Document:

Exhibit 10.2

 

EXECUTION COPY

 

AAA ENERGY OPPORTUNITIES FUND LLC
 C/O SYDLING FUTURES MANAGEMENT LLC
 1285 AVENUE OF THE AMERICAS
 NEW YORK, NEW YORK 10019

 

September 1, 2011

 

UBS Financial Services Inc.
 1285 Avenue of the Americas
 New York, New York 10019

 

Re:          Appointment as Selling Agent

 

Ladies and Gentlemen:

 

AAA Energy Opportunities Fund LLC, a limited liability company organized under the laws of the State of Delaware (the “Fund”), hereby agrees with UBS Financial Services Inc. (hereinafter “you”) as follows:

 

1.             Offering.

 

The Fund proposes to issue and to sell units of limited liability company interest in the Fund (“Units”) in accordance with its Private Placement Offering Memorandum and Disclosure Document, as amended from time to time (the “Memorandum”).

 

2.             Sale and Placement of Units.

 

(a)           Subject to the terms and conditions set forth herein, the Fund hereby appoints you as its non-exclusive selling agent in connection with the sale and placement of Units.  Subject to the performance in all material respects by the Fund of its obligations hereunder, and to the completeness and accuracy in all material respects of all of the representations and warranties of the Fund contained herein, you hereby accept such agency and agree on the terms and conditions herein set forth to accept the authority to seek qualified applicants for Units and to use all reasonable efforts to assist the Fund in obtaining performance by each applicant.  You shall not have any liability to the Fund in the event that any applicant fails to consummate the purchase of Units.  This provision grants you authority, in your discretion, and does not imply any obligation to place Units or to seek to place Units.

 

(b)           The offers and sales of Units are to be effected pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(2) and under Regulation D thereof (“Regulation D”).  Both you and the Fund have established the following procedures in connection with the offer and sale of Units and agree that neither of you will make offers or sales of any Units except in compliance with such procedures:

 

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(i)            Offers and sales of Units will be made only in compliance with Regulation D and only to investors that are reasonably believed to qualify as “accredited investors,” as defined in Rule 501(a) under the Securities Act.

 

(ii)           Without the consent of Sydling Futures Management LLC (the “Trading Manager”), no sale of Units to any one investor will be for less than the minimum denominations as may be specified in the Memorandum or as the Fund shall advise you.

 

(iii)          No offer or sale of any Units shall be made in any state or jurisdiction, or to any prospective investor located in any state or jurisdiction, where such Units have not been registered or qualified for offer and sale under applicable state securities laws unless such Units are exempt from the registration or qualification requirements of such laws.

 

(c)           You are authorized to furnish to prospective purchasers only such information concerning the Fund and the offering as may be contained in the Memorandum or any written supplement thereto, and such other materials as you have prepared and which comply with applicable laws and regulations.

 

3.             Subscriptions.

 

(a)           The initial offering period will commence on the date of the Memorandum and continue until $20,000,000 is raised or 90 days following such date (which may be extended to 150 days following such date in the sole discretion of the Trading Manager), whichever period is shorter (the “Initial Offering Period”).  During the Initial Offering Period, Units will be sold at $1,000 each.  If the offering is commenced and subscriptions for at least 20,000 of the Units are not received by the termination of the Initial Offering Period, all funds received by the termination of the Initial Offering Period shall be returned in full together with any interest thereon and your agency and this Selling Agreement will terminate without obligation on your part or on the part of the Trading Manager, except as provided in Section 4 and Section 6 hereof and except that the indemnification and contribution provisions of Section 8 hereof shall continue after such termination of this Selling Agreement.  If acceptable subscriptions for 20,000 Units are received by the termination of the Initial Offering Period, a closing will be held, funds will be transferred to the Fund and trading will commence.  Thereafter, the Offering Period will continue until the Trading Manager terminates it (the “Continuous Offering”).  Units or partial Units sold after the Initial Offering Period will be sold at Net Asset Value per Unit as of the last day of each month, provided that the Trading Manager may determine to offer no Units in a particular month.  Subject to the performance by the Trading Manager of all of its obligations to be performed under this Selling Agreement and to the completeness and accuracy of all material representations and warranties of the Trading Manager contained in this Selling Agreement, you hereby accept such agency.

 

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(b)           All applications for Units and payments by applicants for Units shall be made pursuant to the terms and conditions set forth in the Memorandum and the Fund’s investor application and subscription agreements.

 

(c)           All payments received by you in respect of the Fund’s investor application and subscription agreements relating to the Fund shall be handled by you in accordance with the terms of such investor application and subscription agreements.

 

(d)           If the Initial Offering is not completed in accordance with the conditions set forth in the Memorandum, the Trading Manager may terminate the offering.  In such case, all payments shall be returned to investors.

 

(e)           During the Continuous Offering, closings may be held as of the last business day of each month (“Monthly Closings”) for each month the Trading Manager accepts subscriptions.

 

(f)            A separate escrow account has been opened at Bank of New York Mellon, New York, New York (the “Escrow Agent”) and will be maintained for all funds received from subscribers for Units.  All payments received from persons desiring to purchase Units will be deposited in such account and held in accordance with the terms of the Escrow Agreement entered into with the Escrow Agent.

 

4.             Representations, Warranties and Covenants of the Fund and the Trading Manager.

 

The Fund and the Trading Manager jointly and severally represent and warrant to you, for your benefit, and for the benefit of the purchasers of the Units sold by you that:

 

(a)           They will deliver to you such number of copies of the Memorandum as you may reasonably request, regardless of whether the Units are offered solely to “accredited investors” as defined in Rule 501(a) of Regulation D.  They will not make any amendment or supplement to the Memorandum until they have given you a copy thereof and reasonable notice of the same, and no such amendment or supplement, if material, will be made if you reasonably object thereto.

