Document:

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                                                                   EXHIBIT 10.21

                     Professional Veterinary Products, Ltd.
                     Supplemental Executive Retirement Plan

Professional Veterinary Products, Ltd. (the "Company") hereby adopts the
Professional Veterinary Products, Ltd. Supplemental Executive Retirement Plan
(the "Plan"), effective January 1, 2003.

The purpose of the Plan is to provide supplemental retirement benefits to key
employees who have been in the past and will be in the future valuable to the
success of the Company.

Section 1.  Definitions

The following terms shall have the meanings set forth below:

     1.1  "Actuarial Equivalent" means the equality in value of the aggregate
amount of benefit payments expected to be received under different forms or at
different times computed on the basis of the mortality assumptions of the 94 GAM
and an interest rate equal to eight percent (8%) per annum. The calculation of
any actuarial equivalent benefit amount required by the Plan shall be made under
the foregoing assumptions by the actuary appointed by the Committee, and such
calculation shall be final and conclusive.

     1.2  "Board" means the Board of Directors of the Company.

     1.3  "Change in Control" means any of the following:

          (a)  the acquisition whether by purchase, merger or other combination,
               of either (a) fifty percent (50%) or more of the Company's
               outstanding capital stock, without regard to class, or (b) voting
               control of Company consisting of shares of voting capital stock
               that are able to elect Directors who have fifty percent (50%) or
               more of the votes on the Board, by any person, entity or group
               (within the meaning of Section 13(d)(3) of the Securities
               Exchange Act of 1934) other than an affiliate or family member of
               any of the current stockholders of the Company; or

          (b)  the sale of substantially all of the assets of the Company to any
               person, entity or group other than an affiliate or family member
               of any of the current stockholders of the Company; or

          (c)  the dissolution or liquidation of the Company; or

          (d)  the adoption of a resolution by the Board to the effect that, for
               purposes of this Plan, a Change in Control shall be deemed to
               have

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               occurred on account of some major change in the ownership,
               management or business of the Company.

     1.4  "Committee" means the Chief Executive Officer, Chief Financial Officer
and Chief Administrative Officer of the Company.

     1.5  "Monthly Benefit" means a benefit payable each month to a Participant
or the Participant's designated beneficiary as determined under the provisions
of this Plan.

     1.6  "Monthly Pay" means the monthly average of the Participant's base
salary and compensation from the Companywide Profitability Incentive Plan for
the final consecutive 36-month period of employment with the Company. Other
bonuses or incentive compensation, fringe benefits and noncash remuneration
shall not be considered as part of the Participant's base salary or compensation
from the Company-wide Profitability Incentive Plan for this purpose. Any amounts
deferred by the Participant under a Section 401(k) plan or Section 125 plan of
the Company shall be included in base pay.

     1.7  "Normal Retirement Date" means the Social Security Full Retirement
Age.

     1.8  "Participant" means a highly compensated or management employee
designated by the Executive Committee of the Board as being eligible to
participate in the Plan.

     1.9  "Permanent Disability" or "Permanently Disabled" shall have the same
definitions as set forth in the Company's Long-Term Disability Plan. In the
event the Company should discontinue or no longer maintain a Long-Term
Disability Plan, Permanent Disability shall be deemed to mean disability within
the meaning of the Social Security Act.

     1.10 "Plan" means this Supplemental Executive Retirement Plan as amended
from time to time.

     1.11 "Plan Year" means the calendar year.

     1.12 "Primary Social Security Benefit" means the estimate of the monthly
amount payable under Title II of the Social Security Act assuming the
Participant begins receiving the benefits at the Normal Retirement Date. The
Committee may make a reasonable estimate of the Primary Social Security Benefit
using the assumptions the Committee reasonably deems appropriate.

     1.13 "Years of Service" means the 12-consecutive month period commencing on
the Participant's employment commencement date with the Company and each
12-month anniversary thereof in which the Participant remains in continuous
service as an employee of the Company. Continuous service as an employee of the
Company shall not be considered interrupted in the case of sick leave, military
leave or any other leave of

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absence approved by the Board provided such leave does not exceed than ninety
(90) days unless employment upon the expiration of such leave is guaranteed by
contract or statute.

Section 2. Participation

The Board of Directors shall designate from time to time the key employees who
shall be added as Participants in this Plan. Participation of a designated key
employee shall be effective on the January 1 or other date determined by the
Board of Directors following such designation.

Section 3. Administration

The Committee shall administer the Plan and shall have all discretionary
authority as may be necessary or appropriate to administer the Plan.

     3.1  Actions of Committee. The Committee shall act by a majority of its
members at the time in office, and such action may be taken either by a vote at
a meeting or in writing without a meeting. The Committee shall authorize any one
or more of its members to execute any document or documents on behalf of the
Committee. The Committee, by written instrument signed by it, may designate
other persons to carry out any of its duties and responsibilities. However, the
duties and responsibilities of such position shall be carried out only by
appropriate officers and employees of the Company.

