Document:

PLACEMENT AGENT AGREEMENT

                                                                  March 30, 2000

Fahnestock & Co. Inc.
125 Broad Street
New York, NY 10004

Dear Sirs:

     The undersigned,  Senesco  Technologies,  Inc., a Delaware corporation (the
"Company"), hereby agrees with Fahnestock & Co. Inc. ("Fahnestock" or "Placement
Agent") as follows:

          1. PRIVATE PLACEMENT. The Company hereby agrees to allow Fahnestock to
place,  as its  agent,  up to  $1,000,000  of its common  stock (the  "Stock" or
"Shares")  in its current  private  placement of up to  $2,000,000  on terms and
conditions that are mutually  satisfactory.  The Shares shall be offered without
registration  under the  Securities  Act of 1933,  as amended  and the rules and
regulations  promulgated  thereunder  (the "Act") pursuant to the exemption from
registration created by Regulation D thereof.

          2.  PRIVATE  PLACEMENT  MEMORANDUM.  The  Company  shall,  as  soon as
practicable,  prepare a  Private  Placement  Memorandum  covering  the  proposed
offering  which the Company  reasonably  believes  shall meet the anti-fraud and
other  requirements  of the  federal  and state  securities  laws.  The  Private
Placement Memorandum shall be in form and substance  reasonably  satisfactory to
Fahnestock  and to the  Company  and to their  respective  counsel.  The Company
agrees  that it shall  modify or  supplement  the Private  Placement  Memorandum
during  the  course  of the  offering  to  insure  that  the  Private  Placement
Memorandum  does not contain any untrue  statement of a material fact or omit to
state any material fact  required to be stated  therein or necessary to make the
statements therein not misleading.

          3. COMPENSATION.  Fahnestock will be paid at the closing of such sales
a cash commission of seven percent (7%) of the subscription  price of each Share
sold by Fahnestock.

     If, during the term of the offering hereunder, the Placement Agent delivers
a copy of the Private  Placement  Memorandum to an investor who purchases within
one (1) year after such  introduction any securities of the Company in a private
transaction, Fahnestock shall be entitled to a cash commission of 7%.

          4. EXPENSES.  It shall be the Company's  obligation to bear all of the
expenses  in  connection  with the  proposed  offering,  including  Fahnestock's
reasonable legal expenses,  if any, and "blue sky" counsel fees and expenses for
filing in such states as may be agreed upon.

<PAGE>

          5. FURTHER  REPRESENTATIONS AND AGREEMENTS OF THE COMPANY. The Company
represents and agrees that (i) it is authorized to enter into this Agreement and
to carry out the offering contemplated  hereunder and this Agreement constitutes
a legal, valid and binding obligation of the Company,  enforceable in accordance
with its terms, (ii) the Company will, during the course of the offering, solely
at  its  expense,   provide  Fahnestock  with  all  information  and  copies  of
documentation with respect to the Company's  business,  financial  condition and
other  matters as  Fahnestock  may  reasonably  deem  relevant,  and will,  make
reasonably  available to  Fahnestock,  its auditors,  counsel,  and officers and
directors to discuss with  Fahnestock  any aspect of the Company or its business
which  Fahnestock  may reasonably  deem relevant,  (iii) the Company has entered
into an investment banking agreement with Fahnestock dated the date hereof, (iv)
the Company  will  deliver at the  closing of sales  conducted  hereunder  (a) a
certificate of each of the Company's  President and Treasurer to the effect that
the Private  Placement  Memorandum  meets the  requirements  hereof and has been
modified or  supplemented as required by Paragraph 2 hereof and does not contain
any  untrue  statement  of  material  fact or fail to state  any  material  fact
required to be stated  therein or necessary to make the  statements  therein not
misleading,  and all necessary  corporate approvals have been obtained to enable
the Company to deliver the Shares in  accordance  with the terms of the offering
and (b) a limited opinion of counsel for the Company  substantially  in the form
attached  hereto in Exhibit A, (v) the Company  shall use its "best  efforts" to
have the  registration  statement  in which the  Shares are  included  effective
within nine (9) months from the final  closing  hereunder and (vi) all officers,
directors and holders of Common Stock greater than five percent (5%) shall enter
into a lock-up  agreement with Fahnestock,  in which they will agree not to sell
any shares held by them under Rule 144 or  otherwise  for a period from the date
hereof until the earlier of (y) nine (9) months from the final closing hereunder
or (z) 30 days following the effective date of a registration statement in which
the Shares are included.

          6. INDEMNIFICATION. (a) Subject to the conditions set forth below, the
Company  hereby agrees that it will  indemnify and hold harmless  Fahnestock and
each director,  officer,  shareholder,  employee or representative of Fahnestock
and  each  person  controlling,  controlled  by or  under  common  control  with
Fahnestock within the meaning of Section 15 of the Act or Section 20 of the 1934
Act, (individually,  an "Indemnified Person") from and against any and all loss,
claim, damage, liability, cost or expense whatsoever (including, but not limited
to, any and all  reasonable  legal  fees and other  expenses  and  disbursements
incurred in connection with investigating,  preparing to defend or defending any
claim,  action,  suit or  proceeding  (a  "Claim"),  including  any  inquiry  or
investigation, commenced or threatened, in appearing or preparing for appearance
as a witness in any Claim,  including  any  inquiry,  investigation  or pretrial
proceeding  such  as  a  deposition)  (collectively  a  "Loss")  to  which  such
Indemnified  Person may become  subject under the Act, the 1934 Act or any other
federal or state statutory law or regulation at common law or otherwise, arising
out of, based upon, or in any way related or  attributed to (i) this  Agreement,
(ii) any untrue statement or alleged untrue statement of material fact contained
in the  Private  Placement  Memorandum  (except  those  statements  given  by an
Indemnified  Person for  inclusion  therein or omission to state a material fact
therein),  or (iii) the breach of any

