Document:

FORM
OF STANDBY PURCHASE AGREEMENT

 

This
FORM OF STANDBY PURCHASE AGREEMENT (this “Agreement”) dated as of August 31, 2017, is by and among E-Qure Corp.,
a Delaware corporation (the “Company”) and ______________(collectively, the “Standby Purchasers”).
The Company and the Standby Purchasers are sometimes referred to individually, as a “Party” and collectively, as the
“Parties.”

 

W
I T N E S S E T H:

 

WHEREAS,
the Company proposes, as soon as practicable after the Rights Offering Registration Statement, as defined herein, is declared
effective by the United States Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933,
as amended (the “Securities Act”), stockholders of record will receive theRight, as defined herein, for each four
(4) shares of Common Stock held by them as of the Record Date, to purchase one (1) Unit, as defined herein, each of which shall
include one (1) share of Common Stock and one (1) Class A Warrant, as defined herein, and one (1) Class B Warrant, as defined
herein, at the subscription price (the “Subscription Price”) in accordance with the term sheet attached hereto
as Annex A (such term sheet, the “Term Sheet” and such offering, the “Rights Offering”);
and

 

WHEREAS,
the Company has requested the Standby Purchasers to agree to purchase from the Company upon expiration of the Rights Offering,
and the Standby Purchasers are willing to so purchase, Units, at the Subscription Price, to the extent such Units are not purchased
by stockholders pursuant to the exercise of Rights; and

 

WHEREAS,
in order to further induce the Standby Purchasers to enter into this Agreement, the Company has undertaken on behalf of the Standby
Purchasers (including any of their permitted assignees) registration rights with respect to the Securities (as defined below)
purchased by them pursuant to this Agreement pursuant to a registration rights agreement substantially in the form attached hereto
as Annex B (the “Registration Rights Agreement”);

 

NOW
THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereto hereby agree as follows:

 

Section
1. Certain Other Definitions. The following terms used herein shall have the meanings set forth below:

 

“Agreement”
shall have the meaning set forth in the preamble hereof.

 

“Backstop
Termination Date” shall have the meaning set forth in Section 3 hereof.

 

“Basic
Subscription Privilege” shall have the meaning set forth in the recitals hereof.

 

“Board”
shall have the meaning set forth in Section 7(a)(i) hereof.

 

“Business
Day” shall mean any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed
in the State of New York.

 

“Class
A Warrants and Class B Warrants” shall have the meaning set forth in Section ___ (a) and (b) hereof.

 

“Closing”
shall mean the closing of the purchases described in Section 2 hereof, which shall be held at 10:00 a.m. on the Closing Date at
the offices of ____________ located at _______________, or such other time and place as may be agreed to by the parties hereto.

 

,
provided that if the purchases described in Section 2 hereof do not occur and the option pursuant to Section 3 is exercised,
then “Closing” shall mean the closing of purchases described in Section 3 hereof.

 

“Closing
Date” shall mean the date that is three (3) Business Days after the Rights Offering Expiration Date, or such other date
as may be agreed to by the parties hereto, provided that if the Rights Offering does not occur and the option is exercised
pursuant to Section 3 hereof, then “Closing Date” shall mean the date that is three (3) Business Days after such option
is exercised, or such other date as may be agreed to by the parties hereto.

 

“Commission”
shall mean the United States Securities and Exchange Commission, or any successor agency thereto.

 

“Common
Stock” shall have the meaning set forth in the recitals hereof.

 

“Company”
shall have the meaning set forth in the preamble hereof.

 

“Company
SEC Documents” shall have the meaning set forth in Section 4(h) hereof.

 

    	 

    	 

    

 

 

“Company
Stock Approval” shall have the meaning set forth in Section 3 hereof.

 

“Complete
Option” shall have the meaning set forth in Section 3 hereof.

 

“Designee”
shall have the meaning set forth in Section 8 hereof.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934and the rules and regulations promulgated by the Commission thereunder.

 

“Expenses”
shall have the meaning set forth in Section 7(c) hereof.

 

“Market
Adverse Effect” shall have the meaning set forth in Section 9(a)(iv) hereof.

 

“Material
Adverse Effect” shall mean a material adverse effect on the financial condition, or on the earnings, financial position,
operations, assets, results of operation, business or prospects of the Company and its subsidiaries taken as a whole.

 

“Option
Period” shall have the meaning set forth in Section 3 hereof.

 

“Partial
Option” shall have the meaning set forth in Section 3 hereof.

 

“Person”
shall mean an individual, corporation, partnership, association, joint stock company, limited liability company, joint venture,
trust, governmental entity, unincorporated organization or other legal entity.

 

“Prospectus”
shall mean a prospectus, as defined in Section 2(10) of the Securities Act, that meets the requirements of Section 10 of the Securities
Act and is current with respect to the securities covered thereby.

 

“Record
Date” shall have the meaning set forth in the recitals hereof.

 

“Representative”
shall have the meaning set forth in Section 7(b) hereof.

 

“Rights”
shall have the meaning set forth in the recitals hereof.

 

“Rights
Offering” shall have the meaning set forth in the recitals hereof.

 

“Rights
Offering Expiration Date” shall mean the date on which the subscription period under the Rights Offering expires.

 

“Rights
Offering Prospectus” shall mean the final Prospectus included in the Rights Offering Registration Statement for use
in connection with the issuance of the Rights.

 

“Rights
Offering Registration Statement” shall mean the Company’s Registration Statement on Form S-1 under the Securities
Act or such other appropriate form under the Securities Act, pursuant to which the Rights and underlying Securities, including
those subject to this Agreement, will be registered pursuant to the Securities Act.

 

“Securities”
shall mean the Units, including the shares of Common Stock and the Class A and Class B Warrants, Unsubscribed Units and Additional
Subscription Units that are purchased by the Standby Purchasers pursuant to Section 2 or 3 hereof, as the case may be.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission
thereunder.

 

“Standby
Purchaser” shall have the meaning set forth in the preamble hereof.

 

“Subscription
Agent” shall have the meaning set forth in Section 7(a)(vii) hereof.

 

“Subscription
Price” shall have the meaning set forth in Section __ hereof.

 

“Termination
Date” shall have the meaning set forth in Section 3 hereof.

 

“Term
Sheet” shall have the meaning set forth in the recitals hereof.

 

“Threshold”
shall have the meaning set forth in Section 7(f) hereof.

 

“Transfer”
shall have the meaning set forth in Section 10(a) hereof.

 

“Unsubscribed
Units” shall have the meaning set forth in Section 2(b) hereof.

 

Section
2. Standby Purchase Commitment.

 

(a)
Each of the Standby Purchasers hereby agrees to purchase from the Company, and the Company hereby agrees to sell to each of the
Standby Purchasers, at the Subscription Price, all of the Units that will be available for purchase by each of the Standby Purchasers
pursuant to its Basic Subscription Privilege.

 

(b)
The Standby Purchasers hereby agree to purchase from the Company, and the Company hereby agrees to sell to the Standby Purchasers,
at the Subscription Price, any and allUnits if and to the extent such shares are not purchased by the Company’s stockholders
(the “Unsubscribed Units”) pursuant to the exercise of Rights.

 

(c)
Notwithstanding anything else contained in this Agreement, the Standby Purchasers shall not acquire Securities hereunder which
would result in it or any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) of which it is a member
owning: (i) 20% or more of the issued and outstanding shares of Common Stock on fully diluted basis without the requisite prior
written consent of the Company or (ii) greater than 35% of the issued and outstanding shares of Common Stock. If the Standby Purchasers
would otherwise exceed such maximum number of shares, such excess shall either be: (i) purchased by another Standby Purchaser;
or (ii) the Company and the Standby Purchasers may elect to waive the above-referenced percentage limitations.

 

(d)
Payment of the Subscription Price for the Securities shall be made, on the Closing Date, against delivery of certificates evidencing
the Securities, in United States dollars by means of certified or cashier’s checks, bank drafts, money orders or wire transfers.

 

    	 

    	 

    

 

Section
3. Option. (i) If the Closing has not occurred on or prior to October 15, 2017 (the “Backstop Termination Date”),
for any reason whatsoever, other than a material breach hereunder by the Standby Purchasers or failure of the closing condition
specified in Section 9(a)(iv), or (ii) if the Company terminates this Agreement prior thereto other than as a result of a material
breach hereunder by the Standby Purchasers or (iii) if the Standby Purchasers terminate this Agreement prior thereto (other than
pursuant to Section 11(a)(ii) hereof) in accordance with the terms hereof (such dates in clauses (i), (ii) and (iii) above referred
to as the “Termination Date”), each Standby Purchaser shall have the option to purchase up to but not to exceed
_____ shares of the Company’s Common Stock at a price of $___, for a period of ten (10) Business Days following the Termination
Date (the “Option Period”) upon delivery of written notice to the Company.

