Document:

Unassociated Document

    EXHIBIT
10.5

    CONSULTING
AGREEMENT

    

    

    This
CONSULTING AGREEMENT
dated as of June 10, 2009 (this “Agreement”), by and between Marani Brands, Inc.
a Nevada corporation (the “Company”), and Anahit Mkrtchyan, an individual
residing in Los Angeles County. (the “Consultant”).

    

    WHEREAS, the Company, through
its wholly owned subsidiary, Marani Spirits, Inc., is engaged in, among other
things, the business of distilling, marketing, selling and bottling vodka, other
spirits and wine throughout the world; and

    

    WHEREAS, the Company desires
to retain the Consultant provide counsel by services to the Company with respect
marketing and promotional advice to the Company with respect to its Marani®
Vodka and other distilled alcohol products, brandy and wine which the Company
(the “Services”) may have the right to import during the Consulting Period (as
hereinafter defined) (the “Products”), and the Consultant desires to provide
consulting services to the Company with respect to such sales activities, upon
the terms, provisions and conditions set forth in this Agreement.

    

    NOW, THEREFORE, in
consideration of these premises and other good and valuable consideration, the
receipt and legal sufficiency of which is hereby acknowledged, the parties,
intending to be legally bound, hereby agree as follows:

    

    1.           Retention
of Consultant.

    

    (a) The
Company hereby retains the Consultant to provide the Services to the Company
during the Consulting Period as the Company may request during the Consulting
Period, and the Consultant hereby agrees to provide the Services to the Company
during the Consulting Period, all upon the terms, provisions and conditions
contained in this Agreement.

    

    (b) The
retention of the Consultant hereunder is on a non-exclusive basis. Accordingly,
the Company may and will engage other entities and persons to provide services
to the Company that are substantially similar to the Services.

    

    2.           Services.

    

    (a)           In
performing the Services, the Consultant will interface with, and follow the
reasonable directions of, the Company’s Chairman, President and Chief Executive
Officer or any other officer or representative of the Company designated by the
Company’s Chairman, President and Chief Executive Officer. The Consultant will
perform the Services lawfully and faithfully, to the best of his ability and in
accordance with the highest ethical standards. The Consultant shall comply with,
and will not violate, any applicable law, rule or regulation, domestic or
foreign, in connection with the performance of the Services.

    

    (b)           The
Consultant acknowledges and agrees that whether the Company engages in any
transaction based upon the Services shall be a decision made by the Company in
its sole and absolute discretion.

    

    3.           Consulting
Period.  The term of the retention and engagement of the
Consultant under this Agreement shall commence on the date hereof and shall
continue for a period of twelve (12) months, unless terminated earlier as
provided for herein (the “Consulting Period”).

    

    4.           Compensation.

    

    (a)           As
consideration in full for the performance of the Services, the Consultant shall
be paid a consulting fee equal to 1,120,000 shares of the Company’s common
stock, par value $0.001 per share (the “Consulting Fee”), which shall be issued
under the Company’s current S-8 registration statement.  The
Consulting Fee shall be fully earned upon the execution and delivery of this
Agreement.  The Consultant previously was to receive a monthly cash
consulting fee from the Company which, the company currently is indebted to the
consultant shall no longer be payable to the Consultant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    (b)           The
Consultant shall be responsible for the payment of all taxes, levies and similar
charges (whether federal, state or local, domestic or foreign) which are payable
in respect of the compensation provided for in this Section 4, and the
Consultant shall indemnify the Company and hold the Company harmless with
respect to the payment of any and all such taxes, levies and similar
charges.

    

    5.           Expense
Reimbursement.  Unless approved in writing by the Company prior
to the incurrence thereof, the Consultant shall not be entitled to reimbursement
from the Company for any costs or expenses incurred by the Consultant in
connection with this Agreement or providing the Services to the Company, and the
Consultant shall be responsible for all such costs and expenses.

    

    6.           Relationship
of the Parties.  This Agreement is
between two (2) independent contracting entities and nothing herein shall
constitute or create an employer-employee relationship, a partnership, a joint
venture or any other joint enterprise or agent-principal relationship between
the parties.  Neither party is the fiduciary of the other
party.  The Consultant will not have the right to obligate or legally
bind the Company and will not hold itself out to any third party or to make any
representation to any third party that the Consultant has the right to do
so.

    

    7.           Termination.  The Company may
terminate this Agreement at any time for Cause (as hereinafter defined) upon
written notice to the Consultant.  For purposes of this Agreement, the
term “Cause” (i) the failure or refusal of the Consultant to render the Services
to the Company or the failure of the Consultant to follow the Company’s
directives in connection therewith; (ii) disloyalty, gross negligence,
dishonesty or breach of fiduciary duty by the Consultant or any of its
directors, members, managers, officers or employees; (iii) commission of an act
of fraud, theft, misappropriation, embezzlement or commission of any other
action which is damaging the Company or its reputation; (iv) any act of moral
turpitude which materially adversely affects any ability to perform the Services
or reputation of the Company; (v) commission of any violation of any law or
regulation related to the performance of the Services; (vi)
liquidation,  bankruptcy or insolvency of the Consultant; or (vii) a
breach of any provision of this Agreement by the Consultant In addition, (a) the
Company may terminate this Agreement at any time, without any reason whatsoever,
upon ten (10) days prior written notice to the Consultant and (b) the Consultant
may terminate this Agreement upon not less that thirty (30) days prior written
notice to the Company.

