Document:

EX-10.4

 Exhibit 10.4 

Executed Copy 

AMENDMENT NO. 3 TO THE MANAGEMENT AGREEMENT 

This AMENDMENT NO. 3 dated December 16, 2020 to the MANAGEMENT AGREEMENT made as of November 6, 1998, as amended on April 1,
2014 and January 29, 2019 (the “Management Agreement”), by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (“CMF”), CERES CLASSIC L.P. (formerly Managed Futures Premier Graham L.P), a Delaware
limited partnership (the “Partnership”) and GRAHAM CAPITAL MANAGEMENT, L.P., a Delaware limited partnership (the “Advisor”, and together with CMF and the Partnership, the “Parties”). 

W I T N E S S E T H: 

WHEREAS, CMF allocates, from time to time, a certain amount of the assets of the Partnership to the Advisor to trade pursuant to the
Management Agreement; 
 WHEREAS, effective October 2, 2020, the Partnership amended its Certificate of Limited Partnership to change
its name to Ceres Classic L.P.; and 
 WHEREAS, the Parties wish to amend the Management Agreement to reflect a reduction in the management
fee paid under Section 6(a)(i). 
 NOW, THEREFORE, the parties agree as follows: 

1.    The monthly management fee rate referred to in clause (a)(i) of the Section entitled “Fees” in the
Management Agreement is hereby reduced to a monthly management fee rate equal to 1/12 of 1.25 (a 1.25% annual rate). 

2.    This Amendment No. 3 shall take effect as of the 1st day
of January, 2021. 
 3.    This Amendment No. 3 may be executed in one or more counterparts, each of which shall be
deemed an original but all of which together shall constitute the same agreement. Any signature on the signature page of this Amendment No. 3 may be an original or electronically transmitted signature or may be executed by applying an
electronic signature using DocuSign© or, if permitted by CMF (such permission not to be unreasonably withheld), any other similar program. 

4.    This Amendment No. 3 shall be governed and construed in accordance with the laws of the State of New York. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	CERES CLASSIC L.P.
	
	 By:   Ceres Managed Futures LLC

        (General Partner)

	
	By     /s/ Patrick T.
Egan                                         
   
	       Patrick T. Egan

      President & Director

	
	CERES MANAGED FUTURES LLC
	
	By     /s/ Patrick T.
Egan                                         
   
	       Patrick T. Egan

      President & Director

	
	GRAHAM CAPITAL MANAGEMENT, L.P.
	
	By     /s/ Brian
Douglas                                        
     
	 Name:
	 	Brian Douglas
	Title:	 	Chief Operating Officer

  
 – 2 –EX-10.5

 Exhibit 10.5 

Executed Copy 

AMENDMENT TO THE AMENDED AND RESTATED ALTERNATIVE INVESTMENT 

SELLING AGENT AGREEMENT 

This amendment dated as of the 31st day of December, 2020 to the Amended and Restated Alternative Investment Selling Agent Agreement (the
“Agreement”) effective as of March 3, 2016, as amended from time to time, by and between each of the limited partnerships listed on Schedule 1 hereto (each, a “Partnership,” and together, the “Partnerships”), Ceres
Managed Futures LLC, a Delaware limited liability company (the “General Partner”), and Morgan Stanley Smith Barney LLC, a Delaware limited liability company, currently doing business as Morgan Stanley Wealth Management (“MSSB” or
“Placement Agent”). Capitalized terms used herein but not otherwise defined shall have the respective meanings assigned them in the Agreement. 

W I T N E S S E T H: 

WHEREAS, the General Partner, the Partnerships and Placement Agent agree to amend the Agreement to (i) reflect a reduction in the
annual Ongoing Placement Agent Fee payable to the Placement Agent from 1.0% to 0.75%, where applicable, and (ii) replace Schedules 1, 2, and 3; and 

WHEREAS, pursuant to Section 15(c) of the Agreement, any change to the Agreement must be in writing and signed by all parties.

 NOW, THEREFORE, the parties agree as follows: 

1. Schedule 1 of the Agreement shall be deleted in its entirety and replaced by Schedule1 attached hereto. 

2. Schedule 2 of the Agreement shall be deleted in its entirety and replaced by Schedule 2 attached hereto. 

3. Schedule 3 of the Agreement shall be deleted in its entirety and replaced by Schedule 3 attached hereto. 

4. The effective date of this Amendment shall be January 1, 2021. 

5. This Amendment, together with any documents referred to herein, constitutes the whole agreement between the parties relating to the subject
matter of this Amendment and supersedes and extinguishes any prior drafts, agreements, undertakings, representations, warranties and arrangements of any nature, whether in writing or oral, relating to such subject matter. 