     3.2  Authority of Committee. The Committee shall exercise such
discretionary authority and responsibility as it deems appropriate in order to
administer the Plan and to comply with the Internal Revenue Code and other
applicable laws, including any documents and notifications required to be given
to Participants and beneficiaries.

          (a)  The Committee shall, in carrying out the Committee's
               administration hereunder, have absolute discretion, and any
               decision by the Committee shall be final and bind all parties to
               the Plan. The Committee's discretionary duties and powers shall
               include, but not be limited to the following:

               i.   To construe and interpret the Plan, decide all questions of
                    eligibility and determine the amount, manner and time of
                    payment of any benefits hereunder;

               ii.  To prescribe procedures to be followed by Participants or
                    beneficiaries filing applications for benefits and to
                    establish claims procedures for the Plan;

               iii. To prepare and distribute information explaining the Plan;

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               iv.  To receive from the Participants such information as shall
                    be necessary for the proper administration of the Plan;

               v.   To receive, review and keep on file (as it deems convenient
                    or proper) reports of the financial condition, and of the
                    receipts and disbursements; and

               vi.  To appoint advisors, claims administrators and legal
                    counsel, to render advice with regard to any responsibility
                    of the Committee under the Plan or to assist in the
                    administration of the Plan.

     3.3  Adoption of Rules. The Committee may adopt such rules as it deems
necessary, desirable or appropriate in the administration of the Plan, including
the establishment and administration of the Plan's claims procedures.

Section 4. Benefits

     4.1  Retirement Benefit. Upon retirement after attaining the Normal
Retirement Date, the Participant shall receive a Monthly Benefit payable for
life with a period of 15 years certain equal to 80% of the Participant's Monthly
Pay, less the following amounts:

          (a)  A monthly amount equal to the Actuarial Equivalent value of any
               vested employer-provided accrued benefit on the date of
               retirement under any tax-qualified retirement plan maintained by
               the Company calculated as if such accrued benefit was paid in the
               form of a life annuity with a period of 15 years certain
               commencing upon the retirement of the Participant. For this
               purpose, the vested accrued benefit of any such tax-qualified
               retirement plan shall include the account balance or accrued
               benefit under such plan existing on the date of the Participant's
               retirement plus the amount of any benefits distributed to the
               Participant from such plan before the Participant's retirement
               date. The accrued benefit of such other retirement plans shall
               not include any portion of the accrued benefit that is
               attributable to the Participant's elective deferrals within the
               meaning of Section 402(g)(3) of the Internal Revenue Code.

          (b)  A monthly amount equal to the Actuarial Equivalent value of any
               vested employer-provided accrued benefit on the date of
               retirement under any nonqualified deferred compensation or
               severance benefit plan maintained by the Company calculated as if
               such accrued benefit was paid in the form of a life annuity with
               a period of 15 years certain commencing upon the retirement of
               the Participant. For this purpose, the accrued benefit of any
               such deferred compensation or severance benefit plan shall
               include the account

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               balance or accrued benefit under such plan existing on the date
               of the Participant's retirement plus the amount of any benefits
               distributed to the Participant from such plan before the
               Participant's retirement date.

          (c)  The Participant's Primary Social Security Benefit. If a
               Participant's Primary Social Security Benefits are reduced or
               eliminated, no offset shall be made with respect to reduced or
               eliminated Social Security Benefits.

          (d)  A monthly amount equal to the Actuarial Equivalent value of any
               vested employer-provided retirement benefits received (or
               payable) from a tax-qualified or nonqualified retirement plan
               maintained by a previous employer, including any amounts rolled
               over to an individual retirement plan from a plan maintained by a
               previous employer, calculated as if such vested retirement
               benefits were paid in the form of a life annuity with a period of
               15 years certain commencing upon the retirement of the
               Participant.

If the Participant has less than 10 Years of Service at the Normal Retirement
Date, the Monthly Benefit will be further reduced by 10% for each Year of
Service less than 10.

The amount of the reductions shall be established by the Committee at the time
of payment of the first Monthly Benefit.

     4.2  Termination Prior to Normal Retirement Date. A Participant who
terminates at age 55 or later with at least 15 Years of Service, but prior to
the Normal Retirement Date, shall receive an Early Retirement Benefit. The Early
Retirement Benefit shall be a Monthly Benefit payable for life with a period of
15 years certain equal to 80% of the Participant's Monthly Pay, reduced by the
amounts described in Sections 4.1(a), 4.1(b), 4.1(c) and 4.1(d) above,
multiplied by a fraction, the numerator of which shall be the actual Years of
Service (including fractional years) with the Company and denominator of which
shall be the number of Years of Service (including fractional years) that the
Participant would have completed had he remained in continuous employment
through the Participant's Normal Retirement Date. The Monthly Benefit payable as
the Early Retirement Benefit will be further reduced to reflect the early
payment of the benefit prior to the Normal Retirement Date so that the monthly
payment is the Actuarial Equivalent of the monthly payment that would be paid at
the Participant's Normal Retirement Date.

     4.3  Termination After Normal Retirement Date. In the event a Participant
retires after the Normal Retirement Date, the Participant's Monthly Benefit
shall be actuarially increased to the Actuarial Equivalent of the Monthly
Benefit commencing on the Participant's Normal Retirement Date.

