Document:

September 1, 2012

 

Judy Brown

Senior Manager - Contracts Research & Industrial Grants

Office of Research, Needles Hall Room 1043

University of Waterloo

200 University Ave W

Waterloo, ON N2L 3G1

 

		Re:	Amendment to Research Agreement between Waterloo, Thompson, and Senesco

 

Dear Ms. Brown:

 

Pursuant to the Research
Agreement effective September 1, 1998, as amended on June 11, 2012 (the “Agreement”), copy attached, between the University
of Waterloo (“Waterloo”), Dr. John E. Thompson (“Thompson”), and Senesco, Inc. (“Senesco”),
Waterloo, Thompson and Senesco hereby agree (i) to extend the Agreement for an additional one year term, effective September 1,
2012 through August 31, 2013 (for purposes of clarity, the Agreement shall continue to automatically renew for successive one year
periods unless notice of non-renewal is provided by one of the parties in accordance with the requirements set forth in Article
III of the Agreement), under the same terms and conditions provided in the Agreement, except that the parties hereby amend the
Budget set forth in the Revised Budget for Year 14, effective December 1, 2010, to the amended Revised Budget for Year 15, attached
hereto, effective September 1, 2012 through August 31, 2013 and (ii) that Article IV, Section A of the Agreement is hereby amended
and restated in its entirety to read: “Senesco agrees to pay for the cost of work specified in the Budget as set forth in
Exhibit A, which Budget may be revised from time to time upon mutual agreement of the Parties. Payment shall be made according
to the Payment Schedule provided in Exhibit B. Payment is to be made by Senesco in Canadian dollars.” The Amended Revised
Budget for Year 15 supercedes and replaces the Revised Budget for Year 14 of the Agreement for all work commencing on or after
September 1, 2012.

 

	 	Very truly yours,
	 	 
	 	/s/ Leslie J. Browne 
	 	Leslie J. Browne
	 	President
	 	Senesco, Inc.

	Agreed and Accepted:	 
	 	 
	/s/ D.G. Dixon 	 
	University of Waterloo, D.G. Dixon	 
	 	 
	/s/ Dr. John Thompson, Ph.D. 	 
	Dr. John Thompson, Ph.D.	 

 

    	 

    	 

    

 

REVISED
BUDGET

YEAR 15

 

PERIOD:     September
1, 2012 – August 31, 2013

 

	Salaries	 	Cdn $/Month	 	 	Cdn $/12 Months	 
	 	 	 	 	 	 	 
	Senior Research Associate	 	$	9,375.00	 	 	$	112,500.00	 
	($90,000/year + 25% benefits)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Senior Research Associate	 	 	2,604.17	 	 	 	31,250.00	 
	($25,000/year + 25% benefits)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Research Associate	 	 	5,208.33	 	 	 	62,500.00	 
	($50,000/year + 25% benefits)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Research Associate	 	 	5,208.33	 	 	 	62,500.00	 
	($50,000/year + 25% benefits)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Research Associate	 	 	3,906.25	 	 	 	46,875.00	 
	($37,500/year + 25% benefits)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Research Associate	 	 	4,166.67	 	 	 	50,000.00	 
	($40,000/year + 25% benefits)	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Supplies	 	 	 	 	 	 	 	 
	Operating Expenses	 	 	12,000.00	 	 	 	144,000.00	 
	 	 	 	 	 	 	 	 	 
	Subtotal	 	 	42,468.75	 	 	 	509,625.00	 
	 	 	 	 	 	 	 	 	 
	Overhead	 	 	 	 	 	 	 	 
	20% on total direct costs	 	 	8,493.75	 	 	 	101,925.00	 
	 	 	 	 	 	 	 	 	 
	TOTAL BUDGET	 	$	50,962.50	 	 	$	611,550.00Exhibit 10.12

 

PATENT LICENSE AGREEMENT

 

 

THIS PATENT LICENSE
AGREEMENT (“Agreement”) is entered into as of the 8th day of June, 2012 (“Effective Date”)
by and between Armstrong Medical Limited., a Northern Ireland company (“Armstrong”) and Allied Healthcare
Products, Inc., a Delaware corporation (“Allied”).

