Document:

Unassociated Document

    
      

    

    Exhibit
10.3

    
      

      THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
HYPOTHECATED OR OTHERWISE DISPOSED OF BY THE HOLDER EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND IN COMPLIANCE WITH APPLICABLE SECURITIES LAWS OF ANY STATE WITH
RESPECT THERETO OR IN ACCORDANCE WITH AN OPINION OF COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER THAT AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE AND ALSO MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT
IN COMPLIANCE WITH ANY APPLICABLE RULES OF THE SECURITIES AND EXCHANGE
COMMISSION.

      

      

      REGEN
BIOLOGICS, INC.

      WARRANT
CERTIFICATE

      

      Warrant
to Purchase Stock

      

      Date of
Issue:  November 19, 2009

      

      

      This
warrant certificate (“Warrant
Certificate”) certifies that for value received ___________ or registered
assigns (the “Holder”)
is the owner of warrants (the “Warrants”), which entitles the
Holder thereof to purchase, at the Exercise Price (as hereinafter defined), at
any time on or before the Expiration Date (as hereinafter defined), a number of
shares (the “Warrant
Shares”) of Common Stock, $0.01 par value (“Common Stock”) of ReGen
Biologics, Inc., a Delaware corporation (the “Company”), as follows: (a)
that number of shares of Common Stock equal to the amount of Conversion Shares
into which that certain Note, of even date herewith and in the principal amount
of $__________ (the “Note
Principal Amount”), with which this Warrant Certificate was issued, would
be repaid in a Future Private Placement, were the holder of such Note to elect
repayment in Conversion Shares, or (b) if a Future Private Placement has not
been consummated prior to the Due Date, that number of shares of Common Stock
equal to the Note Principal Amount divided by $0.03.  Capitalized
terms used herein and not otherwise defined in this Warrant Certificate shall
have the meanings given them in the Amended and Restated Subscription and
Security Agreement between the Company and the Investor(s) named therein, dated
November 19, 2009 (as the same may be amended, restated or otherwise modified
from time to time) (the “Subscription
Agreement”).

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                1.

              	
                Warrant; Exercise
      Price

              

      

      

      This
Warrant Certificate shall entitle the Holder to purchase the Warrant Shares (in
an amount determined as set forth above).  The purchase price payable
upon exercise of the Warrants shall be equal to (i) 1% of the purchase price of
the securities offered in the Future Private Placement, or (ii) if no Future
Private Placement is consummated prior to the Due Date, $0.01 per share of
Common Stock (the “Exercise
Price”).

      

      
        	
                 
      

              	
                2.

              	
                Exercise; Expiration
      Date

              

      

      

      2.1           The
Warrants are exercisable, at the option of the Holder, at any time or times
after issuance and on or before the Expiration Date (as hereinafter defined),
upon surrender of this Warrant Certificate to the Company together with a duly
completed Notice of Exercise, in the form attached hereto as Exhibit A, and
payment of an amount equal to the product of the Exercise Price times the number
of shares of stock to be acquired.  Payment of the Exercise Price for
the Warrant Shares shall be in lawful money of the United States of America,
paid by wired transfer or cashier’s check drawn on a United States bank or
pursuant to the terms of Section 7.  In the case of exercise of the
Warrants for less than all the Warrant Shares represented by this Warrant
Certificate, the Company shall cancel the Warrant Certificate upon the surrender
thereof and shall execute and deliver a new Warrant Certificate for the balance
of such Warrant Shares.

      

      2.2           The
term “Expiration Date”
shall mean 5:00 p.m. New York time on November 19, 2014 or if such date shall in
the State of New York be a holiday or a day on which banks are authorized to
close, then 5:00 p.m. New York time the next following date which in the State
of New York is not a holiday or a day on which banks are authorized to
close.

      

      
        	
                 
      

              	
                3.

              	
                Registration and
      Transfer on Company Books

              

      

      

      3.1           The
Company shall maintain books for the registration and transfer of the Warrants
and the registration and transfer of the shares of stock issued upon exercise of
the Warrants.

      

      3.2           Prior
to due presentment for registration of transfer of this Warrant Certificate, or
the shares of stock issued upon exercise of the Warrants, the Company may deem
and treat the registered Holder as the absolute owner thereof.

