Document:

Exhibit 10.1

  

  

  

  

  

  
    AMENDMENT TO MANAGEMENT AGREEMENT

    

    

    THIS AMENDMENT is entered into on  30th
      December 2021 with an effective date of 30th December 2021 by and among:

    

    

    	(1)	
            CERES MANAGED FUTURES LLC, a Delaware limited liability company
              (“CMF”) with its principal place of business at 522 Fifth Avenue, New York, New York 10036;

          

    	(2)	
            CERES TACTICAL SYSTEMATIC L.P., a New York limited partnership
              (the “Partnership”) with its principal place of business at 522 Fifth Avenue, New York, New York 10036;

          

    	(3)	
            ISAM (USA) LLC, a limited liability company incorporated under
              the laws of Delaware (“ISAM USA”) with its principal place of business at 5100 Town Centre Circle, Tower II, Suite 430, Boca Raton,
              Florida, 33486, United States of America;

          

    	(4)	
            ISAM SYSTEMATIC MANAGEMENT, a company incorporated under the laws
              of the Cayman Islands (“ISAM SM”) and whose registered office is at Grand Pavilion Commercial Centre, 1st Floor, 802 West Bay Road, P.O.
              Box 30599, KY1-1203, Grand Cayman, Cayman Islands; and

          

    	(5)	
            ISAM FUNDS (UK) LIMITED, a limited liability company (“ISAM Funds” and ISAM USA together and each separately, the “Advisor”) incorporated under the laws of England and Wales with its registered address at 100 Bishopsgate, London, EC2N 4AG, United Kingdom.

          

    (CMF, the Partnership, ISAM USA, ISAM SM, and ISAM Funds shall be referred to collectively as the “Parties”).

    WHEREAS, CMF, the Partnership, ISAM USA, ISAM SM,
      and ISAM Funds are Parties to an Amended and Restated Management Agreement dated 1 November 2017 (the “Contract”);

    

    

    WHEREAS, pursuant to a novation agreement dated 25
      August 2017 with an effective date of 31 August 2017 ISAM Funds assumed the rights and obligations and liabilities of ISAM (EUROPE) LLP under the Contract; and

    

    

    WHEREAS, pursuant to a novation agreement dated 25
      October 2018 with an effective date of 1 November 2018 ISAM SM assumed the rights and obligations and liabilities of International Standard Asset Management under the Contract; and

    

    

    WHEREAS, The Parties now wish to update the Contract
      as set out in this amendment agreement (the “Amendment”).

    

    

    NOW THEREFORE, in consideration of the mutual
      covenants contained in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

    

    

    
      	

            	1.	
              Section 5(a)(ix) (Term) shall be deleted in its entirety and replaced with the following:

            

    

    

    

    
      	

            	

            	
              “if any of Roy Sher, Alexander Lowe, or Darren Upton dies, becomes incapacitated, leaves the employ of the Advisor, ceases to control the Advisor or is otherwise not
                managing the trading programs or systems of the Advisor”

            

    

     

    

    
      
        

    

    

    

    
      	

            	2.	
              Section 7(a) (Representations, Warranties and Agreements) is hereby amended to include the following additional provisions:

            

    

    

    

    “(vii) To the extent required by and in accordance with the applicable anti-money laundering laws, regulations and guidelines:

    

      	

            	a)

            	
              CMF and the Partnership shall take all reasonable steps to (i) verify and record the identity of all investors in the Partnership (including, where applicable,
                beneficial owners) and undertake additional due diligence on any investor in the Partnership who is identified as a politically exposed person (“PEP”),

                an immediate family member or close associate of a PEP; provided that the term “beneficial owners” does not include the pension participants of any pension plans that are indirectly invested in the Partnership, (ii) ensure that the Fund
                does not accept or maintain any subscription funds from a foreign shell bank or from any person or entity named on the lists of known or suspected terrorists, terrorist organizations or other sanctioned persons issued by the U.S. Treasury
                Department’s Office of Foreign Assets and Control, the European Union, United Nations or any other applicable jurisdiction’s sanctions program; provided that the Partnership makes no representations regarding the pension participants of any
                pension plans that are indirectly invested in the Partnership and (iii) retain all required records on investor transactions in respect of the Partnership.

