Document:

License Agreement between Senetek PLC and Plethora Solutions Limited

 Exhibit 10.97 
 LICENCE AGREEMENT 
 between 
 SENETEK plc, a company incorporated under the Companies Acts (Registered No. 01759068) and having its registered office at c/o Trowers & Hamlins, Sceptre Court, 40 Tower Hill, London EC3N 4DX,
England, and its principal place of business at 831A Latour Court, Napa, California 94558 (“Senetek”); 
 and 
 PLETHORA SOLUTIONS LIMITED, a company incorporated under the Companies Acts (Registered No. 04977609) and having its registered
office at Lupus House, 11 – 13 Macklin Street, Covent Garden, London, WC2B 5NH, England, and its principal place of business at Lupus House, 11 – 13, Macklin Street, Covent Garden, London, WC2B 5NH, England (“Plethora”),

 (each a “Party” and together, the “Parties”). 
 WHEREAS:- 
  

	(A)	Senetek is the owner of certain patents, know-how, trademarks and other intellectual property relating to the Product and to the Delivery System; 

  

	(B)	Plethora wishes to obtain certain exclusive licences from Senetek for the manufacture, marketing, sale and distribution of the Product and for the marketing, sale, and distribution
of the Delivery System in conjunction with the Product, in the Territories; and 

  

	(C)	Senetek has agreed to grant to Plethora such exclusive licences, on the terms and conditions set out in this Agreement. 

 THE PARTIES AGREE as follows:- 
  

	1.	DEFINITIONS AND INTERPRETATION 

 In this Agreement
(including the Recitals), unless the context otherwise requires: - 
 Additional Territories means any country or territory within the
Rest of the World; 

 Agreed Expenses means (i) sales, transfer or excise taxes (including any tax such as value
added or similar tax) or government charge (other than income tax) levied on the sale, transportation or delivery of Product and/or the Delivery System; (ii) discounts, credits, rebates and retroactive price adjustments including payments or
rebates reasonably and customarily paid in connection with the sale of Product and/or the Delivery System to any governmental or regulatory authority in respect of any state or federal Medicare, Medicaid or similar programs; (iii) freight,
shipment and insurance costs incurred transporting Product and/or the Delivery System to a Third Party purchaser and any charges relating to damage to the Product and/or the Delivery System in transit; and any other reasonable deductions incurred in
the ordinary course of business and agreed in writing between the Parties from time to time; 
 Ardana Licence Agreement means that
certain Licence Agreement between Senetek and Ardana Bioscience Limited (“Ardana”) dated 17 June 2004 as the same may be amended and in effect from time to time; 
 Calendar Year means the period from 1 January through 31 December, PROVIDED that the first Calendar Year shall be the period from the
Commencement Date through the second 31 December following the Commencement Date. 
 CMC data means data in respect of chemistry,
manufacturing and controls; 
 Commencement Date means the last date of execution hereof by the Parties; 
 Competing Product means a pharmaceutical product other than the Product for the local treatment of erectile dysfunction self-administered by
injection. 
 Delivery System means an autoinjector system designed for self-administration of parenteral drugs by the patient as
described in the Delivery System Patents; 
 Delivery System Patents means the patents and patent applications listed in Part 1(b) of
the Schedule, all and any patents granted pursuant to the patent applications listed in Part 1 (b) of the Schedule, and all and any reissues, extensions, substitutions, continuations, divisions, continuation-in-part applications and
supplementary protection certificates and other extensions of term (and applications therefore) in any part of the world which are based on or include the subject matter claimed in any of the patents and patent applications listed in Part 1(b) of
the Schedule; 
  