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     4.4  Disability Benefits. A Participant who becomes Permanently Disabled
prior to termination of employment and who has at least 5 Years of Service with
the Company ("Disabled Participant") shall receive a Monthly Benefit payable for
life with a period of 15 years certain, commencing at the Normal Retirement
Date, equal to 80% of the Participant's Monthly Pay, reduced by the amounts
described in Sections 4.1(a), 4.1(b), 4.1(c) and 4.1(d) above, multiplied by a
fraction, the numerator of which shall be the actual Years of Service (including
fractional years) with the Company at the date of disability and the denominator
of which shall be the number of Years of Service (including fractional years)
that the Participant would have completed had he remained in continuous
employment with the Company through the Participant's Normal Retirement Date.

     4.5  Benefit Following a Change In Control. If a Participant's employment
with the Company is terminated, voluntarily or involuntarily (for reasons other
than death or Permanent Disability) within three years following a Change in
Control, the Company shall pay to the Participant a Monthly Benefit payable for
life with a period of 15 years certain equal to 80% of the Participant's Monthly
Pay, reduced by the amounts described in Sections 4.1(a), 4.1(b), 4.1(c) and
4.1(d) above, multiplied by a fraction, the numerator of which shall be the
actual Years of Service (including fractional years) with the Company and the
denominator of which shall be the number of Years of Service (including
fractional years) that the Participant would have completed had he remained in
continuous employment with the Company through the Participant's Normal
Retirement Date. The Participant may elect to have benefits commence either
following termination of employment or at the Normal Retirement Date. The
election shall be made in writing and must be received by the Committee at least
one full calendar year prior to the Change in Control. If no election is made,
payments will commence at the Normal Retirement Date.

The Monthly Benefit payable to such Participant shall be based on the
Participant's Monthly Pay at the time of termination. If the Participant elects
to receive the Monthly Benefit beginning at termination of employment, such
Monthly Benefit shall be reduced to equal the Actuarial Equivalent value of the
monthly payment that would be paid at the Participant's Normal Retirement Date.

     4.6  Survivor Benefit.

          (a)  In the event a Participant dies while receiving benefits under
               the Plan and prior to receiving 180 monthly payments, the Monthly
               Benefit shall be continued to the Participant's named beneficiary
               for the balance of the 180 months remaining to be paid at the
               time of the Participant's death.

          (b)  If a Participant dies while employed by the Company and prior to
               the commencement of the payment of benefits under the Plan, the
               Participant's named beneficiary shall receive a Monthly Benefit
               equal to 80% of the Participant's Monthly Pay reduced by the

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               amounts described in Sections 4.1(a), 4.1(b), 4.1(c) and 4.1(d)
               above. The Monthly Benefit shall be payable for 180 months.

          (c)  The Participant may designate a beneficiary or beneficiaries to
               receive any benefits payable under this Plan after the death of
               the Participant. Such designation, to be effective, shall be in
               writing, signed by the Participant and delivered to the Committee
               before the Participant's death. If a Participant fails to name a
               beneficiary, or if all named beneficiaries predecease the
               Participant, then the Participant's named beneficiary shall be
               deemed to be the person or persons surviving Participant in the
               first of the following classes in which there is a survivor,
               share and share alike:

               (i)   The surviving spouse;

               (ii)  The Participant's children, except that if any of the
                     children predecease the Participant but leave issue
                     surviving, then such issue shall take by right of
                     representation the share their parent would have taken if
                     living;

               (iii) The personal representative (executor or administrator) of
                     Participant's estate.

          (d)  If the Participant's beneficiary should die after the Participant
               but before the complete distribution of the death benefit that
               such beneficiary is entitled pursuant to the Plan, the balance of
               such benefit shall be paid to any contingent beneficiary
               designated by the Participant in the beneficiary designation on
               file with the Committee or, in the absence of the designation of
               a contingent beneficiary, to the estate of the primary
               beneficiary.

     4.7  Payment of Benefits. Payment of benefits shall be in equal monthly
installments commencing on the first day of the month following the date of
payment specified by the Plan. If a Participant does not satisfy the conditions
of this Section 4, no benefit shall be payable on Participant's account.

     4.8  Tax Withholding. The benefit payments under this Plan shall be subject
to all tax payment and withholding requirements of federal, state and local
laws, and the Company shall withhold from any benefit payment and remit to the
proper governmental agency, all income, FICA or other taxes that are required to
be withheld.

     4.9  Benefit Conditioned Upon Certification of Other Retirement Benefits.
Notwithstanding anything herein to the contrary, the Company's obligation to pay
the benefits provided by the Plan to a Participant or any beneficiary are
conditioned upon the Participant providing to the Committee all relevant
information requested by the Committee with regard to any vested retirement
benefits of the Participant under the tax-

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qualified retirement plans or nonqualified retirement plans of a previous
employer, including any individual retirement account or individual retirement
plan that has received a rollover of the distribution of any such vested
retirement benefits from the retirement plan of a previous employer.

