Document:

Advisory agreement

 Exhibit 10.01 
  
 Beacon Management Corporation (USA) 
  
 Advisory Agreement 
  
 This Agreement is entered into this      day of December, 2004, between Beacon Management Corporation (USA) (“Beacon”), 116 Village
Boulevard, Suite 210, Princeton, New Jersey, 08540, and The Beacon Financial Futures Fund, L.P. (the “Client”) with an address at c/o Beacon Management Corporation, 116 Village Boulevard, Suite 210, Princeton, New Jersey 08540. 

 
 Whereas Beacon offers investment and hedging advisory services through the
application of futures, options, options on futures, forward contracts, and related contracts, (the “Contracts”); and 
  
 Whereas the Client wishes to retain Beacon’s services under the terms and conditions herein, and Beacon desires to perform such services; 
  
 Now therefore, in consideration of the premises and the mutual covenants herein
contained, the parties agree as follows: 
  
 1. Client Account.

  
 A. The Nominal Account Size shall be defined as set forth
in Exhibit A attached hereto. 
  
 B. The Client shall designate a
futures commission merchant (“FCM”) and will promptly open a trading account at the FCM. 
  
 The relationship between the Client and the FCM shall remain that of a futures commission merchant and customer, and Beacon shall have no responsibility
for any matters relating to the relationship or transactions between the two, including without limitation executions of Client’s transactions (after orders are transmitted by Beacon, payment of brokerage commissions, confirmations of
transactions to the Client, transmittal of monthly account statements to the Client, margin requirements, or custody over the funds, securities, or open positions in the Account. The Client hereby instructs the FCM to furnish copies of all
confirmations and monthly account statements to Beacon. 
  
 C.
The Client will not enter orders for the trading account and will not authorize any party, including the FCM, to enter orders. It is the intent of this Agreement that only Beacon shall have authority to trade on behalf of the Client. 
  

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 2. Management Program. 
  
 A. The Account shall be managed in accordance with Beacon’s Enhanced Financials program, as modified from time to time
by Beacon. 
  
 B. In managing the Account, Beacon agrees to use
its best judgment and efforts for the Client’s benefit. However, the parties agree that the Client shall bear all risk of gain or loss in the Account and all expenses of the Account. No assurance can be given that Beacon’s trading will
result in profits for the Client or that the Client will not incur losses or that losses will be limited. Beacon is not qualified to give, and will not give, any advice with respect to the tax treatment of profits or losses in the Account.

  
 3. Limited Power of Attorney. 
  
 The Client hereby appoints Beacon as attorney-in-fact with respect to the
Account to buy, sell (including short sales), spread or otherwise trade in the Contracts, all at such times, in such amounts and at such prices as Beacon shall determine. Beacon shall have full authority to communicate such orders directly to the
FCM, and the FCM is hereby authorized to accept and execute all such orders. The Contracts may be purchased and sold on margin. Beacon is also authorized to invest any uncommitted assets of the brokerage account in U.S. Government obligations (or
obligations guaranteed by the U.S. Government). This power-of-attorney is a continuing power and shall remain in full force and effect until revoked by the Client in writing, but any such revocation shall not affect any transaction initiated prior
to receipt of the revocation. 
  
 4. Representations and Warranties.

  
 A. Beacon represents and warrants the following to the
Client: 
  
 (i) Beacon is duly incorporated and is in good
standing under the laws of the State of Delaware. 
  
 (ii) Beacon
has the legal capacity and full authority to enter into this Agreement and entering into this Agreement does not conflict with or violate any provision of any applicable law, rule, or regulation, or of any contract or other instrument to which
Beacon is a party or to which any of its property is subject. 
  
 (iii) This Agreement is a valid and binding obligation of Beacon, enforceable in accordance with its terms. 
  
 B. The Client represents and warrants the following to Beacon: 
  

(i) The Client is aware of the highly speculative nature of, and risks of loss inherent in, trading of the Contracts and is financially capable of
engaging in such trading. 
  

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 (ii) The Client has the power to execute and deliver this Agreement and any other documentation relating
to this Agreement and to perform obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance. Such execution, delivery and performance do not violate or conflict with any law applicable
to the Client, the constitutional documents (if any) of the Client, any order or judgment of any court or other governmental agency, or any contractual restriction binding on or affecting the Client. All governmental and other consents that are
required to have been obtained by the Client with respect to this Agreement have been obtained and are in full force and effect. The obligations of the Client under this Agreement constitute its legal, valid and binding obligations, enforceable in
accordance with their terms. 
  