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 Delivery System Trade Marks means the registered trade marks for the Delivery System, set out in
Part 2(b) of the Schedule, together with all common law trade marks for the Delivery System and all and any rights in get up and trade dress associated with the Delivery System; 
 Development Data means reports of clinical studies and all other documentation containing or embodying any pre-clinical, clinical, regulatory or
CMC data for the Product and/or the Delivery System, and registration dossiers for the Product and/or the Delivery System; 
 Douglas
Packaging means the packaging for the Product as is more particularly described in the design drawings set out in Part 4 of the Schedule; 
 Employment Regulations means the Transfer of Undertakings (Protection of Employment) Regulations 1981, as amended from time to time; 
 FDA means the U.S. Food and Drug Administration or its successor; 
 Intellectual Property Rights means intellectual
property rights including but not limited to copyrights, moral rights, patents, database rights, trade marks, designs and design rights (registered and unregistered), utility models, supplementary protection certificates and all rights of a similar
nature in any part of the world, and applications and the right to apply for registration of any intellectual property rights; 
 Invicorp
1 means a composition of the Product containing 25 mcg of vasoactive intestinal polypeptide and 1 mg of phentolamine mesilate; 
 Invicorp 2 means a composition of the Product containing 25 mcg of vasoactive intestinal polypeptide and 2 mg of phentolamine mesilate; 
 JCC means the joint coordination committee established pursuant to Clause 11.2; 
 Marketing
Authorisation means any authorisation or other regulatory or governmental approval for the manufacture, distribution, marketing, sale and/or use of the Product and/or the Delivery System in any country in the Territories, as such authorisation,
or other regulatory or governmental approvals may be varied from time to time during the period of 
  

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 this Agreement (excluding any form of pricing or reimbursement approval) obtained, and any applications
for the same filed, by or on behalf of Plethora during the period of this Agreement; 
 North America means the countries set out in
Part 3 of the Schedule; 
 Patents means the Product Patents and the Delivery System Patents; 
 Product means a pharmaceutical product for the local treatment of erectile dysfunction containing the active ingredients vasoactive intestinal
polypeptide and phentolamine mesilate in any form of administration, and in any dosage regimen, whatsoever; 
 Product Patents means
the patents and patent applications listed in Part 1(a) of the Schedule, all and any patents granted pursuant to the patent applications listed in Part 1 (a) of the Schedule, and all and any reissues, extensions, substitutions, continuations,
divisions, continuation-in-part applications and supplementary protection certificates and other extensions of term (and applications therefor) in any part of the world which are based on or include the subject matter claimed in any of the patents
and patent applications listed in Part 1(a) of the Schedule; 
 Product Revenue means the gross revenue actually received by Plethora
and its Sub-Licensees for the sales of Product and/or the Delivery System less any Agreed Expenses, provided that royalties received by Plethora from its Sub-Licensees shall be excluded from the scope of Product Revenue; 
 Product Trade Marks means the registered trade marks for the Product, set out in Part 2(a) of the Schedule, together with all common law trade
marks for the Product and all and any rights in get up and trade dress associated with the Product; 
 Proprietary Information means:

  

	 	(i)	all and any reports of clinical studies and other documentation containing or embodying any pre-clinical, clinical, regulatory or CMC data, all regulatory dossiers, and all
correspondence for or relating to the Product and/or the Delivery System in Senetek’s possession; 

  

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	 	(ii)	all and any databases containing details of clinicians and/or patients to whom Senetek has supplied the Product on a named patient supply basis in Senetek’s possession;

  

	 	(iii)	all and any information, documents, data and databases, specifications, formulae, standard operating procedures, diagrams, expertise, techniques, and processes relating to
manufacturing, packaging and/ or labelling of the Product, or the active ingredients vasoactive intestinal polypeptide and phentolamine mesilate, and/or the Douglas Packaging, in Senetek’s possession; and 

  

	 	(iv)	all and any marketing and promotional materials and packaging developed for use, or used in conjunction, with the Product and/or the Delivery System, in Senetek’s possession.