 

RECITALS

 

		A.	Allied and Armstrong are parties to a federal court action (“Action”)
generally involving competing allegations regarding U.S. Patent No. 6,228,150.

 

		B.	Armstrong owns, solely and exclusively, all rights under
and to the Armstrong Patents, as those patents are defined below.

 

		C.	In order to settle their differences with respect to the Action, the parties have entered into
a Settlement Agreement and Mutual Release (“Settlement Agreement”) to which this Agreement is attached, all
of the terms of which are incorporated herein by reference, and which requires the parties to enter into this Agreement.

 

		D.	The foregoing recitals are incorporated as material terms of this
Agreement. 

 

NOW, THEREFORE,
in consideration of the execution and performance of the Settlement Agreement, the foregoing premises, the agreements set forth
herein and other good and valuable considerations, the receipt and sufficiency of which are hereby expressly acknowledged, the
parties, intending to be legally bound, agree as follows:

 

		1.	DEFINITIONS. As used
in this Agreement, each of the following terms shall have the meanings as set forth below:

 

		1.1	“’150 Patent” means U.S. Patent No. 6,228,150,
owned by Armstrong.

 

		1.2	“’309 Patent” means U.S. Patent No.
7,727,309, owned by Allied.

 

		1.3	“Affiliate” means, with respect to
a party, any Person that, now or hereafter, directly or indirectly, whether through one or more intermediaries, Controls, is Controlled
by, or is under common Control with such party, where “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or the policies of a Person, whether through ownership of voting
securities or by agreement or otherwise, but only for so long as such Person meets these requirements, and “Person”
means any individual, corporation, partnership, joint venture, firm, limited liability company, trust, or other organization or
entity.

 

		1.4	“Allied Patents” means (i) the ‘309
Patent, (ii) all patents resulting from any reissues, or reexaminations of the ‘309
Patent, (iii) all foreign patents and patent applications corresponding to the ‘309 Patent (including without limitation
those listed on Schedule B attached hereto), (iv) all patents issuing from any foreign
patent applications (including any divisionals, continuations, continuations-in-part of any such applications)
based on the ‘309 Patent (including, without limitation those listed on Schedule B),
(v) all patents resulting from foreign procedures corresponding to reissues and reexaminations of the ‘309 Patent,
and (vi) all rights embodied in each of the foregoing.  

 

		1.5	“Armstrong Patents” means (i) the ‘150 Patent, (ii) all
patents resulting from any reissues or reexaminations of the ‘150 Patent, (iii) all foreign patents corresponding to the
‘150 Patent (including without limitation those listed on Schedule A, attached hereto)
(iv) all patents issuing from any foreign patent applications (including any divisionals, continuations, continuations-in-part
of any such applications) based on the ‘150 Patent (including, without limitation those listed on Schedule A), (v)
all patents resulting from foreign procedures corresponding to reissues and reexaminations of the ‘150 Patent; and (v) all
rights embodied in each of the foregoing.

 

    	 

    	 

    

 

		1.6	“Field of Use” means all uses and applications
of any kind, whether known or unknown.

 

		1.7	“License” means the rights and licenses granted
to Allied pursuant to Section 2.1 below. 

 

		1.8	“Restricted Entity(ies)” means Draegerwerk AG
& Co. kGaA, General Electric Company, Intersurgical, Limited.,
W.R. Grace & Co., and Abbott Laboratories and their respective Affiliates. 

 

		1.9	“Settlement Payment” means the amount required to be paid to Armstrong in connection
with the Action pursuant to the Settlement Agreement.

 

		1.10	“Subject Technology” has the meaning set forth
in Section 2.1.

 

		1.11	“Term” has the meaning set forth in Section
5.1.