 

(b)           The Memorandum complies with Rule 502(b)(2) of Regulation D and the information to be made available or furnished to each purchaser of a Unit pursuant to Section 4(k) hereof or otherwise will be sufficient to comply with Rule 502(b)(2)(iv) and 502(b)(2)(v) of Regulation D.

 

(c)           All action required under the Fund’s limited liability company agreement (the “LLC Agreement”) or otherwise to be taken by the Trading Manager before the subscription for and sale of the Units to subscribers therefor has been taken, or before the Monthly Closing dates will have been taken, and upon (i) payment of

 

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the consideration therefor specified in the Fund’s investor application and subscription agreement, (ii) acceptance by the Trading Manager of each subscriber acceptable to the Trading Manager, and (iii) the payment of any required filing fee, the subscribers will become members of the Fund (“Members”) entitled to all the rights of Members under the LLC Agreement and the Delaware Limited Liability Company Act.  The Units, when sold and paid for as contemplated by the Memorandum, will represent validly authorized and duly issued limited liability company interests in the Fund and will conform to all statements relating thereto contained in the Memorandum, including the LLC Agreement.  The Trading Manager shall maintain records required of a registered commodity pool operator pursuant to the rules of each of the Commodity Futures Trading Commission and the National Futures Association.

 

(d)           The Fund has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware with all requisite power and authority, all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies, and all necessary rights, licenses and permits from other parties to conduct its business as described in the Memorandum.

 

(e)           The issue and sale of Units and the execution, delivery and performance of the Fund’s obligations under the Memorandum will not result in the violation of any applicable law.

 

(f)            This Selling Agreement has been duly authorized, executed and delivered by the Fund and, assuming your execution hereof, will constitute a valid and binding agreement of the Fund.

 

(g)           All materials to be given to any potential investor in connection with the offering or placement of Units (all such materials, together with the Memorandum, being referred to herein as the “Offering Material”) will be, as of each Monthly Closing, true, complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements contained therein not misleading in light of the circumstances in which they were made.  The Trading Manager agrees to advise you immediately of the occurrence of any event or other change which results in the Offering Material containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make the statements contained therein not misleading in light of the circumstances in which they were made.  The Fund recognizes and confirms that you (i) will be using and relying primarily on the information in the Offering Material and information available from generally recognized public sources in performing the services contemplated hereunder without having independently verified the same, (ii) do not assume responsibility for the accuracy or completeness of such information or of the Offering Material and (iii) will not make any appraisal of any assets of the Fund.

 

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(h)           Prior to and on the effective date of this Selling Agreement, neither the Fund, nor to the knowledge of the Fund any person acting on behalf of the Fund, has directly or indirectly offered or sold, or attempted to offer or sell any Units to or solicited offers to buy any Units from, or otherwise approached or negotiated with respect thereto with, any prospective investor in connection with the placement of Units.

 

(i)            The Fund will apply the proceeds from the sale of the Units for the purposes set forth under “Use of Proceeds” in the Memorandum in substantially the amounts and in the manner indicated thereunder.

 

(j)            None of the Fund, the Trading Manager nor any person directly or indirectly affiliated with any of them is or will be engaged, as a general partner, sponsor or otherwise (i) in the organization or management of any partnership, fund or other entity, in a manner or under circumstances which, in the opinion of their counsel, will jeopardize the status of the offering of the Units as an exempted transaction under the Securities Act or under the laws of any state in which it is represented by them that the offering may be made, or (ii) in any offering of securities which, when integrated with the offering of the Units in the manner prescribed by Rule 501(a) of Regulation D and SEC Release No. 33-4552 (Nov. 6, 1962) will jeopardize the status of the offering of the Units as an exempted transaction under Regulation D.

 

(k)           Subject to Section 13 hereof, at all times during the Continuous Offering, the Fund and the Trading Manager will (i) make available to each potential purchaser such information (in addition to that contained in the Memorandum) concerning themselves, the offering and any other relevant matters, as they possess or can acquire without unreasonable effort or expense, and (ii) provide to each potential purchaser the opportunity to ask questions of, and receive answers from, them concerning the terms and conditions of the offering and the business of the Fund and to obtain any other additional information, to the extent they possess the same or can acquire it without unreasonable effort or expense, necessary to verify the accuracy of the information furnished to the potential purchaser.

 

(l)            The Trading Manager will provide to each purchaser, if required, the information described in and required to be delivered by Rule 502(b)(2)(iii) and 502(b)(2)(iv).

 

(m)          Within 15 days  of receiving copies from you of information indicating that subscribers meet the suitability standards, the Trading Manager will approve or reject the subscriptions and notify you of the same.

 

(n)           The Trading Manager shall file a Form D with the Securities and Exchange Commission pursuant to Rule 503 under Regulation D in a timely manner with respect to all subscriptions accepted by the Trading Manager.  The Trading Manager shall comply with any filing requirement imposed by the laws of any state or jurisdiction in which sales are made.  The Trading Manager shall furnish you and your counsel with copies of all filings made on Form D pursuant hereto.

 

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(o)           The Trading Manager shall notify you within a reasonable period of time if it engages an additional selling agent for the Fund.

 

5.             Additional Covenants of the Fund.

 

The Fund covenants and agrees with you as follows:

 

(a)           You and your counsel shall be furnished with such documents and opinions as you and they may require from time to time for the purpose of enabling you or them to pass upon the issuance and sale of Units as herein contemplated and related proceedings, or to evidence the accuracy of any of the representations and warranties, or the fulfillment of any of the conditions herein contained; and all proceedings taken by the Fund and in connection with the issuance and sale of Units as herein contemplated shall be satisfactory in form and substance to you and your counsel.

 

(b)           If, at any time after the commencement of the offering of Units and prior to its termination, an event occurs which in the opinion of counsel to the Fund materially affects the Fund and which should be set forth in an amendment or supplement to the Memorandum in order to make the statements therein not misleading in light of the circumstances in which they are made, the Trading Manager will notify you as promptly as practical of the occurrence of such event and prepare and furnish to you copies of an amendment or supplement to the Memorandum, in such reasonable quantities as you may request.