                                       2

<PAGE>

representation,  covenant or warranty made by the Company in this Agreement. The
Company further agrees that upon demand by an Indemnified  Person at any time or
from time to time, it will promptly  reimburse such  Indemnified  Person for any
Loss  actually and  reasonably  paid by the  Indemnified  Person as to which the
Company  has  indemnified  such  person  pursuant  hereto.  Notwithstanding  the
foregoing  provisions of this Paragraph 6, any such payment or  reimbursement by
the Company of fees, expenses or disbursements incurred by an Indemnified Person
in any  Claim in which a final  judgment  by a court of  competent  jurisdiction
(after all appeals or the expiration of time to appeal) is entered  against such
Indemnified  Person as a direct result of such person's  gross  negligence,  bad
faith or willful misfeasance will be repaid promptly to the Company.

         (b) Promptly after receipt by any  Indemnified  Person under  paragraph
(a) above of notice of the commencement of any Claim,  such  Indemnified  Person
will,  if a claim in respect  thereof is to be made  against the  Company  under
paragraph (a), notify the Company in writing of the  commencement  thereof,  and
the  Company   shall  assume  the  defense   thereof  with  counsel   reasonably
satisfactory  to  such  Indemnified  Person;  provided,  however,  that  if  the
defendants  in any such  action  include  both the  Indemnified  Person  and the
Company or any  corporation  controlling,  controlled by or under common control
with the Company, or any director, officer, employee, representative or agent of
any thereof,  and the Indemnified  Person shall have  reasonably  concluded that
there  may be  legal  defenses  available  to it  which  are  different  from or
additional to those available to such other  defendant,  the Indemnified  Person
shall have the right to select separate counsel to represent it, and the Company
shall pay the reasonable fees and expenses of such separate counsel.  Failure of
the Indemnified  Person to so notify us shall not relieve us from any obligation
we may have  hereunder,  unless and to the extent  such  failure  results in the
forfeiture  by us of  substantial  rights and defenses and will not in any event
relieve us from any other obligation or liability we may have to any Indemnified
Person otherwise than under this Agreement.

     We further agree that we will not, without the prior written consent of the
relevant Indemnified Person,  settle,  compromise or consent to the entry of any
judgment in any pending or threatened Claim in respect of which  indemnification
may be sought hereunder  (whether or not any Indemnified  Person is an actual or
potential party to such Claim),  unless such  settlement,  compromise or consent
includes  an  unconditional,  irrevocable  release  of each  Indemnified  Person
hereunder from any and all liability arising out of such Claim.

     (c) Fahnestock  agrees that it will indemnify and hold harmless the Company
and each of its directors and officers,  against any Loss whatsoever (including,
but not  limited  to,  any and all legal fees and other  expenses)  to which the
Company or any such  director  or officer  may be subject  solely as a result of
statements  made  in  the  Private   Placement   Memorandum  based  solely  upon
information  supplied by  Fahnestock to the Company in writing or based upon the
improper  conduct of  Fahnestock  or any of its employees or agents in acting as
Placement Agent for the offering and sale hereunder.

                                       3

<PAGE>

     (d)  In  order  to  provide  for  just  and   equitable   contribution   in
circumstances in which the indemnification provided for in paragraph (a) of this
Paragraph 6 is due in accordance with its terms, but is for any reason held by a
court to be  unavailable  from the Company to Fahnestock on grounds of policy or
otherwise,  the Company and Fahnestock shall contribute to the aggregate Loss to
which the  Company  and  Fahnestock  may be subject in such  proportion  so that
Fahnestock is responsible  for that portion  represented by the percentage  that
the aggregate of its commission  and expenses under this Agreement  bears to the
aggregate  offering  price received by the Company for all Shares sold under the
Private  Placement  Memorandum,  and the Company is responsible for the balance,
except as the  Company  may  otherwise  agree to  reallocate  a portion  of such
liability with respect to such balance with any other person; provided, however,
that no person  guilty of  fraudulent  misrepresentation  within the  meaning of
Section 11(f) of the Act shall be entitled to  contribution  from any person who
was not  guilty  of such  fraudulent  misrepresentation.  For  purposes  of this
paragraph  (d), any person  controlling,  controlled by or under common  control
with Fahnestock, or any partner, director, officer, employee,  representative or
any  agent of any  thereof,  shall  have  the same  rights  to  contribution  as
Fahnestock  and each  person who  controls  the  Company  within the  meaning of
Section 15 of the Act or Section 20 of the 1934 Act,  each  director and officer
of the Company shall have the same rights to  contribution  as the Company.  Any
party entitled to  contribution  hereunder,  promptly after receipt of notice of
commencement  of any Claim  against  such  party in respect of which a claim for
contribution may be made against the other party under this paragraph (d), shall
notify such party from whom  contribution may be sought,  but the omission to so
notify  such party shall not  relieve  the party from whom  contribution  may be
sought from any obligation it or they may have hereunder or otherwise than under
this paragraph (d). The indemnity and contribution  agreements contained in this
Paragraph 6 shall remain  operative  and in full force and effect  regardless of
any  investigation  made  by or on  behalf  of  any  Indemnified  Person  or any
termination of this Agreement.

