SEC Contract Filing

Filing Date: 2020-10-27

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ea128925ex10-1_senestechinc.htm
<DESCRIPTION>FORM OF LETTER AGREEMENT, DATED AS OF OCTOBER 23, 2020, BETWEEN THE COMPANY AND THE PURCHASER THERETO
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SENESTECH, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 324pt; text-align: right; text-indent: 36pt">October 23,
2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holder of Common Stock Purchase Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re:&#9;<U>Inducement Offer to Exercise Common Stock Purchase
Warrants</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SenesTech, Inc.&nbsp;(the &ldquo;<U>Company</U>&rdquo;)
is pleased to offer to you the opportunity to exercise all of the warrants to purchase shares of the Company&rsquo;s common stock,
par value $0.001 per share (the &ldquo;Common Stock&rdquo;), issued to you on March 6, 2020 (the &ldquo;March 2020 Existing Warrants&rdquo;)
and on April 24, 2020 (the &ldquo;April 2020 Existing Warrants,&rdquo; and collectively with the March 2020 Existing Warrants,
the &ldquo;<U>Existing Warrants</U>&rdquo;), as set forth on the signature page hereto and currently held by you (the &ldquo;<U>Holder</U>&rdquo;).
The issuance of the shares of Common Stock underlying the Existing Warrants (the &ldquo;<U>Warrant Shares</U>&rdquo;) has been
registered (i) with respect to the March 2020 Existing Warrants, for resale pursuant to the registration statement on Form S-1
(File No. 333-237563) and (ii) with respect to the April 2020 Existing Warrants, pursuant to the registration statement on Form
S-1 (File No. 333-236302) (collectively, the &ldquo;<U>Registration Statements</U>&rdquo;). The Registration Statements are currently
effective and, upon exercise of the Existing Warrants pursuant to this letter agreement, will be effective for the issuance and
resale of the Warrant Shares. Capitalized terms not otherwise defined herein shall have the meanings set forth in the New Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In consideration for
exercising in full all of the Existing Warrants held by you and set forth on the Holder's signature page hereto (the &ldquo;<U>Warrant
Exercise</U>&rdquo;) at a reduced exercise price of $1.725 per Warrant Share, the Company hereby offers to issue you or your designee
a new unregistered Common Stock Purchase Warrant (&ldquo;<U>New Warrant</U>&rdquo;) pursuant to Section 4(a)(2) of the Securities
Act of 1933, as amended (&ldquo;<U>Securities Act</U>&rdquo;), to purchase up to a number of shares (the &ldquo;<U>New Warrant
Shares</U>&rdquo;) of Common Stock equal to 100% of the number of Warrant Shares issued pursuant to the Warrant Exercise hereunder,
which New Warrant shall be substantially in the form as reflected in <U>Exhibit A</U> hereto, will be exercisable immediately,
and have a term of exercise of five and one-half years, and an exercise price per share equal to $1.725.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The original New Warrant
certificate(s) will be delivered within two (2) Trading Days following the date hereof. Notwithstanding anything herein to the
contrary, in the event that any Warrant Exercise would otherwise cause the Holder to exceed the beneficial ownership limitations
(&ldquo;<U>Beneficial Ownership Limitation</U>&rdquo;) set forth in Section 2(e) of the Existing Warrants (or, if applicable and
at the Holder&rsquo;s election, 9.99%), the Company shall only issue such number of Warrant Shares to the Holder that would not
cause the Holder to exceed the maximum number of Warrant Shares permitted thereunder, as directed by the Holder, with the balance
to be held in abeyance until notice from the Holder that the balance (or portion thereof) may be issued in compliance with such
limitations, which abeyance shall be evidenced through the Existing Warrants which shall be deemed prepaid thereafter (including
the payment in full of the exercise price), and exercised pursuant to a Notice of Exercise in the Existing Warrant (provided no
additional exercise price shall be due and payable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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