Document:

Exhibit 10.1

 

 

 

AMENDMENT NO. 1 TO

FINANCIAL ADVISORY AGREEMENT

 

 

This amendment (“Amendment”)
is made as of February 14, 2008 by and between STANFORD
GROUP COMPANY (“Stanford Group”) and SENESCO
TECHNOLOGIES, INC. (the “Company”).  Capitalized terms used without definition
herein shall have the meaning ascribed to such terms in the Financial Advisory
Agreement (as defined below).

 

WHEREAS, Stanford Group and
the Company are parties to that certain Financial Advisory Agreement, dated as
of October 11, 2006 (the “Financial Advisory Agreement”);  and

 

WHEREAS, the parties hereto
desire to amend the Financial Advisory Agreement as provided herein; and

 

NOW, THEREFORE, in
consideration of the premises and the mutual convenants and agreements
hereinafter contained, the parties to this Amendment hereby agree as follows:

 

1.               Except as set forth herein, the terms and
provisions of the Financial Advisory Agreement shall continue unmodified and in
full force and effect.

 

2.               The introductory paragraph shall be
deleted and replaced with the following:

 

This letter agreement (the “Agreement”) is to confirm
our understanding that Stanford Group Company (“Stanford Group”) is engaged by
Senesco Technologies, Inc., its successors, subsidiaries and affiliates
(collectively, the “Company”) on a
non-exclusive basis with respect to financial advisory, corporate finance,
strategic financing and strategic alliance matters.  Unless renewed by the parties, the term of
this Agreement shall expire on June 30, 2012. This Agreement may be terminated
(i) by either party, without cause, upon sixty (60) days’ written notice
of termination to the other party; or (ii) by either party, if the other
party breaches any of its obligations under this Agreement and fails to remedy
such breach within ten (10) days after written notice of such breach is
provided to the other party. Upon the execution of this letter by the Company, Stanford Group shall devote a commercially
reasonable amount of business, time and attention to matters on which the
Company shall request its services.

 

3.               Section A
shall be deleted and replaced in its entirety by the following:

 

Financial Advisory Services

 

During
the term of this agreement, Stanford Group shall provide the Company with such
regular and customary financial advisory services as are reasonably requested
by the Company, provided that Stanford
Group shall not be required to undertake duties not reasonably within the scope
of the financial advisory services in which it is generally engaged. In
performance of its duties, Stanford Group shall provide the Company with the
benefit of its judgment. It is understood and acknowledged by the parties that the value of Stanford Group’s
advice is not measurable in a quantitative
manner and Stanford Group shall use
its best efforts to render advice, upon the request of the Company, in good faith, as shall be
determined by Stanford Group, Stanford Group shall use its best efforts to:

 

(a)           assist
the Company in identifying its financing needs; help formulate a financing structure with respect to what is usual
and standard practice in financings for organizations in similar circumstances;

 

 

 

(b)           introduce the Company to appropriate
institutional and/or retail investors for presentations (provided that in the
event that an introduction, for such purpose, directly results in the
consummation of any financing or strategic transactions, the Company shall
compensate Stanford Group on terms consistent with prevailing market terms for
such transactions);

 

(c)           introduce
the Company to such other corporations, research institutions or individuals
that may be beneficial in advancing the Company’s research or business goals;

 

(d)           provide the Company with any
non-confidential industry related information that the Stanford group may have
access to; and

 

(e)           introduce the Company to
industry analysts; and

 

(f)            introduce the Company to individuals
with access to industry conferences.

 

The Company acknowledges that Stanford  Group and
its affiliates are in the business of providing financial advisory services (of all types contemplated by this agreement) to others. Nothing herein
contained shall be construed to limit or restrict Stanford  Group or
its affiliates in conducting such business with respect to others or in
rendering such advice to others.