          7. TERMINATION. The Company and Fahnestock may terminate or extend the
Agreement at any time by mutual written consent.

          8. COMPETING CLAIMS. The Company  acknowledges and agrees there are no
claims or payments  for  services  in the nature of a finder's  fee or any other
arrangements,  agreements, payments, issuances or understandings that may effect
Fahnestock's compensation.

          9. MISCELLANEOUS.

     (a) Governing Law. This Agreement and the transactions  contemplated hereby
shall be governed in all respects by the laws of the State of New York,  without
giving effect to its conflict of laws principles.

     (b)  Counterparts.  This  Agreement  may  be  executed  in  any  number  of
counterparts,  each of  which  shall  be  deemed  an  original  and all of which
together shall constitute one and the same instrument.

                                       4

<PAGE>

     (c)  Notices.  Whenever  notice is  required  to be given  pursuant to this
Agreement,  such notice  shall be in writing  and shall  either be (i) mailed by
certified first class mail, postage prepaid,  addressed (a) if to Fahnestock, at
the  address  set  forth  at the  head of this  Agreement,  Attention:  Henry P.
Williams,  Senior Vice President;  (b) if to the Company, at 34 Chambers Street,
Princeton,  NJ 08542,  Attention:  Steven Katz,  President  and Chief  Operating
Officer;  and  (c) if to  Company's  counsel,  Buchanan  Ingersoll  Professional
Corporation at 650 College Road East, Princeton, NJ 08540,  Attention:  David J.
Sorin, Esq. or (ii) delivered personally or by express courier. The notice shall
be deemed  given,  if sent by mail,  on the third day after  deposit in a United
States post office receptacle, or if delivered personally or by express courier,
then upon receipt.

     (d)  Dispute.  In the  event  of any  action  at  law,  suit in  equity  or
arbitration  proceeding  in  relation  to  this  Agreement  or the  transactions
contemplated by this Agreement,  the prevailing party, or parties, shall be paid
its reasonable  attorney's fees and expenses  arising from such action,  suit or
proceeding by the other party.

     If the foregoing correctly sets forth the understanding  between Fahnestock
and the Company, please so indicate in the space provided below for that purpose
whereupon this letter shall constitute a binding agreement between us.

                                                  Very truly yours,

                                                  Senesco Technologies, Inc.

                                                  By: /s/ Steven Katz
                                                     ------------------------
                                                     Steven Katz
                                                     President and Chief
                                                     Operating Officer

Confirmed and agreed to:

Fahnestock & Co. Inc.

By: /s/ Henry P. Williams
   --------------------------
   Henry P. Williams
   Senior Vice President

Date:   March 30, 2000
     -------------------

                                       5
<PAGE>

                                                                       Exhibit A

                     ANNEX TO SECURITIES PURCHASE AGREEMENT

                                                        , 2000
                                                 -------

Purchasers of [Company] [Describe Securities]
c/o [F & Co. Counsel]

                                  Re: [Company]

Ladies and Gentlemen:

     We have acted as counsel to [Company], a corporation incorporated under the
laws of the State of                        (the "Company"),  in connection with
the proposed issuance and sale of                (the "Securities")  pursuant to
the Securities  Purchase Agreement , dated               between the Company and
               (the  "Buyer"),  including  all Exhibits and  Appendices  annexed
thereto and all documents and instruments executed and delivered as contemplated
thereby (collectively, the "Agreements").

     In  connection  with  rendering  the  opinions  set forth  herein,  we have
examined drafts of the Agreement,  the Company's  Certificate of  Incorporation,
and its  Bylaws,  each as amended to date  [other  documents  -  describe],  the
proceedings  of the  Company's  Board  of  Directors  taken in  connection  with
entering into the Agreements,  and such other documents,  agreements and records
as we deemed necessary to render the opinions set forth below.

     In conducting our examination, we have assumed the following: (i) that each
of the Agreements  has been executed by each of the parties  thereto in the same
form  as  the  forms  which  we  have  examined,  (ii)  the  genuineness  of all
signatures, the legal capacity of natural persons, the authenticity and accuracy
of all documents  submitted to us as originals,  and the conformity to originals
of all documents  submitted to us as copies,  (iii) that each of the  Agreements
has been duly and validly  authorized,  executed,  and delivered by the party or
parties  thereto  other than the Company,  and (iv) that each of the  Agreements
constitutes  the valid and  binding  agreement  of the party or parties  thereto
other than the Company,  enforceable against such party or parties in accordance
with the Agreements' terms.

     Based upon and subject to the foregoing, we are of the opinion that:

     1. The  Company  has been duly  incorporated  and is validly  existing as a
corporation  in good standing under the laws of the State of               ,  is
duly qualified to do business as a foreign  corporation  and is in good standing
in all  jurisdictions  where the Company  owns or leases  properties,  maintains
employees or conducts business, except for jurisdictions in which the failure to
so qualify

<PAGE>

would not have a material  adverse effect on the Company,  and has all requisite
corporate power and authority to own its properties and conduct its business.

