Document:

ms25014814-ex10_04b.htm

 

EXHIBIT 10.04(b)

 

AMENDMENT NO. 2 TO THE MANAGEMENT AGREEMENT

 

This AMENDMENT NO. 2 dated as of the 1st day of January, 2012, amends the MANAGEMENT AGREEMENT made as of the 1st day of January, 2004, as amended by Amendment No. 1 to the Management Agreement, dated as of the 10th day of October, 2006 (together, the “Management Agreement”) among CERES MANAGED FUTURES LLC (formerly Demeter Management Corporation), a Delaware limited liability company (the “General Partner”), MORGAN STANLEY SMITH BARNEY SPECTRUM TECHNICAL L.P. (formerly Morgan Stanley Spectrum Technical L.P.), a Delaware limited partnership (the “Partnership”) and WINTON CAPITAL MANAGEMENT LIMITED, a United Kingdom company (the “Trading Advisor”).  Terms used and not otherwise defined herein have the meanings ascribed to such terms in the Management Agreement.

 

W I T N E S S E T H:

 

WHEREAS, the General Partner, the Partnership and the Trading Advisor wish to amend the Management Agreement to increase the amount of leverage used to manage the allocated portion of the Partnership’s Net Assets and to reflect a change in the Trading Advisor’s management fee compensation (from a 2% annual rate to an 1.5% annual rate).

 

NOW, therefore, the parties agree as follows:

 

1.  The following sentence shall be added to Section 2(a) of the Management Agreement:

 

“As set forth herein, the allocation of the Partnership’s Net Assets to the Trading Advisor will be made to the Trading Program, provided that the General Partner and the Partnership agree that the amount of leverage applied to the Net Assets of the Partnership allocated to the Trading Advisor by the General Partner shall be up to (but not in excess of) 1.5 times the Net Assets of the Partnership allocated to the Trading Advisor by the General Partner (the “Trading Level”), unless otherwise agreed by the parties hereto in writing.  The Trading Advisor shall trade the Partnership’s Net Assets on the basis of the Trading Level.”

 

2.  Section 6(a)(i) of the Management Agreement shall be deleted and replaced by the following:

 

“A monthly management fee, without regard to the profitability of the Trading Advisor’s trading for the Partnership’s account, equal to 1/12 of 1.5% (a 1.5% annual rate) of the Partnership’s “Net Assets” allocated to the Trading Advisor (as defined in Section 7(d)(1) of the Limited Partnership Agreement) as of the opening of business on the first day of each calendar month, commencing with the month in which the Partnership begins to receive trading advice from the Trading Advisor pursuant to this Agreement.”

 

3.  In all other respects the Management Agreement remains unchanged and of full force and effect.

 

 

  

  

  

 

 

4.  This Amendment No. 2 shall be governed and construed in accordance with the laws of the State of New York.

 

5.  This Amendment No. 2 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.

 

THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

 

 

 

 

 

 

 

  

-2-

  

 

 

IN WITNESS WHEREOF, this Amendment No. 2 has been executed for and on behalf of the undersigned as of the day and year first above written.

 

	 	CERES MANAGED FUTURES LLC	 
	 	 	 	 
	 	 	 	 
	
 

	
By

	/s/ Walter Davis 	 
	 	 	Walter Davis	 
	 	 	President	 
	 	 	 	 
	 	 	 	 
	 	MORGAN STANLEY SMITH BARNEY SPECTRUM	 
	 	 	TECHNICAL L.P. 	 
	 	 	 	 
	 	By: 	Ceres Managed Futures LLC 	 
	 	 	(General Partner) 	 
	 	 	 	 
	 	 	 	 
	 	By	/s/ Walter Davis 	 
	 	 	Walter Davis 	 
	 	 	President 	 
	 	 	 	 
	 	 	 	 
	 	WINTON CAPITAL MANAGEMENT LIMITED	 
	 	 	 	 
	 	 	 	 
	 	By 	/s/ Rajeev Patel 	 
	 	 	Rajeev Patel	 
	 	 	Director, Winton Capital Management Limited 	 

 

 

 

 

-3-ms25014810-ex10_02b.htm

 

EXHIBIT 10.02(b)

AMENDMENT NO. 2 TO THE MANAGEMENT AGREEMENT

 

This AMENDMENT NO. 2 dated as of the 1st day of January, 2012, amends the MANAGEMENT AGREEMENT made as of the 13th day of October, 2006, as amended by Amendment No. 1 to the Management Agreement, dated as of the 29th day of April, 2011 (together, the “Management Agreement”) among CERES MANAGED FUTURES LLC (formerly Demeter Management Corporation), a Delaware limited liability company (the “General Partner”), MORGAN STANLEY SMITH BARNEY CHARTER WNT L.P. (formerly Morgan Stanley Charter WCM L.P.), a Delaware limited partnership (the “Partnership”) and WINTON CAPITAL MANAGEMENT LIMITED, a United Kingdom company (the “Trading Advisor”).  Terms used and not otherwise defined herein have the meanings ascribed to such terms in the Management Agreement.

 

W I T N E S S E T H:

 

WHEREAS, the General Partner, the Partnership and the Trading Advisor wish to amend the Management Agreement to increase the amount of leverage used to manage the Partnership’s Net Assets.

