Document:

EXHIBIT 4.1

 

 SYNTHETIC BIOLOGICS,
INC.

(FORMERLY KNOWN AS ADEONA PHARMACEUTICALS, INC.)

2010 STOCK INCENTIVE PLAN

(as amended on July 5, 2017)

 

ARTICLE I

GENERAL

 

1.1 Purpose

 

The purpose of the Synthetic
Biologics, Inc. (formerly known as Adeona Pharmaceuticals, Inc.) 2010 Stock Incentive Plan (the “Plan”) is to provide
an incentive for the employees, directors, and consultants to Synthetic Biologics, Inc. (formerly known as Adeona Pharmaceuticals,
Inc.) (the “Company”) and its subsidiaries an incentive (a) to enter into and remain in the service of the Company;
(b) to enhance the long-term performance of the Company; and (c) to acquire a proprietary interest in the success of the Company.

 

1.2 Administration

 

1.2.1 The Plan shall be administered
by the Compensation Committee (the “Committee”) of the board of directors of the Company (the “Board”),
which shall consist of not less than two directors. The members of the Committee shall be appointed by, and serve at the pleasure
of, the Board. To the extent required for transactions under the Plan to qualify for the exemptions available under Rule 16b-3
(“Rule 16b-3”) promulgated under the Securities Exchange Act of 1934 (the “1934 Act”), all actions relating
to awards to persons subject to Section 16 of the 1934 Act shall be taken by the Board unless each person who serves on the Committee
is a “non-employee director” within the meaning of Rule 16b-3 or such actions are taken by a sub-committee of the Committee
(or the Board) comprised solely of “non-employee directors”. To the extent required for compensation realized from
awards under the Plan to be deductible by the Company pursuant to section 162(m) of the Internal Revenue Code of 1986 (the “Code”),
the members of the Committee shall be “outside directors” within the meaning of section 162(m).

 

1.2.2 The Committee shall
have the authority (a) to exercise all of the powers granted to it under the Plan; (b) to construe, interpret and implement the
Plan and any Plan Agreements executed pursuant to Section 2.1; (c) to prescribe, amend and rescind rules and regulations relating
to the Plan, including rules governing its own operations; (d) to make all determinations necessary or advisable in administering
the Plan; (e) to correct any defect, supply any omission and reconcile any inconsistency in the Plan; (f) to amend the Plan to
reflect changes in applicable law; (g) to determine whether, to what extent and under what circumstances awards may be settled
or exercised in cash, shares of the Company’s common stock, par value $.001 (the “Common Stock”), other securities,
other awards or other property, or canceled, forfeited or suspended and the method or methods by which awards may be settled, canceled,
forfeited or suspended; and (h) to determine whether, to what extent and under what circumstances cash, shares of the Common Stock,
other securities, other awards or other property and other amounts payable with respect to an award shall be deferred either automatically
or at the election of the holder thereof or of the Committee.

 

1.2.3 Actions of the Committee
shall be taken by the vote of a majority of its members. Any action may be taken by a written instrument signed by a majority of
the Committee members, and action so taken shall be fully as effective as if it had been taken by a vote at a meeting.

 

1.2.4 The determination of
the Committee on all matters relating to the Plan or any Plan Agreement shall be final, binding and conclusive.

 

1.2.5 No member of the Committee
shall be liable for any action or determination made in good faith with respect to the Plan or any award thereunder.

 

1.2.6 Notwithstanding anything
to the contrary contained herein: (a) until the Board shall appoint the members of the Committee, the Plan shall be administered
by the Board; and (b) the Board may, in its sole discretion, at any time and from time to time, grant awards or resolve to administer
the Plan. In either of the foregoing events, the Board shall have all of the authority and responsibility granted to the Committee
herein.

 

1.3 Persons Eligible for Awards

 

Awards under the Plan may
be made to such directors, officers and other employees of the Company and its subsidiaries (including prospective employees conditioned
on their becoming employees), and to such consultants to the Company and its subsidiaries (collectively, “key persons”)
as the Committee shall in its discretion select.

 

1.4 Types of Awards Under the Plan

 

Awards may be made under
the Plan in the form of: (a) incentive stock options (within the meaning of section 422 of the Code); (b) nonqualified stock options;
(c) stock appreciation rights; (d) restricted stock; (e) restricted stock units; and (f) other stock-based awards, all as more
fully set forth in Article II. The term “award” means any of the foregoing. No incentive stock option may be granted
to a person who is not an employee of the Company on the date of grant.

 

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1.5 Shares Available for Awards

 

1.5.1 The total number of
shares of the Common Stock which may be transferred pursuant to awards granted under the Plan shall not exceed 17,500,000. The
17,500,000 shares referred to in the immediately preceding sentence include 3,000,000 shares of common stock initially included
in the Plan when the Plan was adopted on September 27, 2010, 3,000,000 shares added to the Plan as of September 17, 2013, 2,000,000
shares added to the Plan as of May 15, 2015, 6,000,000 shares added to the Plan as of May 31, 2016 and 3,500,000 shares added to
the Plan as of July 5, 2017. Such shares may be authorized but unissued shares of the Common Stock or authorized and issued shares
of the Common Stock held in the Company’s treasury or acquired by the Company for the purposes of the Plan. The Committee
may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions
on transferability as may apply to such shares pursuant to the Plan. If, after the effective date of the Plan, any award is forfeited
or any award otherwise terminates or is cancelled without the delivery of shares of Stock, then the shares covered by such award
or to which such award relates shall again become available for transfer pursuant to awards granted or to be granted under this
Plan. Any shares of Stock delivered by the Company, any shares of Stock with respect to which awards are made by the Company and
any shares of Stock with respect to which the Company becomes obligated to make awards, through the assumption of, or in substitution
for, outstanding awards previously granted by an acquired entity, shall not be counted against the shares available for awards
under this Plan.

 

1.5.2 Upon certain changes
in Stock, the number of shares of Stock available for issuance with respect to awards under the Plan, as set forth in Sections
1.5.1 and 1.5.2, shall be adjusted pursuant to Section 3.7.1.

 

1.5.3 Except as provided
in this Section 1.5 and in Section 2.3.7, there shall be no limit on the number or the value of the shares of Stock that may be
subject to awards to any individual under the Plan.

