Document:

Senesco Technologies, Inc.

Retention Policy for Officers12

 

(Adopted by the Board on [____])

 

I. Termination in Connection with a Change of Control.

 

(a) In the event that an officer’s
employment is terminated by the Board of Director’s (the “Board”) of Senesco Technologies, Inc. (the “Company”)
without Cause (as defined below), or if the officer voluntarily terminates his or her employment for Good Reason (as defined below)
upon at least ninety (90) days’ written notice, upon or immediately prior to, or within one hundred eighty (180) days after,
the closing of a Change of Control (as defined below) of the Company, the officer shall be entitled to receive the following
(subject to the limitation set forth in clause (vii) below):

 

(i) The involuntary termination benefits
provided in the officer’s employment agreement, if any, including unpaid compensation and benefits.

 

(ii) The full incentive bonus allocated
to the officer for the calendar year in which termination occurs, as determined by the Board.

 

(iii) A multiple of the officer’s
annual base salary: (CEO=2x, CFO=1.5x, VP R&D=1.5x, VP Clinical=1.5x, other officers=1x);

 

(iv) Medical coverage with term equal to
base salary continuation under the Company’s group health insurance.

 

(v) Allowance for all vested options to
be exercisable for the remainder of each such vested option’s full remaining exercise period.

 

(vi) Immediate vesting of all unvested options
granted to the officer.

 

(vii) Notwithstanding the foregoing, if
the aggregate compensation set forth in clauses (i), (ii), (iii) and (iv) above to be paid to all officers exceeds 10% of the value
of the transaction as determined by the parties (as reflected in a definitive agreement, including the fair market value of any
publicly traded securities), or if not reflected in a definitive agreement, then as determined by a qualified, independent third
party selected by the board of directors of the Company, then the Board shall have the discretion to reduce such compensation pro-rata
to the extent necessary to consummate the Change of Control transaction.

 

 

(b) A “Change of Control” will
be deemed to occur upon (i) any “person”, as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “1934 Act”) (other than (a) the Company or any subsidiary of the Company, (b) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, or (c) any
company owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership
of stock of the Company), becoming the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or
indirectly, in one or more related transactions, of securities of the Company representing more than 50% of the combined voting
power of the Company’s then outstanding securities; (ii) a merger or consolidation approved by the Company’s stockholders
(other than (a) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) 50% or more of the combined voting power of voting securities of the Company or such surviving entity outstanding immediately
after such merger or consolidation or (b) a merger or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no person as such term is used in Sections 13(d) and 14(d) of the 1934 Act (other than the Company
or subsidiary of the Company) acquires more than 50% of the combined voting power of the Company’s then outstanding securities);
(iii) the sale or other disposition of all or substantially all of the Company’s assets; or (iv) the issuance, in one or
more related transactions, of securities of the Company representing more than 50% of the combined voting power of the Company’s
then outstanding securities, in which any “person” (as such term is used in Sections 13(d) and 14(d) of the 1934 Act)
becomes a beneficial owner (as defined in Rule 13d-3 under the 1934 Act) of at least 20% of the combined voting power of the Company’s
then outstanding securities.

___________

1 This Retention Policy for the Officers of Senesco
Technologies, Inc. shall only apply to those executive officers who do not have an employment agreement in effect.

2 This Retention Policy may be revised at any time
by the Board. Any revision will take effect after 12 months.

 

    	 

    	 

    
 

 

II. Termination by the Board Without Cause or Termination by
the Employee for Good Reason.

 

If the officer’s employment is terminated by the
Board, without “Cause”, or if the officer voluntarily terminates his(her) employment upon at least ninety (90) days’
written notice and for “Good Reason”, the officer shall be entitled to receive full consideration for a termination
package at the Board’s sole discretion.

 

“Cause” means any of the following:

 

(i)Failure by the officer, other than by reason of disability,
to substantially perform duties consistent with those expected of a person holding such officer’s position within twenty
(20) business days following the officer’s receipt of written notice of such failure (which notice shall have been authorized
by the Board and shall set forth in reasonable detail the purported failure to perform and the specific steps to cure such failure,
which shall be consistent with the terms hereof);

 

(ii)The officer’s misappropriation of Company
funds or willful misconduct which results in material damage to the Company; or

 

(iii)The officer’s conviction of, or plea of nolo
contendere to, any crime constituting a felony under the laws of the United States or any State thereof, or any crime constituting
a misdemeanor under any such law involving moral turpitude.