Section 5. Funding

This Plan shall be unfunded, except as specifically provided herein. The
Participants in this Plan shall be no more than general, unsecured creditors of
the Company with regard to the benefits payable pursuant to this Plan. The
Company may establish a trust to provide the benefits under this Plan. Such
trust shall be subject to all of the provisions of this Plan and shall be the
property of the Company, until distributed, and subject to the Company's
general, unsecured creditors and judgment creditors. Such trust shall not be
deemed to be collateral security for fulfilling any obligation of the Company to
the Participants. The Company may also purchase insurance to fund the benefits
provided by the Plan. Such insurance shall be held by and be an asset of the
Company (or a trust described herein) and the Participant shall have no rights
with respect to such insurance.

Section 6. Claims Procedure

A Participant or Beneficiary who has not received benefits under the Plan that
such claimant believes should be paid shall make a claim for such benefits in
accordance with the procedures of this Section. Upon receipt of a claim, the
Committee shall respond within ninety (90) days after receiving the claim. The
Committee may extend the reply period for an additional ninety (90) days for
reasonable cause.

Any Participant or Beneficiary whose claim for benefits under the Plan has been
denied by the Committee shall receive a written notice setting forth the
specific reasons for such denial, a specific reference to Plan provisions on
which such denial is based, a description of any additional material or
information necessary for the claimant to perfect the claim and an explanation
of why such material or information is necessary, an explanation of the Plan's
claims review procedure and the time limits applicable to such procedure, and a
statement of the claimant's right to bring a civil action under Section 502(a)
of the Employee Retirement Income Security Act of 1974 (`ERISA'). Thereafter,
upon the filing of a written request by such person no later than sixty (60)
days after receipt of the written notification of denial, any decision resulting
in a denial of a claim may be appealed to the Committee for a full review. In
conjunction with the appeal, a claimant or his duly authorized representative
may review pertinent documents and may submit written comments, documents,
records and other information relating to the claimant's claim. The Committee
will also provide to the claimant, upon request and free of charge, reasonable
access to, and copies of all documents, records and other information relevant
(as defined in applicable ERISA regulations) to the claim for benefits.

A decision shall be made by the Committee not later than sixty (60) days after
the Plan's receipt of a request for review unless the Committee notifies the
claimant, in writing, of special circumstances requiring an additional amount of
time for making the decision, but

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not to exceed sixty (60) additional days. The notice of any extension shall set
forth the special circumstances and the date by which the Committee expects to
render its decision. The decision by the Committee on review shall be in writing
and shall include specific reasons for the decision, written in a manner
calculated to be understood by the claimant, and specific references to the
pertinent Plan provisions on which the decision is based. The decision shall
also include a statement that the claimant is entitled to receive, upon request
and free of charge, reasonable access to, and copies of, all documents, records
and other information relevant (as defined in applicable ERISA regulations) to
the claimant's claims for benefits and a statement of the claimant's right to
bring a civil action under Section 502(a) of ERISA.

Section 7. Miscellaneous

     7.1  Nonalienation of Benefits. No benefit payable under this Plan shall be
subject at any time and in any manner, to alienation, sale, transfer,
assignment, pledge or encumbrance of any kind. No benefit provided by this Plan
shall, prior to actual payment, be subject to seizure or sequestration for the
payment of any debts, judgments, alimony or separate maintenance owed by a
Participant or any other person, nor be transferable by operation of law in the
event of the Participant's or any other person's bankruptcy or insolvency.

     7.2  Amendment and Termination. The Company may amend or terminate this
Plan, at any time, by action of its Board of Directors. No amendment or
termination shall adversely affect the right of a Participant or a Participant's
named beneficiary to a Monthly Benefit to which a Participant was or would have
been entitled if the Participant's employment was terminated immediately prior
to the Plan amendment or termination.

     7.3  Not a Contract of Employment. The terms and conditions of this Plan
shall not be deemed to constitute a contract of employment between the Company
and any Participant, and nothing in this Plan shall be deemed to give a
Participant the right to be retained in the service of the Company or to
interfere with the right of the Company to discipline or discharge the
Participant at any time.

     7.4  Participation in Other Plans. Nothing contained in this Plan shall be
construed to alter, abridge, or in any manner affect the rights and privileges
of a Participant to participate in and be covered by any other retirement or
welfare benefit plan which the Company now or hereafter sponsors: provided,
however, in no event shall any amounts deferred under the Plan be considered as
compensation for purposes of determining benefits under the Company's other
employee benefit plans unless the terms of such Plan expressly include such
deferrals or benefits as compensation.

     7.5  Incompetent Payee. In the event that it shall be found upon evidence
satisfactory to the Committee that any Participant or beneficiary to whom a
benefit is payable under this Plan is unable to care for his or her affairs
because of illness or accident, any payment due (unless prior claim therefor
shall have been made by a duly

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authorized guardian or other legal representative) may be paid, upon appropriate
indemnification of the Company and the Committee, to the spouse or other person
deemed by the Committee to have incurred expense for such Participant or
beneficiary. Any such payment shall be a payment for the account of the
Participant or beneficiary and shall be a complete discharge of any liability of
the Company therefor.