    

    8.           Confidentiality
Covenant and other Restrictive Covenants Applicable to
Consultant.

    

    (a)           During
the Consulting Period and thereafter, the Consultant shall not, and shall cause
its affiliates not to, directly or indirectly, under any
circumstance:  (i) disclose any Confidential Information (as such term
is hereinafter defined); (ii) act so as to impair the confidential or
proprietary nature of any such Confidential Information; or (iii) offer or agree
to, or cause or assist in the inception or continuation of, any such disclosure
or impairment of any such Confidential Information or trade secret, unless
consented to in writing by the Company.  All Confidential Information
is and shall remain the sole and exclusive property of the
Company.  For purposes hereof, the term “Confidential Information”
shall mean any and all of the following (regardless of the medium in which
maintained or stored): confidential or proprietary information or material not
in the public domain about or relating to any aspect of the business,
activities, plans, prospects or strategies (whether or not pursued) of the
Company or any of its subsidiaries including, without limitation, financial
information and projections, research and development plans or projects; data
and reports; computer materials such as programs, instructions, source codes,
object codes and printouts; formulas; recipes; product-testing information;
business improvements; processes; manufacturing distillery processes;
intellectual property strategies, patent strategies licensing strategies,
marketing and selling strategies; strategic business plans (whether or not
pursued); budgets; licenses; pricing, pricing strategies and cost data;
information regarding the skills and compensation of employees; the identities
of customers and potential customers; forecasts, marketing techniques; the
identities of suppliers, vendors and contractors; the terms of contracts or
agreements; and any other information mentioned or data which is not public
and/or of a confidential nature relating to any aspect of the business of the
Company.  In the event that the Consultant or any of its affiliates
becomes legally required to disclose any Confidential Information, such party,
to the extent practicable, will provide the Company with prior written notice
thereof so that the Company may seek a protective order or other appropriate
remedy or waive compliance with the provisions of this Section 8(a) to permit a
particular disclosure.  In the event that such protective order or
other remedy is not obtained, or that the Company waives compliance with the
provisions of this Section 8 (a) to permit a particular disclosure, the
applicable party shall only disclose that portion of the Confidential
Information which the applicable party is advised by such party’s legal counsel
is legally required to be disclosed.  If required, the applicable
party will, at the Company’s cost and expense, cooperate with the efforts of the
Company to obtain a protective order or other activities intended to obtain
reliable assurance that confidential treatment will be accorded the Confidential
Information disclosed.  For purpose hereof Confidential Information
shall not include any information (i) that is publicly known at the time of its
disclosure other than through a breach of this Agreement by the Consultant; (ii)
is lawfully received by the Consultant  from a third party not bound
by a confidential obligation  to the Company or who does not have a
fiduciary or similar obligation to the Company;  or (iii) was already
known by the Consultant prior to its disclosure, as evidence by the Consultant’s
books and records.

     

    
      
         

      

      
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    (b)           During
the Consulting Period, the Consultant shall not, and shall cause his affiliates
not to, engage, directly or indirectly (whether as an member, manager, officer,
director, employee, consultant, stockholder, owner, lender, investor or any
other capacity) in the business of representing any business or entity anywhere
in the world whose primary business involves the manufacturing, sale or
marketing or distribution of vodka as its principal product.

    

    (c)           During
the Consulting Period and thereafter, the Consultant will not and will cause its
affiliates not to, directly or indirectly, interfere with any business
relationship between the Company and any of its distributors, customers,
suppliers, agents or any other person or entity doing business with the Company
or take any action which could reasonably be expected to result such entity to
ceasing doing business with the Company or to reducing the amount of business
that it conducts with the Company.

    

    (d)           The
Consultant acknowledges that if the Consultant or any of its affiliates should
breach or threaten to breach any provision of Sections 8(a) through 8(c) hereof
the damages to the Company may be substantial and difficult to ascertain, and
monetary damages will not afford the Company an adequate remedy. Therefore, if
any of the provisions of Sections 8(a) through 8(c) hereof are violated or
breached or threatened to be violated or breached, in whole or in part, the
Company shall be entitled to obtain specific performance and injunctive relief
(without being required to post a bond or other security and without being in
required to establish irreparable harm or actual damages), without prejudice to
all other rights any remedies the Company may have at law, in equity or
otherwise, all of which shall be cumulative, and all of which may be exercised
concurrently.  In addition, should the Consultant breach any of the
provisions of  Sections 8(a) through 8(c) hereof, the Company shall be
the right to immediately cease making any further payments of the Consulting Fee
to the Consultant.

