Document:

EX-10.5

 Exhibit 10.5 

SECOND AMENDED AND RESTATED PLEDGE AGREEMENT 

SECOND AMENDED AND RESTATED PLEDGE AGREEMENT (this “Agreement”) dated as of March 25, 2014, by and among GAMESTOP CORP.,
a corporation organized under the laws of the State of Delaware having a place of business at 625 Westport Parkway, Grapevine, Texas 76051, as Lead Borrower; the Subsidiary Borrowers party hereto (together with the Lead Borrower, individually, a
“Pledgor” and collectively, the “Pledgors”); and BANK OF AMERICA, N.A., a national banking association, as administrative agent and collateral agent (in such capacities, the “Agent”) for the Credit
Parties, in consideration of the mutual covenants contained herein and benefits to be derived herefrom. 
 WITNESSETH: 

WHEREAS, certain of the Pledgors, among others, have entered into (i) that certain Amended and Restated Credit Agreement, dated as of
January 4, 2011 (as amended and in effect on and prior to the date hereof, the “Existing Credit Agreement”) by, among others, such Pledgors, as Borrowers, the other Borrowers party thereto, the “Lenders” as defined
therein, Bank of America, N.A. as “Administrative Agent” and “Collateral Agent”, Wells Fargo Capital Finance, LLC, as “Syndication Agent”, and U.S. Bank National Association and Regions Bank, as “Co-Documentation
Agents”, (ii) that certain Amended and Restated Security Agreement, dated as of January 4, 2011 (as amended and in effect on and prior to the date hereof, the “Existing Security Agreement”) by and among such Pledgors
and Bank of America, N.A., as “Collateral Agent”, and (iii) that certain Amended and Restated Pledge Agreement, dated as of January 4, 2011 among such Pledgors and Bank of America, N.A., as “Collateral Agent” (as
amended and in effect on and prior to the date hereof, the “Existing Pledge Agreement”), pursuant to which such Pledgors have granted a security interest to the Agent in the Pledged Collateral (as defined in the Existing Pledge
Agreement) to secure the Secured Obligations (as defined in the Existing Security Agreement); and 
 WHEREAS, contemporaneously herewith,
the Pledgors and the Agent, among others, are amending and restating the Existing Credit Agreement in its entirety pursuant to that certain Second Amended and Restated Credit Agreement dated as of even date herewith (as such may be amended,
modified, supplemented or restated hereafter, the “Credit Agreement”) by and between, among others, (i) the Pledgors, as Borrowers, (ii) the Lenders named therein, (iii) the Agent, and (iv) Bank of America, N.A.,
as Issuing Bank; and 
 WHEREAS, contemporaneously herewith, the Pledgors and the Agent are amending and restating the Existing Security
Agreement in its entirety pursuant to that certain Second Amended and Restated Security Agreement dated as of even date herewith (as such may be amended, modified, supplemented or restated hereafter, the “Security Agreement”) by and
among the Pledgors and the Agent; and 
 WHEREAS, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of
Credit under the Credit Agreement are each conditioned upon, among other things, the execution and delivery by the Pledgors of an agreement in the form hereof to secure the Secured Obligations (as defined in the Security Agreement); and 

  
 1 

 WHEREAS, the Pledgors and the Agent desire to amend and restate the Existing Pledge Agreement as
set forth herein. 
 NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in this Agreement, and for good and
valuable consideration, the receipt of which is hereby acknowledged, the Pledgors and the Agent hereby agree that the Existing Pledge Agreement is hereby amended and restated in its entirety to read as follows (it being agreed that this Agreement
shall not be deemed to evidence or result in a novation under the Existing Pledge Agreement): 
 SECTION 1 

Definitions 
 1.1
Generally. Unless the context otherwise requires, all capitalized terms used but not defined herein shall have the meanings set forth in the Credit Agreement or the Security Agreement, as applicable, and all references to the UCC shall mean
the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that if a term is defined in Article 9 of the UCC differently that in another Article thereof, the term shall have the meaning set
forth in Article 9, and provided further that if by reason of mandatory provisions of law, perfection, or the effect of perfection or non-perfection, of the Security Interest in any Collateral or the availability of any remedy
hereunder is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such
perfection or effect of perfection or non-perfection or availability of such remedy, as the case may be. 
 1.2 Definitions of Certain
Terms Used Herein. As used herein, the following terms shall have the following meanings: 
 “Blue Sky Laws” shall have
the meaning assigned to such term in Section 7.7 of this Agreement. 
 “Investment Property” shall have the meaning
given that term in the UCC. 
 “Pledged Collateral” shall have the meaning assigned to such term in Section 2.5 of
this Agreement. 
 “Pledged Securities” shall have the meaning assigned to such term in Section 2.1 of this Agreement.

 “Securities Act” shall have the meaning assigned to such term in Section 7.7 of this Agreement. 

1.3 Rules of Interpretation. The rules of interpretation specified in Sections 1.2 through 1.6 of the Credit Agreement shall be
applicable to this Agreement. 

  
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 SECTION 2 

Pledge 
 As security for
the payment and performance, as the case may be, in full of the Secured Obligations, each Pledgor hereby transfers, grants, bargains, sells, conveys, hypothecates, pledges, sets over and delivers unto the Agent, its successors and assigns, and
hereby grants to the Agent, its successors and assigns, for the ratable benefit of the Credit Parties, a security interest in all of the Pledgor’s right, title and interest in, to and under: 

2.1 the shares of capital stock and other ownership interests owned by each Pledgor and listed on Schedule I hereto, and any shares of
capital stock or other equity interest of any Subsidiary obtained in the future by the Pledgor, and the stock certificates or other securities representing all such shares or equity interests; provided that with respect to each Material
Foreign Subsidiary whose capital stock is pledged hereunder by the Pledgor, the Pledgor has pledged stock representing 65% of the outstanding shares of Voting Stock of such Material Foreign Subsidiary (or such lesser percentage as is owned by
Pledgor) (the “Pledged Securities”); 
 2.2 all other Investment Property that may be delivered to, and held by, the Agent
pursuant to the terms hereof; 
 2.3 subject to Section 6, all dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed or distributable, in respect of, or in exchange for, the Pledged Securities referred to in clauses 2.1 and 2.2 above; 

2.4 subject to Section 6, all rights and privileges of the Pledgor with respect to the Pledged Securities and other Investment Property
referred to in clauses 2.1, 2.2, and 2.3 above; and 
 2.5 all proceeds of any of the foregoing (the items referred to in clauses 2.1 through
this 2.5 being collectively referred to as the “Pledged Collateral”). 
 TO HAVE AND TO HOLD the Pledged Collateral,
together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Agent, its successors and assigns, for the benefit of the Credit Parties, until Payment in Full of the Secured Obligations;
subject, however, to the terms, covenants and conditions hereinafter set forth. 
 Upon delivery to the Agent pursuant to SECTION 3 of this
Agreement, (a) all stock certificates or other securities now or hereafter included in the Pledged Securities shall be accompanied by stock powers duly executed in blank or other instruments of transfer satisfactory to the Agent and by such
other instruments and documents as the Agent may reasonably request, and (b) all other Investment Property comprising part of the Pledged Collateral shall be accompanied by proper instruments of assignment duly executed by the Pledgor and such
other instruments or documents as the Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the Pledged Securities theretofore and then being pledged hereunder, which schedule shall be
attached hereto as Schedule I and made a part hereof. Each schedule so delivered shall supersede any prior schedules so delivered. 

  
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 SECTION 3 

Delivery of the Pledged Collateral 

3.1 On or before the Effective Date, the Pledgors shall deliver or cause to be delivered to the Agent any and all Pledged Securities, any and
all Investment Property, and any and all certificates or other instruments or documents representing the Pledged Collateral as set forth in Section 4.15 of the Security Agreement. 

3.2 Each Pledgor hereby irrevocably authorizes the Agent at any time and from time to time to sign (if required) and file in any appropriate
filing office, wherever located, any Financing Statement that contains any information required by the UCC of the applicable jurisdiction for the sufficiency or filing office acceptance of any Financing Statement. Each Pledgor hereby ratifies its
prior authorization for the Agent to file in any relevant jurisdiction any Financing Statements if filed prior to the date hereof (including, without limitation, any such financing statements or amendments identifying “Bank of America, N.A., as
Collateral Agent” as secured party). Each Pledgor also authorizes the Agent to file a copy of this Agreement in lieu of a Financing Statement, and to take any and all actions required by any earlier versions of the UCC or by any other
Applicable Law. The Pledgors shall provide the Agent with any information the Agent shall reasonably request in connection with any of the foregoing. 

SECTION 4 

Representations, Warranties and Covenants 

Each Pledgor hereby represents, warrants and covenants, as to itself and the Pledged Collateral pledged by it hereunder, to and with the Agent
that: 
 4.1 the Pledged Securities represent that percentage of the issued and outstanding shares of each class of the capital stock or
other equity interest of the Issuer with respect thereto as set forth on Schedule I, provided that with respect to each Material Foreign Subsidiary whose capital stock is pledged hereunder by such Pledgor, such Pledgor has pledged
stock representing 65% of the outstanding shares of Voting Stock of such Material Foreign Subsidiary (or such lesser percentage as is owned by such Pledgor); 

4.2 except for the security interest granted hereunder, and except as otherwise permitted in the Credit Agreement and the other Loan Documents,
the Pledgor (i) is and will at all times continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule I, (ii) holds the Pledged Collateral free and clear of all Liens, other than those
Liens permitted under the terms of Section 6.2 of the Credit Agreement and Liens in favor of the Agent, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in, or other
Lien on, the Pledged Collateral, other than pursuant hereto and other than Permitted Encumbrances or any other Liens permitted under Section 6.2 of the Credit Agreement, and (iv) subject to Section 6, will cause any and all Pledged
Collateral to be forthwith deposited with the Agent and pledged or assigned hereunder; 

  
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 4.3 except as expressly permitted under the Credit Agreement, no Pledgor will consent to or
approve the issuance of (i) any additional shares of any class of capital stock of any Issuer of the Pledged Securities, or the issuance of any membership or other ownership interest in any such Person or (ii) any securities convertible
voluntarily by the holder thereof or automatically upon the occurrence or nonoccurrence of any event or condition into, or exchangeable for, any such shares or interests; 

4.4 each Pledgor (i) has the power and authority to pledge the Pledged Collateral in the manner hereby done or contemplated and
(ii) will defend its title or interest thereto or therein against any and all Liens (other than the Lien created by this Agreement or the other Loan Documents, Permitted Encumbrances or any other Lien permitted under Section 6.2 of the
Credit Agreement), however arising, of all Persons whomsoever; 
 4.5 no consent of any other Person (including stockholders or creditors of
the Pledgor), and no consent or approval of any Governmental Authority or any securities exchange, was or is necessary to the validity of the pledge effected hereby or to the disposition of the Pledged Collateral upon an Event of Default in
accordance with the terms of this Agreement and the Security Agreement; 
 4.6 by virtue of the execution and delivery by the Pledgors of
this Agreement, and the delivery by the Pledgors to the Agent of the stock certificates or other certificates or documents representing or evidencing the Pledged Collateral in accordance with the terms of this Agreement, the Agent will obtain a
valid and perfected lien upon, and security interest in, the Pledged Collateral as security for the payment and performance of the Secured Obligations, to the extent such security interest may be perfected by possession; 

4.7 the pledge effected hereby is effective to vest in the Agent, on behalf of the Credit Parties, the rights of the Agent in the Pledged
Collateral as set forth herein; 
 4.8 all the Pledged Securities have been duly authorized and validly issued and are fully paid and
nonassessable; 
 4.9 all information set forth herein relating to the Pledged Collateral is accurate and complete in all material respects
as of the date hereof; and 
 4.10 none of the Pledged Securities constitutes margin stock, as defined in Regulation U of the Board of
Governors of the Federal Reserve System. 
 SECTION 5 

Registration in Nominee Name; Copies of Notices 

Upon the occurrence and during the continuance of an Event of Default, the Agent, on behalf of the Credit Parties, shall have the right (in
its reasonable discretion) to hold the Pledged Securities in its own names as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of such Pledgor, endorsed or assigned in blank or in favor of the Agent. The Pledgors will
promptly give to the Agent copies of any notices or other communications received by it with respect to Pledged Securities registered in the name of such Pledgor. 