 

The Company recognizes and confirms that Stanford Group,
in acting pursuant to this engagement will be using information in reports and
other information provided by others, including, without limitation,
information provided by, or on behalf of the Company, and that Stanford Group
does not assume responsibility for, and may rely on, without independent
verification of, the accuracy and completeness of any such reports and
information. The Company hereby warrants that any information relating to the
Company that is furnished to Stanford Group by the Company will be fair,
accurate and complete and will not contain any material omissions or
misstatements of fact. The Company agrees that any information or advice
rendered by Stanford Group or its representatives in connection with this
engagement is for the confidential use of the Company’s Board of Directors only
in its evaluation of the matters for which Stanford Group has been engaged and,
except as otherwise required by law, the Company will not, and will not permit
any third party, to disclose or otherwise refer to such advice or information
in any manner without the prior written consent of Stanford Group.

 

4.               Sections C.1.(a), C.1.(b) and C.1.(c) shall
be deleted and replaced in their entirety by the following:

 

“(a) warrants issued by
the Company to Stanford and the Stanford Employees at an exercise price of
$3.25 shall be amended to an exercise price of $1.01;

 

 (b) warrants issued by the Company to
Stanford and the Stanford Employees at an exercise price of $2.00 shall be
amended to an exercise price of $1.01; and

 

 (c) the term of all warrants issued by
the Company to Stanford and the Stanford Employees shall be extended to June 30,
2012.”

 

5.               The Company hereby represents and
warrants that a registration statement registering under the Securities Act of
1933 (as amended) (the “Securities Act”) all shares of common stock issuable
pursuant to all of the warrants discussed in Section C of the Financial
Advisory Agreement has 

 

2

 

been filed with the Securities and Exchange
Commission, has been declared effective and remains effective as of the date
hereof.

 

6.               All warrants discussed in Section C
of the Financial Advisory Agreement shall hereby be amended to include the
following provision:

 

“If at the time of exercise,
the Warrant Shares are not subject to an effective registration statement under
the Securities Act, the Registered Holder may, at its option, elect to exercise
this Warrant by delivering the purchase form and, in lieu of making payment of
the Purchase Price payable in respect of the number of Warrant Shares purchased
upon such exercise in cash or wire transfer, elect instead to receive upon such
exercise the “Net Number” of shares of Common Stock determined according to the
following formula:

 

	
  Net Number =

  	
  (A x B) — (A x C)

  	
   

  
	
   

  	
  B

  	
   

  
	
   

  	
   

  	
   

  

 

For
purposes of the foregoing formula:

 

A = the total number of
Warrant Shares with respect to which this Warrant is then being exercised.

 

B = the Closing Bid Price of
the Common Stock on the date of exercise of the Warrant.

 

C = the Warrant Exercise
Price then in effect for the applicable Warrant Shares at the time of such
exercise.

 

For purposes of this
provision, the following definitions shall apply:

 

“Closing Bid Price”
means the closing bid price of Common Stock as quoted on the Primary Market (as
reported by Bloomberg Financial Markets through its “Volume at Price”
function).

 

“Primary Market”
means on any of (a) the American Stock Exchange, (b) New York Stock
Exchange, (c) the Nasdaq Global Select Market, (d) the Nasdaq Global
Market, (e) the Nasdaq Capital Market, or (e) the NASD
Over-the-Counter Bulletin Board.”

 

7.               If a provision contained in this
Amendment is held to be invalid or unenforceable, this Amendment shall continue
in full force and effect and shall be construed as if the invalid or
unenforceable provision was omitted.

 

8.               This Amendment
shall be governed by, and shall be construed, interpreted and enforced in
accordance with, the laws (excluding choice of law rules) of the State of New
Jersey.

 

9.               This Amendment
may be executed in counterparts, all of which together constitute one Amendment
binding on all of the parties hereto.

 

 

3

 

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amendment as of the day and year first above
written.

 

 

 

SENESCO TECHNOLOGIES, INC.