     2. The authorized  capital stock of          the Company consists of shares
of Common Stock, par        value per share, ("Common Stock") and         shares
of  Preferred  Stock,  par  value  $         per  share;  [describe  classes  if
applicable].

     3. The Common  Stock is  registered  pursuant  to Section  12(b) or Section
12(g) of the  Securities  Exchange  Act of 1934,  as amended and the Company has
timely filed all the material required to be filed pursuant to Sections 13(a) or
15(d) of such Act for a period  of at least  twelve  months  preceding  the date
hereof.

     4. When duly  countersigned by the Company's  transfer agent and registrar,
and  delivered  to you  or  upon  your  order  against  payment  of  the  agreed
consideration therefor in accordance with the provisions of the Agreements,  the
Securities  [and any  Common  Stock to be  issued  upon  the  conversion  of the
Securities]  as described  in the  Agreements  represented  thereby will be duly
authorized and validly issued, fully paid and nonassessable.

     5. The Company has the  requisite  corporate  power and  authority to enter
into the  Agreements and to sell and deliver the Securities and the Common Stock
to be  issued  upon  the  conversion  of  the  Securities  as  described  in the
Agreements;  each of the Agreements has been duly and validly  authorized by all
necessary  corporate action by the Company to our knowledge,  no approval of any
governmental or other body is required for the execution and delivery of each of
the  Agreements  by  the  Company  or  the   consummation  of  the  transactions
contemplated  thereby; each of the Agreements has been duly and validly executed
and  delivered  by and on behalf  of the  Company,  and is a valid  and  binding
agreement of the Company,  enforceable in accordance  with its terms,  except as
enforceability  may be  limited  by general  equitable  principles,  bankruptcy,
insolvency,  fraudulent  conveyance,  reorganization,  moratorium  or other laws
affecting creditors rights generally,  and except as to compliance with federal,
state, and foreign securities laws, as to which no opinion is expressed.

     6. To the best of our knowledge, after due inquiry, the execution, delivery
and  performance  of the  Agreements by the Company and the  performance  of its
obligations  thereunder do not and will not  constitute a breach or violation of
any of the terms and  provisions  of, or  constitute a default under or conflict
with or violate any provision of (i) the Company's  Certificate of Incorporation
or By-Laws, each as currently in effect, (ii) any indenture,  mortgage,  deed of
trust, agreement or other instrument to which the Company is a party or by which
it or any of its property is bound,  (iii) any applicable statute or regulation,
or (iv) any judgment,  decree or order of any court or governmental  body having
jurisdiction over the Company or any of its property.

     7. The  issuance  of Common  Stock upon  conversion  of the  Securities  in
accordance with the terms and conditions of the Agreements, will not violate the
applicable listing agreement between the Company and any securities  exchange or
market on which the Company's securities are listed.

     8. The Company  complies with the eligibility  requirements  for the use of
Form S-3, under the Securities Act of 1933, as amended.

<PAGE>

     9. To the best of our knowledge,  after due inquiry, there is no pending or
threatened  litigation,  investigation or other proceedings  against the Company
[except as described in Exhibit A hereto].

     To the extent any of the  foregoing  opinions  is based on  information  or
representations of one or more specified individuals, organizations, agencies or
entities or is stated to be "to the best of our  knowledge,"  we hereby  confirm
that,  after due  inquiry  which we consider  to be  appropriate  for the issues
involved in rendering such opinion, we are aware of no information  inconsistent
with such opinion there expressed.

     This  opinion is  rendered  only with  regard to the matters set out in the
numbered  paragraphs  above.  No other  opinions are intended nor should they be
inferred.  This opinion is based  solely upon the laws of the United  States and
the State OF STATE  IDENTIFIED  IN  GOVERNING LAW  SECTION (IF  YOU ARE ADMITTED
THERE);  OTHERWISE THE STATE WHERE YOU ARE ADMITTED, as currently in effect, and
the SPECIFY  PROPER  TITLE OF [GENERAL]  CORPORATION  LAW of the State of [WHERE
COMPANY  INCORPORATED]  and does not  include  an  interpretation  or  statement
concerning  the  laws  of  any  other  state  or  jurisdiction.  Insofar  as the
enforceability of the Agreements may be governed by the laws of other states, we
have  assumed  that such laws are  identical  in all respects to the laws of the
State of IDENTIFY THE STATE WHERE YOU ARE  ADMITTED  NAMED IN THE FIRST BLANK IN
THIS PARAGRAPH.

     The  opinions  expressed  herein  are given to you  solely  for your use in
connection  with the  transaction  contemplated by the Agreements and may not be
relied upon by any other person or entity or for any other  purpose  without our
prior consent.

                                    Very truly yours,

                                     By:
                                         ------------------------------------

<PAGE>

                               AMENDMENT NO. 1 TO
                            PLACEMENT AGENT AGREEMENT

      This Amendment No. 1 dated July 25, 2000 (this  "Amendment")  is made to
that  certain  Placement  Agent  Agreement  dated as of March  30,  2000  (the
"Placement Agent Agreement"), made by and between Senesco Technologies,  Inc.,
a  Delaware   corporation   (the   "Company"),   and  Fahnestock  &  Co.  Inc.
("Fahnestock").  This Amendment is to be effective as of March 30, 2000.