 

		2.	LICENSE.

 

		2.1	Grant. Subject to the terms and conditions set forth in
this Agreement and the accompanying Settlement Agreement,
including but not limited to the payment obligation reflected therein, Armstrong hereby grants
to Allied, and Allied hereby accepts from Armstrong the following license (the “License”): 

 

The non-exclusive, worldwide, perpetual,
fully paid right and license under the Armstrong Patents, within the Field of Use, to (i) develop, make, have made and/or use,
and (ii) offer for sale, sell, market, distribute, export, import and/or otherwise dispose of; any products or materials (and/or
processes or methods for preparing or using the same) that are covered by one or more claims of the Armstrong Patents; so long
as such products or materials contain lithium, either as a cation or within a compound, in greater than Trace Amounts (the “Subject
Technology”). For purposes hereof, “Trace Amounts” means amounts of lithium that would ordinarily
be expected in any product or material (such as, but not limited to, calcium hydroxide) having a purity that is acceptable for
use in medical carbon dioxide absorbents.

 

		2.2	Limited Right of Sublicense.  While Allied continues to
exercise one or more of its rights under the License, Allied shall have the right to grant sublicenses under the License except
to Restricted Entities. If Allied grants a sublicense under the License to a Restricted Entity without Armstrong’s prior
written consent, such purported sublicense shall be deemed void and of no effect, and this
Agreement and the License shall be deemed terminated as of the time of the purported grant of the sublicense to the Restricted
Entity. By way of clarification, Allied may grant sublicenses under the License to persons or
entities other than the Restricted Entities without violating this Agreement.

 

		2.3	No Challenges. During the Term, Allied shall not challenge
the validity or enforceability of any of the Armstrong Patents, or assist any third party in doing so. During the Term, Armstrong
shall not challenge the validity or enforceability of any of the Allied Patents, or assist any third party in doing so. If a party
receives a demand through legal process by a third party to access information relating to the validity or enforceability of any
of the other party’s patents or patent applications referenced in this Agreement, the requested party shall promptly notify
the other party thereof in order to permit such other party to oppose such request. 

 

		3.	PATENT MARKING. 

 

		3.1	Marking. As set forth in this section, Allied agrees to mark or cause to be marked
(“Mark”) all products incorporating the Subject Technology sold or distributed by Allied (“Subject
Products”) by affixing a label to the packaging for such products as follows: U.S. Pat. No. 6,228,150 and U.S. Pat. No.
7,727,309. Allied shall use commercially reasonable efforts to Mark the Subject Products as soon as reasonably possible after the
Effective Date, but in any event, all Subject Products sold or distributed by Allied after the expiration of ninety (90) days from
the Effective Date shall be so Marked. Allied shall have no obligation to Mark any Subject Products that have been manufactured,
sold or distributed prior to the expiration of ninety (90) days from the Effective Date.

 

    	 

    	 

    

 

		3.2	Failure to Mark. If Allied fails to Mark Subject Products as required herein, Armstrong
may, upon delivery of written notice to Allied specifying such failure together with a sample of the Subject Product that is not
Marked, and Allied’s failure to correct any ongoing failure to Mark within sixty (60) days of delivery of such written notice,
or demonstrate that Allied did not breach the obligation to Mark, have the right to terminate this Agreement for breach. Notwithstanding
the foregoing, Armstrong shall have no right to terminate this Agreement for unintentional failures to Mark the Subject Products,
provided correction is made promptly upon discovery. Upon reasonable request by Armstrong, Allied will cooperate in seeking to
ensure that others making, using, selling, offering to sell and/or importing Subject Products on behalf of Allied comply with the
marking requirements of Section 3.1, and in no event will Allied encourage or assist others in non-compliance with such section.