  
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 SECTION 6 

Voting Rights; Dividends and Interest, Etc. 

6.1 Unless and until an Event of Default shall have occurred and be continuing, the Pledgors shall be entitled to exercise any and all voting
and/or other consensual rights and powers inuring to an owner of the Pledged Securities or any part thereof to the extent, and only to the extent, that such rights are exercised for any purpose consistent with, and not otherwise in violation of, the
terms and conditions of this Agreement, the Credit Agreement, the other Loan Documents and Applicable Law; provided, however, that the Pledgors will not be entitled to exercise any such right if the result thereof could materially and
adversely affect the rights inuring to a holder of the Pledged Securities or the rights and remedies of any of the Credit Parties under this Agreement, the Credit Agreement or any other Loan Document or the ability of the Credit Parties to exercise
the same. 
 6.2 Unless and until a Cash Dominion Event shall have occurred and be continuing, the Pledgors shall be entitled to receive and
retain any and all cash dividends paid on the Pledged Collateral to the extent, and only to the extent, that such cash dividends are permitted by, and otherwise paid in accordance with, the terms and conditions of this Agreement, the Credit
Agreement, the other Loan Documents and Applicable Law. All noncash dividends, and all dividends paid or payable in cash or otherwise in connection with a partial or total liquidation or dissolution, return of capital, capital surplus or paid-in
surplus, and all other distributions (other than dividends and distributions referred to in the preceding sentence) made on or in respect of the Pledged Collateral, whether paid or payable in cash or otherwise, whether resulting from a subdivision,
combination or reclassification of the outstanding capital stock or partnership interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any
merger, amalgamation, arrangement, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by the Pledgor, to the extent required
to be paid to the Agent pursuant to the terms of the Credit Agreement or the other Loan Documents, shall not be commingled by the Pledgors with any of their other funds or property but shall be held separate and apart therefrom, shall be held in
trust for the benefit of the Agent and shall be forthwith delivered to the Agent in the same form as so received (with any necessary endorsement). 

6.3 Upon the occurrence and during the continuance of a Cash Dominion Event, all rights of the Pledgors to dividends that such Pledgor is
authorized to receive pursuant to Section 6.2 above shall cease, and all such rights shall thereupon become vested in the Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends. All dividends
received by any Pledgor contrary to the provisions of this Section 6.3 shall be held in trust for the benefit of the Agent, shall be segregated from other property or funds of such Pledgor in accordance with the provisions of Section 2.21
of the Credit Agreement in the same form as so received (with any necessary endorsement). Any and all money and other property paid over to or received by the Agent pursuant to the provisions of this Section 6.3 shall be applied in accordance
with the provisions of Section 8. 

  
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 6.4 Upon the occurrence and during the continuance of an Event of Default, all rights of the
Pledgors to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to Section 6.1 shall cease, and all such rights shall thereupon become vested in the Agent, which shall have the sole and exclusive right and
authority to exercise such voting and consensual rights and powers; provided that the Agent shall have the right from time to time following and during the continuance of an Event of Default to permit any Pledgor to exercise such
rights. After all Events of Default have been cured or waived in writing by the Agent, the Pledgors will have the right to exercise the voting and consensual rights and powers that they would otherwise be entitled to exercise pursuant to the terms
of Section 6.1. 
 SECTION 7 

Remedies upon Default 

Upon the occurrence of an Event of Default, it is agreed that the Agent shall have in any jurisdiction in which enforcement hereof is sought,
in addition to all other rights and remedies, the rights and remedies of a secured party under the UCC or other Applicable Law. The rights and remedies of the Agent shall include, without limitation, the right to take any of or all the following
actions at the same or different times: 
 7.1 The Agent may sell or otherwise dispose of all or any part of the Pledged Collateral, at
public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Agent shall deem appropriate. Each purchaser at any such sale shall hold the property sold absolutely, free from
any claim or right on the part of any Pledgor. 
 7.2 Unless the Pledged Collateral is perishable or threatens to decline speedily in value,
or is of a type customarily sold on a recognized market (in which event the Agent shall provide the Pledgors such notice as may be practicable under the circumstances), the Agent shall give the Pledgors at least ten (10) days’ prior
written notice, by authenticated record, of the Agent’s intention to make any sale of the Pledged Collateral. Such notice, (i) in the case of a public sale, shall state the date, time and place for such sale, (ii) in the case of a
sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Pledged Collateral, or portion thereof, will first be offered for sale at such board or exchange,
and (iii) in the case of a private sale, shall state the date after which any private sale or other disposition of the Pledged Collateral shall be made. The Pledgors agree that such written notice shall satisfy all requirements for notice to
the Pledgors which are imposed under the UCC with respect to the exercise of the Agent’s rights and remedies upon default. The Agent shall not be obligated to make any sale or other disposition of any Pledged Collateral if it shall determine
not to do so, regardless of the fact that notice of sale or other disposition of such Collateral shall have been given. The Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to
time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. 

7.3 Any public sale shall be held at such time or times within ordinary business hours and at such place or places as the Agent may fix and
state in the notice of such sale. 

  
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 7.4 At any public (or, to the extent permitted by Applicable Law, private) sale made pursuant to
this Section 7, the Agent or any other Credit Party may bid for or purchase, free (to the extent permitted by Applicable Law) from any right of redemption, stay, valuation or appraisal on the part of the Pledgors, the Pledged Collateral or any
part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to the Agent or such other Credit Party from the Pledgors on account of the Secured Obligations as a credit against the purchase price, and
the Agent or such other Credit Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to such Pledgor therefor. 

7.5 For purposes hereof, a written agreement to purchase the Pledged Collateral or any portion thereof shall be treated as a sale thereof. The
Agent shall be free to carry out such sale pursuant to such agreement and the Pledgors shall not be entitled to the return of the Pledged Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Agent shall have
entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations shall have been Paid in Full. 

7.6 As an alternative to exercising the power of sale herein conferred upon it, the Agent may proceed by a suit or suits at law or in equity to
foreclose upon the Pledged Collateral and to sell the Pledged Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. 

7.7 Each Pledgor recognizes that (i) the Agent may be unable to effect a public sale of all or a part of the Pledged Collateral by reason
of certain prohibitions contained in the Securities Act of 1933, 15 U.S.C. §77 (as amended and in effect, the “Securities Act”) or the Securities laws of various states (the “Blue Sky Laws”), but may be
compelled to resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire the Pledged Collateral for their own account, for investment and not with a view to the distribution or
resale thereof, (ii) that private sales so made may be at prices and upon other terms less favorable to the seller than if the Pledged Collateral were sold at public sales, (iii) that neither the Agent nor any other Credit Party has any
obligation to delay sale of any of the Pledged Collateral for the period of time necessary to permit the Pledged Collateral to be registered for public sale under the Securities Act or the Blue Sky Laws, and (iv) that private sales made under
the foregoing circumstances shall be deemed to have been made in a commercially reasonable manner. 
 7.8 To the extent permitted by
Applicable Law, each Pledgor hereby waives all rights of redemption, stay, valuation and appraisal which such Pledgor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 

  
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 SECTION 8 

Application of Proceeds of Sale 

The proceeds of any sale of Pledged Collateral pursuant to Section 7, as well as any Pledged Collateral consisting of cash, shall be
applied by the Agent as required pursuant to the terms of Section 7.3 of the Credit Agreement. 
 The Agent shall have absolute
discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale or other disposition of the Pledged Collateral by the Agent (including pursuant to a power of sale granted by statute
or under a judicial proceeding), the receipt of the purchase money by the Agent or of the officer making the sale or other disposition shall be a sufficient discharge to the purchaser or purchasers of the Pledged Collateral so sold or otherwise
disposed of and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Agent or such officer or be answerable in any way for the misapplication thereof. 

SECTION 9 

Registration, Etc. 
 If
the Agent reasonably determines that it is necessary to sell any of the Pledged Securities at a public sale, each Pledgor agrees that, upon the occurrence and during the continuance of an Event of Default hereunder, such Pledgor will, at any time
and from time to time, upon the written request of the Agent, use its best efforts to take or to cause the Issuer of such Pledged Securities to take such action and prepare, distribute and/or file such documents, as are required or advisable in the
reasonable opinion of counsel for the Agent to permit the public sale of such Pledged Securities. Without limiting any of its other indemnification obligations under the Loan Documents, each Pledgor agrees to indemnify, defend and hold harmless the
Agent, each other Credit Party, any underwriter and their respective officers, directors, Affiliates and controlling Persons from and against all loss, liability, expenses, costs of counsel (including the reasonable fees and expenses of legal
counsel to the Agent), and claims (including the reasonable costs of investigation) that any of them may incur insofar as such loss, liability, expense or claim arises out of, or is based upon, any alleged untrue statement of a material fact
contained in any prospectus (or any amendment or supplement thereto) or in any notification or offering circular, or arises out of or is based upon any alleged omission to state a material fact required to be stated therein or necessary to make the
statements in any thereof not misleading, except insofar as the same may have been caused by any untrue statement or omission based upon information furnished in writing to such Pledgor or the Issuer of such Pledged Securities by the Agent or any
other Credit Party expressly for use therein. Each Pledgor further agrees, upon such written request referred to above, to use its best efforts to qualify, file or register, or cause the Issuer of such Pledged Securities to qualify, file or
register, any of the Pledged Securities under the Securities Act, Blue Sky Laws or other securities laws of such states as may be requested by the Agent and keep effective, or cause to be kept effective, all such qualifications, filings or
registrations. The Pledgors will bear all costs and expenses of carrying out their obligations under this Section 9. Each Pledgor acknowledges that there is no adequate remedy at law for failure by them to comply with the provisions of this
Section 9 and that such failure would not be adequately compensable in damages, and therefore agree that their agreements contained in this Section 9 may be specifically enforced. 