 

6.             Representations and Warranties of the Selling Agent.

 

You represent and warrant that:

 

(a)           You are duly authorized to enter into and perform, and have duly executed and delivered, this Selling Agreement and, assuming the Fund’s execution hereof, this Selling Agreement will constitute a valid and binding agreement on you.

 

(b)           You have and will maintain all licenses and registrations necessary under applicable law and regulations to provide the services required to be provided by you hereunder.

 

(c)           You have not and will not solicit any offer to buy or offer to sell Units in any manner which would be inconsistent with applicable laws and regulations, or with the procedures for solicitations contemplated by the Memorandum or by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio, or conduct any seminar or meeting whose attendees have been invited by any general solicitation or advertising or by any other form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D.

 

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(d)           Where required by applicable state law or regulation, you will initiate contact with a prospective offeree only after determining that the suitability and sophistication standards described in the Memorandum are likely to be satisfied with respect to such prospective offeree and, where applicable, only after having obtained an executed investor application and subscription agreement.

 

(e)           You will make offers to sell Units to, or solicit offers to subscribe for Units from, persons in only those states or other jurisdictions where the Trading Manager has either qualified or registered the offering for sale or where the Trading Manager has determined that an exemption from such qualification or registration is available under the applicable securities or “blue sky” laws of such states or other jurisdictions.  You will not offer or sell Units to any person unless, immediately before making such  offers or sales, you reasonably believe such person (i) would be able to represent that such person is acquiring the Units for such person’s own account as principal for investment and not with a view to resale or distribution, (ii) qualifies as an accredited investor under Rule 501 of Regulation D  (unless otherwise permitted by the Trading Manager) and (iii) meets such other suitability standards as are specified in the Memorandum under the caption “Who May Invest” and the other conditions contained in the Fund’s investor application and subscription agreement.

 

(f)            You will not offer the Units for sale to, or solicit any offers to subscribe for the Units from, any offeree who resides in a state whose securities or “blue sky” laws require offerees to meet specified qualifications unless such offeree meets such qualifications or which laws require offerees to receive disclosure documents until you have delivered (or directed the Trading Manager to deliver) the Memorandum, the LLC Agreement, and any other agreement or document that may be attached as an exhibit or appendix referred to in and distributed with the Memorandum or any other information provided by the Trading Manager which is required to be delivered to purchasers pursuant to Rule 502(b)(2) of Regulation D to such offeree, and within a reasonable time prior to the Monthly Closing you shall deliver (or cause the Trading Manager to deliver) all such documents to all persons who are to purchase the Units, to the extent they have not theretofore received such documents.  In connection with the offering, you will not represent to any person acquiring Units any material facts relating to the offering unless such facts are contained in the Memorandum or have been provided to you in writing by the Trading Manager.

 

(g)           You will maintain a record of all information obtained by you indicating that subscribers for Units placed by you meet the suitability standards referred to in Section 6(e) hereof.  The Trading Manager, in its sole discretion, will approve or reject the subscriptions and notify you of the same.

 

(h)           You are a member in good standing of the Financial Industry Regulatory Authority, Inc.

 

(i)            You are in compliance with applicable anti-money laundering laws (including the USA PATRIOT Act) and related regulations and shall be

 

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responsible for compliance with such laws and regulations with respect to purchasers of Units.

 

(j)            You acknowledge that, in its sole discretion, the Trading Manager may in the future engage additional selling agents for the Fund.  Compensation of any additional selling agents shall be determined by the Trading Manager in its sole discretion.

 

(k)           You will furnish each applicant for Units, identified either by you or the Fund, a copy of the Memorandum and the Fund’s investor application and subscription agreement.

 

7.             Compensation of Selling Agent.

 

(a)           You shall receive no separate fee, payment or other remuneration for your services under this Selling Agreement; provided, that as described in the Memorandum, you shall receive a portion of the brokerage fees paid by the Fund to its commodity broker, UBS Securities LLC, pursuant to the Customer Agreement between the Fund and UBS Securities LLC, and consistent with the description of such fee in the Memorandum.  The Trading Manager shall not pay a placement fee.

 

(b)           Except as may otherwise be agreed to by the Fund, you shall be responsible for the payment of all costs and expenses incurred by you in connection with the performance of your obligations under this Selling Agreement.

 

(c)           The Fund acknowledges that you intend to compensate your properly registered financial advisors and account executives for their ongoing servicing of clients with whom they have placed Units in the Fund.

 

8.             Indemnification and Contribution.

 

The Fund agrees to the indemnification provisions attached hereto as Appendix A, which are incorporated herein by reference.  Under no circumstances shall the Trading Manager or any affiliate or sub agent thereto be liable for any indirect, circumstantial or special damages.

 

9.             Representations and Indemnities to Survive Delivery.

 

The agreements, representations, warranties, indemnities and other statements of the parties and their officers set forth in or made pursuant to this Selling Agreement will remain in full force and effect, regardless of (a) any termination of this Selling Agreement or (b) any investigation made by or on behalf of you, or the Fund, any members, directors or officers of any payment of Units hereunder.  The provisions of this Section 9 shall survive the termination or cancellation of this Selling Agreement.

 

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10.          Effective Date and Term of Agreement.

 

This Selling Agreement shall become effective for all purposes as of September 1, 2011.

 

11.          Termination.

 

Either party may terminate this Selling Agreement without cause by written notice to the other on not less than 30 days notice, or, if there has been a material breach of any condition, warranty, representation or other term of this Selling Agreement by the other, by written notice to such other at any time.