 5. Advisory Fees. 
  
 In consideration of Beacon’s services hereunder, the Client agrees to
pay the fees as set forth in Exhibit A attached hereto. 
  
 6. Documents and
Information. 
  
 The Client agrees to execute any and all
documents required by the FCM, Beacon, or any regulatory agency (with jurisdiction over the Account) as may be necessary to open and maintain the Account and to provide Beacon with the requisite authority to manage the Account. Beacon is and shall
remain a registered commodity trading advisor during the term of this Agreement. 
  
 7. Non-exclusive, Confidential Advice. 
  
 Beacon’s present business includes, without limitation, managing accounts for investors in the purchase or sale of the Contracts, and Beacon will manage accounts for other clients during the term of this Agreement. Beacon’s
services provided hereunder are not exclusive and Beacon, its principals and affiliates shall be free to render similar services to others, and to manage other clients’ accounts and to use the same or other information, trading programs or
formulae and trading strategies which they obtain, produce or utilize in the performance of services for the client. Beacon, its shareholders, directors, officers, and employees are also permitted to trade Contracts for their own accounts as long as
such trading does not materially impair the ability of Beacon to manage client accounts. The Client acknowledges that all such trading for accounts other than the Client’s Account may increase the level of competition with respect to priorities
or order entry and in respect of any applicable position limits. The Client acknowledges that the advice given by Beacon is the confidential property of Beacon, and the Client will not disclose the same to third parties without the prior written
consent of Beacon. Nothing in this Agreement shall require Beacon to disclose the details of its trading systems and strategies. 
  

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 8. Term of Agreement. 
  
 A. This Agreement shall continue in effect until the 30th day of November, 2005. The Client may, in its sole discretion, renew this Agreement for additional one-year periods upon notice to Beacon not less than 30
days prior to the expiration of the previous period. 
  
 B.
Either Beacon or the Client may terminate this Agreement by giving not less than 60 days’ notice prior written notice to the other. 
  
 C. Upon receipt of a notice of termination from the Client, or if Beacon gives notice of termination to the Client, Beacon, shall work with the Client in
good faith to use its best efforts to assure to the extent practicable that there is an orderly wind-down of positions in the Account. 
  
 9. Notices. 
  
 All notices or other communications shall be in writing and shall be delivered personally or sent by facsimile, telegram, or registered mail, return
receipt requested. Notices intended for Beacon shall be addressed to the attention of its president, Mark S. Stratton, Beacon Management Corporation (USA), 116 Village Boulevard, Suite 210, Princeton, New Jersey 08540. Notices intended for the
Client shall be sent to the address given in the preamble to this Agreement. 
  
 10. Relationship of the Parties. 
  
 The
relationship between Beacon and the Client shall be limited to that of commodity trading advisor and client for the purposes of managing the Account for the benefit of the Client. Beacon is an independent contractor and this Agreement shall not be
deemed to establish a joint venture between Beacon and the Client or between Beacon and the FCM, and nothing herein contained shall be construed as creating a general partnership or other similar relationship or as authorizing any party to act as
general agent or to enter into any contract or other agreement on behalf of any other party except as otherwise expressly provided herein. 
  
 11. Best Judgment and Indemnification. 
  
 Beacon shall exercise its best judgment in rendering its services to the Client and the Client agrees as an inducement to Beacon’s undertaking the
same that Beacon and its officers, directors, shareholders, affiliates, and employees shall not be liable to the Client or the Client’s assigns except by reason of acts or omissions due to misconduct or gross negligence. The Client shall
indemnify Beacon, its officers, directors, shareholders, affiliates and employees against all losses, damages and 
  

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 liabilities (including attorneys’ fees) incurred in the performance of services required by this
Agreement or relating to this Agreement, provided that such loss, damage or liability was not the result of misconduct or gross negligence. The indemnification provided for herein shall survive the termination or other expiration of this Agreement.
This paragraph does not limit the right of the Client to institute legal proceedings under federal or state security laws. 
  