    

    9.           Return of
Information.  Upon the
termination or expiration of the Consulting Period, the Consultant will promptly
deliver to the Company, or at the Company’s written instruction, destroy, all
documents, data, drawings, manuals, letters, notes, reports, electronic mail,
recordings, and copies thereof, of or pertaining to the Company and its business
and/or which contain or are based upon any Confidential Information whish are in
the Consultant’s possession or control or the possession or control of any of
the Consultant’s affiliates.  Nothing herein shall constitute a
license to the Consultant of any property, assets or information belonging to
the Company

    

    10.         Consultant
Representations and Warranties. The Consultant hereby represents and
warrants to the Company as follows; (a) the Consultant has the legal capacity to
enter into this Agreement and perform his obligations hereunder; (b) this
Agreement constitutes its legal, valid and binding obligation of the Consultant,
enforceable against the Consultant in accordance with its terms; (c) the
execution, delivery and performance of this Agreement by the Consultant shall
not breach, violate, contravene, or cause a default under the constituent
documents of the Consultant, any agreement or contract to which it is a party or
bound, or any law or regulation applicable to it or any order, judgment or
decree to which it is bound or otherwise subject; and (d) in connection with the
performance of the Services hereunder, it shall not use or disclose any of the
proprietary or confidential information of any third party or violate any
confidentiality or similar obligation that it may owe to any third
party.

     

    
      
         

      

      
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    11.         Press
Releases.  The Company and
the Consultant shall not issue any press release or other communication with
respect to this Agreement (and Company's engagement of Consultant) or the
transactions contemplated hereby, except to the extent required by applicable
law or regulation, without the prior written consent of the other party, which
consent shall not be unreasonably withheld or delayed.

    

    12.         Amendment.  This Agreement
may not be modified, amended, altered or supplemented, except by a written
agreement executed by each of the parties hereto.

    

    13.         Entire
Agreement.  This Agreement contains the entire understanding
and agreement of the parties relating to the subject matter hereof and it
supersedes all prior and/or contemporaneous understandings and agreements of any
kind and nature (whether written or oral) among the parties with respect to such
subject matter, all of which are merged herein.  There are no
representations or promises among the parties with respect to the subject matter
hereof, except as expressly set forth herein.

    

    14.         Waiver.  Any
waiver by a party, of any breach of or failure to comply with any term,
provision or condition of this Agreement by the other party hereto shall not be
construed as, or constitute, a continuing waiver of such term, provision or
condition, or a waiver of any other breach of, or failure to comply with, any
other term, provision or condition of this Agreement, any such waiver to be
limited to the specific matter and instance for which it is given.  No
waiver of any such breach or failure or of any term, provision or condition of
this Agreement shall be effective unless in a written instrument signed by the
party granting the waiver.  No failure or delay by either party to
enforce or exercise its rights hereunder shall be deemed a waiver hereof, nor
shall any single or partial exercise of any such right or any abandonment or
discontinuance of steps to enforce such rights, preclude any other or further
exercise thereof, at any time whatsoever, or the exercise of any other
right.

    

    15.         Indemnification. The
Consultant shall indemnify the Company and its present and future directors,
officers, employees, agents, and attorneys and shall hold each of them harmless,
from and against any damages, liabilities, losses, penalties, claims, judgments,
costs (including, without limitation, any costs and expenses incurred in
connection with investigating any claim) and expenses (including, without
limitation, reasonable attorney’s fees and expenses) which arises out of, is
based upon on in any way relates to a breach of any term or provisions of this
Agreement by the Consultant or the failure of the Consultant to observe or
perform any of its obligations hereunder.

    

    16.         Notices.  All
notices, demands, consents, requests, instructions and other communications to
be given or delivered or permitted under or by reason of the provisions of this
Agreement or in connection with the transactions contemplated hereby shall be in
writing and shall be deemed to be delivered and received by the intended
recipient as follows:  (a) if personally delivered, on the business
day of such delivery (as evidenced by the receipt of the personal delivery
service), (b) if mailed certified or registered mail return receipt requested
(with all costs prepaid), four (4) business days after being mailed, (c) if
delivered by a recognized overnight courier service of recognized standing (with
all charges having been prepaid), on the business day of such delivery (as
evidenced by the receipt of the overnight courier service), on (d) by facsimile
transmission on the business day sent, if received before 5:00 p.m. in the time
zone of the intended recipient, or on the next business day if received
thereafter (with receipt confirmed by mechanically by the recipients fax
machine) of the If any notice, demand, consent, request, instruction or other
communication cannot be delivered because of a changed address of which no
notice was given (in accordance with this Section 16), or the refusal to accept
same, the notice, demand, consent, request, instruction or other communication
shall be deemed received on the second business day the notice is sent (as
evidenced by a sworn affidavit of the sender). All such notices, demands,
consents, requests, instructions and other communications will be sent to the
following addresses as applicable:

     

    
      
         

      

      
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    If to the
Company:

    

    Marani
Brands, Inc.

    13152
Raymer Street, Suite 1-A

    North
Hollywood, CA 91605

    Attention:  Mr.
Ara Zartarian

    Chairman,
President and Chief Executive Officer

    Facsimile
No.: (818) 503-4478

    

    If to the
Consultant:

    

    Anahit
Mkrtchyan.

    1415
North Brand Blvd., Unit H

    Glendale,
CA  91202

    Fax No.:
(818) 244-3212

    

    Or to
such other address as any party may specify by notice given to the other party
in accordance with this Section 16.

    

    17.         Governing
Law; Jurisdiction.

    

    (a)           This
Agreement shall be governed by and construed in accordance with the laws of the
State of California applicable to agreements made and to be performed in that
State, without regard to any of its principles of conflicts of laws or other
laws which would result in the application of the laws of another
jurisdiction.