 

12.          Delegation of Powers.

 

You shall be entitled to delegate all or any of your duties, functions or powers under this Selling Agreement to another person as sub-agent.  However, you shall be solely responsible for the acts and omissions of any such sub-agent and for the payment of any remuneration to such sub-agent.

 

13.          Confidentiality.

 

Each party shall keep confidential any non-public information in respect of the Members and any confidential information relating to the business of each other party to this Selling Agreement.

 

14.          Notices and Authority to Act.

 

All communications required to be given pursuant to this Selling Agreement shall be in writing and, if sent to UBS Financial Services Inc., will be mailed, delivered or transmitted by facsimile and confirmed to UBS Financial Services Inc. at:

 

UBS Financial Services Inc.

1285 Avenue of the Americas

New York, New York 10019

Attention:  Daryl Dewbrey

Email: altPDM@ubs.com with a copy to AILegal@ubs.com

 

or if sent to the Trading Manager, will be mailed, delivered or telegraphed and confirmed to the Trading Manager at:

 

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Sydling Futures Management LLC

1285 Avenue of the Americas - 11th Floor

New York, New York  10019

Attention:  Daryl Dewbrey

Email: daryl.dewbrey@ubs.com

 

or at such other address as may be provided in writing by the parties.

 

15.          Miscellaneous.

 

(a)           This Selling Agreement may be executed in counterparts, each of which when so executed and delivered shall constitute one and the same instrument.  This Selling Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns and no other person shall have any right or obligation hereunder.

 

(b)           This Selling Agreement supersedes all prior agreements and understandings relating to the subject matter hereof and neither this Selling Agreement nor any term hereof may be changed, waived, discharged or terminated except by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.  The headings in this Selling Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

16.          Governing Law.

 

THIS SELLING AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF.

 

ANY ACTION OR PROCEEDING BASED HEREON, OR ARISING OUT OF YOUR ENGAGEMENT HEREUNDER, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON OR ARISING OUT OF THIS SELLING AGREEMENT AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH ACTION OR PROCEEDING AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH ACTION OR PROCEEDING.  EACH PARTY HERETO ALSO HEREBY IRREVOCABLY

 

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WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

If the foregoing correctly sets forth the Fund’s understanding with you, please indicate your acceptance in the space provided below whereupon this letter will form a valid and binding contract among the signers in accordance with its terms.

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AAA   Energy Opportunities Fund LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
Sydling   Futures Management LLC
    
	
 
    	
 
    	
(Trading   Manager)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/   Jerry Pascucci
    
	
 
    	
 
    	
 
    	
Jerry   Pascucci
    
	
 
    	
 
    	
 
    	
President   and Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Agreed   to and accepted:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
UBS   Financial Services Inc.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
/s/   Jerry Pascucci
    	
 
    	
 
    
	
 
    	
Name:   Jerry Pascucci
    	
 
    	
 
    
	
 
    	
Title:   Managing Director
    	
 
    	
 
    

 

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APPENDIX A

 

In connection with the engagement of UBS Financial Services Inc. (“UBSFS”) to advise and assist the Fund with the matters set forth in this Selling Agreement, the Fund hereby agrees to indemnify and hold harmless UBSFS, its affiliated companies, and each of UBSFS’ and such affiliated companies’ respective officers, directors, agents, employees and controlling persons (within the meaning of each of Section 20 of the Securities Exchange Act of 1934 and Section 15 of the Securities Act of 1933) (each of the foregoing, including UBSFS, being hereinafter referred to as an “Indemnified Person”) to the fullest extent permitted by law from and against any and all losses, claims, damages, expenses (including reasonable fees, disbursements and other charges of counsel), actions (including actions brought by the Fund or the Fund’s equity holders or derivative actions brought by any person claiming through the Fund or in the Fund’s name), proceedings, arbitrations or investigations (whether formal or informal), or threats thereof (all of the foregoing being hereinafter referred to as “Liabilities”), based upon, relating to or arising out of such engagement or any Indemnified Person’s role therein; provided, however, that the Fund shall not be liable under this paragraph:  (a) for any amount paid in settlement of claims without the Fund’s consent, unless the Fund’s consent is unreasonably withheld, or (b) to the extent that it is finally judicially determined, or expressly stated in an arbitration award, that such Liabilities resulted primarily from the willful misconduct or gross negligence of the Indemnified Person seeking indemnification.  If multiple claims are brought against any Indemnified Person in an arbitration or other proceeding and at least one such claim is based upon, relates to or arises out of the engagement of UBSFS by the Fund or any Indemnified Person’s role therein, the Fund agrees that any award, judgment and other Liabilities resulting therefrom shall be deemed conclusively to be based on, relate to or arise out of the engagement of UBSFS by the Fund or any Indemnified Person’s role therein, except to the extent that such award or judgment expressly states that the award or judgment, or any portion thereof, is based solely upon, relates to or arises out of other matters for which indemnification is not available hereunder.  In connection with the Fund’s obligation to indemnify for expenses as set forth above, the Fund further agrees to reimburse each Indemnified Person for all such expenses (including reasonable fees, disbursements and other charges of counsel) as they are incurred by such Indemnified Person; provided, however, that if an Indemnified Person is reimbursed hereunder for any expenses, the amount so paid shall be refunded if and to the extent it is finally judicially determined, or expressly stated in an arbitration award, that the Liabilities in question resulted primarily from the willful misconduct or gross negligence of such Indemnified Person.  The Fund hereby also agrees that neither UBSFS nor any other Indemnified Person shall have any liability to the Fund (or anyone claiming through the Fund or in the Fund’s name) in connection with UBSFS’ engagement by the Fund except to the extent that such Indemnified Person has engaged in willful misconduct or been grossly negligent.

