Document:

Exhibit
10.1

 

 

July
8, 2020

 

Dear
Mark:

 

This
letter memorializes our recent discussions regarding our collective response to the COVID-19 pandemic and its dramatic impact
on our community, our economy, and Ballantyne Strong, Inc. (the “Company”).

 

You
have voluntarily agreed, during the Specified Period (as defined below), to reduce your rate of base salary by 25%, from your
current rate of base salary of $250,000 (your “Regular Salary”) to a rate of base salary of $187,500 (your
“Reduced Salary”). The “Specified Period” shall mean the period commencing on July 1, 2020
and continuing until and including July 31, 2020.

 

For
the avoidance of doubt, the reduction from your Regular Salary to your Reduced Salary will not entitle you to any severance or
other payments or any other rights or be deemed to constitute a breach of the Company’s obligations to you under the executive
employment agreement between you and the Company dated November 6, 2018 (the “Employment Agreement”) during
the Specified Period.

 

Except
as modified hereby, the Employment Agreement shall remain in full force and effect.

 

Please
indicate your agreement to the foregoing by your signature below.

 

Best
Regards,

 

BALLANTYNE
STRONG, INC.

 

	By:	/s/
    Todd R. Major	 
	Name:
    	Todd
    R. Major	 
	Title:
    	CFO	 

 

Acknowledged
and Agreed as of July 8, 2020:

 

	/s/
    Mark D. Roberson	 
	Mark
    D. RobersonExhibit
10.2

 

 

July
8, 2020

 

Dear
Ray:

 

This
letter memorializes our recent discussions regarding our collective response to the COVID-19 pandemic and its dramatic impact
on our community, our economy, and Ballantyne Strong, Inc. (the “Company”).

 

You
have voluntarily agreed, during the Specified Period (as defined below), to reduce your rate of base salary by 25%, from your
current rate of base salary of $275,000 (your “Regular Salary”) to a rate of base salary of $206,250 (your
“Reduced Salary”). The “Specified Period” shall mean the period commencing on July 1, 2020
and continuing until and including July 31, 2020.

 

For
the avoidance of doubt, for all purposes of the definition of “good reason” set forth in the executive employment
agreement between you and the Company dated February 14, 2012 (the “Employment Agreement”), the reduction from
your Regular Salary to your Reduced Salary will not be deemed to constitute a material breach of the Company’s obligations
to you under the Employment Agreement during the Specified Period.

 

Notwithstanding
the foregoing, for all purposes of Section 7 of the Employment Agreement, determinations made by reference to your “Base
Salary” shall be based on your Regular Salary during the Specified Period.

 

Except
as modified hereby, the Employment Agreement shall remain in full force and effect.

 

Please
indicate your agreement to the foregoing by your signature below.

 

Best
Regards,

 

BALLANTYNE
STRONG, INC.

 

	By:	/s/
    Mark D. Roberson	 
	Name:	Mark
    D. Roberson	 
	Title:	CEO	 

 

Acknowledged
and Agreed as of July 8, 2020:

 

	/s/
    Ray F. Boegner	 
	Ray
    F. BoegnerExhibit
10.3

 

 

July
8, 2020

 

Dear
Todd:

 

This
letter memorializes our recent discussions regarding our collective response to the COVID-19 pandemic and its dramatic impact
on our community, our economy, and Ballantyne Strong, Inc. (the “Company”).

 

You
have voluntarily agreed, during the Specified Period (as defined below), to reduce your rate of base salary by 25%, from your
current rate of base salary of $200,000 (your “Regular Salary”) to a rate of base salary of $150,000 (your
“Reduced Salary”). The “Specified Period” shall mean the period commencing on July 1, 2020
and continuing until and including July 31, 2020.

 

For
the avoidance of doubt, the reduction from your Regular Salary to your Reduced Salary will not entitle you to any severance or
other payments or any other rights or be deemed to constitute a breach of the Company’s obligations to you under the employment
agreement between you and the Company dated March 20, 2019 (the “Employment Agreement”) during the Specified
Period.

 

Except
as modified hereby, the Employment Agreement shall remain in full force and effect.

 

Please
indicate your agreement to the foregoing by your signature below.

 

Best
Regards,

 

BALLANTYNE
STRONG, INC.

 

	By:	/s/
    Mark D. Roberson	 
	Name:	Mark
    Roberson	 
	Title:	CEO	 

 

Acknowledged
and Agreed as of July 8, 2020:

 

	/s/
    Todd R. Major	 
	Todd
    R. MajorEX-10.2

 Exhibit 10.2 

AMENDMENT TO THE ALTERNATIVE INVESTMENT SELLING AGENT AGREEMENT 

This amendment (“Amendment”) dated as of the 1st day of July, 2020 to the
Alternative Investment Selling Agent Agreement (the “Agreement”) dated as of November 1, 2018 by and among each of the limited partnerships listed on Schedule 1 hereto (each, a “Partnership,” and together, the
“Partnerships”), Ceres Managed Futures LLC, a Delaware limited liability company (the “General Partner”), Morgan Stanley Distribution Inc., a corporation incorporated under the laws of the Commonwealth of Pennsylvania
(“MSDI” or “Selling Agent”), and Harbor Investment Advisors LLC, a Maryland limited liability company (“Harbor” or “Sub-Selling Agent”). Capitalized terms used herein
but not otherwise defined shall have the respective meanings assigned to them in the Agreement. 
 W I T N
E S S E T H: 
 WHEREAS, the General Partner, the Partnerships, the Selling Agent and
the Sub-Selling Agent agree to amend the Agreement to (i) reflect a reduction in the annual Ongoing Sub-Selling Agent Fee payable to the Sub-Selling Agent with respect to Class A Units of each Partnership (with the exception of Ceres Orion L.P. (“Orion”)) from 2.00% to 1.00% of the adjusted net assets of the Class A Units only,
(ii) reflect a change in the Ongoing Sub-Selling Agent Fee payable to the Sub-Selling Agent with respect to Class A Units of Orion from a transaction-based
calculation to a flat annual fee of 1.00% of the adjusted net assets of such Class A Units and (iii) update and replace Schedules 1 and 2; and 

WHEREAS, pursuant to Section 15(c) of the Agreement, any change to the Agreement must be in writing and signed by all parties.