 Quarter means the period from the Commencement Date until the day immediately prior to the next following Quarter
Date, the period of three (3) months commencing on the next following Quarter Date, and each subsequent period of three (3) months during the period of this Agreement; 
 Quarter Date means 1 January, 1 April, 1 July, and 1 October in each Calendar Year; 
 Rest of the World means each country and/or territory outside North America and those countries for which Ardana is licenced pursuant to the Ardana
Licence Agreement; 
 Schedule means the schedule in four (4) Parts annexed to and which will be deemed to form part of this
Agreement; 
 Serious Adverse Event means any untoward medical occurrence that at any dose: 
  

	 	1.	results in death; 

  

	 	2.	is life-threatening; 

  

	 	3.	requires inpatient hospitalisation or prolongation of existing hospitalisation; 

  

	 	4.	results in persistent or significant disability or incapacity; 

  

	 	5.	is a congenital anomaly/birth defect; or 

  

	 	6.	is another medically important condition; 

 Sub-Licensee means any Third Party to whom Plethora has granted a licence to use any of the Patents to manufacture, market, sell and/or distribute the Product and/or market, sell or distribute the Delivery System in conjunction with
the Product, but excluding distributors and wholesalers; 
  

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 Territories means North America and any Additional Territories as may be agreed by the Parties
pursuant to Clause 8 effective from the date of such agreement (each, a “Territory”); 
 Third Party means any party
other than Senetek and Plethora, and, “Third Parties” will be construed accordingly; 
 Trade Marks means the Product
Trade Marks and the Delivery System Trade Marks; and 
 Valid Claim means any claim of an issued and unexpired patent comprised within
the Patents, which has not been abandoned or allowed to lapse or declared invalid in a final judgement by a court of competent jurisdiction. 
  

	1.2	Words denoting the singular include the plural and vice versa, words denoting a gender include all genders, and words denoting persons include corporations and all other legal
entities. 

  

	1.3	Unless the context otherwise requires, references in this Agreement to any Clause will be deemed to be a reference to the relevant clause of this Agreement.

  

	1.4	The headings are inserted for ease of reference only and will not affect the interpretation or construction of this Agreement. 

  

	1.5	Any reference to any English term for any action, remedy, method or judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall in respect
of any jurisdiction other than England be deemed to include what most nearly approximates in that jurisdiction to the English term. 

  

	2.	DURATION 

  

	2.1	This Agreement will commence on the Commencement Date and subject to any mandatory provisions from time to time in force under any applicable legal system which expressly or by
implication apply notwithstanding the terms of this Agreement and earlier termination in respect of a Territory under Clauses 17 (Termination) or 21 (Force Majeure), the licences granted under this Agreement will continue in full force and effect on
a country by country basis until the later of: 

  

	 	2.1.1	the date on which all of the Patents have been held invalid, allowed to lapse or abandoned or the date of expiration of the last to expire of the Patents in the relevant country; or

  

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	 	2.1.2	ten (10) years from the date of first commercial sale of the Product by Plethora or its Sub-Licensee in the relevant country. 

  

	2.2	This Agreement will terminate when all of the licences granted under Clause 3 of this Agreement have terminated in all countries and territories. 

  

	3.	GRANT OF LICENCE 

  

	3.1	Senetek hereby grants to Plethora, and Plethora hereby accepts, an exclusive royalty bearing licence to use, and to grant sub-licences to Third Parties to use:

  

	 	3.1.1	the Product Patents, the Product Trade Marks, and the Proprietary Information for the manufacture, marketing, sale and distribution of the Product; 

  

	 	3.1.2	the Delivery System Patents, the Delivery System Trade Marks, and the Proprietary Information for the marketing, sale and distribution of the Delivery System in conjunction with the
Product; and 

  

	 	3.1.3	the Douglas Packaging, and all Intellectual Property Rights related to the Douglas Packaging, in conjunction with the Product, 

 in the Territories, on the terms and conditions contained in this Agreement. 
  