 

Section
4. Representations and Warranties of the Company. The Company represents and warrants to the Standby Purchasers as follows:

 

(a)
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and
has all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted.

 

(b)
This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a binding obligation
of the Company enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability,
to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of
whether enforcement is sought in a proceeding at law or in equity).

 

(c)
The authorized capital of the Company consists of: (i) 500,000,000 shares of Common Stock, of which, (A) 22,237,745shares were
issued and outstanding, as of August17, 2017 and (B) 750,000 shares are reserved for issuance upon exercise of the Company’s
options under the Company’s 2015 Employee Incentive Plan(the “Plan”) as of the date hereof; and(ii) 20,000,000
shares of Preferred Stock, none of which are issued or outstanding as of the date hereof. All of the outstanding shares of Common
Stock have been duly authorized, are validly issued, fully paid and nonassessable and were offered, sold and issued in compliance
with all applicable federal and state securities laws and without violating any contractual obligation or any other preemptive
or similar rights.

 

(d)
At the time the Rights Offering Registration Statement becomes effective, the Rights Offering Registration Statement will
comply in all material respects with the requirements of the Securities Act and will not contain an untrue statement
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. The Prospectus, at the time the Rights Offering Registration Statement becomes effective and at the Closing
Date, will not include an untrue statement or a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading; provided, however,
that the representations and warranties in this subsection shall not apply to statements in or omissions from the Rights
Offering Registration Statement or the Prospectus made in reliance upon and in conformity with the information furnished to
the Company in writing by the Standby Purchasers for use in the Rights Offering Registration Statement or in the
Prospectus.

 

(e)
All of the Securities will have been duly authorized for issuance prior to the Closing; and none of the Securities will have been
issued in violation of the preemptive rights of any security holders of the Company arising as a matter of law or under or pursuant
to the Company’s Certificate of Incorporation, as amended, the Company’s bylaws, as amended, or any agreement or instrument
to which the Company is a party or by which it is bound.

 

(f)
The documents, if any, incorporated by reference into the Prospectus under the Securities Act, when they become effective or at
the time they are filed with the Commission, as the case may be, will comply in all material respects with the applicable provisions
of the Exchange Act.

 

(g)
Since December 2013 and the change in control transaction, the Company has filed with the Commission all forms, reports, schedules,
statements and other documents required to be filed by it through the date hereof under the Exchange Act, or the Securities Act
(all such documents, as supplemented and amended since the time of filing, collectively, the “Company SEC Documents”).
The Company SEC Documents, including without limitation all financial statements and schedules included in the Company SEC Documents,
at the time filed (and, in the case of registration statements and proxy statements, on the dates of effectiveness and the dates
of mailing, respectively, and in the case of any Company SEC Document amended or superseded by a filing prior to the date of this
Agreement, then on the date of such amending or superseding filing), (i) did not contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading, and (ii) complied in all material respects with the applicable
requirements of the Exchange Act and the Securities Act, as applicable. The audited financial statements of Company included in
the Company’s Annual Report on Form 10-K for the fiscal year ended December 31 2016 comply as to form in all material respects
with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto, were
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods
involved, and present fairly in all material respects, the financial position of the Company as at the date thereof and the results
of their operations and cash flows for the periods then ended.

 

    	 

    	 

    

 

(h)
Since June 30, 2017, there have not been any events, changes, occurrences or state of facts that, individually or in the aggregate,
have had or would reasonably be expected to have a Material Adverse Effect, except as disclosed in writing by the Company to the
other parties hereto.

 

Section
5. Representations and Warranties of the Standby. Each Standby Purchaser, severally and not jointly, represents and warrants
to the Company, as to itself only, as follows:

 

(a)
Such Standby Purchaser is a corporation, partnership or limited liability company duly organized, validly existing and in good
standing under the laws of its state of organization or is a Person as defined herein.

 

(b)
This Agreement has been duly and validly authorized, executed and delivered by such Standby Purchaser and constitutes a binding
obligation of such Standby Purchaser enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and
subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith
and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

(c)
Such Standby Purchaser is an “accredited investor” within the meaning of Rule 501(a) under the Securities Act and
is acquiring the Securities for investment for his/her/its own account, with no present intention of dividing its participation
with others (other than in accordance with Sections 2(b), 2(c) and 15 hereof) or reselling or otherwise distributing the same
in violation of the Securities Act or any applicable state securities laws.

 

(d)
The Standby Purchasers are not “affiliates” (within the meaning of Rule 405 of the Securities Act) of one another,
are not acting in concert and are not members of a “group” (within the meaning of Section 13(d)(3) of the Exchange
Act) and have no current intention to act in the future in a manner that would make them members of such a group.

 

Section
6. Deliveries at Closing.

 

(a)
At the Closing, the Company shall deliver to each of the Standby Purchasers the following:

 

(i)
A certificate or certificates representing the number of shares of Common Stock and Class A and Class B Warrants issued to each
of the Standby Purchasers pursuant to Section 2 or 3 hereof, as the case may be; and

 

(ii)
A certificate of an officer of the Company on its behalf to the effect that the representations and warranties of the Company
contained in this Agreement are true and correct in all material respects on and as of the Closing Date, with the same effect
as if made on the Closing Date.

 

(b)
At the Closing, each of the Standby Purchasers shall deliver to the Company the following:

 

(i)
Payment of the Subscription Price of the Securities purchased by such Standby Purchaser, as set forth in Section 2(e) or 3 hereof,
as the case may be; and

 

(ii)
A certificate of such Standby Purchaser to the effect that the representations and warranties of such Standby Purchaser contained
in this Agreement are true and correct in all material respects on and as of the Closing Date with the same effect as if made
on the Closing Date.

 

    	 

    	 

    

 

Section
7. Covenants.

 

(a)
Covenants. The Company agrees as follows between the date hereof and the Closing Date:

 

(i)
To use reasonable best efforts to cause the Rights Offering Registration Statement and any amendments thereto to become effective
as promptly as possible;

 

(ii)
To use reasonable best efforts to effectuate the Rights Offering;

 

(iii)
As soon as reasonably practicable after the Company is advised or obtains knowledge thereof, to advise the Standby Purchasers
with a confirmation in writing, of (A) the time when the Rights Offering Registration Statement or any amendment thereto has been
filed or declared effective or the Prospectus or any amendment or supplement thereto has been filed, (B) the issuance by the Commission
of any stop order, or of the initiation or threatening of any proceeding, suspending the effectiveness of the Rights Offering
Registration Statement or any amendment thereto or any order preventing or suspending the use of any preliminary prospectus or
the Prospectus or any amendment or supplement thereto, (C) the issuance by any state securities commission of any notice of any
proceedings for the suspension of the qualification of the Securities for offering or sale in any jurisdiction or of the initiation,
or the threatening, of any proceeding for that purpose, (D) the receipt of any comments from the Commission, and (E) any request
by the Commission for any amendment to the Rights Offering Registration Statement or any amendment or supplement to the Prospectus
or for additional information. The Company will use its reasonable best efforts to prevent the issuance of any such order or the
imposition of anysuch suspension and, if any such order is issued or suspension is imposed, to obtain the withdrawal thereof as
promptly as possible;

 

(iv)
To operate the Company’s business in the ordinary course of business consistent with past practice;

 

(v)
To notify, or to cause the subscription agent for the Rights Offering (the “Subscription Agent”) to notify,
on each Friday during the exercise period of the Rights, or more frequently if reasonably requested by any Standby Purchaser or
the Additional Standby Purchaser, the Standby Purchasers and the Additional Standby Purchaser of the aggregate number of Rights
known by the Company or the Subscription Agent to have been exercised pursuant to the Rights Offering as of the close of business
on the preceding Business Day or the most recent practicable time before such request, as the case may be;

 

(vi)
Not to issue any shares of capital stock of the Company, or options, warrants, purchase rights, subscription rights, conversion
rights, exchange rights, securities convertible into or exchangeable for capital stock of the Company, or other agreements or
rights to purchase or otherwise acquire capital stock of the Company, (A) except for shares of Common Stock issuable upon exercise
of the Company’s presently outstanding stock options and other awards under the Plan and (C) except for new stock options
and other awards granted to employees of the Company hired after the date hereof covering not more than ______ shares of Common
Stock under the Company’s Plan;

 

(vii)
Not to authorize any stock split, stock dividend, stock combination or similar transaction affecting the number of issued and
outstanding shares of Common Stock;

 

(viii)
Not to declare or pay any dividends or repurchase any shares of Common Stock; and

 

(xi)
Not to incur any indebtedness or guarantees thereof, other than borrowings in the ordinary course of business and consistent with
past practice.