 12. Miscellaneous. 
  
 This Agreement constitutes the entire agreement between Beacon and the Client with respect to the subject matter hereof and supersedes all prior
agreements and understandings (written or oral) of the parties in connection herewith. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey (excluding conflict of law principles) and cannot be
changed or terminated orally, and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors, and assigns. The captions appearing in this Agreement are inserted as a matter
of convenience and for reference only and shall not define, limit, or describe the scope and intent of this Agreement or any of the provisions thereof. This Agreement may be executed in counterparts, each of which shall constitute an original and
all of which, when taken together, shall constitute one agreement. No assignment of this Agreement may be made by the Client or by Beacon without the written consent of the other party. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. 
  

	
	 Beacon Management Corporation
  
  

	 Mark S. Stratton, President

	
	 The Beacon Financial Futures Fund L.P.
  
  

	 Mark S. Stratton, President of General Partner

  

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 Exhibit A 
 Beacon Management Corporation (USA) 
 Advisory Agreement 
 Advisory Fees 
  
 Advisory Fees. The Advisory Fees will be paid as described in the section “Description of Charges” in the Prospectus for The Beacon
Financial Futures Fund, L.P., as amended from time to time (“Prospectus”). 
  
 Nominal Account Size. The Nominal Account Size shall be equal to “net assets” as defined in the Prospectus. 
  

 6MAN Financial Inc Customer Agreement

 Exhibit 10.02 
  
 MAN FINANCIAL INC 
  
 CUSTOMER AGREEMENT 
  
 This agreement (“Agreement”) sets forth the terms and conditions under which we, Man Financial Inc, will open and maintain one or more accounts (collectively, the “account”) in your name and on
your behalf and otherwise transact business with you. If this account has been introduced to us, all references to us in this Agreement shall include your broker, and your broker shall enjoy all benefits and rights hereunder. 
  
 1. Parties. 
  
 You agree that the parties to this Agreement shall consist of us and you. If this is a joint
account (including a community property account), the term “you” refers to each account holder. Except as disclosed in writing to us, no person other than you has any interest in the account. If this is a joint account, each account holder
has full authority to act on behalf of the account and you authorize us to follow the instructions of any account holder as if such person were the sole account holder. All obligations arising hereunder are joint and several and may be enforced by
us against any or all account holders. Notwithstanding the foregoing, we may require joint action by all account holders with respect to any matter concerning the account, including the giving or cancellation of orders, and the withdrawal of monies,
securities or other property. In the event of the death of either or any of the joint account holders, the surviving joint account holder(s) shall immediately give us written notice thereof, and we may, before or after receiving such notice, take
such action, require such papers and inheritance or estate tax waivers, retain such portion of and/or restrict transactions in the account as we may deem advisable. The surviving joint account holder(s) and the estate of the deceased joint account
holder shall be jointly and severally liable to us for any net debit balance or loss in the account in any way resulting from transactions initiated prior to the receipt by us of the written notice of the death or incurred in the liquidation of the
account or the adjustment of the interests of the respective parties. 
  
 Laws
governing joint ownership of property vary from jurisdiction to jurisdiction. Generally, however, for joint tenants with rights of survivorship, in the event of the death of either tenant, the entire interest in the joint account shall be vested in
the surviving joint tenant(s) on the same terms and conditions. For tenants in common, the interest in the tenancy shall be equal unless specified and in the event of death of either tenant, the interest in their share of the tenancy shall vest in
the decedent’s legal representative. State laws regulating community property vary. Consult your own legal adviser. 
  
 2. Applicable Law and Regulations; Markets. 
  
 All transactions shall be subject to all applicable law and the rules and regulations of all federal, state and self-regulatory agencies including, but not limited to,
the Board of Governors of the Federal Reserve System and the constitution, rules and customs of the exchange or market (and clearing house) where executed. Unless you provide us with specific instructions, we may use our discretion in selecting the
market in which to place your orders. 
  
 3.
Deposits on Transactions. 
  
 You agree to maintain, without demand from us, such
margin, cash or other acceptable collateral as we in our discretion require from time to time and you agree to pay on demand any debit balances in your account. You will make deposits of such margin or collateral immediately upon our request. You
will provide us with any information we may require for immediate confirmation of wire transfers. 
  