	3.2	The licences granted to Plethora pursuant to Clause 3.1 will include the right to use, and to grant sub-licences to use, the Patents, Trade Marks, and the Proprietary Information
for the purposes of research and development activities (including but not limited to carrying out clinical trials) anywhere in the world in order to enable Plethora to exercise its rights and fulfil its obligations under this Agreement, but for the
avoidance of doubt not to manufacture, package, market, sell or distribute the Product elsewhere than within the Territories. 

  

	3.3	Subject to lawful termination of the licences granted to Plethora under this Agreement in respect of a Territory, Senetek will not at any time during the period of this Agreement
use, or permit or grant to any Third Party a licence to use, the Patents, Trade Marks, the Proprietary 

  

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 Information or the Douglas Packaging, in relation to the manufacture, marketing, sale and distribution of
the Product or the marketing, sale and distribution of the Delivery System in conjunction with the Product, or to conduct pre-clinical or clinical trials, in the Territories. 
  

	3.4	Senetek will execute all documents and give all declarations regarding the licences granted to Plethora pursuant to this Agreement and will provide such further assistance as is
reasonably required by Plethora to enable Plethora to record or register the licences granted to Plethora pursuant to this Agreement at the various patent, and/or trade mark, offices (as appropriate) in the Territories, for the benefit of Plethora,
PROVIDED Plethora will, on demand, reimburse Senetek for the reasonable out of pocket expenses actually incurred by Senetek in the provision of such further assistance pursuant to this Clause 4.4. 

  

	4.	SUPPLY OF PROPRIETARY INFORMATION 

  

	4.1	Senetek will, within thirty (30) days of the Commencement Date, provide to Plethora a data package that will include all of the Proprietary Information in written form and, if
Senetek’s reasonable costs of preparing the same are advanced by Plethora, in electronic form. If, at any time during the course of this Agreement, Plethora believes that the data package provided by Senetek pursuant to this Clause 4.1 is
incomplete, Plethora may provide written notice thereof to Senetek and, if the data package so provided is incomplete, Senetek will provide Plethora with all additional Proprietary Information as soon as reasonably possible. Senetek will use its
best endeavours to answer all questions received from Plethora regarding the Proprietary Information as soon as reasonably possible after receipt. 

  

	5.	SUB-LICENSING 

  

	5.1	Plethora will be entitled to grant sub-licenses of its rights under this Agreement to a Third Party, or Third Parties, in whole or in part without any requirement to obtain the
prior written consent of Senetek, PROVIDED any such sub-license shall require such Third Party to observe and comply with all of the obligations undertaken in this Agreement by Plethora and no such sub-licence to a Third Party shall relieve Plethora
of any of its obligations under this Agreement. 

  

	6.	DELIVERY SYSTEM 

  

	6.1	Senetek will use its best endeavours to: 

  

	 	6.1.1	identify a suitable Third Party to manufacture the Delivery System on behalf of Senetek and its licensees; 

  

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	 	6.1.2	enter into an agreement with such Third Party in terms of which Senetek grants to such Third Party a license under the Delivery System Patents to manufacture and supply the Delivery
System on behalf of Senetek and its licensees; 

  

	 	6.1.3	cause such manufacturing licensee to enter into good faith negotiations with Plethora, solely at Plethora’s request, in relation to an exclusive manufacturing and supply
contract, on reasonable and customary terms, for Plethora’s requirements of the Delivery System for marketing and sale in conjunction with the Product in the Territories for the period of this Agreement, 

 within twelve (12) months following the Commencement Date. 
  

	7.	REGULATORY APPROVALS (NORTH AMERICA) 

  

	7.1	Following the Commencement Date, Plethora will be responsible for all regulatory, pricing and reimbursement, manufacturing, sales and marketing costs for the Product in North
America. Plethora undertakes to incur such expenditure (including, but not limited to regulatory costs and fees, marketing costs, manufacturing set-up costs, fees of external advisers and out-of-pocket expenses) on and after the Commencement Date as
are reasonably appropriate to fulfil its obligations pursuant to this Clause 7.1.  