 

NOW, therefore, the parties agree as follows:

 

1.  The following sentence shall be added to Section 2(a) of the Management Agreement:

 

“As set forth herein, the allocation of the Partnership’s Net Assets to the Trading Advisor will be made to the Trading Program, provided that the General Partner and the Partnership agree that the amount of leverage applied to the Net Assets of the Partnership allocated to the Trading Advisor by the General Partner shall be up to (but not in excess of) 1.5 times the Net Assets of the Partnership allocated to the Trading Advisor by the General Partner (the “Trading Level”), unless otherwise agreed by the parties hereto in writing.  The Trading Advisor shall trade the Partnership’s Net Assets on the basis of the Trading Level.”

 

2.  In all other respects the Management Agreement remains unchanged and of full force and effect.

 

3.  This Amendment No. 2 shall be governed and construed in accordance with the laws of the State of New York.

 

4.  This Amendment No. 2 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.

 

THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

 

 

  

  

  

IN WITNESS WHEREOF, this Amendment No. 2 has been executed for and on behalf of the undersigned as of the day and year first above written.

 

	 	CERES MANAGED FUTURES LLC	 
	 	 	 	 
	 	 	 	 
	
 

	
By 

	/s/ Walter Davis 	 
	 	 	Walter Davis	 
	 	 	President	 
	 	 	 	 

 

	 	MORGAN STANLEY SMITH BARNEY	 
	 	 	CHARTER WNT L.P.	 
	 	 	 	 
	 	By: 	Ceres Managed Futures LLC 	 
	 	 	(General Partner) 	 
	 	 	 	 
	 	 	 	 
	
 

	
By 

	/s/ Walter Davis 	 
	 	 	Walter Davis	 
	 	 	President	 
	 	 	 	 

 

	 	WINTON CAPITAL MANAGEMENT LIMITED	 
	 	 	 	 
	 	 	 	 
	
 

	
By 

	/s/ Rajeev Patel 	 
	 	 	Rajeev Patel	 
	 	 	Director, Winton Capital Management Limited	 
	 	 	 	 

 

 

-2-exhibit101.htm

Exhibit 10.1

 

 

 

SEPARATION AGREEMENT AND RELEASE

 

December 30, 2011

 

Mr. Michael Novins

 

Vice President and General Counsel

 

Blyth, Inc.

 

One East Weaver Street

 

Greenwich, CT  06831

 

Dear Michael:

 

I hereby resign my position as President, PartyLite Worldwide, Inc. (“PartyLite”) effective as of the close of business on December 30, 2011 and as an employee of PartyLite, Inc. and Blyth, Inc. (“Blyth”) (PartyLite and Blyth are hereinafter collectively referred to as the “Company”) effective as of January 16, 2012 (the “Separation Date”).  The Company and I have agreed that such resignation will be treated as a resignation for “Good Reason” under the Retention Agreement (as hereinafter defined).  I am therefore entitled to the benefits set forth in Sections 2 and 4 of the Retention and Severance Agreement between me and the Company
dated as of December 17, 2010 (the “Retention Agreement”).  It is intended that my termination of employment on January 16, 2012 will constitute my "separation from service" within the meaning of Treasury Regulation Section 1.409A-1(h).  I agree that I will receive no payments or benefits other than the payments and benefits from the Company as set forth in the Retention Agreement or as required by law.  The Company and I acknowledge and agree that my current and last annual Base Salary is $525,300.00 and that the average of my annual bonuses for the past five years is $154,760.00 (“Prior Bonus”) and that those amounts will be used to calculate the payments due to me pursuant to the Retention Agreement.  I further acknowledge and agree that nothing herein constitutes an admission of any wrongdoing on the part of the
Company.

 

I understand that, in compliance with Section 409A of the Internal Revenue Code and Section 5(a) of the Retention Agreement, any amounts payable to me prior to the six-month anniversary of the Separation Date under either Section 2(b) or Section 2(c) of the Retention Agreement shall not be paid until, and shall be paid in a single sum payment on, the first business day after the six-month anniversary of the Separation Date.  These amounts are payable without interest.

 

In consideration of being allowed to resign for Good Reason and receiving the benefits described in Sections 2 and 4 of the Retention Agreement, I agree that I will execute and deliver to the Company within the ten (10) day period following the Separation Date, a copy of a General Release in the form of Exhibit A to this letter.

 

I agree that I will deliver to you as soon as practical, and not keep in my possession, duplicate, or deliver to any other person or entity, any and all property that belonged to the Company or any of its affiliated companies, including without limitation, computer hardware and software, blackberries, pagers, cell phones, other electronic equipment, keys, credit cards, access codes, identification cards, records, data, and other documents and information, including any and all copies of the foregoing.

 

If you are in agreement with the matters set forth herein, please acknowledge and accept by signing and retuning a copy to me.

 

Very truly yours,

/s/ Anne M. Butler

    Anne M. Butler

Acknowledged and Accepted

 

this 30th day of December 2011.

 

BLYTH, INC.

 

By: /s/ Michael Novins

 

Michael Novins

 

General Counsel

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