 

1.6 Definitions of Certain Terms

 

1.6.1 The “Fair Market
Value” of a share of Stock on any day shall be determined as follows.

 

(a) If the principal market
for the Stock (the “Market”) is a national securities exchange, the last sale price or, if no reported sales take place
on the applicable date, the average of the high bid and low asked price of Stock as reported for such Market on such date or, if
no such quotation is made on such date, on the next preceding day on which there were quotations, provided that such quotations
shall have been made within the ten (10) business days preceding the applicable date;

 

(b) If the Market is the
Over the Counter Bulletin Board or another market, the average of the high bid and low asked price for Stock on the applicable
date, or, if no such quotations shall have been made on such date, on the next preceding day on which there were quotations, provided
that such quotations shall have been made within the ten (10) business days preceding the applicable date; or

 

(c) In the event that neither
paragraph (a) nor (b) shall apply, the Fair Market Value of a share of Stock on any day shall be determined in good faith by the
Committee.

 

1.6.2 The term “incentive
stock option” means an option that is intended to qualify for special federal income tax treatment pursuant to sections 421
and 422 of the Code, as now constituted or subsequently amended, or pursuant to a successor provision of the Code, and which is
so designated in the applicable Plan Agreement. Any option that is not specifically designated as an incentive stock option shall
under no circumstances be considered an incentive stock option. Any option that is not an incentive stock option is referred to
herein as a “nonqualified stock option.”

 

1.6.3 The term “employment”
means, in the case of a grantee of an award under the Plan who is not an employee of the Company, the grantee’s association
with the Company or a subsidiary as a director, consultant or otherwise.

 

1.6.4 A grantee shall be
deemed to have a “termination of employment” upon ceasing to be employed by the Company and all of its subsidiaries
or by a corporation assuming awards in a transaction to which section 424(a) of the Code applies. The Committee may in its discretion
determine (a) whether any leave of absence constitutes a termination of employment for purposes of the Plan, (b) the impact, if
any, of any such leave of absence on awards theretofore made under the Plan, and (c) when a change in a non-employee’s association
with the Company constitutes a termination of employment for purposes of the Plan. The Committee shall have the right to determine
whether the termination of a grantee’s employment is a dismissal for cause and the date of termination in such case, which
date the Committee may retroactively deem to be the date of the action that is cause for dismissal. Such determinations of the
Committee shall be final, binding and conclusive.

 

1.6.5 The term “cause,”
when used in connection with termination of a grantee’s employment, shall have the meaning set forth in any then-effective
employment agreement between the grantee and the Company or a subsidiary thereof. In the absence of, or in addition to, as the
case may be, such an employment agreement provision, “cause” means: (a) conviction of any crime (whether or not involving
the Company) constituting a felony in the jurisdiction involved; (b) engaging in any substantiated act involving moral turpitude;
(c) engaging in any act which, in each case, subjects, or if generally known would subject, the Company to public ridicule or embarrassment;
(d) material violation of the Company’s policies, including, without limitation, those relating to sexual harassment or the
disclosure or misuse of confidential information; (e) serious neglect or misconduct in the performance of the grantee’s duties
for the Company or a subsidiary or willful or repeated failure or refusal to perform such duties; in each case as determined by
the Committee, which determination shall be final, binding and conclusive.

 

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ARTICLE II

AWARDS UNDER THE PLAN

 

2.1 Agreements Evidencing Awards

 

Each award granted under
the Plan shall be evidenced by a written agreement (“Plan Agreement”) which shall contain such provisions as the Committee
in its discretion deems necessary or desirable. Such provisions may include, without limitation, a requirement that the grantee
become a party to a stockholders’ agreement with respect to any shares of Stock acquired pursuant to the award, a requirement
that the grantee acknowledge that such shares are acquired for investment purposes only, and a right of first refusal exercisable
by the Company in the event that the grantee wishes to transfer any such shares. The Committee may grant awards in tandem with
or in substitution for any other award or awards granted under this Plan or any award granted under any other plan of the Company
or any subsidiary. Payments or transfers to be made by the Company or any subsidiary upon the grant, exercise or payment of an
award may be made in such form as the Committee shall determine, including cash, shares of Stock, other securities, other awards
or other property and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance
with rules established by the Committee. By accepting an award pursuant to the Plan, a grantee thereby agrees that the award shall
be subject to all of the terms and provisions of the Plan and the applicable Plan Agreement.

 

2.2 No Rights as a Stockholder

 

No grantee of an option or
stock appreciation right (or other person having the right to exercise such award) shall have any of the rights of a stockholder
of the Company with respect to shares subject to such award until the issuance of a stock certificate to such person for such shares.

 

2.3 Grant of Stock Options and Stock Appreciation
Rights

 

2.3.1 The Committee may grant
incentive stock options and nonqualified stock options (collectively, “options”) to purchase shares of the Common Stock
from the Company, to such key persons, in such amounts and subject to such terms and conditions, as the Committee shall determine
in its discretion, subject to the provisions of the Plan.

 

2.3.2 The Committee may grant
stock appreciation rights to such key persons, in such amounts and subject to such terms and conditions, as the Committee shall
determine in its discretion, subject to the provisions of the Plan. Stock appreciation rights may be granted in connection with
all or any part of, or independently of, any option granted under the Plan. A stock appreciation right granted in connection with
a nonqualified stock option may be granted at or after the time of grant of such option. A stock appreciation right granted in
connection with an incentive stock option may be granted only at the time of grant of such option.

 

2.3.3 The grantee of a stock
appreciation right shall have the right, subject to the terms of the Plan and the applicable Plan Agreement, to receive from the
Company an amount equal to (a) the excess of the Fair Market Value of a share of the Common Stock on the date of exercise of the
stock appreciation right over (b) the exercise price of such right as set forth in the Plan Agreement (or over the option exercise
price if the stock appreciation right is granted in connection with an option), multiplied by (c) the number of shares with respect
to which the stock appreciation right is exercised. Payment upon exercise of a stock appreciation right shall be in cash or in
shares of the Common Stock (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or both,
all as the Committee shall determine in its discretion. Upon the exercise of a stock appreciation right granted in connection with
an option, the number of shares subject to the option shall be correspondingly reduced by the number of shares with respect to
which the stock appreciation right is exercised. Upon the exercise of an option in connection with which a stock appreciation right
has been granted, the number of shares subject to the stock appreciation right shall be correspondingly reduced by the number of
shares with respect to which the option is exercised.

