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EXHIBIT 10.1                   

 

AMENDMENT TO THE MANAGEMENT AGREEMENT

 

This AMENDMENT dated as of the 1st day of January, 2013, to the MANAGEMENT AGREEMENT made as of the 1st day of February, 1999, (the “Management Agreement”) among CERES MANAGED FUTURES LLC (formerly SMITH BARNEY FUTURES MANAGEMENT INC.), a Delaware limited liability company (“CMF”), DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P. (formerly Smith Barney Diversified Futures Fund L.P.), a New York limited partnership (the “Partnership”) and WILLOWBRIDGE ASSOCIATES INC., a Delaware corporation (the “Advisor”, all parties together, the “Parties”).  Capitalized terms not defined herein have the meaning ascribed to such terms in the Management Agreement.

 

W I T N E S S E T H:

 

WHEREAS, the assets of the Partnership allocated to the Advisor are traded through the CMF Willowbridge Master Fund, L.P., a New York limited partnership (the “Master Fund”) of which CMF is the general partner and Willowbridge is the Advisor; and

 

WHEREAS, effective January 1, 2013, the trading program utilized by the Advisor on behalf of the Master Fund is changing from the Argo Trading System to the wPraxis Futures Trading Approach; and

 

WHEREAS, effective January 1, 2013, the trading system used to manage the Partnership’s assets is being changed to the wPraxis Futures Trading Approach; and

 

WHEREAS, effective January 1, 2013, the Advisor’s monthly fee for professional management services is being reduced to 1/8 of 1% (1.5% per year); and

 

WHEREAS, the Parties wish to amend the Management Agreement to reflect these changes and to reflect certain name changes.

 

NOW, therefore, the Parties agree as follows:

 

1. All references to “Smith Barney Futures Management Inc.”, and “SBFM” shall be changed to “Ceres Managed Futures LLC”, and “CMF”, respectively.

 

2. All references to “Smith Barney Diversified Futures Fund L.P.” shall be changed to “Diversified Multi-Advisor Futures Fund L.P.”

 

3. The third sentence of Section 1(a) shall be deleted and replaced by the following:

 

“CMF has selected the Advisor’s Select Investment Program using the wPraxis Futures Trading Approach to manage all of the Partnership’s assets allocated to it.”

 

4. The first sentence of section 1(c) shall be deleted and replaced by the following:

 

“The allocation of the Partnership’s assets to the Advisor shall be made to the Advisor’s wPraxis Futures Trading Approach (the “Trading System” or the “Program”).”

 

  

  

  

5. Section 3(a), clause (ii) shall be deleted and replaced by the following:

 

“A monthly fee for professional management services equal to 1/8 of 1% (1.5% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (which shall include any committed funds).”

 

6. In all other respects the Management Agreement remains unchanged and of full force and effect.

 

THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

 

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IN WITNESS WHEREOF, this Amendment 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/  Walter Davis_________________________

Walter Davis

President and Director

DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P.

By:  Ceres Managed Futures LLC

(General Partner)

By_/s/  Walter Davis_______ ___________________

Walter Davis

President and Director

WILLOWBRIDGE ASSOCIATES INC.

By_/s/  Steven R. Crane _________________________

Name:                  Steven R. Crane

     Title:                 Senior Vice PresidentExhibit 10.1  (W0558689.DOC;1)

Exhibit 10.1

Wausau Paper Corp.

2013 Equity Incentive Compensation Plan

A portion of each individual officer’s grant, referred to below as the “Retention Award,” will vest upon meeting certain criteria relating to continued employment with the Company.  The remaining portion of the grant, referred to below as the “Performance Incentive,” will vest upon meeting both performance and continued employment criteria.  The maximum potential award for the Chief Executive Officer, Chief Financial Officer, and each of the other executive officers with segment operating responsibility is described in the “Total Opportunity” column below.