    

    (b)           Jurisdiction.  Each
of the parties unconditionally and irrevocably consents to the exclusive
jurisdiction of the courts of the State of California, located in Los Angles
county and the Federal District Court for the Central District of California
with respect to any suit, action or proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby, and each of the parties
hereby unconditionally and irrevocably waives any objection to venue in any such
court, and agrees that service of any summons, complaint, notice or other
process relating to such suit, action or other proceeding may be effected in the
manner provided in Section 16 of this Agreement.  Each of the parties
hereby unconditionally and irrevocably waives the right to a trial by jury in
any action, suit or proceeding arising out of or relating to this Agreement or
the transactions contemplated hereby. The prevailing party in any such action,
suit or proceeding shall be entitled to be reimbursed for its reasonable out of
pocket costs and expenses incurred in connection thereafter, including, without
limitation, reasonable attorneys’ fees and expenses.

    

    18.         Severability.  Should
any provision of this Agreement be held to be invalid, illegal or unenforceable
in any jurisdiction by a court of competent jurisdiction, that holding shall be
effective only to the specific provision, the extent of such invalidity,
illegally or unenforceability, without invalidating or rendering invalid,
illegal or unenforceable the remaining provisions hereof, and any such
invalidity, illegally or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other
jurisdiction.  It is the intent of the parties that this Agreement
shall be fully enforced to the fullest extent permitted by applicable law and
accordingly any court of complaint jurisdiction may modify the specific invalid,
illegal, or unenforceable provision to give affect to the intent of the
parties.

    

    19.         Assignment.  This Agreement
and the rights and obligations hereunder may not be assigned by any party hereto
without the prior written consent of the other parties hereby: provided that the
Company may assign this agreement to any person or entity that purchases all or
substantially all of the assets of the Company or that purchases all of the
stock of the Company.   This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
(whether by merger, consolidation, recapitalization or other similar
transaction) and permitted assigns. The Consultant should not delegate its
duties in respect of the Services to any third party. Nothing herein is intended
or shall be construed to confer upon or give to any person, any rights,
privileges or remedies under or by reason of this Agreement, except pursuant to
Section 15.

     

    
      
         

      

      
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    20.         Drafting
History.  In resolving any dispute under, or construing any
provision in under, this Agreement, there shall be no presumption made or
inference drawn (a) because the attorneys for one of the parties drafted such
provision of this Agreement, (b) because of the drafting history of the
Agreement, or (c) because of the inclusion of a provision not contained in a
prior draft or the deletion of a provision contained in a prior
draft.  The parties acknowledge and agree that this Agreement was
negotiated and drafted with each party being represented by counsel of its
choice and with each party having an equal opportunity to participate in the
drafting of the provisions hereof.

    

    21.         Headings.  The section
headings contained in this Agreement are inserted for reference purposes only
and shall not affect in any way the meaning, construction or interpretation of
this Agreement. Any reference to the masculine, feminine, or neuter gender shall
be a reference to such other gender as is appropriate. References to the
singular shall include the plural and vice versa.

    

    22.         Counterparts.  This
Agreement may be executed in one or more counterparts, each of which, when takes
together, shall constitute one and the same agreement. This Agreement may be
executed by facsimile signature which shall constitute a legal and valid
signature for purposes hereof.

    

    IN
WITNESS WHEREOF, each of the parties has caused on of its daily authorized
officers or managers, as the case may be, to execute this Agreement as of the
date first above written.

     

    
      
        	 	
                MARANI
      BRANDS, INC.

              
	 	 
      
	 	
                s/s
      Ara
      Zartarian

              
	 	
                By:
      _____________________________

              
	 	
                Name:
      Ara Zartarian

              
	 	
                Title:
      C.E.O.

              
	 	 
      
	 	 
      
	 	
                ANAHIT
      MKRTCHYAN

              
	 	 
      
	 	
                s/s
      Anahit
      Mkrtchyan

              
	 	
                      
                  By:
      _____________________________

                

              
	 	
                Name:
      Anahit Mkrtchyan

              

      

    

    
 

    
      
         

      

      
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6THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS

    EXERCISE
ARE SUBJECT TO THE RESTRICTIONS ON

                 TRANSFER
SET FORTH IN SECTION 4 OF THIS
WARRANT        

     

    
      	
              Warrant
      No.  ̈

            	
              Number
      of Shares:  ̈

              (subject
      to adjustment)

            
	
              Date
      of Issuance:  ̈

               

              Original
      Issue Date (as defined in subsection 2(a)):  ̈

            	 
      

    

     

    Senesco Technologies,
Inc.

     

    Common Stock Purchase
Warrant

     

    (Void
after []1)

     

    Senesco
Technologies, Inc., a Delaware corporation (the “Company”), for value received,
hereby certifies that Partlet Holdings Ltd., or its registered assigns (the
“Registered Holder”), is entitled, subject to the terms and conditions set forth
below, to purchase from the Company, at any time or from time to time on or
after []2
and on or before 5:00 p.m. (New York time) on []1, []
shares of Common Stock, $0.01 par value per share, of the Company (“Common
Stock”), at a purchase price of $0.01 per
share.  The shares purchasable upon exercise of this Warrant, and the
purchase price per share, each as adjusted from time to time pursuant to the
provisions of this Warrant, are hereinafter referred to as the “Warrant Shares”
and the “Purchase Price,” respectively.  This Warrant is one of a
series of Warrants issued by the Company in connection with a private placement
of Common Stock and of like tenor, except as to the number of shares of Common
Stock subject thereto (collectively, the “Company Warrants”).