      

      3.3           Neither
this Warrant Certificate nor the Warrant Shares have been registered under the
Securities Act of 1933, as amended (the “Act”).  The Company
will not transfer this Warrant Certificate or the Warrants or issue or transfer
the Warrant Shares unless (i) there is an effective registration covering such
Warrants or Warrant Shares, as the case may be, under the Act and applicable
states securities laws, (ii) it first receives a letter from an attorney,
acceptable to the Company's board of directors or its agents, stating that in
the opinion of the attorney the proposed issue or transfer is exempt from
registration under the Act and under all applicable state securities laws, or
(iii) the transfer is made pursuant to Rule 144 under the
Act.  Subject to the foregoing, this Warrant Certificate, the Warrants
represented hereby, and the Warrant Shares, may be sold, assigned or otherwise
transferred voluntarily by the Holder to officers or directors of the Holder, to
members of such persons' immediate families, or to the Holder's parent or
subsidiary corporations.  The Company shall register upon its books
any permitted transfer of a Warrant Certificate, upon surrender of same to the
Company with a written instrument of transfer duly executed by the registered
Holder or by a duly authorized attorney.  Upon any such registration
of transfer, new Warrant Certificate(s) shall be issued to the transferee(s) and
the surrendered Warrant Certificate shall be canceled by the
Company.  A Warrant Certificate may also be exchanged, at the option
of the Holder, for new Warrant Certificates representing in the aggregate the
number of Warrant Shares evidenced by the Warrant Certificate
surrendered.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                4.

              	
                Reservation of
      Shares

              

      

      

      The
Company covenants that it will at all times reserve and keep available out of
its authorized Common Stock, solely for the purpose of issue upon exercise of
the Warrants, such number of shares of Common Stock as shall then be issuable
upon the exercise of all the Warrants represented by this Warrant
Certificate.  The Company covenants that all Warrant Shares shall be
duly and validly issued and, upon payment for such shares as set forth herein,
fully paid and nonassessable and free from all taxes, liens and charges with
respect to the issue thereof, and that upon issuance such shares shall be listed
on the national securities exchange, if any, on which the other shares of
outstanding Common Stock of the Company are then listed.

      

      
        	
                 
      

              	
                5.

              	
                Loss or
      Mutilation

              

      

      

      Upon
receipt by the Company of reasonable evidence of the ownership of and the loss,
theft, destruction or mutilation of any Warrant Certificate and, in the case of
loss, theft or destruction, of indemnity reasonably satisfactory to the Company,
or, in the case of mutilation, upon surrender and cancellation of the mutilated
Warrant Certificate, the Company shall execute and deliver in lieu thereof a new
Warrant Certificate representing the number of Warrant Shares evidenced by the
lost, stolen, destroyed or mutilated Warrant Certificate.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                6.

              	
                Adjustments of Exercise Price
      and Shares

              

      

      

      6.1           In
the event of changes in the outstanding Common Stock of the Company by reason of
dividends, distributions, split-ups, recapitalizations, reclassifications,
combinations or exchanges of shares, separations, reorganizations, liquidations,
consolidation, acquisition of the Company (whether through merger or acquisition
of substantially all the assets or stock of the Company), or the like, the
number and class of shares available under the Warrants in the aggregate and the
Exercise Price shall be correspondingly adjusted to give the Holder of the
Warrants, on exercise for the same aggregate Exercise Price, the total number,
class, and kind of shares or other property as the Holder would have owned had
the Warrants been exercised prior to the event and had the Holder continued to
hold such shares until the event requiring adjustment.  The form of
this Warrant Certificate need not be changed because of any adjustment in the
number of Warrant Shares subject to this Warrant Certificate or the Exercise
Price provided herein.