 

2.3.4 Each Plan Agreement
with respect to an option shall set forth the amount (the “option exercise price”) payable by the grantee to the Company
upon exercise of the option evidenced thereby. The option exercise price per share shall be determined by the Committee in its
discretion; provided, however, that the option exercise price of an incentive stock option shall be
at least 100% of the Fair Market Value of a share of the Common Stock on the date the option is granted, and provided further that
in no event shall the option exercise price be less than the par value of a share of the Common Stock.

 

2.3.5 Each Plan Agreement
with respect to an option or stock appreciation right shall set forth the periods during which the award evidenced thereby shall
be exercisable, whether in whole or in part. Such periods shall be determined by the Committee in its discretion; provided,
however, that no incentive stock option (or a stock appreciation right granted in connection with an incentive stock
option) shall be exercisable more than 10 years after the date of grant.

 

2.3.6 The Committee may in
its discretion include in any Plan Agreement with respect to an option (the “original option”) a provision that an
additional option (the “additional option”) shall be granted to any grantee who, pursuant to Section 2.4.3(b), delivers
shares of the Common Stock in partial or full payment of the exercise price of the original option. The additional option shall
be for a number of shares of the Common Stock equal to the number thus delivered, shall have an exercise price equal to the Fair
Market Value of a share of the Common Stock on the date of exercise of the original option, and shall have an expiration date no
later than the expiration date of the original option. In the event that a Plan Agreement provides for the grant of an additional
option, such Agreement shall also provide that the exercise price of the original option be no less than the Fair Market Value
of a share of Stock on its date of grant, and that any shares that are delivered pursuant to Section 2.4.3(b) in payment of such
exercise price shall have been held for at least six months.

 

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2.3.7 To the extent that
the aggregate Fair Market Value (determined as of the time the option is granted) of the stock with respect to which incentive
stock options granted under this Plan and all other plans of the Company and any subsidiary are first exercisable by any employee
during any calendar year shall exceed the maximum limit (currently, $100,000), if any, imposed from time to time under section
422 of the Code, such options shall be treated as nonqualified stock options.

 

2.3.8 Notwithstanding the
provisions of Sections 2.3.4 and 2.3.5, to the extent required under section 422 of the Code, an incentive stock option may not
be granted under the Plan to an individual who, at the time the option is granted, owns stock possessing more than 10% of the total
combined voting power of all classes of stock of his employer corporation or of its parent or subsidiary corporations (as such
ownership may be determined for purposes of section 422(b)(6) of the Code) unless (a) at the time such incentive stock option is
granted the option exercise price is at least 110% of the Fair Market Value of the shares subject thereto and (b) the incentive
stock option by its terms is not exercisable after the expiration of 5 years from the date it is granted.

 

2.4 Exercise of Options and Stock Appreciation
Rights

 

Subject to the provisions
of this Article II, each option or stock appreciation right granted under the Plan shall be exercisable as follows:

 

2.4.1 Unless the applicable
Plan Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of
the shares as to which such award is then exercisable (but, in any event, only for whole shares). A stock appreciation right granted
in connection with an option may be exercised at any time when, and to the same extent that, the related option may be exercised.
An option or stock appreciation right shall be exercised by the filing of a written notice with the Company, on such form and in
such manner as the Committee shall prescribe.

 

2.4.2 Any written notice
of exercise of an option shall be accompanied by payment for the shares being purchased. Such payment shall be made: (a) by certified
or official bank check (or the equivalent thereof acceptable to the Company) for the full option exercise price; or (b) unless
the applicable Plan Agreement provides otherwise, by delivery of shares of the Common Stock (which, if acquired pursuant to exercise
of a stock option, were acquired at least six months prior to the option exercise date) and having a Fair Market Value (determined
as of the exercise date) equal to all or part of the option exercise price and a certified or official bank check (or the equivalent
thereof acceptable to the Company) for any remaining portion of the full option exercise price; or (c) at the discretion of the
Committee and to the extent permitted by law, by such other provision as the Committee may from time to time prescribe.

 

2.4.3 Promptly after receiving
payment of the full option exercise price, or after receiving notice of the exercise of a stock appreciation right for which payment
will be made partly or entirely in shares, the Company shall, subject to the provisions of Section 3.3 (relating to certain restrictions),
deliver to the grantee or to such other person as may then have the right to exercise the award, a certificate or certificates
for the shares of the Common Stock for which the award has been exercised. If the method of payment employed upon option exercise
so requires, and if applicable law permits, an optionee may direct the Company to deliver the certificate(s) to the optionee’s
stockbroker.

 

2.5 Termination of Employment; Death

 

2.5.1 Except to the extent
otherwise provided in Section 2.5.2 or 2.5.3 or in the applicable Plan Agreement, all options and stock appreciation rights not
theretofore exercised shall terminate upon termination of the grantee’s employment for any reason (including death).

 

2.5.2 If a grantee’s
employment terminates for any reason other than death or dismissal for cause, the grantee may exercise any outstanding option or
stock appreciation right on the following terms and conditions: (a) exercise may be made only to the extent that the grantee was
entitled to exercise the award on the date of employment termination; and (b) exercise must occur within 90 days after employment
terminates, except that this 90 day period shall be increased to one year if the termination is by reason of disability, but in
no event after the expiration date of the award as set forth in the Plan Agreement. In the case of an incentive stock option, the
term “disability” for purposes of the preceding sentence shall have the meaning given to it by section 422(c)(6) of
the Code.

 

2.5.3 If a grantee dies while
employed by the Company or any subsidiary, or after employment termination but during the period in which the grantee’s awards
are exercisable pursuant to Section 2.5.2, any outstanding option or stock appreciation right shall be exercisable on the following
terms and conditions: (a) exercise may be made only to the extent that the grantee was entitled to exercise the award on the date
of death; and (b) exercise must occur by the earlier of the first anniversary of the grantee’s death or the expiration date
of the award. Any such exercise of an award following a grantee’s death shall be made only by the grantee’s executor
or administrator, unless the grantee’s will specifically disposes of such award, in which case such exercise shall be made
only by the recipient of such specific disposition. If a grantee’s personal representative or the recipient of a specific
disposition under the grantee’s will shall be entitled to exercise any award pursuant to the preceding sentence, such representative
or recipient shall be bound by all the terms and conditions of the Plan and the applicable Plan Agreement which would have applied
to the grantee including, without limitation, the provisions of Sections 3.3 and 3.7 hereof.