            

    

     

    

    	b)	
            the Advisor shall establish and implement policies, procedures, and internal controls that are reasonably designed to comply with, and in connection with this Agreement
              will comply with, applicable anti-money laundering laws, rules and regulations, including the UK Bribery Act 2010, the Proceeds of Crime Act 2002, the Money Laundering (Amendment) Regulations 2012, the Money Laundering, Terrorist Financing
              and Transfer of Funds (Information on the Payer) Regulations 2017, the 4th EU Money Laundering Directive (EU Directive 2015/849), the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, the 5th EU
              Money Laundering Directive (EU Directive 2018/843), the Terrorist Act 2000, the Anti-Terrorism, Crime and Security Act 2001, the Counter-Terrorism Act 2008, the Criminal Finance Act 2017, the Joint Money Laundering Steering Group Guidance
              Notes (as amended), the Sanctions and Anti-Money Laundering act 2018, and any other applicable law, regulation, order, decree or directive having the force of law and relating to bribery or corruption, and any sanctions administered or
              enforced by the United States Government (including the U.S Department of Treasury’s Office of Foreign Assets Control and the U.S. Department of State), the United Nations Security Council, Her Majesty’s Treasury, or any other relevant
              sanctions authority.

          

    

    

    
      	c)

            	
              Neither the Advisor nor any of its respective subsidiaries, affiliates, directors, officers, employees, or, any of its agents or representatives, is an individual or
                entity (“Person”) that is, or is owned or controlled by one or more Persons that are: (i) the target of any Sanctions; or (ii) located,
                organized or resident in a Sanctioned Jurisdiction.

            

    

     

    

    
      	d) (i)

            	
              The Advisor will not, through any act or omission, knowingly facilitate a third party in engaging in any form of tax evasion or tax fraud, or otherwise engage in any
                activity, practice or conduct that would constitute a tax evasion facilitation offence under anti-facilitation of tax evasion laws (under the Criminal Finances Act 2017); and (ii) has implemented and maintains policies and procedures
                reasonably designed to promote and achieve compliance with (i) and (ii) above.

            

    

    

    

    
      
        

    

    
      	

            	3.	
              Section 13 (Notices) for the Advisor shall be deleted and replaced with:

            

    

    

    

    “If to the Advisor:

    

    

    ISAM Systematic Management

    802 West Bay Road

    P.O. Box 30599

    Grand Cayman, KY1-1203

    Attention:  Jessica Anderson

    Email: cayman@isamfunds.com

    

    

    ISAM (USA) LLC

    5100 Town Centre Circle, Suite 430

    Boca Raton, FL 33486

    Attention:  Scott Brownbill

    Email: scott.brownbill@isam.com

    

    

    ISAM Funds (UK) Limited

    100 Bishopsgate

    London, EC2N 4AG

    Attention:  Neill Burger

    Email: neill.burger@isam.com”

    

    

    
      	

            	4.	
              Except where the context otherwise requires, terms and expressions described in this Amendment shall bear the same meaning as those given to them in the Contract.

            

    

    

    

    
      	

            	5.	
              This Amendment is subject to and shall be construed and enforced with the laws applicable to the Contract and the jurisdiction provisions of the Contract shall apply
                equally to this Amendment.

            

    

    

    

    
      	

            	6.	
              This Amendment shall be valid, binding and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) a
                DocuSign® or other electronic signature, (ii) an original, manual signature, or (iii) a faxed, scanned or photocopied manual signature.  Each DocuSign® or other electronic, faxed, scanned or photocopied manual signature shall for all
                purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary.  This Amendment may be executed in any number of counterparts and by the
                different parties hereto on separate counterparts each of which when executed and delivered shall constitute an original and all such counterparts together constituting but one and the same instrument.

            

    

    

    

    
      	

            	7.	
              Except as expressly amended by the Amendment, the Parties hereby confirm that in all other respects the Contract and the rights and obligations therein remain in full
                force and effect.

            

    

    

    

    
      
        

    

    

    

    IN WITNESS WHEREOF the parties have executed this Contract for and on behalf of the undersigned as of the day and year written above.

    

    

    

    

    
      	
              CERES MANAGED FUTURES LLC

            	
              ISAM (USA) LLC

            
	 	 
	 	 
	
              By:

            	
              /s/ Patrick T. Egan                                   

                

            	
              By:

            	
              /s/ Scott Brownbill                           

                

            
	 	
              Patrick T. Egan

            	
              NAME:

            	
              Scott Brownbill

            
	 	
              President and Director

            	
              TITLE:

            	
              Managing Director, North America

            
	 	 
	 	 
	 	 
	
              CERES TACTICAL SYSTEMATIC L.P.