      

      6.2           If
at any time or from time to time the holders of all of the shares of Common
Stock of the Company (or the holders of all of the shares of stock or other
securities at the time receivable upon the exercise of the Warrants) shall, as a
class, have received or become entitled to receive, without payment
therefor:

      

      
        	
                 
      

              	
                (i)

              	
                Common
      Stock or any shares of stock or other securities which are at any time
      directly or indirectly convertible into or exchangeable for Common Stock,
      or any rights or options to subscribe for, purchase or otherwise acquire
      any of the foregoing by way of dividend or other distribution (other than
      a dividend or distribution covered in Section 6.1
  above),

              

      

      

      
        	
                 
      

              	
                (ii)

              	
                any
      cash paid or payable; or

              

      

      

      
        	
                 
      

              	
                (iii)

              	
                Common
      Stock or additional stock or other securities or property (including cash)
      by way of spinoff, split-up, reclassification, combination of shares or
      similar corporate rearrangement (other than shares of Common Stock
      pursuant to Section 6.1 above),

              

      

      

      then, and
in each such case, the Holder hereof will, upon the exercise of the Warrants, be
entitled to receive, in addition to the number of shares of Common Stock
receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (including cash
in the cases referred to in clauses (ii) and (iii) above) which such Holder
would hold on the date of such exercise had he or she been the holder of record
of such Common Stock as of the date on which holders of Common Stock received or
became entitled to receive such shares or all other additional stock and other
securities and property.

      

      6.3           Whenever
the number of Warrant Shares purchasable upon the exercise of the Warrants or
the Exercise Price of such Warrant Shares is adjusted, as herein provided, the
Company shall mail to the Holder, at the address of the Holder shown on the
books of the Company, a notice of such adjustment or adjustments, prepared and
signed by the Chief Financial Officer, the Secretary or another authorized
officer of the Company, which sets forth the number of Warrant Shares
purchasable upon the exercise of each Warrant and the Exercise Price of such
Warrant Shares after such adjustment, a brief statement of the facts requiring
such adjustment and the computation by which such adjustment was
made.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                7.

              	
                Conversion

              

      

      

      7.1           In
lieu of exercise of any portion of the Warrants as provided in Section 2.1
hereof, the Warrants represented by this Warrant Certificate (or any portion
thereof) may, at the election of the Holder, be converted into the nearest whole
number of shares of Common Stock equal to:  (1) the product of (a) the
number of Warrants to be so converted, (b) the number of shares of Common Stock
then issuable upon the exercise of each Warrant and (c) the excess, if any, of
(i) the Common Stock Market Price Per Share (as determined pursuant to Section
8.2hereof) with respect to the date of conversion minus (ii) the
Exercise Price in effect on the business day next preceding the date of
conversion, divided
by (2) the Common Stock Market Price Per Share with respect to the date
of conversion.

      

      7.2           The
conversion rights provided under this Section 7 may be exercised in whole or in
part and at any time and from time to time while any Warrants remain
outstanding.  In order to exercise the conversion privilege, the
Holder shall surrender to the Company, at its offices, this Warrant Certificate
accompanied by a duly completed Notice of Conversion in the form attached hereto
as Exhibit
B.  The Warrants (or so many thereof as shall have been
surrendered for conversion) shall be deemed to have been converted immediately
prior to the close of business on the day of surrender of such Warrant
Certificate for conversion in accordance with the foregoing
provisions.  As promptly as practicable on or after the conversion
date, the Company shall issue and shall deliver to the Holder (i) a certificate
or certificates representing the number of shares of Common Stock to which the
Holder shall be entitled as a result of the conversion, and (ii) if the Warrant
Certificate is being converted in part only, a new certificate in principal
amount equal to the unconverted portion of the Warrant Certificate.

      

      
        	
                 
      

              	
                8.

              	
                Fractional Shares and
      Warrants; Determination of Market Price Per
  Share

              

      

      