     7.6  Applicable Law. The Plan and all rights hereunder shall be governed by
the laws of Nebraska.

                                        Professional Veterinary Products, Ltd.

                                        By: /s/ Lionel L. Reilly
                                            ------------------------------------
                                                President

                                        By: ____________________________________
                                                Secretary

                                       10<PAGE>

                                                                    EXHIBIT 10.1

                                ESCROW AGREEMENT

     THIS AGREEMENT (this "Agreement") is entered into as of this 22/nd/ day of
August, 2003, by and between The Frontier Fund, a Delaware statutory trust (the
"Trust"), Equinox Fund Management, LLC, a limited liability company formed under
the laws of the state of Delaware ("Equinox" and together with the Trust, the
"Company") and U.S. Bank National Association, a national banking association
("Escrow Agent"). All capitalized terms used herein and not defined shall have
the meanings set forth in the prospectus of the Trust, including all the
appendices and exhibits thereto, as the same may be amended and updated from
time to time (the "Prospectus").

                                    RECITALS

     A.   Equinox serves as the managing owner of the Trust and has complete
management authority over the Trust.

     B.   The Trust is conducting a private offering of units of beneficial
interest (the "Units") at an initial price of $100.00 per Unit, in six separate
and distinct Series identified below, under applicable state and Federal laws
and regulations (the "Offering").

     C.   The Company wishes to assure those who subscribe for any of the Units
(the "Subscriber") that the Subscribers' monies will be released to the Company
only if and when not less than the following amounts as determined in accordance
with the methods below (the "Threshold Amount") in subscriptions from such
number of investors for each Series as set forth in the Prospectus (which number
shall be provided in writing to the Escrow Agent by the Company) are accepted by
the Company from the sale of Units and upon the direction of the Company, it
being understood that release of monies may be for each Series separately:

          Name of Series                               Threshold Amount
          --------------                               ----------------
          Balanced Series                                $ 20,000,000
          Graham Series                                  $  5,000,000
          Beach Series                                   $  5,000,000* or
                                                         when the Balanced
                                                         Series reaches its
                                                         Threshold Amount
          C-View Currency Series                         $  1,000,000* or
                                                         when the Balanced
                                                         Series reaches its
                                                         Threshold Amount
          Dunn Series                                    $  2,000,000*
          Beacon Series                                  $  1,000,000

* This amount includes proceeds raised from the sale of the Balanced Series
Units which will be traded by the applicable Trading Advisor in the same Trading
Company as the proceeds from the applicable single Trading Advisor Series.

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     D.   The Company desires to provide for the safekeeping of the proceeds of
the Offering until such time as subscriptions for the Units in any Series
totaling the Threshold Amounts (or such greater amount as the Company may direct
in writing) have been received and upon the direction of the Company, or until
such time as the Escrow Agent is required to pay and return such proceeds to the
payors upon the terms hereinafter provided.

                                    AGREEMENT

     1.   Deposit and Disbursement.

          a.   The Escrow Agent hereby agrees to receive and disburse the
proceeds from the Offering and any interest earned thereon in accordance with
the terms of this Agreement.

          b.   The Company or its authorized placement agents, on behalf of the
Subscribers, shall from time to time cause to be wired or deposited with Escrow
Agent all proceeds received from the sales of Units to be placed in a special
interest-bearing escrow account, in the appropriate sub-account at the Escrow
Agent designated for each Series (the "Escrow Account") until the Threshold
Amounts for each Series (or such greater amount as the Company may direct in
writing) have been deposited in said account. The Company shall direct
Subscribers to identify the Series for which such deposits are being made, and
direct subscribers to make payments to the Escrow Agent using the instructions
identified on Exhibit C attached hereto and incorporated herein. All proceeds
are to be deposited in the Escrow Account within three (3) business days after
receipt by Escrow Agent.

          c.   As deposits are made in the Escrow Account and at least every
3/rd/ business day, the Company shall cause to be delivered to the Escrow Agent
with each such deposit a list showing the name, address, and tax identification
number of each Subscriber as well as the name and address of each payor, by
Series, which list shall not be cumulative but shall identify only new deposits.
The Escrow Agent shall keep a current list by Series of the persons who have
subscribed for the Units and deposited money, showing name, date, address and
amount of each subscription. All funds so deposited shall remain the property of
the Subscribers, subject to the provisions of Section 5 herein. The Escrow Agent
shall promptly forward to the Company any subscription agreements which it may
receive directly from Subscribers.

          d.   If the Company rejects any subscriptions for which the Escrow
Agent has already collected funds, or in the event that the Subscriber rescinds
its subscription in conformity with the requirements of the North American
Securities Administrators Association Inc. Guidelines for Registration of
Commodity Pool Programs, which rescission has been approved by the Company and
the Company has notified the Escrow Agent thereof, the Escrow Agent shall
promptly issue a refund check or wire transfer (if payor provides Escrow Agent
with direction and wire instructions) to the payor, excluding any interest
thereon, in the amount of the original deposit collected