 4. Security Interest and Lien. 
  
 As security for the payment of all of your obligations and liabilities to us or any of our affiliates through whom you conduct business, we shall have a continuing
security interest in all property in which you have an interest held by or through us or any of our affiliates including, but not limited to, securities, futures contracts, cash commodities, commercial paper, monies, any after-acquired property and
all rights you may have against us or any of our affiliates. In addition, in order to satisfy any such outstanding liabilities or obligations, we may, at any time and without prior notice to you, use, apply or transfer any of such securities or
property interchangeably (including cash and fully-paid securities). In the event of a breach or default under this Agreement or any other agreement you may have with us or any of our affiliates, we shall have all rights and remedies available to a
secured creditor under any applicable law in addition to the rights and remedies provided herein. 
  
 5. Default. 
  
 Should we deem it desirable for our protection, or should we feel insecure, or should you be in breach of or violate any of the terms of this Agreement, we are authorized
to declare (and without the necessity 

  

 
of a call for additional capital) you in default under this and any other agreement you may then have with us or our affiliates, whether heretofore or
hereafter entered into. In the event of default, each of us and our affiliates reserves the right to sell, without prior notice to you, any and all property in which you have an interest held by or through us or our affiliates, to buy any or all
property which may have been sold short, to cancel any or all outstanding transactions and/or to purchase or sell any other property to offset market risk, and to offset any indebtedness or position you may have, including by means of an exchange
for physicals transaction, after which you shall be liable to us, for any remaining deficiencies, losses, costs or expenses sustained by us in connection therewith. Such purchases and/or sales may be effected publicly or privately without notice or
advertisement in such manner as we may in our sole discretion determine. At any such sale or purchase, we may purchase or sell the property free of any right of redemption. In addition, we shall have the right to set off and apply any amount owing
from our affiliates to you against any indebtedness in your account, whether matured or unmatured. You are unconditionally obligated to pay to us the amount of any debit balance in your account, however incurred, at the lesser of the highest rate
permitted by applicable law or two percent above the current prime rate as announced from time to time by the banking institutions with which we normally do business. 
  
 6. Fees and Charges. 
  
 You understand that we will charge commissions and other fees for clearing, execution, custody, storage, delivery or any other service
furnished to you and you agree to pay such commissions, fees and interest on monies owed to us at our then-prevailing rates. You understand further that such commissions, fees and interest rates may be changed from time to time. You will also be
charged a fee for positions transferred to another broker. We may receive remuneration for directing orders to a particular broker or dealer or market center for execution. Such remuneration is considered compensation to us. We may pay a portion of
fees and commissions charged to your Account to third-parties that have introduced your account to us or serviced your account. You understand that we or an affiliate may act as principal in certain transactions with you, including but not limited
to, cash market transactions, forward contracts, or exchanges of physicals for futures (“EFPs” ) . 
  
 7. Making Delivery; Liquidation Instructions. 
  

You agree to give us timely notice if you intend to make or take delivery under a contract or to exercise any option contract. If so requested by us, you shall satisfy
us that you can fulfill your obligations to make or take delivery and shall furnish us with property deliverable by you under any contract in accordance with our directions. We shall not have any obligation to exercise any long option contract
unless you have furnished us with timely exercise instructions and sufficient initial margin with respect to each underlying contract. If we sell any property at your direction and you fail for any reasons to supply us with such property, we may
(but shall not be obligated to) borrow or buy for you any property necessary to make such delivery. Under no circumstances shall we be obliged to make any payment or delivery to you except against receipt of payment or delivery by you of monies or
other property requested by us. You shall be responsible for providing insurance coverage for any deliveries made or accepted by you. We do not provide any insurance coverage. If you do not provide insurance coverage, you agree to bear the risk of
loss. 
  
 8. Consent to Loan or Pledge.

  
 Within the limits of applicable law and regulations, you hereby authorize us
to lend either to ourselves or to others any securities or other property held by us in your margin account together with all attendant rights of ownership, and to use all such property as collateral for our general loans. Any such property,
together with all attendant rights of ownership, may be pledged, repledged, hypothecated or rehypothecated either separately or in common with other such property for any amounts due to us thereon or for a greater sum, and we shall have no
obligation to retain a like amount of similar property in our possession and control. 
  
 9. Reports. 
  
 Reports of execution of orders sent by us to you shall be binding and conclusive on you unless, in the case of a verbal report, you object at the time the report is
received by you or your agent; and in the case of a written report, you object in writing prior to the opening of trading on the business day following the day you have received the report. In addition, if after you have placed an order with us and
have not received a written or verbal confirmation thereof in 

  

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accordance with our practice, you immediately shall notify us thereof. If you fail to notify us as set forth in this section, you agree that you shall be
deemed estopped to object and to have waived any objection to our execution or failure to execute any transaction. Nothing contained in this section, however, shall bind us with respect to any transaction or price reported (whether verbal or in
writing) in error, or prevent us, upon discovery of any error or omission, from correcting the error or omission, and putting the account in the same position it would have been in if the error or omission had not occurred. 
  