      8.1           Anything
contained herein to the contrary notwithstanding, the Company shall not be
required to issue any fraction of a share of Common Stock in connection with the
exercise of the Warrants.  The Warrants may not be exercised in such
number as would result (except for the provisions of this paragraph) in the
issuance of a fraction of a share of Common Stock unless the Holder is
exercising all the Warrants represented by this Warrant Certificate then owned
by the Holder.  In such event, the Company shall, upon the exercise of
the Warrants, issue to the Holder the largest aggregate whole number of shares
of Common Stock called for thereby upon receipt of the Exercise Price for all
the Warrants represented by this Warrant Certificate and pay a sum in cash equal
to the remaining fraction of a share of Common Stock multiplied by the Common
Stock Market Price Per Share (as determined pursuant to Section 8.2 below) as of
the last business day preceding the date on which the Warrants are presented for
exercise.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      8.2           As
used herein, the “Common Stock
Market Price Per Share” with respect to any date shall mean the average
closing price per share of Company's Common Stock for the ten (10) trading days
immediately preceding such date during which the Common Stock has
traded.  The closing price for each such day shall be the closing sale
price or, in case no such sale takes place on such day, the closing price on the
last trading day, in either case on the principal securities exchange on which
the shares of Common Stock of the Company are listed or admitted to trading, the
last sale price, or in case no sale takes place on any such day, the average of
the high and low sales prices of the Common Stock on the Over-the-Counter
Bulletin Board (“OTCBB”) or any comparable system, or if the Common Stock is not
reported on OTCBB, or a comparable system, the average of the closing bid and
asked prices as furnished by two members of the Financing Industry Regulatory
Authority selected from time to time by the Company for that
purpose.  If such bid and asked prices are not available, then “Common
Stock Market Price Per Share” shall be equal to the fair market value of the
Company's Common Stock as determined in good faith by the board of directors of
the Company.

      

      
        	
                 
      

              	
                9.

              	
                Notices

              

      

      

      All
notices, requests, demands, claims, and other communications hereunder shall be
in writing and shall be delivered by certified or registered mail (first class
postage pre-paid), guaranteed overnight delivery, or facsimile transmission if
such transmission is confirmed by delivery by certified or registered mail
(first class postage pre-paid) or guaranteed overnight delivery, to the
following addresses and telecopy numbers (or to such other addresses or telecopy
numbers which such party shall subsequently designate in writing to the other
party):

      

      

      if to the
Company to:

      

      ReGen
Biologics, Inc.

      411
Hackensack Avenue

      Hackensack,
NJ  07601

      Attention:
Gerald E. Bisbee, Jr., Ph.D.

      Telecopy:
201.651.5141

      

      with a
copy to:

      

      Pillsbury
Winthrop Shaw Pittman LLP

      1650
Tysons Boulevard

      McLean,
VA 22102

      Attention:
David C. Main, Esq.

      Telecopy:
703.770.7901

      

      if to the
Holder to the address set forth on the books of the Company.

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      Each such
notice or other communication shall for all purposes of this Agreement be
treated as effective or having been given when delivered if delivered by hand,
by messenger or by courier, or if sent by facsimile, upon confirmation of
receipt.

      

      
        	
                 
      

              	
                10.

              	
                Governing
      Law

              

      

      

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

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly
executed as of the date first above written.

      

      

      
        	
                REGEN
      BIOLOGICS, INC.

              
	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
      	 
	
                By:

              	 
      	 
      	 
      	 
	 
      	 
      	
                Name:

              	
                Gerald E. Bisbee, Jr.,
      Ph.D.

              
	 
      	 
      	
                Title:

              	
                President
      and
Chief Executive Officer

              

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      EXHIBIT
A

      

      NOTICE OF
EXERCISE

      

      
        	
                To:

              	 
      	
                ReGen
      Biologics, Inc.

              	 
      	 
      	 
      
	 
      	 
      	
                411
      Hackensack Avenue

              	___________________ 
      , 20_____
	 
      	 
      	
                Hackensack,
      NJ  07601

              	 
      	 
      	 
      

      

      

      The
undersigned hereby irrevocably elects to purchase, pursuant to Section 2 of the
Warrant Certificate accompanying this Notice of Exercise, _______ Warrant Shares
of the total number of Warrant Shares issuable to the undersigned pursuant to
the accompanying Warrant Certificate, and herewith makes payment of $___________
in payment in full of the aggregate Exercise Price of such shares.

      

      Please
issue a certificate or certificates representing said Warrant Shares in the name
of the undersigned or in such other name as is specified below:

      

      
        	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                The
      Warrant Shares shall be delivered to the following:

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                Name
      of Holder

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                Signature

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                Address:

              	 
      
	 
      	 
      	 
      	 
      
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
B

      

      

      NOTICE OF
CONVERSION

      

      
        	
                To:

              	 
      	
                ReGen
      Biologics, Inc.

