Document:

EX-10.4(b)

 EXHIBIT 10.4(b) 

AMENDMENT NO. 1 TO THE MANAGEMENT AGREEMENT 

This AMENDMENT No. 1 dated as of the 1st day of April, 2014 to the MANAGEMENT AGREEMENT made as of the 31st day of December, 2003, (the
“Management Agreement”), among CERES MANAGED FUTURES LLC (formerly CITIGROUP MANAGED FUTURES LLC), a Delaware limited liability company (“CMF”), FAIRFIELD FUTURES FUND L.P. II (formerly CITIGROUP FAIRFIELD FUTURES FUND L.P. II),
a New York limited partnership (the “Partnership”) and GRAHAM CAPITAL MANAGEMENT, L.P., a Delaware Limited Partnership (the “Advisor”) (all parties together, the “Parties”). Capitalized terms not defined herein have the
meaning ascribed to such terms in the Management Agreement. 
 W I T N E S S E
T H: 
 WHEREAS, the Partnership currently pays the Advisor a monthly fee for professional management services equal to
2.0% per year of the month-end Net Assets of the Partnership allocated to the Advisor; and 
 WHEREAS, effective as of April 1,
2014, the Parties wish to change the professional management services fee to 1.75% per year; and 
 WHEREAS, the Parties wish to amend
the Management Agreement to reflect this change. 
 NOW, therefore, the Parties agree as follows: 

1. The text of Section 3(a) of the Management Agreement shall be deleted in its entirety and replaced by the following:

 “In consideration of and as compensation for all of the services to be rendered by the Advisor to the Partnership
under this Agreement, the Partnership shall (i) pay the Advisor a monthly fee for professional management services equal to 1/12 of 1.75% (1.75% per year) of the month-end Net Assets of the Partnership allocated to the Advisor; and
(ii) allocate to the Advisor a quarterly profit share allocation (a “Profit Share”) to its capital account in the Partnership equal to 20% of New Trading Profits (as such term is defined in the Limited Partnership Agreement) earned by
the Advisor for the Partnership during each calendar quarter in the form of Units of Limited Partnership Interest (as such term is defined in the Limited Partnership Agreement).” 

2. The foregoing amendment shall take effect as of the 1st day of April, 2014. 

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

 4. This Amendment No. 1 may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together shall constitute the same agreement. 
 5. This Amendment
No. 1 shall be governed by and construed in accordance with the laws of the State of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

  
 -2- 

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

			
	CERES MANAGED FUTURES LLC
		
	By:	 	 /s/ Alper Daglioglu

	Name:	 	Alper Daglioglu
	Title:	 	President and Director
	
	FAIRFIELD FUTURES FUND L. P. II
		
	By:	 	 Ceres Managed Futures LLC
 (General
Partner)

		
	By:	 	 /s/ Alper Daglioglu

	Name:	 	Alper Daglioglu
	Title:	 	President and Director
	
	GRAHAM CAPITAL MANAGEMENT, L.P.
		
	By:	 	 /s/ Robert E. Murray

	Name:	 	Robert E. Murray
	Title:	 	CEO

  
 -3-EX-10.8(b)

 EXHIBIT 10.8(b) 

April 7, 2014 
 Morgan Stanley Smith Barney LLC 

522 Fifth Avenue, 13th Floor 
 New York, New York 10036 

 

	Re:	Ceres Managed Futures LLC: Amended Schedules 1 and 2 to the Alternative 

 Investment
Selling Agent Agreement 
 Ladies and Gentlemen: 

Pursuant to paragraph 13(c) of the Alternative Investment Selling Agent Agreement dated November 12, 2013, as amended from time to time
(the “Agreement”), between, among others, Ceres Managed Futures LLC (“CMF”), the general partner of each of the limited partnerships listed on Schedule 1 thereto (each, a “Partnership,” and together, the
“Partnerships”), and Morgan Stanley Smith Barney LLC (“MSSB”), CMF is hereby confirming that Schedules 1 and 2 to the Agreement are hereby deleted in their entirety and replaced with Schedules 1 and 2 attached
hereto. 
 Notwithstanding anything to the contrary in the Agreement, by signing below MSSB hereby agrees to, acknowledges and accepts the
amendment of the Agreement, effective as of April 1, 2014. 