            	
              ISAM SYSTEMATIC MANAGEMENT

            
	 	 
	
              By:

            	
              Ceres Managed Futures LLC

                (General Partner)

            	
              By:

            	
              /s/ Stacey Kirkconnell                      

                

            
	 	 	
              NAME:

            	
              Stacey Kirkconnell

            
	 	 	
              TITLE:

            	
              Director

            
	
              By:

            	
              /s/ Patrick T. Egan                                    

                

            	 	 
	 	
              Patrick T. Egan 

              

            	 	 
	 	
              President and Director

            	 	 
	 	 	 	 
	 	 
	 	 
	
              ISAM FUNDS (UK) LIMITED

            	 
	 	 
	 	 
	
              By:

            	
              /s/ Jaco Wentzel                                       

                

            	 
	
              NAME:

            	
              Jaco Wentzel

            	 
	
              TITLE:

            	
              Head of FinanceExhibit 10.1

 

 

 

May 1, 2021

 

Nicole Williams

                                                             

                        

                                         

 

Dear Nicole,

 

On behalf of SenesTech (“SenesTech” or the
“Company”), I am pleased to confirm the details of your employment as Chief Strategy Officer. We look forward to having you
on our team and helping us further our growth and profitability. I know SenesTech offers the environment and challenges that you seek,
and I am sure you will enjoy the Company. Attached to this letter is a general description of your role. This letter summarizes the basic
employment terms and conditions of our offer. They are:

 

Title: Chief Strategy Officer

Reports To: Ken Siegel Chief, Executive Officer

Start Date: May 1, 2021; or earlier as may be mutually
arranged

 

Compensation: Base salary of $175,000 per annum,
paid on a semi-monthly basis, subject to deductions for taxes and other withholdings as required by law or the policies of the Company.
Pay dates are the fifteenth and end of each month.

 

Bonus Program: For 2021 you will be entitled to
a bonus of $75,000 which will be guaranteed subject only to achievement of mutually agreed non-financial components of your role (e.g.
preparation of initial strategic goals for the Company). During the first 90 days of your employment you will work with the CEO to create
a set of target metrics and goals and a corresponding base, commission and bonus structure for your role. This structure will be implemented
for calendar year 2022 unless earlier implementation is agreed upon between you and the Company. The bonus structure for years after 2022
will be established on a similar basis as 2022 with appropriate adjustments for actual results achieved for the prior measuring year.
Bonuses in each year will not be subject to caps so that you will be able to be fully rewarded for your performance.

 

Stock Option Grant: As
soon as practicable after your start date, you will be awarded, subject to Board of Directors’ approval, options to purchase
25,000 shares of the Company’s common stock at fair market value as determined by the Board of Directors as of the date of the
grant (the “Options”). The Options will expire five years from the date of the commencement of your employment, and will
vest 1/36th per month over the first three years. All terms, conditions and limitations of the Options will be set forth
in your grant notice and agreement, and the Options will be governed by the Company’s Equity Incentive Plan. In addition,
after each full year of employment you will be eligible to receive additional option grants on a basis consistent with your role as
a member of the Company’s leadership team.

 

Vacation and Sick Time:
You will be entitled to four weeks of vacation per year and five days (one week) of sick leave per year. To the extent possible, time
off should be scheduled in consultation with your supervisor to minimize the disruption to the Company’s business. Senior leadership
is encouraged to take some personal time each quarter to foster a positive work-life balance. Vacation and sick leave are provided on
an accrual basis and employees begin to accrue from the first day of employment. Additionally, you will be awarded 2 personal/floating
holiday(s) which can be used in addition to your annual vacation and sick leave. One week of unused vacation may be carried over to the
following calendar year, which is required to be used within the first quarter; Unused sick time and floating holidays do not carry over,
but renew at the beginning of each new year.

 

Benefits: This position is eligible for all company
benefits. We provide coverage through ADP TotalSource & United Healthcare with an employer contribution. We also offer dental, vision
and basic life insurance plans. Our benefits coordinator will provide the benefit plan information and forms for review and completion
at the start of employment. Upon completion of your first 90 days with SenesTech you will be eligible for the 401(K) program. Please note
we do not currently offer an employer-match, but may in the future.