 

Promptly after UBSFS receives notice of the commencement of any action or other proceeding in respect of which indemnification or reimbursement may be sought

 

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hereunder, UBSFS will notify the Fund thereof; but the omission so to notify the Fund  shall not relieve the Fund from any obligation hereunder unless, and only to the extent that, such omission results in the Fund’s forfeiture of substantive rights or defenses.  If any such action or other proceeding shall be brought against any Indemnified Person, the Fund shall, upon written notice given reasonably promptly following notice by an Indemnified Person to the Fund of such action or proceeding, be entitled to assume the defense thereof at the Fund’s expense with counsel chosen by notice by an Indemnified Person and reasonably satisfactory to such Indemnified Person; provided, however, that any Indemnified Person may at its own expense retain separate counsel to participate in such defense.  Notwithstanding the foregoing, such Indemnified Person shall have the right to employ separate counsel at the Fund’s expense and to control its own defense of such action or proceeding if, in the reasonable opinion of counsel to such Indemnified Person, (a) there are or may be legal defenses available to such Indemnified Person or to other Indemnified Persons that are different from or additional to those available to the Fund, or (b) a difference of position or potential difference of position exists between the Fund and such Indemnified Person that would make such separate representation advisable; provided, however, that in no event shall the Fund be required to pay fees and expenses under this indemnity for more than one firm of attorneys (in addition to local counsel) in any jurisdiction in any one legal action or group of related legal actions.  The Fund agrees that the Fund will not, without the prior written consent of UBSFS, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by UBSFS’ engagement (whether or not any Indemnified Person is a party thereto) unless such settlement, compromise or consent includes an unconditional release of UBSFS and each other Indemnified Person from all liability arising or that may arise out of such claim, action or proceeding.

 

If the indemnification of an Indemnified Person provided for hereunder is finally judicially determined by a court of competent jurisdiction to be unenforceable, then the Fund agrees, in lieu of indemnifying such Indemnified Person, to contribute to the amount paid or payable by such Indemnified Person as a result of such Liabilities in such proportion as is appropriate to reflect the “relative benefits received or sought to be received by the Fund on the one hand and by UBSFS on the other” (as defined in the last sentence of this paragraph).  If the allocation provided in the preceding sentence is not permitted by applicable law, then the Fund agrees to contribute to the amount paid or payable by such Indemnified Person as a result of such Liabilities in such proportion as is appropriate to reflect not only the relative benefits referred to in such preceding sentence but also the relative fault of the Fund and of such Indemnified Person.  Notwithstanding the foregoing, in no event shall the aggregate amount required to be contributed by all Indemnified Persons taking into account the Fund’s contributions as described above exceed the amount of the fee actually received by the Trading Manager.  The relative benefits received or sought to be received by the Fund on the one hand and by UBSFS on the other shall be deemed to be in the same proportion as (a) the total value of the Units sold by the Fund bears to (b) the fee paid to the Trading Manager.

 

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The rights accorded to Indemnified Persons hereunder shall be in addition to any rights that any Indemnified Person may have at common law, by separate agreement or otherwise.  If there is more than one indemnitor hereunder, each indemnifying person agrees that its liabilities hereunder shall be joint and several.  Each Indemnified Person is an intended beneficiary hereunder.

 

A-3Exhibit 10.3

 

TRADING MANAGER AGREEMENT

 

AGREEMENT made as of the 18th day of August, 2011, by and among AAA ENERGY OPPORTUNITIES FUND LLC, a limited liability company formed under the laws of the State of Delaware (the “Fund”), SYDLING AAA MASTER FUND LLC, a limited liability company formed under the laws of the State of Delaware (the “Master Fund” and together with the Fund, the “Funds”) and SYDLING FUTURES MANAGEMENT LLC, a limited liability company formed under the laws of the State of Delaware (“SFM” or the “Trading Manager,” and collectively with the Funds, the “Parties” and each, a “Party”).  Capitalized terms not defined herein shall have the meaning set forth in the Fund’s Private Placement Offering Memorandum (the “Memorandum”).

 

W  I  T  N  E  S  S  E  T  H :

 

WHEREAS, the Fund was formed for the purpose of trading in interests in commodities of all descriptions (including futures contracts, physical commodities, commodity options, forward contracts, swaps and any other rights or interests pertaining thereto, including interests in commodity pools); and

 

WHEREAS, the Fund will pursue its investment objective by allocating its capital to AAA Capital Management Advisors, Ltd. (“AAA”), a registered commodity trading advisor, which has an energy trading strategy, through an investment in the Master Fund, an affiliated collective investment vehicle of which SFM will also act as the trading manager; and

 

WHEREAS, the Limited Liability Company Agreement of the Fund (the “Fund LLC Agreement”) and the Limited Liability Company Agreement of the Master Fund (the “Master Fund LLC Agreement” and collectively with the Fund LLC Agreement the “LLC Agreements”) in effect as of the date hereof (and as further amended from time to time) permit the members of the Funds to designate a commodity pool operator for each of the Fund and the Master Fund with complete authority and responsibility for compliance with the Commodity Exchange Act and the regulations promulgated thereunder; and

 

WHEREAS, such commodity pool operator will be required to obtain and maintain registration as a commodity pool operator with the Commodity Futures Trading Commission (“CFTC”), or relief from such registration with respect to the Fund; and

 

WHEREAS, the LLC Agreements permit the members of the Funds to delegate to one or more agents their authority to select trading advisors and make trading decisions for the Funds; and

 

WHEREAS, SFM provides trading manager and administrative services including selection of commodity trading advisor(s) and the allocation of assets to such commodity trading advisor(s) as well as operational assistance in connection with commodity pools; and

 

WHEREAS, SFM is registered as a commodity pool operator and a commodity trading advisor with the CFTC and is a member of the National Futures Association (“NFA”);

 

 

and

 

WHEREAS, the Parties wish to enter into this Agreement in order to set forth the terms and conditions upon which SFM will render and implement trading manager services in connection with the conduct by the Fund and by the Master Fund of their trading activities during the term of this Agreement.