 

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2.6 Grant of Restricted Stock

 

2.6.1 The Committee may grant
restricted shares of Stock to such key persons, in such amounts, and subject to such terms and conditions as the Committee shall
determine in its discretion, subject to the provisions of the Plan. Restricted stock awards may be made independently of or in
connection with any other award under the Plan. A grantee of a restricted stock award shall have no rights with respect to such
award unless such grantee accepts the award within such period as the Committee shall specify by executing a Plan Agreement in
such form as the Committee shall determine and, if the Committee shall so require, makes payment to the Company by certified or
official bank check (or the equivalent thereof acceptable to the Company) in such amount as the Committee may determine.

 

2.6.2 Promptly after a grantee
accepts a restricted stock award, the Company shall issue in the grantee’s name a certificate or certificates for the shares
of the Common Stock covered by the award. Upon the issuance of such certificate(s), the grantee shall have the rights of a stockholder
with respect to the restricted stock, subject to the nontransferability restrictions and Company repurchase rights described in
Sections 2.6.4 and 2.6.5 and to such other restrictions and conditions as the Committee in its discretion may include in the applicable
Plan Agreement.

 

2.6.3 Unless the Committee
shall otherwise determine, any certificate issued evidencing shares of restricted stock shall remain in the possession of the Company
until such shares are free of any restrictions specified in the applicable Plan Agreement.

 

2.6.4 Shares of restricted
stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided in
this Plan or the applicable Plan Agreement. The Committee at the time of grant shall specify the date or dates (which may depend
upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted
stock shall lapse. Unless the applicable Plan Agreement provides otherwise, additional shares of Stock or other property distributed
to the grantee in respect of shares of restricted stock, as dividends or otherwise, shall be subject to the same restrictions applicable
to such restricted stock.

 

2.6.5 During the 120 days
following termination of the grantee’s employment for any reason, the Company shall have the right to require the return
of any shares to which restrictions on transferability apply, in exchange for which the Company shall repay to the grantee (or
the grantee’s estate) any amount paid by the grantee for such shares.

 

2.7 Grant of Restricted Stock Units

 

2.7.1 The Committee may grant
awards of restricted stock units to such key persons, in such amounts, and subject to such terms and conditions as the Committee
shall determine in its discretion, subject to the provisions of the Plan. Restricted stock units may be awarded independently of
or in connection with any other award under the Plan.

 

2.7.2 At the time of grant,
the Committee shall specify the date or dates on which the restricted stock units shall become fully vested and nonforfeitable,
and may specify such conditions to vesting as it deems appropriate. In the event of the termination of the grantee’s employment
by the Company and its subsidiaries for any reason, restricted stock units that have not become nonforfeitable shall be forfeited
and cancelled. The Committee at any time may accelerate vesting dates and otherwise waive or amend any conditions of an award of
restricted stock units.

 

2.7.3 At the time of grant,
the Committee shall specify the maturity date applicable to each grant of restricted stock units, which may be determined at the
election of the grantee. Such date may be later than the vesting date or dates of the award. On the maturity date, the Company
shall transfer to the grantee one unrestricted, fully transferable share of the Common Stock for each restricted stock unit scheduled
to be paid out on such date and not previously forfeited. The Committee shall specify the purchase price, if any, to be paid by
the grantee to the Company for such shares of the Common Stock.

 

2.8 Other Stock-Based Awards

 

The Committee may grant other
types of stock-based awards (including the grant of unrestricted shares) to such key persons, in such amounts and subject to such
terms and conditions, as the Committee shall in its discretion determine, subject to the provisions of the Plan. Such awards may
entail the transfer of actual shares of the Common Stock to Plan participants, or payment in cash or otherwise of amounts based
on the value of shares of the Common Stock.

 

ARTICLE III

MISCELLANEOUS

 

3.1 Amendment of the Plan; Modification
of Awards

 

3.1.1 The Board may from
time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially
impair any rights or materially increase any obligations under any award theretofore made under the Plan without the consent of
the grantee (or, after the grantee’s death, the person having the right to exercise the award). For purposes of this Section
3.1, any action of the Board or the Committee that alters or affects the tax treatment of any award shall not be considered to
materially impair any rights of any grantee.

 

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3.1.2 Stockholder approval
of any amendment shall be obtained to the extent necessary to comply with section 422 of the Code (relating to incentive stock
options) or other applicable law or regulation.

 

3.1.3 The Committee may amend
any outstanding Plan Agreement, including, without limitation, by amendment which would accelerate the time or times at which the
award becomes unrestricted or may be exercised, or waive or amend any goals, restrictions or conditions set forth in the Agreement.
However, any such amendment (other than an amendment pursuant to Section 3.7.2, relating to change in control) that materially
impairs the rights or materially increases the obligations of a grantee under an outstanding award shall be made only with the
consent of the grantee (or, upon the grantee’s death, the person having the right to exercise the award).

 

3.2 Tax Withholding

 

3.2.1 As a condition to the
receipt of any shares of the Common Stock pursuant to any award or the lifting of restrictions on any award, or in connection with
any other event that gives rise to a federal or other governmental tax withholding obligation on the part of the Company relating
to an award (including, without limitation, FICA tax), the Company shall be entitled to require that the grantee remit to the Company
an amount sufficient in the opinion of the Company to satisfy such withholding obligation.

 

3.2.2 If the event giving
rise to the withholding obligation is a transfer of shares of the Common Stock, then, unless otherwise specified in the applicable
Plan Agreement, the grantee may satisfy the withholding obligation imposed under Section 3.2.1 by electing to have the Company
withhold shares of the Common Stock having a Fair Market Value equal to the amount of tax to be withheld. For this purpose, Fair
Market Value shall be determined as of the date on which the amount of tax to be withheld is determined (and any fractional share
amount shall be settled in cash).

 

3.3 Restrictions

 

3.3.1 If the Committee shall
at any time determine that any consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with,
the granting of any award under the Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other
action thereunder (each such action being hereinafter referred to as a “plan action”), then such plan action shall
not be taken, in whole or in part, unless and until such consent shall have been effected or obtained to the full satisfaction
of the Committee.

 

3.3.2 The term “consent”
as used herein with respect to any plan action means (a) any and all listings, registrations or qualifications in respect thereof
upon any securities exchange or under any federal, state or local law, rule or regulation, (b) any and all written agreements and
representations by the grantee with respect to the disposition of shares, or with respect to any other matter, which the Committee
shall deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption
from the requirement that any such listing, qualification or registration be made and (c) any and all consents, clearances and
approvals in respect of a plan action by any governmental or other regulatory bodies.