6. This Amendment 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. Any signature on the signature page of this Amendment may be an original, a fax or electronically transmitted signature or may be executed by applying an electronic signature using DocuSign© or, if permitted by the General Partner (such permission not to be unreasonably withheld), any other similar program. 

 7. This Amendment shall be governed by and construed in accordance with the laws of the
State of New York. 
 IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the date first
written above. 
  

			
	THE PARTNERSHIPS LISTED ON SCHEDULE 1 HERETO
		
	By:	 	Ceres Managed Futures LLC
	Name:	 	 /s/ Patrick T. Egan

		 	Patrick T. Egan
	Title:	 	President
	
	Morgan Stanley Smith Barney LLC
		
	Name:	 	 /s/ Carmen Lai

		 	Carmen Lai
	Title:	 	Executive Director
	
	Ceres Managed Futures LLC
		
	Name:	 	 /s/ Patrick T. Egan

		 	Patrick T. Egan
	Title:	 	President

  
 2 

 Schedule 1 
  

					
	 PARTNERSHIP
	  	 STATE AND DATE OF ORGANIZATION
	  	 EFFECTIVE DATE

	 Ceres Classic L.P. (formerly Managed Futures Premier Graham L.P.)
	  	Delaware; July 15, 1998	  	April 1, 2014

  

  
 3 

 Schedule 2 

PRIOR AGREEMENTS 
 Amended and Restated
Selling Agreement, dated as of July 29, 2002, among Managed Futures Premier Graham L.P. (formerly Morgan Stanley Charter Graham L.P.), Morgan Stanley Smith Barney Charter Campbell L.P. (formerly Morgan Stanley Charter Campbell L.P.), Morgan
Stanley Smith Barney Charter Aspect L.P. (formerly Morgan Stanley Charter MSFCM L.P.), Morgan Stanley Charter Welton L.P., and Morgan Stanley Smith Barney Charter WNT L.P. (formerly Morgan Stanley Charter Millburn L.P.), Morgan Stanley DW Inc., and
Ceres Managed Futures LLC (formerly Demeter Management Corporation), as amended 
 Alternative Investment Placement Agent Agreement, dated as of
April 1, 2014, by and among Ceres Managed Futures LLC, Morgan Stanley Smith Barney LLC and the Partnerships listed on Schedule 1 thereto 
 Alternative
Investment Placement Agent Agreement, dated as of October 1, 2014, by and among Ceres Managed Futures LLC, Morgan Stanley Smith Barney LLC and the Partnerships listed on Schedule 1 thereto 

  
 4 

 Schedule 3 
  

			
	 PARTNERSHIP
	  	 ONGOING PLACEMENT AGENT FEE

	Ceres Classic L.P. (formerly Managed Futures Premier Graham L.P.)	  	0.75% annually of the Net Asset Value (computed monthly by multiplying the Net Asset Value of the Class A Units as of the beginning of each month by 0.75% and dividing the result thereof by 12) and paid on a monthly basis.
Class Z Units will not be subject to an ongoing placement agent fee.

  
 5EX-10.6

 Exhibit 10.6 

Executed Copy 

AMENDMENT TO THE ALTERNATIVE INVESTMENT SELLING AGENT AGREEMENT 

This amendment (“Amendment”) dated as of the 31st day of December, 2020 to the Alternative Investment Selling Agent Agreement (the
“Agreement”) dated as of November 1, 2018 by and among each of the limited partnerships listed on Schedule 1 hereto (each, a “Partnership,” and together, the “Partnerships”), Ceres Managed Futures LLC, a Delaware
limited liability company (the “General Partner”), Morgan Stanley Distribution Inc., a corporation incorporated under the laws of the Commonwealth of Pennsylvania (“MSDI” or “Selling Agent”), and Harbor Investment
Advisory, LLC, a Maryland limited liability company (“Harbor” or “Sub-Selling Agent”). Capitalized terms used herein but not otherwise defined shall have the respective meanings assigned to
them in the Agreement. 
 W I T N E S S E T H: 

WHEREAS, the General Partner, the Partnerships, the Selling Agent and the Sub-Selling Agent
agree to amend the Agreement to (i) reflect a reduction in the annual Ongoing Sub-Selling Agent Fee payable to the Sub-Selling Agent with respect to Class A
Units of each Partnership from 1.00% to 0.75% of the adjusted net assets of the Class A Units only and (ii) update and replace Schedules 1 and 2; and 

WHEREAS, pursuant to Section 15(c) of the Agreement, any change to the Agreement must be in writing and signed by all parties.