							
	 
	Performance Units Granted

	 
	Retention

Award*

	Maximum

Performance Incentive**

	Total

Opportunity

	 
	 
	 
	 

	Chief Executive Officer

	18,036

	 
	54,107

	 
	72,143

	 

	 
	 
	 
	 
	 
	 
	 

	Chief Financial Officer

	4,995

	 
	16,649

	 
	21,644

	 

	 
	 
	 
	 
	 
	 
	 

	Senior Vice President, Operations

	5,145

	 
	17,148

	 
	22,293

	 

	 
	 
	 
	 
	 
	 
	 

	Senior Vice President, Paper

	5,528

	 
	18,424

	 
	23,952

	 

	 
	 
	 
	 
	 
	 
	 

	Senior Vice President, Tissue

	4,995

	 
	16,649

	 
	21,644

	 

      *The Retention Award is a grant of performance units equal to a specified percentage of base salary, which vests and is converted to a right to receive common stock (or, in the Compensation Committee’s discretion, cash with an equivalent value) based on continuous employment with the Company (in the same position or in a position with greater authority) through January 2, 2015.

   **The Performance Incentive is a grant of performance units equal to a specified percentage of base salary.  These performance units may vest and be converted to a right to receive common stock (or, in the Compensation Committee’s discretion, cash with an equivalent value) based on (1) continuous employment with the Company (in the same position or in a position with greater authority) through January 2, 2015; and (2) the Company’s achieving levels of Return on Capital Employed (“ROCE”) ranging from 5% ROCE to 14% ROCE for the year ended December 31, 2013.  For purposes of this plan, ROCE is determined by adjusting for extraordinary items, which may include, for example, facility closure charges, one-time or incremental expenses associated with certain major capital projects, or other similar items.  ROCE is calculated after incentive compensation expenses have been included.  No shares of common stock or cash will be awarded if earnings are at the bottom of the targeted range of ROCE, and the number of shares of common stock or cash awarded will increase on a pro rata basis to the maximum potential award if ROCE is at the top of the targeted range.Exhibit 10.2  (W0558692.DOC;1)

Exhibit 10.2

Wausau Paper Corp.

Long-Term (2015) Equity Incentive Compensation Plan

Grants of performance units under the Long-Term (2015) Equity Incentive Compensation Plan will vest upon the Company’s attainment of certain targeted levels of “total shareholder return.”  The calculation of total shareholder return is measured over a three year period (ending December 31, 2015), and is calculated by reference to a “target” and a “maximum” total shareholder return.  If total shareholder return is at the target (7% per year return, or 22.5% over the three-year performance period), grant recipients will receive 50% of the total potential award.  If total shareholder return is at or above the maximum (14% per year, or 48.2% over the three-year performance period), grant recipients will receive 100% of the total potential award.  At total shareholder return levels that are less than the maximum, the award is prorated based on the actual level of total shareholder return that is achieved.  The maximum potential award for the Chief Executive Officer, Chief Financial Officer, and each of the other named executive officers, as well as the levels that would be achieved at the target for total shareholder return, is described in the table below.

					
	 
	Performance Units Granted

	 
	Total Opportunity

	 

	 
	(Award at Max. TSR)

	Award at Target TSR

	 
	 
	 

	Chief Executive Officer

	108,214

	 
	54,107

	 

	 
	 
	 
	 
	 

	Chief Financial Officer

	21,643

	 
	10,822

	 

	 
	 
	 
	 
	 

	Senior Vice President, Operations

	22,292

	 
	11,146

	 

	 
	 
	 
	 
	 

	Senior Vice President, Paper

	23,952

	 
	11,976

	 

	 
	 
	 
	 
	 

	Senior Vice President, Tissue

	21,643

	 
	10,822

	 