 

		4.	TAXES. 

 

		4.1	Payment. Except with respect to withholding taxes withheld by Allied pursuant to
the

accompanying Settlement Agreement or pursuant to Section 7.2 below and solely for amounts that
Allied is held liable, Armstrong shall pay (or reimburse Allied for) any and all taxes (including without limitation
withholding taxes), excise taxes and similar fees, surcharges, charges or levies required by any government authority to be paid
or withheld ("Taxes") in
connection with any payments made pursuant to this Agreement or the accompanying
Settlement Agreement. Notwithstanding the foregoing, Armstrong shall not be required to pay, and Allied shall pay, any interest
or penalties arising as a result of Allied’s failure (i) to timely pay
over any  Taxes withheld from the Settlement Amount in accordance with the provisions of the accompanying Settlement
Agreement, (ii) to timely pay any Taxes withheld from payments, if any, required
to be paid by Allied to Armstrong pursuant to Section 7.2 below, or (iii) related to any
United States federal or state tax return or report related to such payment or withholding that was or should have been filed (or
caused to be filed) by Allied with the applicable United States federal or state governmental authority.

 

		4.2	Cooperation. Upon request by Armstrong, and at Armstrong’s expense, Allied
will use commercially reasonable efforts, as permitted by applicable law, to assist Armstrong in mitigating any withholding taxes
required by applicable law.

 

		5.	TERM AND TERMINATION.

 

		5.1	Term. This Agreement will commence as of the Effective Date and, unless earlier terminated
pursuant to the provisions of this Agreement and/or the accompanying Settlement Agreement, will remain in full force and effect
until all applicable claims of the Armstrong Patents have expired, been abandoned, or been ruled invalid or unenforceable in a
final, non-appealable decision by a court or other tribunal of competent jurisdiction (“Term”). After expiration
of the Term, Allied shall have the unrestricted right to utilize the Subject Technology and/or any inventions under the Armstrong
Patents, free and clear of all restrictions and licenses, subject to the following: nothing in the foregoing clause shall impede
Armstrong’s right to seek damages following patent expiration during the 6 year limitations period of 35 U.S.C. § 286,
to the extent such action is otherwise appropriate.

 

		5.2	Termination for Cause.  Except as otherwise specifically stated in this Agreement,
if a party materially breaches this Agreement and/or the accompanying Settlement Agreement, the other party may terminate this
Agreement for cause upon written notice to the breaching party specifying such breach, unless the breaching party cures such breach
within thirty (30) days after receipt of such notice.

 

    	 

    	 

    

 

		6.	REPRESENTATIONS AND WARRANTIES.

 

		6.1	Mutual. Each party represents and warrants to the other party that:

 

		(a)	it is duly organized, validly existing and in good standing
under the laws of the state or country in which it was created;

 

		(b)	it has the power and authority and the legal right to enter into this Agreement and perform its
obligations hereunder;

 

		(c)	it has taken all necessary action on its part required to authorize the execution and delivery
of this Agreement and the performance of its obligations hereunder;

 

		(d)	this Agreement has been executed and delivered on behalf of such party by its duly authorized representative
who has the authority to sign this Agreement and bind such party hereto, and constitutes a legal, valid, binding obligation of
such party; and

 

		(e)	the execution of this Agreement will not breach or violate any other agreement to which it is a
party.

 

		6.2	Armstrong. Armstrong represents and warrants to Allied
that:

 

		(a)	Armstrong owns, solely and exclusively, all rights, title and interest
in and to the Armstrong Patents, and has the right to grant to Allied all of the rights and licenses described in this Agreement;

 

		(b)	except for the Armstrong Patents, Armstrong neither owns nor controls
any other patent or has applied for any other patent that covers or relates to carbon dioxide absorbents useful in anesthesia,
although it has the unfettered right to do so at any time; and 

 

		(c)	Armstrong has not granted to any third party any rights or licenses
under the Armstrong Patents, although it has the unfettered right to do so at any time. 

 

		6.3	Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES TO THE OTHER PARTY.

