Exhibit 10.28

 

August 25, 2008

 

Ms. Judy Brown, Contracts Manager

Office of Research

University of Waterloo

200 University Avenue West

Waterloo, Ontario, Canada N2L 3G1

 

Re:          Amendment to Extension and Amendment to Budget and Research
Agreement between Waterloo, Thompson, and Senesco for a One Year Period From
September 1, 2008 Through August 31, 2009

 

Dear Ms. Brown:

 

Pursuant to the Research Agreement effective September 1, 1998 (the
“Agreement”), copy attached, between the University of Waterloo (“Waterloo”),
Dr. John E. Thompson (“Thompson”), and Senesco, Inc. (“Senesco”), Waterloo,
Thompson and Senesco hereby agree to extend the Agreement for an additional one
year term, effective September 1, 2008 through August 31, 2009, under the same
terms and conditions provided in the Agreement, except that the parties hereby
amend the Budget set forth in the Revised Budget for Year 10, effective
September 1, 2007 to the amended Revised Annual Budget for Year 11 , attached
hereto, effective September 1, 2008 through August 31, 2009.  The Amended
Revised Annual Budget for Year 11 supercedes and replaces the Revised Budget for
Year 10 of the Agreement for all work commencing on or after September 1, 2008.

 

 

Very truly yours,

 

 

 

/s/ Bruce C. Galton

 

Bruce C. Galton

 

President

 

Senesco, Inc.

 

Agreed and Accepted:

 

 

 

 

 

University of Waterloo

 

 

 

/s/ Dr. John Thompson, Ph.D.

 

Dr. John Thompson, Ph.D.

 

 

--------------------------------------------------------------------------------

 

REVISED ANNUAL BUDGET

YEAR 11

 

PERIOD:                                             September 1, 2008 –
August 31, 2009

 

Salaries

 

Cdn $/Month

 

Cdn $/12 Months

 

 

 

 

 

 

 

Senior Research Associate

 

 

 

 

 

($84,000/year + 15% benefits)

 

$

8,058.33

 

$

96,700.00

 

 

 

 

 

 

 

Senior Research Associate

 

 

 

 

 

($74,800/year + 15% benefits)

 

7,166.67

 

86,000.00

 

 

 

 

 

 

 

Research Associate

 

 

 

 

 

(Partial salary and benefits – no overhead)

 

4,166.66

 

50,000.00

 

 

 

 

 

 

 

Research Associate

 

 

 

 

 

($42,000/year + 15% benefits)

 

4,025.00

 

48,300.00

 

 

 

 

 

 

 

Research Associate

 

 

 

 

 

($42,000/year + 15% benefits)

 

4,025.00

 

48,300.00

 

 

 

 

 

 

 

Research Associate

 

 

 

 

 

($42,000/year + 15% benefits)

 

4,025.00

 

48,300.00

 

 

 

 

 

 

 

Research Associate

 

 

 

 

 

($27,300/year + 15% benefits)

 

2,616.67

 

31,400.00

 

 

 

 

 

 

 

Supplies

 

 

 

 

 

Operating Expenses

 

14,000.00

 

168,000.00

 

 

 

 

 

 

 

Overhead

 

 

 

 

 

30% on total direct costs

 

13,166.67

 

158,000.00

 

 

 

 

 

 

 

TOTAL ANNUAL BUDGET

 

$

61,250.00

 

$

735,000.00

 

 

--------------------------------------------------------------------------------