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from such payor. Interest earned on subscriptions (both accepted and rejected)
shall be paid to the Trust for the account of the relevant Series. If the
Company rejects any subscription for which the Escrow Agent has not yet
collected funds but has submitted the Subscriber's check for collection, the
Escrow Agent shall promptly issue a check in the amount of the rejected
Subscriber's check upon actual collection. The Escrow Agent shall promptly remit
the Subscriber's check directly to the Subscriber.

          e.   In the event that the Threshold Amount for any Series is not
deposited with Escrow Agent on or before the date for the closing of the initial
offering period as set forth in the Prospectus, which date shall be provided to
the Escrow in writing by the Company (unless that date is extended in accordance
therewith, and the Company has notified the Escrow Agent in writing of such
extension), a copy of which is attached hereto as Exhibit A, the Escrow Agent
shall promptly return the funds which have been deposited in the Escrow Account
to the payors (in the same way described above in Section 1 (d)), in the amount
and to the addresses as shown on its records, provided that Interest Income
shall be paid to the Trust.

          f.   Upon receipt of (i) the Threshold Amount for each Series (or such
greater amount as the Company may direct in writing) and (ii) written
confirmation from the Company that funds may be released from escrow, the Escrow
Agent shall release the escrow funds, including all Interest Income to the
Trust. At the Company's option, it may continue to deposit proceeds from the
sale of additional Units (after receipt and/or distribution of the Threshold
Amount or any greater amount as directed in writing by the Company) and to
direct the disbursement from time to time of funds so deposited after
subscriptions for the Threshold Amount have been received but not to exceed 3
months from the date of this Agreement.

     2.   Responsibilities and Obligations of Escrow Agent.

          a.   The Escrow Agent assumes no responsibilities, obligations, or
liabilities except those expressly provided for in this Agreement as follows:

               (1)  The Escrow Agent shall have no responsibility, obligation or
liability to any person with respect to any action taken, suffered or omitted to
be taken by it in good faith under this Agreement and shall in no event be
liable hereunder except for its gross negligence or willful misconduct.

               (2)  Notwithstanding anything herein to the contrary, no
reference in this Agreement to any other agreement, including but not limited to
Exhibit A, shall be construed or deemed to enlarge the responsibilities,
obligations, or liabilities of the Escrow Agent as set forth in this Agreement,
and the Escrow Agent is not charged with knowledge of any other agreement.

          b.   The Escrow Agent shall be protected in relying upon the truth of
any statement contained in any requisition, notice, request, certificate,
approval, consent or other proper paper, and in acting on any such document,
which on its face and without inquiry as to any other facts, appears to be
genuine and to be signed by the proper party

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or parties, and is entitled to believe all signatures are genuine and that any
person signing any such paper who claims to be duly authorized is in fact so
authorized.

          c.   The Escrow Agent shall be entitled to act on any instruction
given to it in writing and signed by an authorized signatory of the Company and
shall be fully protected in doing so.

          d.   The Escrow Agent shall be entitled to act in accordance with any
court order or other final determination by any governmental authority with
jurisdiction of any matter arising hereunder.

          e.   The Escrow Agent shall have no responsibility for, and makes no
representation as to the value, validity or genuineness of any article, asset or
document deposited with Escrow Agent in the Escrow Account under this Agreement,
provided that it will give notice to the Company of any check for money not
credited and the reason stated therefore and of any discrepancy with respect to
the value, validity or genuineness of any article, asset or document so
deposited if and when it has actual knowledge thereof.

          f.   The Escrow Agent shall have no responsibility to make payments
out of the Escrow Account for any amount in excess of the amount of collected
funds deposited in the Escrow Account, together with interest earnings thereon,
at the time any payment is to be made.

          g.   If any controversy arises between the parties hereto or with any
third person relating to the Escrow Account, the Escrow Agent shall not be
required to resolve the same or to take any action to do so but may at its
discretion, institute such interpleader or other proceedings as it deems proper.
The Escrow Agent may rely on any joint written instructions as to the
disposition of funds, assets, documents or other assets held in escrow
hereunder.

          h.   The Escrow Agent may execute any of its powers or
responsibilities hereunder and exercise any of its rights hereunder either
directly or by or through its agents or attorneys. Nothing in this Agreement
shall be deemed to impose upon the Escrow Agent any duty to qualify to do
business or to act as a fiduciary or otherwise in any jurisdiction. The Escrow
Agent shall not be responsible for and shall not be under a duty to examine or
pass upon the validity, binding effect, execution or sufficiency of the
Agreement or of any agreement amendatory of supplemental hereto or of any other
agreement.