 

NOW, THEREFORE, the Parties hereto agree as follows:

 

1.             DUTIES OF THE TRADING MANAGER.

 

(a)           Subject to the rights of the members described in the LLC Agreements, for the period and on the terms and conditions of this Agreement, SFM shall have sole authority and responsibility, as one of the Funds’ agents and attorneys-in-fact, for the selection, monitoring and termination of commodity trading advisor(s) to direct the investment and reinvestment of the assets of the Funds in commodity interests, including commodity futures contracts, commodity forward contracts, options, swaps and other over-the-counter instruments.  Such investments may be in collective investment vehicles, including those operated by SFM or one of its affiliates, and, occasionally, in individually managed accounts and, with respect to the Fund, will initially be made through an investment in the Master Fund.  In this connection, SFM shall provide the following advisory services to the Funds:

 

(i)            selection, appointment and termination of the commodity trading advisor(s) for the Funds;

 

(ii)           negotiation of advisory and/or subscription agreements on behalf of the Funds;

 

(iii)          allocation and reallocation of the assets of the Funds;

 

(iv)          conducting due diligence examinations of commodity trading advisor(s), including, without limitation, a review of all disclosure documents of commodity trading advisor(s);

 

(v)           monitoring the activity, performance and trading records of the Funds’ commodity trading advisor(s), including AAA;

 

(vi)          subject to reasonable assurances of confidentiality, promptly provide the Funds with such information concerning any commodity trading advisor, including performance information, in such detail and with such analysis as the Funds may reasonably request and provide the Funds with all information concerning any commodity trading advisor (including, without limitation, information relating to changes in control, personnel, trading approach or financial condition) of which SFM is aware and which SFM believes may reasonably be deemed to be material to the Funds;

 

2

 

(vii)         instructing each commodity trading advisor to liquidate open positions or other assets of the Funds to provide such cash as the Funds may from time to time require for the redemption of units or for payments of the Funds’ expenses;

 

(viii)        advising the Funds concerning all actions which it appears to SFM would be advantageous to the Funds in implementing its investment objectives; and

 

(ix)          monitoring the Funds’ investment objectives and proposing to the Funds any changes thereto which it considers necessary or desirable.

 

(b)           Each of the Funds confirms that it currently uses UBS Securities LLC (“UBS Securities”) as commodity broker and has entered into a Customer Agreement with UBS Securities in this connection.  Each of the Funds confirms that it will pay all brokerage fees and trading expenses incurred on its behalf.  Further, the Funds hereby direct UBS Securities to provide to SFM copies of all confirmation statements, monthly statements and other communications with the Funds.  Each of the Funds agrees to enter into an advisory agreement with a commodity trading advisor for the management of such Fund’s  assets.  Such agreements shall be negotiated by SFM.

 

(c)           SFM shall prepare or assist in the preparation of such books and records and provide such compliance and administrative services as are required by law or regulation from time to time in connection with the operation of the Funds.  Without limiting the generality of the foregoing, SFM shall:

 

(i)            assist in the preparation of marketing materials with respect to the sale of units;

 

(ii)           prepare Forms 40 and other reports as the Funds may be required to file with the CFTC;

 

(iii)          carry out reviews of the investment portfolio of the Funds as the Funds may from time to time reasonably require;

 

(iv)          prepare or arrange for the preparation of all books and records as are necessary for the operation of the Funds including, but not limited to, a record showing all receipts and disbursements of funds, general ledgers for the Funds, daily transaction records and daily profit and loss reports;

 

(v)           prepare monthly reports and deliver such reports to members of the Funds;

 

(vi)          prepare annual reports and arrange for audit by independent public accountants of such annual reports;

 

(vii)         compute an estimate of the net asset value of the Funds on a daily basis in accordance with the terms of the LLC Agreements;

 

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(viii)        calculate the monthly fees and quarterly allocations owed to the commodity trading advisor(s) and calculate the fees owed to itself;

 

(ix)          waive minimum investment amounts and extend and/or terminate offering periods;

 

(x)           prepare and mail, or assist in the preparation and mailing of, confirmations of the purchase of units in the Funds to each purchaser;

 

(xi)          assist in responding to, and making payments with respect to, requests for redemption from members of the Funds;

 

(xii)         authorize more frequent redemptions in the Funds, suspend or defer redemptions and require the redemption of a member’s units;

 

(xiii)        assist in the review and processing of subscription agreements from prospective members including the acceptance and execution of subscription agreements on behalf of the Funds;

 

(xiv)        facilitate transfers of units;

 

(xv)         maintain a record of the Funds’ members;

 

(xvi)        maintain copies of all offering memoranda and sales literature used in connection with the sale of units in the Funds;

 

(xvii)       maintain copies of daily and monthly broker confirmation statements on behalf of the Funds;

 

(xviii)      mail all communications to members and maintain copies of correspondence from members; and

 

(xix)        select the escrow agent, if any, for the Funds;

 

(d)           In carrying out any of its duties hereunder, SFM may engage additional entities to perform or assist with certain administrative functions and to handle subscriptions and redemptions.  Such entities shall be compensated out of the SFM’s own funds.

 

2.             COMPENSATION AND EXPENSES.

 

(a)           In consideration of and as compensation for all of the services to be rendered by SFM to the Funds, the Fund shall pay SFM a monthly administrative fee equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted Net Assets of the Fund.  For purposes of calculating SFM’s administrative fees, adjusted Net Assets are “Net Assets” increased by the current month’s incentive allocation accrual, management fee, administrative fee and any redemptions or

 

4

 

distributions as of the end of such month.  The administrative fee may be increased or decreased at the discretion of the Trading Manager.