 If the foregoing is in accordance with your understanding of our discussions, kindly sign and
return to us a counterpart hereof (by mail, facsimile or email) as soon as possible. 
  

					
	Sincerely,
		
		 	CERES MANAGED FUTURES LLC
			
		 	By:	 	 /s/ Alper Daglioglu

		 		 	Alper Daglioglu
		 		 	President and Director
		
		 	EACH PARTNERSHIP LISTED ON
		 	SCHEDULE 1 HERETO
		
		 	By: Ceres Managed Futures LLC, the general partner of each Partnership
			
		 	By:	 	 /s/ Alper Daglioglu

		 		 	Alper Daglioglu
		 		 	President and Director

 Confirmed, accepted and agreed to: 
  

			
	MORGAN STANLEY SMITH BARNEY LLC
		
	By:	 	 /s/ Jeremy Beal

	Name:	 	Jeremy Beal
	Title:	 	Executive Director

  
 Page 2 

 SCHEDULE 1 
  

					
	 PARTNERSHIP
	 	 STATE AND DATE OF

ORGANIZATION
	 	 EFFECTIVE DATE

	Managed Futures Premier Aventis II L.P.	 	New York; April 20, 2005	 	October 1, 2013

  
 Page 3 

 SCHEDULE 2 
  

			
	 PARTNERSHIP
	 	 ONGOING SELLING AGENT FEE

	Managed Futures Premier Aventis II L.P.	 	2.50% per year of the adjusted net assets of the Partnership (computed monthly by multiplying the adjusted net assets of the Partnership by 2.50% and dividing the result thereof by 12)1

  

	1 	Adjusted net assets are month-end Net Assets increased by that current month’s ongoing selling agent fee, management fee, the general partner’s administrative fee, the incentive
fee accrued, other expenses and any redemptions or distributions as of the end of such month. 

  
 Page 4EX-10.3(c)

 EXHIBIT 10.3(c) 

April 7, 2014 
 Morgan Stanley Smith Barney LLC 

522 Fifth Avenue, 13th Floor 
 New York, New York 10036 

 

	Re:	Ceres Managed Futures LLC: Amended Schedules 1 and 2 to the Alternative Investment Selling Agent Agreement 

Ladies and Gentlemen: 
 Pursuant to paragraph
13(c) of the Alternative Investment Selling Agent Agreement dated November 12, 2013, as amended from time to time (the “Agreement”), between, among others, Ceres Managed Futures LLC (“CMF”), the general partner of each of
the limited partnerships listed on Schedule 1 thereto (each, a “Partnership,” and together, the “Partnerships”), and Morgan Stanley Smith Barney LLC (“MSSB”), CMF is hereby confirming that Schedules 1 and
2 to the Agreement are hereby deleted in their entirety and replaced with Schedules 1 and 2 attached hereto. 
 Notwithstanding
anything to the contrary in the Agreement, by signing below MSSB hereby agrees to, acknowledges and accepts the amendment of the Agreement, effective as of April 1, 2014. 

  Page
 2
 
  

 If the foregoing is in accordance with your understanding of our discussions, kindly sign and
return to us a counterpart hereof (by mail, facsimile or email) as soon as possible. 
  

					
	Sincerely,
		
		 	CERES MANAGED FUTURES LLC
			
		 	By:	 	 /s/ Alper Daglioglu

		 		 	Alper Daglioglu
		 		 	President and Director
		
		 	EACH PARTNERSHIP LISTED ON SCHEDULE 1 HERETO
		
		 	By: Ceres Managed Futures LLC, the general partner of each Partnership
			
		 	By:	 	 /s/ Alper Daglioglu

		 		 	Alper Daglioglu
		 		 	President and Director

 Confirmed, accepted and agreed to: 

