Document:

Exhibit 10.1

 

SENESCO TECHNOLOGIES, INC.

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made as of April    , 2002 by
and between Senesco Technologies, Inc., a Delaware corporation (the “Company”),
and David Rector (“Indemnitee”).

 

WHEREAS,
Indemnitee is a director of the Company and performs valuable services in such
capacities for the Company;

 

WHEREAS,
the Company and Indemnitee recognize the substantial increase in corporate
litigation in general, subjecting directors, officers, employees, agents and
fiduciaries to expensive litigation risks at the same time as the availability
and coverage of liability insurance may be limited;

 

WHEREAS,
the Company and Indemnitee further recognize the difficulty in obtaining
liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance;

 

WHEREAS,
Indemnitee does not regard the current protection available as adequate under
the present circumstances, and the Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection; and

 

WHEREAS,
the Company desires to attract and retain the services of highly qualified
individuals, such as Indemnitee, to serve the Company and, in part, in order to
induce Indemnitee to continue to provide services to the Company as a director,
the Company wishes to provide for the indemnification and advancing of expenses
to Indemnitee to the maximum extent permitted by law.

 

NOW, THEREFORE, the Company and
Indemnitee hereby agree as follows:

 

1.                                       Indemnification.

 

(a)                                  Indemnification
of Expenses.  The Company shall
indemnify Indemnitee to the fullest extent permitted by law if Indemnitee was
or is or becomes a party to or witness or other participant in, or is
threatened to be made a party to or witness or other participant in, any
threatened, pending or completed action, suit, proceeding or alternative
dispute resolution mechanism, or any hearing, inquiry or investigation that
Indemnitee in good faith believes might lead to the institution of any such
action, suit, proceeding or alternative dispute resolution mechanism, whether
civil, criminal, administrative, investigative or other (hereinafter a “Claim”)

 

 

by reason of (or arising in part out of) any event or
occurrence related to the fact that Indemnitee is or was a director, officer,
employee, agent or fiduciary of the Company, or any subsidiary of the Company,
or is or was serving at the request of the Company as a director, officer,
employee, agent or fiduciary of another corporation, partnership, joint
venture, trust or other enterprise, or by reason of any action or inaction on
the part of Indemnitee while serving in such capacity (hereinafter an “Indemnifiable
Event”) against any and all expenses (including attorneys’ fees and all other
costs, expenses and obligations incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or
preparing to defend, be a witness in or participate in, any such action, suit,
proceeding, alternative dispute resolution mechanism, hearing, inquiry or
investigation), judgments, fines, penalties and amounts paid in settlement (if
such settlement is approved in advance by the Company, which approval shall not
be unreasonably withheld) of such Claim and any federal, state, local or
foreign taxes imposed on the Indemnitee as a result of the actual or deemed
receipt of any payments under this Agreement (collectively, hereinafter “Expenses”),
including all interest, assessments and other charges paid or payable in
connection with or in respect of such Expenses. 
Such payment of Expenses shall be made by the Company as soon as
practicable but in any event no later than thirty (30) days after written
demand by Indemnitee therefor is presented to the Company.

 

(b)                                 Reviewing
Party.  Notwithstanding the
foregoing, (i) the obligations of the Company under Section l(a) shall be
subject to the condition that the Reviewing Party (as described in Section 10(e)
hereof) shall not have determined (in a written opinion, in any case in which
the Independent Legal Counsel referred to in Section 1(c) hereof is
involved) that Indemnitee would not be permitted to be indemnified under
applicable law, and (ii) the obligation of the Company to make an advance
payment of Expenses to Indemnitee pursuant to Section 2(a) (an “Expense
Advance”) shall be subject to the condition that, if, when and to the extent
that the Reviewing Party determines that Indemnitee would not be permitted to
be so indemnified under applicable law, the Company shall be entitled to be
reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all
such amounts theretofore paid; provided, however, that if Indemnitee has
commenced or thereafter commences legal proceedings in a court of competent
jurisdiction to secure a determination that Indemnitee should be indemnified
under applicable law, any determination made by the Reviewing Party that
Indemnitee would not be permitted to be indemnified under applicable law shall
not be binding and Indemnitee shall not be required to reimburse the Company
for any Expense Advance until a final judicial determination is made with
respect thereto (as to which all rights of appeal therefrom have been exhausted
or lapsed). Indemnitee’s obligation to reimburse the Company for any Expense
Advance shall be unsecured and no interest shall be charged thereon.  If there has not been a Change in Control (as
defined in Section 10(c) hereof), the Reviewing Party shall be selected by
the Board of Directors, and if there has been such a Change in Control (other
than a Change in Control which has been approved by a majority of the Company’s
Board of Directors who were directors immediately prior to such Change in
Control), the Reviewing Party shall be the Independent Legal Counsel referred
to in Section l(c) hereof.  If there
has been no determination by the Reviewing Party or if the Reviewing Party
determines that Indemnitee substantively would not be permitted to be
indemnified in whole or in part under applicable law, Indemnitee shall have the
right to commence litigation seeking an

 

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initial determination by the
court or challenging any such determination by the Reviewing Party or any
aspect thereof, including the legal or factual bases therefor, and the Company
hereby consents to service of process and to appear in any such
proceeding.  Any determination by the
Reviewing Party otherwise shall be conclusive and binding on the Company and
Indemnitee.

 

(c)                                  Change
in Control.  The Company agrees that
if there is a Change in Control of the Company (other than a Change in Control
which has been approved by a majority of the Company’s Board of Directors who
were directors immediately prior to such Change in Control) then with respect
to all matters thereafter arising concerning the rights of Indemnitee to
payments of Expenses and Expense Advances under this Agreement or any other
agreement or under the Company’s Certificate of Incorporation or By-laws as now
or hereafter in effect, the Company shall seek legal advice only from
Independent Legal Counsel (as defined in Section 10(d) hereof) selected by
Indemnitee and approved by the Company (which approval shall not be
unreasonably withheld).  Such counsel,
among other things, shall render its written opinion to the Company and
Indemnitee as to whether and to what extent Indemnitee would be permitted to be
indemnified under applicable law.  The
Company agrees to pay the reasonable fees of the Independent Legal Counsel
referred to above and to fully indemnify such counsel against any and all
expenses (including attorneys’ fees), claims, liabilities and damages arising
out of or relating to this Agreement or its engagement pursuant hereto.