 

(b)
No Shop. Subject to the fiduciary duties of the Board after receipt of the advice of the Company’s outside legal
counsel, the Company shall not, and shall not permit any of its affiliates, directors, officers, employees, representatives or
agents of the Company (collectively, the “Representatives”) to, directly or indirectly, other than with respect
to the disposition of non-core assets of the Company, for a price not to exceed $50,000 in the aggregate, (i) discuss, knowingly
encourage, negotiate, undertake, initiate, authorize, recommend, propose or enter into, any transaction involving a merger, consolidation,
business combination, purchase or disposition of any material amount of the assets or any capital stock of the Company or any
of its subsidiaries other than the transactions contemplated by this Agreement, (ii) facilitate, knowingly encourage, solicit
or initiate discussions, negotiations or submissions of proposals or offers in respect of any such alternative transaction, (iii)
furnish or cause to be furnished, to any Person, any information concerning the business, operations, properties or assets of
the Company or any of its subsidiaries in connection with any such alternative transaction, or (iv) otherwise cooperate in any
way with, or assist or participate in, facilitate or knowingly encourage, any effort or attempt by any other Person to do or seek
any of the foregoing. The Company shall (and shall cause its Representatives to) immediately cease and cause to be terminated
any existing discussions or negotiations with any Persons conducted heretofore with respect to any such alternative transaction,
including, without limitation, the sale of the Company’s European and rest of the world industrial energy business. This
Section 7(b) shall not apply to the possible sale of businesses identified in writing by the Company to the Standby Purchasers
on or prior to the date hereof.

 

(c)
Expense Reimbursement. The Company agrees to promptly reimburse each Standby Purchaser for all of its reasonable out-of-pocket
costs and expenses and reasonable attorneys’ fees (collectively, “Expenses”) incurred by such Standby
Purchaser in connection with this Agreement, its due diligence investigation of the Company and other activities relating to the
transactions contemplated hereunder upon the Company’s receipt of allreasonably requested documentation to support the incurrence
by such Standby Purchaser of such Expenses. If any travel or travel-related expenses incurred by principals or employees of any
Standby Purchaser are required in connection with the foregoing activities, the Company’s reimbursement of such travel-related
expenses will be subject to the terms applicable to the Company’s advisors in connection with the transactions contemplated
hereunder.

 

    	 

    	 

    

 

(d)
Public Statements. Neither the Company nor the Standby Purchasers shall issue any public announcement, statement or other
disclosure with respect to this Agreement or the transactions contemplated hereby without the prior consent of the other parties
hereto, which consent shall not be unreasonably withheld or delayed, except (i) if such public announcement, statement or other
disclosure is required by applicable law or regulations, in which case the disclosing party shall consult in advance with respect
to such disclosure with the other parties to the extent reasonably practicable, (ii) the filing of any Schedule 13D or Schedule
13G, to which a copy of this Agreement may be attached as an exhibit thereto or (iii) as an exhibit to the Rights Offering Registration
Statement.

 

Section
8. Conditions to Closing.

 

(a)
The obligations of each of the Standby Purchasers to consummate the transactions contemplated hereunder are subject to the fulfillment,
prior to or on the Closing Date,of the following conditions:

 

(i)
The representations and warranties of the Company in Section 4 shall be true and correct in all material respects as of the date
hereof and at and as of the Closing Date as if made on such date (except for representations and warranties made as of a specified
date, which shall be true and correct in all material respects as of such specified date);

 

(ii)
Subsequent to the execution and delivery of this Agreement and prior to the Closing Date, there shall not have been any Material
Adverse Effect and no event shall have occurred or circumstance shall exist which would reasonably likely result in a Material
Adverse Effect; and

 

(iii)
As of the Closing Date, none of the following events shall have occurred and be continuing: (A) trading in the Common Stock shall
have been suspended by the Commission or (B) a banking moratorium shall have been declared either by U.S. federal or New York
State authorities (collectively, a “Market Adverse Effect”).

 

(b)
The obligations of the Company to consummate the transactions contemplated hereunder are subject to the fulfillment, prior to
or on the Closing Date, of the following conditions:

 

(i)
The representations and warranties of each of the Standby Purchasers in Section 5 shall be true and correct in all material respects
as of the date hereof and at and as of the Closing Date as if made as of such date (except for representations and warranties
made as of a specified date, which shall be true and correct in all material respects as of such specified date); and

 

(ii)
Each Standby Purchaser shall have executed and delivered to the Company a duly executed copy of this Agreement.

 

(c)
The obligations of each of the Company and the Standby Purchasers to consummate the transactions contemplated hereunder in connection
with the Rights Offering are subject to the fulfillment, prior to or on the Closing Date, of the following conditions:

 

(i)
No judgment, injunction, decree or other legal restraint shall prohibit, or have the effect of rendering unachievable, the consummation
of the Rights Offering or the transactions contemplated by this Agreement; or

 

(ii)
The Rights Offering Registration Statement shall have been filed with the Commission and declared effective; no stop order suspending
the effectiveness of the Rights Offering Registration Statement or any part thereof shall have been issued and no proceeding for
that purpose shall have been initiated or threatened by the Commission; and any request of the Commission for inclusion of additional
information in the Registration

 

Statement
or otherwise shall have been complied with.

 

    	 

    	 

    

 

Section
9. Restrictions on Transfer.

 

(a)
The Standby Purchasers shall not, and shall ensure that their respective Affiliates do not, purchase, sell, transfer, assign,
convey, gift, mortgage, pledge, encumber, hypothecate or otherwise dispose of, directly or indirectly (“Transfer”),
any Securities; provided, however, that the foregoing shall not restrict in any manner a Transfer (i) by a Standby Purchaser to
one or more of its Affiliates, provided that the transferee in each case agrees in writing to be subject to the terms of this
Section 10, or (ii) to any other person in a private transaction if the Company first shall have been furnished with an opinion
of legal counsel, reasonably satisfactory to the Company, to the effect that such Transfer is exempt from the registration requirements
of the Securities Act or (iii) made in accordance with Rule 144 under the Securities Act, provided that the Company shall have
the right to receive an opinion of legal counsel for the holder, reasonably satisfactory to the Company, to the effect that such
Transfer is exempt from the registration requirements of the Securities Act, prior to the removal of the legend subject to Rule
144 or (iv) made pursuant to a registration statement declared effective by the Commission. Any purported Transfers of Securities
in violation of this Section 10 shall be null and void and no right, title or interest in or to such Securities shall be Transferred
to the purported transferee, buyer, donee, assignee or encumbrance holder. The Company will not give, and will not permit the
Company’s transfer agent to give, any effect to such purported Transfer in its stock records.

 

(b)
Restrictive Legends. The Standby Purchasers understand and agree that the Securities will bear a legend substantially similar
to the legend set forth below in addition to any other legend that may be required by applicable law or by any agreement between
the Company and any of the Standby Purchasers. The legend may be removed pursuant to Section 10(a)(iii) and Section 10(a)(iv)
as provided above. The legend shall be removed upon the effectiveness of a registration statement filed pursuant to the Registration
Rights Agreement.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
REGISTERED AND/OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE
TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
REGISTRATION AND/OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, (B) IN A TRANSACTION WHICH IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGISTRATION AND/OR QUALIFICATION UNDER APPLICABLE STATE
SECURITIES LAWS PROVIDED THAT AT THE ISSUER’S REQUEST, THE TRANSFEROR THEREOF SHALL HAVE DELIVERED TO THE ISSUER AN
OPINION OF COUNSEL (WHICH OPINION SHALL BE IN FORM, SUBSTANCE AND SCOPE REASONABLY SATISFACTORY TO THE ISSUER) TO THE EFFECT
THAT SUCH SECURITIES MAY BE SOLD OR TRANSFERRED PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION, OR (C) SUCH SECURITIES MAY
BE SOLD PURSUANT TO RULE 144 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

Section
10. Termination.