 NOW, THEREFORE, the parties agree as follows: 

1.    Schedule 1 of the Agreement shall be deleted in its entirety and replaced by Schedule 1 attached hereto. 

2.    Schedule 2 of the Agreement shall be deleted in its entirety and replaced by Schedule 2 attached hereto. 

3.    The effective date of this Amendment shall be January 1, 2021. Except as specifically provided for in this
Amendment, the terms of the Agreement are hereby ratified and confirmed and remain in full force and effect. 

4.    This Amendment, together with the Agreement and any other documents referred to herein, constitutes the whole
agreement between the parties relating to the subject matter of this Amendment and supersedes and extinguishes any prior drafts, agreements, undertakings, representations, warranties and arrangements of any nature, whether in writing or oral,
relating to such subject matter. 
 5.    This Amendment 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. Any signature on the signature page of this Amendment may be an original, a fax or an electronically transmitted signature or may be
executed by applying an electronic signature using DocuSign© or, if permitted by the General Partner (such permission not to be unreasonably withheld), any other similar program. 

 6.    This Amendment shall be governed by and construed in accordance
with the laws of the State of New York. 
 IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be executed as of the
day and year first above written. 
  

									
	THE PARTNERSHIPS LISTED
ON SCHEDULE 1 HERETO	 		  	Morgan Stanley Distribution, Inc.
				
	By: Ceres Managed Futures LLC	 		  	Name:	 	   /s/ Frank J. Famiglietti

	  
 Name:
	 	  
   /s/ Patrick T.
Egan
	 		  	Title:	 	Managing Director
	      
 Title:
	 	 Patrick T. Egan
 President
	 		  	  
 Harbor Investment Advisory, LLC

 

		 		 		  	Name:	 	   /s/ William C. Schadty

		 		 		  	Title:	 	Chief Compliance Officer
				
		 		 		  	Ceres Managed Futures LLC
					
		 		 		  	Name:	 	   /s/ Patrick T. Egan

		 		 		  		 	Patrick T. Egan
		 		 		  	Title:	 	President

  
 – 2 – 

 Schedule 1 
  

					
	 PARTNERSHIP
	  	STATE AND DATE OF
ORGANIZATION	  	EFFECTIVE DATE
	 Ceres Orion L.P.
	  	New York; March 22, 1999	  	November 1, 2018
	 Ceres Classic L.P. (formerly Managed Futures Premier Graham L.P.)
	  	Delaware; July 15, 1998	  	November 1, 2018
	 Ceres Tactical Systematic L.P.
	  	New York; December 3, 2002	  	November 1, 2018

 Schedule 2 
  

					
	
Fee1
	  	
Brokerage/Non-Consulting Clients
	  	 Advisory/Consulting Clients

	Ceres Orion L.P.
			
	 Ongoing Sub-Selling Agent Fee
	  	0.75% per year of the adjusted net assets of Class A Units (computed monthly by multiplying the adjusted net assets of the Class A Units by 0.75% and dividing the result thereof by 12).2 	  	Class Z units will not be subject to an ongoing sub-selling agent fee.
	Ceres Tactical Systematic L.P.
			
	 Ongoing Sub-Selling Agent Fee
	  	0.75% per year of the adjusted net assets of the Partnership (computed monthly by multiplying the adjusted net assets of the Partnership by 0.75% and dividing the result thereof by
12)2. 0.75% annual of the net asset value per unit of Class D Units paid on a monthly basis.	  	Class Z units will not be subject to an ongoing sub-selling agent fee.
	Ceres Classic L.P. (formerly Managed Futures Premier Graham L.P.)
			
	 Ongoing Sub-Selling Agent Fee
	  	0.75% per year of the net asset value per unit of Class A Units paid on a monthly basis.	  	Class Z units will not be subject to an ongoing sub-selling agent fee.

  

	1	 For the avoidance of doubt, the calculation of the Ongoing Sub-Selling
Agent Fee shall be based on units of each Partnership sold by Sub-Selling Agent only. 

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

  
 2

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