 

3.4 Non-assignability

 

Except to the extent otherwise
provided in the applicable Plan Agreement, no award or right granted to any person under the Plan shall be assignable or transferable
other than by will or by the laws of descent and distribution, and all such awards and rights shall be exercisable during the life
of the grantee only by the grantee or the grantee’s legal representative.

 

3.5 Notification of Election Under Code
Section 83(b)

 

If any grantee shall, in
connection with the acquisition of shares of the Common Stock under the Plan, make the election permitted under section 83(b) of
the Code (that is, an election to include in gross income in the year of transfer the amounts specified in section 83(b)), such
grantee shall notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue Service,
in addition to any filing and notification required pursuant to regulations issued under the authority of Code section 83(b).

 

3.6 Notification Upon Disqualifying Disposition

 

If any grantee shall make
any disposition of shares of the Common Stock issued pursuant to the exercise of an incentive stock option under the circumstances
described in section 421(b) of the Code (relating to certain disqualifying dispositions), such grantee shall notify the Company
of such disposition within 10 days thereof.

 

3.7 Adjustment Upon Changes in Stock

 

3.7.1 Shares Available
for Grants.  In the event of any change in the number of shares of Stock outstanding by reason of any stock dividend
or split, reverse stock split, recapitalization, merger, consolidation, combination or exchange of shares or similar corporate
change, the maximum number of shares of the Common Stock with respect to which the Committee may grant awards under Article II
hereof, as described in Section 1.5.1, and the individual annual limit described in Section 1.5.2, shall be appropriately adjusted
by the Committee. In the event of any change in the number of shares of the Common Stock outstanding by reason of any other event
or transaction, the Committee may, but need not, make such adjustments in the number and class of shares of the Common Stock with
respect to which awards: (i) may be granted under Article II hereof and (ii) granted to any one employee of the Company or a subsidiary
during any one calendar year, in each case as the Committee may deem appropriate, unless such adjustment would cause any award
that would otherwise qualify as performance based compensation with respect to a “162(m) covered employee” (as defined
in Section 162 of the Code), to cease to so qualify.

 

    	 	6	 

     

    

 

3.7.2 Outstanding Restricted
Stock and Restricted Stock Units.  Unless the Committee in its absolute discretion otherwise determines, any securities
or other property (including dividends paid in cash) received by a grantee with respect to a share of restricted stock, the issue
date with respect to which occurs prior to such event, but which has not vested as of the date of such event, as a result of any
dividend, stock split, reverse stock split, recapitalization, merger, consolidation, combination, exchange of shares or otherwise
will not vest until such share of restricted stock vests, and shall be promptly deposited with the Company or otherwise treated
as was the certificate for the underlying share of restricted stock, pursuant to Section 2.6.3 hereof.

 

The Committee may, in its
absolute discretion, adjust any grant of shares of restricted stock, the issue date with respect to which has not occurred as of
the date of the occurrence of any of the following events, or any grant of restricted stock units, to reflect any dividend, stock
split, reverse stock split, recapitalization, merger, consolidation, combination, exchange of shares or similar corporate change
as the Committee may deem appropriate to prevent the enlargement or dilution of rights of grantees.

 

3.7.3 Outstanding Options
and Stock Appreciation Rights — Increase or Decrease in Issued Shares Without Consideration.  Subject
to any required action by the stockholders of the Company, in the event of any increase or decrease in the number of issued shares
of Stock resulting from a subdivision or consolidation of shares of Stock or the payment of a stock dividend (but only on the shares
of Stock), or any other increase or decrease in the number of such shares effected without receipt of consideration by the Company,
the Committee shall proportionally adjust the number of shares of the Common Stock subject to each outstanding option and stock
appreciation right, and the exercise price-per-share of the Common Stock of each such option and stock appreciation right.

 

3.7.4 Outstanding Options
and Stock Appreciation Rights — Certain Mergers.  Subject to any required action by the stockholders
of the Company, in the event that the Company shall be the surviving corporation in any merger or consolidation (except a merger
or consolidation as a result of which the holders of shares of Stock receive securities of another corporation), each option and
stock appreciation right outstanding on the date of such merger or consolidation shall pertain to and apply to the securities which
a holder of the number of shares of the Common Stock subject to such option or stock appreciation right would have received in
such merger or consolidation.

 

3.7.5 Outstanding Options
and Stock Appreciation Rights — Certain Other Transactions.  In the event of (i) a dissolution or
liquidation of the Company, (ii) a sale of all or substantially all of the Company’s assets, (iii) a merger or consolidation
involving the Company in which the Company is not the surviving corporation or (iv) a merger or consolidation involving the Company
in which the Company is the surviving corporation but the holders of shares of the Common Stock receive securities of another corporation
and/or other property, including cash, the Committee shall, in its absolute discretion, have the power to:

 

		(i)	cancel,
effective immediately prior to the occurrence of such event, each option and stock appreciation right outstanding immediately
prior to such event (whether or not then exercisable), and, in full consideration of such cancellation, pay to the grantee to
whom such option or stock appreciation right was granted an amount in cash, for each share of the Common Stock subject to such
option or stock appreciation right, respectively, equal to the excess of (x) the value, as determined by the Committee in its
absolute discretion, of the property (including cash) received by the holder of a share of the Common Stock as a result of such
event over (y) the exercise price of such option or stock appreciation right;

 

		(ii)	cancel,
effective immediately prior to the occurrence of such event, each option and stock appreciation right outstanding immediately
prior to such event (whether or not then exercisable), and, in full consideration of such cancellation, pay to the grantee to
whom such option or stock appreciation right was granted, for each share of the Common Stock subject to such option or stock appreciation
right, respectively, the property (including cash) received by the holder of a share of the Common Stock as a result of such event;
or

 

		(iii)	provide
for the exchange of each option and stock appreciation right outstanding immediately prior to such event (whether or not then
exercisable) for an option on or stock appreciation right with respect to, as appropriate, some or all of the property which a
holder of the number of shares of the Common Stock subject to such option or stock appreciation right would have received and,
incident thereto, make an equitable adjustment as determined by the Committee in its absolute discretion in the exercise price
of the option or stock appreciation right, or the number of shares or amount of property subject to the option or stock appreciation
right or, if appropriate, provide for a cash payment to the grantee to whom such option or stock appreciation right was granted
in partial consideration for the exchange of the option or stock appreciation right.

 

7.6 Outstanding Options
and Stock Appreciation Rights — Other Changes.  In the event of any change in the capitalization
of the Company or a corporate change other than those specifically referred to in Sections 3.7.3, 3.7.4 or 3.7.5 hereof, the Committee
may, in its absolute discretion, make such adjustments in the number and class of shares subject to options and stock appreciation
rights outstanding on the date on which such change occurs and in the per-share exercise price of each such option and stock appreciation
right as the Committee may consider appropriate to prevent dilution or enlargement of rights. In addition, if and to the extent
the Committee determines it is appropriate, the Committee may elect to cancel each option and stock appreciation right outstanding
immediately prior to such event (whether or not then exercisable), and, in full consideration of such cancellation, pay to the
grantee to whom such option or stock appreciation right was granted an amount in cash, for each share of the Common Stock subject
to such option or stock appreciation right, respectively, equal to the excess of (i) the Fair Market Value of the Common Stock
on the date of such cancellation over (ii) the exercise price of such option or stock appreciation right.

 

    	 	7	 

     

    

 

3.7.7 No Other Rights.  Except
as expressly provided in the Plan, no grantee shall have any rights by reason of any subdivision or consolidation of shares of
stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any
dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the
Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of the Common Stock subject
to an award or the exercise price of any option or stock appreciation right. Except as otherwise provided in Section 3.7, no adjustment
shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities
or other property) for which the record date is prior to the date such stock certificate is issued.

 

3.8 Right of Discharge Reserved

 

Nothing in the Plan or in
any Plan Agreement shall confer upon any grantee the right to continue in the employ of the Company or affect any right which the
Company may have to terminate such employment.

 

3.9 Nature of Payments

 

3.9.1 Any and all grants
of awards and issuances of shares of the Common Stock under the Plan shall be in consideration of services performed for the Company
by the grantee.

 

3.9.2 All such grants and
issuances shall constitute a special incentive payment to the grantee and shall not be taken into account in computing the amount
of salary or compensation of the grantee for the purpose of determining any benefits under any pension, retirement, profit-sharing,
bonus, life insurance or other benefit plan of the Company or under any agreement between the Company and the grantee, unless such
plan or agreement specifically provides otherwise.

 

3.10 Non-Uniform Determinations

 

The Committee’s determinations
under the Plan need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, awards
under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee
shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective
Plan agreements, as to (a) the persons to receive awards under the Plan, (b) the terms and provisions of awards under the Plan,
and (c) the treatment of leaves of absence pursuant to Section 1.6.4.

 

3.11 Other Payments or Awards

 

Nothing contained in the
Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any person under any other
plan, arrangement or understanding, whether now existing or hereafter in effect.

 

3.12 Section Headings

 

The section headings contained
herein are for the purpose of convenience only and are not intended to define or limit the contents of the sections.

 

3.13 Effective Date and Term of Plan

 

3.13.1 The Plan was adopted
by the Board on September 27, 2010, subject to approval by the Company’s stockholders, which approval occurred on November
2, 2010. The Plan was amended on each of September 17, 2013, May 15, 2015 and May 31, 2016 to increase by 3,000,000, 2,000,000,
and 6,000,000 the number of shares of the Common Stock that may be granted under the Plan. The Plan was further amended on July
5, 2017 to increase the number of shares of Common Stock that may be granted pursuant to awards under the Plan by 3,500,000
shares of Common Stock, subject to approval by the Company’s stockholders. All awards under the Plan prior to such stockholder
approval are subject in their entirety to such approval. If such approval is not obtained prior to the first anniversary of the
date of adoption of the Plan, the Plan and all awards thereunder shall terminate on that date.

 

3.13.2 Unless sooner terminated
by the Board, the Plan will terminate on the close of business on September 27, 2020, ten years from the original effective date.
All awards made under the Plan prior to its termination shall remain in effect until such awards have been satisfied or terminated
in accordance with the terms and provisions of the Plan and the applicable Plan Agreements.

 

3.14 Governing Law

 

All rights and obligations
under the Plan shall be construed and interpreted in accordance with the laws of the State of Nevada, without giving effect to
principles of conflict of laws.

 

    	 	8EX-10.1

 Exhibit 10.1 

Conformed Copy 
 ESCROW
AGREEMENT 
 This ESCROW AGREEMENT (the “Agreement”) is made and entered into this 17th day of August, 2017, by and among each of the entities
individually and not jointly, as listed on Schedule A (each, a “Fund” and collectively, the “Funds”), Ceres Managed Futures LLC, a Delaware limited liability company (“CMF” or the “General Partner”), UMB Fund
Services, Inc., as recordkeeper (“UMBFS”) and UMB Bank, N.A., a national banking association organized and existing under the laws of the United States of America, as escrow agent (the “Escrow Agent”). 

WITNESSETH: 
 WHEREAS, each Fund is (except as
otherwise noted on Schedule A) a New York limited partnership and is not required to be registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and is authorized to issue units of
partnership interest in each Fund (“Units”) under an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”) and the 1940 Act; and 

WHEREAS, the Fund generally accepts subscription proceeds for Units on a continuous basis, with such proceeds applied to the purchase of Units on a monthly
basis and may accept requests for the redemption of Units in accordance with the terms of the terms of each Fund’s Private Placement Memorandum and Disclosure Document (the “Memorandum”); and 

WHEREAS, the Fund desires to appoint UMB Bank, N.A. as escrow agent for the purpose of holding investment proceeds tendered by investors prior to the time
such funds are transferred to the Fund for the purchase of Units. 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants and
agreements herein contained, the parties hereto hereby agree as follows: 
  

	1.	Appointment and Delegation. 

 The Fund hereby appoints UMB Bank, N.A. as Escrow
Agent, on the terms set forth in this Agreement. UMB Bank, N.A. hereby agrees to serve as Escrow Agent on the terms set forth in this Agreement. The Fund hereby authorizes UMBFS, in its capacity as transfer agent, to provide instructions to the
Escrow Agent on the Fund’s behalf in accordance with the terms of this Agreement and the Transfer Agency Agreement dated as of August 17, 2017 by and among each Fund, severally and not jointly, listed on Schedule A thereto, CMF and UMBFS.

  

	2.	Procedures. 

 (a)    The General Partner, on behalf of each
Fund, will establish a fully segregated escrow account for each such Fund with the Escrow Agent consisting of two (2) sub-accounts, the Subscription Sub-Account and
the Income Sub-Account. Purchase payments periodically received by UMBFS (the “Purchase Proceeds”) will be deposited into the respective Fund’s Subscription
Sub-Account (the Subscription Sub-Account and the Income Sub-Account shall be referred to collectively as the “Escrow
Account”). 