 

(a)
This Agreement may be terminated at any time prior to the Closing Date, by either Standby Purchaser by written notice to the other
parties hereto if there is (i) a Material Adverse Effect or (ii) a Market Adverse Effect that is not cured within twenty-one (21)
days after the occurrence thereof (the “Cure Period”), provided that the right to terminate this Agreement
after the occurrence of each Material Adverse Effect or a Market Adverse Effect, which has not been cured within the Cure Period,
shall expire 7 days after the expiration of such Cure Period.

 

(b)
This Agreement may be terminated at any time prior to the Closing Date, by the Company on one hand or either of the Standby Purchasers
on the hand by written notice to the other parties hereto:

 

(i)
If there is a material breach of this Agreement by the other party that is not cured within fifteen (15) days after receipt of
written notice by such breaching party;

 

(ii)
As to Section 2, Section 7(a) (other than Sections 7(a)(ix) and 7(a)(x)) and Section 7(b), after the Backstop Termination Date;
or

 

(iii)
As to any obligations hereunder other than Section 2, after the expiration of the Option Period.

 

    	 

    	 

    

 

Section
11. Indemnification and Contribution.

 

(a)
In the event of any registration of any Securities under the Securities Act pursuant to this Agreement, the Company shall indemnify
and hold harmless the Standby Purchasersand each other Person (including each underwriter) who participated in the offering of
such Securities and each other Person, if any, who controls such Standby Purchaser or such participating Person within the meaning
of the Securities Act (all such Persons being hereinafter referred to, collectively, as the “Standby Indemnified Persons”),
against any losses, claims, damages or liabilities, joint or several, to which any of the Standby Indemnified Persons may become
subject (i) as a result of any breach by the Company of any of its representations or warranties contained herein or in any certificate
delivered hereunder or (ii) under the Securities Act or any other statute or at common law, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon (A) any alleged untrue statement of any material
fact contained, on the effective date thereof, in any registration statement under which such securities were registered under
the Securities Act, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereto,
or (B) any alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and shall reimburse each such Standby Indemnified Person for any reasonable legal or any other expenses
reasonably incurred by such Standby Indemnified Person in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company shall not be liable in any such case to any Standby Indemnified
Person to the extent that any such loss, claim, damage or liability arises out of or is based upon any actual or alleged untrue
statement or actual or alleged omission made in such registration statement, preliminary prospectus, prospectus or amendment or
supplement in reliance upon and in conformity with written information furnished to the Company by such Standby Indemnified Person
specifically for use therein or so furnished for such purposes by any underwriter. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such Standby IndemnifiedPerson, and shall survive the transfer
of such Securities or New Shares by such Standby Indemnified Person.

 

(b)
Each Standby Purchaser by acceptance thereof, severally, and not jointly, agree to indemnify and hold harmless the Company, its
directors and officers and each other Person, if any, who controls the Company within the meaning of the Securities Act (all such
Persons being hereinafter referred to, collectively, as the “Company Indemnified Persons,” and together with
the Standby Indemnified Persons, the “Indemnified Persons”) against any losses, claims, damages or liabilities,
joint or several, to which any of the Company Indemnified Persons may become subject (i) as a result of any breach by such Standby
Purchaser or Additional Standby Purchaser of any of its representations or warranties contained herein or in any certificate delivered
hereunder or (ii) under the Securities Act or any other statute or at common law, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon information provided in writing to the Company by such Standby
Purchaser or Additional Standby Purchaser specifically for use in any registration statement under which Securities were registered
under the Securities Act at the request of such Standby Purchaser or Additional Standby Purchaser, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereto.

 

(c)
Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of
such Person, except to the extent the indemnifying party is actually prejudiced thereby) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party;
provided, however, that any person entitled to indemnification hereunder shall have the right to employ separate
counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of
such Person unless (A) the indemnifying party has agreed to pay such fees or expenses or (B) the indemnifying party shall have
failed to assume the defense of such claim and employ counsel reasonably satisfactory to such Person. If such defense is not assumed
by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent will not be unreasonably withheld or delayed). If such defense
is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise
compromise the applicable claim unless (i) such settlement or compromise contains a full and unconditional release of the indemnified
party or (ii) the indemnified party otherwise consents in writing, which consent shall not be unreasonably withheld or delayed.
An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the
fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party, a conflict of interest may exist between such indemnified party and
any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to
pay the reasonable fees and disbursements of such additional counsel or counsels.

 

(d)
(i) If the indemnification provided for in this Section 12 is unavailable to an Indemnified Person hereunder in respect of any
losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying such
Indemnified Person, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims,
damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party
and Indemnified Person in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses,
as well as any other relevant equitable considerations. The relative fault of such indemnifying party and Indemnified Persons
shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied by, the indemnifying party or the Indemnified Persons, and their relative intent, knowledge, access to information and
opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damages,
liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred
by such party in connection with any investigation or proceeding.

 

    	 

    	 

    

 

(ii)
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 12(d) were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the immediately preceding paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

Section
12. Survival. The representations and warranties of the Company and each of the Standby Purchasers contained in this Agreement
or in any certificate delivered hereunder shall survive the Closing hereunder.

 

Section
13. Notices. All notices, communications and deliveries required or permitted by this Agreement shall be made in writing
signed by the party making the same, shall specify the Section of this Agreement pursuant to which it is given or being made and
shall be deemed given or made (i) on the date delivered if delivered by telecopy or in person, (ii) on the third (3rd)
Business Day after it is mailed if mailed by registered or certified mail (return receipt requested) (with postage and other fees
prepaid) or (iii) on the day after it is delivered, prepaid, to an overnight express delivery service that confirms to the sender
delivery on such day, as follows:

 

(a)
if to the Company, then to:

 

	 	c/o Ron Weissberg, CEO
	 	 
	 	20 West 64th Street, Suite 39G
	 	 
	 	New York, NY 10023
	 	 
	 	Email: ron@e-qure.com

 

with
a copy to:

 

	 	Office of Richard Rubin
	 	 
	 	40 Wall Street, 28th Floor
	 	New York, New York 10005
	 	 
	 	Email: rrubin@parkavenuegroup.us

 

(b)
if to Standby Purchaser(s), then to:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Email:	1 	 

 

or
to such other representative or at such other address of a party as such party hereto may furnish to the other parties in writing
in accordance with this Section 14. If notice is given pursuant to this Section 14 of any assignment to a permitted successor
or assign of a party hereto, the notice shall be given as set forth above to such successor or permitted assign of such party.

 

Section
14. Assignment. This Agreement will be binding upon, and will inure to the benefit of and be enforceable by, the parties
hereto and their respective successors and assigns, including any person to whom Securities are transferred in accordance herewith.
This Agreement, or the Standby Purchasers’ obligations hereunder, may be assigned, delegated or transferred, in whole or
in part, by either Standby Purchaser to any Affiliate (as defined in Rule 12b-2 under the Exchange Act) of such Standby Purchaser
over which such Standby Purchaser or any of its Affiliates exercises investment authority, including, without limitation, with
respect to voting and dispositive rights, provided that any such assignee assumes the obligations of such Standby Purchaser
or the Additional Standby Purchaser hereunder and agrees in writing to be bound by the terms of this Agreement in the same manner
as such Standby Purchaser. Notwithstanding the foregoing or any other provisions herein, no such assignment will relieve such
Standby Purchaser of its obligations hereunder if such assignee fails to perform such obligations.

 

Section
15. Entire Agreement. This Agreement embodies the entire agreement and understanding between the parties hereto in respect
of the subject matter contained herein. There are no restrictions, promises, warranties, or undertakings, other than those set
forth or referred to herein, with respect to the standby purchase commitments or the registration rights granted by the Company
with respect to the Securities and the New Shares. This Agreement supersedes all prior agreements and understandings between the
parties with respect to the subject matter of this Agreement.

 

    	 

    	 

    

 

Section
16. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York (other than its rules of conflict of laws to the extent the application of the laws of another jurisdiction would
be required thereby).

 

Section
17. Severability. If any provision of this Agreement or the application thereof to any person or circumstances is determined
by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application
of such provision to persons or circumstances other than those as to which it has been held invalid or unenforceable, shall remain
in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties
shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original
intent of the parties.