  
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 SECTION 10 

Further Assurances 
 Each
Pledgor agrees to do such further acts and things, and to execute and deliver such additional conveyances, assignments, agreements and instruments, as the Agent may at any time reasonably request in connection with the administration and enforcement
of this Agreement or with respect to the Pledged Collateral or any part thereof or in order better to assure and confirm unto the Agent its rights and remedies hereunder. 

SECTION 11 

Intent 
 This Agreement is
being executed and delivered by the Pledgors for the purpose of confirming the grant of the security interest of the Agent in the Pledged Collateral. It is intended that the security interest granted pursuant to this Agreement is granted as a
supplement to, and not in limitation of, the Security Interest granted to the Agent, for the ratable benefit of the Credit Parties, under the Security Agreement. All provisions of the Security Agreement shall apply to the Pledged Collateral. The
Agent shall have the same rights, remedies, powers, privileges and discretions with respect to the security interests created in the Pledged Collateral as in all other Collateral. In the event of a conflict between this Agreement and the Security
Agreement, the terms of this Agreement shall control with respect to the Pledged Collateral and the Security Agreement with respect to all other Collateral. 

SECTION 12 

Governing Law 
 THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 13 

Counterparts 
 This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy, pdf or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement under seal as of the day
and year first above written. 
  

									
	PLEDGORS:	 		 	 GAMESTOP CORP.
 GAMESTOP, INC.

SUNRISE PUBLICATIONS, INC.
 ELBO INC.

EB INTERNATIONAL HOLDINGS, INC.
 KONGREGATE INC.

SPAWN LABS, INC.,
 as Pledgors

					
		 		 		 	By:	 	/s/ Robert Lloyd
		 		 		 	Name:	 	Robert Lloyd
		 		 		 	Title:	 	Executive Vice President and Chief Financial Officer
			
		 		 	 GAMESTOP TEXAS LTD.
 SIMPLY MAC,
INC.
 SPRING COMMUNICATIONS
 HOLDINGS, INC.

HOLDING, INC.
 GS MOBILE, INC.,

as Pledgors

					
		 		 		 	By:	 	/s/ Robert Lloyd
		 		 		 	Name:	 	Robert Lloyd
		 		 		 	Title:	 	Chief Financial Officer
			
		 		 	MARKETING CONTROL SERVICES, INC., as a Pledgor
					
		 		 		 	By:	 	/s/ Scott Shaver
		 		 		 	Name:	 	Scott Shaver
		 		 		 	Title:	 	Secretary
			
		 		 	SOCOM LLC, as a Pledgor
					
		 		 		 	By:	 	/s/ Marc Summey
		 		 		 	Name:	 	Marc Summey
		 		 		 	Title:	 	Manager

  
 Signature Page to
Second Amended and Restated Pledge Agreement 

									
	AGENT:	 		 	BANK OF AMERICA, N.A.
					
		 		 		 	By:	 	/s/ Andrew Cerussi
		 		 		 	Name:	 	Andrew Cerussi
		 		 		 	Title:	 	Director

  
 Signature Page to
Second Amended and Restated Pledge Agreement 

 SCHEDULE I 

None of the issuers has any authorized, issued or outstanding membership interests of any class or any commitments to issue any membership interests of any
class or any securities convertible into or exchangeable for any membership interests of any class except as otherwise stated in this Schedule I. 
  

									
	 Issuer
	  	Record
Owner	  	Type of Interest held
by Record Owner	  	Percentage of
Membership Interests
held by Record Owner	 
	 SOCOM LLC
	  	GameStop Texas Ltd.	  	Common	  	 	100	% 
	 MovieStop LLC
	  	GameStop, Inc.	  	Preferred	  	 	0	%* 

  

	*	GameStop, Inc. holds 100% of the non-voting Preferred Interest. 

 None of the issuers has any authorized, issued
or outstanding shares of its capital stock of any class or any commitments to issue any shares of its capital stock of any class or any securities convertible into or exchangeable for any shares of its capital stock of any class except as otherwise
stated in this Schedule I. 
  

																	
	 Issuer
	  	Record
Owner	  	Class of
Shares	  	Number of
Shares held
by Record
Owner	 	  	Number of
Issued and
Outstanding
Shares	 	  	Percentage of
Shares held by
Record Owner	 
	 GameStop, Inc.
	  	GameStop Corp.	  	Class A Common	  	 	1,000	  	  	 	1,000	  	  	 	100	% 
		  		  	Class B Common	  	 	4,000,000	  	  	 	4,000,000	  	  	 	100	% 
	 Sunrise Publications, Inc.
	  	GameStop, Inc.	  	Common	  	 	1,000,000	  	  	 	1,000,000	  	  	 	100	% 
	 ELBO Inc.
	  	GameStop Corp.	  	Common	  	 	100	  	  	 	100	  	  	 	100	% 
	 EB International Holdings, Inc.
	  	ELBO Inc.	  	Common	  	 	100	  	  	 	100	  	  	 	100	% 
	 Kongregate, Inc.
	  	GameStop Corp.	  	Common	  	 	200	  	  	 	200	  	  	 	100	% 

																	
	 GameStop Texas Ltd.
	  	GameStop, Inc.	  	Common	  	 	100	  	  	 	100	  	  	 	100	% 
	 Marketing Control Services, Inc.
	  	GameStop Corp.	  	Common	  	 	100	  	  	 	100	  	  	 	100	% 
	 Spawn Labs, Inc.
	  	GameStop Corp.	  	Common	  	 	200	  	  	 	200	  	  	 	100	% 
	 Simply Mac, Inc.
	  	GameStop Corp.	  	Common	  	 	2,084,870	  	  	 	2,084,870	  	  	 	100	% 
	 Spring Communications Holding, Inc.
	  	GameStop Corp.	  	Common	  	 	1,000	  	  	 	1,000	  	  	 	100	% 
	 GS Mobile, Inc.
	  	GameStop Corp.	  	Common	  	 	100	  	  	 	100	  	  	 	100	%EX-10.2

 Exhibit 10.2 
 AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS AMENDED AND RESTATED
ADVISORY AGREEMENT (this “Agreement”), effective as of March 1, 2014, among Morgan Stanley Smith Barney BHM I, LLC, a Delaware limited liability company (the “Trading Company”), Ceres Managed Futures LLC, a Delaware limited
liability company (the “Trading Manager”), and Blenheim Capital Management, L.L.C., a Delaware limited liability company (the “Trading Advisor”). 
 W I T N E S S E T H : 
 WHEREAS, the parties hereto desire to amend and restate the advisory agreement as of the date set forth herein to provide for the investment management of the Trading Company and set forth in
detail their respective rights and duties; 
 WHEREAS, the Trading Company has been organized pursuant to a Certificate
of Formation filed with Secretary of State of the State of Delaware on March 26, 2007, as amended from time to time (the “Certificate of Formation”) and an operating agreement, as amended from time to time (the “Operating
Agreement”) to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of commodities (including, but not limited to, foreign currencies, mortgage-backed
securities, money market instruments, financial instruments, and any other securities or items which are now, or may hereafter be, the subject of futures contract trading), domestic and foreign commodity futures contracts, forward contracts, foreign
exchange commitments, options on physical commodities and on futures contracts, spot (cash) commodities and currencies, exchange of futures contracts for a related position (“EFRP”), including an exchange for a swap, an exchange for a
physical and an exchange for an option, exchange of physicals for futures contracts transactions, and any rights pertaining thereto, whether traded on an organized exchange or otherwise (hereinafter referred to collectively as “futures
interests;” provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission (“CFTC”), options in securities futures and options in equities) and securities (such as
United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all activities incident thereto; 

WHEREAS, the Trading Company is a commodity pool operated by the Trading Manager in which other commodity pool investment vehicles
sponsored and/or managed by the Trading Manager and/or its affiliates will invest (each such investment vehicle, a “Member,” and collectively, the “Members”) (each such Member is listed in a schedule attached hereto as Schedule
1, as may from time to time be amended); 
 WHEREAS, the principals of the Trading Advisor have extensive experience
trading in futures interests and the Trading Advisor is willing to provide the services and undertake the obligations as set forth herein; 
 WHEREAS, the Trading Company and the Trading Manager each desires the Trading Advisor to act as a trading advisor for the Trading Company and to make investment decisions with respect to futures
interests for the Trading Company and the Trading Advisor desires so to act; and 

  
 1 

 WHEREAS, the Trading Company, the Trading Manager and the Trading Advisor wish to
enter into this Agreement which, among other things, sets forth certain terms and conditions upon which the Trading Advisor will conduct the Trading Company’s futures interest trading. 

 

	 	NOW	THEREFORE, the parties hereto hereby agree as follows: 

  

	 	1.	Undertakings in Connection with the Continuing Offering of Units. 

 (a) The Trading Advisor agrees with respect to the continuing offering of interests (“Units”) in the Members: (i) to make all disclosures regarding itself, its principals and affiliates,
its trading performance, its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Proprietary Information (as defined in Section 1(c) hereof) concerning
such systems, methods and strategies), any client accounts over which it has discretionary trading authority (other than the names of or identifying information with respect to any such clients), and otherwise, as the Members may reasonably require
(x) in connection with any Member’s offering materials (collectively, the “Offering Memoranda”) as required by applicable rules promulgated under the Commodity Exchange Act (the “CEAct”), including in connection with
any amendments or supplements thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”) or any other regulatory or self-regulatory body,
exchange, or board with jurisdiction over its members (or to comply with the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with the Trading Company, the Trading Manager and the Members by providing
information regarding the Trading Advisor in connection with the preparation of the Offering Memoranda, including any amendments or supplements thereto, as part of making application for registration of the Units under the securities or blue sky
laws of any jurisdictions, including foreign jurisdictions, as the Members reasonably may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of
Proprietary Information concerning its clients, systems methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term
“affiliate” shall mean an individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such party. 
 (b) If the Trading Advisor becomes aware of any materially untrue or misleading statement or omission regarding itself or any of its principals or affiliates in all information provided by Trading Advisor
to Trading Company or Trading Manager (the “Disclosure Information”), or of the occurrence of any event or change in circumstances which would result in there being any materially untrue or misleading statement or omission in the
Disclosure Information regarding itself or any of its principals or affiliates, the Trading Advisor shall promptly notify the Trading Manager and shall cooperate with the Trading Manager in the preparation of any necessary amendments or supplements
to the Offering Memoranda. Neither the Trading Advisor nor any of its principals, or affiliates, or any stockholders, officers, 