  

	7.2	Plethora will use commercially reasonable endeavours to obtain, as promptly as reasonably practicable, all authorisations and other regulatory or governmental approvals necessary
for the commercial sale of the Product in each country of the Territories. 

  

	7.3	All authorisations or other regulatory or governmental approvals for the commercial sale of the Product (whether in conjunction with the Delivery System or otherwise) in the
Territories will be held in Plethora’s name. 

  

	8.	ADDITIONAL TERRITORIES (REST OF THE WORLD) 

  

	8.1	Plethora acknowledges that, pursuant to the Ardana License Agreement, Ardana has been granted a right of first offer as respects the grant by Senetek of any licence of rights to use
the Patents, Trade Marks, the Proprietary Information or the Douglas Packaging, in relation to the manufacture, marketing, sale and distribution of the Product or the marketing, sale and distribution of the Delivery System in conjunction with the
Product, for any country or territory in the Rest of the World. 

  

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	8.2	Subject to the prior rights of Ardana referred to in Clause 8.1: 

  

	 	8.2.1	if at any time during the period of this Agreement Senetek intends to make an offer to a Third Party other than Ardana, or receives an offer from a Third Party other than Ardana, in
relation to a licence of rights to use the Patents, Trade Marks, the Proprietary Information or the Douglas Packaging, in relation to the manufacture, marketing, sale and distribution of the Product or the marketing, sale and distribution of the
Delivery System in conjunction with the Product, for any country or territory in the Rest of the World, Senetek will, in the case where Senetek intends to make the relevant offer, prior to making any such offer, and in the case where Senetek
receives the relevant offer, within seven (7) days after receipt, give written notice to Plethora of the offer which Senetek intends to make to the Third Party or the offer received from the Third Party (as appropriate); and

  

	 	8.2.2	if at any time during the period of this Agreement Plethora desires to obtain from Senetek a license of rights to use the Patents, Trade Marks, the Proprietary Information or the
Douglas Packaging, in relation to the manufacture, marketing, sale and distribution of the Product or the marketing, sale and distribution of the Delivery System in conjunction with the Product, for any country or territory in the Rest of the World,
Senetek will give written notice to Plethora, within seven (7) days after receipt of Plethora’s notice, acknowledging receipt and undertaking to comply with this Article 9. 

  

	8.3	Following receipt of a written notice from Senetek pursuant to Clause 8.2.1, Plethora will have a period of thirty (30) days (the “Notice Period”) to determine
whether it wishes to extend its licence of rights under this Agreement to include the relevant Additional Territory to which the notice served by Senetek pursuant to Clause 8.2 refers. If Plethora elects to so seek to extend its licence it shall
notify Senetek in writing prior to expiry of the Notice Period. 

  

	8.4	Promptly following receipt of a written notice to Plethora from Senetek pursuant to Clause 8.2.2 or receipt of a written notice to Senetek from Plethora pursuant to Clause 8.3 the
Parties will discuss and negotiate, acting reasonably and in good faith, the commercial terms to apply in respect of the licence for the relevant Additional Territory. 

  

	8.5	Senetek will not: 

  

	 	8.5.1	sign any term sheet or enter into any agreement with a Third Party in relation to use of the Patents, Trade Marks, the Proprietary Information or the Douglas Packaging, in

  

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 relation to the manufacture, marketing, sale and distribution of Product or the marketing, sale and
distribution of the Delivery System in conjunction with the Product, for any Additional Territory without first giving written notice to Plethora as required by Clause 8.2; 
  

	 	8.5.2	during the Notice Period enter into any agreement with any Third Party in relation to use of the Patents, Trade Marks, the Proprietary Information or the Douglas Packaging, in
relation to the manufacture, marketing, sale and distribution of Product or the marketing, sale and distribution of the Delivery System in conjunction with the Product, for the relevant Additional Territory; 

