Letter Agreement Extending Management Agreement Between Ceres Managed Futures LLC and Drury Capital Inc.
Ceres Managed Futures LLC and Drury Capital Inc. have agreed to extend the term of their existing management agreement, which covers the management of several commodity pools, through June 30, 2012. All other terms and conditions of the original management agreement remain unchanged. The extension is confirmed by signatures from both parties.
Exhibit 10.5(a)
June 1, 2011
Drury Capital Inc.
c/o Drury Capital Services
47 Hulfish Street — Suite 340
Princeton, NJ 08542
Attention: Mr. Bernard Drury
Re: Management Agreement Renewal
Dear Mr. Drury:
We are writing with respect to your management agreements concerning the commodity pool to which reference is made below (the “Management Agreement”). We are extending the term of the Management Agreement through June 30, 2012 and all other provisions of the Management Agreement will remain unchanged.
| • | Tactical Diversified Futures Fund L.P. |
| • | CMF Drury Master Fund |
| • | Institutional Futures Portfolio L.P. |
Please acknowledge receipt of this modification by signing one copy of this letter and returning it to the attention of Ms. Jennifer Magro at the address above or fax to ###-###-####. If you have any questions I can be reached at ###-###-####.
Very truly yours,
| CERES MANAGED FUTURES LLC | ||
| By: | /s/ Jennifer Magro | |
| Jennifer Magro | ||
| Chief Financial Officer & Director | ||
| DRURY CAPITAL INC. | ||
| By: | /s/ Bernard V. Drury | |
| Print Name: Bernard V. Drury | ||
JM/sr