 

(d)                                 Mandatory
Payment of Expenses.  Notwithstanding
any other provision of this Agreement other than Section 9 hereof, to the
extent that Indemnitee has been successful on the merits or otherwise,
including, without limitation, the dismissal of an action without prejudice, in
defense of any action, suit, proceeding, inquiry or investigation referred to
in Section (1)(a) hereof or in the defense of any claim, issue or matter
therein, Indemnitee shall be indemnified against all Expenses incurred by
Indemnitee in connection therewith.

 

2.                                       Expenses; Indemnification Procedure.

 

(a)                                  Advancement
of Expenses.  The Company shall
advance all Expenses incurred by Indemnitee. 
The advances to be made hereunder shall be paid by the Company to
Indemnitee as soon as practicable but in any event no later than five (5) days
after written demand by Indemnitee therefor to the Company.

 

(b)                                 Notice/Cooperation
by Indemnitee.  Indemnitee shall, as
a condition precedent to Indemnitee’s right to be indemnified under this
Agreement, give the Company notice in writing as soon as practicable of any
Claim made against Indemnitee for which indemnification will or could be sought
under this Agreement.  Notice to the
Company shall be directed to the Chief Executive Officer of the Company at the
address shown on the signature page of this Agreement (or such other address as
the Company shall designate in writing to Indemnitee).  In addition, Indemnitee shall give the
Company such information and cooperation as it may reasonably require and as
shall be within Indemnitee’s power.

 

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(c)                                  No
Presumptions; Burden of Proof.  For
purposes of this Agreement, the termination of any claim, action, suit or
proceeding, by judgment, order, settlement (whether with or without court
approval) or conviction, or upon a plea of nolo  contendere, or
its equivalent, shall not create a presumption that Indemnitee did not meet any
particular standard of conduct or have any particular belief or that a court
has determined that indemnification is not permitted by applicable law.  In addition, neither the failure of the
Reviewing Party to have made a determination as to whether Indemnitee has met
any particular standard of conduct or had any particular belief, nor an actual
determination by the Reviewing Party that Indemnitee has not met such standard
of conduct or did not have such belief, prior to the commencement of legal
proceedings by Indemnitee to secure a judicial determination that Indemnitee
should be indemnified under applicable law, shall be a defense to Indemnitee’s
claim or create a presumption that Indemnitee has not met any particular
standard of conduct or did not have any particular belief.  In connection with any determination by the
Reviewing Party or otherwise as to whether the Indemnitee is entitled to be
indemnified hereunder, the burden of proof shall be on the Company to establish
that Indemnitee is not so entitled.

 

(d)                                 Notice
to Insurers.  If, at the time of the
receipt by the Company of a notice of a Claim pursuant to Section 2(b)
hereof, the Company has liability insurance in effect which may cover such
Claim, the Company shall give prompt notice of the commencement of such Claim
to the insurers in accordance with the procedures set forth in the respective
policies.  The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such action, suit,
proceeding, inquiry or investigation in accordance with the terms of such
policies.  Nothing in this Section 2(d)
shall limit the Company’s obligations as otherwise provided for herein, including
the Company’s obligation to pay Expenses under Section 1(b) or to advance
Expenses under Section 2(a).

 

(e)                                  Selection
of Counsel.  In the event the Company
shall be obligated hereunder to pay the Expenses of any action, suit,
proceeding, inquiry or investigation, the Company, if appropriate, shall be
entitled to assume the defense of such action, suit, proceeding, inquiry or
investigation with counsel approved by Indemnitee, upon the delivery to
Indemnitee of written notice of its election so to do.  After delivery of such notice, approval of
such counsel by Indemnitee and the retention of such counsel by the Company,
the Company will not be liable to Indemnitee under this Agreement for any fees
of counsel subsequently incurred by Indemnitee with respect to the same action,
suit, proceeding, inquiry or investigation; provided that, (i) Indemnitee shall
have the right to employ Indemnitee’s counsel in any such action, suit,
proceeding, inquiry or investigation at Indemnitee’s expense and (ii) if (A)
the employment of counsel by Indemnitee has been previously authorized by the
Company, (B) Indemnitee shall have reasonably concluded that there may be a
conflict of interest between the Company and Indemnitee in the conduct of any
such defense, or (C) the Company shall not continue to retain such counsel to
defend such action, suit, proceeding, inquiry or investigation, then the fees
and expenses of Indemnitee’s counsel shall be at the expense of the Company.

 

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3.                                       Additional Indemnification Rights; Nonexclusivity.

 

(a)                                  Scope.  The Company hereby agrees to indemnify the
Indemnitee to the fullest extent permitted by law, notwithstanding that such
indemnification is not specifically authorized by the other provisions of this
Agreement, the Company’s Certificate of Incorporation, the
Company’s By-laws or by statute.  In the
event of any change after the date of this Agreement in any applicable law,
statute or rule which expands the rights of the corporation to indemnify a
member of its board of directors or an officer, employee, agent or fiduciary,
it is the intent of the parties hereto that Indemnitee shall enjoy by this
Agreement the greater benefits afforded by such change.  In the event of any change in any applicable
law, statute or rule which narrows the rights of this Company to indemnify a
member of its board of directors or an officer, employee, agent or fiduciary,
such change, to the extent not otherwise required by such law, statute or rule
to be applied to this Agreement, shall have no effect on this Agreement or the
parties’ rights and obligations hereunder.

 

(b)                                 Nonexclusivity.  The indemnification provided by this
Agreement shall be in addition to any rights to which Indemnitee may be
entitled under the Company’s Certificate of Incorporation, its By-laws, any
agreement, any vote of shareholders or disinterested directors, the relevant
business corporation law of the Company’s state of incorporation, or
otherwise.  The indemnification provided
under this Agreement shall continue as to Indemnitee for any action taken or
not taken while serving in an indemnified capacity even though Indemnitee may
have ceased to serve in such capacity.

 

4.                                       No
Duplication of Payments.  The Company
shall not be liable under this Agreement to make any payment in connection with
any action, suit, proceeding, inquiry or investigation made against Indemnitee
to the extent Indemnitee has otherwise actually received payment (under any
insurance policy, Certificate of Incorporation, By-laws or otherwise) of the
amounts otherwise indemnifiable hereunder.

 

5.                                       Partial
Indemnification.  If Indemnitee is
entitled under any provision of this Agreement to indemnification by the
Company for some or a portion of Expenses in the investigation, defense, appeal
or settlement of any civil or criminal action, suit, proceeding, inquiry or
investigation, but not, however, for all of the total amount thereof, the
Company shall nevertheless indemnify Indemnitee for the portion of such
Expenses to which Indemnitee is entitled.

 

6.                                       Mutual
Acknowledgment.  Both the Company and
Indemnitee acknowledge that in certain instances, Federal law or applicable
public policy may prohibit the Company from indemnifying its directors,
officers, employees, agents or fiduciaries under this Agreement or
otherwise.  Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future
to undertake with the Securities and Exchange Commission to submit the question
of indemnification to a court in certain circumstances for a determination of
the Company’s right under public policy to indemnify Indemnitee.

 

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7.                                       Liability
Insurance.  To the extent the Company
maintains liability insurance applicable to directors, officers, employees,
agents or fiduciaries, Indemnitee shall be covered by such policies in such a
manner as to provide Indemnitee the same rights and benefits as are accorded to
the most favorably insured of the Company’s directors, if Indemnitee is a
director; or of the Company’s officers, if Indemnitee is not a director of the
Company but is an officer; or of the Company’s key employees, agents or
fiduciaries, if Indemnitee is not an officer or director but is a key employee,
agent or fiduciary.

 

8.                                       Exceptions.  Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

 

(a)                                  Excluded
Action or Omissions.  To indemnify Indemnitee for acts, omissions or transactions from
which Indemnitee may not be relieved of liability under applicable law.

 

(b)                                 Claims
Initiated by Indemnitee.  To
indemnify or advance expenses to Indemnitee with respect to proceedings or
claims initiated or brought voluntarily by Indemnitee and not by way of
defense, except (i) with respect to proceedings brought to establish or enforce
a right to indemnification under this Agreement or any other agreement or
insurance policy or under the Company’s Certificate of Incorporation or By-laws
now or hereafter in effect relating to Claims for Indemnifiable Events, (ii) in
specific cases if the Board of Directors has approved the initiation or
bringing of such suit, or (iii) as otherwise required under the applicable
provisions of the business corporation law of the Company’s state of
incorporation, regardless of whether Indemnitee ultimately is determined to be
entitled to such indemnification, advance expense payment or insurance
recovery, as the case may be.

 

(c)                                  Lack
of Good Faith.  To indemnify
Indemnitee for any expenses incurred by the Indemnitee with respect to any
proceeding instituted by Indemnitee to enforce or interpret this Agreement, if
a court of competent jurisdiction determines that each of the material
assertions made by the Indemnitee in such proceeding was not made in good faith
or was frivolous; or

 

(d)                                 Claims
Under Section 16(b).  To indemnify Indemnitee for expenses and the
payment of profits arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or any similar successor statute.

 

9.                                       Period
of Limitations.  No legal action
shall be brought and no cause of action shall be asserted by or in the right of
the Company against Indemnitee, Indemnitee’s estate, spouse, heirs, executors
or personal or legal representatives after the expiration of two (2) years from
the date of accrual of such cause of action, and any claim or cause of action
of the Company shall be extinguished and deemed released unless asserted by the
timely filing of a legal action within such two (2)-year period; provided,
however, that if any shorter period of limitations is otherwise
applicable to any such cause of action, such shorter period shall govern.

 

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10.                                 Construction
of Certain Phrases.

 

(a)                                  For
purposes of this Agreement, references to the “Company” shall include, in
addition to the resulting corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had power and authority to
indemnify its directors, officers, employees, agents or fiduciaries, so that if
Indemnitee is or was a director, officer, employee, agent or fiduciary of such
constituent corporation, or is or was serving at the request of such
constituent corporation as a director, officer, employee, agent or fiduciary of
another corporation, partnership, joint venture, employee benefit plan, trust
or other enterprise, Indemnitee shall stand in the same position under the
provisions of this Agreement with respect to the resulting or surviving
corporation as Indemnitee would have with respect to such constituent
corporation if its separate existence had continued.

 

(b)                                 For
purposes of this Agreement, references to “other enterprises” shall include
employee benefit plans; references to “fines” shall include any excise taxes
assessed on Indemnitee with respect to an employee benefit plan; and references
to “serving at the request of the Company” shall include any service as a
director, officer, employee, agent or fiduciary of the Company which imposes
duties on, or involves services by, such director, officer, employee, agent or
fiduciary with respect to an employee benefit plan, its participants or its
beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the interest of the participants and beneficiaries
of an employee benefit plan, Indemnitee shall be deemed to have acted in a
manner “not opposed to the best interests of the Company” as referred to in
this Agreement.

 

(c)                                  For
purposes of this Agreement a “Change in Control” shall be deemed to have
occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d)
of the Exchange Act), other than a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or a corporation owned
directly or indirectly by the shareholders of the Company in substantially the
same proportions as their ownership of stock of the Company, is or becomes the “beneficial
owner” (as determined in accordance with Rule 13d-3 under said Exchange Act),
directly or indirectly, of securities of the Company representing more than twenty
percent (20%) of the total voting power represented by the Company’s then
outstanding Voting Securities, (ii) during any period of two (2) consecutive
years, individuals who at the beginning of such period constitute the Board of
Directors of the Company and any new director whose election by the Board of
Directors or nomination for election by the Company’s shareholders was approved
by a vote of at least two thirds (2/3) of the directors then still in office
who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute a majority thereof, or (iii) the shareholders of the Company approve
a merger or consolidation of the Company with any other corporation other than
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) at least 80% of

 

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the total voting
power represented by the Voting Securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation, or the
shareholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in one
transaction or a series of transactions) all or substantially all of the
Company’s assets.

 

(d)                                 For
purposes of this Agreement, “Independent Legal Counsel” shall mean an attorney
or firm of attorneys, selected in accordance with the provisions of Section 1(c)
hereof, who shall not have otherwise performed services for the Company or
Indemnitee within the last three years (other than with respect to matters
concerning the rights of Indemnitee under this Agreement, or of other
indemnitees under similar indemnity agreements).

 

(e)                                  For
purposes of this Agreement, a “Reviewing Party” shall mean any appropriate
person or body consisting of a member or members of the Company’s Board of
Directors or any other person or body appointed by the Board of Directors who
is not a party to the particular Claim for which Indemnitee is seeking
indemnification, or Independent Legal Counsel.

 

(f)                                    For
purposes of this Agreement, “Voting Securities” shall mean any securities of
the Company that vote generally in the election of directors.

 

11.                                 Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

 

12.                                 Binding
Effect; Successors and Assigns.  This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective successors and assigns, including
any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business and/or assets of the
Company, spouses, heirs, and personal and legal representatives.  The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place.  This Agreement shall continue in effect
regardless of whether Indemnitee continues to serve as a director of the
Company or of any other enterprise at the Company’s request.

 

13.                                 Attorneys’
Fees.  In the event that any action
is instituted by Indemnitee under this Agreement or under any liability
insurance policies maintained by the Company to enforce or interpret any of the
terms hereof or thereof, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee with respect to such action, regardless of whether
Indemnitee is ultimately successful in such action, and shall be entitled to
the advancement of Expenses with respect to such action, unless as a part of
such action the court of competent jurisdiction over such action determines
that each of the material assertions made by Indemnitee as a basis for such
action were

 

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not
made in good faith or were frivolous.  In
the event of an action instituted by or in the name of the Company under this
Agreement to enforce or interpret any of the terms of this Agreement,
Indemnitee shall be entitled to be paid all Expenses incurred by Indemnitee in
defense of such action (including costs and expenses incurred with respect to
Indemnitee’s counterclaims and cross-claims made in such action), and shall be
entitled to the advancement Expenses with respect to such action, unless as a
part of such action the court having jurisdiction over such action determines
that each of Indemnitee’s material defenses to such action were made in bad
faith or were frivolous.

 

14.                                 Notice.  All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed
duly given (i) if delivered by hand and receipted for by the party addressee,
on the date of such receipt, or (ii) if mailed by domestic certified or
registered mail with postage prepaid, on the third business day after the date
postmarked.  Addresses for notice to
either party are as shown on the signature page of this Agreement, or as
subsequently modified by written notice.

 

15.                                 Consent
to Jurisdiction.  The Company and
Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of
the State of New Jersey for all purposes in connection with any action or
proceeding which arises out of or relates to this Agreement and agree that any
action instituted under this Agreement shall be commenced, prosecuted and
continued only in the Superior Court of the State of New Jersey in and for
Mercer County, which shall be the exclusive and only proper forum for
adjudicating such a claim.

 

16.                                 Severability.  The provisions of this Agreement shall be
severable in the event that any of the provisions hereof (including any
provision within a single section, paragraph or sentence) are held by a court
of competent jurisdiction to be invalid, void or otherwise unenforceable, and
the remaining provisions shall remain enforceable to the fullest extent
permitted by law.  Furthermore, to the
fullest extent possible, the provisions of this Agreement (including, without
limitations, each portion of this Agreement containing any provision held to be
invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

 

17.                                 Choice
of Law.  This Agreement shall be
governed by and its provisions construed and enforced in accordance with the
laws of the State of New Jersey, as applied to contracts between New Jersey
residents, entered into and to be performed entirely within the State of New
Jersey, without regard to the conflict of laws principles thereof.

 

18.                                 Subrogation.  In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the
Company effectively to bring suit to enforce such rights.

 

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19.                                 Amendment
and Termination.  No amendment,
modification, termination or cancellation of this Agreement shall be effective
unless it is in writing signed by both the parties hereto.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing
waiver.

 

20.                                 Integration
and Entire Agreement.  This Agreement
sets forth the entire understanding between the parties hereto and supersedes
and merges all previous written and oral negotiations, commitments,
understandings and agreements relating to the subject matter hereof between the
parties hereto.

 

21.                                 No
Construction as Employment Agreement. 
Nothing contained in this Agreement shall be construed as giving
Indemnitee any right to be retained in the employ of the Company or any of its
subsidiaries.

 

**********

 

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

 

 

	
   

  	
  SENESCO TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Sascha P. Fedyszyn

  
	
   

  	
  Title:

  	
  Vice President of Corporate Development and

  Secretary

  
	
   

  
	
  AGREED TO AND ACCEPTED:

  	
   

  
	
   

  	
   

  
	
  INDEMNITEE:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (signature)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (print name)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (address)Exhibit 10.2

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

DEVELOPMENT
AND LICENSE AGREEMENT

 

This Development and License Agreement
(“Agreement”) is made and entered into this     day of
       , 2004 (the “Effective Date”) by and
between Senesco Technologies, Inc, a Delaware corporation with principal
offices at 303 George Street, Suite 420, New Brunswick, New Jersey 08901 (“Senesco”)
and Broin and Associates, Inc., a South Dakota corporation with principal
offices at 2209 East 57th Street North, Sioux Falls, South Dakota
57104 (“Broin”).

 

WITNESSETH

 

WHEREAS, Senesco owns technology, know-how
and United States and foreign patent applications concerning methods for
controlling programmed cell death;

 

WHEREAS, Broin owns certain proprietary
technology, know-how concerning ethanol and co-product(s) production and is in
the business of ethanol, ethanol production, and ethanol co-product(s)
production;

 

WHEREAS, Senesco desires to develop
                    ,
Senesco desires to grant to Broin an exclusive license to make, use, sell, and
sublicense             
in the Field (hereinafter defined), and Broin desires to acquire said license;

 

NOW THEREFORE, in consideration of the
premises and the faithful performance of the mutual covenants hereinafter set
forth, the parties hereto hereby agree as follows:

 

1.                                      DEFINITIONS

 

As used in
this Agreement, the following defined terms shall have the respective meanings
set forth below:

 

1.1                                 “Broin
Managed Plants” shall mean plants managed by Broin (see Appendix B).

 

1.2                                 “Broin
Technology”  shall mean for example and
without limitation:  Broin and Associates
Companies’ business and technical information, financial information, data,
marketing techniques and materials, business plans and strategies, business
operations and systems, pricing policies, information concerning employees,
customers, vendors and/or investors, technology, intellectual property, trade
secrets, ideas, concepts, discoveries, inventions, patents, patent
applications, improvements, research, developments, know-how, techniques,
algorithms, drawings, formulas, designs, plans, engineering information,
specifications, products, compositions, prototypes, biological or physical
materials, manufacturing information, and manufacturing processes.

 

1.3                                 “Confidential
Information” means any information received by either party (Senesco or Broin)
from the other, including all business, technical and other information,
whether disclosed in writing, orally or in any other form, tangible or
intangible, including but not limited to: information concerning inventions
(including patent applications and related documents), discoveries, techniques,
processes, designs, biological materials, specifications, algorithms, data,
finances and plans, customer lists, business plans, contracts, marketing plans,
production plans, distribution plans, system implementations plans, business
concepts, supplier information, business procedures, business operations;

 

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

all know-how and trade secrets; and all other
unpublished copyrightable material. 
Confidential Information does not include information which:

 

(i)                                     is
known to the receiving party prior to the time of disclosure by the disclosing
party, as evidenced by contemporaneous dated written records;

(ii)                                  is
received by Senesco or Broin (as applicable) from independent sources having
the right to such information without an obligation of confidence or
non-disclosure, and without the information having been solicited or obtained
by any use of the Confidential Information;

(iii)                               the
disclosing party gives written consent for disclosure to a third party; or

(iv)                              is
subsequently and independently developed by the receiving party without use of
the Confidential Information and by persons who have not had access to the
Confidential Information, as evidenced by contemporaneous dated written
records.

 

1.4                                 “Field”
is the production of industrial and fuel ethanol, which does not include
potable ethanol.

 

1.5                                 “Joint
Development “ shall mean proprietary and confidential know-how developed by one
or more employees of Broin and one or more employees or funded researchers of
Senesco,  pursuant to the Project, other
than, Broin Technology, Senesco Patents, and Senesco Technology, pursuant to
this Agreement.

 

1.6                                 “Licensed
Product” means product developed pursuant to the Project involving
                                         for
use in the Field.

 

1.7                                 “Project”
means development of
                                                 
incorporating Senesco Patents, Senesco Technology, and Senesco Development
pursuant to this Agreement.

 

1.8                                 “Senesco
Patents” means (i) all pending (as of the Effective Date of this Agreement)
U.S. and foreign patent applications owned or controlled by Senesco pertaining
to controlling senescence, including original applications, provisionals,
divisions, continuations, continuations in part, extensions, PCT applications,
renewals, reissues, or reexamination applications or supplemental prosecution
certificates, including, but not limited to, all applications listed in
Appendix A; (ii) all U.S. and foreign patents that have issued or will issue
from any application identified in Section (i) of this paragraph; and
(iii) all U.S. and foreign applications that claim priority in any way from any
application or patent identified in subparagraphs (i) or (ii) of this
paragraph.

 

1.9                                 “Senesco
Technology” means the Senesco Patents, Senesco Confidential Information, and
all Senesco know-how, materials, information and methods (whether developed by
Senesco or acquired from a third party), including, but not limited to methods
for controlling programmed cell death involving altering the expression of
plant and/or animal genes and their cognate expressed proteins that are induced
during or coincident with the onset of senescence.

 

1.10                           “Senesco
Development” means any improvement or development, whether or not patentable or
protectable as a trade secret, relating to or deriving from the Senesco

 

2

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

Technology, made by Senesco, pursuant to and
during the term of this Agreement, including all patents and patent
applications to be filed relating to any such improvements or developments.

 

1.11                           “Territory”
means worldwide.

 

1.12                           “Third
Party” means all persons and entities other than Senesco and Broin.

 

 

2.                                      LICENSE GRANT

 

2.1                                 Senesco
grants Broin an exclusive license in the Field for the Territory to make, have
made, use, sell, offer to sell, import, and sublicense Licensed Products under
the Senesco Technology and Senesco Developments.  Except as set forth in the preceding
sentence, Broin shall have no rights to make, have made, use, sell, offer to
sell, import, sublicense products or processes within the scope of the Senesco
Technology and Senesco Developments.

 

2.2                                 Broin
grants Senesco
                            license
to Broin Technology necessary for Senesco’s development of a Licensed Product.
                                                                                                                                                                                 .

 

2.3                                 In
the event that Broin elects, pursuant to Paragraph 5.4, that the parties shall
proceed with patent protection concerning the Joint Developments, Senesco
grants Broin an exclusive license in the Field for the Territory to make, have
made, use, sell offer to sell, import, and sublicense Licensed Products under
the Joint Developments, Senesco reserving all rights outside the Field for
itself, except that Senesco grants Broin a first right of refusal to negotiate
an exclusive license under the Joint Developments to any subject matter outside
of the Field.

 

3.                                      TERM

 

3.1                                 This
Agreement is effective as of the Effective Date, and shall continue until the
expiration of the last of the Senesco patents unless earlier terminated
pursuant to Article 12 below or extended by mutual written agreement of
the parties.

 

4.                                      PRODUCT
DEVELOPMENT

 

4.1                                 Senesco
shall conduct research and development within the scope and goals of the
Project.

 

4.2                                 Senesco
shall devote as much time and attention to the Project as is reasonably
necessary for its success.

 

4.3                                 Work
on the Project will begin as soon as reasonably possible and will continue
until the completion of Project.

 

3

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

4.4                                 The
parties hereby agree, for the duration of this Agreement, to collaborate
exclusively on the Licensed Product contemplated under this Agreement.

 

4.5                                 Senesco
agrees that all information obtained by it through work on the Project shall be
made available to Broin at any reasonable time during Senesco’s business hours,
and that Senesco will communicate to Broin, promptly without request, all information
that it deems pertinent to the Project as it progresses.  Broin shall keep all such information in
confidence.

 

4.6                                 Each
party shall be responsible for its own costs in carrying out the activities of
the Project, except if agreed otherwise in writing between the parties.

 

4.7                                 Senesco
shall pay only its own research costs incurred in connection with the Project,
consisting of the following:

 

a.               Cost of staff time
and direct technical supervision;

b.              Cost of materials
and supplies;

c.               Miscellaneous expenses
such as telephone and telephone-facsimile bills, postage and shipping bills,
service department and stenographic expense, costs of equipment repairs and
renewals, and similar costs where directly applicable to Project;

d.              Cost of special
equipment necessary for the Project;

e.               Travel expense and
freight and express charges directly applicable to Project;

f.                 All costs
associated with research and development (i.e. university costs) of Licensed
Product, including intellectual property (including but not limited to patent
applications, continuations, divisionals, issue fees, maintenance fees, etc.).

 

4.8                                 Broin
shall be responsible, and Senesco shall fully cooperate with Broin, to obtain
any required state, federal, national, or international approval needed to
carry out the terms of this Agreement.

 

5.                                      PATENTS,
PATENT APPLICATIONS AND PATENT ENFORCEMENT

 

5.1                                 Broin
acknowledges that all the Senesco Technology is and shall remain the property
of Senesco, and except as provided herein, all right, title and interest in the
Senesco Technology is and shall remain with Senesco.

 

5.2                                 Senesco
acknowledges that all Broin Technology is and shall remain the property of
Broin, and except as provided herein, all right, title and interest in the
Broin Technology is and shall remain with Broin.

 

5.3                                 Broin
and Senesco agree that all Senesco Development(s) are and shall remain the
property of Senesco, and except as provided herein, all right, title and
interest in the Senesco Development(s) is and shall remain with Senesco.  Broin assigns all patentable inventions
relating to any Senesco Development to Senesco and agrees to execute all
documents, provide all information and materials (including any biological
materials necessary for deposit) and do all acts, at Senesco’s sole expense,
necessary to perfect and maintain Senesco’s rights to all patentable Senesco
Development(s).

 

4

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

5.4                                 Broin
and Senesco agree that all Joint Developments will be maintained as trade
secrets and shall be jointly owned and used by the parties only in accordance
with the terms of this Agreement.  At
Broin’s election, the parties may forego trade secret protection concerning the
Joint Developments and instead pursue patent protection.  At Broin’s election, Senesco, at its own
expense, shall file patent applications covering the Joint Developments.  Inventorship on such patent applications
shall be determined in accordance with applicable law.  If one or more employees of Broin are deemed
to be joint inventors, Broin herein assigns patentable inventions relating to
Joint Development to Senesco and agrees to execute documents, provide
information and materials (including any biological materials necessary for
deposit) and do acts, at Senesco’s sole expense, necessary to perfect and
maintain Senesco’s rights to patentable Joint Developments.  Broin shall have exclusive rights to said
Joint Developments inside the Field and an option to acquire rights outside the
Field as provided in Paragraph  2.3.

 

5.5                                 Parties
agree to notify one another if either makes a discovery or invention in the Field
during work on the Project and apply improvements to the Licensed Product at
Senesco’s expense.

 

5.6                                 Senesco
shall retain the sole right to prosecute and maintain any and all patents and
patent applications relating to Senesco Technology and Senesco Development(s)
in its sole and absolute discretion and at its own expense.  Senesco shall retain the sole right to
prosecute and maintain any and all patents and patent applications which the
parties elect to file relating to a Joint Development in Senesco’s sole and
absolute discretion and at its own expense.

 

5.7                                 Senesco
will use reasonable best efforts to defend its intellectual property by
notifying alleged patent infringers of the issued Senesco Patents, to
vigorously seek to have them use non-infringing technology or to pursue a
sublicense from Broin, and Senesco shall have sole and absolute discretion over
whether to bring any claims for patent infringement under the Senesco Patents,
shall have complete control of any suits, claims or counterclaims it asserts,
and shall retain 100% of any monies received, including all damage awards and
settlement payments.  In the event
Senesco declines to enforce the Senesco Patents in the Field, and Senesco gives
written consent to Broin, which shall not be unreasonably withheld, Broin may
enforce the Senesco Patents in the Field against a Third Party at its own cost
and Senesco shall provide reasonable cooperation.  Any monies received in a suit brought by
Broin shall be first used to reimburse the parties for their respective legal
expenses in connection with said litigation, the remainder to be split 80% to
Broin and 20% to Senesco.

 

6.                                      PAYMENTS

 

6.1                                 In
consideration of the license granted herein, Broin shall make payments to
Senesco in accordance with the following terms:

 

(i) Broin
shall
pay                                
for each Broin Managed Plant using the Licensed Product herein.

 

 

 

5

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

 

 

 (ii)

 

 

 

                                           .

(iii) Broin
shall promptly notify Senesco in writing each time the Licensed Product is
first used at each Broin Managed Plant.

(iv) Broin
shall allow Senesco reasonable access to Broin Managed Plant and documents to
inspect and ascertain whether the Licensed Product is being employed.

(v)  Broin Shall
                to
Senesco                                                                                      ..

 

7.                                      SUBLICENSING

 

7.1                                 Any
sublicense granted by Broin (not including to Broin Managed Plants) herein
shall require said sublicensee to abide by the obligations of Broin herein
(other than the payment provisions of Article 6), as if said sublicensee
were a party to this Agreement hereto.

 

7.2                                                                                                                                                                          or
other remuneration received from any
                        using
Licensed Product for the duration of the
               .

 

8.                                      NO
COMPETE

 

8.1                                 Other
than products under development prior to the effective date of this Agreement,
parties agree not to develop or commercialize any product which would compete
with Licensed Product in the Field of this Agreement.

 

9.                                      ASSIGNMENT

 

9.1                                 Neither
Senesco nor Broin shall assign or transfer any rights or obligations under this
Agreement without the consent of the other party, such consent not to be
unreasonably withheld.

 

9.2                                 This
Agreement shall inure to the benefit of and shall be binding upon the parties
hereto and their successors and permitted assigns.

 

10.                               CONFIDENTIALITY

 

10.1                           Broin
and Senesco each agree that it will respect the other’s Confidential
Information and treat it in the same manner as if it were its own Confidential
Information.  Such Confidential
Information shall not be disclosed by the receiving party to any third person
or entity or to the public except as provided herein.

 

6

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

10.2                           Broin
and Senesco shall designate their Confidential Information, when disclosed in
writing, by stating that such information is confidential.  When disclosed orally or visually, the
disclosing party shall use its best efforts to orally state that such
information is considered confidential at the time of the disclosure, and shall
use its best efforts to reduce to writing a notice regarding said
confidentiality within thirty (30) days of such disclosure.

 

10.3                           Broin
and Senesco each agree to treat and hold as confidential and not disclose to or
provide access to any third person or entity or to the public any and all
Confidential Information received pursuant to this Agreement and will cause its
respective agents, representatives, and employees to do likewise.

 

10.4                           Broin and
Senesco shall use the other’s Confidential Information only for the uses as
agreed upon in this Agreement and only in connection with the development of
Licensed Products in the Field, the development of processes for the production
of such Licensed Products; and any other purpose mutually agreeable to the
parties.

 

10.5                           Broin
or Senesco, as the case may be, may disclose Confidential Information received,
to the extent it is required to do so pursuant to a final court order;
provided, however, that the receiving party (i) promptly notifies the
disclosing party upon its receipt of any pleading, discovery request,
interrogatory, motion or other paper that requests or demands disclosure of the
Confidential Information, (ii) opposes any request for disclosure, and that
failing, seeks to have access and use limited by a protective order, and (iii)
provides the disclosing party a reasonable opportunity to contest and assist in
opposing any requirement of disclosure, to seek judicial protection against the
disclosure and to have such disclosure as is required made under a protective
secrecy order.

 

10.6                           Broin
and Senesco each agree that, at any time upon the request of the disclosing
party, the receiving party will return or destroy any materials containing
Confidential Information (and destroy its notes and copies related
thereto).  If destroyed, the receiving
party shall provide the disclosing party with written certification of
destruction of the materials containing said Confidential Information, said
certification to be signed by an officer of the receiving party.

 

10.7                           Broin
and Senesco each agree that only those of its employees who need to know the
Confidential Information will have access to same, and then only to the extent
necessary to carry out their respective tasks. 
Each employee to which Confidential Information will be disclosed in
which the employee agrees to be bound to the terms of the Confidentiality
provisions of this Agreement in accordance with this Section 10 as if he
or she were a party hereto.  Broin and
Senesco each agree to be responsible for any use by its respective employees of
the Confidential Information of the disclosing party.

 

10.8                           In the
event Broin or Senesco wishes to use a Third Party contractor or consultant and
disclose to that contractor or consultant the other party’s Confidential
Information, the receiving party shall, prior to disclosure, (i) secure written
permission from the disclosing party (which shall not be unreasonably withheld)
and (ii) secure from the Third Party a signed undertaking in which the Third
Party agrees to be bound to the terms of the

 

7

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

Confidentiality provisions of this Agreement
in accordance with this Section 10 as if he or she were a party hereto.

 

10.9                           Senesco
and Broin each agree not to disclose the terms of this Agreement other than as
required by law to any regulatory or judicial body, or as necessary to
potential investors or financiers (provided such potential investors or
financiers are subject to confidentiality undertakings) without the express
prior written consent of the other party, which consent shall not be
unreasonably withheld.  The parties,
however, shall be permitted to prepare press releases disclosing the existence
of the Agreement in accordance with the provisions of Paragraph 10.10.

 

10.10                     Prior to
issuing any reports, statements, press releases, publications, or other
disclosures to third parties regarding this Agreement or the transactions
contemplated herein, Senesco and Broin shall exchange copies of said disclosure
with reasonable advance notice in the case of press releases and at least sixty
(60) days in advance in the case of any other disclosures, and the parties
shall consult with each other regarding the content of said disclosure.  Except as otherwise required by law, neither
Senesco nor Broin shall issue any such disclosure without the prior written
approval of the other.  This paragraph
does not apply to disclosures necessary for filing documents with the U.S.
Securities and Exchange Commission.

 

11.                               REPRESENTATIONS
AND WARRANTIES

 

11.1                           Senesco
represents to the best of its knowledge that it is legally entitled to disclose
the Senesco Confidential Information disclosed by it, and that to the best of
its knowledge the disclosure of the Senesco Confidential Information under this
Agreement does in no event violate any right of any Third Party.  No other warranties concerning the Senesco
Confidential Information are made, whether express or implied, and Senesco
expressly disclaims all other warranties concerning, including without
limitation, merchantability, fitness for a particular purpose, and
non-infringement.

 

11.2                           Senesco
represents that each of its employees or sponsored researchers to be engaged in
the Project has entered into a contract of employment, consultancy or other
agreement, that provides for assignment to Senesco of all inventions made by
the employee or sponsored researcher during the course and in connection with
their work on the Project.

 

11.3                           Senesco
represents and warrants that it is the sole and exclusive owner of the entire
right, title and interest in and to the Senesco Technology and Senesco Patents,
and that Senesco has the right to grant the exclusive right in the Field,
license and privilege granted in this Agreement; that it has executed no
agreement in conflict with this Agreement; and that it has not granted to any
other person, firm or corporation any right, license, shop-right, or privilege
granted under this Agreement.

 

11.4                           Broin
represents to the best of its knowledge that it is legally entitled to disclose
the Broin Confidential Information disclosed by it, and that to the best of its
knowledge the disclosure of the Broin Confidential Information under this
Agreement does in no event violate any right of any Third Party.  No other warranties concerning the Broin

 

8

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

Confidential Information are made, whether
express or implied, and Broin expressly disclaims all other warranties
concerning, including without limitation, merchantability, fitness for a
particular purpose, and non-infringement.

 

11.5                           Senesco
will devote its best efforts to research and develop Licensed Product.

 

12.                               DEFAULT
AND TERMINATION

 

12.1                           Senesco
or Broin may terminate this Agreement upon sixty (60) days notice if the other
party fails to materially fulfill or perform any one or more of its duties,
obligations, or responsibilities pursuant to this Agreement and does not cure
said failure within thirty (30) days after receiving notice of said failure.

 

12.2                           Parties
may terminate this Agreement if other party declares or petitions for
bankruptcy, is the subject of a bankruptcy petition filed against it, makes an
assignment for the benefit of creditors or seeks similar relief under state
law, or becomes insolvent.

 

12.3                           Upon
termination of this Agreement pursuant to this Section 12, (i) any
licenses granted to the other party shall cease; (ii) all Confidential
Information exchanged pursuant to this Agreement shall be returned immediately
to the disclosing party; (iv) neither party to this Agreement shall be
responsible to the other for any damages arising from the termination of this Agreement,
including any claim for lost or anticipated profits, expenditures, reliance, or
other damages.

 

12.4                           In the
event that this Agreement is terminated by Broin after Senesco has developed
the Licensed Product, Broin shall pay to Senesco any amounts then owed pursuant
to Articles 6 and 7, and assign the licensed product back to Senesco.

 

12.5                           Parties
may terminate this Agreement if other party violates any provisions of section 10
or 11 (Confidentiality and Representations And Warranties, respectively).

 

12.6                           Parties
may terminate this Agreement if other party transfers or assigns their
obligations of this Agreement.

 

13.                               CHOICE
OF LAW; CHOICE OF FORUM

 

13.1                           This
Agreement shall be construed and interpreted in accordance with the laws of the
State of South Dakota without reference to its choice of law principles.

 

14.                               ENTIRE
AGREEMENT; NO ORAL MODIFICATIONS; WAIVER

 

14.1                           This
Agreement contains the entire understanding and agreement between Senesco and
Broin with respect to the subject matter hereof, and supersedes all prior oral
or written understandings and agreements relating thereto.  Neither party shall be bound by any
conditions, definitions, warranties, understandings, or representations
concerning the subject matter hereof except as are (i) provided in this
Agreement, (ii) contained in any prior existing written agreement between the
parties, or (iii) duly set forth on or after the

 

9

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

Effective Date of this Agreement in a written
instrument subscribed by an authorized representative of the party to be bound
thereby.

 

14.2                           No waiver
by either party, whether express or implied, of any provision of this
Agreement, or of any breach or default thereof, shall constitute a continuing
waiver of such provision or of any other provision of this Agreement.  Either party’s acceptance of payments by the
other under this Agreement shall not be deemed a waiver of any violation of or
default under any of the provisions of this Agreement.

 

15.                               RELATIONSHIP
OF THE PARTIES

 

15.1                           Nothing
in this Agreement is intended or shall be deemed to constitute a partnership,
agency, employment or joint venture relationship between the parties. All
activities by the parties hereunder shall be performed by the parties as
independent parties. Neither party shall incur any debts or make any
commitments for or on behalf of the other party except to the extent, if at
all, specifically provided herein or subsequently agreed upon in writing.

 

16.                               SEVERABILITY

 

16.1                           If any
provision or any portion of any provision of this Agreement shall be held to be
void or unenforceable, the remaining provisions of this Agreement and the
remaining portion of any provision held void or unenforceable in part shall
continue in full force and effect.

 

17.                               CONSTRUCTION

 

17.1                           This
Agreement shall be construed without regard to any presumption or other rule
requiring construction against the party causing this Agreement to be
drafted.  If any words or phrases in this
Agreement shall have been stricken out or otherwise eliminated,  whether or not any other words or phrases
have been added, this Agreement shall be construed as if those words or phrases
were never included in this Agreement, and no implication or inference shall be
drawn from the fact that the words or phrases were so stricken out or otherwise
eliminated.

 

18.                               HEADINGS

 

18.1                           The captions
and paragraph headings appearing in this Agreement are inserted for convenience
and reference only and in no way define, limit or describe the scope or intent
of this Agreement or any of the provisions thereof.

 

19.                               NOTICES

 

19.1                           All
reports, approvals, requests, demands and notices required or permitted by this
Agreement to be given to a party (hereafter “Notices”) shall be in
writing.  Notices shall be hand
delivered, sent by certified or registered mail, return receipt requested, or
sent via a reputable private express service which requires the addressee to
acknowledge receipt thereof.  Notices may
also be transmitted by fax, provided that a confirmation copy is

 

10

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

also sent by one of the above methods.  Except as otherwise provided in this
Agreement,  Notices shall be effective
upon dispatch.  Notices shall be sent to
the party concerned as follows (or at such other address as a party may specify
by notice to the other):

 

As to Senesco:

 

Senesco Technologies, Inc.

303 George Street, Suite 420

New Brunswick, NJ  08901

Facsimile: 
(732) 296-9292

Attn: 
Bruce C. Galton, President and Chief Executive Officer

 

As to Broin:

 

Broin and Associates, Inc.

2209 East 57th Street North

Sioux Falls, South Dakota 57103

Facsimile: (605) 965-2203

Attn: Doug Berven, Director of Project Development

 

20.          SURVIVAL
OF TERMS

 

20.1                           The
obligations set forth in Section 3, 5, 7, 10, 11-14, 16, 17, and 20 shall
survive the termination of this Agreement.

 

21.          APPENDICES

 

21.1         All Appendices referenced
herein are hereby made a part of this Agreement.

 

 

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed by its duly authorized representative as of the day and year first
above written.

 

	
  SENESCO TECHNOLOGIES, INC.

  	
   

  	
  BROIN AND ASSOCIATES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Bruce C. Galton

  	
   

  	
   

  	
  By: 

  	
  /s/ Jeffrey Broin

  	
   

  
	
   

  	
   

  	
   

  
	
  Print:

  	
  Bruce C. Galton

  	
   

  	
   

  	
  Print:

  	
  Jeffrey Broin

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  	
   

  
										

 

11

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

APPENDIX A

 

Patents

 

 

12

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

 

 

13

 

**  Certain information in this exhibit has been
omitted and will be filed separately with the Securities and Exchange
Commission pursuant to a confidential treatment request.

 

APPENDIX B

 

Broin Managed Plants as of date
of execution:

 

	
  Broin Enterprises    BEI

  	
   

  	
   

  	
  James Valley Ethanol, LLC   JVE

  	
   

  	
   

  	
  Otter Creek Ethanol, LLC   OCE

  	
   

  
	
  Scotland, SD 57059

  	
   

  	
  Groton, SD 57445

  	
   

  	
  Ashton, IA 51232

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dakota Ethanol    DEL

  	
   

  	
   

  	
  Michigan Ethanol, LLC    MEL

  	
   

  	
   

  	
  Pro Corn, LLC    PCL

  	
   

  
	
  Wentworth, SD 57075

  	
   

  	
  Caro, MI 48723

  	
   

  	
  Preston, MN 55965

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ethanol2000       ELP

  	
   

  	
   

  	
  North East Missouri Grain, NEM-E1

  	
   

  	
   

  	
  Sioux River Ethanol, LLC   SRE

  	
   

  
	
  Bingham Lake, MN 56118

  	
   

  	
  Macon, MO 63552

  	
   

  	
  Hudson, SD 57034

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXOL              EXL

  	
   

  	
   

  	
  Northern Lights Ethanol, LLC   NLE

  	
   

  	
   

  	
  Tall Corn Ethanol, LLC   TCE

  	
   

  
	
  Albert Lea, MN 56007

  	
   

  	
  Big Stone City, SD 57216

  	
   

  	
  Coon Rapids, IA 50058

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Great Plains Ethanol, LLC GPE

  	
   

  	
  Northstar Ethanol, LLC   NSE

  	
   

  	
   

  	
  Voyager Ethanol, LLC   VEL

  	
   

  
	
  Chancellor, SD 57015

  	
   

  	
  Lake Crystal, MN 56055

  	
   

  	
  Emmetsburg, IA 50536

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Iowa Ethanol, LLC   IEL

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Hanlontown, IA 50444

  	
   

  	
   

  	
   

  	
   

  
																		

 

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]