  
 2 

 
directors, or employees shall distribute the Offering Memoranda or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units
except as may be specifically approved by the Trading Manager and agreed to by the Trading Advisor. 
 (c) For purposes of this
Agreement, and notwithstanding any of the provisions hereof, all non-public information relating to the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and
information contained therein, business and/or marketing and/or sales plans and proposals, names of past and current clients, names of past, current and prospective contacts, trading methodologies, systems, strategies and programs, trading advice,
trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral information, furnished by the Trading Advisor to the Trading Company, the Trading Manager,
the Members and/or their officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons (each a “Recipient”), regardless of the manner in which it
is furnished, together with any analysis, compilations, studies or other documents or records which are prepared by a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified
as confidential, with the exception of information which (i) is or becomes generally available to the public other than as a result of acts by the Recipient in violation of this Agreement, (ii) is in the possession of the Recipient prior
to its disclosure pursuant to the terms hereof from a source that is not bound by a confidentiality agreement with regard to such information or by any other legal obligation of confidentiality prohibiting such disclosure, (iii) is or becomes
available to the Recipient from a source that is not bound by a confidentiality agreement with regard to such information or by any other legal obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed
by the Recipient without use of the confidential information described in this Section 1(c), are and shall be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information”
and/or “Proprietary Information”). 
 (d) The Trading Company and the Trading Manager each warrants and agrees that
they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors) will protect and preserve the
Confidential Information and will disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Trading Manager’s officers, directors, members, equity holders, employees and
agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any part of it) for the purpose of satisfying their fiduciary,
legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Trading Manager or a Recipient, as the case may be, is required to disclose
such Confidential Information due to a fiduciary obligation or legal or regulatory request. Additionally, the Trading Company and the Trading Manager each warrants and agrees that it and any Recipient will use the Confidential Information solely for
the purpose of satisfying the Trading Company’s or the Trading Manager’s obligations under this Agreement and not in a manner which violates the terms of this Agreement. 

  
 3 

	 	2.	Duties of the Trading Advisor. 

 (a) Upon the commencement of trading operations on or about July 1, 2007 by the Trading Advisor on behalf of the Trading Company, the Trading Advisor hereby agrees to act as a Trading Advisor for the
Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of the Trading Company’s assets, which shall consist of the Trading Company’s Net Assets (as defined in Section 5(c)
hereof) plus “notional” funds, if any, as specified in writing by the Trading Manager and consented to by the Trading Advisor (the “Assets”), on the terms and conditions and in accordance with the prohibitions and the trading
policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Trading Manager (the “Trading Policies”); provided, however, that the Trading Manager may override the
instructions of the Trading Advisor without notice to the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund any distributions or redemptions,
(iii) to pay the Trading Company’s expenses, (iv) to the extent the Trading Manager believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures interest trading of the Trading Company
with the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Trading Manager agrees not to override any such instructions for the reasons specified in clauses (ii) or (iii) of the preceding sentence unless
the Trading Advisor fails to comply with a request of the Trading Manager to make the necessary amount of funds available to the Trading Company within two trading days of such request. The Trading Advisor shall not be liable for the consequences of
any decision by the Trading Manager to override instructions of the Trading Advisor, except to the extent that such consequences result from a material breach of this Agreement by the Trading Advisor or the Trading Advisor fails to comply with the
Trading Manager’s decision to override an instruction. 
 (b) The Trading Advisor shall: 

(i) Exercise good faith and due care in trading futures interests for the account of the Trading Company in accordance
with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor as disclosed in the Disclosure Information, with such changes and additions to such trading systems, methods or strategies as the
Trading Advisor, from time to time, incorporates into its trading approach for accounts (including both actual and notional funds) the size of the Trading Company. 

(ii) Provide the Trading Manager, within 45 days of the end of a calendar quarter, and within 45 days of a separate
request which the Trading Manager may make from time to time, with summary information comparing the performance of the Trading Company’s account and the performance of all other client accounts (“Other Accounts”) directed by the
Trading Advisor using the trading systems used by the Trading Advisor on behalf of the Trading Company adjusted for notional funding and leverage differences, if any, over a specified period of time for the purpose of confirming that the Trading
Company has been treated equitably compared to such Other Accounts. In providing such information, the Trading Advisor may take such steps as are necessary 

  
 4 

 
to assure the confidentiality of the Trading Advisor’s clients’ identities and their account positions. The Trading Advisor shall, upon the Trading Manager’s request, consult with
the Trading Manager concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account. The Trading Advisor shall promptly inform the Trading Manager in writing of any material discrepancies of which
the Trading Advisor is aware. The Trading Manager acknowledges that the following differences in accounts may cause divergent trading results: different trading strategies, methods or degrees of leverage, different trading policies, accounts
experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence trading at different times and accounts which have different portfolios or different fiscal years. 

(iii) Inform the Trading Manager when the Trading Advisor’s open positions maintained by the Trading Advisor exceed
the Trading Advisor’s applicable speculative position limits. 
 (iv) Upon request of the Trading Manager,
promptly provide the Trading Manager with all information concerning the Trading Advisor and its activities reasonably requested by the Trading Manager (including, without limitation, information relating to changes in control, key personnel,
trading approach, or financial condition). 
 (c) All purchases and sales of futures interests pursuant to this Agreement shall
be for the account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its affiliates or each of their principals, stockholders, directors, officers, or employees, or any other person, if
any, who controls the Trading Advisor. All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company. 

(d) Subject to Section 7(a) hereof, the Trading Advisor shall assume financial responsibility for any errors committed or caused by
it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account including payment to the Commodity Brokers (as described in Section 4 hereof) of the floor brokerage commissions, exchange, NFA fees,
and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The Trading Advisor’s errors shall include, but not
be limited to, inputting improper trading signals or communicating incorrect orders to the Commodity Brokers. The Trading Advisor shall have an affirmative obligation to promptly notify the Trading Manager upon discovery of its own errors with
respect to the account, and the Trading Advisor shall use its best efforts to identify and promptly notify the Trading Manager of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions
to any Commodity Broker or such other commodity broker utilized to execute orders for the Trading Company. Nothing herein shall require the Trading Advisor to accept responsibility for, or be in any way liable on account of, errors caused by the
executing or clearing brokers through whom positions are taken or maintained. 

  
 5 

 (e) Prior to the commencement of trading by the Trading Company, the Trading Manager, on
behalf of the Trading Company, shall deliver to the Trading Advisor a trading authorization appointing the Trading Advisor the Trading Company’s attorney-in-fact for such purpose (a form of which is attached hereto as Exhibit B). 

(f) In performing services to the Trading Company, the Trading Advisor shall utilize its Global Markets Strategy - Futures Only (the
“Trading Program”), as disclosed in the Disclosure Information, and as modified from time to time. The Trading Advisor shall give the Trading Manager prior written notice of any change in the Trading Program that the Trading Advisor
considers to be material (and shall not effect such change on behalf of the Trading Company without the Trading Manager’s consent), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit C.
Changes in the futures interests traded, provided that such futures interests are listed on Exhibit C, shall not be deemed a modification of the Trading Program. 
 3.      Trading Advisor as an Independent Contractor. For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and
shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company or its Members in any way or otherwise be deemed an agent of the Trading Company or its Members. Nothing contained herein
shall be deemed to require the Trading Company to take any action contrary to the Operating Agreement or the Certificate of Formation of the Trading Company as from time to time in effect, or any applicable law or rule or regulation of any
regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading Advisor, the Trading Manager, or the Members, as members of any partnership, joint venture, association, syndicate or other entity, or be
deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the Trading Advisor is neither a promoter, sponsor, or issuer with respect to the
Trading Company or its Members, nor does the Trading Advisor have any authority or responsibility with respect to the offer, sale or issuance of Units. 
 4.      Commodity Broker. The Trading Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate
account maintained with such commodity broker or brokers as the Trading Manager shall direct and appoint from time to time. Morgan Stanley & Co., Incorporated (“MS & Co.”), Morgan Stanley & Co. International plc,
and Morgan Stanley Capital Group Inc. (“MSCG” and collectively, the “Commodity Brokers”) may act as the clearing commodity brokers for the Trading Company, and MS & Co. and its affiliates may act as foreign exchange
forward contract counterparty for the Trading Company. MSCG and its affiliates may act as an options on foreign exchange forward contract counterparty for the Trading Company. The Trading Manager shall provide the Trading Advisor with copies of
brokerage statements. 
 Notwithstanding the foregoing, the Trading Advisor may execute trades through floor brokers other than
those employed by MS & Co. and its affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers to “give-up” or transfer the positions to MS & Co. in conformity with the
Trading Policies set forth in Exhibit A attached hereto. 

  
 6 

	 	5.	Fees. 

 (a) For the
services to be rendered to the Trading Company by the Trading Advisor under this Agreement: 
 (i) The Trading
Company shall pay the Trading Advisor a monthly management fee equal to 1/12 of 2% (a 2% annual rate) of the Assets (as defined in Section 2(a) hereof) as of the first day of each month (the “Management Fee”). The Management Fee is
payable in arrears within 30 Business Days of the end of the month for which it was calculated. For purposes of this Agreement, “Business Day” shall mean any day which the securities markets are open in the United States. 

(ii) The Trading Company shall pay the Trading Advisor an incentive fee equal to 20% of the New Trading Profit (as defined
in Section 5(d) hereof) in each capital account of the Members in the Trading Company (the “Capital Account”) that shall accrue monthly but is not payable until the end of each calendar quarter (the “Incentive Fee”). The
initial incentive period will commence on the date of the Trading Company’s initial closing for each Capital Account and shall end on the last day of the first full calendar quarter after such initial closing occurs. The Incentive Fee is
payable within 30 Business Days of the end of the calendar quarter for which it was calculated. 
 (b) If this Agreement is
terminated on a date other than the last day of a calendar quarter, the Incentive Fee shall be determined as if such date were the end of a calendar quarter. If this Agreement is terminated on a date other than the end of a month, the Management Fee
described above shall be determined as if such date were the end of a month, but such fee shall be prorated based on the ratio of the number of calendar days in the month through the date of termination to the total number of calendar days in the
month. If, during any month after the Trading Company commences trading operations (including the month in which the Trading Company commences such operations), the Trading Company does not conduct business operations, or suspends trading for the
account of the Trading Company managed by the Trading Advisor, or, as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the calendar days of that
month for any reason, the Management Fee shall be prorated based on the ratio of the number of calendar days in the month which the Trading Company account managed by the Trading Advisor engaged in trading operations or utilizes the trading advice
of the Trading Advisor to the total number of calendar days in the month. The Management Fee payable to the Trading Advisor for the month in which the Trading Company begins to receive trading advice from the Trading Advisor pursuant to this
Agreement shall be prorated based on the ratio of the number of calendar days in the month from the day the Trading Company begins to receive such trading advice to the total number of calendar days in the month. In the event that there is an
increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month. 