     

    1.           Exercise.

     

    (a)           Exercise for
Cash.  The Registered Holder may, at its option, elect to
exercise this Warrant, in whole or in part and at any time or from time to time,
by surrendering this Warrant, with the purchase form appended hereto as Exhibit I duly
executed by or on behalf of the Registered Holder, at the principal office of
the Company, or at such other office or agency as the Company may designate,
accompanied by payment in full, in lawful money of the United States, of the
Purchase Price payable in respect of the number of Warrant Shares purchased upon
such exercise.  A facsimile signature of the Registered Holder on the
purchase form shall be sufficient for purposes of exercising this Warrant,
provided that the Company receives the Registered Holder’s original signature
within three (3) business days thereafter.

     

    
      
        

      

      1 Seven
years from the date of the warrant.

    

    
      2 The date
of issuance of the warrant.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           Exercise
Date.  Each exercise of this Warrant shall be deemed to have
been effected immediately prior to the close of business on the day on which
this Warrant shall have been surrendered to the Company as provided in
subsection 1(a) above (the “Exercise Date”).  At such time, the person
or persons in whose name or names any certificates for Warrant Shares shall be
issuable upon such exercise as provided in subsection 1(d) below shall be deemed
to have become the holder or holders of record of the Warrant Shares represented
by such certificates.

     

    (c)           Issuance of
Certificates.  As soon as practicable after the exercise of
this Warrant in whole or in part, and in any event within 10 days thereafter,
the Company, at its expense, will cause to be issued in the name of, and
delivered to, the Registered Holder, or as the Registered Holder (upon payment
by the Registered Holder of any applicable transfer taxes) may
direct:

     

    (i)           a
certificate or certificates for the number of full Warrant Shares to which the
Registered Holder shall be entitled upon such exercise plus, in lieu of any
fractional share to which the Registered Holder would otherwise be entitled,
cash in an amount determined pursuant to Section 3 hereof; and

     

    (ii)          in
case such exercise is in part only, a new warrant or warrants (dated the date
hereof) of like tenor, calling in the aggregate on the face or faces thereof for
the number of Warrant Shares equal (without giving effect to any adjustment
therein) to the number of such shares called for on the face of this Warrant
minus the number of Warrant Shares for which this Warrant was so
exercised.

     

    2.           Adjustments.

     

    (a)           Adjustment for Stock Splits
and Combinations.  If the Company shall at any time or from
time to time after the date on which this Warrant was first issued (or, if this
Warrant was issued upon partial exercise of, or in replacement of, another
warrant of like tenor, then the date on which such original warrant was first
issued) (either such date being referred to as the “Original Issue Date”) effect
a subdivision of the outstanding Common Stock, the Purchase Price then in effect
immediately before that subdivision shall be proportionately
decreased.  If the Company shall at any time or from time to time
after the Original Issue Date combine the outstanding shares of Common Stock,
the Purchase Price then in effect immediately before the combination shall be
proportionately increased.  Any adjustment under this paragraph shall
become effective at the close of business on the date the subdivision or
combination becomes effective.

     

    (b)           Adjustment for Certain
Dividends and Distributions.  In the event the Company at any
time, or from time to time after the Original Issue Date shall make or issue, or
fix a record date for the determination of holders of Common Stock entitled to
receive, a dividend or other distribution payable in additional shares of Common
Stock, then and in each such event the Purchase Price then in effect immediately
before such event shall be decreased as of the time of such issuance or, in the
event such a record date shall have been fixed, as of the close of business on
such record date, by multiplying the Purchase Price then in effect by a
fraction:

     

    (1)           the
numerator of which shall be the total number of shares of Common Stock issued
and outstanding immediately prior to the time of such issuance or the close of
business on such record date, and

     

    
      
         

      

      
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    (2)           the
denominator of which shall be the total number of shares of Common Stock issued
and outstanding immediately prior to the time of such issuance or the close of
business on such record date plus the number of shares of Common Stock issuable
in payment of such dividend or distribution; provided, however, that if such
record date shall have been fixed and such dividend is not fully paid or if such
distribution is not fully made on the date fixed therefor, the Purchase Price
shall be recomputed accordingly as of the close of business on such record date
and thereafter the Purchase Price shall be adjusted pursuant to this paragraph
as of the time of actual payment of such dividends or
distributions.

     

    (c)           Adjustment in Number of
Warrant Shares.  When any adjustment is required to be made in
the Purchase Price pursuant to subsections 2(a) or 2(b), the number of
Warrant Shares purchasable upon the exercise of this Warrant shall be changed to
the number determined by dividing (i) an amount equal to the number of
shares issuable upon the exercise of this Warrant immediately prior to such
adjustment, multiplied by the Purchase Price in effect immediately prior to such
adjustment, by (ii) the Purchase Price in effect immediately after such
adjustment.