  

	 	8.5.3	for a period of three (3) months after receipt Plethora of a notice from Senetek pursuant to Clause 8.2.2 or receipt by Senetek of a notice from Plethora pursuant to Clause 8.3
enter into any agreement with any Third Parties in relation to use of the Patents, Trade Marks, the Proprietary Information, or any rights related to the Douglas Packaging, in relation to the manufacture, marketing, sale and distribution of Product
or the marketing, sale and distribution of the Delivery System in conjunction with the Product, for the relevant Additional Territory; 

  

	 	8.5.4	disclose the terms of this Agreement or any communication received from Plethora pursuant to this Clause 8 to any Third Party with whom it enters into discussions or negotiations in
relation to use of the Patents, Trade Marks, the Proprietary Information or the Douglas Packaging, in relation to the manufacture, marketing, sale and distribution of Product or the marketing, sale and distribution of the Delivery System in
conjunction with the Product, in respect of the relevant Additional Territory. 

  

	8.6	If the parties are unable to agree the commercial terms to apply in respect of the licence for the Additional Territory within a period of three (3) months period following the
date of receipt by Plethora of the written notice from Senetek pursuant to Clause 8.2.2 or by Senetek of the written notice from Plethora pursuant to Clause 8.3, Senetek will be free to grant a licence under the Patents, Trade Marks, Know-How, or
any rights related to the Douglas Packaging, in relation to the manufacture, marketing, sale and distribution of the Product or the marketing, sale and distribution of the Delivery System in conjunction with the Product, in respect of the Additional
Territory to a Third Party, PROVIDED Senetek will not grant a licence to a Third Party in respect of the Additional Territory without first giving Plethora the opportunity to enter into a licence agreement in respect of the Additional Territory on

  

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 equivalent commercial terms offered by/to Senetek to/by the relevant Third Party, such right to be
exercised by Plethora within fourteen (14) days of receipt of a written notice from Senetek of its intention to enter into a licence agreement in respect of the Additional Territory with a Third Party and detailing fully the commercial terms of
such proposed licence agreement. 
  

	8.7	If at any time following receipt of a notice under Clause 8.2 Plethora determines that it does not wish to extend its licence of rights under this Agreement to include an Additional
Territory, Plethora will notify Senetek forthwith. Following receipt of such notice Senetek will be free to enter into a licence agreement in respect of such Additional Territory with a Third Party on such terms as it may determine.

  

	8.8	Provided that the written notice from Senetek pursuant to Clause 8.2.2 or from Plethora pursuant to Clause 8.3 shall be given not later than September 30, 2006, Senetek will
use its best efforts to complete the negotiations provided for in Clause 8.4 in relation to the grant to Plethora of a licence of rights to use the Patents, Trade Marks, the Proprietary Information or the Douglas Packaging, in relation to the
manufacture, marketing, sale and distribution of the Product or the marketing, sale and distribution of the Delivery System in conjunction with the Product, for the country or countries in the Rest of the World referred to in such notice by
31 December 2006. 

  

	9.	FEES/ROYALTIES 

  

	9.1	In consideration of the rights granted to it under this Agreement, Plethora will pay to Senetek: 

  

	 	9.1.1	the sum of *** upon receipt by Plethora of the marketing authorisations necessary for the commercial sale of both Invicorp 1 and Invicorp 2 in Canada or the United States of
America; 

  

	 	9.1.2	the sum of *** upon receipt by Plethora of the marketing authorisations necessary for the commercial sale of both Invicorp 1 and Invicorp 2 in each other country within the
Territories; 

  

	 	9.1.3	the sum of *** upon the first commercial sale pursuant to a marketing authorisation in any country within the Territories; 

  

	 	9.1.4	the sum of *** upon the first anniversary of the first commercial sale referred to in Clause 10.1.3; 

 *** Confidential treatment has been requested 
  

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	 	9.1.5	the sum of *** if and once cumulative Product Revenue in relation to sales of Product in the Territories exceeds *** ; 

  

	 	9.1.6	the sum of *** following the first Calendar Year in which Product Revenue in relation to sales of Product in the Territories exceeds ***; and 

  

	 	9.1.7	the sum of *** following the first Calendar Year in which Product Revenue in relation to sales of Product in the Territories exceeds ***, 

 in the manner specified in Clauses 9.3 through 9.9. 
  