 

  
 7 

 (c) The term “Net Assets” shall mean the total assets of the Trading Company
(including, but not limited to, all cash and cash equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interest positions and other assets of the Trading Company) less
all liabilities of the Trading Company determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting. Unless generally accepted accounting principles require otherwise, the market
value of a futures or option contract traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Company on the day with respect to which the
Net Assets are being determined; provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price
on the first subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the
settlement price on the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The market value of a forward contract or a futures or option contract traded on a foreign
exchange or market shall mean its market value as determined by the Trading Manager on a basis consistently applied for each different variety of contract. 
 (d) The term “New Trading Profit” shall mean net futures interest trading profits (realized and unrealized) on the Assets in each Capital Account, decreased proportionally by the Trading
Advisor’s monthly management fees, brokerage commissions, transaction costs and administrative fees. Such trading profits and items of decrease shall be determined for each Capital Account from the end of the last calendar quarter in which an
Incentive Fee was earned by the Trading Advisor or, if no Incentive Fee has been earned previously by the Trading Advisor with respect to a Capital Account, from the date that the Trading Advisor commenced managing the Assets in the Capital Account,
to the end of the calendar quarter as of which such Incentive Fee calculation is being made. Extraordinary expenses do not reduce New Trading Profit. Interest income is not included in New Trading Profit. New Trading Profit shall be calculated
before reduction for Incentive Fees paid or accrued so that the Trading Advisor does not have to earn back Incentive Fees. Accrued Incentive Fees shall be paid to the Trading Advisor on those assets withdrawn from a Capital Account due to
redemptions at the end of any month when such withdrawal of assets is made as if such month-end is the end of the calendar quarter. 
 (e) If any payment of Incentive Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor for a Capital Account and the Trading Advisor thereafter fails to earn
New Trading Profit or experiences losses for any subsequent incentive period, the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit. 

(f) No Incentive Fees shall be payable to the Trading Advisor until the Trading Advisor has earned New Trading Profit; provided, however,
that if the Assets of a Capital Account are reduced because of redemptions that occur at the end of, and/or subsequent to, a calendar quarter in which the Trading Advisor experiences a futures interest trading loss for the Trading Company, the
trading loss that must be recovered before the Trading Advisor will be 

  
 8 

 
deemed to experience New Trading Profit in a subsequent calendar quarter will be equal to the amount determined by (x) dividing the Assets of each Capital Account after such decrease by the
Assets in such Capital Account immediately before such decrease and (y) multiplying that fraction by the amount of the unrecovered futures interest trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading
loss for a Capital Account in more than one calendar quarter without the Trading Company paying an intervening Incentive Fee and Assets for a Capital Account are reduced in more than one such calendar quarter because of redemptions, then the trading
loss for each such calendar quarter shall be adjusted in accordance with the formula described above and such reduced amount of futures interest trading loss shall be carried forward and used to offset subsequent futures interest trading profits.

  

	 	6.	Term. 

 (a) This Agreement
shall continue in effect until December 31, 2014 unless otherwise terminated as set forth in this Section 6. The Trading Advisor may terminate this Agreement at December 31, 2014 by providing prior written notice of termination to the
Trading Company at least 45 days prior to the expiration of such period. If the Agreement is not terminated at December 31, 2014, this Agreement shall automatically renew for an additional three-month period and shall continue to renew for
additional three-month periods until this Agreement is otherwise terminated, as provided for herein. This Agreement shall automatically terminate if the Trading Company is dissolved. 

(b) The Trading Company and Trading Manager each shall have the right to terminate this Agreement in its discretion (i) at any month
end upon ten days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the following events: (A) if any person described as a
“principal” of the Trading Advisor in the Offering Memoranda ceases for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt or insolvent; (C) if the Trading Advisor
is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company; (D) if the registration, as a commodity trading advisor, of the Trading Advisor with the CFTC
or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in Section 11 hereof, if the Trading Advisor merges or consolidates with, or sells or otherwise
transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interest trading systems or methods, or its goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor violates any
Trading Policy or administrative policy, except with the prior express written consent of the Trading Manager; (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement; or (H) if the
Trading Advisor merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement. 
 (c) The Trading Advisor may terminate this Agreement at any time, upon ten days’ prior written notice to the Trading Company and Trading Manager, in the event: (A) that the Trading Manager
imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does not consent to, such consent not to be unreasonably withheld; (B) the Trading Manager objects to the
Trading Advisor 

  
 9 

 
implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Trading Manager in writing that it believes such change is in the best interests of the
Trading Company; (C) the Trading Manager or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from the Trading Advisor; (D) the Assets fall
below $5,000,000 (after adding back trading losses) at any time; (E) the Trading Company becomes bankrupt or insolvent, (F) the registration of the Trading Manager with the CFTC as a commodity pool operator or its membership in the NFA is
revoked, suspended, terminated or not renewed, or limited or qualified in any respect; or (G) the Trading Manager adversely changes the fees applicable to the Trading Company and such change materially impacts the Trading Advisor. If the
Trading Manager or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement, the Trading Advisor may terminate this Agreement upon prior written notice to the Trading Manager and
Trading Company. 
 (d) Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with
this Section 6 shall be without penalty or liability to any party, on account of such termination. 
 (e) The indemnities
set forth in Section 7 hereof shall survive any termination of this Agreement. 
  

	 	7.	Standard of Liability: Indemnifications. 

 (a) Limitation of Trading Advisor Liability. In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the
Trading Company or the Trading Manager or their partners, directors, officers, principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or
omissions that constitute a breach of this Agreement or a representation, warranty or covenant herein, willful misconduct or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such
actions or omissions were in, or not opposed to, the best interests of the Trading Company. 
 (b) Trading Advisor Indemnity
in Respect of Management Activities. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company and the Trading Manager, their controlling persons, their affiliates and their respective directors, officers, principals,
managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other
expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement) resulting from a demand,
claim, lawsuit, action or proceeding (other than those incurred as a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (d) below); provided that a court of competent
jurisdiction upon entry of a final judgment (or, if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such 

  
 10 

 
approval not to be unreasonably withheld) to the effect that the action or inaction of the Trading Advisor that was the subject of the demand, claim, lawsuit, action, or proceeding constituted
negligence, willful misconduct, or a breach of this Agreement or a representation, warranty or covenant of the Trading Advisor, their controlling persons, their affiliates and their respective directors, officers, shareholders, employees, and
controlling persons and was not done in good faith. 
 (c) Trading Company Indemnity in Respect of Management Activities.
The Trading Company shall indemnify, defend and hold harmless the Trading Advisor, its controlling persons, their affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons,
from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any
litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding (other than those incurred as
a result of claims brought by or in the right of an indemnified party) relating to this Agreement (except as covered by paragraph (e) below); provided that a court of competent jurisdiction upon entry of a final judgment finds (or, if no final
judgment is entered, by an opinion rendered by counsel who is approved by the Trading Company and the Trading Advisor, such approval not to be unreasonably withheld) to the effect that the action or inaction of such indemnified party that was the
subject of the demand, claim, lawsuit, action, or proceeding did not constitute negligence, willful misconduct, or a breach of this Agreement or a representation, warranty or covenant of the Trading Advisor, its controlling persons, its affiliates
and directors, officers, shareholders, employees, and controlling persons and was done in good faith. 
 (d) Trading Advisor
Indemnity in Respect of Sale of Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading Company, the Trading Manager, any selling agent, their controlling persons and their affiliates and their respective directors,
officers, principals, managers, members, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject
(including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading
Advisor shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof)
arise out of, or are based upon: (i) a material breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission
relating or with respect to the Trading Advisor, or any of its principals, or their operations, trading systems, methods or performance, which was made in the Offering Memoranda or any amendment or supplement thereto or any other sales literature
and furnished by the Trading Advisor for inclusion therein. 
 (e) Trading Company Indemnity in Respect of Sale of Units.
The Trading Company shall indemnify, defend and hold harmless the Trading Advisor its controlling persons, 

  
 11 

 
their affiliates and their respective directors, officers, principals, managers, members shareholders, employees and controlling persons from and against any loss claim, damage, liability, cost,
and expense, joint and several, to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding
or any settlement; provided that, solely in the case of a settlement, the Trading Company shall have approved such settlement, and in connection with any administrative proceedings), in respect of the offer or sale of Units, unless such loss, claim,
damage, liability, cost, or expense (or action in respect thereof) arises out of, or is based upon (i) a material breach by the Trading Advisor of any applicable laws or regulations or any representation, warranty or agreement in this
Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any of its principals or their operations, trading systems, methods or performance that was made in the Offering Memoranda or in
any other sales literature and furnished by the Trading Advisor for inclusion therein. 
 (f) Subject to Section 7(a)
hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified person. 

(g) Promptly after receipt by an indemnified person of notice of the commencement of any action, claim, or proceeding to which any of the
indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made against the indemnifying party hereunder; but the omission so to notify the
indemnifying party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such omission has materially prejudiced the indemnifying party. In case any action,
claim, or proceeding is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above, the indemnifying party will be entitled to participate therein and, to the extent
that the indemnifying party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified person. After notice from the indemnifying party to the indemnified person of the
indemnifying party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the indemnity provisions hereof for any legal and other expenses subsequently incurred
by the indemnified person in connection with the defense thereof, other than reasonable costs of investigation. 

Notwithstanding the preceding paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available
hereunder, an indemnified person reasonably determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests or that there may be legal defenses available to the indemnified person that are
different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such action, claim, or proceeding and will be indemnified (provided the
indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding. 

  
 12 

 In no event will the indemnifying party be liable for the fees and expenses of more than one
counsel for all indemnified persons in connection with any one action, claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations.
The indemnifying party will not be liable for any settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying
party’s express written consent, the indemnifying party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7. 
  

	 	8.	Right to Advise Others and Uniformity of Acts and Practices. 

 (a) The Trading Advisor is engaged in the business of advising clients as to the purchase and sale of futures interests. During the term of this Agreement, the Trading Advisor, its principals and
affiliates, will be advising other clients (including affiliates and the stockholders, officers, directors, and employees of the Trading Advisor and its affiliates and their families) and trading for their own accounts. The Trading Advisor will use
its best efforts to implement a fair and consistent allocation policy that seeks to ensure that all clients are treated equitably and positions allocated as nearly as possible in proportion to the assets available for trading of the accounts managed
or controlled by the Trading Advisor. Upon written request, the Trading Manager may request a copy of the Trading Advisor’s procedures regarding the equitable treatment of trades across accounts. Such procedures shall be provided to the Trading
Manager within 30 days of such request by the Trading Manager. Under no circumstances shall the Trading Advisor by any act or omission knowingly or intentionally favor any account advised or managed by the Trading Advisor over the account of the
Trading Company in any way or manner. Nothing contained in this Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients. Subject to the Trading Advisor’s obligations under
applicable law, the Trading Advisor or any of its principals or affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems, methods, or strategies employed by the
Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading Company, and shall be free to compete
for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of the Trading Company on an overall basis.