 

		7.	ASSIGNMENT. 

 

		7.1	By Allied. Allied may, during the Term,
assign this Agreement without Armstrong’s consent, subject to the following:

 

		(i)	Sale of Substantially All of Business. Following advance
written notice to Armstrong, Allied may assign this Agreement in connection with the sale or transfer of all or substantially all
of Allied’s business or assets, whether by sale of stock, merger, sale of assets or otherwise; provided, however, in the
event of such a sale or transfer to a Restricted Entity, Allied shall, prior to the assignment,
pay Armstrong via check made payable to Armstrong Medical Limited and delivered to Armstrong’s attorney of record
in the Action, the applicable amount set forth on Schedule C, attached hereto and hereby made
a part hereof, absent which any purported assignment will be invalid, void and of no effect, and the license hereunder will be
deemed terminated; or

 

		(ii)	Sale of Carbon Dioxide Absorbent Business. Following advance
written notice to Armstrong, Allied may assign this Agreement in connection with the sale or transfer of the entire Allied carbon
dioxide absorbent business; provided, however, in the event of such a sale or transfer to a Restricted Entity, Allied shall, prior
to the assignment, pay Armstrong via check made payable to Armstrong Medical Limited and delivered to Armstrong’s
attorney of record in the Action, the applicable amount set forth on Schedule C, absent
which any purported assignment will be invalid, void and of no effect, and the license hereunder will be deemed terminated. Upon
the occurrence of any such assignment, Allied shall not compete with Armstrong in the carbon dioxide absorbent market until
such time as all applicable claims of the Armstrong Patents have expired, been abandoned, or been ruled invalid or unenforceable
in a final, non-appealable decision by a court or other tribunal of competent jurisdiction. Nothing
in this Section 7.1(ii) signifies that Allied would retain any license rights under the Armstrong Patents after such assignment,
in any event.

 

    	 

    	 

    

 

Armstrong shall execute such documents
as Allied shall reasonably request to confirm Allied’s right to assign pursuant to this Section to any potential assignee.
Except as set forth above, any assignment of this Agreement by Allied shall be void and of no effect, and shall be a material breach
of this Agreement without any cure period. If and after full payment is made to Armstrong of the applicable amount set forth on
Schedule C, Allied shall not be responsible or liable to Armstrong or any third party for any action by or inaction of the
assignee or any breach of this Agreement by the assignee from and after the effective date such assignment, and any such assignment
shall constitute a novation.

 

		7.2	Withholding Taxes.
Armstrong acknowledges that the payment of the applicable amount set forth in Schedule C pursuant to Section 7.1 (if applicable)
may be subject to Tax withholding pursuant to then current United States law. Allied shall not withhold any Taxes from such payments
provided that Armstrong has provided it with IRS Form W-8BEN (or other applicable documentation mitigating withholding) that it
may rely upon to mitigate or eliminate such Taxes. Upon the written request of Armstrong, Allied will delay payment of the amount
required to be paid pursuant to Section 7.1 until such time as Armstrong shall have delivered to Allied a properly completed and
executed IRS Form W-8BEN (or other documentation mitigating withholding) providing that either
no such withholding is required, or that the amount required to be withheld is less than the amount then required to be withheld
under applicable United States law (currently thirty percent (30%)). Consistent with applicable law and with no duty to investigate,
Allied may rely on any information provided by Armstrong in connection with IRS Form W-8BEN (or other applicable documentation
mitigating withholding). If no such notice is provided to Allied prior to fulfilling its payment obligation pursuant to Section
7.1, Allied will withhold from such payment any amounts then required pursuant to applicable United States law.

 

		7.3	By Armstrong.
If Armstrong assigns this Agreement, any of its rights hereunder or any Armstrong Patents, Armstrong will provide advance written
notice to Allied of any such assignment .

 

		7.4	Benefit. Subject
to the foregoing, including, without limitation, the provisions relating to assignment and sublicensing, this Agreement shall
be binding upon and inure to the benefit of the parties and their successors and permitted assigns.

 

		8.	MISCELLANEOUS PROVISIONS

 

		8.1	Notices.  All notices required or permitted to be given under this Agreement shall
be in writing and shall be deemed given, upon receipt, mailed by registered or certified mail (return receipt requested), postage
prepaid, or sent by overnight delivery (receipt verified) to the persons and addresses set forth below the signature blocks, or
given personally to one of the persons set forth below the signature blocks. Either party may, by written notice to the other,
designate a person and/or new address to which notices to it shall thereafter be mailed.