                                   WITNESSETH:

      WHEREAS,  Fahnestock,  acting as the Company's placement agent pursuant to
the Placement Agent Agreement,  assisted the Company in a private placement (the
"Private Placement") raising $2,207,550 in gross proceeds; and

      WHEREAS,  the  Company and  Fahnestock  are also  parties to that  certain
Investment  Banking  Agreement,  dated as of March  30,  2000  (the  "Investment
Banking Agreement"), whereby Fahnestock shall provide the Company with financial
advisory services on an exclusive basis; and

      WHEREAS,  the Investment  Banking Agreement  provides for the payment of a
monthly  fee by the Company to  Fahnestock  and the  issuance  of warrants  (the
"Warrants") to purchase one hundred  thousand  (100,000) shares of the Company's
common stock; and

      WHEREAS,  the  parties  now  desire  to  amend  both the  Placement  Agent
Agreement and the Investment Banking  Agreement,  such that the Warrants will be
part  of the  consideration  given  to  Fahnestock  under  the  Placement  Agent
Agreement,  instead of being part of the consideration given to Fahnestock under
the Investment Banking Agreement;

      NOW THEREFORE,  in consideration  of the premises,  and for other good and
valuable   consideration   the  receipt  and  sufficiency  of  which  is  hereby
acknowledged by the parties, the parties hereto agree as follows:

1.  AMENDMENTS.

      Section 3 of the Placement  Agent Agreement is hereby amended by adding to
the end of such Section the following paragraph:

            "In  addition,  Fahnestock  shall be granted  five-year  Warrants to
      purchase  one hundred  thousand  (100,000)  shares of common  stock of the
      Company at an  exercise  price per share  equal to $1.50 per share,  which
      shall be issued  upon  execution  of this  Agreement.  The  Warrants  will
      contain certain registration rights on terms substantially as set forth in
      the Company's registration rights agreement."

<PAGE>

2.  RATIFICATION.

      Except as amended hereby, all of the terms and conditions of the Placement
Agent Agreement,  shall remain in full force and effect, and are hereby ratified
and confirmed in all respects.

3.  GOVERNING LAW.

      This  Amendment  shall be governed by and construed  under the laws of the
State of New York as such laws are  applied  to  contracts  made and to be fully
performed entirely within that state between residents of that state.

4.  COUNTERPARTS.

      This  Amendment  may be executed in any number of  counterparts,  and each
such  counterpart  shall be deemed to be an  original  instrument,  but all such
counterparts together shall constitute but one agreement.

                                    * * * * *

<PAGE>

      IN WITNESS WHEREOF,  the undersigned have executed this Amendment No. 1 to
the Placement Agent Agreement as of the date first written above.

                                    SENESCO TECHNOLOGIES, INC.

                                    By: /s/ Steven Katz
                                       --------------------------------------
                                       Name:  Steven Katz
                                       Title: President

                                    FAHNESTOCK & CO., INC.

                                    By: /s/ Henry P. Williams
                                       --------------------------------------
                                       Name:  Henry P. Williams
                                       Title: Senior Vice PresidentMarch 30, 2000

CONFIDENTIAL
------------

Senesco Technologies, Inc.
34 Chambers Street
Princeton, NJ  08542

Attn:  Steven Katz
       President and Chief Operating Officer

Ladies and Gentlemen:

     This is to confirm our  agreement  whereby  Senesco  Technologies,  Inc., a
Delaware  corporation  (the  "Company"),  has  requested  Fahnestock  & Co. Inc.
("Fahnestock") to render investment banking services to it on an exclusive basis
as to the terms and conditions as set forth herein, and Fahnestock has agreed to
render such services as follows:

1.   The  Company  hereby  engages  Fahnestock  for  the six  (6)  month  period
     commencing the date hereof to render advice to the Company as an investment
     banker relating to financial and similar business matters.  During the term
     of this  Agreement,  Fahnestock  will  provide the Company  with  financial
     consulting advice as is reasonably  requested by the Company primarily with
     respect  to  the   consideration   and   implementation  of  its  strategic
     alternatives, including evaluating financing alternatives. In addition, the
     Company and  Fahnestock  have entered into a separate  agreement  dated the
     date hereof, which provides for Fahnestock to raise up to $1,000,000 in the
     Company's current private placement of common stock.

2.   In  consideration  for the services  rendered by  Fahnestock to the Company
     pursuant to this  Agreement,  the Company  shall  compensate  Fahnestock as
     follows:

     (a) A monthly fee of $7,500, of which $22,500 is payable upon the execution
     of this  Agreement  and  $22,500 is payable  three (3) months from the date
     hereof.

     (b)  Five-year  Warrants to purchase  100,000  shares of common stock at an
     exercise  price per share equal to the market  price as  determined  by the
     average of the closing bid price for the 30-day trading period prior to the
     date hereof,  which shall be issued upon execution of this  Agreement.  The
     Warrants will contain certain registration rights on terms substantially as
     set forth in the Company's registration rights agreement.