 

“Good Reason” means any action by the Company which
results in: (i) a material diminution of the officer’s position or the officer’s authority, duties or responsibilities;
(ii) a material reduction in the officer’s salary; or (iii) a change by the Company in the location at which the officer
performs his principal duties for the Company to a new location that is outside a radius of 50 miles from the officer’s principal
residence and outside a radius of 50 miles from the location at which the officer previously performed his principal duties for
the Company; provided, that, the foregoing events shall not be deemed to constitute Good Reason unless the officer shall have notified
the Board in writing of the occurrence of such event(s) and the Board shall have failed to have cured or remedied such event(s)
within twenty (20) business days of its receipt of such written notice or which breach Company has failed to begin to attempt to
cure during said twenty (20)-day period if the breach is not curable during the twenty (20)-day period.Exhibit 10.1

 

TERMINATION AGREEMENT ONCONSULTING SERVICES
AGREEMENT

咨询服务协议之终止协议

 

THIS TERMINATION AGREEMENT
ONCONSULTING SERVICES AGREEMENT (this “Termination Agreement”) is made and entered into as of the 1st day
of July, 2011, by and betweenYixing Dragon Path Environment Technology Limited (“Party A”)and Jiangsu Zhenyu
Environmental Protection Technology Co. Ltd. (“Party B”). Party Aand Party B are each referred to in this Termination
Agreement as a “Party” and collectively as the “Parties”.Capitalized terms used but not defined herein
shall have the meanings set forth in that certain Consulting Services Agreement (defined in the Recitals below).

本《咨询服务协议之终止协议》(“本终止协议”)由宜兴龙程环保科技有限公司(“甲方”),与江苏振宇环保科技有限公司(“乙方”)于2011年7月1日签订。本终止协议中的甲方和乙方分别称为“一方”,合称“各方”。本协议中使用但未定义的术语具有与相关咨询服务协议(见以下陈述中的定义)中规定的含义。

 

RECITALS:

 

陈述

WHEREAS, reference
is made to that certain Consulting Services Agreement dated as of January 27, 2010 (the “Consulting Services Agreement”),
by and among Parties;

鉴于,各方在2010年1月27日签订了《咨询服务协议》(“《咨询服务协议》”);

 

WHEREAS, Parties
desire to terminate theConsulting Services Agreement;

鉴于,各方欲终止《咨询服务协议》;

 

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

为此,基于前述考虑和各方合意,各方同意如下:

 

A. TERMINATION.
Subject to the approval of the board of directors of the ultimate parent company of Party A, the Consulting Services Agreement
shall be terminated in its entirety on July 1, 2011 and shall be of no further force or effect.

A. 终止。以得到甲方终极母公司董事会通过为条件,《咨询服务协议》自2011年7月1日起终止,不再具有约束力和效力。

 

B.RELEASE. Each
Party agrees to release and further indemnify the other Party from all past, present and future obligations or claims related to
the Consulting Services Agreement. Each Party hereby waives any other future right that it otherwise may have under the Consulting
Services Agreement.

 

    	 

    	 

    

 

B. 免除。各方同意免除另一方与《咨询服务协议》相关的所有以前、现在和未来的义务或主张,并使其免遭损害。各方在此放弃其根据《咨询服务协议》将来可能拥有的任何其他权利。

 

C. PAYMENT.
 Notwithstanding Clause B of this Termination Agreement, theConsulting Services Fee payable by June 30, 2011 shall be paid
up within 12 months after the effectiveness of this Terminate Agreement.

 C.
支付。尽管有本终止协议第B条的规定,截止于2011年6月30日到期的咨询服务费应当在本终止协议生效起12个月内付清。

 

D. FURTHER ASSURANCES.
Each Party shall cooperate with, and take such action as may be reasonably requested by, the other Party in order to carry
out the provisions and purposes of this Termination Agreement.

D.进一步保证。各方将和另一方展开协作并采取另一方合理要求的措施,以便实现本终止协议的规定和目的。

 

E.HEADINGS. The headings
in this Termination Agreement are for convenience of reference only and shall not constitute a part of this Termination Agreement,
nor shall they affect its meaning, construction or effect.

E.标题。本终止协议的标题仅为方便参考而设,不构成本终止协议的一部分,也不影响本终止协议的含义、解释或效力。

 

F.GOVERNING LAW. This Termination
Agreement shall be governed and construed under the laws of the People’s Republic of China, and shall be binding on and shall
inure to the benefit of the parties and their respective successors and permitted assigns.

F.管辖法律。本终止协议受中华人民共和国法律管辖并按其解释,且将约束各方及其各自的继承人和允许的受让人,并确保他们的利益。

 

G.COUNTERPARTS.
This Termination Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which
together shall constitute one instrument. A facsimile or other electronic transmission of this signed Termination Agreement shall
be legal and binding on all parties hereto. 

G.份数。本终止协议将签署多份,每份均是原件,但共同构成一个文件。经签署的本终止协议的传真件或其他电子传输版本应具有法律效力并对各方具有约束力。

 

[Following are signature pages.]

 

[以下是签字页]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Termination Agreement as of the date first set forth above.

 

兹证明,各方在本终止协议页首所载日期签署本终止协议。

 

PARTY A: Yixing Dragon Path Environment
Technology Limited

甲方:宜兴龙程环保科技有限公司

 

Legal/Authorized Representative: ______________________

法定代表人/授权代表

Name: LI Boping

姓名:李伯平

Title: Executive Director

职务:执行董事

 

PARTY B: Jiangsu Zhenyu Environmental
Protection Technology Co. Ltd.

乙方:江苏振宇环保科技有限公司

 

Legal/Authorized Representative: ______________________

法定代表人/授权代表

Name: LI Boping

姓名:李伯平

Title: Executive Director

职务:执行董事

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