 

928.779.4143 | 23460 N. 19th
Ave., Phoenix, AZ 85027

www.senestech.com

 

     

     

    

 

 

 

Location & Support: Although this position
is housed in our corporate offices in Phoenix, Arizona, with domestic travel required, there is no expectation for your relocation at
this time. SenesTech will provide you necessary equipment and materials to telecommute from your home. SenesTech will coordinate your
professional travel to ensure compliance with our travel policies and use of preferred vendors. Additionally, reasonable expenses incurred
during the course of business will be reimbursed.

 

Your employment with SenesTech
is at-will and either party can terminate the relationship at any time with or without cause and with or without notice. Performance
goals for your first 30, 60, and 90 days will be established in conjunction with your supervisor.

 

Severance Benefits

 

If, at any time SenesTech terminates your employment without
Cause (as defined below), and other than as a result of your death or disability, or you resign for Good Reason (as defined below), then
you shall be entitled to receive the following severance benefits (the “Severance Benefits”):

 

		a)	Severance pay in the form of continuation of your base salary in effect on the effective date of termination
for the first 6 months after the date of such terminations; and

 

		b)	Reimbursement by the Company of COBRA premiums in effect on the date of termination for the coverage
in effect for you and, if applicable, your spouse and dependent children on such date under the Company’s group health plans during
the first 6 months after the date of your termination (or if, shorter, until you are no longer entitled to COBRA continuation coverage
under the Company’s group health plans, provided that you timely (and properly) elect coverage under the Company’s group health
plans

 

In addition you will receive any accrued and unpaid base salary
and accrued but unused vacation pay which shall be paid on the pay date immediately following the date of termination in accordance with
SenesTech’s standard payroll practices; and reimbursement for any unreimbursed business expenses properly incurred, subject to and
paid in accordance with SenesTech’s expense reimbursement policy.

 

For purposes of this letter:

 

“Cause” means any: (a)
conviction or guilty or no contest plea of any felony or of any crime involving dishonesty or moral turpitude; (b) act of dishonesty,
disloyalty or misrepresentation with respect to the Company; (c) breach of any fiduciary duty to the Company; (d) violation of any material
written policy of, or agreement with, the Company, (e) conduct towards employees that is unlawful (specifically including without limitation
workplace harassment); (f) insubordination, incompetence, gross negligence or habitual neglect of duties; (g) repeated conduct that causes,
or presents a material risk of causing, the Company to suffer substantial adverse publicity or economic or reputational harm or (h) repeated
failure to substantially perform the duties associated with your employment after notice and opportunity to cure. The determination of
Cause will be made by the Board in its good faith discretion.

 

“Good Reason” means the
following events, without your written consent: (i) material reduction in your duties and responsibilities taken as a whole; (ii) a material
reduction of your base salary or target bonus opportunity that is inconsistent with reductions of other executives; or (iii) a required
relocation of the location at which you typically work (excluding normal travel and regular visits to the Company’s executive offices);
provided that you must (1) provide written and detailed notice to the Board within 90 days after the first occurrence of the event, (2)
allow the Company 30 days from receipt of written notice to cure, and (3) if such event is not reasonably cured within such 30-day period,
your resignation is effective not later than 90 days after the expiration of the cure period.

 

In addition to this offer letter, you will be required
to execute SenesTech’s standard form of Employee Confidential Information and Inventions Assignment Agreement. You acknowledge that
this offer letter and the Confidential Information and Inventions Assignment Agreement represent the entire agreement between you and
SenesTech and that no verbal or written agreements, promises or representations that are not specifically stated in this offer, are or
will be binding upon SenesTech. You also acknowledge that this offer letter is contingent on background clearance and reference as may
have been requested.

 

928.779.4143 | 23460 N. 19th
Ave., Phoenix, AZ 85027

www.senestech.com

 

    2

     

    

 

 

If you are in agreement with
the above outline, please sign below. This offer is in effect for five business days.

 

	/s/ Nicole Williams	 	5/1/2021	 
	Nicole Williams	 	Date	 
	 	 	 	 
	/s/ Kenneth Siegel	 	5/1/2021	 
	Kenneth Siegel	 	Date	 
	Chief Executive Officer	 	 	 
	 SenesTech, Inc.	 	 	 

 

928.779.4143 | 23460 N. 19th
Ave., Phoenix, AZ 85027

www.senestech.com 

 

 

3

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