 10. Waiver, Assignment and Notices. 
  
 Neither our failure to insist at any time upon strict compliance with this Agreement or with
any of the terms hereof nor any continued course of such conduct on our part shall constitute or be considered a waiver by us of any of our rights or privileges hereunder. We may assign this Agreement and your account upon notice to you. Any
assignment of your rights and obligations hereunder or interest in any property held by or through us without obtaining the prior written consent of an authorized representative of ours shall be null and void. Notices or other communications,
including margin calls, delivered or mailed, including by facsimile or electronic transmission, to the address provided by you, shall, until we have received notice in writing of a different address, be deemed to have been personally delivered to
you. 
  
 11. Clearance Accounts. 
  
 If your account has been introduced to us by another broker, that broker is acting as your
agent and your broker in this relationship is not an agent of or affiliated with us. You agree that your broker and its employees are third-party beneficiaries of this Agreement. Unless we receive from you prior written notice to the contrary, we
may accept from such other broker, without any inquiry or investigation: (a) orders for the purchase or sale of securities and other property in your account on margin or otherwise; and (b) any other instructions concerning your account or the
property therein. You understand and agree that our role is limited to execution, clearing and bookkeeping for transactions made pursuant to instructions from you or your broker, and we generally will not inquire into the circumstances
surrounding any transaction for your account. We are not responsible for any acts or omissions of your broker, including, but not limited to, sales practices, trading practices or recommendations. You agree to look solely to your broker for redress
of any loss or damage arising out of circumstances other than our own gross negligence or willful misconduct in the execution, clearance or bookkeeping of transactions for your account. You understand and agree that we will pay a substantial portion
of the brokerage commissions charged to your account in consideration of introducing and servicing your account.  
  
 12. Indemnification; Costs of Collection. 
  
 You agree to indemnify and hold harmless each of us, our affiliates and our respective shareholders, directors, officers, employees and agents from and against any
liability, damage, cost or expense (including, without limitation, legal fees and expenses, amounts paid in settlement of any claims, interest and any fines or penalties imposed by any exchange, self- regulatory organization or governmental agency)
any of them may incur or be subjected to with respect to you or your Account or any transaction or position therein, or as a result of your violation of any of your representations, agreements or obligations under this Agreement. You agree to pay
and authorize us to charge you for any direct or indirect costs of collection, defense and enforcing any of our rights under this Agreement including, but not limited to, interest, legal fees, court costs and other expenses. 
  
 13. Free Credit Balances; Transfer Arrangements. 

 
 You hereby direct us to use any free credit balance in your account in accordance with
all applicable rules and regulations and you authorize us, in our discretion, to transfer any free credit balances and cash in your account daily to a non-regulated account. 
  
 14. Restrictions. 
  

You understand that we may restrict or prohibit trading in, or close, your account. 
  
 15. Credit Information and Investigation. 
  
 You authorize us and, if applicable, your broker, in our or their discretion, to make and obtain reports concerning your credit standing and
business conduct. 
  

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 16. Legally Binding. 
  
 This Agreement shall be binding upon the parties hereto and their respective successors and assigns and supersedes any prior agreements
between the parties with respect to the subject matter hereof. You further agree that all purchases and sales shall be exclusively for your account in accordance with your oral or written instructions. You hereby waive any and all defenses that any
such instruction was not in writing as may be required by the statute of frauds or any similar law, rule or regulation. 
  
 17. Amendment. 
  
 You agree that we may modify the terms of this Agreement at any time upon prior written notice to you. By continuing to accept services from us, you will have indicated
your acceptance of any such modification. If you do not accept any such modification, you must notify us thereof in writing and your account may then be terminated, but you will still be liable thereafter to us for all remaining liabilities and
obligations. Otherwise, this Agreement may not be waived or modified absent a written instrument signed by an authorized representative of ours. No oral agreements or instructions purporting to amend this Agreement will be recognized or enforceable.