              	 
      	 
      	 
      
	 
      	 
      	
                411
      Hackensack Avenue

              	___________________ 
      , 20_____
	 
      	 
      	
                Hackensack,
      NJ  07601

              	 
      	 
      	 
      

      

      

      The
undersigned hereby irrevocably elects to convert, pursuant to Section 7 of the
Warrant Certificate accompanying this Notice of Conversion, _______ Warrant
Shares of the total number of Warrant Shares issuable to the undersigned
pursuant to the accompanying Warrant Certificate into shares of the Common Stock
of the Company (the “Shares”).

      

      The
number of Shares to be received by the undersigned, calculated in accordance
with the provisions of Section 7.1 of the accompanying Warrant Certificate, is
________________.

       

      
        	 	 	 	 
	 	 	 	 

      

       

      Please issue a certificate or
certificates representing said Warrant Shares in the name of the undersigned or
in such other name as is specified below:

       

      
        	 	 	 	 
	 	 	 	 
	The
      Warrant Shares shall be delivered to the following:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 
      	 	 	 
      
	
                 

              	 	
                Name
      of Holder

              	 
      
	 
      	 	 	 
      
	 
      	 	 	 
      
	
                 

              	 	
                Signature

              	 
      
	 
      	 	 	 
      
	
                 

              	 	
                Address:Unassociated Document

    

    CONFIDENTIAL SEPARATION
AGREEMENT AND GENERAL RELEASE

    

    THIS CONFIDENTIAL SEPARATION
AGREEMENT AND GENERAL RELEASE (the “Agreement”) is made by and between
Senesco Technologies, Inc. (the “Company”) and Bruce C. Galton
(“Executive”).

    

    WHEREAS, Executive has been
employed as the President and Chief Executive Officer of the
Company;

    

    WHEREAS, the Company and the
Executive mutually desire to terminate Executive’s employment, such termination
to be effective November 16, 2009 (“Date of Termination”);

    

    WHEREAS, in conjunction with
the termination of Executive’s employment, the parties have agreed to a
separation package and the resolution of any and all disputes between
them;

    

    NOW, THEREFORE, IT IS HEREBY
AGREED by and between Executive and the Company as follows:

    

    1.           Executive,
for and in consideration of the commitments of the Company as set forth in
paragraph 4 of this Agreement, and intending to be legally bound, does hereby
REMISE, RELEASE AND FOREVER
DISCHARGE the Company, its affiliates, subsidiaries and parents, and its
and their officers, directors, Executives, and agents, and its and their
respective successors and assigns, heirs, executors, and administrators
(collectively, “Releasees”) from any and all waivable causes of action, suits,
debts, claims and demands whatsoever in law or in equity, which Executive ever
had, now has, or hereafter may have, whether known or unknown, or which his
heirs, executors, or administrators may have, by reason of any matter, cause or
thing whatsoever, from the beginning of his employment to the date of this
Agreement, and particularly, but without limitation of the foregoing general
terms, any claims arising from or relating in any way to his employment
relationship with the Company, the terms and conditions of that employment
relationship, and the termination of that employment relationship, including,
but not limited to, any claims arising under Title VII of the Civil Rights Act
of 1964, as
amended, 42 U.S.C. § 2000e et seq., the Americans
with Disabilities Act, 29 U.S.C. § 706 et seq., the Age
Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et seq., the Family
and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq., the Employee
Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., the New Jersey
Law Against Discrimination, N.J.S.A. 10:5-1 et seq., the New Jersey
Conscientious Employee Protection Act, N.J.S.A. 34:19-1
et seq., the New Jersey
Family Leave Act, N.J.S.A. 34:11B-1
et seq. and the common
law of the State of New Jersey, and all other claims under any federal, state or
local common law, statutory, or regulatory provision, now or hereafter
recognized, and any claims for attorneys’ fees and costs.  This
Agreement is effective without regard to the legal nature of the claims raised
and without regard to whether any such claims are based upon tort, equity,
implied or express contract or discrimination of any sort.  Executive
further agrees and covenants that should any person, organization, or other
entity file, charge, claim, sue, or cause or permit to be filed any civil
action, suit or legal proceeding involving any such matter occurring at any time
in the past, Executive will not seek or accept any personal relief in such civil
action, suit or legal proceeding. In addition, the Company, for and in
consideration of the commitments of the Executive, as set forth herein and
intending to be legally bound, does hereby REMISE, RELEASE AND FOREVER
DISCHARGE the Executive, and his respective successors and assigns,
heirs, executors, and administrators from any and all known or unknown waivable
causes of action, suits, debts, claims and demands whatsoever in law or in
equity, which the Company ever had, or now has, by reason of any matter, cause
or thing whatsoever, from the beginning of the Executive’s employment to the
date of this Agreement.  Notwithstanding the foregoing, Executive
expressly acknowledges that nothing contained in this Agreement shall waive or
release any claims arising out of or related to any act or omission by Executive
constituting a crime, fraud or a material violation of any law, rule, or
regulation of any applicable regulatory or self-regulatory entity.