Under the Long-Term (2015) Equity Incentive Compensation Plan, “total shareholder return” is determined by dividing (1) the sum of (a) the average closing share price for the Company’s common stock over the last 60 trading days of the period immediately prior to the end of the three-year performance period (the “Maturity Date FMV”); and (b) cash dividends paid during the three-year performance period; by (2) the average closing share price for the Company’s common stock over the last 60 trading days preceding the date of grant (the “Grant Date FMV”).  The formula for calculating TSR is as follows:

			
	(Maturity Date FMV + Cash Dividends Paid)

	– 1

	=  Total Shareholder Return

	Grant Date FMV

Total shareholder return is calculated to the closest tenth of a percent, and vested performance units are rounded to the next highest whole unit.Exhibit 10.3  (W0558696.DOC;1)

Exhibit 10.3

Wausau Paper Corp.

2013 Cash Incentive Compensation Plan

For

Executive Officers

Executive officers are entitled to receive cash incentive compensation with respect to each fiscal year based on:

(1)

the level of achievement by the Company of targeted goals for adjusted earnings per share, as derived from targeted return on capital employed; 

(2)

for executive officers with direct segment operating responsibility, achievement of targeted segment operating profit targets; and

(3)

the level of achievement of specified quantifiable bottom-line oriented targets and specific operational or strategic goals, including achievement of targets relating to (a) volume sales growth and product mix, (b) debt/EBITDA, (c) cost reduction or containment, (d) safety incident rates, and (e) cash generation.

The following table sets forth, as a percentage of base salary, the maximum incentive compensation opportunity for the Chief Executive Officer, Chief Financial Officer, and each of the other executive officers with segment operating responsibility.

							
	 
	 
	Segment

	Individual

	 

	 
	Earnings Per Share(1)

	Operating Profits(2)

	Objectives(3)

	Total

	 
	 
	 
	Targeted

	 
	 
	 

	 
	Targeted

	Max.

	Range of

	Max.

	Max.

	Max.

	 
	Range of

	% of

	Operating

	% of

	% of

	% of

	 
	EPS

	Salary

	Profits

	Salary

	Salary

	Salary

	 
	 
	 
	 
	 
	 
	 

	Chief Executive Officer

	$.25–$.80

	120%

	–

	–

	30%

	150%

	 
	 
	 
	 
	 
	 
	 

	Chief Financial Officer

	$.25–$.80

	75%

	–

	–

	25%

	100%

	 
	 
	 
	 
	 
	 
	 

	Senior Vice President, Operations

	$.25–$.80

	75%

	–

	–

	25%

	100%

	 
	 
	 
	 
	 
	 
	 

	Senior Vice President, Paper

	$.25–$.80

	25%

	$ 10–33 M

	50%

	25%

	100%

	 
	 
	 
	 
	 
	 
	 

	Senior Vice President, Tissue

	$.25–$.80

	25%

	$ 30–55 M

	50%

	25%

	100%

	 
	 
	 
	 
	 
	 
	 

(1) For purposes of this plan, “earnings per share” means earnings per share as reported in the Company’s audited financial statements, adjusted for extraordinary items (which may include, for example, facility closure charges, one-time or incremental expenses associated with certain major capital projects, or other similar items) as determined in the discretion of the Compensation Committee.  Incentive bonuses will be 0% of base salary if earnings are at the bottom of the targeted range of earnings per share and will increase on a pro rata basis to the officer’s maximum of percentage of base salary at the top of the targeted range.  

-1-

(2) For purposes of this plan, “operating profits” means the segment operating profits as reported in connection with the Company’s audited financial statements adjusted for other extraordinary items (which may include, for example, facility closure charges, one-time or incremental expenses associated with certain major capital projects, or other similar items) as determined in the discretion of the Compensation Committee.  Incentive bonuses are 0% of base salary if operating profits are at the bottom of the targeted range for the officer’s respective operating segment’s targeted operating profit and increase on a pro rata basis to the officer’s maximum percentage of base salary at the top of the targeted range.

(3) Individual performance objectives are approved at the beginning of the year by the Compensation Committee.

-2-

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