 

(b)           Net Assets of the Fund shall mean the total assets of the Fund, including all cash, Treasury bills, accrued interest and the market value of all open commodity positions maintained by the Fund less brokerage charges accrued and less all other liabilities of the Fund determined in accordance with generally accepted accounting principles under the accrual basis of accounting.  The value of a commodity futures or option contract is the unrealized gain or loss on the contract that is determined by marking it to the current settlement price for a like contract acquired on the valuation date.  Physical commodities, options, forward contracts, futures contracts and swaps, when no market quote is available, will be valued at their fair market value as determined in good faith by the Trading Manager.  U.S. Treasury securities and other interest bearing obligations will be valued at cost plus accrued interest.  Interests in other commodity pools will be valued at their net asset value as determined by the Trading Manager.  Net Assets equals net asset value.

 

(c)           SFM shall bear its own operating expenses and those of operating the Funds, except that the Fund shall pay all of its expenses in connection with trading activities, management, administrative and incentive fees, legal, accounting, filing, data processing and reporting fees and extraordinary expenses.

 

(d)           The administrative fees shall be paid within twenty (20) business days following the end of the period for which such fees are payable.  In the event of termination of this Agreement as of any date which shall not be the end of a calendar month, as the case may be, the administrative fee shall be prorated to the effective date of termination.

 

(e)           The provisions of this Section 2 shall survive the termination of this Agreement.

 

3.             RIGHT TO ENGAGE IN OTHER ACTIVITIES.

 

(a)           The services provided by the Trading Manager hereunder are not to be deemed exclusive.  Each of the Fund and the Master Fund acknowledges that, subject to the terms of this Agreement, the Trading Manager, its affiliates and their principals, shareholders, members, directors, partners, officers, employees and agents may render advisory, management and administrative services to other clients and accounts.  The Trading Manager, its affiliates and their principals, shareholders, members, directors, partners, officers and employees shall be free to trade for their own accounts and to advise other investors and manage other accounts during the term of this Agreement.  However, the Trading Manager represents, warrants and agrees that the rendering of such advisory, management and administrative services to other accounts and entities will not hinder the ability of the Trading Manager to continue to render services to the Funds of the quality and nature contemplated by this Agreement.

 

(b)           Each of the Fund and the Master Fund acknowledges that the Trading Manager and/or its affiliates and each of their principals, shareholders, members, directors, partners, officers and employees presently act or in the future may act as the commodity pool operator, commodity trading advisor and/or commodity broker for other accounts managed by any of

 

5

 

them, and may receive compensation with respect to services for such accounts in amounts which may be more or less than the amounts received from the Funds.

 

(c)           Each of the Fund and the Master Fund understands that SFM will select the commodity trading advisors and allocate assets among them.  To the extent a commodity trading advisor clears its account through UBS Securities, SFM may have a conflict of interest between selecting or allocating assets to a commodity trading advisor that will trade in the best interests of the Funds and selecting or allocating assets to a commodity trading advisor that will generate a relatively smaller number of trades which keeps the net assets of the Funds relatively higher and therefore generates relatively larger amounts of brokerage fees to benefit UBS Securities.

 

4.             TERM.

 

(a)           This Agreement shall continue in effect until one year after the date of this Agreement and shall be renewed automatically for one-year terms thereafter, provided that any Party may terminate this Agreement upon thirty (30) days’ prior written notice to the other Parties.

 

(b)           This Agreement shall be terminated upon any event which causes the removal or resignation of the Trading Manager in accordance with either or both of the LLC Agreements.

 

(c)           Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 4 shall be without penalty or liability to any Party.

 

5.             EXCULPATION; INDEMNIFICATION.

 

(a)           None of SFM, any person controlling, controlled by or under common control with SFM or any of their respective affiliates, principals, shareholders, members, directors, partners, officers or employees (collectively, “Affiliates”) or the legal representatives of any of them shall be liable to either of the Funds or their respective members for mistakes of judgment or for action or inaction that did not constitute gross negligence, willful misconduct, bad faith or fraud or for losses due to such mistakes, action or inaction or to the negligence, dishonesty, bad faith or fraud of any broker or agent of one or both of the Funds, provided that such broker or agent was selected, engaged or retained by SFM in accordance with the standard of care set forth above.  SFM and each Affiliate may consult with counsel and accountants in respect of Fund and Master Fund affairs and shall be fully protected and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel or accountants, provided that they were selected in accordance with the standard of care set forth above;

 

(b)           In any threatened, pending or completed action, suit or proceeding to which SFM or one of its Affiliates was or is a party or is threatened to be made a party arising out of or in connection with this Agreement, the Fund shall indemnify and hold harmless SFM and each Affiliate against any loss, liability, damage, cost, expense (including, without limitation, attorneys’ and accountants’ fees), judgments and amounts paid in settlement actually and reasonably incurred by it in connection with such action, suit or proceeding.

 

6

 

(c)           In the event that SFM or one of its 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, one or both of the Funds’ activities or claimed activities unrelated to SFM or its Affiliates, the Fund shall indemnify, defend and hold harmless such persons against any loss, liability, damage cost or expense (including, without limitation, attorneys’ and accountants’ fees) incurred in connection therewith.

 

(d)           The indemnities in paragraph (b) of this Section 5 shall not apply if such action suit or proceeding shall arise as a result of either (i) material breach of this Agreement by the Party seeking indemnity or (ii) gross negligence, willful misconduct, bad faith or fraud by such Party.

 

(e)           U.S. federal securities laws, under certain circumstances, impose liability even on persons that act in good faith, and the Funds are not waiving any rights they may have to the extent that such liability may not be waived, modified or limited under applicable law.

 

(f)            The indemnities in this Section 5 shall not apply with respect to default judgments, confessions of judgment or settlements entered into by the Party claiming indemnification without the prior written consent of the Party obligated to provide such indemnification, which shall not be unreasonably withheld.

 

(g)           The provisions of this Section 5 shall survive the termination of this Agreement.