 (b) The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as
the Trading Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of its principals or affiliates shall knowingly hold any position or control any other account that would cause the Trading Company, the
Trading Advisor, or the principals or affiliates of the Trading Advisor to be in violation of the CEAct or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or
self-regulatory body, exchange, or board; and (ii) neither the Trading Advisor nor any of its principals or affiliates shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall
knowingly cause positions in futures interests to be attributed to the Trading Advisor under the 

  
 13 

 
rules or regulations of the CFTC or any other regulatory or self-regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for the account
of the Trading Company; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable speculative position limits are exceeded by the Trading Advisor
in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self-regulatory body, exchange, or board, the Trading Advisor and its principals and
affiliates shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the accounts’ respective
amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits. 

 

	 	9.	Representations, Warranties, and Covenants of the Trading Advisor. 

 (a) Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to and agrees with the Trading Manager and the Trading Company as follows: 

(i) It will exercise good faith and due care in implementing the Trading Program on behalf of the Trading Company or any
other trading programs agreed to by the Trading Manager and the Trading Advisor. 
 (ii) The Trading Advisor
shall follow and comply with, at all times, the Trading Policies. 
 (iii) The Trading Advisor shall trade the
Assets pursuant to the same Trading Programs unless the Trading Manager and the Trading Advisor agree otherwise. The strategy will be the Global Macro Strategy – Futures Only. 

(iv) The Trading Advisor is duly organized, validly existing and in good standing under the laws of the state of its
organization and is qualified to do business as a foreign corporation or and is in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially
adversely affect the Trading Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to perform its obligations under this Agreement. The only principals of the Trading Advisor are those
set forth in the Disclosure Information (the “Trading Advisor Principals”). 
 (v) All references to
the Trading Advisor and the Trading Advisor Principals and trading systems, methods and performance in the Disclosure Information are accurate and complete in all material respects. With respect to the Trading Advisor, the Trading Advisor
Principals, and its trading systems, methods and performance: (i) the Disclosure Information contains all statements and information required to be included therein under the CEAct and the rules and regulations thereunder, and (ii) the
Disclosure Information do not contain, and will not during the term of this 

  
 14 

 
Agreement contain, any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which such
statements were made, not misleading. Except as otherwise disclosed in the Disclosure Information, the actual performance of each discretionary account directed by the Trading Advisor or any principal of the Trading Advisor over the past five years
and year-to-date is disclosed in the Disclosure Information on either a composite or a stand-alone basis. The information regarding the actual performance of such accounts set forth in the Disclosure Information has been calculated and presented in
accordance with the descriptions therein and is complete and accurate in all material respects. 
 (vi) This
Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms. 

(vii) Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental,
regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental and regulatory agencies required to conduct its business and to act as described in the Offering Memoranda or
required to perform its or his obligations under this Agreement. The Trading Advisor is registered as a commodity trading advisor under the CEAct and is a member of the NFA in such capacity. 

(viii) The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation
of the transactions contemplated herein and in the Offering Memoranda and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the certificate of incorporation or bylaws (or any other organizational
documents) of the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization
having jurisdiction over it. 
 (ix) Since the time of delivery of the Disclosure Information, there has not been
any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor or any Trading Advisor Principal. 
 (x) There have not been and there is not pending, or to the best of the Trading Advisor’s knowledge after due inquiry, threatened, any action, suit or proceeding before or by any court or other
governmental body to which the Trading Advisor or any Trading Advisor Principal is or was a party, or to which any of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material
adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. None of the Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative
agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or any of the Trading Advisor Principals with the CEAct or any other applicable law. 

  
 15 

 (xi) Neither the Trading Advisor nor any Trading Advisor Principal has
received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company. 

(xii) The Trading Advisor is not registered as an investment adviser under the Investment Advisers Act of 1940, as
amended, and operates in reliance on exemptions from such registration. To the extent required by law, the Trading Advisor agrees to take such steps as the Trading Manager may reasonably request to ensure that the Trading Company will be operated by
the Trading Manager in compliance with the Investment Advisers Act of 1940, as amended. 
 (xiii) Neither the
Trading Advisor nor any Trading Advisor Principal will use or distribute the Offering Memoranda or any selling literature or engage in any selling activities whatsoever in connection with the offering of the Units. 

(xiv) The information in the Offering Memoranda about the Trading Advisor does not contain any misleading or untrue
statements of a material fact or omit to state a material fact required to be stated therein to make the statements not misleading. 
 (xv) The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or
warranties inaccurate, the Trading Advisor shall promptly notify the Trading Manager and the Trading Company of the nature of such event. 
 (b) Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that: 
 (i) The Trading Advisor shall maintain all registrations and memberships necessary for the Trading Advisor to continue to act as described herein and to at all times comply in all respects with all
applicable laws, rules, and regulations, to the extent that the failure to so comply would have a materially adverse effect on the Trading Advisor’s ability to act as described herein. 

(ii) The Trading Advisor shall inform the Trading Manager immediately as soon as the Trading Advisor or any Trading
Advisor Principal becomes the subject of any material investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which may, with the passage
of time, materially affect) the business of the Trading Advisor. The Trading Advisor shall also inform the Trading Manager immediately if the Trading Advisor or any of its officers becomes aware of any breach of this Agreement by the Trading
Advisor. 

  
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 (iii) The Trading Advisor agrees to cooperate by providing information
regarding itself and its performance in the preparation of any amendments or supplements to the Offering Memoranda (subject to the limitation set forth in Section 1 hereof). 

 

	 	10.	Representations and Warranties of the Trading Company and the Trading Manager; Covenants of the Trading Manager. 

(a) The Trading Company and the Trading Manager represent and warrant to the Trading Advisor, as follows: 

(i) The Trading Company has provided to the Trading Advisor the Offering Memoranda in the form first issued. The Trading
Company will ensure that the Members will not utilize any amendment or supplement to the Offering Memoranda unless the Trading Advisor has received reasonable prior notice of and a copy of such amendments or supplements and has approved any
description of the Trading Advisor contained therein. 
 (ii) Each Members’ organizational agreement
provides for the subscription for and sale of the Units in the respective Member; all material actions required to be taken by each Member as a condition to the sale of its Units to qualified subscribers therefor has been, or prior to each closing
described in the Member’s Confidential Private Placement Memorandum shall have been taken; and, upon payment of the consideration therefor specified in each accepted subscription agreement in such form as attached to the respective
Member’s Confidential Private Placement Memorandum, the Units will constitute valid interests in the Member. Each Member is in material compliance with all laws, rules, regulations and orders of any governmental agency or self-regulatory
organization applicable to the Member’s business and the offering, sale, issuance and distribution of its Units. 
 (iii) The Trading Company is a limited liability company duly formed pursuant to its Certificate of Formation, Operating Agreement and the Delaware Limited Liability Company Act and is validly existing
and in good standing under the laws of the State of Delaware with full power and authority to engage in the trading of futures interests and to engage in its other contemplated activities as described in the Offering Memoranda; the Trading Company
is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its
obligations hereunder. 
 (iv) The Trading Manager is duly organized and validly existing and in good standing as
a corporation under the laws of the State of Delaware and is qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature or conduct of its business requires such qualification and where the
failure to be so qualified could materially adversely affect the Trading Manager’s ability to perform its obligations hereunder. 

  
 17 

 (v) The Trading Company and the Trading Manager have full power and
authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Offering Memoranda. 

(vi) As of the date hereof, the Offering Memoranda contain all statements and information required to be included therein
by the CEAct or other applicable law and at all times subsequent thereto up to and including each closing, the Offering Memoranda will comply in all material respects with the requirements of the rules of the NFA, the CEAct or other applicable laws.
The Offering Memoranda as of the initial closing (as described therein), date of issue, and at each closing will not contain any misleading or untrue statements of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. 
 Any supplemental sales literature, when read in conjunction with the
Offering Memoranda, will not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading. This
representation and warranty shall not, however, apply to any statement or omission in the Offering Memoranda or supplemental sales literature made in reliance upon information furnished by and relating to the Trading Advisor, its trading methods or
its trading performance. 
 (vii) Since the respective dates as of which information is given in the Offering
Memoranda, there has not been any material adverse change in the condition, financial or otherwise, or business of the Trading Manager or the Trading Company, whether or not arising in the ordinary course of business. 

(viii) This Agreement has been duly and validly authorized, executed and delivered by the Trading Manager on behalf of the
Trading Company and constitutes a valid, binding and enforceable agreement of the Trading Company and the Trading Manager in accordance with its terms. 
 (ix) The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein and in the Offering Memoranda will not
violate, or constitute a breach of, or default under, the Trading Manager’s certificate of incorporation or bylaws, or the Trading Company’s Certificate of Formation or Operating Agreement, or any material agreement or instrument by which
either the Trading Manager or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Trading Manager or the Trading Company of any court or any governmental body or administrative agency or
panel or self-regulatory organization having jurisdiction over the Trading Manager or the Trading Company. 
 (x)
Except as set forth in the Offering Memoranda, there has not been in the five years preceding the date of the Offering Memoranda and there is not 

  
 18 

 
pending or, to the Trading Manager’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or other
governmental body or any administrative, self-regulatory or commodity exchange organization to which the Trading Manager or the Trading Company is or was a party, or to which any of the assets of the Trading Manager or the Trading Company is or was
subject; and neither the Trading Manager nor any of the principals of the Trading Manager (“Trading Manager Principals”) has received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory
organization regarding non-compliance by the Trading Manager or the Trading Manager Principals or the Trading Company with the CEAct, the Securities Act of 1933, as amended, or any applicable laws which are material to an investor’s decision to
invest in a Member. 
 (xi) The Trading Manager and the Trading Manager Principals have all federal, state and
foreign governmental, regulatory and exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business and to act as described in the Offering
Memoranda or required to perform their obligations under this Agreement (including, without limitation, registration as a commodity pool operator under the CEAct and membership in the NFA as a commodity pool operator) and will maintain all such
required approvals, licenses, filings and registrations for the term of this Agreement. The Trading Manager’s principals identified in the Offering Memoranda are all of the Trading Manager Principals. 

(xii) The Trading Company is and shall remain in material compliance in all respects with all laws, rules, regulations and
orders of any government, governmental agency or self-regulatory organization applicable to its business as described in the Offering Memoranda and this Agreement. 

(xiii) The Trading Company and the Trading Manager hereby acknowledge that the Trading Advisor has filed a notice of
exemption pursuant to CFTC Regulation 4.7 and represents to the Trading Advisor that the Trading Company is a Qualified Eligible Person (“QEP”) as such term is defined in CFTC Regulation 4.7. Accordingly, the Trading Company gives its
consent that it be treated as a QEP and that its account be considered an exempt account under said §4.7. Therefore, without limitation, the Trading Company and the Trading Manager acknowledge the following: 

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

  
 19 

 
COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THE BROCHURE OR ACCOUNT DOCUMENT. 
 (xiv) The foregoing representations and warranties shall be continuing during the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or
warranties inaccurate, the Trading Manager shall promptly notify the Trading Advisor of the nature of such event. 
 (b)
Covenants of the Trading Manager. The Trading Manager covenants and agrees that: 
 (i) The Trading
Manager shall maintain all registrations and memberships necessary for the Trading Manager to continue to act as described herein and in the Offering Memoranda and to all times comply in all respects with all applicable laws, rules, and regulations,
to the extent that the failure to so comply would have a materially adverse effect on the Trading Manager’s ability to act as described herein and in the Offering Memoranda. 