 (b)    Upon receipt of Purchase Proceeds for a Fund, UMBFS shall transfer
such Purchase Proceeds to the Escrow Agent for deposit into the respective Fund’s Escrow Account. Simultaneously with any such transfer of Purchase Proceeds, UMBFS will deliver to the Escrow Agent (with a copy to the General Partner) a cash
letter (the “Cash Deposit Letter”) confirming the amount of the Purchase Proceeds so transferred. In the event the General Partner or UMBFS provides written notice to the Escrow Agent, in the form of a cash letter (the “Purchase
Reversal Letter”), that a subscriber (“Subscriber”) of Units’ purchase order has been rejected, the Escrow Agent shall promptly (but in no event later than the close of business on the day of receipt of such Purchase Reversal
Letter in accordance with subparagraph (d) or Paragraph 4), transfer the Purchase Proceeds specified in the Purchase Reversal Letter from the Escrow Account to UMBFS in accordance with the payment procedures in Paragraph 4. The Escrow Agent
shall have no duty or obligation with respect to the collection of any Purchase Proceeds from a Subscriber. 
 (c)    On
the first business day of each calendar month, UMBFS will deliver to the Escrow Agent a cash letter instructing the Escrow Agent to transfer the Purchase Proceeds, if any, on deposit in the Escrow Account (the “Cash Disbursement Letter”)
to the Fund’s futures clearing broker. 
 (d)    The Escrow Agent shall provide the General Partner and UMBFS with
a statement of the assets held and transactions of the Escrow Accounts on a monthly basis and shall provide electronic access to the General Partner and UMBFS on a daily basis. At the Escrow Agent’s request, UMBFS shall provide periodic
summaries of Escrow Account activity. 
 (e)    The Escrow Agent shall invest all amounts deposited in the Escrow
Accounts with it hereunder, and earnings thereon, if any, in the UMB Money Market Special Account (the “Special Account”). All monies must be deposited to the Escrow Accounts prior to 4:00 p.m. CT in order to be credited to the Special
Account and receive credit for that day’s earnings. All investment earnings on the Escrow Accounts shall be transferred on the first business day of each month to the Income Sub-Account. The Escrow Agent
shall transfer such investment earnings from each Fund’s Income Sub-Account to UMBFS for crediting to the account of each Shareholder in the respective Fund (if the Subscriber’s subscription was
accepted) or to the relevant Subscriber’s account (if the Subscriber’s subscription was rejected). 

(f)    In the event an adjustment needs to be made in connection with any money movement hereunder, UMBFS, after notice to
the General Partner, shall deliver to the Escrow Agent a cash letter specifying the corrective action to be taken. 

(g)    Prior to delivery of the Purchase Proceeds to it or its designated agents, the Fund or its agents shall have no
title, right, claim, lien or any other interest in the funds held in escrow hereunder, and such funds shall under no circumstances be available to the Fund or its agents or their creditors for payment or reimbursement for liabilities or
indebtedness. 

  
 2 

	3.	Compensation. 

 For its services hereunder, the Escrow Agent shall be entitled to
a one-time account acceptance fee of $500, plus an annual escrow fee of $600 for the Escrow Accounts and transaction fees of $5 per deposit and/or distribution. In addition to the foregoing fees, all
reasonable out-of-pocket expenses relating to the administration of this Agreement and the Escrow Accounts such as, but not limited to, wire fees, postage, shipping,
courier, telephone and facsimile charges will be paid directly by the Fund. 
  

	4.	Payment Procedures. 

 (a)     Whenever payments are required
to be made to the Escrow Agent under this Agreement, such payments shall be made by electronic transfer per the following instructions: 

UMB Bank, N.A., Kansas City, Missouri 

ABA # [    ] 

A/C # [    ] 

A/C Name: Trust Clearing 
 Ref:
[Fund name] 
 Attn: Madelyn Wallace 

(b)    Whenever payments are required to be made by the Escrow Agent to UMBFS under this Agreement, such payments shall be
made by electronic transfer per the following instructions: 
 UMB Bank, N.A., Kansas City, Missouri 

ABA # [    ] 

A/C #
                                 

Ref:
                                        

 (c)    Every cash letter delivered to the Escrow Agent hereunder pursuant to Paragraph 2 shall bear the signature of
two (2) authorized UMBFS signers. If requested by UMBFS, each cash letter shall also bear the countersignature of one (1) authorized Fund signer. In connection with the execution of this Agreement, UMBFS shall deliver to the Escrow Agent,
and the Fund shall deliver to UMBFS, a list of authorized signers, together with a certificate of incumbency and specimen signatures. The party providing such certificate may provide an updated certificate evidencing the appointment, removal or
change of authority of any authorized signer, it being understood that the party relying on such certificate shall not be held to have notice of any change in the authority of any authorized signer until receipt of written notice thereof. 

(d)    A cash letter must be received by the Escrow Agent by 3:00 p.m. CT on the day such cash letter is transmitted in
order for the instructions contained in such cash letter to be honored on that day. 

  
 3 

	5.	Representations. 

 Each Fund represents and warrants as follows: 

(a)    it is duly organized and in good standing under the laws of the jurisdiction of its formation and all necessary
action has been taken by it and it is duly authorized to enter into this Agreement; 
 (b)    the Tax Identification
Number as listed in Schedule A is correct; 
 (c)    this Agreement and all other documents related to the transactions
described herein have been duly executed and delivered by the Fund and constitute the legal, valid and binding obligations of the Fund, enforceable in accordance with their respective terms; 

(d)    the execution, delivery and performance of this Agreement and all other documents related to the transactions
described herein by the Fund do not and will not breach or violate or cause a default under its limited partnership agreement or any provision of any agreement, instrument, judgment, injunction or order applicable to or binding upon it. 