     3.   Investment of Escrow Funds.

          The Escrow Agent shall invest funds in an interest-bearing U.S. Bank
Money Market Savings Account. Equinox acknowledges that this is a FDIC insured
U.S. Bank Money Market Deposit Account designed to meet the needs of U.S. Bank
Corporate Trust Services Escrow Group and other Corporate Trust customers of
U.S. Bank National Association. This is a tiered account and the interest rate
paid on the

                                       4

<PAGE>

account is based upon the daily balance maintained in your account. U.S. Bank
National Association uses the daily balance method to calculate interest on
these accounts. This method applies a daily periodic rate to the principal
balance in the account each day. Interest is accrued daily and credited monthly
to the account. The owner of the accounts is U.S. Bank as Agent for its
customers. At our discretion, we may change the interest rate for the Money
Market Deposit Accounts at any time. All account deposits and withdrawals are
performed by U.S. Bank National Association. Any and all interest earned on the
Proceeds after the deposit shall be added to the Proceeds and shall become a
part thereof. All entities entitled to receive interest from the escrow account
will provide Escrow Agent with a W-9 or W-8 IRS tax form prior to the
disbursement of interest. A statement of citizenship will be provided if
requested by the Escrow Agent. The Escrow Agent shall have no responsibility for
preparing or filing any Federal or state tax returns in connection therewith.

     4.   Compensation of Escrow Agent.

          The Escrow Agent shall be paid reasonable compensation as set forth on
Exhibit B attached hereto and incorporate herein, for services hereunder and
shall be reimbursed for any actual out-of-pocket expenses incurred by the Escrow
Agent for performing its duties hereunder. Payment of all fees shall be the
responsibility of the Company and may, to the extent of unpaid fees and
expenses, be deducted from any property placed within the escrow with Escrow
Agent, which belongs to the Company.

          In the event that the Escrow Agent is made a party to litigation with
respect to the property held hereunder, or brings an action in interpleader or
in the event that the conditions of this escrow are not promptly fulfilled, or
the Escrow Agent is required to render any service not provided for in this
Agreement, or there is any assignment of the interest of this escrow or any
modification hereof, the Escrow Agent shall be entitled to reasonable
compensation for such extraordinary services and reimbursement for all fees,
costs, liability and expenses, including reasonable attorneys' fees. The Escrow
Agent may amend its fee schedule from time to time on ninety (90) days prior
written notice to the Company, provided, however, that any fee increase shall
not exceed 10% of the amounts set forth on the existing fee schedule.

     5.   Indemnification of Escrow Agent.

          The Company hereby indemnifies and hold harmless the Escrow Agent
against any and all claims, losses, and damages it may suffer in connection with
its carrying out the terms of this Agreement, including, without limitation, the
Escrow Agent's unpaid fees and reimbursable expenses, but excluding any loss the
Escrow Agent may sustain as a result of its gross negligence or willful
misconduct. The Escrow Agent shall have a lien or right of setoff on all Company
funds, monies or other assets held hereunder to pay all of its fees and
reimbursable expenses permitted under this Agreement. The obligations of the
Company under this Section 5 shall survive termination for any reason of this
Agreement or resignation or removal of Escrow Agent.

                                       5

<PAGE>

     6.   Termination and Resignation.

          a.   This Agreement shall terminate when (i) the Escrow Agent or its
successor or assign receives written notification of termination from the
Company including final disposition instructions signed by the Company, and (ii)
there occurs the actual final disposition of the monies held in escrow hereunder
as provide in this Agreement. The rights and obligations of the Escrow Agent
shall survive the termination of this Agreement.

          b.   The Escrow Agent may resign at any time and be discharged from
its duties as Escrow Agent hereunder by giving the Company not fewer than thirty
(30) days prior written notice thereof. As soon as practicable after its
resignation, the Escrow Agent shall turn over to a successor escrow agent
appointed by the Company all monies held hereunder upon presentation of the
document from the Company appointing a successor escrow agent and its acceptance
of appointment. If no successor has been appointed by the Company, the Escrow
Agent may designate its successor by written notice to the Company so long as
any such successor is a bank or trust company. Upon the designation of a
successor escrow agent and the delivery to a resigning escrow agent of the
document appointing such successor escrow agent and its acceptance of
appointment, the resigning escrow agent shall be released from any and all
liabilities arising thereafter except as provided in Sections 2(a)(1) and (5) of
this Agreement.

          If no successor escrow agent is appointed by the Company within the
thirty (30) day period following such notice of resignation, the Escrow Agent
reserves the right to forward the matter and all monies and other property held
by the Escrow Agent pursuant to this Agreement to a court of competent
jurisdiction at the expense of the Company.

          c.   The Company may discharge the Escrow Agent and appoint a
successor escrow agent hereunder at any time by giving the Escrow Agent no fewer
than thirty (30) days prior written notice thereof. As soon as practicable after
its discharge, the Escrow Agent shall turn over to the successor escrow agent
appointed by the Company all monies held hereunder upon presentation of the
document from the Company appointing such successor escrow agent and its
acceptance of appointment. Upon the designation of a successor escrow agent, the
delivery of the document appointing a successor escrow agent and the delivery of
all monies held hereunder to such successor escrow agent pursuant to the
immediately preceding sentence, the discharged escrow agent shall be released
from any and all liabilities arising thereafter except as provided in Sections
2(a)(1) and 5 of this Agreement.