(ii) The Trading Manager shall inform the Trading Advisor immediately as soon as the Trading Manager, the Trading Company
or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting the business of the
Trading Manager or the Trading Company. The Trading Manager shall also inform the Trading Advisor immediately if the Trading Manager or the Trading Company or any of their officers become aware of any material breach of this Agreement by the Trading
Manager or the Trading Company. 
 (iii) The Trading Company will furnish to the Trading Advisor copies of the
Offering Memoranda, and all amendments and supplements thereto, in each case as soon as available and will ensure that the Members do not use any such amendments or supplements as to which the Trading Advisor in writing has reasonably objected.

 11.      Merger or Transfer of Assets. The Trading Manager, Trading Company or the
Trading Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its assets, to any entity upon written notice to the other parties. 

12.      Complete Agreement. This Agreement constitutes the entire agreement between the parties
with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought. This Agreement supersedes all prior
and contemporaneous agreements, negotiations, correspondence, undertakings and communications of the parties, oral or written, respecting such subject matter, including, for the avoidance of doubt, the Advisory Agreement, dated as of May 15,
2007, among Morgan Stanley Smith Barney BHM I, LLC (formerly Morgan Stanley Managed Futures BHM I, LLC), Ceres Managed Futures LLC 

  
 20 

 
(formerly Demeter Management Corporation), and Blenheim Capital Management, L.L.C., and the Management Agreement, dated as of November 1, 1994, among Morgan Stanley Smith Barney Spectrum
Strategic L.P. (formerly Dean Witter Spectrum Strategic L.P.), Ceres Managed Futures LLC (formerly Demeter Management Corporation), and Blenheim Capital Management, L.L.C. (formerly Blenheim Investments, Inc.), as amended. 

13.      Assignment. Subject to Section 11, hereof, this Agreement may not be assigned,
transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto. 
 14.      Amendment. This Agreement may not be amended except by the written consent of the parties hereto. No waiver of any provision of this Agreement shall be
implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions. 
 15.      Severability. The invalidity or unenforceability of any provision of this Agreement or any covenant herein contained shall not affect the validity or
enforceability of any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable. 
  

	 	16.	Closing Certificates. 

(a) The Trading Advisor shall, at the Members’ initial closing and at the request of the Trading Manager at any monthly closing (as
described in the Offering Memoranda), provide the following: 
 (i) To the Trading Manager, the Trading Company
and the Members, a certificate, dated the date of any such closing and in form and substance satisfactory to such parties, to the effect that: 
 A. the representations and warranties by the Trading Advisor in this Agreement are true, accurate, and complete on and as of the date of the closing, as if made on the date of the closing; and 

B. the Trading Advisor has performed all of its obligations and satisfied all of the conditions on its part to be
performed or satisfied under this Agreement, at or prior to the date of such closing. 
 (b) The Trading Advisor shall, at or
before the Members’ initial closing (as described in the Offering Memoranda), provide a legal opinion of the Trading Advisor’s counsel in a form acceptable to the Trading Manager. 

(c) The Trading Manager shall, at the Members’ initial closing and at the request of the Trading Advisor at any closing (as
described in the Offering Memoranda), provide the following: 
 (i) To the Trading Advisor, a certificate, dated
the date of such closing and in form and substance satisfactory to the Trading Advisor, to the effect that: 
 A.
the representations and warranties by the Trading Company and the Trading Manager in this Agreement are true, accurate, and complete on and as of the date of the closing as if made on the date of the closing; 

  
 21 

 B. no order preventing or suspending the use of the Offering Memoranda has
been issued by the CFTC, the Securities Exchange Commission, any state securities commission, or the NFA or other self-regulatory organization and no proceedings for that purpose shall have been instituted or are pending or, to the knowledge of the
Trading Manager, are contemplated or threatened under the CEAct; and 
 C. The Trading Company and the Trading
Manager have performed all of their obligations and satisfied all of the conditions on their part to be performed or satisfied under this Agreement at or prior to the date of the closing. 

17.      Inconsistent Filings. If the Trading Advisor intends to file, to participate in the filing
of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Disclosure Information, the Trading Advisor shall inform the Trading Manager of such
intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication. 
 18.      Promotional Materials. The Trading Manager and the Trading Company will not distribute or supplement any promotional material relating to the Trading Advisor
unless the Trading Advisor has approved reasonable prior notice of and a copy of such promotional material and has received such material in writing. 
 19.      Track Record. The track record and other performance information of the Members shall be the property of the Trading Manager and not the Trading Advisor.

  

	 	20.	Use of Name. 

 (a) The
Trading Advisor hereby consents to the non-exclusive use by the Trading Company of (a) the name “BHM,” with respect to the Trading Company and (b) the name “BHM” in any documentation regarding the Trading Company, only
so long as the Trading Advisor serves as a trading advisor to the Trading Company. Each of the Trading Company and the Trading Manager agree to indemnify and hold harmless the Trading Advisor, its partners, directors, officers, affiliates, employees
and agents from and against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, attorneys’ fees and disbursements, which may arise out of the Trading Company’s or the Trading
Manager’s misuse of the name “BHM” or out of any breach of, or failure to comply with, this Section 20. 

(b) Upon termination of this Agreement, the Trading Company, at its expense, as promptly as practicable: (i) shall take all
necessary action to cause the Offering Memoranda 

  
 22 

 
and organizational documents of the Trading Company to be amended in order to eliminate any reference to “BHM” (except to the extent required by law, regulation or rule); and
(ii) shall cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name “BHM” or any name, mark or logo type derived from it or similar to it (except to the extent
required by law, regulation or rule). 
 21.      Notices. All notices required to be
delivered under this Agreement shall be in writing and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified
mail, postage prepaid, return receipt requested, on the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the
terms hereof): 
 if to the Trading Company: 
 Morgan Stanley Managed Futures BHM I, LLC 
 c/o Ceres Managed Futures LLC

 Managed Futures Department 
 522 Fifth Avenue – 14th Floor 
 New York, NY 10036 

Attn: Alper Daglioglu 
 Facsimile: 212-296-6807 
 Email: Alper.Daglioglu@morganstanley.com 

if to the Trading Manager: 
 Ceres Managed Futures LLC 
 Managed Futures Department 

522 Fifth Avenue – 14th Floor 
 New York, NY 10036 
 Attn: Alper Daglioglu 

Facsimile: 212-296-6807 
 Email: Alper.Daglioglu@morganstanley.com 
 With a copy to: 

Alston & Bird LLP 
 90 Park Avenue 
 New York, NY 10016 

Attn: Timothy P. Selby 
 Facsimile: (212) 210-9444 
 Email: timothy.selby@alston.com 

if to the Trading Advisor: 
 Blenheim Capital Management, L.L.C. 

  
 23 

 300 Connell Drive, Suite 5200 

Berkeley Heights, NJ 07922 
 Attn: Joseph F. Esposito 
 Facsimile: (732) 563-2272 

Email: jesposito@blenheiminv.com 
 With a copy to: 
 Crow & Cushing 

100 Canal Pointe Boulevard 
 Suite 214 
 Princeton, NJ 08540 

Attn: David P. Cushing 
 Facsimile: (609) 252-9019 

22.      Continuing Nature of Representations Warranties and Covenants: Survival. All
representations, warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and the provisions of this Agreement shall survive the termination of this Agreement with respect to any matter arising while
this Agreement was in effect. Each party hereby agrees that as of the date of this Agreement it is, and during its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any
event occurs which would make any of such representations, warranties or covenants not true in any material respect, the affected party will use its best efforts to promptly notify the other parties of such fact. 

23.      Third-Party Beneficiaries. Except for each of the Members who shall be a third-party
beneficiary of the applicable provisions of this Agreement, this Agreement is not intended and shall not convey any rights to a party to this Agreement. 
 24.      Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. If any action or proceeding shall be
brought by a party to this Agreement or to enforce any right or remedy under this Agreement, each party hereto hereby consents and will submit to the jurisdiction of the courts of the State of New York or any Federal court sitting in the County,
City and State of New York. Any action or proceeding brought by any party to this Agreement to enforce any right, assert any claim or obtain any relief whatsoever in connection with this Agreement shall be brought by such party exclusively in the
courts of the State of New York or any federal court sitting in the County, City and State of New York. 

25.      Remedies. In any action or proceeding arising out of any of the provisions of this
Agreement, the Trading Advisor agrees not to seek any prejudgment equitable or ancillary relief. The Trading Advisor agrees that its sole remedy in any such action or proceeding shall be to seek actual damages for any breach of this Agreement,
except that Trading Advisor may seek a declaratory judgment with respect to the indemnification provisions of this Agreement. 

  
 24 

 26.      Headings. Headings to sections herein are for
the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
 27.      Successors. This Agreement including the representations, warranties and covenants contained herein shall be binding upon and inure to the benefit of the
parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement. 
 28.      Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the
same instrument. 
 29.      Waiver of Breach. The waiver by any party of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a
waiver or thereafter deprive such party of the right to insist upon strict adherence. 
 [SIGNATURE PAGE FOLLOWS] 

  
 25 

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

			
	MORGAN STANLEY SMITH BARNEY BHM I, LLC
	by Ceres Managed Futures LLC, Trading Manager
		
	By	 	 /s/ Alper Daglioglu

		 	Alper Daglioglu
		 	President and Director
	
	CERES MANAGED FUTURES LLC
		
	By	 	 /s/ Alper Daglioglu

		 	Alper Daglioglu
		 	President and Director
	
	BLENHEIM CAPITAL MANAGEMENT, L.L.C.
		
	By	 	 /s/ Joseph F. Esposito

	Name:	 	Joseph F. Esposito
	Title:	 	Senior Managing Director
		
	By	 	 /s/ Augustine A. Rossi

	Name:	 	Augustine A. Rossi
	Title:	 	Senior Managing Director

  
 26 

 EXHIBIT A 
 Morgan Stanley Managed Futures 
 MSC Fund Operations Procedures 

Following is a list of abbreviations used in this Exhibit A: 
  

	 	•	 	 “Fund(s)” refers to Morgan Stanley Managed Futures Funds that utilize MS&Co as a clearing commodity broker. 

 

	 	•	 	 “Futures” is used to identify exchange traded futures, or forward contracts, and options on the same, that are cleared through a clearing
house. 

  

	 	•	 	 “FX” is used to identify non-exchange traded forward currency contracts, which are settled directly between the principals of the trades.

  

	 	•	 	 “General Partner” shall mean Ceres Managed Futures LLC. 

 

	 	•	 	 “MF” is Morgan Stanley Managed Futures. 