 

Section
18. Extension or Modification of Rights Offering. Without the prior written consent of the Standby Purchasers, the Company
may (i) waive irregularities in the manner of exercise of the Rights, and (ii) waive conditions relating to the method (but not
the timing) of the exercise of the Rights to the extent that such waiver does not materially adversely affect the interests of
the Standby Purchasers.

 

Section
20. Miscellaneous.

(a)
The Company shall not after the date of this Agreement enter into any agreement with respect to its securities which is inconsistent
with or violates the rights granted to holders of Securities in this Agreement.

 

(b)
The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning of this
Agreement.

 

(c)
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which,
when taken together, shall constitute one and the same instrument.

 

[Remainder
of this page intentionally left blank.]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	E-QURE CORP.	 
	 	 
	By:		 
	Name:	 Ron Weissberg	 
	Title:	 Chairman	 
	 	 	 
	STANDBY [PURCHASER(S)	 
	 	 	 
	By: 		 
	Name:	 	 
	Title:Exhibit 10.14

 

MANAGEMENT AGREEMENT

AGREEMENT made as of the 1st day of September, 2017 by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), EMERGING CTA PORTFOLIO L.P., a New York limited partnership (the “Partnership”) and LAUNCHPAD CAPITAL MANAGEMENT, LLC, a Delaware limited liability company (the “Advisor” or “Launchpad”).  This Agreement shall be effective upon Launchpad becoming registered as a commodity trading advisor with the U.S. Commodity Futures Trading Commission (the “CFTC”) and a member of the National Futures Association (“NFA”).

W I T N E S S E T H :

WHEREAS, CMF is the general partner of the Partnership, a limited partnership organized for the purpose of speculative trading of commodity interests, including futures contracts, options, forward contracts, swaps and other derivative instruments with the objective of achieving capital appreciation; and

WHEREAS, the Fourth Amended and Restated Limited Partnership Agreement dated as of May 1, 2012, as amended by that Amendment No. 1 dated December 30, 2015 (the “Partnership Agreement”) permits CMF to delegate to one or more commodity trading advisors CMF’s authority to make trading decisions for the Partnership, which advisors may or may not have any prior experience managing client funds; and

WHEREAS, the Advisor is registered as a commodity trading advisor with the CFTC and is a member of the NFA; and

WHEREAS, CMF is registered as a commodity pool operator with the CFTC and is a member of NFA; and

WHEREAS, CMF, the Partnership and the Advisor wish to enter into this Agreement in order to set forth the terms and conditions upon which the Advisor will render and implement advisory services in connection with the conduct by the Partnership of its commodity interest trading activities during the term of this Agreement.

NOW, THEREFORE, the parties agree as follows:

1.          DUTIES OF THE ADVISOR.  1) For the period and on the terms and conditions of this Agreement, the Advisor shall have sole authority and responsibility, as one of the Partnership’s agents and attorneys-in-fact, for directing the investment and reinvestment of the assets and funds of the Partnership allocated to it from time to time by CMF in commodity interests, including commodity futures, options on futures, spot and forward contracts.  The Advisor may also engage in swap and other derivative transactions on behalf of the Partnership with the prior written approval of CMF.  All such trading on behalf of the Partnership shall be i) in accordance with the trading strategies and trading policies set forth in the Partnership’s Private Placement Offering Memorandum and Disclosure Document dated as of May 1, 2017, as supplemented (the “Memorandum”), and as such trading policies may be changed from time to 

 

time upon receipt by the Advisor of prior written notice of such change, and ii) pursuant to the trading strategy selected by CMF to be utilized by the Advisor in managing the Partnership’s assets.  CMF has initially selected the Advisor’s MJP Commodity Strategy (the “Program”), as described in Appendix A attached hereto to manage the Partnership’s assets allocated to it.  Any open positions or other investments at the time of receipt of such notice of a change in trading policy shall not be deemed to violate the changed policy and shall be closed or sold in the ordinary course of trading.  The Advisor may not deviate from the trading policies set forth in the Memorandum without the prior written consent of the Partnership given by CMF.  The Advisor makes no representation or warranty that the trading to be directed by it for the Partnership will be profitable or will not incur losses.

(b)          CMF acknowledges receipt of the description of the Advisor’s Program, attached hereto as Appendix A.  All trades made by the Advisor for the account of the Partnership shall be made through such commodity broker or brokers as CMF shall direct, and the Advisor shall have no authority or responsibility for selecting or supervising any such broker in connection with the execution, clearance or confirmation of transactions for the Partnership or for the negotiation of brokerage rates charged therefor.  However, the Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may direct any and all trades in commodity futures and options to a futures commission merchant or independent floor broker it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the futures commission merchant or independent floor broker and any give-up or floor brokerage fees are approved in advance by CMF.  The Advisor, with the prior written permission (by original, fax copy or email copy) of CMF, may enter into swaps and other derivative transactions with any swap dealer it chooses for execution with instructions to give-up the trades to the broker designated by CMF, provided that the swap dealer and any give-up or other fees are approved in advance by CMF.  All give-up or similar fees relating to the foregoing shall be paid by the Partnership after all parties have executed the relevant give-up agreements (via EGUS or by original, fax copy or email copy).

(c)          The initial allocation of the Partnership’s assets to the Advisor shall be made to the Program, as described in Appendix A that CMF and the Partnership agree that the amount of assets of the Partnership allocated to the Advisor (“Allocated Amount”) will have a trading level of up to 2.0 times the Allocated Amount, unless otherwise agreed to in writing by CMF and the Advisor. In the event the Advisor wishes to use a trading system or methodology other than or in addition to the Program in connection with its trading for the Partnership, either in whole or in part, it may not do so unless the Advisor gives CMF prior written notice of its intention to utilize such different trading system or methodology and CMF consents thereto in writing.  In addition, the Advisor will provide five days’ prior written notice to CMF of any change in the trading system or methodology to be utilized for the Partnership which the Advisor deems material.  If the Advisor deems such change in system or methodology or in markets traded to be material, the changed system or methodology or markets traded will not be utilized for the Partnership without the prior written consent of CMF.  In addition, the Advisor will notify CMF of any changes to the trading system or methodology that would require a change in the description of the trading strategy or methods described in Appendix A to be materially accurate.  Further, the Advisor will provide the Partnership with a current list of all commodity interests to be traded for the Partnership’s account and the Advisor will not trade any additional commodity interests for such account without providing notice thereof to CMF and receiving CMF’s written 

 

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approval.  The Advisor also agrees to provide CMF, on a monthly basis, with a written report of the assets under the Advisor’s management together with all other matters deemed by the Advisor to be material changes to its business not previously reported to CMF.  The Advisor further agrees that it will convert foreign currency balances (not required to margin positions denominated in a foreign currency) to U.S. dollars no less frequently than monthly.  U.S. dollar equivalents in individual foreign currencies of more than $100,000 will be converted to U.S. dollars within one business day after such funds are no longer needed to margin foreign positions.

(d)          The Advisor agrees to make all material disclosures to the Partnership regarding itself and its principals as defined in Part 4 of the CFTC’s regulations (“principals”), its officers, directors, employees and shareholder(s), their trading performance and general trading methods, its customer accounts (but not the identities of or identifying information with respect to its customers) and otherwise as are required in the reasonable judgment of CMF to be made in any filings required by federal or state law or NFA rule or order.  Notwithstanding Sections 1(d) and 4(d) of this Agreement, the Advisor is not required to disclose the actual trading results of proprietary accounts of the Advisor or its principals unless CMF reasonably determines that such disclosure is required in order to fulfill its fiduciary obligations to the Partnership or the reporting, filing or other obligations imposed on it by federal or state law or NFA rule or order.  The Partnership and CMF acknowledge that the trading advice to be provided by the Advisor is a property right belonging to the Advisor and that they will keep all such advice confidential.

(e)          The Advisor understands and agrees that CMF may designate other trading advisors for the Partnership and apportion or reapportion to such other trading advisors the management of an amount of Net Assets of the Partnership (as defined in Section 3(b) hereof) as it shall determine in its absolute discretion.  The designation of other trading advisors and the apportionment or reapportionment of Net Assets of the Partnership to any such trading advisors pursuant to this Section 1 shall neither terminate this Agreement nor modify in any regard the respective rights and obligations of the parties hereunder.