  
 18. Severability. 
  
 If any provision hereof is or should become or be deemed to be inconsistent with any present
or future law, rule or regulation of any court, arbitral body, sovereign government or regulatory body having jurisdiction over the subject matter of this Agreement, such provision shall be deemed to be rescinded or modified in accordance with any
such law, rule or regulation. In all other respects, this Agreement shall continue to remain in full force and effect. 
  
 19. Limitation of Liability. 
  
 You shall have no claim against us or any of our affiliates for any loss, damage, liability, cost, charge, expense, penalty, fine or tax caused directly or indirectly by:
(a) any law, regulation, rule or order; (b) suspension, or termination of trading; (c) war, civil or labor disturbance; (d) any delays or inaccuracies in the transmission or reporting of orders or other information due to
a breakdown or failure of any transmission or communication facilities for any reason; (e) failure or delay for any reason of any broker, bank, depository or custodian to fulfill its obligations or to pay in full any amounts owed to us;
(f) failure or delay by any entity which, consistent with applicable regulations, is holding customer segregated funds, securities or other property, to pay or deliver same to us; or (g) any other causes beyond our control. 

 
 We will execute your transactions solely as your agent. In executing transactions on an
exchange, we may use floor brokers (who may be our employees or other agents of ours), but we will not be responsible to you for negligence or misconduct of an independent floor broker if, at the time the floor broker was selected, the floor broker
was authorized to act as such under the rules of the relevant exchange and the appropriate regulatory agency. We will not be responsible to you in the event of error, failure, negligence or misconduct on the part of any intermediary, commodity
trading advisor or other person acting on your behalf and, without limitation, we have no obligation to investigate the facts surrounding any transaction in your Account(s) which is introduced by such intermediary, commodity trading advisor or other
person. You will indemnify us and hold us harmless from and against any and all liabilities, penalties, losses and expenses, including legal expenses and attorneys’ fees, incurred by us as a result of any error, failure, negligence or
misconduct on the part of any such intermediary, commodity trading advisor or other person acting on your behalf. We shall only be liable for actions or inactions by us which amount to gross negligence or fraud. You also agree that we shall not be
liable to you for any losses, costs, expenses or other damages sustained by you in the event of any failure or delay by any exchange, market, clearing house, bank or other depository institution where any of your funds or other assets are
maintained, or a failure or delay by any member, bank or agent of any of the foregoing, or a failure or delay by any of the foregoing to enforce its rules, to fulfill its obligations or to make any payment, for any reason whatsoever. You waive any
claim, cause of action or right as against us, our employees or agents that may arise or occur as a result thereof. 
  
 20. Telephone Conversations. 
  
 For the protection of both you and us, and as a way of correcting misunderstandings, you hereby authorize us, at our discretion and without prior notice to you, to
monitor and/or record (with or without tone warning devices) any or all telephone conversations between you and any of our employees or agents. 
  

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 21. Additional Rights and Remedies. 
  
 The rights and remedies granted herein to us are in addition to any other rights and
remedies provided to us in any other agreement you may have with us, and you hereby appoint us as your agent to take any action necessary to perfect ourselves with respect to the security interest granted to us in this Agreement. 
  
 22. Authority. 
  
 You represent that this Agreement has been duly authorized and executed by you and that you
have full power and authority to trade futures, physical commodities, currencies, securities and options on the foregoing and related instruments. By signing this Agreement on behalf of an entity, you represent that the entity on whose behalf you
are acting is authorized to enter into this Agreement and that you are duly authorized to sign this Agreement in its name. 
  
 23. Customer’s Representations and Warranties. 
  
 You represent to us that all information supplied by you in connection with the opening of your account, including the Customer Account
Application, is accurate and complete, and that we are legally entitled to rely on such information, and you agree to report promptly to us any material change in such information. You represent to us that you have read and understand all risk
disclosure statements that we have provided to you, and understand that all transactions effected for your account are at your risk, and that you are solely liable therefore under all circumstances. You acknowledge that futures trading is only
suitable for persons who are financially able to withstand losses. Such losses may substantially exceed margins or other funds you have deposited with us. You agree to inform us immediately if you cease to be willing or financially able to sustain
such losses. 
  