 

6.                                      LIMITATIONS ON REFERENCE TO SFM.

 

(a)           The Funds shall not distribute or circulate any sales literature, promotional or other material which contains any reference to SFM without the prior approval of SFM, and shall submit in draft form all such materials requiring approval of SFM, allowing sufficient time for review by SFM and its counsel prior to any deadline for printing.  If SFM ceases to furnish services to the Funds (the date as of which SFM ceases to provide such services being referred to as the “Cessation Date”), the Funds shall, at their expense:

 

(i)            as promptly as practicable, take all necessary action to cause each of the LLC Agreements and offering materials to be amended to accomplish a change of name to eliminate any reference to SFM; and

 

(ii)           within sixty (60) days after the Cessation Date, cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name of SFM.

 

(b)           The provisions of this Section 6 shall survive the termination of this Agreement.

 

7.             REPRESENTATIONS, WARRANTIES AND AGREEMENTS.

 

(a)           The Trading Manager represents and warrants that:

 

7

 

(i)            it is a limited liability company duly organized and validly existing 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)           it has the capacity and authority to enter into this Agreement;

 

(iii)          this Agreement has been duly and validly authorized, executed and delivered on its behalf and is a valid and binding agreement of the Trading Manager enforceable in accordance with its terms;

 

(iv)          it will not, by acting as Trading Manager to the Funds, 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 materially limits or affects the performance of its duties under this Agreement; and

 

(v)           it agrees to serve as commodity pool operator for the Fund and the Master Fund.

 

(b)           Each of the Fund and the Master Fund represents and warrants that:

 

(i)            it is a limited liability company duly organized and validly existing 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)           it has the capacity and authority to enter into this Agreement;

 

(iii)          this Agreement has been duly and validly authorized, executed and delivered on its behalf and is a valid and binding agreement of such fund enforceable in accordance with its terms;

 

(iv)          it will not, by entering into this Agreement, 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)           it will not publish any sales, marketing or other literature identifying SFM or any of its affiliates in connection with this Agreement or the services provided hereunder without SFM’s prior written consent;

 

8.             INDEPENDENT PARTIES.  The Parties are and shall be independent contracting parties.  Nothing in the Agreement shall be interpreted or construed to create any employment, partnership, joint venture, association, syndicate or other relationship between the Parties except as specifically provided herein.

 

9.             COMPLETE AGREEMENT.  This Agreement contains all of the terms agreed upon or made by the Parties relating to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, negotiations, correspondence, undertakings and communications among or between the Parties, oral or written, respecting such subject matter.

 

8

 

10.          BINDING EFFECT; ASSIGNMENT.  This Agreement shall be binding upon and inure to the benefit of the Fund and the Master Fund, SFM, each indemnified party, and their respective successors and permitted assigns.  Any officers of SFM and others who are entitled to indemnification hereunder shall be entitled to such rights and benefits as if such person were a signatory hereto, and the rights and benefits of such person hereunder may not be impaired without such person’s express written consent.  No Party to this Agreement may assign or delegate, by operation of law or otherwise, all or any portion of its rights, obligations or liabilities under this Agreement without the prior written consent of the other Parties to this Agreement; provided, however, that the Funds hereby consent to any future assignment by SFM of its obligations hereunder to one or more of its Affiliates.  The provisions of this Section 10 shall survive the termination of this Agreement.

 

11.          AMENDMENT AND WAIVERS.  No provision of this Agreement may be amended, modified, waived or discharged except as agreed to in writing by the Parties.  The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

12.          NOTICES.  All notices, demands or requests required to be made or delivered under this Agreement shall be in writing and delivered personally or by registered or certified mail, return receipt requested, postage prepaid, to the address below or to such other address as may be designated by the Party entitled to receive the same by notice similarly given:

 

If to the Trading Manager:

 

Sydling Futures Management LLC

1285 Avenue of the Americas - 11th Floor

New York, NY 10019

Attention: Jerry Pascucci

 

If to the Fund:

 

AAA Energy Opportunities Fund LLC

c/o Sydling Futures Management LLC

1285 Avenue of the Americas - 11th Floor

New York, NY 10019

Attention: Jerry Pascucci

 

If to the Master Fund:

 

Sydling AAA Master Fund LLC

c/o Sydling Futures Management LLC

1285 Avenue of the Americas - 11th Floor

New York, NY 10019

Attention: Jerry Pascucci

 

9

 

13.          GOVERNING LAW; JURISDICTION.  Notwithstanding the place where this Agreement may be executed by any of the Parties hereto, the Parties expressly agree that all terms and provisions hereof shall be governed by and construed in accordance with the laws of the State of New York.

 

14.          HEADINGS.  The headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the Parties to this Agreement.

 

15.          COUNTERPARTS.  This Agreement may be signed in one or more counterparts, each of which shall be deemed an original, but all of which when taken together shall be deemed to be one and the same instrument.

 

16.          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 the NFA or, if the NFA shall refuse jurisdiction, then in accordance with the rules, then in effect, of the American Arbitration Association.  Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction.

 

[Remainder of page intentionally left blank.]

 

10

 

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

 

 

	
AAA ENERGY OPPORTUNITIES FUND LLC
    	
 
    
	
 
    	
 
    
	
By:
    	
Sydling Futures Management
    	
 
    
	
 
    	
(Sole Member)
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jerry Pascucci
    	
 
    
	
 
    	
 
    	
Jerry Pascucci
    	
 
    
	
 
    	
 
    	
President and Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
SYDLING AAA MASTER FUND LLC
    	
 
    
	
 
    	
 
    
	
By:
    	
Sydling Futures Management
    	
 
    
	
 
    	
(Sole Member)
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jerry Pascucci
    	
 
    
	
 
    	
 
    	
Jerry Pascucci
    	
 
    
	
 
    	
 
    	
President and Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
SYDLING FUTURES MANAGEMENT LLC
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Jerry Pascucci
    	
 
    
	
 
    	
Jerry Pascucci
    	
 
    
	
 
    	
President and Director
    	
 
    
								

 

11

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