(f)          CMF may, from time to time, in its absolute discretion, select additional trading advisors and reapportion funds among the trading advisors for the Partnership as it deems appropriate.  CMF shall use its best efforts to make reapportionments, if any, as of the first day of a calendar month.  The Advisor agrees that it may be called upon at any time promptly to liquidate positions in CMF’s sole discretion so that CMF may reallocate the Partnership’s assets, meet margin calls on the Partnership’s account, fund redemptions, or for any other reason, except that CMF will not require the liquidation of specific positions by the Advisor.  CMF will use its best efforts to give two days’ prior notice to the Advisor of any reallocations or liquidations.

(g)          The Advisor shall assume financial responsibility for any errors committed or caused by it in transmitting orders for the purchase or sale of commodity interests for the Partnership’s account including payment to the brokers of the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the brokers on such trades.  The Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the commodity brokers.  The Advisor shall have an affirmative obligation to promptly notify CMF in accordance with the

 

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provisions of Section 8(a)(iii) of any errors with respect to the account, and the Advisor shall use its best efforts to identify and promptly notify CMF of any order or trade which the Advisor reasonably believes was not executed in accordance with its instructions to any broker utilized to execute orders for the Partnership.

2.          INDEPENDENCE OF THE ADVISOR.  For all purposes herein, the Advisor shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Partnership in any way and shall not be deemed an agent, promoter or sponsor of the Partnership, CMF, or any other trading advisor.  The Advisor shall not be responsible to the Partnership, CMF, any trading advisor or any limited partners for any acts or omissions of any other trading advisor to the Partnership.

3.          COMPENSATION.  2) 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 pay the Advisor (i) an incentive fee (“Incentive Fee”) payable quarterly equal to 20% of New Trading Profits (as such term is defined below) earned by the Advisor for the Partnership and (ii) a monthly fee for professional management services (“Management Fee”) equal to 1/12 of 1 (1% per year) of the month-end Net Assets of the Partnership allocated to the Advisor (computed monthly by multiplying the Net Assets of the Partnership allocated to the Advisor as of the last business day of each month by 1% and dividing the result thereof by 12).

(b)          “Net Assets of the Partnership” shall have the meaning set forth in Section 7(d)(2) of the Partnership Agreement and without regard to further amendments thereto, provided that in determining the Net Assets of the Partnership on any date, no adjustment shall be made to reflect any distributions, redemptions, management fees, administrative fees, ongoing selling agent fees or Incentive Fees payable as of the date of such determination.

(c)          “New Trading Profits” shall mean the excess, if any, of Net Assets of the Partnership managed by the Advisor at the end of the fiscal period over Net Assets of the Partnership managed by the Advisor at the end of the highest previous fiscal period or Net Assets of the Partnership allocated to the Advisor at the date trading commences by the Advisor for the Partnership, whichever is higher, and as further adjusted to eliminate the effect on Net Assets of the Partnership resulting from new capital contributions, redemptions, reallocations or capital distributions, if any, made during the fiscal period decreased by interest or other income, not directly related to trading activity, earned on the Partnership’s assets during the fiscal period, whether the assets are held separately or in margin accounts.  Ongoing expenses shall be attributed to the Advisor based on the Advisor’s proportionate share of Net Assets of the Partnership.  Ongoing expenses shall not include expenses of litigation not involving the activities of the Advisor on behalf of the Partnership.  Ongoing expenses include offering and organizational expenses of the Partnership.  No Incentive Fee shall be paid to the Advisor until the end of the first full calendar quarter of the Advisor’s trading for the Partnership, which fee shall be based on New Trading Profits (if any) earned from the commencement of trading by the Advisor on behalf of the Partnership through the end of the first full calendar quarter of such trading.  Interest income earned, if any, shall not be taken into account in computing New Trading Profits earned by the Advisor.  If Net Assets of the Partnership allocated to the Advisor are reduced due to redemptions, distributions or reallocations (net of additions), there shall be a 

 

- 4 -

corresponding proportional reduction in the related loss carryforward amount that must be recouped before the Advisor is eligible to receive another Incentive Fee.

(d)          Quarterly Incentive Fees and monthly Management Fees shall be paid within twenty (20) business days following the end of the period for which such fee is payable.  In the event of the termination of this Agreement as of any date which shall not be the end of a calendar quarter or a calendar month, as the case may be, the quarterly Incentive Fee shall be computed as if the effective date of termination were the last day of the then current quarter and the monthly Management Fee shall be prorated to the effective date of termination.  If, during any month, the Partnership does not conduct business operations or the Advisor is unable to provide the services contemplated herein for more than two successive business days, the monthly Management Fee shall be prorated by the ratio which the number of business days during which CMF conducted the Partnership’s business operations or utilized the Advisor’s services bears in the month to the total number of business days in such month.

(e)          The provisions of this Section 3 shall survive the termination of this Agreement.

4.          RIGHT TO ENGAGE IN OTHER ACTIVITIES.  3) The services provided by the Advisor hereunder are not to be deemed exclusive.  CMF on its own behalf and on behalf of the Partnership acknowledges that, subject to the terms of this Agreement, the Advisor and its officers, directors, employees and shareholder(s) may render advisory, consulting and management services to other clients and accounts.  The Advisor and its officers, directors, employees and shareholder(s) shall be free to trade for their own accounts and to advise other investors and manage other commodity accounts during the term of this Agreement and to use the same information, computer programs and trading strategies, programs or formulas which they obtain, produce or utilize in the performance of services to CMF for the Partnership.  However, the Advisor represents, warrants and agrees that it believes the rendering of such consulting, advisory and management services to other accounts and entities will not require any material change in the Advisor’s basic trading strategies for the Partnership and will not affect the capacity of the Advisor to continue to render services to CMF for the Partnership of the quality and nature contemplated by this Agreement.

(b)          If, at any time during the term of this Agreement, the Advisor is required to aggregate the Partnership’s commodity positions with the positions of any other person for purposes of applying CFTC‐ or exchange‐imposed speculative position limits, the Advisor agrees that it will promptly notify CMF in writing if the Partnership’s positions are included in an aggregate amount which exceeds the applicable speculative position limit.  The Advisor agrees that, if its trading recommendations are altered because of the application of any speculative position limits, it will not modify the trading instructions with respect to the Partnership’s account in such manner as to affect the Partnership substantially disproportionately as compared with the Advisor’s other accounts.  The Advisor further represents, warrants and agrees that under no circumstances will it knowingly or deliberately use trading programs, strategies or methods for the Partnership that are inferior to strategies or methods employed for any other client or account and that it will not knowingly or deliberately favor any client or account managed by it over any other client or account in any manner, it being acknowledged, however, that different trading programs, strategies or methods may be utilized for differing 

 

- 5 -

sizes of accounts, accounts with different trading policies or risk parameters, accounts experiencing differing inflows or outflows of equity, accounts that commence trading at different times, accounts that have different portfolios or different fiscal years, accounts utilizing different executing brokers and accounts with other differences, and that such differences may cause divergent trading results.

(c)          It is acknowledged that the Advisor and/or its officers, directors, employees and shareholder(s) presently act, and it is agreed that they may continue to act, as advisor for other accounts managed by them, and may continue to receive compensation with respect to services for such accounts in amounts which may be more or less than the amounts received from the Partnership.

(d)          The Advisor agrees that it shall make such information available to CMF respecting the performance of the Partnership’s account as compared to the performance of other accounts managed by the Advisor or its principals, if any, as shall be reasonably requested by CMF.  The Advisor presently believes and represents that existing speculative position limits will not materially adversely affect its ability to manage the Partnership’s account given the potential size of the Partnership’s account and the Advisor’s and its principals’ current accounts and all proposed accounts for which they have contracted to act as trading advisor.