     

     

     

    
      Bruce C.
Galton

      Confidential
Separation Agreement and General Release

      November
23, 2009

      Page 1 of
7

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.           Executive
agrees to resign as President and Chief Executive Officer of the Company and as
a director of the Company.  Executive further agrees and recognizes
that his employment with the Company has been permanently and irrevocably
severed, that he shall not seek employment with the Company at any time in the
future, and that the Company has no obligation to employ him in the
future.

     

    3.           The
Company agrees to direct its employees to and the Executive agrees that he will
not, as applicable, disparage or subvert the other, or make any statement
reflecting negatively on the Executive or Company, its affiliated corporations
or entities, its or their officers, directors, employees, agents or
representatives, including, but not limited to, any matters relating to the
operation or management of the Company, Executive’s employment and the
termination of his employment, irrespective of the truthfulness or falsity of
such statement.  Nothing in this Paragraph shall preclude the Company
or the Executive from communicating or testifying truthfully to the extent
expressly required or protected by law, or by the proper inquiry of a state or
federal governmental agency, or by a subpoena to testify issued by a court of
competent jurisdiction.

     

    4.           In
consideration for Executive’s agreement as set forth herein, the Company shall
agree to do the following after the expiration of the revocation period set
forth in Section 15(g):

     

    (a)           The
Company will continue to pay Executive’s base salary (at the rate in effect on
the Date of Termination) for a period of four months.  The first such
payment will be made at the next normal payroll schedule, but no sooner than
after the expiration of the time required in Section 15(g).  All
subsequent payments will be made in accordance with the Company’s normal payroll
schedule for salaried employees.  All payments will be subject to
applicable federal and state withholdings and deductions which are authorized or
required by law.  Executive’s right to such continued salary payments
shall be treated, for purposes of Section 409A of the Internal Revenue Code (the
“Code”) as a right to a series of separate payments.  The severance
arrangement under this Agreement is intended to qualify for the exemption from
deferred compensation for separation pay plans pursuant to Treasury Regulations
1.409A-1(b)(9)(iii), and shall be reported for tax purposes
accordingly.

     

     

     

    
      Bruce C.
Galton

      Confidential
Separation Agreement and General Release

      November
23, 2009

      Page 2 of
7

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)           In
the event Executive and his spouse and eligible dependents elect continuation of
medical care coverage under the Company’s group health plans pursuant to their
COBRA rights, the Company will pay the COBRA premiums for continuation of his
and his spouse and eligible dependents group health insurance coverage for a
period of four months.

     