<PAGE>

     (c) If,  during the term of this  Agreement,  the  Company  enters  into an
     agreement  to be  acquired,  merge,  sell all or  substantially  all of its
     assets  or  otherwise  effect a  corporate  reorganization  with any  other
     entity,  the Company shall engage  Fahnestock as its financial  advisor and
     shall pay a  transaction  fee to  Fahnestock to be determined at that time,
     but in any event such fee shall be  reasonable  and  customary for the size
     and nature of such a transaction.

     (d) In the event the Company  requests  Fahnestock to assist in discussions
     regarding joint ventures or strategic  alliances and an agreement develops,
     the Company agrees to pay Fahnestock a fee of five percent (5%) of any cash
     received by the Company from such agreement  including any up front payment
     and  any  milestone  payments.  The  fee  paid to  Fahnestock  pursuant  to
     paragraph 2(a) hereof shall be credited to any fee due Fahnestock  pursuant
     to this paragraph 2(d).

     (e)  Fahnestock  shall  have a right of first  refusal  for any  investment
     banking services of the Company,  including merger and acquisition advisory
     services and the sale or  distribution of securities in a private or public
     offering,  until  December  31,  2000.  In  such  event,  the  Company  and
     Fahnestock  will enter into a separate  agreement  at such time and the fee
     payable to  Fahnestock  will be  determined  at such time on terms that are
     standard and customary.

     (f) In the event the Company requires a fairness opinion or valuation,  the
     fee payable to Fahnestock will be determined at such time on terms that are
     standard and customary.

3.   In addition to the fees  payable  hereunder,  the Company  shall  reimburse
     Fahnestock for its reasonable travel and out-of-pocket expenses incurred in
     connection  with the  services  performed  by  Fahnestock  pursuant to this
     Agreement.

4.   The Company  acknowledges  that all opinions  and advice  (written or oral)
     given  by  Fahnestock  to  the  Company  in  connection  with  Fahnestock's
     engagement  are  intended  solely for the benefit and use of the Company in
     considering  the  transaction to which they relate,  and the Company agrees
     that no such  opinion  or  advice  shall be used for any other  purpose  or
     reproduced,  disseminated, quoted or referred to at any time, in any manner
     or for any  purpose,  nor may the  Company  make any public  references  to
     Fahnestock,  or use  Fahnestock's  name in any annual  reports or any other
     reports or releases  of the  Company  without  Fahnestock's  prior  written
     consent unless otherwise required by law. Fahnestock  acknowledges that the
     Company  intends  to  publicly  announce  that  it has  entered  into  this
     Agreement;  however  any press  release  referring  to  Fahnestock  must be
     approved by Fahnestock prior to its release.

5.   The  Company  acknowledges  and  agrees  that  there  will be no  claims or
     payments  for  services  in the  nature of a finder's  fee with  respect to
     Fahnestock's  engagement or any other arrangements,  agreements,  payments,
     issuances or understandings that may effect Fahnestock's compensation.

<PAGE>

6.   The Company  recognizes  and confirms  that, in advising the Company and in
     fulfilling its engagement hereunder,  Fahnestock will use and rely on data,
     material and other information  furnished to Fahnestock by the Company. The
     Company  acknowledges and agrees that in performing its services under this
     engagement,   Fahnestock  may  rely  upon  the  data,  material  and  other
     information  supplied by the Company  without  independently  verifying the
     accuracy, completeness or veracity of same.

7.   Since Fahnestock will be acting on behalf of the Company in connection with
     its engagement  hereunder,  the Company and Fahnestock  have entered into a
     separate  indemnification  agreement  substantially  in the  form  attached
     hereto  as  Exhibit  A  and  dated  the  date  hereof,  providing  for  the
     indemnification  of Fahnestock by the Company.  Fahnestock has entered into
     this  Agreement  in  reliance  on  the   indemnities   set  forth  in  such
     indemnification agreement.

     If the foregoing correctly sets forth the understanding  between Fahnestock
and the Company with respect to the foregoing, please so indicate your agreement
by signing in the place provided below, at which time this letter shall become a
binding contract.

                                Sincerely,

                                Fahnestock & Co. Inc.

                                /s/ Henry P. Williams

                                Henry P. Williams
                                Senior Vice President

Accepted and Agreed:

Senesco Technologies, Inc.

BY: /s/ Steven Katz
   -------------------------------------
   Steven Katz
   President and Chief Operating Officer

<PAGE>

                                                                       Exhibit A
                                                                       ---------

                                       March 30, 2000

Fahnestock & Co. Inc.
125 Broad Street
New York, New York  10004

Attention:  Henry P. Williams
            Senior Vice President

Dear Mr. Williams:

     In connection  with our engagement of Fahnestock & Co. Inc.  ("Fahnestock")
as our financial advisor and investment banker, we hereby agree to indemnify and
hold harmless  Fahnestock  and its  affiliates,  and the  respective  directors,
officers,   shareholders,   agents  and   employees  of  any  of  the  foregoing
(collectively the "Indemnified  Persons"),  from and against any and all claims,
actions,  suits,   proceedings  (including  those  of  shareholders),   damages,
liabilities and expenses  incurred by any of them (including the reasonable fees
and expenses of counsel),  (collectively a "Claim"), which are (A) related to or
arise out of (i) any actions taken or omitted to be taken  (including any untrue
statements  made or any statements  omitted to be made) by the Company,  or (ii)
any actions taken or omitted to be taken by any Indemnified Person in connection
with our  engagement of Fahnestock,  or (B) otherwise  relate to or arise out of
Fahnestock's  activities  on our behalf under  Fahnestock's  engagement,  and we
shall  reimburse  any  Indemnified  Person  for  all  expenses   (including  the
reasonable fees and expenses of counsel) incurred by such Indemnified  Person in
connection with  investigating,  preparing or defending any such claim,  action,
suit or  proceeding,  whether or not in  connection  with pending or  threatened
litigation in which any Indemnified Person is a party. We will not, however,  be
responsible  for any  Claim,  which is  finally  judicially  determined  to have
resulted  exclusively  from the gross  negligence  or willful  misconduct of any
person seeking  indemnification  hereunder. We further agree that no Indemnified
Person shall have any liability to us for or in connection  with our  engagement
of Fahnestock except for any Claim incurred by us as a result of any Indemnified
Person's  gross  negligence  or  willful  misconduct  or as  set  forth  in  the
indemnification  provisions of the  Placement  Agent  Agreement  entered into by
Fahnestock and the Company dated the date hereof.

     We further  agree that we will not,  without the prior  written  consent of
Fahnestock,  settle,  compromise  or consent to the entry of any judgment in any
pending or threatened  Claim in respect of which  indemnification  may be sought
hereunder (whether or not any Indemnified Person is an actual or potential party
to such  Claim),  unless  such  settlement,  compromise  or consent  includes an
unconditional, irrevocable release of each Indemnified Person hereunder from any
and all liability arising out of such Claim.

<PAGE>

     Promptly upon receipt by an  Indemnified  Person of notice of any complaint
or  the   assertion  or   institution   of  any  Claim  with  respect  to  which
indemnification is being sought hereunder,  such Indemnified Person shall notify
us in writing of such complaint or of such assertion or institution  but failure
to so notify us shall not relieve us from any obligation we may have  hereunder,
unless and only to the extent such failure  results in the  forfeiture  by us of
substantial  rights  and  defenses.  If we so  elect  or are  requested  by such
Indemnified  Person,  we will assume the defense of such  Claim,  including  the
employment of counsel reasonably satisfactory to such Indemnified Person and the
payment of the fees and expenses of such counsel.  In the event,  however,  that
legal counsel to such  Indemnified  Person  reasonably  demonstrates to us, that
having common  counsel would present such counsel with a conflict of interest or
if the  defendant  in, or target of, any such  Claim,  includes  an  Indemnified
Person and us, and legal counsel to such Indemnified Person reasonably concludes
that there may be legal defenses  available to it or other  Indemnified  Persons
different  from or in addition to those  available to us, then such  Indemnified
Person may employ its own separate counsel to represent or defend it in any such
Claim  and we shall  pay the  reasonable  fees  and  expenses  of such  counsel.
Notwithstanding anything herein to the contrary, if we fail timely or diligently
to defend,  contest,  or  otherwise  protect  against  any Claim,  the  relevant
Indemnified  Party  shall have the  right,  but not the  obligation,  to defend,
contest,  compromise,  settle, assert crossclaims, or counterclaims or otherwise
protect  against  the  same,  and  shall be fully  indemnified  by us  therefor,
including  without  limitation,  for the  reasonable  fees and  expenses  of its
counsel  and all  amounts  paid as a result of such Claim or the  compromise  or
settlement thereof. In any Claim in which we assume the defense, the Indemnified
Person shall have the right to  participate  in such Claim and to retain its own
counsel therefor at its own expense.

     We agree that if any indemnity sought by an Indemnified Person hereunder is
held by a court to be unavailable for any reason, except for gross negligence or
willful misconduct by such Indemnified  Person,  then (whether or not Fahnestock
is the Indemnified  Person), we and Fahnestock shall contribute to the Claim for
which such indemnity is held unavailable in such proportion as is appropriate to
reflect the  relative  benefits to us, on the one hand,  and  Fahnestock  on the
other, in connection with Fahnestock's  engagement referred to above, subject to
the limitation that in no event shall the amount of Fahnestock's contribution to
such Claim exceed the amount of fees  actually  received by  Fahnestock  from us
pursuant to Fahnestock's engagement.  We hereby agree that the relative benefits
to  us,  on the  one  hand,  and  Fahnestock  on  the  other,  with  respect  to
Fahnestock's  engagement shall be deemed to be in the same proportion as (a) the
total value paid or proposed to be paid or received by us or our stockholders as
the case may be, pursuant to the transaction  (whether or not  consummated)  for
which you are engaged to render  services  bears to (b) the fee paid or proposed
to be paid to Fahnestock in connection with such engagement.

     Our  indemnity,  reimbursement  and  contribution  obligations  under  this
Agreement  shall be in  addition  to,  and  shall in no way  limit or  otherwise
adversely  affect any rights  that any  Indemnified  Party may have at law or at
equity.