5.          TERM.  4) This Agreement shall continue in effect until July 31, 2018.  If this Agreement is not terminated on the Initial Termination Date, as provided for herein, then, this Agreement shall automatically renew for an additional one-year period and shall continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. At any time during the term of this Agreement, CMF may terminate this Agreement upon 5 days’ notice to the Advisor.  At any time during the term of this Agreement, CMF may elect to immediately terminate this Agreement if (i) the Net Asset Value per Unit shall decline as of the close of business on any day to $400 or less; (ii) the Net Assets of the Partnership allocated to the Advisor (adjusted for redemptions, distributions, withdrawals or reallocations, if any) decline by 20% or more as of the end of a trading day from such Net Assets of the Partnership’s previous highest value; (iii) limited partners owning at least 50% of the outstanding units of the Partnership (excluding units of limited partnership owned by CMF, an affiliate of CMF or any of their employees) shall vote to require CMF to terminate this Agreement; (iv) the Advisor fails to comply with the terms of this Agreement; (v) CMF, in good faith, reasonably determines that the performance of the Advisor has been such that CMF’s fiduciary duties to the Partnership require CMF to terminate this Agreement; (vi) CMF reasonably believes that the application of speculative position limits will substantially affect the performance of the Partnership; (vii) the Advisor fails to conform to the trading policies set forth in the Partnership Agreement or the Memorandum, as they may be changed from time to time; (viii) the Advisor merges, consolidates with another entity, sells a substantial portion of its assets, or becomes bankrupt or insolvent, (ix) Matthew Piselli dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not managing the trading programs or systems of the Advisor, (x) the Advisor’s registration as a commodity trading advisor with the CFTC or its membership in NFA or any other regulatory authority, is terminated or suspended; or (xi) CMF reasonably believes that the Advisor has contributed or may contribute to any material operational, business or reputational risk to CMF or CMF’s affiliates.  This Agreement 

 

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will immediately terminate upon dissolution of the Partnership or upon cessation of trading by the Partnership prior to dissolution.

(b)          The Advisor may terminate this Agreement by giving not less than 30 days’ written notice to CMF (i) in the event that the trading policies of the Partnership as set forth in the Memorandum are changed in such manner that the Advisor reasonably believes will adversely affect the performance of its trading strategies; (ii) after July 31, 2018; or (iii) in the event that CMF or the Partnership fails to comply with the terms of this Agreement.  The Advisor may immediately terminate this Agreement if CMF’s registration as a commodity pool operator or its membership in NFA is terminated or suspended.

(c)          Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 5 shall be without penalty or liability to any party, except for any fees due to the Advisor pursuant to Section 3 hereof.

6.          INDEMNIFICATION.  5)(i) In any threatened, pending or completed action, suit, or proceeding to which the Advisor was or is a party or is threatened to be made a party arising out of or in connection with this Agreement or the management of the Partnership’s assets by the Advisor or the offering and sale of units in the Partnership, CMF shall, subject to subsection (a)(iii) of this Section 6, indemnify and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost, expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other reasonable legal expenses), judgments and awards and amounts paid in settlement actually and reasonably incurred by it in connection with such action, suit, or proceeding if the Advisor acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership, and provided that its conduct did not constitute negligence, bad faith, recklessness, intentional misconduct, or a breach of its fiduciary obligations to the Partnership as a commodity trading advisor, unless and only to the extent that the court or administrative forum in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, the Advisor is fairly and reasonably entitled to indemnity for such expenses which such court or administrative forum shall deem proper; and further provided that no indemnification shall be available from the Partnership if such indemnification is prohibited by Section 16 of the Partnership Agreement.  The termination of any action, suit or proceeding by judgment, order or settlement shall not, of itself, create a presumption that the Advisor did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Partnership.

(ii)          Without limiting subsection (i) above, to the extent that the Advisor has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsection (i) above, or in defense of any claim, issue or matter therein, CMF shall indemnify the Advisor against the expenses (including, without limitation, attorneys’ and accountants’ fees) actually and reasonably incurred by it in connection therewith.

(iii)          Any indemnification under subsection (i) above, unless ordered by a court or administrative forum, shall be made by CMF only as authorized in the specific case and only upon a determination by independent legal counsel in a written opinion that such 

 

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indemnification is proper in the circumstances because the Advisor has met the applicable standard of conduct set forth in subsection (i) above.  Such independent legal counsel shall be selected by CMF in a timely manner, subject to the Advisor’s approval, which approval shall not be unreasonably withheld.  The Advisor will be deemed to have approved CMF’s selection unless the Advisor notifies CMF in writing, received by CMF within five days of CMF’s telecopying to the Advisor of the notice of CMF’s selection, that the Advisor does not approve the selection.

(iv)          In the event the Advisor is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the Partnership’s or CMF’s activities or claimed activities unrelated to the Advisor, CMF shall indemnify, defend and hold harmless the Advisor against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, court costs and other legal expenses) incurred in connection therewith.

(v)          As used in this Section 6(a), the term “Advisor” shall include the Advisor, its affiliates, principals, officers, directors, employees and shareholder(s) and the term “CMF” shall include the Partnership.

(b)          a) The Advisor agrees to indemnify, defend and hold harmless CMF, the Partnership and their affiliates against any loss, liability, damage, fine, penalty, obligation, cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses), judgments and awards and amounts paid in settlement reasonably incurred by them (A) as a result of the breach of any representations and warranties or covenants made by the Advisor in this Agreement, or (B) as a result of any act or omission of the Advisor relating to the Partnership if (i) there has been a final judicial or regulatory determination or a written opinion of an arbitrator pursuant to Section 14 hereof, to the effect that such acts or omissions violated the terms of this Agreement in any material respect or involved negligence, bad faith, recklessness or intentional misconduct on the part of the Advisor (except as otherwise provided in Section 1(g)), or (ii) there has been a settlement of any action or proceeding with the Advisor’s prior written consent.

(ii)          In the event CMF, the Partnership or any of their affiliates is made a party to any claim, dispute or litigation or otherwise incurs any loss or expense as a result of, or in connection with, the activities or claimed activities of the Advisor or its principals, officers, directors, employees and shareholder(s) unrelated to CMF’s or the Partnership’s business, the Advisor shall indemnify, defend and hold harmless CMF, the Partnership or any of their affiliates against any loss, liability, damage, fine, penalty, obligation cost or expense (including, without limitation, attorneys’ and accountants’ fees, collection fees, court costs and other legal expenses) judgments, awards and amounts including amounts paid in settlement incurred in connection therewith.

(c)          In the event that a person entitled to indemnification under this Section 6 is made a party to an action, suit or proceeding alleging both matters for which indemnification can be made hereunder and matters for which indemnification may not be made hereunder, such person shall be indemnified only for that portion of the loss, liability, damage, cost or expense 

 

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incurred in such action, suit or proceeding which relates to the matters for which indemnification can be made.

(d)          None of the indemnifications contained in this Section 6 shall be applicable with respect to default judgments, confessions of judgment or settlements entered into by the party claiming indemnification without the prior written consent, which shall not be unreasonably withheld or delayed, of the party obligated to indemnify such party.

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

7.          REPRESENTATIONS, WARRANTIES AND AGREEMENTS.

(a)          The Advisor represents and warrants that:

(i)          All information with respect to the Advisor and its principals and the trading performance of any of them that has been provided to CMF, including, without limitation, the description of the Program contained in Appendix A, is complete and accurate in all material respects and such information does not contain any untrue statement of a material fact or omit to state a material fact that is necessary to make such statements and information therein not misleading.  All references to the Advisor and its principals, if any, in the Memorandum or a supplement thereto will, after review and approval of such references by the Advisor prior to the use of such Memorandum in connection with the offering of Partnership units, be accurate in all material respects, except that with respect to pro forma or hypothetical performance information in such Memorandum, if any, this representation and warranty extends only to any underlying data made available by the Advisor for the preparation thereof and not to any hypothetical or pro forma adjustments.

(ii)          The information with respect to the Advisor set forth in the actual performance tables in the Memorandum, if any, is based on all of the customer accounts managed on a discretionary basis by the Advisor’s principals and/or the Advisor during the period covered by such tables and required to be disclosed therein, and such tables have been prepared by the Advisor or its agents in accordance with applicable CFTC and NFA rules and guidance, including, but not limited to, CFTC Rule 4.25.  The Advisor’s performance tables have been examined by an independent certified public accountant and the report thereon has been provided to CMF.  The Advisor will have its performance tables so examined no less frequently than annually during the term of this Agreement.

(iii)          The Advisor will be acting as a commodity trading advisor with respect to the Partnership and not as a securities investment adviser and is duly registered with the CFTC as a commodity trading advisor, is a member of NFA, and is in compliance with any such other registration and licensing requirements as shall be necessary to enable it to perform its obligations hereunder.  The Advisor agrees to maintain and renew such registrations and licenses during the term of this Agreement including, without limitation, registration as a commodity trading advisor with the CFTC and membership in NFA.

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(iv)          The Advisor is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware and has full corporate power and authority to enter into this Agreement and to provide the services required of it hereunder.

(v)          The Advisor will not, by acting as a commodity trading advisor to the Partnership, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound.

(vi)          This Agreement has been duly and validly authorized, executed and delivered by the Advisor and is a valid and binding agreement enforceable in accordance with its terms.