    (c)           All
currently outstanding equity awards made to Executive during his course of
employment are set forth on Exhibit
A.  To the extent any of the awards are stock options, each of
those options to the extent vested as of the Date of Termination shall remain
exercisable for the underlying shares of Common Stock until the expiration date
of such option as set forth in the applicable stock option agreement evidencing
such option.  To the extent any such options were intended to qualify
as incentive stock options under Code Section 422, such options will be treated
as nonqualified options and accordingly, Executive shall recognize ordinary
income upon exercise of such options and such income shall be subject to
withholding of applicable taxes by the Company.  Executive shall not
vest further in any such options following the Date of Termination and the
options, to the extent unvested shall terminate as of the Date of
Termination.  The 2009 Short Term Incentive Plan restricted stock unit
awards will vest upon the later of (i) the execution of this Agreement or (ii)
two days after the Company files its Form 10-Q for the quarter ended September
30, 2009 and the shares of Common Stock underlying such award shall be issued at
the time or times specified in the applicable award agreement.  The
Long Term Incentive Plan restricted stock unit awards shall expire on November
16, 2009 and Executive shall not be entitled to any shares pursuant to such
award.  The Company shall withhold all applicable taxes in connection
with the exercise of any options or the vesting of the restricted stock
units.

     

    (d)           Pay
Executive for 13 unused but accrued vacation days within 30 days of the
expiration of the time required in Section 15(g).  (Executive was paid
$980.80 per day and, accordingly, will be paid $12,750.40.)

     

    (e)           Reimburse
Executive for all documented and unreimbursed business expenses incurred by the
Executive through November 13, 2009 within 10 days of the expiration of the time
required in Section 15(g).

     

    5.           Executive
understands and agrees that the payments, benefits and agreements provided in
Paragraph 4 of this Agreement are being provided to him in consideration for his
acceptance and execution of and in reliance upon his representations in this
Agreement.  Executive acknowledges that if he had not executed this
Agreement containing a release of all claims against the Company, he would not
have been entitled to the severance payment referred to in Paragraph 4
above.

     

    6.           Executive
acknowledges and agrees that the Company previously has satisfied any and all
obligations owed to him.  Further, except as set forth expressly
herein, Executive acknowledges that no promises or representations have been
made to him in connection with the termination of his employment, or the terms
of this Agreement.

     

     

     

    
      Bruce C.
Galton

      Confidential
Separation Agreement and General Release

      November
23, 2009

      Page 3 of
7

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.           This
Agreement supersedes any and all prior agreements or understandings, whether
written or oral, between the parties to the extent this Agreement is
inconsistent with the terms or conditions of any such prior agreements or
understandings, except that this Agreement does not affect any non-competition,
non-solicitation or confidentiality agreements or obligations of Executive or
any agreements or obligations of Executive relating to the intellectual property
or proprietary information or rights of the Company as listed on Exhibit
B.  The Executive hereby acknowledges his continuing
obligations under the agreements that he entered into with the Company as listed
on Exhibit
B.

     

    8.           Notwithstanding
anything else herein to the contrary, nothing in this Agreement or otherwise
shall be deemed to waive the Executive’s right to indemnification (arising as a
matter of state law, under the Company’s by laws or certificate of
incorporation) as provided for in that certain Indemnification Agreement dated
as of October 4, 2001 by and between the Company and Bruce C. Galton; provided further that
the indemnification provided for in such indemnification agreement shall
continue to the Executive for any action taken or not taken while serving in an
indemnified capacity even though the Executive has ceased to serve in such
capacity.

     

    9.           Executive
agrees not to disclose the terms of this Agreement to anyone, except his
immediate family, attorney and, as necessary, tax/financial advisor, each of
whom shall be informed of this confidentiality obligation and shall be bound by
its terms.  It is expressly understood that any violation of the
confidentiality obligation imposed hereunder constitutes a material breach of
this Agreement.  The Executive hereby acknowledges that he has been
presented with a copy of the press release and Form 8-K set forth on Exhibit C attached
hereto.

     

    10.           Executive
represents that he does not presently have in his possession any records or
business documents, whether on computer or hard copy, and other materials
(including but not limited to computer disks and tapes, computer programs and
software, office keys, correspondence, files, customer lists, technical
information, customer information, pricing information, business strategies and
plans, sales records and all copies thereof) (collectively, the “Corporate
Records”) provided by the Company and/or its predecessors, subsidiaries or
affiliates or obtained as a result of his prior employment with the Company
and/or its predecessors, subsidiaries or affiliates, or created by Executive
while employed by or rendering services to the Company and/or its predecessors,
subsidiaries or affiliates.  Executive acknowledges that all such
Corporate Records are the property of the Company.  To the extent
Executive is in possession of any Company records, he agrees to promptly return
any and all Company documents, materials and/or information in his possession to
the Company.

