Management Change/Compensation (Form 8-K)

Effective January 20, 2026, Pablo Calderini, previously the Vice Chairman and Co-Chief Investment Officer of Graham Capital Management, L.P., the manager (the "Manager") of Graham Alternative Investment Fund II LLC (the "Company"), and the Manager agreed to terminate Mr. Calderini's role in these positions as he completed his transition to a new role as a portfolio manager of the Manager. As part of this transition, Jens Foehrenbach will assume the title of Chief Investment Officer of Graham and retains his title as President.

Mr. Calderini will operate under a new employment agreement with the Manager consistent with his role as portfolio manager. Mr. Foehrenbach will continue to operate under his current employment agreement with the Manager. Under that agreement, Mr. Foehrenbach receives a base salary and is eligible each year for a bonus and is also eligible for employee benefits that are made generally available to employees of the Manager. He is also subject to various obligations during his employment with the Manager and post-termination, including restrictions on the use of the Manager's confidential information, non-solicitation covenants and non-competition provisions. Neither Mr. Calderini nor Mr. Foehrenbach has an employment agreement or other agreement with the Company.

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