodity
exchange or its clearinghouse or an inability to liquidate open positions because of daily price fluctuation limits, or both, the Partnership may be required to commit as margin amounts in excess of the foregoing limit. In such event, the Trading
Advisors will reduce their open positions to comply with the foregoing limit before initiating new positions. 

  

	 	•	 	The Trading Advisors will not generally take a position after the first notice day in any Futures Interest during the delivery month of that Futures Interest, except to match trades to close out a position on the
interbank foreign currency or other forward markets or liquidate trades in a limit market. 

  
 B-2 

 APPENDIX C 

 
 

 
  

  
 C-1 

 APPENDIX D 

FORT Executing Brokers 
 Credit
Suisse 
 Goldman Sachs 
 Deutsche Bank 

Morgan Stanley 

  
 D-1

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