(vii)          At any time during the term of this Agreement that an offering memorandum or a prospectus relating to the Partnership units is required to be delivered in connection with the offer and sale thereof, the Advisor agrees upon the request of CMF to promptly provide the Partnership with such information as shall be necessary so that, as to the Advisor and its principals, such offering memorandum or prospectus is accurate.

(b)          CMF represents and warrants for itself and the Partnership that:

(i)          CMF is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has full limited liability company power and authority to perform its obligations under this Agreement.

(ii)          CMF and the Partnership have the capacity and authority to enter into this Agreement on behalf of the Partnership.

(iii)          This Agreement has been duly and validly authorized, executed and delivered on CMF’s and the Partnership’s behalf and is a valid and binding agreement of CMF and the Partnership enforceable in accordance with its terms.

(iv)          CMF will not, by acting as the general partner to the Partnership and the Partnership will not, breach or cause to be breached any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would materially limit or affect the performance of its duties under this Agreement.

(v)          CMF is registered as a commodity pool operator and is a member of NFA, and it will maintain and renew such registration and membership during the term of this Agreement.

(vi)          The Partnership is a limited partnership duly organized and validly existing under the laws of the State of New York and has full limited partnership power and authority to enter into this Agreement and to perform its obligations under this Agreement.

(vii)          The Partnership is a qualified eligible person as defined in CFTC Rule 4.7.

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8.          COVENANTS OF THE ADVISOR, CMF AND THE PARTNERSHIP.  6) The Advisor agrees as follows:

(i)          In connection with its activities on behalf of the Partnership, the Advisor will comply with all applicable laws, including rules and regulations of the CFTC, NFA, swap execution facility and/or the commodity exchange on which any particular transaction is executed.

(ii)          The Advisor will promptly notify CMF of the commencement of any investigation, suit, action or proceeding involving the Advisor or any of its affiliates, officers, directors, employees and shareholder(s), agents or representatives, regardless of whether such investigation, suit, action or proceeding also involves CMF.  The Advisor will provide CMF with copies of any correspondence (including, but not limited to, any notice or correspondence regarding the violation, or potential violation, of position limits) from or to the CFTC, NFA or any commodity exchange in connection with an investigation or audit of the Advisor’s business activities.

(iii)          In the placement of orders for the Partnership’s account and for the accounts of any other client, the Advisor will utilize a pre-determined, systematic, fair and reasonable order entry system, which shall, on an overall basis, be no less favorable to the Partnership than to any other account managed by the Advisor.  The Advisor acknowledges its obligation to review and reconcile the Partnership’s positions, prices and equity in the account managed by the Advisor daily and within two business days to notify, in writing, the broker and CMF and the Partnership’s brokers of (A) any error committed by the Advisor or its principals or employees; (B) any trade which the Advisor believes was not executed in accordance with its instructions; and (C) any discrepancy with a value of $10,000 or more (due to differences in the positions, prices or equity in the account) between its records and the information reported on the account’s daily and monthly broker statements.

(iv)          The Advisor will maintain a net worth of not less than $100,000 during the term of this Agreement.

(v)          For so long as the Advisor or any of its principals or affiliates acts as advisor to the Partnership or any affiliate of the Partnership, the Advisor shall notify the Partnership if the management fee or incentive fee charged to any account managed or advised by the Advisor other than proprietary accounts of the Advisor, its principals and affiliates (the “Other Account”), assuming that the Partnership and the Other Account were trading at the same leverage level, would be less than the  Management Fee and any Incentive Fee charged to the Partnership.

(v)          (vi)          The Advisor will use its best efforts to close out all futures positions prior to any applicable delivery period, and will use its best efforts to avoid causing the Partnership to take delivery of any commodity.

(b)          CMF agrees for itself and the Partnership that:

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(i)          CMF and the Partnership will comply with all applicable laws, including rules and regulations of the CFTC, NFA, swap execution facility and/or the commodity exchange on which any particular transaction is executed.

(ii)          CMF will promptly notify the Advisor of the commencement of any material suit, action or proceeding involving it or the Partnership, whether or not such suit, action or proceeding also involves the Advisor.

(iii)          CMF or the selling agents for the Partnership have policies, procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money laundering laws, rules and regulations, including applicable provisions of the USA PATRIOT Act.  CMF or the selling agents for the Partnership have Customer Identification Programs (“CIP”), which require the performance of CIP due diligence in accordance with applicable USA PATRIOT Act requirements and regulatory guidance.  CMF or the selling agents for the Partnership also have policies, procedures, and internal controls in place that are reasonably designed to comply with regulations and economic sanctions programs administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control.

9.          COMPLETE AGREEMENT.  This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof.

10.          ASSIGNMENT.  This Agreement may not be assigned by any party without the express written consent of the other parties.

11.          AMENDMENT.  This Agreement may not be amended except by the written consent of the parties.

12.          NOTICES.  All notices, demands or requests required to be made or delivered under this Agreement shall be effective upon actual receipt and shall be made either by electronic (email) copy or in writing and delivered personally or by registered or certified mail or expedited courier, return receipt requested, postage prepaid, to the addresses below or to such other addresses as may be designated by the party entitled to receive the same by notice similarly given:

If to CMF or to the Partnership:

Ceres Managed Futures LLC

522 Fifth Avenue

New York, New York  10036

 Attention:  Patrick Egan

Email:  patrick.egan@morganstanley.com

If to the Advisor:

Launchpad Capital Management, LLC

141 West Jackson Boulevard, Suite 1801

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Chicago, Illinois 60604

 Attention:  Jessica Sohl

Email:  legal@hctech.com

with a copy to:

13.          GOVERNING LAW.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

14.          ARBITRATION.  The parties agree that any dispute or controversy arising out of or relating to this Agreement or the interpretation thereof, shall be settled by arbitration in accordance with the rules, then in effect, of NFA or, if NFA shall refuse jurisdiction, then in accordance with the rules, then in effect, of the American Arbitration Association; provided, however, that the power of the arbitrator shall be limited to interpreting this Agreement as written and the arbitrator shall state in writing his reasons for his award, and further provided, that any such arbitration shall occur within the Borough of Manhattan in New York City.  Judgment upon any award made by the arbitrator may be entered in any court of competent jurisdiction.

15.          NO THIRD PARTY BENEFICIARIES.  There are no third  party beneficiaries to this Agreement, except that certain persons not party to this Agreement may have rights under Section 6 hereof.

16.          COUNTERPARTS.  This Agreement may be executed in any number of counterparts, including via facsimile or email, each of which is an original and all of which when taken together evidence the same agreement.

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

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PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS 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 THIS BROCHURE OR ACCOUNT DOCUMENT.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED.

IN WITNESS WHEREOF, this 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/ Patrick T. Egan                  

	 	 	
Patrick T. Egan

	 	 	
President and Director

	 	 	 
	 	
EMERGING CTA PORTFOLIO L.P.

	 	
By:  Ceres Managed Futures LLC

	 	 	
  (General Partner)

	 	 	 
	 	 	 
	 	
By

	 

/s/ Patrick T. Egan                 

	 	 	
Patrick T. Egan

	 	 	
President and Director

	 	 	 
	 	
LAUNCHPAD CAPITAL MANAGEMENT, LLC

 

	 	
By

	 

/s/ Nancy Andrews                  

	 	
 

Name: Nancy Andrews

 

	 	
Title: Chief Executive Officer

 

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Appendix A:

The MJP Commodity Strategy was incubated under LaunchPad Trading, LLC (“LaunchPad”), a joint venture between HC Technologies, LLC (“HC Tech”) and Tudor Investment Corporation (“Tudor”) since October of 2015.  Outside investments are managed by LaunchPad Capital Management, LLC (“LaunchPad Capital), a registered CTA, that handles the legal, operational, compliance and administrative work of third-party capital.  This unique relationship allows the MJP Commodity Strategy team to utilize the full institutional grade administrative capabilities that both HC Tech and Tudor have developed for Launchpad’s managed account offering.

Launchpad Capital is a discretionary commodity manager with a focus on systematic market research.  Its belief, as reflected in the MJP Commodity Strategy, is that successful alpha generation in the commodity space requires a methodology for interpreting price signals as either moving a market towards or away from fundamental value. It is the accurate determination of the time to and price from which a reversion to fundamental value occurs that makes a successful trade according to Launchpad Capital’s MJP Commodity Strategy.

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