SEC Contract Filing

Filing Date: 2021-01-07

Document Content:
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<TYPE>EX-10.4
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<FILENAME>d72088dex104.htm
<DESCRIPTION>EX-10.4
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Executed Copy </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDMENT NO. 3 TO THE MANAGEMENT AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This AMENDMENT NO. 3 dated December&nbsp;16, 2020 to the MANAGEMENT AGREEMENT made as of November&nbsp;6, 1998, as amended on April&nbsp;1,
2014 and January&nbsp;29, 2019 (the &#147;Management Agreement&#148;), by and among CERES MANAGED FUTURES LLC, a Delaware limited liability company (&#147;CMF&#148;), CERES CLASSIC L.P. (formerly Managed Futures Premier Graham L.P), a Delaware
limited partnership (the &#147;Partnership&#148;) and GRAHAM CAPITAL MANAGEMENT, L.P., a Delaware limited partnership (the &#147;Advisor&#148;, and together with CMF and the Partnership, the &#147;Parties&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W</U> <U>I</U> <U>T</U> <U>N</U> <U>E</U> <U>S</U> <U>S</U> <U>E</U> <U>T</U> <U>H</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, CMF allocates, from time to time, a certain amount of the assets of the Partnership to the Advisor to trade pursuant to the
Management Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, effective October&nbsp;2, 2020, the Partnership amended its Certificate of Limited Partnership to change
its name to Ceres Classic L.P.; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties wish to amend the Management Agreement to reflect a reduction in the management
fee paid under Section&nbsp;6(a)(i). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the parties agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;The monthly management fee rate referred to in clause (a)(i) of the Section entitled &#147;Fees&#148; in the
Management Agreement is hereby reduced to a monthly management fee rate equal to 1/12 of 1.25 (a 1.25% annual rate). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;3 shall take effect as of the 1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> day
of January, 2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No. 3&nbsp;may be executed in one or more counterparts, each of which shall be
deemed an original but all of which together shall constitute the same agreement. Any signature on the signature page of this Amendment No. 3&nbsp;may be an original or electronically transmitted signature or may be executed by applying an
electronic signature using DocuSign<SUP STYLE="font-size:85%; vertical-align:top">&copy;</SUP> or, if permitted by CMF (such permission not to be unreasonably withheld), any other similar program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;3 shall be governed and construed in accordance with the laws of the State of New York. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Amendment has been executed for and on behalf of the undersigned as of the
date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">CERES CLASSIC L.P.</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By: &nbsp;&nbsp;Ceres Managed Futures LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size:13pt">&nbsp;&nbsp;</FONT>(General Partner)</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">By <U>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Patrick T.
Egan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp