Document:

Securities Purchase Agreement between Senetek Plc and DMRJ Group, LLC

 Exhibit 10.124 

EXECUTION COPY 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”) is made as of February     , 2010, by and
between Senetek plc, a corporation organized under the laws of England (the “Company”), and DMRJ Group, LLC (the “Investor”). 

Subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act (as defined
below) and Rule 506 promulgated thereunder, the Company desires to issue and sell to the Investor, and the Investor desires to purchase from the Company (a) a convertible note, in the aggregate principal amount of $3,000,000 (the
“Note”), substantially in the form annexed hereto as Exhibit A, and (b) a five-year warrant (the “Warrant”) to purchase up to 1,800,000 Ordinary Shares (as defined below), at an exercise price of $1.75
per share, substantially in the form annexed hereto as Exhibit B. 
 In consideration of the mutual covenants contained
in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I. 

DEFINITIONS 

1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement,
the following terms shall have the meanings indicated in this Section 1.1: 
 “ADRs” means American
depositary receipts representing the Ordinary Shares. 
 “Affiliate” means any Person that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 144. 

“Affiliate Transaction” means any transaction or agreement which would require disclosure by the Company pursuant to
Item 404 of Regulation S-K of the Exchange Act. 
 “Agreed Allocation” has the meaning set forth in
Section 2.6 hereof. 
 “Agreement” has the meaning set forth in the Preamble hereto. 

“Balance Sheet” has the meaning set forth in Section 3.8 hereof. 

“Business Day” means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

“CCMI” has the meaning set forth in Section 3.2 hereof. 

“Closing” has the meaning set forth in Section 2.2 hereof. 

 “Closing Date” has the meaning set forth in Section 2.2 hereof.

 “Commission” means the Securities and Exchange Commission. 

“Company” has the meaning set forth in the Preamble hereto. 

“Company’s 10-K” means the Company’s Annual Report on Form 10-K for its fiscal year ended December 31,
2008, as filed with the Commission on March 31, 2009. 
 “Company Intellectual Property Rights” has the
meaning set forth in Section 3.15 hereof. 
 “Constituent Documents” means, with respect to any particular
entity, such entity’s certificate or articles of incorporation, organization or formation, memorandum and articles of association, bylaws, operating agreement, partnership agreement or other organizational or charter documents. 

“Consulting Agreements” means the Consulting Agreement between the Company and Frank J. Massino, providing for retention
of Mr. Massino’s services for three years for an aggregate, up front payment of $360,000, in the form attached hereto as Exhibit C. 

“Contract” has the meaning set forth in Section 3.24 hereof. 

“Disclosure Schedule” means the Disclosure Schedule attached to the Agreement, dated as of the date hereof, delivered by
the Company to the Investor. 
 “Effective Date” means the Closing Date unless, on the Closing Date, the
Purchase Price is deposited into escrow pursuant to the Escrow Agreement, in which case “Effective Date” means the date as of which the Skin Care Business is sold and the Purchase Price is released from escrow and delivered to the Company.

 “Enforceability Exceptions” has the meaning set forth in Section 3.3 hereof. 

“Escrow Agent” means JPMorgan Chase Bank, N.A. 

“Escrow Agreement” means the Escrow Agreement between the Company, the Investor and the Escrow Agent, in the form
annexed hereto as Exhibit D. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder. 
 “FDIC Act” means the U.S. Food, Drug and Cosmetic Act,
as amended. 
 “Flow of Funds” has the meaning set forth in Section 2.3(a) hereof. 

“GAAP” has the meaning set forth in Section 3.8 hereof. 

“Indebtedness” of a Person means the principal of, premium, if any, and interest on, and all other obligations in
respect of (a) all indebtedness of such Person for borrowed 
  

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money (including all indebtedness evidenced by notes, bonds, debentures or other securities), (b) all obligations incurred by such Person in the acquisition (whether by way of purchase,
merger, consolidation or otherwise and whether by such Person or another Person) of any business, real property or other assets, (c) all reimbursement obligations of such Person with respect to letters of credit, bankers’ acceptances or
similar facilities issued for the account of such Person, (d) all capital lease obligations of such Person, (e) all net obligations of such Person under interest rate swap, currency exchange or similar agreements of such Person,
(f) all obligations and other liabilities, contingent or otherwise, under any lease or related document, including a purchase agreement, conditional sale or other title retention agreement, in connection with the lease of real property or
improvements thereon (or any personal property included as part of any such lease) which provides that such Person is contractually obligated to purchase or cause a third party to purchase the leased property or pay an agreed-upon residual value of
the leased property, including such Person’s obligations under such lease or related document to purchase or cause a third party to purchase such leased property or pay an agreed-upon residual value of the leased property to the lessor,
(g) guarantees by such Person of indebtedness described in clauses (a) though (f) of another Person, and (h) all renewals, extensions, refundings, deferrals, restructurings, amendments and modifications of any indebtedness,
obligation, guarantee or liability of the kind described in clauses (a) though (g). 
 “Intellectual Property”
means (a) patents, inventions, improvements, know-how, show-how, designs, trade secrets, copyrights, works of authorship, moral rights, mask works, rights in databases, trademarks, trade names, service marks, fictitious and assumed business
names, Internet domain names, manufacturing processes, software (including object code, source code, data, databases and documentation), formulae, trade secrets, specifications and other confidential information, technology and all other
intellectual property and industrial property and rights therein, (b) registration and applications for registration of any of the foregoing, (c) goodwill related to any of the foregoing, and (d) tangible embodiments of any of the
foregoing. 
 “Investor Party” shall have the meaning set forth in Section 5.5 hereof. 

“Knowledge” means with respect to a party’s awareness of the presence or absence of a fact, event or condition
actual knowledge, after due inquiry. 
 “Lien” means any lien, charge, encumbrance, security interest, right of
first refusal or other restriction of any kind. 
 “Losses” shall have the meaning set forth in
Section 5.5 hereof. 
 “Market Price” means the closing price of the ADRs or Ordinary Shares on the
Effective Date, as reported on the principal Trading Market on which the ADRs or Ordinary Shares are listed or quoted. 

“Material Adverse Effect” means, (a) an adverse effect on the legality, validity or enforceability of any
Transaction Document, (b) a material and adverse effect on the results of operations, assets, business or condition (financial or otherwise) of the Company or any Subsidiary, or (c) an adverse impairment to the Company’s ability to
perform on a timely basis its obligations under any Transaction Document. 
  

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 “Material Permits” shall have the meaning set forth in Section 3.13
hereof. 
 “New York Courts” shall have the meaning set forth in Section 7.8 hereof. 

“New York Courts” shall have the meaning set forth in Section 7.8 hereof. 

“Ordinary Shares” means the Company’s ordinary shares, par value $0.65 (40 pence) per share. 

“OTCBB” means the Over-The-Counter Bulletin Board. 

“Permitted Liens” means (a) statutory Liens for taxes, assessments and other governmental charges which are not yet
due and payable or are due but not delinquent or are being contested in good faith by appropriate proceedings, (b) statutory or common law Liens to secure sums not yet due to landlords, sublandlords, licensors or sublicensors under leases or
rental agreements, (c) deposits or pledges made in the ordinary course of business in connection with, or to secure payment of, workers’ compensation, unemployment insurance, old age pension or other social security programs mandated under
applicable laws, (d) statutory or common law Liens in favor of carriers, warehousemen, mechanics, workmen, repairmen and materialmen to secure claims for labor, materials or supplies and incurred in the ordinary course of business for sums not
yet due, (e) restrictions on transfer of securities imposed by applicable state and federal securities laws, (f) vendor’s liens to secure payment, (g) purchase money security interests in assets acquired by the Company after the
date of this Agreement, and (h) Liens otherwise approved by the Investor. 
 “Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Placement Agent” means Miller Tabak + Co., LLC. 

“Placement Agent Fee” means the $125,000 fee payable to the Placement Agent upon the Closing pursuant to the letter
agreement, dated as of October 21, 2009, by and between the Company and the Placement Agent, as amended. 

“Proceeding” means an action, claim, suit, inquiry, investigation or proceeding (including, without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or threatened before any Regulatory Authority. 

“Purchase Price” has the meaning set forth in Section 2.4(b) hereof. 

“Purchased Securities” has the meaning set forth in Section 2.1 hereof. 

“PTO” has the meaning set forth in Section 3.15 hereof. 

 

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 “Registration Statement” means a registration statement meeting the
requirements set forth in the Registration Rights Agreement and covering the resale by the Investors of Registrable Securities. 

“Registration Rights Agreement” means the Registration Rights Agreement, between the Company and the Investor, in form
and substance to be mutually agreed upon by the Company and the Investor. 
 “Registrable Securities” shall
have the meaning ascribed to such term in the Registration Rights Agreement. 
 “Regulatory Authority” means
any court, arbitrator, governmental or administrative agency, commission, board, bureau, instrumentality or regulatory authority (whether federal, state, county, local or foreign), stock market, stock exchange or trading facility. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“SEC Reports” has the meaning set forth in Section 3.25 hereof. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Security Agreement” means the Collateral Pledge and Security Agreement between the Company and the
Investor, in the form annexed as Exhibit E. 
 “Senetek Denmark” has the meaning set forth in
Section 3.2 hereof. 
 “Skin Care Business” means the operating business of the Company and/or any
Subsidiary using or consisting of the Company’s and/or a Subsidiary’s right, title and interest in the assets set forth on Exhibit F and the liabilities relating thereto, excluding all of the Company’s and the
Subsidiaries’ right, title and interest in and to (a) Kinetin (N6-furfurylandenine), including, without limitation, all formulations, product inventory (including finished products, raw materials and packaging components), sales material,
testing data, patents and patent applications relating thereto, (b) Zeatin, including, without limitation, all formulations, product inventory (including finished products, raw materials and packaging components), sales material, testing data,
patents and patent applications relating thereto, and (c) the master license agreement and any other contract, instrument, agreement or arrangement between the Company and/or one or more Subsidiaries with Valeant Pharmaceuticals Inc.

 “SSDT” has the meaning set forth in Section 3.2 hereof. 

“Subsidiary” and “Subsidiaries” have the meanings set forth in Section 3.2 hereof. 

“Super Majority of the Board” means a majority in number of the directors then serving plus one. 

 

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 “Termination Payments” means the payments payable upon the closing of the
transactions contemplated by this Agreement to William O’Kelly and Frank Massino as contemplated by Sections 2.3(b)(ix) and (xi). 

“Third Party Intellectual Property Rights” has the meaning set forth in Section 3.15(d). 

“Trading Market” means whichever of the New York Stock Exchange, the NYSE Amex Equities, the Boston Stock Exchange, the
NASDAQ Global Select Market, the NASDAQ Global Market, NASDAQ Capital Market or the Over-The-Counter Bulletin Board on which the ADRs or Ordinary Shares are listed or quoted for trading on the date in question. 

“Transaction Documents” means this Agreement, the Registration Rights Agreement, the Note, the Warrant, the Consulting
Agreements, the Security Agreement, the Escrow Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder. 

“Underlying Securities” has the meaning set forth in Section 2.7 hereof. 

“Warrant” has the meaning set forth in the recitals hereto. 

ARTICLE II. 

AUTHORIZATION; PURCHASE AND SALE 

2.1 Authorization. The Company has duly authorized the sale, issuance and delivery, pursuant to the terms of this
Agreement, of the Note and the Warrant (together, the “Purchased Securities”). 
 2.2 Closing.
The closing (the “Closing”) of the purchase and sale of the Purchased Securities under this Agreement shall take place, in escrow, at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C., 666 Third Avenue, New
York, New York 10017 (or remotely via the exchange of documents and signatures) on the date of this Agreement or upon such other date as may be mutually agreeable to the Company and the Investor. The date on which the Closing actually occurs shall
be referred to as the “Closing Date.” 
 2.3 Flow of Funds. Attached as Exhibit G
is a statement, jointly prepared by the Company and the Investor, setting forth an estimate of the various payments to be made at the Effective Date, including the names of the various payees and, to the extent known, the manner in which payments
will be made. On or prior to the Effective Date, the Company and the Investor will jointly prepare a statement setting forth the various payments to be made at the Effective Date, including the names of the various payees and the manner in which
payments will be made (the “Flow of Funds”), which Flow of Funds (i) will include, among other things, (A) payment of the cash portion of the Placement Agent Fee, (B) payment of $1,800,000 to the acquirer of the Skin
Care Business, and (D) payment of the legal fees and disbursements referenced in Section 7.1, and (ii) will be delivered by the Company and the Investor, jointly, to the Escrow Agent pursuant to the Escrow Agreement. 

 

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 2.4 Closing Deliverables. 

(a) At the Closing, the Company shall deliver or cause to be delivered to the Investor the following: 

(i) the Escrow Agreement, duly executed by the Company and the escrow agent party thereto; and 

(ii) a resignation letter, duly executed by Frank Massino, resigning from the Company’s Board of Directors as of the Closing
Date; 
 (iii) a resignation letter, duly executed by William O’Kelly, resigning from the office of corporate
Secretary; and 
 (iv) resolutions of the Company’s Board of Directors, certified by the Company’s corporate
Secretary, (i) increasing the size of the Company’s Board of Directors to six, (ii) approving the appointment of John Ryan, Howard Crosby and Wes Holland as members of the Company’s Board of Directors, and (iii) appointing
Anthony Williams as the Company’s Secretary, in each case, effective as of the Closing Date. 
 (b) At the Closing,
the Investor shall deliver or cause to be delivered: 
 (i) $3,000,000 (the “Purchase Price”), by wire
transfer of immediately available funds to an escrow account designated in writing by the Escrow Agent; 
 (ii) the
Escrow Agreement, duly executed by the Investor; and 
 (iii) resignation letters, duly executed by each of John Ryan,
Howard Crosby and Wes Holland, resigning from the Company’s Board of Directors in the event that this Agreement is terminated pursuant to Section 6.1, which resignation letters will be held in escrow by the Escrow Agent pursuant to the
Escrow Agreement. 
 2.5 Effective Date Deliverables. As of the Effective Date, the Company and the Investor will
deliver to the Escrow Agent a joint instruction letter, instructing the Escrow Agent to release from escrow and disburse the funds held therein in accordance with the Flow of Funds. Also as of the Effective Date and as a condition thereof, the
Company shall deliver or cause to be delivered to the Investor the following: 
 (a) the Note, registered in the name of
the Investor; 
 (b) the Warrant, registered in the name of the Investor; 

(c) the legal opinion of DLA Piper LLP, legal counsel to the Company, in form and substance reasonably acceptable to the Investor;

 (d) a resignation letter, duly executed by Rodger Bogardus, resigning from the Company’s Board of Directors as of
the Effective Date; 
  

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 (e) the Security Agreement, duly executed by the Company; 

(f) the Registration Rights Agreement, duly executed by the Company; 

(g) resolutions of the Company’s Board of Directors, certified by the Company’s corporate Secretary, (i) decreasing
the size of the Company’s Board of Directors to five, (ii) electing John Ryan as the Company’s Chief Executive Officer and Chairman and Howard Crosby as President, and (iii) terminating Frank Massino, as the Company’s Chief
Executive Officer, and (iv) terminating William O’Kelly, as the Company’s Chief Financial Officer, in each case, effective as of the Effective Date; 

(h) resolutions of the Company’s Board of Directors, certified by the Company’s corporate Secretary, forming and
authorizing a Special Committee of the Board of Directors comprised of Kerry Dukes and Anthony Williams, which Special Committee will be charged with (i) overseeing the Company’s so-called “legacy business,” namely the
Company’s businesses, products and/or technology existing as of the Effective Date (specifically excluding the Skin Care Business), and (ii) making recommendations to the Company’s Board of Directors with respect to the same;

 (i) resolutions of the Company’s Board of Directors, certified by the Company’s corporate Secretary,
adopting a policy, effective as of the Effective Date, concerning any proposed Affiliate Transaction, which policy would require that at least one of the following be obtained in connection with the approval of such proposed Affiliate Transaction:
(i) a written opinion of a reputable financial advisory or investment banking firm in the business of rendering such opinions (which firm is unaffiliated with any Affiliate of the Company and is acceptable to a Super Majority of the Board) to
the effect that the proposed Affiliate Transaction is fair to the Company’s stockholders from a financial point of view, (ii) approval by a Super Majority of the Board, or (iii) approval by a majority-in-number of those directors who
are disinterested in the proposed Affiliate Transaction; 
 (j) evidence of the acceleration of vesting of all of the
options to purchase Ordinary Shares held by the Company’s officers and directors as of December 1, 2009, the extension of said options for a period of five years, and the repricing of the exercise price of said options at the greater of
$1.25 per share and the Market Price; 
 (k) evidence, satisfactory to the Investor, of the full satisfaction and closing
of the Company’s line of credit with Silicon Valley Bank and the termination of all related security interests; 

(l) evidence, satisfactory to the Investor, of the Company’s cash and cash equivalents of at least $10,000,000 in the
aggregate, held in United States located accounts and free and clear of all Liens other than Permitted Liens; 
 (m) the
Consulting Agreements, duly executed by the Company and each of William O’Kelly and Frank Massino; 
 (n) an asset
purchase agreement or similar agreement, together with any ancillary agreements referenced therein, duly executed by the Company and the acquirer of the Skin Care Business, and evidence, satisfactory to the Investor in its sole discretion of the
simultaneous closing of the transactions contemplated thereby; and 
  

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 (o) evidence, satisfactory to the Investor, of the Company’s payment of $107,500
to William O’Kelly (which evidence will be in the form of an executed separation agreement, mutually agreeable to the Company and Mr. O’Kelly) and payment of $1,286,874 to Frank Massino (which evidence will be in the form of the
executed Consulting Agreement). 
 2.6 Taxes and Filings. The Company shall pay all taxes payable with
respect to the issuance of the Purchased Securities, provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of the Purchased Securities (or any part thereof)
in a name other than that of the Investor. The Company shall make all appropriate filings required to be made under applicable laws with respect to the transactions contemplated by this Agreement. 

2.7 Allocation of Purchase Price. The Purchase Price will be allocated between the Note and the Warrant in
accordance with a schedule to be agreed upon by the Company and the Investor on or prior to the Effective Date (the “Agreed Allocation”). The Company and the Investor each agree to prepare and file all tax returns on a basis
consistent with the Agreed Allocation and will not take any position inconsistent therewith. 
 2.8 Reservation of
Shares; Exchange for ADRs. The Company will reserve and keep available for issuance such number of its Ordinary Shares as will be sufficient to permit the conversion in full of the Note and the exercise or conversion in full of the Warrant.
The Ordinary Shares issuable upon conversion of the Note and upon exercise or conversion of the Warrant are collectively referred to as the “Underlying Securities.” The Company will take such actions and do all things
reasonably necessary or appropriate to assist the Investor in exchanging any Underlying Securities for ADRs. 
 ARTICLE III.

 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to the Investor as follows: 

3.1 Organization and Standing. 

(a) The Company is a corporation, duly organized, validly existing and in good standing under the laws of England and has full
corporate power and authority to conduct its business as presently conducted and as proposed to be conducted by it and to enter into and perform this Agreement and the other Transaction Documents and to carry out the transactions contemplated by
this Agreement and the other Transaction Documents. The Company is qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the failure so to qualify would have a Material Adverse Effect. 

(b) Each Subsidiary is a corporation, duly organized, validly existing and in good standing under the laws of its jurisdiction of
incorporation and has full corporate power and authority to conduct its business as presently conducted and as proposed to be conducted. Each Subsidiary is duly qualified to do business as a corporation in every jurisdiction in which the failure so
to qualify would have a Material Adverse Effect. 
  

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 3.2 Subsidiaries. The Company does not, directly or indirectly, own
(either beneficially or of record) or control any capital stock or other equity interest in any partnership, limited liability company, joint venture or other non-corporate business enterprise other than Carmé Cosmeceutical Sciences, Inc.
(“CCSI”), Senetek Drug Delivery Technologies, Inc. (“SSDT”), Senetek Denmark ApS (“Senetek Denmark” and, together with CCSI, SSDT, each, a “Subsidiary” and collectively, the
“Subsidiaries”). The Company directly owns, beneficially and of record, all of the capital stock of each of the Subsidiaries, free and clear of any and all Liens, and all the issued and outstanding shares of capital stock of each of
the Subsidiaries are validly issued and are fully paid, non-assessable and free of preemptive and similar rights. None of the outstanding shares of capital stock of any Subsidiary held by the Company are subject to repurchase or redemption rights,
rights of first refusal or first offer or similar rights. 
 3.3 Authorization; Enforcement. The Company
has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and by each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the
Company and its shareholders and no further action is required by the Company in connection therewith. This Agreement and each other Transaction Document has been duly executed and delivered by the Company and constitutes the valid and binding
obligation of the Company enforceable against the Company in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application
affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to the availability of a specific performance, injunctive relief, or other equitable remedies, or (c) to the extent the indemnification provisions
contained in this Agreement and the other Transaction Documents may be limited by applicable federal or state securities laws, public policy and other equitable considerations (collectively, “Enforceability Exceptions”). 

3.4 No Conflicts. The execution, delivery and performance of this Agreement and the other Transaction Documents by
the Company and the consummation by the Company of the transactions contemplated hereby and thereby do not and will not (a) conflict with or violate any provision of the Company’s or any Subsidiary’s Constituent Documents,
(b) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse
of time or both) of, any Contract or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, including, without limitation, any contract with the
OTCBB, (c) result in the imposition of any Lien upon any assets of the Company or any Subsidiary, (d) result in a violation of any law, rule, statute or regulation to which the Company or any Subsidiary is subject, including federal and
state securities laws and regulations and the rules and regulations of the OTCBB, or (e) result in any violation of any order, judgment, injunction, decree or other restriction of any Regulatory Authority to which the Company or any Subsidiary
is subject, or by 
  

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which any property or asset of the Company or any Subsidiary is bound or affected; except in the case of each of clauses (b) and (d), such as could not, individually or in the aggregate,
have or reasonably be expected to result in a Material Adverse Effect. 
 3.5 Filings, Consents and Approvals.
Neither the Company nor any Subsidiary is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any Regulatory Authority or other Person in connection with the execution,
delivery and performance by Company of this Agreement or any other Transaction Document, other than (a) the filing with the Commission of (i) one or more Registration Statements in accordance with the requirements of the Registration
Rights Agreement, and (ii) a Notice of Sale of Securities on Form D within 15 days of the Closing Date, (b) filings required by state securities laws, which the Company will promptly, and in any event prior to (iii) the due date
prescribed by applicable law, make (at the sole expense of the Company) in order to permit the resale of Registrable Securities to Persons in each State in the U.S.A., (c) those that have been made or obtained prior to the date of this
Agreement, and (d) any notices required under the FDIC Act. Based, in part, on the representations made by the Investor in Article IV of this Agreement, the offer and sale of the Purchased Securities to the Investor will be exempt from the
registration requirements of Section 5 of the Securities Act. 
 3.6 Issuance of the Securities. The
Purchased Securities have been duly authorized and, when issued and paid for in accordance with this Agreement, will be duly and validly issued, free and clear of all Liens. The Underlying Securities, when issued in accordance with the terms of the
Purchased Securities, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens. The Company has reserved from its duly authorized Ordinary Shares all of the Ordinary Shares issuable upon conversion of the Note and
upon exercise or conversion of the Warrant. 
 3.7 Capitalization. 

(a) The authorized capital stock of the Company consists of 100,000,000 Ordinary Shares, of which 7,645,802 Ordinary Shares are
issued and outstanding. The number of shares and type of all authorized, issued and outstanding capital stock, options and other securities of the Company (whether or not presently convertible into or exchangeable for or exercisable into shares of
capital stock of the Company), and all Ordinary Shares reserved for issuance under the Company’s various option and incentive plans, is set forth in Section 3.7 of the Disclosure Schedule. All outstanding shares of capital stock of the
Company are duly authorized, validly issued, fully paid and non-assessable and have been issued in compliance with all applicable securities laws. All options and other securities of the Company are duly authorized, validly issued and have been
issued in compliance with all applicable securities laws. 
 (b) Except as set forth in Section 3.7 of the
Disclosure Schedule, no securities of the Company are entitled to preemptive or similar rights, and no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Purchased Securities and except as disclosed in Section 3.7 of the Disclosure Schedule, there are no outstanding options, warrants, rights to
subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or 

 

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exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of capital stock of the Company or any Subsidiary, or contracts, commitments, understandings or
arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of capital stock, or securities or rights convertible or exchangeable into shares of capital stock. 

(c) Except as set forth in Section 3.7 of the Disclosure Schedule, there are no anti-dilution or price adjustment provisions
contained in any security issued by the Company or other agreement and neither the issue and sale of the Purchased Securities nor the exercise or conversion of the Purchased Securities will immediately or with the passage of time, obligate the
Company to issue shares of capital stock or other securities to any Person (other than the Investor or other holder of Purchased Securities) and will not result in a right of any holder of Company securities to adjust the exercise, conversion,
exchange or reset price under such securities. Except as set forth on page 44 of the Company’s 10-K, under the heading “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” no Person or
group of related Persons beneficially owns (as determined pursuant to Rule 13d-3 under the Exchange Act) or has the right to acquire, by agreement with or by obligation binding upon the Company, beneficial ownership of in excess of 5% of the
outstanding Ordinary Shares (on a fully-diluted basis), ignoring for such purposes any limitation on the number of shares that may be owned at any one time. 

(d) Except for the Registration Rights Agreement, the Company has not granted or agreed to grant to any Person any rights
(including “piggy-back” registration rights) to have any securities of the Company registered with the Commission or any other governmental authority that have not been satisfied. 

(e) There are no obligations, contingent or otherwise, of the Company or any Subsidiary to repurchase, redeem or otherwise acquire
any of its securities. There are no declared or accrued and unpaid dividend, with respect to any of the Company’s or any Subsidiary’s securities. 

3.8 Financial Statements, Undisclosed Liabilities. The financial statements of the Company and the Subsidiaries
comply in all material respects with applicable accounting requirements, are consistent with the books and records of the Company and the Subsidiaries, as applicable, and, with respect to the Company, the rules and regulations of the Commission with
respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with U.S. generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto, or in the case of unaudited interim financial statements, to the extent they may exclude footnotes or may be condensed or summary statements, and fairly present
in all material respects the financial position of the Company and the Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments. Except as set forth in Section 3.8 of the Disclosure Schedule, neither the Company nor any Subsidiary has any material obligation or liability other than (a) liabilities set forth on the
Company’s consolidated balance sheet as of September 30, 2009, as set forth in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, as filed with

  

 12 

 
the Commission on November 16, 2009 (the “Balance Sheet”), and (b) liabilities and obligations which have arisen since September 30, 2009 in the ordinary course of
business, consistent in nature and amount with past practices (none of which results from breach of contract, breach of warranty, tort, infringement, claim or lawsuit). As of the Closing and at the Effective Date, the Company will have paid all
liabilities, debts and lease obligations then due and owing other than fees and expenses incurred in connection with the transactions contemplated by this Agreement and the documents referred to herein, which fees and expenses will be paid as
provided by the Flow of Funds. 
 3.9 Material Changes. Except as set forth in Section 3.9 of the
Disclosure Schedule, since December 31, 2008, the Company and each of its Subsidiaries has conducted its business in the ordinary course and (a) there has been no event, occurrence or development that has had or that could reasonably be
expected to result in a Material Adverse Effect, (b) neither the Company nor any Subsidiary has incurred any liabilities (contingent or otherwise) other than trade payable and accrued expenses incurred in the ordinary course of business
consistent in nature and amount with past practice, (c) neither the Company nor any Subsidiary has altered its method of accounting or the identity of its auditors, (d) the Company has not declared or made any dividend or distribution of
cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock, and (e) the Company has not issued any equity securities to any officer, director or Affiliate. The
Company does not have pending before the Commission any request for confidential treatment of information. 
 3.10
Litigation. Except as set forth in Section 3.10 of the Disclosure Schedule or the Company’s 10-K, there are no Proceedings pending, or to the Knowledge of the Company, threatened, against or affecting the Company or any
Subsidiary or any of their respective properties, assets, officers, directors or employees, or pending or threatened by the Company or any Subsidiary against any third party, at law or in equity (including, without limitation, any Proceeding with
respect to the transactions contemplated hereby); and, to the Company’s Knowledge there is no basis for any of the foregoing. Neither the Company nor any Subsidiary is subject to any judgment, order or decree of any Regulatory Authority.
Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Proceeding involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty.
There has not been, and to the Knowledge of the Company, there is not pending or contemplated, any Proceeding by the Commission involving the Company or any Subsidiary or any current or former director or officer of the Company or any Subsidiary.
The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the Exchange Act or the Securities Act. 

3.11 Employment Matters. No material labor dispute exists or, to the Knowledge of the Company, is imminent with
respect to any of the employees of the Company or any Subsidiary. None of the Company, any Subsidiary or, to the Company’s Knowledge, any of their respective employees is subject to any noncompete, nondisclosure, confidentiality, employment,
consulting or similar agreements relating to, affecting or in conflict with the present or proposed business activities of the Company or any Subsidiary. Except as set forth in Section 3.11 of the Disclosure Schedule or on page 12 of the
Company’s Proxy Notice under the heading “Executive Compensation” neither the Company nor any Subsidiary has employment 

 

 13 

 
contracts with any of its employees not expressly terminable at will or any collective bargaining agreements covering any of its employees. Further, neither the Company nor any Subsidiary has
policies, procedures or handbooks providing for other than at-will employment. Neither the Company nor any Subsidiary is aware that any of their respective employees has plans to terminate his or her employment relationship with the Company or any
Subsidiary nor does the Company or any Subsidiary have a present intention to terminate the employment of any employee. To the Company’s Knowledge, none of the current or former officers or other key employees of the Company or any Subsidiary
have been arrested or convicted of any felony and no such person has declared bankruptcy nor has any such person been an officer or director of any company or other organization that has declared bankruptcy. Except as contemplated in the Transaction
Documents, neither the Company nor any Subsidiary has liabilities to employees arising from deferred compensation. Except as described in Section 3.11 of the Disclosure Schedule, neither the Company nor any Subsidiary contributes to or
participates in any employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended, other than a medical benefit plan with respect to which the Company or any Subsidiary has made all required contributions and has
complied with all applicable laws. To the Company’s Knowledge, none of its or the Subsidiaries’ current or former officers, directors, consultants or employees is currently, has in the past, or has plans in the future, to engage in a line
of business which is competitive with the Company or any Subsidiary. 
 3.12 Compliance. Neither the
Company nor any Subsidiary (a) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or such Subsidiary under), nor has
the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, (i) its Constituent Document, or (ii) any Contract (whether or not such default or violation has been waived), (b) is
in violation of any order of any Regulatory Authority, or (c) is or has been in violation of any statute, rule or regulation of any Regulatory Authority, including, without limitation, all foreign, federal, state and local laws relating to
taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect. 
 3.13 Regulatory Permits. The Company and each Subsidiary possess all certificates,
authorizations and permits issued by the appropriate Regulatory Authority necessary to conduct their respective businesses (“Material Permits”), except where the failure to possess such permits would not, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect, and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit. 

3.14 Title to Assets. 

(a) Except as set forth in Section 3.14(a) of the Disclosure Schedule, the Company and each Subsidiary is the legal and
equitable owner of all right, title and interest in, and has good and valid title to, all of its owned properties and assets, free and clear of all Liens. The assets owned or leased by the Company and its Subsidiaries constitute all of the assets
necessary for and used by the Company and its Subsidiaries to carry on their respective businesses as currently conducted and as proposed to be conducted. 
  

 14 

 (b) With respect to personal properties and assets that are leased, the Company or
one of its Subsidiaries has a valid leasehold interest in such properties and assets and all such leases are in full force and effect and, to the Company’s Knowledge, constitute valid and binding obligations of the other party(ies) thereto.
Neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any other party thereto is in violation of any of the terms of such lease, the violation of which would constitute a Company Material Adverse Effect. 

3.15 Intellectual Property. 

(a) Except as set forth in Section 3.15(a) of the Disclosure Schedule, the Company and each Subsidiary owns, is exclusively
licensed or otherwise possesses the rights to use and license, subject to any existing licenses or other grants of rights to third parties pursuant to agreements filed as exhibits to the Company’s SEC Reports, all Intellectual Property as is
necessary to conduct its business as presently conducted and as proposed to be conducted (collectively, the “Company Intellectual Property Rights”). 

(b) To the Company’s Knowledge, all of the patents, registered trademarks or copyrights included in the Company Intellectual
Property Rights owned or controlled by the Company or any Subsidiary are valid and enforceable. There are no Proceedings that cause or would cause any patents, registered trademarks or copyrights included in the Company Intellectual Property Rights
owned or purported to be owned by, the Company or any Subsidiary to be invalid or unenforceable, or that challenge the Company’s rights therein and, to the Company’s Knowledge, there are no such Proceedings with respect to any licensed
Company Intellectual Property Rights. To the Company’s Knowledge, there are no facts or prior art that cause or would cause any patents, registered trademarks or copyrights included in the Company Intellectual Property Rights owned or purported
to be owned by, or licensed to, the Company or any Subsidiary to be invalid or unenforceable. All necessary registration, maintenance and renewal fees in respect of the issuances and registrations of, and applications for the Company Intellectual
Property Rights owned or purported to be owned by the Company or any Subsidiary, have been paid and all necessary documents and certificates have been filed with the relevant Regulatory Authority for the purpose of maintaining such Company
Intellectual Property Rights. To the Company’s Knowledge, all necessary registration, maintenance and renewal fees in respect of the issuances and registrations of, and applications for the licensed Company Intellectual Property Rights, have
been paid and to the Company’s Knowledge, all necessary documents and certificates have been filed with the relevant Regulatory Authority for the purpose of maintaining such Company Intellectual Property Rights. No act has been done or omitted
to be done by the Company or any Subsidiary which has, had or would have the effect of impairing or dedicating to the public, or entitling any third party to cancel, forfeit, modify or consider abandoned, any Company Intellectual Property Rights, or
give any third party any rights with respect thereto. 
 (c) Neither the Company nor any Subsidiary is in breach in any
material respect of any license, sublicense or other agreement relating to the Company Intellectual Property Rights, or any licenses, sublicenses and other agreements to which the Company or any Subsidiary is a party and pursuant to which the
Company or any Subsidiary uses any patents, copyrights (including software), trademarks or other intellectual property rights of or owned by third parties material to the conduct of the business of the Company or any Subsidiary (the “Third
Party Intellectual Property Rights”). 
  

 15 

 (d) Except as set forth in Section 3.24(d) of the Company’s Disclosure
Schedule, the Company has not been named as a defendant in any Proceeding which involves a claim of infringement or misappropriation of any Third Party Intellectual Property Right. The Company has not as of the date of this Agreement received any
written notice of any actual or alleged infringement, misappropriation or unlawful or unauthorized use of any Third Party Intellectual Property Right. 

(e) To the Company’s Knowledge, no other Person is infringing, misappropriating or making any unlawful or unauthorized use of
any Company Intellectual Property Rights. 
 (f) All rights of the Company in and to the Company Intellectual Property
Rights will be unaffected by the transactions contemplated by the Transaction Documents. The Company is not subject to any judgment with respect to, nor has it entered into or is it a party to any Contract which restricts or impairs the use of, any
Company Intellectual Property Rights. 
 (g) To the Knowledge of the Company, (i) no Company Intellectual Property
Rights misappropriates, violates or conflicts with, or has misappropriated, violated or conflicted with the Intellectual Property of any third party, (ii) no services or products sold or currently contemplated for sale by the Company or any
Subsidiary, are infringing any issued patents owned by any third party or would infringe a claim in a published patent application owned by a third party if any such published patent application becomes an issued patent containing such claim, and
(iii) none of the activities presently being conducted or planned to be conducted by the Company or any Subsidiary is infringing or will infringe the issued patents of any third party or would infringe a claim in any published patent
application owned by a third party if any such published patent application becomes an issued patent containing such claim. No demand, claim, notice, inquiry or threat of action by any third party regarding the violation or infringement by Company
or any Subsidiary of any Intellectual Property of any third party has occurred or is currently outstanding. 
 (h) The
Company has not entered into any consent, indemnification, forbearance to sue or settlement agreement with respect to Intellectual Property and no demand, claim, notice, inquiry or threat of action has been asserted in writing and to the Knowledge
of the Company, no inquiry or threat of action has been orally asserted, in each case, by any third party with respect to the validity or enforceability of, or the Company’s or any Subsidiary’s ownership of or right to use, any Company
Intellectual Property Rights owned or purported to be owned by the Company or any Subsidiary. No Proceedings in which the Company alleges that any third party is infringing or otherwise violating any Company Intellectual Property Rights are pending,
and none have been served by, instituted or asserted by the Company. To the Knowledge of the Company, no third party is infringing the Company Intellectual Property Rights. 

(i) To the Knowledge of the Company, all trade secrets of the Company and the Subsidiaries have been maintained in confidence in
accordance with the protection procedures customarily used by comparable companies in the same industry as the Company and the 

 

 16 

 
Subsidiaries to protect rights of like importance. All Company and Subsidiary personnel who have contributed to or participated in the conception or development of any Company Intellectual
Property Rights have executed and delivered to the Company a confidentiality agreement restricting such Person’s right to disclose proprietary information of the Company. To the Knowledge of the Company, no Company and Subsidiary personnel have
any claim against the Company or any Subsidiary in connection with such Person’s involvement in the conception and development of any Company Intellectual Property Rights and no such claim has been asserted or threatened in writing. To the
Knowledge of the Company, none of the Company and Subsidiary personnel has any ownership interest in any patents for any device, process, design or invention of any kind now used or needed by the Company or any Subsidiary in the furtherance of its
business operations, which patents have not been assigned to the Company or a Subsidiary, with such assignment duly filed in the United States Patent and Trademark Office (“PTO”) for recordation. All Company and Subsidiary personnel
who have contributed to or participated in the conception and development of any Company Intellectual Property Rights owned by the Company or any Subsidiary, and/or any other Intellectual Property conceived and/or reduced to practice in the course
of such Company and Subsidiary personnel’s employment at the Company or any Subsidiary, either (i) have been party to a “work-for-hire” arrangement or agreement with the Company or a Subsidiary, whether in accordance with
applicable federal and state law, domestic or foreign, or otherwise, that has accorded the Company ownership of all tangible and intangible property rights thereby arising, or (ii) have executed appropriate instruments of assignment to the
Company as assignee that have conveyed to the Company ownership of all tangible and intangible property thereby arising. 

3.16 Insurance. The Company and each Subsidiary are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. The Company has no reason to believe that either it or the Subsidiaries will not be able to renew
its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost. 

3.17 Transactions With Affiliates. Except as described on page 45 of the Company’s 10-K under the heading
“Certain Relationships and Related Transactions, and Director Independence,” no executive officer, director or, to the Company’s Knowledge, employee, stockholder or Affiliate of the Company or any Subsidiary, or any individual related
by blood, marriage or adoption to any such individual, or entity in which such individual, directly or indirectly, owns any beneficial interest, is a party to any agreement, contract, commitment or transaction with the Company or any Subsidiary
(other than for services as employees, officers and directors) or has any material interest in any material property used by the Company or any Subsidiary. 

3.18 Solvency. Following the consummation of the transactions contemplated hereby, (a) the fair saleable value
of the Company’s and the Subsidiaries’ assets in an orderly liquidation exceeds the amount that will be required to be paid on or in respect of the Company’s and the Subsidiaries’ existing debts and other liabilities (including
known contingent liabilities) as they mature; (b) the Company’s and the Subsidiaries’ assets (taken as a whole) do not constitute unreasonably small capital to carry on their respective businesses for the current fiscal year as

  

 17 

 
now conducted and as proposed to be conducted including their respective capital needs taking into account the particular capital requirements of the businesses conducted by the Company and the
Subsidiaries, and projected capital requirements and capital availability thereof; and (c) the current cash flow of the Company and the Subsidiaries, together with the proceeds the Company and the Subsidiaries would receive, were they to
liquidate all of their respective assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its debt when such amounts are required to be paid. The Company does not intend to incur
debts, or permit any Subsidiary to incur debts, beyond their respective ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of their respective debt). 

3.19 Certain Fees. Except for the Placement Agent Fee no brokerage or finder’s fees or commissions are or will
be payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement. The Investor shall have no
obligation with respect to any fees or with respect to any claims (other than such fees or commissions owed by the Investor pursuant to written agreements executed by the Investor which fees or commissions shall be the sole responsibility of the
Investor) made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by this Agreement. 

3.20 Listing and Maintenance Requirements. The Company’s ADR’s are duly listed for trading on the OTCBB.
The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with the listing and maintenance requirements for continued listing of the ADRs on the OTCBB, including the applicable eligibility
rules thereunder. The issuance and sale of the Ordinary Shares under the Transaction Documents, and the issuance of the Underlying Securities, does not contravene the rules and regulations of the OTCBB, and no approval of the shareholders of the
Company thereunder is required for the Company to issue and deliver to the Investor the Purchased Securities contemplated by Transaction Documents or to issue and deliver the Underlying Securities of Ordinary Shares upon exercise of the Purchased
Securities. 
 3.21 Application of Takeover Protections. There is no control share acquisition, business
combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Constituent Document or the laws of its state of incorporation that is or could become applicable to the
Investor as a result of the Investor and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation the Company’s issuance of the Purchased Securities, and the issuance of
the Underlying Securities, and the Investor’s ownership of the same. 
 3.22 Private Placement. To the
Knowledge of the Company, neither the Company, any Subsidiary nor any Person acting on the Company’s behalf has sold or offered to sell or solicited any offer to buy the Purchased Securities by means of any form of general solicitation or
advertising. None of the Company, any Subsidiary or any of their respective Affiliates or any Person acting on the Company’s or any Subsidiaries’ behalf has, directly or indirectly, at any time within the past six months, made any offer or
sale of any security or solicitation of any offer to buy any security under the circumstances that would eliminate the availability of the exemption from registration under Regulation D under the Securities Act in connection with the offer and sale
of the Purchased Securities contemplated hereby. 
  

 18 

 3.23 Going Concern. Assuming the consummation of the transactions
contemplated hereby (after taking into account the proceeds received by the Company from the sale of the Purchased Securities), the Company has no Knowledge or reason to believe that the Company’s independent public accountants will issue an
audit letter containing a “going concern” opinion in connection with the Company’s annual report on Form 10-K for the period ended December 31, 2009. 

3.24 Contracts. Except as set forth in Section 3.24 of the Disclosure Schedule and for such contracts and
agreements disclosed in the SEC Reports filed prior to the date hereof (collectively, “Contracts”), neither the Company nor any Subsidiary is a party to or bound by any written or oral contract or agreement, except for those
contracts or agreements which can be terminated by the Company or such Subsidiary on no more than 30 days notice without penalty or further expense and which do not exceed $10,000 in the aggregate. All of the Contracts are valid, binding and
enforceable in accordance with their respective terms with respect to the Company or Subsidiary, as applicable, or, to the Company’s Knowledge, each other party thereto. The Company or the Subsidiary, as applicable, has performed all material
obligations required to be performed by it and is not in default under or in breach of nor in receipt of any claim of default or breach under any Contract. No event has occurred which with the passage of time or the giving of notice or both would
result in a default, breach or event of noncompliance by the Company or the Subsidiary, as applicable, under any Contract; neither the Company nor the Subsidiary has any present expectation or intention of not fully performing all such obligations;
the Company has no Knowledge of any breach or anticipated breach by the other parties to any Contract; and neither the Company nor any Subsidiary is a party to any materially adverse Contract. 

3.25 SEC Filings; Internal Controls. 

(a) All required reports, prospectuses, forms, schedules, proxy statements or registration statements filed by the Company with the
Commission since the Company’s inception are collectively referred to herein as the “SEC Reports”. Since January 1, 2000, the Company has filed on a timely basis all reports, prospectuses, forms, schedules, proxy
statements or registration statements required to be so filed by the Company with the Commission. No Subsidiary of the Company is required to file any report, prospectus, form, schedule, proxy statement or registration statement with the Commission
or any national securities exchange or quotation service. 
 (b) All SEC Reports, as of their respective filing dates
(with respect to filings made under the Exchange Act) or as of the respective dates upon which such filings became effective (with respect to filings made under the Securities Act), complied as to form in all material respects with the applicable
requirements of the Securities Act, the Exchange Act and the rules and regulations promulgated thereunder. 
 (c) Except
as set forth in Section 3.25 of the Disclosure Schedule, none of the SEC Reports, as of their respective filing dates (with respect to filings made under the Exchange 

 

 19 

 
Act) or as of the respective dates upon which such filing became effective (with respect to filings made under the Securities Act), contained any untrue statement of a material fact or omitted to
state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(d) Neither the Company nor any of its Subsidiaries is a party to, or has any commitment to become a party to, any joint venture,
off-balance sheet partnership or any similar contract or arrangement (including any contract or arrangement relating to any transaction or relationship between or among the Company and any of its Subsidiaries, on the one hand, and any unconsolidated
Affiliate, including any structured finance, special purpose or limited purpose entity or Person, on the other hand or any “off-balance sheet arrangements” (as defined in Item 303(a) of Regulation S-K promulgated by the Commission)),
where the result, purpose or intended effect of such contract or arrangement is to avoid disclosure of any material transaction involving, or material liabilities of, the Company or any of its Subsidiaries in the Company’s or such
Subsidiary’s published financial statements or other of the SEC Reports. 
 (e) There are no significant
deficiencies or material weaknesses in the design or operation of the Company’s internal controls which could materially adversely affect the Company’s ability to record, process, summarize and report financial data. To the Company’s
Knowledge, there is no fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal controls. 

3.26 Taxes. The Company and each Subsidiary has prepared and timely filed all income and other tax returns, if any,
that are required to be filed by or on behalf it, its respective business or assets, and has paid, or made provision for the payment of, all taxes that have become due and owing, including any assessment that has been or may be received from any
taxing authority for the period through the date of this Agreement. There are no outstanding agreements by the Company or any Subsidiary for the extension of time for the assessment of any tax. None of the Company’s or any Subsidiary’s tax
returns has been or, to the Company’s Knowledge, is now under audit or investigation by any tax authority. No deficiency assessment or proposed adjustment of the Company’s or any Subsidary’s taxes (if any) is pending, and the Company
has no Knowledge of any proposed liability for any tax to be imposed upon the Company’s properties or assets for which there is not an adequate reserve reflected on the Balance Sheet. 

3.27 Investment Company. Neither the Company nor any Subsidiary is, and neither one of them are an Affiliate of, an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 3.28
Foreign Corrupt Practice. None of the Company, any Subsidiary or any director, officer, agent, employee or other person acting on behalf of the Company or any Subsidiary has, in the course of his or her actions for, or on behalf of,
the Company or any Subsidiary used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government
official or employee from corporate fund; violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977; or made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or
domestic government official or employee. 
  

 20 

 3.29 Disclosure. The Company understands and confirms that the Investor
will rely on the foregoing representations and covenants in effecting transactions in securities of the Company. All disclosure provided to the Investors regarding the Company, its business and the transactions contemplated hereby, furnished by or
on behalf of the Company (including, without limitation, the Company’s representations and warranties set forth in this Agreement) are true and correct in all material respects and do not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. To the Knowledge of the Company, no event or circumstance has occurred or information exists
with respect to the Company or any Subsidiary or its or their business, properties, prospects, operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company which has
not been so publicly announced or disclosed. 
 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES OF THE INVESTOR 

The Investor represents and warrants to the Company as follows: 

4.1 Organization; Authority. The Investor is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization with the requisite corporate, partnership, limited liability company or other power and authority to enter into and to consummate the transactions contemplated by this Agreement and the other Transaction
Documents to which it is a party and otherwise to carry out its obligations hereunder and thereunder. The execution, delivery and performance by the Investor of the transactions contemplated by this Agreement and the other Transaction Documents to
which it is a party has been duly authorized by all necessary corporate, partnership, limited liability company or other applicable like action, on the part of the Investor. This Agreement and each other Transaction Document to which the Investor is
a party has been duly executed and delivered by the Investor and will constitute the valid and legally binding obligation of the Investor, enforceable against it in accordance with its terms, subject to Enforceability Exceptions. 

4.2 Investment Intent. The Investor is acquiring the Purchased Securities as principal for its own account for
investment purposes only and not with a view to or for distributing or reselling such Purchased Securities or any part thereof, without prejudice, however, to the Investor’s right at all times to sell or otherwise dispose of all or any part of
the Purchased Securities, the Underlying Securities or any part thereof in compliance with applicable federal and state securities laws. Subject to the immediately preceding sentence, nothing contained herein shall be deemed a representation or
warranty by the Investor to hold the Purchased Securities or the Underlying Securities for any period of time. 
 4.3
Investor Status; Experience. The Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act. The Investor has substantial experience in evaluating and investing in private placement transactions
of securities and the Investor acknowledges that it is capable of evaluating the merits and risks of its investment in the Company and has the 

 

 21 

 
capacity to protect its own interests. The Investor is aware that its purchase of the Purchased Securities involves substantial risk and the Investor represents that it is in a financial position
to bear the economic risk of a loss of the investment. 
 4.4 General Solicitation. The Investor is not
purchasing the Purchased Securities as a result of any advertisement, article, notice or other communication regarding the Purchased Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or any other general solicitation or general advertisement. 
 4.5 Purchased Securities Not
Registered; No Public Market. The Investor understands and acknowledges that the offering of the Purchased Securities pursuant to this Agreement will not be registered under the Securities Act on the grounds that the offering and sale of
securities contemplated by this Agreement are exempt from registration under the Securities Act. 
 ARTICLE V. 

OTHER AGREEMENTS OF THE PARTIES 

5.1 Restrictive Legends. 

(a) The Purchased Securities and the Underlying Securities (collectively, the “Securities”) may only be disposed
of in compliance with state and federal securities laws. In connection with any transfer of the Securities other than pursuant to an effective registration statement, to the Company, to an Affiliate of an Investor or in connection with a pledge as
contemplated in the legend contained in Section 5.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require registration under the Securities Act. 

(b) Certificates evidencing the Securities will contain the following (or substantially similar) legend, until such time as they
are not required under Section 5.1(c): 
 THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. SUBJECT TO APPLICABLE LAW, THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY SUCH
SECURITIES. 
  

 22 

 (c) Subject to applicable law, certificates evidencing the Securities shall not
contain any legend (including the legend set forth in Section 5.1(b)): (i) while a Registration Statement covering the resale of such securities is effective under the Securities Act, or (ii) if such legend is not required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the Staff of the Commission) provided in the case of (ii), however, that the beneficial owner of the Securities is not an Affiliate of the
Company. 
 Following such time as restrictive legends are no longer required for any reason to be placed on certificates representing
Securities, the Company will, not later than five Business Days following the delivery by the Investor to the Company or the Company’s transfer agent of a certificate representing such Securities containing a restrictive legend, deliver or
cause to be delivered to such Investor a certificate representing such Securities that is free from all restrictive and other legends. 

5.2 Furnishing of Information. As long as the Investor owns Securities and the Company is subject thereto, the
Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act. As long as the Investor owns
Securities, if the Company is not required to file reports pursuant to such laws, it will prepare and furnish to the Investors and make publicly available in accordance with Rule 144(c) such information as is required for the Investor to sell such
Securities under Rule 144. The Company further covenants that it will take such further action as any holder of Securities may reasonably request, all to the extent required from time to time to enable such Person to sell such Securities without
registration under the Securities Act within the limitation of the exemptions provided by Rule 144. 
 5.3
Securities Laws Disclosure; Publicity. Within the time required by the Exchange Act and the regulations thereunder following the Closing Date, the Company shall issue a press release disclosing the transactions contemplated (including
the resignations of certain of the Company’s officers and directors) hereby and file with the Commission a Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby. In addition, the Company will make such
other filings and notices in the manner and time required by the Commission and the OTCBB. Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Investor, or include the name of the Investor in any filing with the
Commission (other than the Registration Statement filed pursuant to the Registration Rights Agreement and any exhibits to filings made in respect of this transaction in accordance with periodic filing requirements under the Exchange Act) or any
regulatory agency or the OTCBB, without the prior written consent of the Investor, except to the extent such disclosure is required by law or OTCBB regulations, in which case the Company shall provide the Investor with prior notice of such
disclosure, which such notice, shall not, however, under the circumstances, be an implied request for the Investor’s consent. 
  

 23 

 5.4 Blue Sky Filings. The Company shall file all applicable federal and
state securities laws filings required in connection with the sale of the Purchased Securities. 
 5.5
Indemnification of the Investor. In addition to the indemnity provided in the Registration Rights Agreement, the Company will indemnify, defend and hold harmless up to the amount of the Purchase Price the Investor and each of its
directors, officers, managers, stockholders, partners, members, employees and agents, and each of their respective successors and assigns (each, an “Investor Party”) from and against all demands, claims, actions or causes of action,
assessments, losses, damages, liabilities (whether absolute, accrued, contingent or otherwise), costs and expenses, including, but not limited to, interest, penalties and reasonable attorneys’ fees and expenses (collectively,
“Losses”), asserted against, imposed upon or incurred by any Investor Party or any member thereof, directly or indirectly, by reason of or resulting from or relating to the breach of any representation, warranty, covenant or
agreement of the Company contained in this Agreement, any Transaction Document, any schedule hereto or thereto or in any other agreement or certificate delivered by or on behalf of the Company pursuant to this Agreement, any Transaction Document or
in connection with any transaction contemplated hereby or thereby, regardless of whether such Losses arise as a result of the negligence, strict liability or any other liability imposed under any theory of law or equity, or violation of any law by,
the Company or any of its Affiliates, or their respective officers, employees, agents or consultants. If and to the extent that such indemnification is unenforceable for any reason, the Company shall make the maximum contribution to the payment and
satisfaction of such Losses which shall be permissible under applicable law. Such contribution shall be determined upon taking into account the relative benefits and relative fault of the parties hereto. 

5.6 Non-Public Information. The Company covenants and agrees that neither it nor any other Person acting on its
behalf will provide the Investor or its agents or counsel with any information that the Company believes constitutes material non-public information in regard to the Company, unless prior thereto the Investor shall have executed a written agreement
regarding the confidentiality and use of such information. The Company understands and confirms that the Investor shall be relying on the foregoing representations in effecting transactions in securities of the Company. 

5.7 Integration. The Company shall not, and shall use its best efforts to ensure that no Affiliate of the Company
shall sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security of the Company that would be integrated with the offer or sale of the Purchased Securities in a manner that would require the registration under
the Securities Act of the sale of the Purchased Securities to the Investor. 
 5.8 Reservation of Ordinary Shares;
Exchange of ADRs. The Company shall maintain a reserve from its duly authorized Ordinary Shares for issuance pursuant to the Transaction Documents in such amount as may be required to fulfill its obligations in full under the Transaction
Documents. In the event that at any time the then authorized Ordinary Shares are insufficient for the Company to satisfy its obligations in full under the Transaction Documents, the Company shall promptly take such actions as may be required to
increase the number of authorized shares. The Company will take such actions and do all things reasonably necessary or appropriate to assist the Investor in exchanging any Underlying Securities for ADRs. 

 

 24 

 5.9 Directional Matters. Within the two-week period following the
Closing, the Company will use its commercially reasonable efforts to complete its evaluation of medical isotope production. 

5.10 Additional Covenants. 

(a) So long as the Investor or any of its successors, assigns and transferees holds Securities, the Company will, and will cause
each Subsidiary to: 
 (i) the Company shall comply, and shall cause each Subsidiary to comply, with all applicable
laws; 
 (ii) at all times cause to be done all things necessary to maintain, preserve and renew its and its
Subsidiary’s corporate existence and all Material Permits necessary to the conduct of its and the Subsidiaries’ businesses; 

(iii) promptly pay, or cause to be paid, when due, all liabilities (including taxes) of the Company and each Subsidiary (other
than those which are being contested in good faith and for which adequate reserves have been made); 
 (iv) apply for
and continue in force with good and responsible insurance companies adequate insurance covering risks of such types and in such amounts as are customary for corporations of similar size engaged in similar lines of business as the Company and the
Subsidiaries; 
 (v) at all times cause to be done all things necessary to maintain, preserve and protect Company
Intellectual Property Rights; and 
 (vi) maintain proper books of record and account which present fairly in all
material respects its financial condition and results of operations and make provisions on its and the Subsidiaries’ financial statements for all such proper reserves as in each case are required in accordance with GAAP. 

(b) So long as the Investor or any of its successors, assigns and transferees holds Securities, the Company will not, and will not
cause or permit any Subsidiary to: 
 (i) authorize or issue any capital stock or any option, warrant, put, call, note,
bond, debenture, or other right exercisable, convertible or exchangeable for the Company’s capital stock other than (A) shares of capital stock, options, warrants or other securities issued pursuant to the Senetek No. 1 Executive
Share Option Scheme for Employees, the Senetek plc No. 2 Executive Share Option Scheme and the Company’s 2006 Equity Incentive Plan, as in effect as of the date of this Agreement or hereafter amended with approval of the Company’s
Board of Directors and the Company’s stockholders, and (B) shares of capital stock issuable upon exercise or conversion of options, warrants or other rights outstanding as of the Closing and set forth in Section 3.7 of the Disclosure
Schedule or issuable upon exercise or conversion of options, warrants or other rights issued pursuant to clause (A); 
  

 25 

 (ii) declare or pay any dividend or make any distribution on, or purchase, redeem,
or retire, any shares of its capital stock other securities or any warrants, options or other rights to acquire any such shares, units, interests or other securities; 

(iii) incur any additional Indebtedness; or 

(iv) create, incur or suffer to exist any mortgage, lien, pledge, charge, security interest or encumbrance of any kind on any of
its property or assets. 
 5.11 Information and Inspection Rights. 

(a) Subject to Section 5.11(c) below, following the Closing Date, the Company will, and will cause each Subsidiary to,
(a) maintain a standard system of accounting, established and administered in accordance with GAAP, (b) prepare all of its financial statements in accordance with GAAP, except that interim financial statements may lack footnotes normally
contained therein and will be subject to normal year-end audit adjustments, and (c) furnish to the Investor and each of the Investor’s successors, assigns and transferees if and for so long as such person or entity holds Securities:

 (i) within 90 days after the end of each fiscal year of the Company, an audited consolidated balance sheet of the
Company as of the end of such fiscal year and the related audited statements of income, stockholders’ equity and cash flows for the fiscal year then ended, prepared in accordance with GAAP and certified by a firm of independent public
accountants; 
 (ii) within 45 days after the end of each fiscal quarter of the Company, an unaudited consolidated
balance sheet of the Company as of the end of such fiscal quarter and the related unaudited statements of income, and cash flows for the fiscal quarter then ended, prepared in accordance with GAAP and certified by the Chief Financial Officer of the
Company; 
 (iii) promptly, following its receipt, delivery or other notice thereof, as the case may be (A) copies
of pleadings or other written notice of any claim or litigation, pending or threatened, by or against the Company or any Subsidiary, (B) notice of any breach of or default under any material contract or commitment of the Company or any
Subsidiary, or (C) the occurrence of an event which may reasonably be expected to cause a Material Adverse Effect; 

(iv) not less than 30 days prior to the commencement of each fiscal year, an annual business plan, including a budget and
detailed financial projections for the Company and the Subsidiaries, for each quarter during such period, all in reasonable detail, together with underlying assumptions and approved by a majority of the Board of Directors; 

(v) with reasonable promptness, such other notices, information and data as the Company’s Board or Directors in its
reasonable good faith judgment, deems material to its business or operations; 
  

 26 

 (vi) copies of any documents or data furnished to the Company’s shareholders
regarding the Company or its affairs, simultaneously with the furnishing of such documents or data to such shareholders; and 

(vii) any other information reasonably requested by any such holder. 

(b) Subject to Section 5.11(c) below, the Company will permit any holder of Securities, its employees, counsel and other
authorized representatives, to visit and inspect any of the properties of the Company or any Subsidiary, including their respective books of account and other records (and make copies thereof and take extracts therefrom), and to discuss the
Company’s and the Subsidiaries’ affairs, finances and accounts with the Company’s and the Subsidiaries’ officers, key employees and independent public accountants, all at such reasonable times during normal business hours and as
often as such Person may reasonably request, upon reasonable prior notice to the Company. 
 (c) The rights of holders of
Securities set forth in Sections 5.11(a) and (b) above shall be suspended during any period that the Company is subject to and in compliance with the reporting requirements of Section 13(a) or 15(d) of the Exchange Act. 

ARTICLE VI. 

TERMINATION 

6.1 Termination. Unless the Company and the Investor deliver Joint Instruction to the Escrow
Agent by 12 p.m. Eastern Standard Time on the 14th day
following the Closing Date, (a) pursuant to the Escrow Agreement, the Escrow Agent will immediately release the funds held in escrow to the Investor, and (b) immediately following such disbursement of funds, this Agreement will terminate
and be of no further force and effect. 
 6.2 Effect of Termination. In the event of the termination of
this Agreement pursuant to Section 6.1, this Agreement (other than this Section 6.2 and Section 5.5 which shall survive such termination) will forthwith become void, and there will be no liability on the part of any party hereto or
any of their respective trustees, directors, officers, members or employees to the other and all rights and obligations of any party hereto will cease. 

ARTICLE VII. 

MISCELLANEOUS 

7.1 Fees and Expenses. The Company shall pay the fees and expenses of its and the Investor’s legal counsel. The
Company shall pay all stamp and other taxes and duties levied in connection with the issuance of the Purchased Securities under this Agreement. 

7.2 Entire Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the
entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules. 
  

 27 

 7.3 Notices. Any notice or other communication required or permitted to
be given hereunder shall be in writing and shall be deemed delivered (i) when received, if delivered by hand, (ii) one Business Day after being sent by nationally recognized overnight courier service, (iii) three Business Days after
being sent by certified or registered mail, return receipt requested, or (iv) upon confirmed transmission when sent by facsimile or other electronic transmission if sent during normal business hours of the recipient and otherwise on the next
Business Day (provided, that any facsimile or other electronic transmission is followed by delivery via another method permitted hereby), addressed: 
  

			
	 If to the Company or any

Subsidiary prior to the
	  	
	Effective Date: Senetek plc	  	 831A Latour Court
 Napa,
California 94558
 Attention: Frank J. Massino

Tel: 707.226.3900
 Fax: 707.259.6238

Email: frank@senetek.net

		
	With a copy to:	  	 DLA Piper LLP
 1251 Avenue
of the Americas
 New York, New York 10020-1104

Attention: William N. Haddad
 Tel: 212.335.4998

 Fax: 212.884.8498
 Email:
william.haddad@dlapiper.com

		
	 If to the Company or any

Subsidiary after the
	  	
	Effective Date:	  	 Senetek plc
 301 Central
Ave, #384
 Hilton Head, South Carolina 29926

Attention: John Ryan
 Tel:
842.290.8930
 Fax: 843.842.7248
 Email:
jryan@senetek.net

		
	With a copy to:	  	 DLA Piper LLP
 1251 Avenue
of the Americas
 New York, New York 10020-1104

Attention: William N. Haddad
 Tel: 212.335.4998

 Fax: 212.884.8498
 Email:
william.haddad@dlapiper.com

  

 28 

			
		
	If to an Investor:	  	 DMRJ Group, LLC
 152 West
57th Street, 4th Floor
 New York, New York 10019

Attention: David Levy
 Tel:
212.582.2222
 Fax: 212.582.2424
 Email:
dlevy@platinumlp.com

		
	With a copy to:	  	 Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.

666 Third Avenue
 New York, New York
10017
 Attention: Dan DeWolf, Esq.

Tel: 212.935.3000
 Fax: 212.983.3115

Email: ddewolf@mintz.com

or, in either case, to such other address as the party shall have furnished in writing in accordance with the provisions of this Section 7.3. Any
notice given by means other than as set forth above shall be deemed effective upon receipt. 
 7.4 Amendments;
Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and the Investor. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any
manner impair the exercise of any such right. 
 7.5 Construction. The headings herein are for convenience
only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party. This Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Agreement or any of the Transaction Documents. 
 7.6 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Investor. The Investor may assign any or all of its rights under this Agreement to any Person to whom such Investor assigns or transfers any Securities. 

7.7 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their
respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 5.5 as to each Investor Party. 

 

 29 

 7.8 Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all
Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective Affiliates, employees or agents) may
be commenced non-exclusively in the state and federal courts sitting in New York, New York (the “New York Courts”). Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of the New York Courts for the
adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of the any of the Transaction Documents), and hereby irrevocably waives, and
agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably
waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. IF EITHER PARTY SHALL COMMENCE A PROCEEDING TO ENFORCE ANY PROVISIONS OF A TRANSACTION DOCUMENT, THEN THE PREVAILING PARTY IN SUCH PROCEEDING SHALL BE REIMBURSED BY THE OTHER PARTY FOR ITS ATTORNEY’S FEES AND OTHER COSTS
AND EXPENSES INCURRED WITH THE INVESTIGATION, PREPARATION AND PROSECUTION OF SUCH PROCEEDING. 
 7.9
Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of the Purchased Securities and shall in no way be affected by any investigation of the subject matter
hereof made by or on behalf of the Investor. 
 7.10 Execution. This Agreement may be executed in two or
more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that parties hereto
need not sign the same counterpart. In the event that any signature is delivered by pdf., facsimile or other electronic transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such signature page were an original thereof. 
 7.11
Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or
impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 

 

 30 

 7.12 Replacement of Securities. If any certificate or instrument
evidencing any Purchased Securities or Underlying Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or
instrument under such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement securities. If a replacement certificate or instrument evidencing any Purchased Securities or Underlying Securities
is requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement. 

7.13 Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including
recovery of damages, the Investor and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of
obligations described in the foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation the defense that a remedy at law would be adequate. 

7.14 Payment Set Aside. To the extent that the Company makes a payment or payments to the Investor pursuant to any
Transaction Document or the Investor enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law (including, without limitation, any bankruptcy law, state or
federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such enforcement or setoff had not occurred. 
 7.15 Adjustments in Share Numbers and Prices.
In the event of any stock split, subdivision, dividend or distribution payable in Ordinary Shares (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly Ordinary Shares), combination or
other similar recapitalization or event occurring after the date hereof, each reference in the Transaction Document to a number of shares or a price per share shall be amended to appropriately account for such event. 

7.16 Further Assurances. Each party agrees to execute such other documents, instruments, agreements and consents,
and take such other actions as may be reasonable requested by the other parties hereto to effectuate the purposes of this Agreement. 

[The remainder of the page left intentionally blank. Signature page to follow.] 

 

 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first written above. 
  

			
	SENETEK PLC
		
	By:	 	  

	Name:	 	William O’Kelly
	Title:	 	Chief Financial Officer
		
	By:	 	  

	Name:	 	Anthony Williams
	Title:	 	Vice-Chairman of the Board
	
	DMRJ GROUP, LLC
	By: Platinum Partners Value Arbitrage Fund L.P., its Managing Member
		
	By:	 	  

	Name:	 	David Levy
	Title:	 	Manager

 EXHIBIT A 

Form of Note 

 EXHIBIT B 

Form of Warrant 

 EXHIBIT C 

Form of Consulting Agreement 

 EXHIBIT D 

Form of Escrow Agreement 

 EXHIBIT E 

Form of Security Agreement 

 EXHIBIT F 

Skin Care Business 
 All
skin care formulations on file at the Company (e.g., the formulations for Allercreme, Pyratine, 4HBAP, etc.). 
 All product inventory for
Pyratine-6, Pyratine XR 4OHBAP, AK801, FC102, PA100 and Allercreme, including finished products, raw materials, work in progress and packaging components. 

All sales material for Pyratine-6 and Pyratine XR product line. 

All testing data for all skin care products conducted at various sites, including the Dermatology Department at the University of California at Irvine,
RCTS Laboratories in Texas, Senetek Aps Labs in Aarhus, Denmark, the Company’s labs in Oloumoc, Czech Republic, Polish Academy of Sciences in Poznan, Poland. 

All publications on all skin care technologies. 

The IEB (Institute of Experimental Botany) agreements between the Company and IEB and, to the extent provided under such agreement(s), rights to all
known technologies and all future technologies developed at IEB. 
 The Polish Academy of Sciences Agreement for Furfuryl Cytosine and
Phoretamide and, to the extent provided under such agreement, the rights to all known skin care technologies and all future technologies at said Academy. 

The agreement with U.S. International Trading Corporation. 

All lab equipment at the Company’s labs in Oloumoc, Czech Republic. 

ACT software database and contact program. 
 To
the extent used by the Company or a Subsidiary exclusively with respect to any of the above assets, (a) all tangible personal property, including all items of machinery, equipment, vehicles, furniture and fixtures, (b) deposits, prepaid
expenses or claims for refunds, (c) $15,000 of accounts receivable, (d) files, books and records and reports (whether in hardcopy, electronic or other media), including those relating to customers, suppliers and the agreements with IEB,
the Polish Academy of Sciences and U.S. International Trading Corporation referenced above, (e) to the extent assignable, licenses, authorizations and permits issued by any governmental or regulatory authority, (f) the trademarks and
domains listed below, (g) the patents referenced under the heading “IP Owned—Skincare” in Section 3.15 of the Disclosure Schedule, and (h) all trade secrets, procedural and operational manuals, proprietary information,
technical information, source documents, and “know how,” and (i) advertising materials. 

 1 Lenova laptop 

1 Dell computer 
 1 Xerox printer 

1 fax machine 
  

					
	 Domains Owned

	ALLERCREME.US	  	PROCURAATC.NET	  	PYRATINE-6.NET
	ALLERCREME.NET	  	PROCURAATC.ORG	  	PYRATINE-6.ORG
	ALLERCREME.ORG	  	PROCURAATC.US	  	PYRATINE-6.US
	ALLERCREME.US	  	PROCURASKINCARE.BIZ	  	PYRATINE-6.WS
	KINDERM.NET	  	PROCURASKINCARE.COM	  	PYRATINE-9.COM
	KINEDERM.ORG	  	PROCURASKINCARE.INFO	  	PYRATINE9.BIZ
	KINEDERM.INFO	  	PROCURASKINCARE.NET	  	PYRATINE9.COM
	KINEDERM.BIZ	  	PROCURASKINCARE.ORG	  	PYRATINE9.INFO
	KINEDERM.US	  	PROCURASKINCARE.ORG.UK	  	PYRATINE9.NET
	KINETIN-PRO.BIZ	  	PROCURASKINCARE.US	  	PYRATINE9.ORG
	KINETIN-PRO.COM	  	PYRATINE.ASIA	  	PYRATINE-XR.ASIA
	KINETIN-PRO.INFO	  	PYRATINE.BIZ	  	PYRATINE-XR.CN
	KINETIN-PRO.NET	  	PYRATINE.CO.IN	  	PYRATINE-XR.CO.IN
	KINETIN-PRO.ORG	  	PYRATINE.COM	  	PYRATINE-XR.CO.UK
	KINETIN-PRO.US	  	PYRATINE.COM.MX	  	PYRATINE-XR.COM
	KINETIN.BIZ	  	PYRATINE.DE	  	PYRATINE-XR.COM.CN
	KINETIN.COM	  	PYRATINE.ES	  	PYRATINE-XR.COM.ES
	KINETIN.INFO	  	PYRATINE.IN	  	PYRATINE-XR.COM.MX
	KINETIN.NET	  	PYRATINE.INFO	  	PYRATINE-XR.DE
	KINETIN.ORG	  	PYRATINE.JP	  	PYRATINE-XR.ES
	KINETIN.US	  	PYRATINE.NET	  	PYRATINE-XR.IN
	KINETINPLUS.BIZ	  	PYRATINE.NL	  	PYRATINE-XR.INFO
	KINETINPLUS.COM	  	PYRATINE.ORG	  	PYRATINE-XR.JP
	KINETINPLUS.INFO	  	PYRATINE.US	  	PYRATINE-XR.NET
	KINETINPLUS.NET	  	PYRATINE.WS	  	PYRATINE-XR.ORG
	KINETINPLUS.ORG	  	PYRATINE6.ASIA	  	PYRATINE-XR.US
	KINETINPLUS.US	  	PYRATINE6.BIZ	  	PYRATINE-XR.WS
	KINETINPRO.BIZ	  	PYRATINE6.CO.UK	  	PYRATINEXR.ASIA
	KINETINPRO.COM	  	PYRATINE6.COM	  	PYRATINEXR.CN
	KINETINPRO.INFO	  	PYRATINE6.COM.ES	  	PYRATINEXR.CO.IN
	KINETINPRO.NET	  	PYRATINE6.COM.MX	  	PYRATINEXR.CO.UK
	KINETINPRO.ORG	  	PYRATINE6.DE	  	PYRATINEXR.COM
	KINETINPRO.US	  	PYRATINE6.ES	  	PYRATINEXR.COM.CN
	PHYSICIANCLINICALSUPPLIES.COM	  	PYRATINE6.IN	  	PYRATINEXR.COM.ES
	PHYSICIANCLINICALSUPPLIES.NET	  	PYRATINE6.INFO	  	PYRATINEXR.COM.MX
	PROCURA.ASIA	  	PYRATINE6.JP	  	PYRATINEXR.DE
	PROCURA.CO.IN	  	PYRATINE6.ORG	  	PYRATINEXR.ES
	PROCURA.COM.MX	  	PYRATINE6.US	  	PYRATINEXR.IN
	PROCURA.IN	  	PYRATINE6.WS	  	PYRATINEXR.INFO
	PROCURA.JP	  	PYRATINE-6.ASIA	  	PYRATINEXR.JP
	PROCURA.NET.CN	  	PYRATINE-6.CO.IN	  	PYRATINEXR.NET
	PROCURA.ORG.UK	  	PYRATINE-6.CO.UK	  	PYRATINEXR.ORG
	PROCURA.US	  	PYRATINE-6.COM	  	PYRATINEXR.US
	PROCURA.WS	  	PYRATINE-6.COM.MX	  	PYRATINEXR.WS
	PROCURAATC.BIZ	  	PYRATINE-6.DE	  	
	PROCURAATC.COM	  	PYRATINE-6.ES	  	
	PROCURAATC.INFO	  	PYRATINE-6.IN	  	
		  	PYRATINE-6.INFO	  	
		  	PYRATINE-6.JP	  	

					
	 Trademarks Owned

	AGE DEFIANT	  	HA COMPLEX	  	PROCURA-ATC
	ALLERCREME	  	HERBAL RENEWAL	  	PYRATINE
	AT THE COUNTER	  	HYPO-ACNEGENIC	  	PYRATINE-6
	ATC	  	KINEDERM	  	PYRATINE-XR
	CARME	  	PROCURA	  	REFLECTA

 EXHIBIT G 

Estimated Flow of Funds 
  

					
	 Purchase Price
	  	$	3,000,000	  
		
	 Less Disbursements:
	  			
	 Acquirer of the Skin Care Business
	  	$	1,800,000	  
	 Placement Agent Fee
	  	 	125,000	  
	 Escrow Agent
	  	 	2,500	  
	 Frank J. Massino
	  	 	360,000	  
	 Mintz Levin (counsel to the Investor)
	  	 	(TDB	) 
	 DLA Piper LLP (counsel to the Company)
	  	 	(TDB	) 
		  	 	 	 
	 Total Disbursements
	  	 	(TDB	) 
		  	 	 	 
		
	 Net Amount to the Company
	  	$	 (TDB	) 

 Also on the Effective Date, the Company
will pay $107,500 to William O’Kelly and $1,286,874 to Frank Massino.Collateral Pledge and Security Agreement between Senetek Plc and DMRJ Group LLC

 Exhibit 10.125 

COLLATERAL PLEDGE AND SECURITY AGREEMENT 

This COLLATERAL PLEDGE AND SECURITY AGREEMENT (this “Agreement”), dated as of
                 , 2010, by and between Senetek plc, a corporation organized under the laws of England (the “Company”), and DMRJ Group, LLC (the
“Holder”). 
 Pursuant to that certain Securities Purchase Agreement, dated as of even date herewith (the
“Purchase Agreement”), between the Company and the Holder, the Holder has extended credit or will extend credit to the Company represented by a convertible promissory note (the “Convertible Note”) in the aggregate principal
amount of $3,000,000. To induce the Holder to extend credit to the Company, the Company has agreed to grant a security interest in certain collateral to the Holder; 

In consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Holder agree as follows: 
 1. Certain Definitions. The following terms shall have the
following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Account” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Chattel Paper” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Collateral” shall have the meaning specified in Section 2 hereof. 

“Commercial Tort Claim” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Company” shall have the meaning specified in the preamble hereto. 

“Contracts” shall mean, all right, title and interest of the Company in, to and under, or derived from, any and all
sale, service, performance and equipment lease contracts (whether written or oral), and any other contract (whether written or oral), between the Company and third parties. 

“Convertible Note” shall have the meaning specified in the Recitals hereto. 

“Deposit Account” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Document” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

 “Effective Date” means the date of the Convertible Note, unless the
proceeds of the Convertible Note are held in escrow pending the satisfaction of certain conditions or the occurrence of certain events, in which case, the Effective Date shall be the date as of which such proceeds are released from escrow.

 “Equipment” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Event of Default” shall have the meaning specified in Section 8 hereof. 

“Goods” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Governmental Authority” shall mean any federal, state, local, foreign or other governmental or administrative
(including self-regulatory) body, instrumentality, department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute resolving panel or body and shall include any “governmental
unit” as such term is defined in Section 9-102 of the UCC. 
 “Holder” shall have the meaning
specified in the Preamble hereto. 
 “Indemnitees” shall have the meaning specified in Section 13(a)
hereof. 
 “Instrument” shall have the meaning ascribed to such term in Section 9-102 of the UCC.

 “Insurance Policies” shall mean all insurance policies held by the Company or naming the Company as insured,
additional insured or loss payee (including, without limitation, casualty insurance, liability insurance, property insurance and business interruption insurance) and all such insurance policies entered into after the date hereof. 

“Intangibles” shall have the meaning ascribed to the term “general intangible” in Section 9-102 of the
UCC. 
 “Inventory” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Investment Property” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Licenses” shall mean all of the Company’s license agreements and covenants not to sue with any other Person with
respect to a patent, trademark, service mark or copyright (other than any existing license agreements or covenants not to sue which by their terms prohibit assignment, transfer or the grant of a security interest by the Company or give the other
party thereto the right to terminate the same upon an assignment, transfer, or the grant of a security interest thereto), whether the Company is a licensor or licensee under any such license agreement, along with any and all (a) renewals,
extensions, supplements and continuations thereof, (b) income, royalties, damages, claims and payments now and hereafter due and/or 

 

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payable to the Company with respect thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (c) rights to sue for past, present and
future infringements thereof, and (d) any other rights to use, exploit or practice any patent, trademark, service mark or copyright of the Company. 

“Lien” shall mean any mortgage, pledge, assignment, security interest, encumbrance, lien or charge of any kind, any
conditional sale or other title retention agreement or any lease in the nature thereof (including any agreement to give any of the foregoing). 

“Noncash Proceeds” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Obligations” shall have the meaning specified in Section 3 hereof. 

“Payment Intangible” shall have the meaning ascribed to such term in Section 9-102 of the UCC. 

“Pension Plan Reversions” shall mean the Company’s right to receive the surplus funds, if any, which are payable to
the Company following the termination of any employee pension plan and the satisfaction of all liabilities of participants and beneficiaries under such plan in accordance with applicable law. 

“Permitted Liens” shall have the meaning set forth in the Purchase Agreement. 

“Permitted Transactions” shall mean (a) the sale of the Skin Care Business (as defined in the Purchase Agreement),
(b) the dissolution of Carmé Cosmeceutical Sciences, Inc., a subsidiary of the Company, and (c) the dissolution of Senetek Denmark ApS, a subsidiary of the Company. 

“Person” shall have the meaning ascribed to such term in Section 9-102 of the UCC and shall include any individual,
partnership, joint venture, firm, corporation, limited liability company, limited liability partnership, association, trust or other enterprise or any Governmental Authority. 

“Proceeds” shall have the meaning ascribed to such term in Section 9-102 of the UCC and shall include, without
limitation, (a) any and all payments (in any form whatsoever) made or due and payable to the Company from time to time in connection with any condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental
Authority), (b) any and all amounts paid or payable to the Company for or in connection with any sale or other disposition of all or any part of the Collateral and (c) any and all other amounts from time to time paid or payable under or in
connection with any of the Collateral. 
 “Purchase Agreement” shall have the meaning specified in the Recitals
hereto. 
 “Receivables” shall mean all Accounts, Documents, Instruments and Chattel Paper. 

 

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 “UCC” shall mean the Uniform Commercial Code as in effect in the State of
New York from time to time. 
 “Third Party Claims” shall have the meaning specified in Section 13(a)
hereof. 
 2. Grant of a Security Interest. As security for the prompt and complete payment and performance when due of
all the Obligations, as of the Effective Date, the Company hereby pledges, assigns, transfers and grants to the Holder, a continuing first-priority security interest in and to all of the Company’s right, title and interest in, to and under the
following property, wherever located, now existing or hereafter arising from time to time (collectively, “Collateral”): (a) all Receivables; (b) all Inventory; (c) all books, records, ledgers, print-outs, file materials and
other papers containing information relating to Receivables and any account debtors in respect thereof, together with all Contracts; (d) all Equipment; (e) all Intangibles; (f) all Investment Property; (g) all Insurance Policies;
(h) all Pension Plan Reversions; (i) all Licenses; (j) all Deposit Accounts; (k) all Commercial Tort Claims; (l) all Goods; (m) any and all other property of the Company of every name and nature which from time to time
after the date hereof, by delivery or by writing of any kind for the purposes hereof, shall have been conveyed, mortgaged, pledged, assigned or transferred by the Company or by anyone on its behalf or with its consent to the Holder, as and for
additional security for the payment of the Obligations; and (n) all Proceeds and Noncash Proceeds of any and all of the foregoing; including, without limitation, all of the Company’s right, title and interest in, to and under shares of
capital stock of each of the Subsidiaries and any other subsidiary; provided, that, the Collateral shall specifically exclude the Company’s property and assets comprising the Skin Care Business. 

3. The Company’s Obligations Secured Hereby. This Agreement secures, and the Collateral is collateral
security for, the prompt payment and performance in full when due by acceleration of all obligations of the Company under or in respect of the Convertible Note (including, without limitation, the Company’s obligations to pay principal and all
other charges, fees, expenses, commissions, reimbursements, indemnities and other payments related to or in respect of the obligations contained in the Convertible Note) following a Liability Default (as such term is defined in the Convertible Note)
occurring at any time, or from time to time, through the
2nd year anniversary of the Effective Date (collectively,
the “Obligations”). 
 4. No Release. Nothing set forth in this Agreement shall relieve the Company from the
performance of any term, covenant, condition or agreement on the Company’s part to be performed or observed under or in respect of any of the Collateral or from any liability to any Person under or in respect of any of the Collateral or impose
any obligation on the Holder to perform or observe any such term, covenant, condition or agreement on the Company’s part to be so performed or observed or shall impose any liability on the Holder for any act or omission on the part of the
Company relating thereto or for any breach of any representation or warranty on the part of the Company contained in the Convertible Note or this Agreement, or in respect of the Collateral or made in connection herewith or therewith. 

5. The Company’s Representations and Warranties. The Company represents and warrants and, so long as this Agreement is in
effect, shall be deemed continuously to represent and warrant, that: 
 (a) No Liens. The Company is and will be the
owner of all Collateral free from any Lien or other right, title or interest of any Person, other than Permitted Liens. 
  

 -4- 

 (b) Authority; Enforceability. The Company has full organizational power and
authority and has taken all organizational action necessary to execute, deliver and perform this Agreement and the Convertible Note and to encumber and grant a security interest in the Collateral. This Agreement constitutes legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with its terms. 
 (c) Other Financing
Statements. There is no financing statement (or similar statement or instrument of registration under any jurisdiction) or any notice filed with any Governmental Authority covering or purporting to cover any interest of any kind in the
Collateral. So long as any of the Obligations remain unpaid, the Company shall not execute or authorize to be filed in any public office any financing statement (or similar statement or instrument of registration under the law of any jurisdiction)
or statements relating to the Collateral, except financing statements filed or to be filed in respect of and covering the security interest granted hereby by the Company. 

(d) Security Interest; Necessary Filings. This Agreement creates a valid security interest of the Holder in the Collateral
securing payment of the Obligations. All filings, registrations and recordings necessary, appropriate or reasonably requested by the Holder to create, preserve, protect and perfect the security interest granted by the Company to the Holder hereby in
respect of the Collateral have or will be made on or before the date of this Agreement. The security interest granted to the Holder pursuant to this Agreement in and to the Collateral constitutes and hereafter will constitute a perfected security
interest therein, superior and prior to the rights of all other persons therein and subject to no other Liens other than Permitted Liens. 

(e) No Consents, etc. No other consent of any other Person (including, without limitation, members or creditors of the Company)
and no consent, authorization, approval, or other action by, and no notice to or filing with, any Governmental Authority (other than a court in connection with the exercise of judicial remedies by the Holder) or regulatory body is required either
(i) for the pledge by the Company of the Collateral pursuant to this Agreement, or for the execution, delivery or performance of this Agreement by the Company, or (ii) for the exercise by the Holder of the rights provided for in this
Agreement or the remedies in respect of the Collateral pursuant to this Agreement. 
 (f) Organization; Chief Executive
Office; Name. The chief executive office of the Company is located at 831A Latour Court, Napa, California 94558. The Company’s legal name, as it appears in the records of the jurisdiction in which the Company is organized, is “Senetek
plc” the Company has not done business during the past three years or since inception (whichever period is shorter) under any other name. The Company shall not change its name or move its chief executive office, except to such new location as
the Company may establish in accordance with the last sentence of this Section 5(f). All tangible evidence of all Collateral and the only original books of account and records of the Company relating thereto are, and will continue to be, kept
at such chief executive office, or at such new location for such chief executive office as the Company may establish in accordance with the last sentence of this Section 5(f). All Collateral are, and will continue to be, controlled and
monitored (including, 
  

 -5- 

 
without limitation, for general accounting purposes) from, such chief executive office location shown above, or such new location as the Company may establish in accordance with the last sentence
of this Section 5(f). The Company shall not establish a new location for its chief executive office nor shall it change its name until it shall have given to the Holder not less than 15 days’ prior written notice of its intention so to do,
clearly describing such new location or name and providing such other information and taking such action in connection therewith as the Holder may request. 

(g) The Company’s Structure. The Company is a corporation duly organized under the laws of England. The Company shall not
change its organizational structure or the state in which it is organized without the prior written consent of the Holder and shall, in any such connection, take all action satisfactory to the Holder to maintain the perfection and proof of the
security interest of the Holder in the Collateral intended to be granted hereby; provided, that, the foregoing shall not be deemed to prohibit any Permitted Transaction. 

(h) The Company’s Tax and Organizational Identification Numbers. The Company’s tax identification number is 77-0039728.

 (i) Collateral. All information set forth herein relating to the Collateral is accurate and complete in all material
respects. 
 (j) Additional Representations, Warranties and Covenants of the Company. The Company hereby repeats each of
the representations and warranties made by the Company and contained or incorporated by reference in the Convertible Note as fully as if each such representation and warranty were expressly set forth herein and expressly made herein by the Company
on and as of the date hereof, each such representation and warranty being incorporated in this Agreement by reference mutatis mutandis. 

6. The Company’s Covenants. The Company agrees and covenants for itself, its successors and permitted assigns that:

 (a) Business Use; Protection of the Holder’s Security. The Collateral will be used solely for business purposes of
the Company and will remain in the possession or under the control of the Company and will not be used for any unlawful purpose. The Collateral will not be misused, abused, wasted or allowed to deteriorate. The Company shall not take any action that
impairs the rights of the Holder in the Collateral. The Company will mark any and all books and records to indicate the Security Interest. The Company will defend the Collateral against the claims and demands of all other parties against the Company
or the Holder; will keep the Collateral free from all Liens, other than Permitted Liens; and (except with respect to Inventory which is addressed in Section 6(p) below) will not sell, transfer, lease, license, sublicense, assign, deliver or
otherwise dispose of any Collateral or any interest therein without the prior written consent of the Holder. Without the prior written consent of the Holder, the Company will not sell, license, amend or permit the amendment of any License,
Instrument, Contract or Chattel Paper in any manner which adversely affects the Holder’s security interest granted hereunder. 

(b) Financing Statements. As promptly as practicable after the execution and delivery of this Agreement, the Company shall take
all steps necessary to perfect and evidence 
  

 -6- 

 
the perfection of the first-priority security interest granted herein, including but not limited to doing so by the completion, signing and filing of UCC-1 Financing Statements, the filing of
required or appropriate notices in the United States Patent and Trademark Office and the offices of any analogous patent and/or copyright and/or trademark registration offices, and the filing of such notices, statements or reports as may be required
or appropriate under the applicable laws and with the applicable agencies or governmental bodies in England; provided that the Company hereby covenants and agrees to take all such actions in connection therewith as the Holder may reasonably request
and to take such further or other actions in such regard as the Holder may reasonably request from time to time, including but not limited to any such actions relating to the renewal or extension of any provision for the continuing first-priority
security interest of the Holder in the Collateral. The Company hereby irrevocably appoints the Holder as the Company’s attorney-in-fact to execute and deliver any and all UCC-1 Financing Statements, notices, statements, reports and other
documents in furtherance of the foregoing, which power-of-attorney the parties hereto acknowledge and agree is coupled with an interest. The Company authorizes the Holder (i) to file financing statements against the Collateral and (ii) at
the election of the Holder, to describe the Collateral as “all assets,” “all personal property,” or words of similar import. The Company will pay all costs of title searches and filing of financing statements, assignments and
other documents in all public offices reasonably requested by the Holder, and will not, without the prior written consent of the Holder, file or authorize or permit to be filed in any public office any financing statement naming the Company as
debtor and not naming the Holder as secured party. 
 (c) Further Actions. The Company shall at any time and from time to
time take such steps as the Holder may reasonably request to insure the continued perfection and priority of the Holder’s security interest in any of the Collateral and of the preservation of its rights therein in any jurisdiction. Without
limiting the foregoing, the Company will, at its own expense, deliver to the Holder, upon demand, all documents, instruments or other writings constituting, representing or relating to the Collateral or any part thereof. The Company shall, at its
own expense, make, execute, endorse, acknowledge, file and/or deliver to the Holder from time to time such lists, descriptions and designations of the Collateral, copies of warehouse receipts, receipts in the nature of warehouse receipts, bills of
lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other
assurances or instruments and take such further steps relating to the Collateral and other property or rights covered by the security interest hereby granted, which the Holder deems appropriate or advisable to exercise and enforce its rights and
remedies hereunder with respect to any Collateral and to perfect, preserve or protect the security interest in the Collateral created by this Agreement. 

(d) After Acquired Collateral. Any and all Collateral described or referred to in the granting clauses hereof which is hereafter
acquired shall, and without any further conveyance, assignment or act on the part of the Company or the Holder, become and be subject to the security interests herein granted as fully and completely as though specifically described herein.

 (e) Maintenance of Records. The Company shall keep and maintain at its own cost and expense satisfactory and complete
records of each Receivable, in a manner 
  

 -7- 

 
consistent with prudent business practices, for at least seven years from the date on which such Receivable comes into existence, including, without limitation, records of all payments received,
all credits granted thereon, all merchandise returned and all other documentation relating thereto, and the Company shall make the same available to the Holder for inspection, at the Company’s own cost and expense, at any and all reasonable
times upon demand. Upon the occurrence and during the continuance of an Event of Default, the Company shall, at its own cost and expense, deliver all tangible evidence of Receivables (including, without limitation, all documents evidencing
Receivables) and such books and records to the Holder or to its representatives (copies of which evidence and books and records may be retained by the Company) at any time upon the Holder’s demand. Upon the occurrence and during the continuance
of an Event of Default, the Holder may transfer a full and complete copy of the Company’s books, records, credit information, reports, memoranda and all other writings relating to the Receivables to and for the use by any Person that has
acquired or is contemplating acquisition of an interest in the Receivables or the Holder’s security interest therein without the consent of the Company. 

(f) Legend. The Company shall legend, in form and manner satisfactory to the Holder, the Receivables and other books, records and
documents of the Company evidencing or pertaining to the Receivables with an appropriate reference to the fact that the Holder has a security interest therein. 

(g) Modification of Terms, etc. Subject to the provisions of Section 6(h), the Company shall not rescind or cancel any
indebtedness evidenced by any Receivable equal to or in excess of $50,000 or modify any term thereof or make any adjustment with respect thereto, or extend or renew any such indebtedness, or compromise or settle any dispute, claim, suit or legal
proceeding relating thereto, or sell any such Receivable or interest therein, without the prior written consent of the Holder. The Company shall timely fulfill in all material respects all obligations on its part to be fulfilled under or in
connection with the Receivables. 
 (h) Collection. The Company shall take all commercially reasonable actions to cause
to be collected from the account debtor of each of the Receivables, as and when due (including, without limitation, Receivables that are delinquent), any and all amounts owing under or on account of such Receivable, and apply forthwith upon receipt
thereof all such amounts as are so collected to the outstanding balance of such Receivable, except that the Company may allow in the ordinary course of business (i) a refund or credit due as a result of returned or damaged or defective
merchandise, and (ii) so long as no Event of Default shall exist and be continuing, such extensions of time to pay amounts due in respect of Receivables and such other modifications or payment terms or settlements in respect of Receivables as
shall be commercially reasonable in the circumstances, all in accordance with the Company’s ordinary course of business consistent with its collection practices as in effect from time to time. The costs and expenses (including, without
limitation, attorneys’ fees and the allocated costs of internal counsel) of collection, whether incurred by the Company or the Holder, shall be paid by the Company. Upon the occurrence and during the continuance of an Event of Default, the
Holder shall have the right at any time to notify an account debtor or the obligor on any insurance with respect to a Receivable of the security interest herein and to make payment directly to the Holder. 

 

 -8- 

 (i) Protection of the Holder’s Security. The Company shall not take any action
that impairs the rights of the Holder in the Collateral. The Company shall at all times keep the Inventory and Equipment insured by financially sound and reputable insurers in favor of the Holder as an additional insured, at the Company’s own
expense, to the Holder’s reasonable satisfaction against fire, theft and all other risks to which the Collateral may be subject, in such amounts (but in no event less than the replacement cost thereof) and with such deductibles as would be
maintained by operators of businesses similar to the business of the Company or as the Holder may otherwise require. The Holder shall be named as an additional named insured with respect to each policy or certificate of insurance. 

(j) Maintenance of Equipment. The Company shall cause the Equipment to be maintained and preserved in the same condition, repair
and working order as when new, ordinary wear and tear excepted, and to the extent consistent with past business practice in accordance with any manufacturer’s manual, and shall forthwith, or in the case of any loss or damage which (individually
or in the aggregate) exceeds $50,000 to any of the Equipment (of which prompt notice shall be given to the Holder), as quickly as practicable after the occurrence thereof, make or cause to be made all repairs, replacements and other improvements in
connection therewith which are necessary or desirable to such end. 
 (k) Securities. To the extent that any securities
now or hereafter acquired by the Company are uncertificated and are issued to the Company or its nominee directly by the issuer thereof, the Company shall cause the issuer to note on its books the security interest of the Holder in such securities
and shall cause the issuer, pursuant to an agreement in form and substance satisfactory to the Holder, to agree to comply with instructions from the Holder as to such securities, without further consent of the Company or such nominee. To the extent
that any securities, whether certificated or uncertificated, or other financial assets now or hereafter acquired by the Company are held by the Company or its nominee through a securities intermediary, the Company shall (i) cause such
securities intermediary to note on its books the security interest of the Holder in such securities or other financial assets and to confirm such notation promptly to the Holder, and (ii) at the request of the Holder, cause such securities
intermediary, pursuant to an agreement in form and substance reasonably satisfactory to the Holder, to agree to comply with entitlement orders or other instructions from the Holder as to such securities or other financial assets, without further
consent of the Company or such nominee. 
 (l) Letter of Credit Rights. To the extent that the Company is a beneficiary
under any written letter of credit now or hereafter issued in favor of the Company, the Company shall deliver such letter of credit to the Holder. The Holder shall from time to time, at the request and expense of the Company, make such arrangements
with the Company as are in the Holder’s reasonable judgment necessary and appropriate so that the Company may make any drawing to which the Company is entitled under such letter of credit, without impairment of the Holder’s perfected
security interest in the Company’s rights to proceeds of such letter of credit or in the actual proceeds of such drawing. At the Holder’s request, the Company shall, for any letter of credit, whether or not written, now or hereafter issued
in favor of the Company as beneficiary, execute and deliver to the issuer and any confirmer of such letter of credit an assignment of proceeds form, in favor of the Holder and reasonably satisfactory to the Holder and such issuer or (as the case may
be) such confirmer, requiring the proceeds of any drawing under such letter of credit to be paid directly to the Holder for application as provided in the Note. 
  

 -9- 

 (m) Control Agreements; Bailee Acknowledgements. The Company shall at any time and
from time to time take such steps as the Holder may reasonably request for the Holder (i) to obtain an acknowledgment, in form and substance satisfactory to the Holder, of any bailee having possession of any of the Collateral that the bailee
holds such Collateral for the Holder, (ii) to obtain control of any investment property, deposit accounts, letter-of-credit rights or electronic chattel paper, with any agreements establishing control to be in the form and substance
satisfactory to the Holder, and (iii) otherwise to insure the continued perfection and priority of the Holder’s security interest in any of the Collateral and of the preservation of its rights therein in any jurisdiction. 

(n) Commercial Tort Claims. If the Company shall at any time acquire a Commercial Tort Claim, the Company shall immediately notify
the Holder in a writing signed by the Company of the details of such claim and grant to the Holder in such writing an express security interest therein and in the proceeds thereof, all upon the terms of this Security Agreement, with such writing to
be in the form and substance satisfactory to the Holder. 
 (o) Payment of Taxes: Claims. The Company shall pay promptly
when due all property and other taxes, assessments and governmental charges or levies (other than those the Company is contesting in good faith and with respect to which it has made sufficient reserves on its financial statements) imposed upon, and
all claims (including claims for labor, materials and supplies) against, the Collateral. 
 (p) Ordinary Course of
Business. Subject to any limitation contained in the Convertible Note, nothing in this Section 6 shall be deemed to prohibit (i) the sale of Inventory and the collection of Receivables by the Company in the ordinary course of business,
(ii) the disposition and replacement of obsolete assets as necessary in the ordinary course of the Company’s business, or (iii) Permitted Transactions. 

(q) No Impairment. The Company shall not enter into any agreement that would materially impair or conflict with the Company’s
obligations hereunder or under the Convertible Note without the prior written consent of the Holder. 
 (r) No Additional
Indebtedness. The Company agrees that it shall not incur any additional Indebtedness (as such term is defined in the Convertible Note) without the prior written consent of the Holder, which consent shall not be unreasonably withheld so long as
such additional Indebtedness is Junior Debt (as such term is defined in the Convertible Note). 
 7. Reasonable Care. The
Holder shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is accorded treatment substantially equivalent to that which the Holder, in its individual capacity, accords
its own property, it being understood that the Holder shall not have responsibility for taking any necessary steps to preserve rights against any Person with respect to any Collateral. 

8. Events of Default. The occurrence of a “Liability Default” under the Convertible Note shall constitute an “Event
of Default” under this Agreement. 
  

 -10- 

 9. Remedies. 

(a) Acceleration of Convertible Note. Upon the occurrence of an Event of Default, the Holder may, by notice to the Company, declare
the aggregate unpaid principal balance of all the Convertible Note, to be immediately due and payable and thereupon all such amounts shall be and become immediately due and payable to the Holder. 

(b) Obtaining the Collateral Upon Event of Default. If any Event of Default shall have occurred and be continuing, then and in
every such case, the Holder may, at any time or from time to time during the continuance of such Event of Default take any or all of the following actions, all if which shall be at the Company’s expense, which expenses shall constitute
Obligations secured by the Collateral: 
 (i) Personally, or by agents or attorneys, immediately take possession of the
Collateral or any part thereof from the Company or any other Person who then has possession of any part thereof, with or without notice or process of law, and for that purpose may enter upon the Company’s premises where any of the Collateral is
located and remove such Collateral, and use in connection with such removal any and all services, supplies, aids and other facilities of the Company; 

(ii) Instruct the obligor or obligors on any agreement, instrument or other obligation constituting the Collateral, to make any payment
required by the terms of such agreement, instrument or other obligation directly to the Holder; provided, however, in the event that any such payments are made directly to the Company, the Company shall hold such payments in trust and
shall segregate all amounts received pursuant thereto in a separate account and pay the same promptly to the Holder; 
 (iii)
Sell, assign or otherwise liquidate, or direct the Company to sell, assign or otherwise liquidate, the Collateral, or any part thereof, and take possession of the proceeds of any such sale, assignment or liquidation; and/or 

(iv) Take possession of the Collateral, or any part thereof, by directing the Company in writing to deliver the same to the Holder at
any place or places designated by the Holder, in which event the Company shall at its own expense: (A) forthwith cause the same to be moved to the place or places so designated by the Holder and there delivered to the Holder; (B) store and
keep any Collateral so delivered to the Holder at such place or places pending further action by the Holder; and (C) while the Collateral shall be so stored and kept, provide such guards and maintenance services as shall be necessary to protect
the same and to preserve and maintain them in good condition. The Company’s obligation to deliver the Collateral is of the essence of this Agreement. Upon application to a court of equity having jurisdiction, the Holder shall be entitled to a
decree requiring specific performance by the Company of such obligation. 
 (c) Other Rights and Remedies. Upon the
occurrence and during the continuance of an Event of Default, the Holder may from time to time exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and
remedies of a secured party under the UCC at the time of an Event of Default. 
  

 -11- 

 (d) Waiver of Claims. Except as otherwise provided herein, the Company hereby waives,
to the fullest extent permitted by applicable law, notice or judicial hearing in connection with the Holder’s taking possession, or the Holder’s disposition of any of the Collateral, including, without limitation, any and all prior notice
and hearing for any prejudgment remedy or remedies and any such right which the Company would otherwise have under law, and the Company hereby further waives to the extent permitted by applicable law: (i) all damages occasioned by such taking
of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Holder’s rights hereunder, and (iii) all rights of redemption, appraisal, valuation, stay,
extension or moratorium now or hereafter in force under any applicable law. Any sale of, or the grant of options to purchase, or any other realization upon, any Collateral shall operate to divest all rights, title, interest, claim and demand, either
at law or in equity, of the Company therein and thereto, and shall be a perpetual bar both at law and in equity against the Company and against any and all Persons claiming or attempting to claim the Collateral so sold, optioned or realized upon,
from, through or under the Company. 
 (e) Notice. Without in any way requiring notice to be given in the following time
and manner, the Company agrees that any notice by the Holder of sale, disposition or other intended action hereunder or in connection herewith, whether required by the UCC or otherwise, shall constitute reasonable notice to the Company if such
notice is delivered in accordance with Section 15(h) hereof and is given at least five days prior to the intended action which is the subject matter thereof. 

10. Payments After an Event of Default. All payments received and amounts realized by the Holder pursuant to Section 9,
including all such payments and amounts received after the entire unpaid principal amount of the Convertible Note has been declared due and payable, as well as all payments or amounts then held or thereafter received by the Holder as part of the
Collateral while an Event of Default shall be continuing, shall be promptly applied and distributed by the Holder in the following order of priority: 

(a) first, to the payment of all costs and expenses, including reasonable legal expenses and attorneys’ fees for one counsel
in each jurisdiction in which counsel may be required, incurred or made hereunder or under the Convertible Note by the Holder, whether or not constituting Obligations, including, without limitation, any such costs and expenses of foreclosure or
suit, if any, and of any sale or the exercise of any other remedy under Section 9, and of all taxes, assessments or liens superior to the lien granted under this Agreement, except any taxes, assessments or other superior lien subject to which
any said sale under Section 9 hereof may have been made; and 
 (b) second, to the payment to the Holder of the
amount then owing or unpaid on the Convertible Note; and 
 (c) third, to the payment of the balance or surplus, if any,
to the Company, its successors and assigns, or to whomsoever may be lawfully entitled to receive the same. 
 11. The
Holder’s Right to Cure; Reimbursement. In the event the Company should fail to do any act as herein provided, the Holder may, but without obligation to do so, without 

 

 -12- 

 
notice to the Company, and without releasing the Company from any obligation hereof, make or do the same in such manner and to such extent as the Holder may deem necessary to protect the
Collateral, including, without limitation, the defense of any action purporting to affect the Collateral or the rights or powers of the Holder hereunder, at the Company’s expense. The Company shall reimburse the Holder for expenses reasonably
incurred under this Section 11 and any such expenses not reimbursed will constitute Obligations secured by the Collateral. 

12. Expenses. The Company will upon demand pay to the Holder the amount of any and all reasonable expenses, including the fees and
expenses of its counsel and the allocated fees and expenses of staff counsel and the fees and expenses of any experts and agents, which the Holder may incur in connection with (a) the collection of the Obligations, (b) the administration
of this Agreement, (c) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, (d) the exercise or enforcement of any of the rights of the Holder hereunder, or (e) the failure
by the Company to perform or observe any of the provisions hereof. All amounts payable by the Company under this Section 12 shall be due upon demand and shall be part of the Obligations. The Company’s obligations under this Section 12
shall survive the termination of this Agreement and the discharge of the Company’s other obligations hereunder. 
 13.
Indemnity. 
 (a) Indemnity. The Company agrees to indemnify, reimburse and hold the Holder and its successors,
assigns, officers, directors, stockholders, members, managers, employees, agents, representatives, heirs, attorneys and servants (collectively, “Indemnitees”) harmless from and against any and all liabilities, obligations, damages,
injuries, penalties, claims, demands, actions, suits, judgments and any and all costs and expenses (including, without limitation, attorneys’ fees and expenses and the allocated costs of internal counsel) of whatsoever kind and nature imposed
on, asserted against or incurred by any of the Indemnitees in any way relating to or arising out of this Agreement or the Convertible Note or in any other way connected with the administration of the transactions contemplated hereby or the
enforcement of any of the terms hereof, or the preservation of any rights hereunder, or in any way relating to or arising out of the manufacture, processing, ownership, ordering, purchase, delivery, control, acceptance, lease, financing, possession,
operation, condition, sale, return or other disposition, or use of the Collateral (including, without limitation, latent or other defects, whether or not discoverable), the violation of the laws of any Governmental Authority, any tort (including,
without limitation, claims arising or imposed under the doctrine of strict liability, or for or on account of injury to or the death of any Person (including any Indemnitee)), or property damage, or contract claim; provided, that the Company shall
have no obligation to an Indemnitee hereunder to the extent it is judicially determined by a final order or decree that such indemnified liabilities arise solely from the gross negligence or willful misconduct of that Indemnitee. Any Indemnitee
shall provide the Company with prompt notice of all third party actions, suits, proceedings, claims, demands or assessments subject to the indemnification provisions of this Section 13(a) (collectively, “Third Party Claims”), and
provide the Company with notice of all other claims or demands for indemnification pursuant to this Section 13(a); provided, however, that the failure to provide timely notice shall not affect the Company’s indemnification obligations
except to the extent the Company shall have been materially prejudiced by such failure. The Company shall, if requested by such Indemnitee, resist and defend any Third Party 

 

 -13- 

 
Claim or cause the same to be resisted and defended by counsel reasonably satisfactory to such Indemnitee. Each Indemnitee shall, unless any other Indemnitee has made the request described in the
preceding sentence and such request has been complied with, have the right to employ its own counsel (or internal counsel) to investigate and control the defense of any matter covered by the indemnity set forth in this Section 13, and the fees
and expenses of such counsel shall be paid by the Company; provided that, only to the extent no conflict exists between or among the Indemnitees as reasonably determined by the Indemnitees, the Company shall not be obligated to pay the fees
and expenses of more than one counsel for all Indemnitees as a group with respect to any such matter, action, suit or proceeding. 

(b) Misrepresentations. Without limiting the application of subsection 13(a), the Company agrees to pay, indemnify and hold
each Indemnitee harmless from and against any loss, costs, damages and expenses which such Indemnitee may suffer, expend or incur in consequence of or growing out of any misrepresentation by the Company in this Agreement or the Convertible Note or
in any statement or writing contemplated by or made or delivered pursuant to or in connection with this Agreement or the Convertible Note. 

(c) Contribution. If and to the extent that the obligations of the Company under this Section 13 are unenforceable for any
reason, the Company hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations that is permissible under applicable law. 

(d) Survival. The obligations of the Company contained in this Section 13 shall survive the termination of this Agreement and
the discharge of the Company’s other obligations hereunder and under the Convertible Note. 
 (e) Reimbursement. Any
amounts paid by an Indemnitee as to which such Indemnitee has the right to reimbursement shall constitute Obligations secured by the Collateral. 

14. Termination; Release. This Agreement shall terminate (a) on the satisfaction in full of all of the
Obligations, or (b) if no Liability Default occurs prior to the
2nd year anniversary of the date hereof (or if a Liability
Default does occur, but is cured prior to the 2nd year
anniversary of the date hereof and the Holder has not exercised its right to accelerate payment of the Convertible Note or exercised any other remedy under the Convertible Note or this Agreement), then on such
2nd year anniversary, and, in either case, on such
termination, the Holder shall release to the Company the security interest granted in the Collateral hereunder and, upon the request and at the expense of the Company, forthwith assign, transfer and deliver to the Company, against receipt and
without recourse to or warranty by the Holder, such of the Collateral to be released as may then be in the possession of the Holder and proper instruments acknowledging the termination of this Agreement or the release of such Collateral, as the case
may be; provided, that if, after receipt of any payment of all or any part of the Obligations, the Holder is for any reason compelled to surrender such payment to any person or entity because such payment is determined to be void or voidable as a
preference, impermissible setoff, or a diversion of trust funds, or for any other reason, this Agreement shall continue in full force notwithstanding any contrary action which may have been taken by the Holder in reliance upon such payment, and any
such contrary action so taken shall be without prejudice to the Holder’s rights under this Agreement and shall be deemed to have been conditioned upon such payment having become final and irrevocable. 

 

 -14- 

 15. Miscellaneous. 

(a) Entire Agreement; Amendment. This Agreement, the Note Purchase Agreement and the Convertible Note set forth the entire
understanding of the parties with respect to the subject matter hereof and supersede all existing agreements among them concerning such subject matter. This Agreement may only be amended or modified by a written instrument duly executed by the
Company and the Holder. 
 (b) Successors and Assigns. This Agreement, together with the covenants and warranties
contained in it, shall inure to the benefit of the Holder, the Holders and their respective successors, assigns, heirs and personal representatives, and shall be binding upon the Company, its successors and permitted assigns; provided, that the
Company may not assign this Agreement without the prior written consent of the Holder. No other Persons (including, without limitation, any other creditor of the Company) shall have any interest herein or any right or benefit with respect hereto.
Without limiting the generality of the foregoing, the Holder may assign or otherwise transfer any indebtedness held by it and secured by this Agreement to any other Person, and such other Person shall thereupon become vested with all the benefits in
respect thereof granted to such the Holder, herein or otherwise, subject, however, to the provisions of the Convertible Note. 

(c) No Waiver; Cumulative Remedies. No failure on the part of the Holder to exercise, no course of dealing with respect to, and no
delay on the part of the Holder in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power or remedy hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and are not exclusive of any remedies provided by law. In the event the Holder shall have instituted any proceeding to enforce any right, power
or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Holder, then and in every such case, the Company and
the Holder shall be restored to their respective former positions and rights hereunder with respect to the Collateral, and all rights, remedies and powers of the Holder shall continue as if no such proceeding had been instituted. 

(d) Governing Law. This Agreement shall be governed by, and shall be construed and enforced in accordance with, the laws of the
State of New York. 
 (e) Consent to Jurisdiction and Service of Process. The Company irrevocably consents to the
jurisdiction of the courts of New York County, New York in connection with any action or proceeding arising out of or relating to this Agreement, any document or instrument delivered pursuant to, in connection with or simultaneously with this
Agreement, or a breach of this Agreement or any such document or instrument. In any such action or proceeding, the Company waives personal service of any summons, complaint or other process and agrees that service thereof may be made in accordance
with Section 15(h). Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of the Holder to bring proceedings against the Company in the courts of any other jurisdiction. 

 

 -15- 

 (f) WAIVER OF JURY TRIAL. DEBTOR HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL
PROCEEDING TO WHICH IT IS A PARTY INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER.

 (g) Severability of Provisions. If any provision of this Agreement is invalid, illegal or unenforceable, the balance
of this Agreement shall remain in effect, and if any provision is inapplicable to any person, party or circumstance, it shall nevertheless remain applicable to all other persons, parties and circumstances. 

(h) Notices. All notices and other communications required or permitted under this Agreement shall be sent by registered or
certified mail, postage prepaid, overnight courier, confirmed telex or facsimile transmission (provided, that a copy is also set by registered or certified mail), or delivered by hand or by messenger, addressed: 

 

			
	If to the Company	  	
	or any Subsidiary:	  	Senetek plc
		  	301 Central Ave, #384
		  	Hilton Head, South Carolina 29926
		  	Attention: John Ryan, Chief Executive Officer
		  	Tel: 842.290.8930
		  	Fax: 843.842.7248
		  	Email: jryan@senetek.net
		
	With a copy to:	  	DLA Piper LLP
		  	1251 Avenue of the Americas
		  	New York, New York 10020-1104
		  	Attention: William N. Haddad
		  	Tel: 212.335.4998
		  	Fax: 212.884.8498
		  	Email: william.haddad@dlapiper.com
		
	If to an Investor:	  	DMRJ Group, LLC
		  	152 West 57th Street, 54th Floor
		  	New York, New York 10019
		  	Attention: David Levy
		  	Tel: 212.582.2222
		  	Fax: 212.582.2424
		  	Email: dlevy@platinumlp.com

  

 -16- 

			
	With a copy to:	  	Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
		  	666 Third Avenue
		  	New York, New York 10017
		  	Attention: Dan DeWolf, Esq.
		  	Tel: 212.935.3000
		  	Fax: 212.983.3115
		  	Email: ddewolf@mintz.com

 or, in
either case, to such other address as the party shall have furnished in writing in accordance with the provisions of this Section 6.3. Any notice given by means other than as set forth above shall be deemed effective upon receipt. 

(i) Execution in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereby may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement.
Facsimile signatures shall be deemed originals for all purposes hereunder. 
 (j) Headings. The Section headings used in
this Agreement are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. 

[Remainder of page left intentionally blank. Signature page follows] 

 

 -17- 

 IN WITNESS WHEREOF, the parties have executed this Collateral Pledge and Security
Agreement on the date set forth above. 
  

			
	SENETEK PLC
		
	By:	 	  

		 	John Ryan, Chief Executive Officer

					
	
	DMRJ GROUP, LLC
	 By: Platinum Partners Value Arbitrage Fund L.P.,

its Managing Member

		
	By:	 	  

		 	Name:	 	David Levy
		 	Title:	 	Manager

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