 24. Pension Accounts.

  
 If you are a Keogh Plan, Pension and Profit Sharing Trust, or other employee
benefit plan as defined by Section 3(3) of the Employee Retirement Income Security Act (Collectively a “Plan”; “ERISA”), the undersigned trustee (“Trustee”) acknowledges that the establishment of the account and all
transactions executed through the account are subject to certain restrictions under Section 404(a) of ERISA, including the requirement that such transactions be prudent, that the investments be diversified, and that there are certain transactions
which the Plan is prohibited from entering into under Section 406 of ERISA and Section 4975 of the Internal Revenue Code (“Code”), regardless of whether such transactions are prudent; and Trustee further acknowledges that certain
transactions if entered into by the Plan may result in the recognition of taxable income under Section 511 of the Code. Trustee represents and warrants that, with respect to each transaction to be executed through the account, the determination as
to whether such transaction complies with the standards of Section 404(a) of ERISA, will constitute a transaction prohibited under Section 406 of ERISA, or Section 4975 of the Code, or will result in the recognition of taxable income, will be made
either by Trustee or by another person who has been determined by Trustee to be either a fiduciary or an investment manager properly delegated the authority to make, or to advise the Plan as to, such determinations. Trustee understands and agrees
that the individual account plan permits participant-directed investments pursuant to Section 404(c) of ERISA. In no event shall we have any responsibility or authority to make, or to advise the Plan or Trustee as to, such determinations. Trustee
understands and agrees that we are neither a fiduciary nor an investment manager with respect to the Plan as defined in Sections 3(21) and 3(38) of ERISA. Nevertheless, if, contrary to the expectations of the parties, it is ever finally determined
that we are a fiduciary or investment manager, our responsibility and authority in acting in such capacity shall be limited to performing our obligations as specifically set forth herein, and Trustee represents and warrants that such allocation of
fiduciary responsibility is authorized under the instrument pursuant to which you maintained in accordance with Section 402(c) of ERISA. By signing this Agreement, Trustee agrees to indemnify us for any liability which may be imposed on us
including, but not limited to, Section 409 of ERISA or any tax which may be assessed against us under Section 4975 of the Code, or any other damage or expense which may be suffered by us by reason of your being subject to the provisions of ERISA,
including all costs and expense (including attorneys’ fees) incurred by us in defending against the foregoing. The foregoing provision shall also apply to any federal or state fiduciary law governing 

  

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the investments of employee benefit plans which is supplementary to, or in lieu of, the specific provisions of ERISA referred to herein. 
  
 25. Currency Exchange Rates. 
  
 If any transaction is effected in a foreign currency, any profit or loss arising as a result
of a fluctuation in the exchange rate affecting such currency will be entirely for your account and risk. All deposits shall be made in United States currency, unless we request any such deposit in the currency of some other country, in which case
such deposit shall be made in such currency. When any position is liquidated, we shall debit or credit your account in United States currency at the rate of exchange determined by us in our sole discretion on the basis of the then prevailing money
rates for such foreign currency, unless you shall have given us specific written instructions to make such debit or credit in the foreign currency involved. 
  
 26. Funds on Deposit in Non-U.S. Banking Institutions. 
  
 Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories
located outside the United States or its territories if you are domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could
occur which would hinder or prevent the availability of these funds for distribution to you. Such accounts may also be subject to foreign currency exchange rate risks. 
  
 You authorize the deposit of funds into such foreign depositories. For customers domiciled in the United States, this authorization permits
the holding of funds in regulated accounts offshore only if such funds are used to margin, guarantee, or secure positions in such contracts or accrue as a result of such positions. 
  
 In order to avoid the possible dilution of other customer funds, if you have funds held outside the United States, you further agree that
your claims based on such funds will be subordinated in the unlikely event both of the following conditions are met: (1) Your futures commission merchant is placed in receivership or bankruptcy; and (2) there are insufficient funds available
for distribution denominated in the foreign currency as to which you have a claim to satisfy all claims against those funds. 
  
 You agree that if both of the conditions listed above occur, your claim against our assets attributable to funds held overseas in a particular foreign currency may be
satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies received its pro-rata portion of such funds.
You further agree that in no event may a customer whose funds are held overseas receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and nonsegregated assets
of the company. 
  