MORGAN STANLEY SMITH BARNEY LLC 
  

			
	By:	 	 /s/ Jeremy Beal

	Name:	 	Jeremy Beal
	Title:	 	Executive Director

  Page
 3
 
  

 SCHEDULE 1 
  

					
	 PARTNERSHIP
	 	 STATE AND DATE OF

ORGANIZATION
	 	 EFFECTIVE DATE

	 Potomac Futures Fund L.P.
	 	New York; March 14, 1997	 	October 1, 2013

  Page
 4
 
  

 SCHEDULE 2 
  

			
	 PARTNERSHIP
	 	 ONGOING SELLING AGENT FEE

	 Potomac Futures Fund L.P.
	 	3.00% per year of the adjusted net assets of the Partnership (computed monthly by multiplying the adjusted net assets of the Partnership by 3.00% and dividing the result thereof by
12)1

  
  

	1 	Adjusted net assets are month-end Net Assets increased by the current month’s management fee, ongoing selling agent fee, incentive fee accrual and other expenses and any redemptions or distributions as of the end
of such month.EX-10.3(c)

 EXHIBIT 10.3(c) 

April 7, 2014 
 Morgan Stanley Smith Barney LLC 

522 Fifth Avenue, 13th Floor 
 New York, New York 10036 

 

	Re:	Ceres Managed Futures LLC: Amended Schedules 1 and 2 to the Alternative 

	    	Investment Selling Agent Agreement 

 Ladies and Gentlemen: 

Pursuant to paragraph 13(c) of the Alternative Investment Selling Agent Agreement dated November 12, 2013, as amended from time to time (the
“Agreement”), between, among others, Ceres Managed Futures LLC (“CMF”), the general partner of each of the limited partnerships listed on Schedule 1 thereto (each, a “Partnership,” and together, the
“Partnerships”), and Morgan Stanley Smith Barney LLC (“MSSB”), CMF is hereby confirming that Schedules 1 and 2 to the Agreement are hereby deleted in their entirety and replaced with Schedules 1 and 2 attached
hereto. 
 Notwithstanding anything to the contrary in the Agreement, by signing below MSSB hereby agrees to, acknowledges and accepts the
amendment of the Agreement, effective as of April 1, 2014. 

 If the foregoing is in accordance with your understanding of our discussions, kindly sign and
return to us a counterpart hereof (by mail, facsimile or email) as soon as possible. 
  

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

		
		 	 EACH PARTNERSHIP LISTED ON
 SCHEDULE
1 HERETO
  
 By: Ceres Managed Futures LLC, the

general partner of each Partnership

			
		 	By:	 	 /s/ Alper Daglioglu

		 		 	 Alper Daglioglu
 President and
Director

  

			
	 Confirmed, accepted and agreed to:
  

MORGAN STANLEY SMITH BARNEY LLC

		
	By:	 	/s/ Jeremy Beal
	 Name: Jeremy Beal
 Title: Executive
Director

  
 Page 2 

 SCHEDULE 1 
  

					
	 PARTNERSHIP
	  	 STATE AND DATE OF

ORGANIZATION
	  	 EFFECTIVE DATE

	Managed Futures Premier Abingdon L.P.	  	New York; November 8, 2005	  	October 1, 2013

  
 Page 3 

 SCHEDULE 2 
  

			
	 PARTNERSHIP
	  	 ONGOING SELLING AGENT FEE

	Managed Futures Premier Abingdon L.P.	  	2.50% per year of the adjusted net assets of Class A Units, 1.25% per year of the adjusted net assets of Class D Units and 0.50% per year of the adjusted net assets of Class Z Units (computed monthly by multiplying the adjusted net
assets of the Class A Units by 2.50%, the adjusted net assets of the Class D Units by 1.25% and the adjusted net assets of the Class Z Units by 0.50% and dividing the result thereof by 12).1

  
  

	1	Adjusted net assets are month-end Net Assets increased by that current month’s ongoing selling agent fee, management fee, the general partner’s administrative fee, the incentive fee accrued, other expenses and
any redemptions or distributions as of the end of such month. 

  
 Page 4

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