     

    (d)              Adjustments for Other
Dividends and Distributions.  In the event the Company at any
time or from time to time after the Original Issue Date shall make or issue, or
fix a record date for the determination of holders of Common Stock entitled to
receive, a dividend or other distribution payable in securities of the Company
(other than shares of Common Stock) or in cash or other property (other than
regular cash dividends paid out of earnings or earned surplus, determined in
accordance with generally accepted accounting principles), then and in each such
event provision shall be made so that the Registered Holder shall receive upon
exercise hereof, in addition to the number of shares of Common Stock issuable
hereunder, the kind and amount of securities of the Company, cash or other
property which the Registered Holder would have been entitled to receive had
this Warrant been exercised on the date of such event and had the Registered
Holder thereafter, during the period from the date of such event to and
including the Exercise Date, retained any such securities receivable during such
period, giving application to all adjustments called for during such period
under this Section 2 with respect to the rights of the Registered
Holder.

     

    (e)              Adjustment for
Reorganization.  If there shall occur any reorganization,
recapitalization, reclassification, consolidation or merger involving the
Company in which the Common Stock is converted into or exchanged for securities,
cash or other property (other than a transaction covered by
subsections 2(a), 2(b) or 2(d)) (collectively, a “Reorganization”), then,
following such Reorganization, the Registered Holder shall receive upon exercise
hereof the kind and amount of securities, cash or other property which the
Registered Holder would have been entitled to receive pursuant to such
Reorganization if such exercise had taken place immediately prior to such
Reorganization.  Notwithstanding the foregoing sentence, if
(x) there shall occur any Reorganization in which the Common Stock is
converted into or exchanged for anything other than solely equity securities,
and (y) the common stock of the acquiring or surviving company is publicly
traded, then, as part of such Reorganization, (i) the Registered Holder
shall have the right thereafter to receive upon the exercise hereof such number
of shares of common stock of the acquiring or surviving company as is determined
by multiplying (A) the number of shares of Common Stock subject to this
Warrant immediately prior to such Reorganization by (B) a fraction, the
numerator of which is the Fair Market Value per share of Common Stock as of the
effective date of such Reorganization, as determined below, and the denominator
of which is the fair market value per share of common stock of the acquiring or
surviving company as of the effective date of such transaction, as determined in
good faith by the Board (using the principles set forth below to the extent
applicable), and (ii) the exercise price per share of common stock of the
acquiring or surviving company shall be the Purchase Price divided by the
fraction referred to in clause (B) above.  In any such case,
appropriate adjustment (as determined in good faith by the Board) shall be made
in the application of the provisions set forth herein with respect to the rights
and interests thereafter of the Registered Holder, to the end that the
provisions set forth in this Section 2 (including provisions with respect to
changes in and other adjustments of the Purchase Price) shall thereafter be
applicable, as nearly as reasonably may be, in relation to any securities, cash
or other property thereafter deliverable upon the exercise of this
Warrant.

     

    
      
         

      

      
        - 3
-

        
          

        

      

      
         

      

    

     

    The Fair
Market Value per share of Common Stock shall be determined as
follows:

     

    (1)           If
the Common Stock is listed on a national securities exchange or another
nationally recognized trading system as of the Exercise Date, the Fair Market
Value per share of Common Stock shall be deemed to be the reported closing price
per share of Common Stock thereon on the trading day immediately preceding the
Exercise Date (provided that if no
such price is reported on such day, the Fair Market Value per share of Common
Stock shall be determined pursuant to clause (2) below).

     

    (2)           If
the Common Stock is not listed on a national securities exchange or another
nationally recognized trading system as of the Exercise Date, the Fair Market
Value per share of Common Stock shall be deemed to be the amount most recently
determined by the Board of Directors of the Company (the “Board”) to represent
the fair market value per share of the Common Stock (including without
limitation a determination for purposes of granting Common Stock options or
issuing Common Stock under any plan, agreement or arrangement with employees of
the Company); and, upon request of the Registered Holder, the Board (or a
representative thereof) shall, as promptly as reasonably practicable but in any
event not later than 10 days after such request, notify the Registered Holder of
the Fair Market Value per share of Common Stock and furnish the Registered
Holder with reasonable documentation of the Board’s determination of such Fair
Market Value.  Notwithstanding the foregoing, if the Board has not
made such a determination within the three-month period prior to the Exercise
Date, then the Board shall make, and shall provide or cause to be provided to
the Registered Holder notice of, a determination of the Fair Market Value per
share of the Common Stock within 15 days of a request by the Registered Holder
that it do so.

     

    (f)           Certificate as to
Adjustments.  Upon the occurrence of each adjustment or
readjustment of the Purchase Price pursuant to this Section 2, the Company at
its expense shall, as promptly as reasonably practicable but in any event not
later than 10 days thereafter, compute such adjustment or readjustment in
accordance with the terms hereof and furnish to the Registered Holder a
certificate setting forth such adjustment or readjustment (including the kind
and amount of securities, cash or other property for which this Warrant shall be
exercisable and the Purchase Price) and showing in detail the facts upon which
such adjustment or readjustment is based.  The Company shall, as
promptly as reasonably practicable after the written request at any time of the
Registered Holder (but in any event not later than 10 days thereafter), furnish
or cause to be furnished to the Registered Holder a certificate setting forth
(i) the Purchase Price then in effect and (ii) the number of shares of
Common Stock and the amount, if any, of other securities, cash or property which
then would be received upon the exercise of this Warrant.

    
      
         

      

      
        - 4
-

        
          

        

      

      
         

      

    

     

    3.           Fractional
Shares.  The Company shall not be required upon the exercise of
this Warrant to issue any fractional shares, but shall pay the value thereof to
the Registered Holder in cash on the basis of the Fair Market Value per share of
Common Stock, as determined pursuant to subsection 2(e) above.