 

	6.	Miscellaneous. 

 It is understood and agreed, further, that the Escrow Agent
shall: 
 (a)    be under no duty to pay and transfer any monies hereunder, unless the same shall have been first
received by the Escrow Agent pursuant to the provisions of this Agreement; 
 (b)    be under no duty to accept any
information from any person or entity other than the Fund or UMBFS, and then only to the extent and in the manner expressly provided for in this Agreement; 

(c)    act hereunder as a depository only and be protected in acting upon any written instruction or notice provided by
the Fund or UMBFS pursuant to this Agreement and the information contained therein without responsibility to determine the validity or sufficiency of the same, and be protected in acting upon any other notice, opinion, request, certificate,
approval, consent or other paper delivered to it and represented to it to be genuine and to be signed by the proper party or parties; 

(d)    be indemnified and held harmless by the Fund against any claim made against it by reason of its acting or failing
to act in connection with any of the transactions contemplated hereby and against any loss, liability, cost, suit or reasonable expense, including the expense of defending itself against any claim of liability it may sustain in carrying out the
terms of this Agreement except such claims which are occasioned by its fraud, bad faith, reckless disregard of its duties, negligence or willful misconduct; 

  
 4 

 (e)    have no liability or duty to inquire into the terms and conditions of
any subscriptions for Units, and that its duties and responsibilities shall be limited to those expressly set forth under this Agreement and are purely ministerial in nature; 

(f)    be permitted to consult with counsel of its choice, at its own expense, including
in-house counsel, and shall not be liable for any action taken, suffered or omitted by it in good faith in accordance with the advice of such counsel, provided, however, that nothing contained in this
subparagraph (f), nor any action taken by the Escrow Agent, or of any such counsel, shall relieve the Escrow Agent from liability for any claims which are occasioned by its fraud, bad faith, reckless disregard of its duties, negligence or willful
misconduct, all as provided in subparagraph (d) above; 
 (g)    not be bound by any amendment or revocation of
this Agreement, unless the same shall be in writing and signed by all of the parties of this Agreement; 
 (h)    be
entitled to refrain from taking any action other than to keep all property held by it in escrow hereunder until it shall be directed otherwise in writing by the Fund, or by a final judgment by a court of competent jurisdiction, provided that it
shall be uncertain as to its duties and rights hereunder (including, without limitation, the receipt of conflicting instructions or directions from any of the parties hereto or any third parties); 

(i)    have no liability for following the instructions herein contained or expressly provided for, or written
instructions given by, the Fund or UMBFS; 
 (j)    have the right, at any time, to resign hereunder by giving written
notice of its resignation to the Fund at the address as set forth in subparagraph (l) hereof, at least sixty (60) days before the date specified for such resignation to take effect, and upon the effective date of such resignation; 

 

	 	(i)	all cash and other funds and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor Escrow Agent as may be designated in writing by the Fund, whereupon the Escrow
Agent’s obligations hereunder shall cease and terminate; 

  

	 	(ii)	if no such successor Escrow Agent has been designated by such date, all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter
shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Fund or in accordance with the directions of a final order or judgment of a court of competent jurisdiction; yet, if no such designation,
order or judgment is received by Escrow Agent within sixty (60) days after its giving such resignation notice, it is unconditionally and irrevocably authorized and empowered to petition a court of competent jurisdiction for directions.

  
 5 

 (k)    The General Partner may remove the Escrow Agent at any time (with or
without cause) by giving at least sixty (60) days’ prior written notice and the Escrow Agent, upon the effective date of such removal, shall follow the process enumerated in Section 6(j) hereof. 

(l)    all deliveries and notices to the Escrow Agent shall be in writing, including by electronic mail and shall be sent
or delivered to: 
 UMB Bank, N.A., as Escrow Agent 

Corporate Trust & Escrow Services 

Attn: Madelyn Wallace 
 5910 N.
Central Expwy, Suite 1900 
 Dallas, TX 75206 

Email: madelyn.wallace@umb.com 
 All deliveries
and notices hereunder to the Fund shall be in writing and shall be sent or delivered to: 
 c/o Ceres Managed Futures LLC 

Attn: Patrick Egan, President 
 522
Fifth Avenue 
 New York, New York 10036 

Facsimile: 
 Email: 

All deliveries and notices hereunder to UMBFS shall be in writing and shall be sent or delivered to: 

UMB Fund Services, Inc. 
 Attn:
Suzanne P. Norman Barnes 
 803 West Michigan Street 

Milwaukee, WI 53233 
 Facsimile:
(414) 271-3954 
 (n)    Nothing in this Agreement is intended to or shall
confer upon anyone other than the parties hereto any legal or equitable right, remedy or claim. This Agreement shall be construed in accordance with the laws of the State of New York without reference to the conflict of laws principles thereof and
may be amended or settled only by a writing executed by the parties thereto. Each of the parties hereby waives the right to trial by jury. 

(o)    This Agreement may be executed in multiple counterparts, each of which shall be regarded for all purposes as an
original, and such counterparts shall constitute but one and the same instrument. In addition, the transaction described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimiles, electronic
files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 

  
 6 

 (p)    In order to comply with provisions of the USA PATRIOT Act of 2001, as
amended from time to time, Escrow Agent may request certain information and/or documentation to verify, confirm and record identification of persons or entities who are parties to the Agreement. 

 

	7.	Tax Reporting. 

 The parties hereto agree that for purposes of tax reporting, all
interest or other income, if any, attributable to the Escrow Accounts pursuant to this Agreement shall be allocable to the Fund. The General Partner agrees to provide the Escrow Agent with an Internal Revenue Service Form W-9 upon execution of this Agreement. The Fund understands that if such tax reporting documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code, as amended
from time to time, to withhold a portion of any interest or other income earned on the investment of monies or other property held by the Escrow Agent pursuant to this Agreement. The Escrow Agent will prepare and send notifications on Form 1099 for
each calendar year for which such Form is required during the term hereof. 
 IN WITNESS WHEREOF, the parties hereto have caused the Escrow Agreement to be
executed by their respective duly authorized officers. 
  

			
	Each of the Funds on Schedule A, severally and not jointly
		
	By:	 	Ceres Managed Futures LLC, its General Partner
		
	By:	 	 /s/ Steven Ross

	Title:	 	Chief Financial Officer
	
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Steven Ross

	Title:	 	Chief Financial Officer

  
 7 

 
			
	 UMB Bank, N.A., AS ESCROW

AGENT

		
	By:	 	 /s/ Madelyn Wallace

	Title:	 	Vice President
	
	UMB FUND SERVICES, INC.
		
	By:	 	 /s/ Anthony J. Fischer

	Title:	 	President

  
 8 

 AMENDED AND RESTATED 

SCHEDULE A 
 Names of funds

 Dated as of September 5, 2017 
  

			
	Fund	  	Tax Identification Number
	 Orion Futures Fund L.P.
	  	22-3644546
	 Ceres Tactical Macro L.P. Class A
	  	27-3371689
	 Managed Futures Premier Graham L.P. Class A
	  	13-4018068
	 Tactical Diversified Futures Fund L.P.
	  	13-4224248

  
 9

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