  

	 	•	 	 “MSC” is MS&Co. (the Clearing Commodity Broker or FX Counterparty, as appropriate). 

 

	 	•	 	 “MS&Co” is Morgan Stanley & Co., Inc. a subsidiary of Morgan Stanley (the Clearing Commodity Broker or FX (Non-Options)
Counterparty as appropriate). 

 FUND ACCOUNTS: 
 Account Configuration 
  

	 	•	 	 Futures and Futures Options Trading - for each CTA trading program two Fund trading accounts will be assigned. A MS&Co segregated account,
prefix 052. A MS&Co secured account, prefix 05A. 

  

	 	•	 	 FX (Non-Options) Trading - One Fund account for each CTA trading program will be assigned at MS&Co, prefix 058.

 Statements 
  

	 	•	 	 Futures – The CTA should contact MSC Futures Operations regarding access to Fund futures account statements. 

 

	 	•	 	 FX – The CTA should contact MSC FX Prime Brokerage Operations regarding access to Fund FX account statements. 

  
 A-1

 FX TRADING: 
 FX Order Execution 
  

	 	•	 	 FX trading of the Funds must be executed through the MSC FX Desk, unless the General Partner otherwise agrees in a form acceptable to the General
Partner. The CTA should contact the MSC FX Desk for information on trade execution procedures. 

 EFRP Order Execution

  

	 	•	 	 The CTA may utilize the FX Desk to execute EFP transactions. The futures leg of an EFP will be subject to all applicable futures brokerage and service
fees. The CTA should contact the FX Desk for information on EFP trade execution procedures. 

 Foreign Currency Conversions

  

	 	•	 	 The CTA and MSC Futures Operations will coordinate conversion into U.S. dollars of all Fund foreign currency balances created as a result of futures
and/or FX trading. 

 FUTURES TRADING: 
 Order Execution Service 
  

	 	•	 	 The MSC Futures Desk can provide the CTA with order execution facilities. The CTA should contact the Futures Desk for information on trade execution
procedures. 

 “Give-Up” Order Execution 

 

	 	•	 	 The CTA shall ensure that a “give-up” execution agreement is in place prior to the execution of any trade through a floor broker in
accordance with this Agreement or as otherwise provided in writing to the CTA by the General Partner. 

  

	 	•	 	 On exchanges allowing “give-up” execution, the CTA may have orders executed away from MSC and give-up trades to MSC for clearing. The CTA
should contact MSC Futures Operations for information on trade “give-up” procedures. The CTA should ensure that executing brokers give trades up on a timely basis. The CTA should ensure that executing brokers make timely payment on price
adjustments, when applicable. For futures trades at exchanges where give-up execution is not allowed, the CTA must use the execution facilities provided by the Clearing Commodity Broker. 

“Give-Up” Agreements 
  

	 	•	 	 The three party FIA/FOA uniform “give-up” agreement is the acceptable form for futures “give-ups”. The trader version FIA/FOA EFP
agreement is the acceptable form for EFP “give-ups”. The CTA should initiate all give-ups on EGUS or contact MSC Futures Operations for assistance. 

  
 A-2

 “Give-Up” Execution Payment 

 

	 	•	 	 Give-Up Fee Bills in amounts specified in fully approved give-up agreements, or in the absence of such an agreement, in amounts up to the Execution
Allowance, will be processed by MSC Futures Operations, with notice provided to the CTA. To the extent that such bills will be greater than the Execution Allowance, the CTA will obtain the prior written consent of the General Partner.

  

	 	•	 	 The CTA shall provide that information which may reasonably be requested by the General Partner to verify the Give-Up Fees processed by MSC Futures
Operations. 

 ACCOUNT MAINTENANCE: 
 Trade Allocations 
  

	 	•	 	 The CTA is responsible for determining the trade allocation procedure for Fund trading accounts, in accordance with CFTC regulations. The CTA should
ensure that the procedure was followed correctly, and that trades are booked accordingly in Fund accounts. 

 Trade
Reporting; (Futures) 
  

	 	•	 	 The CTA is responsible for reporting all trades to MSC Futures Operations on a timely basis to facilitate clearing and reduce operational risk. The CTA
should contact MSC Futures Operations for additional information. 

 Daily Trade Checkout 

 

	 	•	 	 The CTA is responsible for daily, end of trading day, checkout of all trades (including currency conversion trades) with MSC Futures and MSC FX
Operations. The CTA should contact MSC Futures and MSC FX Operations to determine specific checkout procedures. 

 Daily
Statement Reconciliation 
  

	 	•	 	 The CTA is responsible for daily statement trade activity and position balancing with MSC FX and MSC Futures Operations. The CTA should contact MSC FX
and MSC Futures Operations to determine specific balancing procedures. 

  

	 	•	 	 The CTA should notify MSC Futures and MSC FX Operations of any trade breaks on a daily basis. 

 

	 	•	 	 The CTA should notify MSC Futures and MSC FX Operations of any incorrect settlement prices it becomes aware of with regard to the MSC account
statements of a Fund. 

 Monitoring of Delivery Periods and Option Expirations 

 

	 	•	 	 The CTA is responsible for monitoring delivery periods (first notice dates and last trade dates), option expirations (option expiration and last trade
dates), and forward settlement and/or maturity dates. 

  
 A-3

	 	•	 	 The CTA should take appropriate actions to ensure that futures contracts do not result in delivery. 

 

	 	•	 	 The CTA should ensure that their intentions regarding any open option positions, at the time of expiration, have been communicated appropriately to the
MSC Futures or MSC FX Operations areas. Contact MSC Futures and MSC FX Operations for specific communication procedures. 

Margin Maintenance and Cash Transaction (Journal) Reconciliation 
  

	 	•	 	 Morgan Stanley Managed Futures Fund Accounting (“MF Fund Accounting”) is responsible for balancing of all journal entries in all Fund
accounts and for ensuring the requisite corrective action is taken for each reconciling item. 

  

	 	•	 	 Morgan Stanley Managed Futures is responsible for the authorization of Fund margin transfers between MSC accounts, if applicable, for the purpose of
maintaining equity (and/or collateral) in amounts sufficient to meet Fund margin requirements in the applicable MSC accounts. 

TRADING LEVEL NOTIFICATION: 
  

	 	•	 	 For new trading allocations, Morgan Stanley Managed Futures’ Investment Management team (“MF Investment Management”) will provide
notification to the CTA of trading authorization and the trading commencement date, along with notification of the initial trading level. 

  

	 	•	 	 Thereafter, notification of estimated monthly net additions/withdrawals will be distributed by MF Fund Accounting. On the second to last business day
of each month a preliminary estimate will be provided. On the first business day of each month a final estimate will be given. Any material adjustment (1% of account equity) from the final estimate to the actual will be provided. Notification will
be made via fax or email and the CTA will be asked to acknowledge receipt via fax or email. Questions regarding this procedure can be directed to MF Fund Accounting. 

 

	 	•	 	 Subsequent to a Fund’s monthly closing, actual additions and withdrawals will be processed by MF Accounting/the Administrator via journal entry in
the Fund account at MS&Co. 

  

	 	•	 	 Any other trading level/asset allocation changes will be communicated in writing from MF Fund Accounting or MF Investment Management.

  
 A-4

 FUND ACCOUNTING: 
 Net Asset Value Calculation 
  

	 	•	 	 MF Accounting/the Administrator is responsible for determination of daily NAV estimates for the Funds. 

 

	 	•	 	 MF Accounting/the Administrator will determine the actual month-end NAV of a Fund during the monthly closing process. 

Brokerage Commission and Transaction Fees 
  

	 	•	 	 Brokerage commissions for each Fund will be charged in a manner consistent with the prospectus or offering memorandum. The CTA should contact MF
Accounting/the Administrator for additional information. 

 Fund Fee Processing 

 

	 	•	 	 Fund interest and all Fund fees, exclusive of brokerage commissions and transaction fees, will be processed in a Funds account at MS&Co.

  

	 	•	 	 MF Accounting/the Administrator will determine fees due to the CTA during the monthly closing process and notify the CTA of the fees via the monthly
performance tables. The CTA should provide contact information regarding fees to MF Accounting/the Administrator. 

  

	 	•	 	 MF Accounting/the Administrator will make payment of fees to the CTA via wire transfer. The CTA should provide wire instructions to MF Accounting/the
Administrator. 

 ERROR POLICY: 
 The provisions of Section 2(d) of this Agreement shall be interpreted to mean that the benefit of profitable trading errors made by the CTA when trading on behalf of the Funds shall be awarded to the
Funds, whereas the detriment of unprofitable trading errors made by the CTA when trading on behalf of the Funds must be borne by the CTA. 

  
 A-5

 EXHIBIT B 
 COMMODITY TRADING AUTHORITY 
 Dear Blenheim Capital Management, L.L.C.: 

Morgan Stanley Smith Barney BHM I, LLC (the “Trading Company”) and Ceres Managed Futures LLC, the Trading Company’s Trading
Manager (the “Trading Manager”) do hereby make, constitute and appoint you as the Trading Company’s attorney-in-fact to buy and sell futures and forward contracts through such futures commission merchants as shall be agreed on by you
and the Trading Manager on behalf of the Trading Company, pursuant to the trading program identified in the Agreement among the Trading Company, the Trading Manager and you as of the 1st day of March 2014, as amended or supplemented, and in
accordance with the terms and conditions of said Agreement. 
 The Trading Company and the Trading Manager hereby acknowledge
that the Trading Advisor has filed a notice of exemption pursuant to CFTC Regulation 4.7 and represents to the Trading Advisor that the Trading Company is a Qualified Eligible Person (“QEP”) as such term is defined in CFTC Regulation
4.7. Accordingly, the Trading Company gives its consent that it be treated as a QEP and that its account be considered an exempt account under said §4.7. Therefore, without limitation, the Trading Company and the Trading Manager
acknowledge the following: 
 PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS
OF QUALIFIED ELIGIBLE PERSONS, THE BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON
THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THE BROCHURE OR ACCOUNT DOCUMENT. 

This authorization shall terminate and be null, void and of no further effect simultaneously with the termination of the said Agreement.

  

			
	Very truly yours,
	
	MORGAN STANLEY MANAGED FUTURES BHM I, LLC
	by Ceres Managed Futures LLC, Trading Manager
		
	By	 	 /s/ Alper Daglioglu

		 	Alper Daglioglu
		 	President and Director

  
 B-1

 
			
	CERES MANAGED FUTURES LLC
		
	By	 	 /s/ Alper Daglioglu

		 	Alper Daglioglu
		 	President and Director

  
 B-2

 EXHIBIT C 
 FUTURES INTERESTS TRADED 

  
 C-1

 Schedule 1 
 List of Members, as of March 1, 2014 
 Managed Futures Premier BHM L.P. 

Meritage Futures Fund L.P. 
 Morgan Stanley
Managed Futures Custom Solutions Fund LP 
 Morgan Stanley Smith Barney Spectrum Strategic L.P. 

Polaris Futures Fund L.P. 

  
 S-1

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