     

    4.           Transfers,
etc.

     

    (a)           This
Warrant and the Warrant Shares shall not be sold or transferred unless either
(i) they first shall have been registered under the Securities Act of 1933,
as amended (the “Act”), (ii) such sale or transfer shall be exempt from the
registration requirements of the Act and the Company shall have been furnished
with an opinion of legal counsel, reasonably satisfactory to the Company, to the
effect that such sale or transfer is exempt from the registration requirements
of the Act or (iii) the Company agrees, in writing, to such
transfer.  Notwithstanding the foregoing, no registration or opinion
of counsel shall be required for (i) a transfer by a Registered Holder
which is an entity to a wholly owned subsidiary of such entity, a transfer by a
Registered Holder which is a partnership to a partner of such partnership or a
retired partner of such partnership or to the estate of any such partner or
retired partner, or a transfer by a Registered Holder which is a limited
liability company to a member of such limited liability company or a retired
member or to the estate of any such member or retired member, provided that the
transferee in each case agrees in writing to be subject to the terms of this
Section 4, or (ii) a transfer made in accordance with Rule 144
under the Act.  The Warrant and the Warrant Shares shall not be
transferable for at least six months from the date of issuance.

     

    (b)           Each
certificate representing Warrant Shares shall bear a legend substantially in the
following form:

     

    “The
securities represented hereby have not been registered under the Securities Act
of 1933, as amended, or any state securities laws and neither the securities nor
any interest therein may not be offered, sold, transferred, pledged or otherwise
disposed of except pursuant to an effective registration under such act or an
exemption from registration, which, in the opinion of counsel reasonably
satisfactory to counsel for this corporation, is available.”

     

    The
foregoing legend shall be removed from the certificates representing any Warrant
Shares, at the request of the holder thereof, at such time as they become
eligible for resale pursuant to Rule 144 under the Act or at such time as
the Warrant Shares are sold or transferred in accordance with the requirements
of a registration statement of the Company on Form S-3, or such other form as
may then be in effect.

     

    (c)           The
Company will maintain a register containing the name and address of the
Registered Holder of this Warrant.  The Registered Holder may change
its address as shown on the warrant register by written notice to the Company
requesting such change.

     

    
      
         

      

      
        - 5
-

        
          

        

      

      
         

      

    

     

    (d)           Subject
to the provisions of Section 4 hereof, this Warrant and all rights hereunder are
transferable, in whole or in part, upon surrender of this Warrant with a
properly executed assignment (in the form of Exhibit II
hereto) at the principal office of the Company (or, if another office or agency
has been designated by the Company for such purpose, then at such other office
or agency).

     

    5.           No
Impairment.  The Company will not, by amendment of its charter
or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms
and in the taking of all such action as may be necessary or appropriate in order
to protect the rights of the Registered Holder against impairment.

     

    6.           Notices of Record Date,
etc.  In the event:

     

    (a)           the
Company shall take a record of the holders of its Common Stock (or other stock
or securities at the time deliverable upon the exercise of this Warrant) for the
purpose of entitling or enabling them to receive any dividend or other
distribution, or to receive any right to subscribe for or purchase any shares of
stock of any class or any other securities, or to receive any other right;
or

     

    (b)           of
any capital reorganization of the Company, any reclassification of the Common
Stock of the Company, any consolidation or merger of the Company with or into
another corporation, or any transfer of all or substantially all of the assets
of the Company; or

     

    (c)           of
the voluntary or involuntary dissolution, liquidation or winding-up of the
Company, then, and in each such case, the Company will send or cause to be sent
to the Registered Holder a notice specifying, as the case may be, (i) the record
date for such dividend, distribution or right, and the amount and character of
such dividend, distribution or right, or (ii) the effective date on which such
reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up is to take place, and the time, if any is to be fixed,
as of which the holders of record of Common Stock (or such other stock or
securities at the time deliverable upon the exercise of this Warrant) shall be
entitled to exchange their shares of Common Stock (or such other stock or
securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up.  Such notice shall be sent at least 10 days
prior to the record date or effective date for the event specified in such
notice.

     

    7.           Reservation of
Stock.  The Company will at all times reserve and keep
available, solely for issuance and delivery upon the exercise of this Warrant,
such number of Warrant Shares and other securities, cash and/or property, as
from time to time shall be issuable upon the exercise of this
Warrant.

     

    
      
         

      

      
        - 6
-

        
          

        

      

      
         

      

    

    8.           Exchange or Replacement of
Warrants.

     

    (a)           Upon
the surrender by the Registered Holder, properly endorsed, to the Company at the
principal office of the Company, the Company will, subject to the provisions of
Section 4 hereof, issue and deliver to or upon the order of the Registered
Holder, at the Company’s expense, a new Warrant or Warrants of like tenor, in
the name of the Registered Holder or as the Registered Holder (upon payment by
the Registered Holder of any applicable transfer taxes) may direct, calling in
the aggregate on the face or faces thereof for the number of shares of Common
Stock (or other securities, cash and/or property) then issuable upon exercise of
this Warrant.