 NOW, THEREFORE, the parties agree as follows: 

1. Schedule 1 of the Agreement shall be deleted in its entirety and replaced by Schedule 1 attached hereto. 

2. Schedule 2 of the Agreement shall be deleted in its entirety and replaced by Schedule 2 attached hereto. 

3. The effective date of this Amendment shall be July 1, 2020. Except as specifically provided for in this Amendment, the terms of the
Agreement are hereby ratified and confirmed and remain in full force and effect. 
 4. This Amendment, together with the Agreement and any
other documents referred to herein, constitutes the whole agreement between the parties relating to the subject matter of this Amendment and supersedes and extinguishes any prior drafts, agreements, undertakings, representations, warranties and
arrangements of any nature, whether in writing or oral, relating to such subject matter. 

 5. This Amendment may be executed in any number of counterparts, including via facsimile or
email, each of which is an original and all of which when taken together evidence the same agreement. Any signature on the signature page of this Amendment may be an original, a fax or an electronically transmitted signature or may be executed by
applying an electronic signature using DocuSign© or, if permitted by the General Partner (such permission not to be unreasonably withheld), any other similar program. 

6. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. 

[Remainder of page intentionally left blank] 

  
 - 2 - 

 IN WITNESS WHEREOF, the undersigned parties have caused this Agreement to be executed as of the day and year
first above written. 
  

									
	 THE PARTNERSHIPS LISTED

ON SCHEDULE 1 HERETO
	 		 	Morgan Stanley Distribution, Inc.
					
	By:	 	Ceres Managed Futures LLC	 		 		 	
					
	Name:	 	 _/s/ Patrick T. Egan
	 		 	Name:	 	 /s/ Frank Famiglietti

		 	Patrick T. Egan	 		 		 	Frank Famiglietti
	Title:	 	President	 		 	Title:	 	Managing Director
		 		 		 		 	
				
		 		 		 	Harbor Investment Advisory, LLC
					
		 		 		 	Name:	 	 _/s/ William C. Schadty

		 		 		 		 	William C. Schadty
		 		 		 	Title:	 	CCO
				
		 		 		 	Ceres Managed Futures LLC
					
		 		 		 	Name:	 	 _/s/ Patrick T. Egan

		 		 		 		 	Patrick T. Egan
		 		 		 	Title:	 	 President

 

  
 - 3 - 

 Schedule 1 
  

					
	 PARTNERSHIP
	  	 STATE AND DATE OF ORGANIZATION
	  	 EFFECTIVE DATE

	Ceres Orion L.P.	  	New York; March 22, 1999	  	November 1, 2018
			
	Managed Futures Premier Graham L.P.	  	Delaware; July 15, 1998	  	November 1, 2018
			
	Ceres Tactical Systematic L.P.	  	New York; December 3, 2002	  	November 1, 2018
			
	Ceres Tactical Global L.P.	  	Delaware; October 20, 1999	  	November 1, 2018

 Schedule 2 
  

					
	
Fee1
	  	
Brokerage/Non-Consulting Clients
	  	 Advisory/Consulting Clients

	
	Ceres Orion L.P.
			
	Ongoing Sub-Selling Agent Fee	  	1.00% per year of the adjusted net assets of Class A Units (computed monthly by multiplying the adjusted net assets of the Class A Units by 1.00% and dividing the result thereof by 12).2 	  	Class Z units will not be subject to an ongoing sub-selling agent fee.
	
	Ceres Tactical Systematic L.P.
			
	Ongoing Sub-Selling Agent Fee	  	1.00% per year of the adjusted net assets of the Partnership (computed monthly by multiplying the adjusted net assets of the Partnership by 1.00% and dividing the result thereof by
12)2. 0.75% annual of the net asset value per unit of Class D Units paid on a monthly basis.	  	Class Z units will not be subject to an ongoing sub-selling agent fee.
	
	Managed Futures Premier Graham L.P.
			
	Ongoing Sub-Selling Agent Fee	  	1.0% per year of the net asset value per unit of Class A Units paid on a monthly basis.	  	Class Z units will not be subject to an ongoing sub-selling agent fee.
	
	Ceres Tactical Global L.P.
			
	Ongoing Sub-Selling Agent Fee	  	1.0% per year of the net asset value per unit of Class A Units paid on a monthly basis. 0.75% annual of the net asset value per unit of Class D Units paid on a monthly basis.	  	Class Z units will not be subject to an ongoing sub-selling agent fee.

  

	1	 For the avoidance of doubt, the calculation of the Ongoing Sub-Selling
Agent Fee shall be based on units of each Partnership sold by Sub-Selling Agent only. 

	2	 Adjusted net assets are month-end Net Assets increased by that current
month’s ongoing sub-selling agent fee, management fee, the general partner’s administrative fee, the incentive fee accrued, other expenses and any redemptions or distributions as of the end of such
month. 

  
 2

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