 

 

	
  By:

  	
  /s/
  Bruce C. Galton

  
	
   

  	
   

  
	
  Name:
  

  	
  Bruce
  C. Galton

  
	
  Title:
  

  	
  President
  and Chief Executive Officer

  
	
   

  	
   

  

 

 

 

STANFORD GROUP COMPANY

 

	
  By:

  	
  /s/
  William R. Fusselmann

  
	
   

  	
   

  
	
  Name:
  

  	
  William
  R. Fusselmann

  
	
  Title:
  

  	
  Managing
  Director

  
	
   

  	
   

  

 

 

 

STANFORD VENTURE CAPITAL HOLDINGS, INC.

 

 

	
  By:

  	
  /s/
  Daniel T. Bogar

  
	
   

  	
   

  
	
  Name:
  

  	
  Daniel
  T. Bogar

  
	
  Title:
  

  	
  Managing
  Director

  
	
   

  	
   

  

 

 

 

STANFORD INTERNATIONAL BANK, LTD.

 

 

	
  By:

  	
  /s/
  James M. Davis

  
	
   

  	
   

  
	
  Name:

  	
  James
  M. Davis

  
	
  Title:
  

  	
  Chief
  Financial Officer

  
	
   

  	
   

  

 

 

 

 

4

 

STANFORD EMPLOYEES:

 

 

 

	
  /s/
  Ronald Stein

  
	
  Ronald
  Stein

  
	
   

  
	
   

  
	
   

  
	
  /s/
  Daniel Bogar

  
	
  Daniel
  Bogar

  
	
   

  
	
   

  
	
   

  
	
  /s/
  Osvaldo Pi

  
	
  Osvaldo
  Pi

  
	
   

  
	
   

  
	
   

  
	
  /s/
  William Fusselmann

  
	
  William
  Fusselmann

  
	
   

  
	
   

  

 

5Exhibit 10.1

 

FIRST AMENDMENT

TO

AMENDED AND RESTATED PROMISSORY
NOTE

 

THIS FIRST AMENDMENT (the “First Amendment”) to the
Amended and Restated Promissory Note dated as of March 31, 2007 (the “Note”),
is entered into as of the close of business on February 12, 2008, by and
between Commodore Resources (Nevada), Inc. (“Maker”) and LDN Stuyvie
Partnership (“Payee”).

 

RECITALS:

 

WHEREAS, Payee, with the
consent of Maker and Maker’s parent company, Lyris, Inc. (“Lyris”),
acquired the Note on January 23, 2008, from The John Buckman and Jan
Hanford Trust; and

 

WHEREAS, Payee and Maker, in
connection with broader efforts by Lyris to increase its liquidity, desire to
amend the Note as set forth below in this First Amendment.

 

AMENDMENT:

 

NOW, THEREFORE, in consideration of the
foregoing and the agreements herein contained, the parties hereto covenant and
agree as follows:

 

1.                                      Section 2
of the Note is hereby amended by deleting the current subsection (b) thereof
in it entirety and re-lettering subsection (c) as subsection (b)

 

2.                                      Except as
herein specifically amended by this First Amendment, the Note shall continue in
full force and effect in accordance with its terms.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

IN WITNESS WHEREOF, the parties hereto have duly
executed this First Amendment effective as of the date first written above.

 

	
  COMMODORE
  RESOURCES (NEVADA), INC.

  
	
   

  	 

	
   

  	 

	
  By:

  	
  /s/
  Richard A. McDonald

  	 

	
  Name:
  Richard A. McDonald

  	 

	
  Its:
  President

  	 

	
   

  	 

	
   

  	 

	
  LDN
  STUYVIE PARTNERSHIP

  	 

	
   

  	 

	
   

  	 

	
  By:

  	
  /s/
  William T. Comfort, III

  	 

	
  Name:
  William T. Comfort, III

  	 

	
  Its:
  General Partner

  	 

 

 

S-1

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