     

    (b)           Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and (in the case of loss, theft or
destruction) upon delivery of an indemnity agreement (with surety if reasonably
required) in an amount reasonably satisfactory to the Company, or (in the case
of mutilation) upon surrender and cancellation of this Warrant, the Company will
issue, in lieu thereof, a new Warrant of like tenor.

     

    9.           Notices.  All
notices and other communications from the Company to the Registered Holder in
connection herewith shall be mailed by certified or registered mail, postage
prepaid, or sent via a reputable nationwide overnight courier service
guaranteeing next business day delivery, to the address last furnished to the
Company in writing by the Registered Holder.  All notices and other
communications from the Registered Holder to the Company in connection herewith
shall be mailed by certified or registered mail, postage prepaid, or sent via a
reputable nationwide overnight courier service guaranteeing next business day
delivery, to the Company at its principal office set forth below.  If
the Company should at any time change the location of its principal office to a
place other than as set forth below, it shall give prompt written notice to the
Registered Holder and thereafter all references in this Warrant to the location
of its principal office at the particular time shall be as so specified in such
notice. All such notices and communications shall be deemed delivered one
business day after being sent via a reputable international overnight courier
service guaranteeing next business day delivery.

     

    10.           No Rights as
Stockholder.  Until the exercise of this Warrant, the
Registered Holder shall not have or exercise any rights by virtue hereof as a
stockholder of the Company.  Notwithstanding the foregoing, in the
event (i) the Company effects a split of the Common Stock by means of a
stock dividend and the Purchase Price of and the number of Warrant Shares are
adjusted as of the date of the distribution of the dividend (rather than as of
the record date for such dividend), and (ii) the Registered Holder
exercises this Warrant between the record date and the distribution date for
such stock dividend, the Registered Holder shall be entitled to receive, on the
distribution date, the stock dividend with respect to the shares of Common Stock
acquired upon such exercise, notwithstanding the fact that such shares were not
outstanding as of the close of business on the record date for such stock
dividend.

     

    11.           Amendment or
Waiver.  Any term of this Warrant may be amended or waived
(either generally or in a particular instance and either retroactively or
prospectively) with the written consent of the Company and the holders of
Company Warrants representing at least two-thirds of the number of shares of
Common Stock then subject to outstanding Company Warrants. Notwithstanding the
foregoing, (a) this Warrant may be amended and the observance of any term
hereunder may be waived without the written consent of the Registered Holder
only in a manner which applies to all Company Warrants in the same fashion and
(b) the number of Warrant Shares subject to this Warrant and the Purchase Price
of this Warrant may not be amended, and the right to exercise this Warrant may
not be waived, without the written consent of the Registered Holder (it being
agreed that an amendment to or waiver under any of the provisions of Section 2
of this Warrant shall not be considered an amendment of the number of Warrant
Shares or the Purchase Price).  The Company shall give prompt written
notice to the Registered Holder of any amendment hereof or waiver hereunder that
was effected without the Registered Holder’s written consent.  No
waivers of any term, condition or provision of this Warrant, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing
waiver of any such term, condition or provision.

     

    
      
         

      

      
        - 7
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    12.           Section
Headings.  The section headings in this Warrant are for the
convenience of the parties and in no way alter, modify, amend, limit or restrict
the contractual obligations of the parties.

     

    13.           Governing
Law.  This Warrant will be governed by and construed in
accordance with the internal laws of the State of Delaware (without reference to
the conflicts of law provisions thereof).

     

    14.           Facsimile Signatures.
This Warrant may be executed by facsimile signature.

    

    * * * * *
* *

    
      
         

      

      
        - 8
-

        
          

        

      

      
         

      

    

    EXECUTED
as of the Date of Issuance indicated above.

     

    
      
        
          	
                  SENESCO
      TECHNOLOGIES, INC.

                
	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

    

     

    ATTEST:

     

    _________________________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
I

     

    PURCHASE
FORM

     

    
      	
              To:
      Senesco Technologies, Inc.

            	
              Dated:____________

            

    

     

    The
undersigned, pursuant to the provisions set forth in the attached Warrant (No.
___), hereby elects to
purchase (check applicable
box):

     

    ▪           _________
shares of the Common Stock of Senesco Technologies, Inc. covered by such
Warrant.

     

    The
undersigned herewith makes payment of the full purchase price for such shares at
the price per share provided for in such Warrant.  Such payment takes
the form of (check applicable
box or boxes):

     

    
      	
               
      

            	
              ▪

            	
              $______
      in lawful money of the United
States.

            

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                Signature:

                              	 
      
	 	 
	
                                Address:

                              	 
      
	 	 
	 
      	 
      

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
II

     

    ASSIGNMENT
FORM

     

    FOR VALUE
RECEIVED, ______________________________________ hereby sells, assigns and
transfers all of the rights of the undersigned under the attached Warrant (No.
____) with respect to the number of shares of Common Stock of Senesco
Technologies, Inc. covered thereby set forth below, unto:

     

    
      
        
          
            	
                    Name of Assignee

                  	 
      	
                    Address

                  	 
      	
                    No. of Shares

                  
	 
      	 
      	 
      	 
      	 
      

          

        

      

    

     

    
      
        
          	
                  Dated:_________________________

                	
                  Signature:______________________________________
      

                

        

      

    

     

     

    Signature
Guaranteed:

     

    By:
_______________________

     

    The
signature should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program) pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934, as amended.

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