 27. CFTC Regulations.

  
 You are aware that CFTC Regulation 1.35(a-2)(2) requires you to create,
retain and produce upon the request of the CFTC, the United States Department of Justice and the applicable exchange, documentation of cash transactions underlying exchanges of futures for cash commodities or exchanges of futures in connection with
cash commodity transactions and, if you effect any such exchange of futures, you will comply with Regulation 1.35 (1-2)(2). If you maintain separate accounts in which, pursuant to CFTC Regulation 1.46(d)(6), offsetting positions are not closed out,
you understand that, if held open, offsetting long and short positions in the separate accounts may result in the charging of additional margins even though offsetting positions will result in no additional market gain or loss. If you are a
non-United States person, you acknowledge that: (a) CFTC Regulation 15.05 designates us as the agent of foreign brokers, customers of foreign brokers, and foreign traders for certain purposes; and (b) CFTC Regulation 21.03 authorizes the CFTC to
request, when unusual market circumstances exist, certain account information from us as well as foreign brokers and traders. 
  
 28. Online Services/Electronic Statements. 
  
 If we provide you with access to online brokerage service facilities, you agree to our posted terms of use, privacy statement and service agreement and the Electronic
Order Entry & Account Access Agreement as if the same were set forth in this Agreement. We do not guarantee access to your 

  

 6 

 
account at all times, nor do we guarantee the receipt, acceptance and entry of any order transmitted to us electronically. You further agree that any market
data or information provided to you will not be broadcast, retransmitted or commercially exploited and you acknowledge that exchanges and markets have a proprietary interest in this data and information. If you have agreed to the electronic
transmission of information, you understand that we do not guarantee delivery. 
  
 29. Governing Law; Jurisdiction and Venue; Service of Process; Limitation on Actions; Waiver of Jury Trial. 
  
 In order to induce us to accept this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, you hereby agree to the following: 
  
 A. This Agreement is made, upon acceptance by us, in the State of Illinois, and shall be governed by, and the rights and liabilities of the parties shall be determined in accordance with, the laws of the State
of Illinois, without regard to any of its conflicts of laws, principles or rules, and by the laws of the United States. 
  
 B. If you have not entered into an arbitration agreement or if arbitration is unavailable, all actions or proceedings, whether initiated by you or us, with respect to
any controversy arising out of or related to this agreement, shall be litigated only in courts whose situs is in the State of Illinois. You hereby submit to the jurisdiction of the United States District Court of the Northern District of Illinois,
Eastern Division, and any other court of competent jurisdiction whose situs is in Chicago, Illinois. If you bring any arbitration (including, but not limited to, NFA arbitrations), administrative or reparations proceedings against us, you hereby
authorize and direct such arbitrators, administrative law judges, or judgment officers to hold any such proceedings in Chicago, Illinois. You hereby waive any right you may have to transfer or change the venue of any litigation you may bring against
us, or that such litigation is brought in an inconvenient forum or that forum is improper. 
  
 C . You agree to accept court service of process by registered or certified mail addressed to you at the address you provided in your customer application, or to such other addresses as you have supplied to us
in writing, and such service shall constitute personal service of process. 
  
 D. No judicial, administrative, arbitration or reparations proceeding may be commenced by you or us more than one (1) year after any claim arises, directly or indirectly, out of this Agreement or the transactions contemplated
thereby. You hereby waive any statutes of limitation, including, but not limited to, the Commodity Exchange Act’s and the National Futures Association’s two (2) year limitation on actions. 
  
 E . You hereby waive any right you may have to a trial by jury. 
  
 30. Headings. 
  
 The headings of the provisions hereof are for descriptive purposes only and shall not modify
or qualify any of the rights or obligations set forth in such provisions. 
  
 Customer Agreement 
  
 I acknowledge that this
is a contractual agreement. I have read it carefully and, by signing, I agree to be bound by every term and condition, including the consents relating to jurisdiction, venue, service and limitations on actions set forth in Paragraph 29. No
modification of this Agreement is valid unless accepted by us in writing as provided in Paragraph 17. [I confirm that I have downloaded a full set of account documents from your website and I have not made any alterations or deletions to this
agreement or any such documents from the original forms posted on the website. In the event that there are any alterations or deletions to this agreement or any such documents, such alterations and deletions shall not be binding on you and said
original forms shall govern my account relationship with you.] 
  

											
	 Signature of Customer
	  	 	 	Title	  	 	 	Date	  	 
						
	 Signature of Customer
	  	 	 	Title	  	 	 	Date	  	 
						
	 Signature of Customer
	  	 	 	Title	  	 	 	Date	  	 
						
	 Signature of Customer
	  	 	 	Title	  	 	 	Date	  	 

  
 IF A PARTNERSHIP ACCOUNT, EACH
GENERAL PARTNER MUST SIGN; IF A CORPORATE ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN. 
  

 7

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