 

		8.2	No Agency. Nothing in this Agreement will be deemed to
create an agency, employment, partnership, fiduciary or joint venture relationship between the parties. Neither party has, and
nor will it represent to any third party that it has, the power or authority to represent, act for, bind or otherwise create or
assume any obligation on behalf of the other party for any purpose whatsoever.

 

    	 

    	 

    

 

		8.3	Bankruptcy. The parties acknowledge and agree that they intend that the rights and
licenses granted to Allied pursuant to this Agreement shall survive any bankruptcy or insolvency of Armstrong, whether in connection
with a proceeding in bankruptcy (or its equivalent) or otherwise (collectively, “Bankruptcy Proceeding”), and
regardless of whether Armstrong has a right to reject or cancel this Agreement. Therefore, the parties agree that this Agreement
is a contract under which Armstrong is a licensor of intellectual property as provided in Section 365(n) of Title 11, United
States Code (commonly referred to as the U.S. Bankruptcy Code), or as provided in any other applicable equivalent bankruptcy or
insolvency code (the applicable U.S. or other bankruptcy or insolvency code being referred to herein as the “Applicable
Bankruptcy Code”). Armstrong agrees that if Armstrong, as a debtor in possession (or its equivalent), or a trustee in
bankruptcy (or its equivalent, referred to herein as the “Trustee”) in a proceeding under the Applicable Bankruptcy
Code, has the right to and does reject this Agreement or is otherwise not bound by the provisions hereof, Allied may elect to retain
its rights under this Agreement, and neither Armstrong, its successors nor the Trustee shall interfere with the rights of Allied
under this Agreement, provided that Allied is not in breach of this Agreement and otherwise complies with the Applicable Bankruptcy
Code. Upon the written request of Allied, Armstrong, its successor or the Trustee will confirm in writing that it will not interfere
with the rights of Allied as provided in this Agreement. Further, upon the written request of Allied, Armstrong, its successors
and/or the Trustee shall execute and/or file such instruments (including without limitation, if necessary, a new license agreement
with the same terms and conditions of this Agreement) as may be necessary to ensure that Allied’s rights and licenses granted
hereunder will not be interfered with as a result of, and will survive any such Bankruptcy Proceeding and Armstrong’s discharge
thereunder, to the extent permitted by the Applicable Bankruptcy Code.

 

		8.4	Construction. The section headings contained in this Agreement
are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. 

 

		8.5	Severability. If any provision of this Agreement shall
be held to be invalid or unenforceable, then such provision shall be deemed deleted and all other provisions of this Agreement
shall remain in full force and effect. 

 

		8.6	Interpretation. This Agreement has been jointly prepared
by the parties and their respective legal counsel and shall not be strictly construed against either party.

 

		8.7	Counterparts. This Agreement and any amendment
hereto may be signed in counterparts, each of which shall constitute an original and all of which together shall constitute one
and the same instrument. Any signature may be delivered by facsimile or by electronic mail attaching a signed PDF, which shall
have the same effect as an original signature.

 

		8.8	Entire Agreement. This Agreement, together with the Schedules
attached hereto and the accompanying Settlement Agreement, set forth the entire agreement and understanding of the parties relating
to the subject matter contained herein and merges and supersedes all prior and contemporaneous discussions and agreements between
them, whether written or oral. 

 

 

 

Signature Page Follows

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties hereto
have, by their duly authorized representatives, executed this Patent License Agreement as of the Effective Date.

 

 

	
        ARMSTRONG MEDICAL LIMITED

         

         

        By: /s/ Ciaran Magee

        Name: Ciaran Magee

        Title: Technical Director

         

         
	
        ALLIED HEALTHCARE PRODUCTS, INC.

         

         

        By: /s/ Earl Refsland

        Name: Earl Refsland

        Title: President

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