     7.   Notices.

          All notices provided for herein shall be in writing, shall be
delivered by hand or by registered or certified mail and shall be deemed given
when actually received, and shall be addressed to the parties hereto at their
respective addresses, which may be changed by any party from time to time by
written notice to all other parties hereto as follows:

                                       6

<PAGE>

          a.   If to the Company:

               Equinox Fund Management, LLC
               1660 Lincoln Street, Suite 100
               Denver, Colorado 80264
               Attn: Brent Bales
               (303) 572-1000 (tel.)
               (303) 832-9354 (fax)

          b.   If to the Escrow Agent:

               U.S. Bank Corporate Trust Services
               60 Livingston Avenue, EP-MN-WS3T
               St. Paul, Minnesota 55107-2292
               Attn: Chris Smith
               (651) 495-3726 (tel.)
               (651) 495-8087 (fax)

               With a fax copy to:

               Dawnita Ehl
               (206) 344-4685 (tel.)
               (206) 344-4630 (fax)

     8.   Disclosure.

          The parties hereby agree not to use the name of U.S. Bank National
Association to imply an association with the Offering other than that of a legal
escrow agent.

     9.   Brokerage Confirmation.

          The parties acknowledge that to the extent regulations of the
Comptroller of Currency or other applicable regulatory entity grant a right to
receive brokerage confirmations of security transactions of the escrow, the
parties waive receipt of such confirmations to the extent permitted by law. The
Escrow Agent shall furnish a statement of security transactions on its regular
monthly reports to the Company.

     10.  Parties Bound.

          This Agreement shall extend to and be binding upon the respective
successors, representatives, and assigns of the Company and Escrow Agent.

                                       7

<PAGE>

     11.  Entire Agreement.

          This Agreement constitutes the entire agreement of the parties hereto
with respect to the subject matter hereof and cannot be modified, amended,
supplemented, or changed, nor can any provisions hereof be waived, except by
written instrument executed by the parties hereto.

     12.  Assignment.

          Neither party may assign its rights or obligations under this
Agreement without the written consent of the other party hereto.

     13.  Applicable Law.

          The Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Colorado.

     14.  Severability.

          If at any time subsequent to the date hereof, any provision of this
Agreement shall be held by a court of competent jurisdiction to be illegal,
void, or unenforceable, such provision shall be of no force or effect, and shall
be limited or expanded in scope so as to carry out the intent of the parties as
expressed herein to the greatest extent possible. The illegality or
unenforceability of any such provision shall have no effect upon and shall not
impair the enforceability of any other provision of this Agreement.

     15.  Counterparts.

          This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be one and the same instrument. The exchange of copies
of this Agreement and of signature pages by facsimile transmission shall
constitute effective execution and delivery of this Agreement as to the parties
and may be used in lieu of the original Agreement for all purposes. Signatures
of the parties transmitted by facsimile shall be deemed to be their original
signatures for all purposes.

                                       8

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

THE FRONTIER FUND

__________________________________________

Name: ____________________________________

Title:____________________________________

EQUINOX FUND MANAGEMENT, LLC

__________________________________________

Name: ____________________________________

Title:____________________________________

U.S. BANK NATIONAL ASSOCIATION

__________________________________________

Name: ____________________________________

Title:____________________________________

                                        9

<PAGE>

                                    Exhibit A

                                       10

<PAGE>

                                    Exhibit B

                  Schedule of Fees for Services as Escrow Agent

(1)  Initial Fees

Acceptance Fee - The acceptance fee includes the administrative review of
documents, initial se-up of the account, and other reasonably required services
up to and including the execution and closing of the escrow agreement. This is a
one-time non-refundable fee payable at closing.

$500.00

(2)  Administration Fees - Transaction Fees

Administration - Annual administration fee for the performance of the routine
duties associated with the management of the escrow account will be based on the
number of transaction receipts. Charge per receipt of funds via wire or check
for deposit from a Subscriber (Subscriber Deposit). This fee is payable in
arrears and billed monthly.

$8.00 per Subscriber Deposit received.

Disbursement Fee - Charge per wire or check to Subscribers for return of
deposited funds to Subscribers for a failed subscription.

$5 per check or wire disbursed to Subscriber at the written direction of the
Company.

(3)  Direct Out of Pocket Expenses

Reimbursement of actual reasonable expenses associated with the performance of
our duties, including but not limited to publications, mailings, legal counsel
after the initial close, travel expenses, and filing fees. (none anticipated) At
Cost

(4)  Extraordinary Services

Extraordinary services are duties or responsibilities of an unusual nature, but
not provided for in the governing documents or otherwise set forth in this
schedule. A reasonable charge will be assessed based on the nature of the
service and the responsibility involved. At our option, these charges will be
billed at a flat fee or at our hourly rate then in effect.

Account approval is subject to review and qualification. Fees paid in advance
will not be prorated.

                                       11

<PAGE>

                                    Exhibit C

Payment instructions:

If by check:                             If by wire:

U.S. Bank National Association           U.S. Bank National Association
60 Livingston Avenue                     ABA #091000022
EP-MN-WS3T                               Credit: A/C #180121167365
Attn: Chris Smith                        Ref: Frontier [Insert Fund Series Name]
Ref: Frontier [Insert Fund Series Name]  Attn: Chris Smith (651) 495-3726

                                       12

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