<PAGE>

     The validity and  interpretation of this agreement shall be governed by and
construed  and  enforced  in  accordance  with the laws of the State of New York
applicable to agreements made and to be fully performed  therein  (excluding the
conflicts of laws rules.) Each of Fahnestock and the Company hereby  irrevocably
submits to the jurisdiction of any court of the State of New York, County of New
York or the United States  District Court for the Southern  District of New York
for the  purpose of any suit,  action or other  proceeding  arising  out of this
agreement  or the  transactions  contemplated  hereby,  which is  brought  by or
against  Fahnestock  or  the  Company  and  in  connection  therewith,  each  of
Fahnestock  and the  Company  (i) hereby  irrevocably  agrees that all claims in
respect of any such suit,  action or proceeding  may be heard and  determined in
any such  court,  (ii) to the extent  that it has  acquired,  or  hereafter  may
acquire,  any  immunity  from  jurisdiction  of any such court or from any legal
process therein,  it hereby waives, to the fullest extent permitted by law, such
immunity  and (iii)  agrees  not to  commence  any  action,  suit or  proceeding
relating to this agreement other than in any such court.  Each of Fahnestock and
the Company  hereby waives and agrees not to assert in any such action,  suit or
proceeding,  to the fullest extent  permitted by applicable  law, any claim that
(a) it is not personally  subject to the  jurisdiction of any such court, (b) it
is immune from any legal process (whether through service or notice,  attachment
prior to judgment, attachment in aid of execution,  execution or otherwise) with
respect to its property or (c) any suit,  action or  proceeding is brought in an
inconvenient forum.

     It  is  understood  that,  in  connection  with  Fahnestock's   engagement,
Fahnestock may be engaged to act in one or more  additional  capacities and that
the terms of the original  engagement or any such  additional  engagement may be
embodied in one or more  separate  written  agreements.  The  provisions of this
Agreement shall apply to the original engagement, any such additional engagement
and any  modification of the original  engagement or such additional  engagement
and  shall  remain  in  full  force  and  effect  following  the  completion  or
termination of Fahnestock's engagement(s).

                                Very truly yours,

                                Senesco Technologies, Inc.

                                By:
                                    -----------------------------------------
                                    Steven Katz
                                    President and Chief Operating Officer

Confirmed and agreed to:

Fahnestock & Co. Inc.

By:
   ----------------------
   Henry P. Williams
   Senior Vice President

Date:
     --------------------

<PAGE>

                               AMENDMENT NO. 1 TO

                          INVESTMENT BANKING AGREEMENT

      This Amendment No. 1 dated July 25, 2000 (this  "Amendment")  is made to
that  certain  Investment  Banking  Agreement  dated as of March 30, 2000 (the
"Investment  Banking  Agreement"),  made by and between Senesco  Technologies,
Inc.,  a Delaware  corporation  (the  "Company"),  and  Fahnestock  & Co. Inc.
("Fahnestock").  This Amendment is to be effective as of March 30, 2000.

                                   WITNESSETH:

      WHEREAS,  the Company and Fahnestock are parties to the Investment Banking
Agreement,  whereby Fahnestock shall provide the Company with financial advisory
services on an exclusive basis; and

      WHEREAS,  the Investment  Banking Agreement  provides for the payment of a
monthly  fee by the Company to  Fahnestock  and the  issuance  of warrants  (the
"Warrants") to purchase one hundred  thousand  (100,000) shares of the Company's
common stock; and

      WHEREAS,  Fahnestock  and the Company are party to that certain  Placement
Agent Agreement,  dated as of March 30, 2000 (the "Placement Agent  Agreement"),
whereby  Fahnestock,  acting as the Company's  placement  agent  pursuant to the
Placement  Agent  Agreement,  assisted the Company in a private  placement  (the
"Private Placement") raising $2,207,550 in gross proceeds; and

      WHEREAS,  the  parties  now  desire  to  amend  both the  Placement  Agent
Agreement and the Investment Banking  Agreement,  such that the Warrants will be
part  of the  consideration  given  to  Fahnestock  under  the  Placement  Agent
Agreement,  instead of being part of the consideration given to Fahnestock under
the Investment Banking Agreement;

      NOW THEREFORE,  in consideration  of the premises,  and for other good and
valuable   consideration   the  receipt  and  sufficiency  of  which  is  hereby
acknowledged by the parties, the parties hereto agree as follows:

1.  AMENDMENTS.

      Section  2 of the  Investment  Banking  Agreement  is  hereby  amended  by
deleting  subsection (b) in its entirety and all references to such  subsection,
if any, shall be amended accordingly.

<PAGE>

2.  RATIFICATION.

      Except  as  amended  hereby,  all  of  the  terms  and  conditions  of the
Investment  Banking  Agreement,  shall remain in full force and effect,  and are
hereby ratified and confirmed in all respects.

3.  GOVERNING LAW.

      This  Amendment  shall be governed by and construed  under the laws of the
State of New York as such laws are  applied  to  contracts  made and to be fully
performed entirely within that state between residents of that state.

4.  COUNTERPARTS.

      This  Amendment  may be executed in any number of  counterparts,  and each
such  counterpart  shall be deemed to be an  original  instrument,  but all such
counterparts together shall constitute but one agreement.

                                    * * * * *

<PAGE>

      IN WITNESS WHEREOF,  the undersigned have executed this Amendment No. 1 to
the Investment Banking Agreement as of the date first written above.

                                    SENESCO TECHNOLOGIES, INC.

                                    By: /s/ Steven Katz
                                       --------------------------------------
                                       Name:  Steven Katz
                                       Title: President

                                    FAHNESTOCK & CO., INC.

                                    By: /s/ Henry P. Williams
                                       --------------------------------------
                                       Name:  Henry P. Williams
                                       Title: Senior Vice President

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