     

    11.           The
Company does not believe there to be Code Section 409A income in connection with
this Agreement, and, accordingly, the Company will not report any Code Section
409A income in connection with this Agreement.

     

     

     

    
      Bruce C.
Galton

      Confidential
Separation Agreement and General Release

      November
23, 2009

      Page 4 of
7

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    12.           The
parties agree and acknowledge that the agreement by the Company described
herein, and the settlement and termination of any asserted or unasserted claims
against the Releasees, are not and shall not be construed to be an admission of
any violation of any federal, state or local statute or regulation, or of any
duty owed by any of the Releasees to Executive.  The Executive
acknowledges that he shall be responsible for all state, local and federal taxes
associated with this Agreement.

     

    13.           Executive
agrees and recognizes that should he breach any of the obligations or covenants
set forth in this Agreement, the Company will have no obligation to provide him
with the consideration set forth herein, and will have the right to seek
repayment of all consideration paid to him under this
Agreement.  Executive further agrees that the Company shall be
entitled to pursue preliminary and permanent injunctive relief, as well as to an
equitable accounting of all earnings, profits and other benefits arising from
any violations of this Agreement, which rights shall be cumulative and in
addition to any other rights or remedies to which the Company may be entitled.
The Executive acknowledges that Morgan, Lewis & Bockius LLP is counsel to
the Company.

     

    14.           This
Agreement and the obligations of the parties hereunder shall be construed,
interpreted and enforced in accordance with the laws of the State of New
Jersey.

     

    15.           Executive
certifies and acknowledges as follows:

     

    (a)           That
he has read the terms of this Agreement, and that he understands its terms and
effects, including the fact that he has agreed to RELEASE AND FOREVER DISCHARGE
the Company and each and every one of its affiliated entities from any legal
action arising out of his employment relationship with the Company and the
termination of that employment relationship;

     

    (b)           That
he has signed this Agreement voluntarily and knowingly in exchange for the
consideration described herein, which he acknowledges is adequate and
satisfactory to him and which he acknowledges is in addition to any other
benefits to which he is otherwise entitled;

     

    (c)           That
he has been and is hereby advised in writing to consult with an attorney prior
to signing this Agreement.;

     

    (d)           That
he understands that he will be responsible for all taxes arising from this
Agreement including without limitation (i) any tax consequences under Code
Section 409A and (ii) as a result of the extension of the exercisability of the
options, and that he has obtained the advice of a tax advisor.

     

    (e)           That
he does not waive rights or claims that may arise after the date this Agreement
is executed;

     

     

     

    
      Bruce C.
Galton

      Confidential
Separation Agreement and General Release

      November
23, 2009

      Page 5 of
7

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (f)           That
the Company has provided him with a period of twenty-one (21) days within which
to consider this Agreement, and that Executive has signed on the date indicated
below after concluding this Agreement is satisfactory to him; and

     

    (g)           Executive
acknowledges that this Agreement may be revoked by him within seven (7) days of
execution by providing written notice of such revocation to Emilio Ragosa, Esq.,
502 Carnegie Center, Princeton, New Jersey 08540.  This Agreement
shall not become effective until the expiration of such seven day revocation
period.  In the event of a timely revocation by Executive, this
Agreement will be deemed null and void and the Company will have no obligations
hereunder.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

     

     

     

    
      Bruce C.
Galton

      Confidential
Separation Agreement and General Release

      November
23, 2009

      Page 6 of
7

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    IN WITNESS HEREOF, intending to be
legally bound hereby, Executive and the Company execute the foregoing
Confidential Separation Agreement and General Release this 23rd day of the month
of November, 2009.

     

    

    

    

    /s/ Bruce C.
Galton                                  

    Bruce C.
Galton

    

    

    

    

    SENESCO
TECHNOLOGIES, INC.

    

    

    

    By:_/s/ Jack Van
Hulst______________________

    Name:  Jack
Van Hulst

    Title:  President
and Chief Executive Officer

    

    

    
 

     

    
      Bruce C.
Galton

      Confidential
Separation Agreement and General Release

      November
23, 2009

      Page 7 of
7

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