	9.2	In addition to the sums referred to in Clause 9.1 Plethora will pay Senetek royalties at the rate of *** of all Product Revenue received by Plethora and its Sub-Licensees in respect
of sales of Product in the Territories with respect to each Calendar Year until the Product Revenue received by Plethora and its Sub-Licensees in relation to sales of Product with respect to such Calendar Year reaches ***, and thereafter *** of all
Product Revenue received by Plethora and its Sub-Licensees with respect to such Calendar Year, in the manner specified in Clauses 9.4 through 9.9. 

  

	9.3	Plethora will inform Senetek within thirty (30) days following the occurrence of an event for which a sum is payable to Senetek pursuant to Clauses 9.1.1 through 9.1.4.
Plethora will pay the sums due to Senetek pursuant to Clauses 9.1.1 to 9.1.4 within thirty (30) days after the occurrence of the event for which such sum is payable. Plethora will pay the sums due to Senetek pursuant to Clauses 9.1.5 through
9.1.7 within sixty (60) days following the end of the Quarter in which the Product Revenue reaches the specified level. 

  

	9.4	Plethora will pay all royalties due to Senetek in respect of each Quarter within sixty (60) days following the end of the relevant Quarter. A written statement showing the
following will accompany all payments of royalties to Senetek: - 

  

	 	9.4.1	the quantity of Product and/or Delivery Systems sold by Plethora and its Sub-Licensees during the relevant Quarter on a country by country basis; 

 *** Confidential treatment has been requested 
  

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	 	9.4.2	the Product Revenue generated during the relevant Quarter on a country by country basis; and 

  

	 	9.4.3	the royalties due to Senetek for the relevant Quarter. 

  

	9.5	All sums payable under this Agreement are expressed exclusive of any value added tax, which may be due thereon, and for which Plethora will be additionally liable.

  

	9.6	All royalties and other sums payable under this Agreement will be paid in United States Dollars, and if any such sums or royalties are expressed in this Agreement or calculated in a
currency other than Dollars, they will be converted into Dollars using the relevant daily cross-currency exchange closing mid-point for that currency as quoted in the Financial Times newspaper on the last business day of the Quarter in respect of
which the royalties or other sums are due. 

  

	9.7	Plethora will at all times keep true and accurate records of all sales of Products and Delivery Systems by Plethora, and will require its Sub-Licensees to keep true and accurate
records of all of their sales of Products and Delivery Systems, during the period of this Agreement. Plethora will allow Senetek or its authorised agents (provided that such agents have entered into an appropriate confidentiality agreement with
Plethora), not more than once per annum, on giving reasonable notice access to inspect and take copies of its records (including but not limited to reports of sales of Product and Delivery Systems received by Plethora from its Sub-Licensees) for the
purpose of verifying the amount of royalties and other sums due to Senetek under this Agreement. 

  

	9.8	If Plethora is required by law to make any deduction or to withhold any part of any amount due to Senetek under this Agreement, Plethora will give to Senetek proper evidence of the
amount deducted or withheld and payment of that amount to the relevant taxation authority, and will use its reasonable endeavours to assist Senetek to claim exemption from or, if that is not possible, to obtain a credit for the amount deducted or
withheld under any applicable double taxation or similar agreement from time to time in force. 

  

	9.9	The provisions of this Clause 9 will remain in full force and effect following termination of this Agreement for whatever reason until settlement of all subsisting claims of Senetek
under this Agreement. 

  

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	10.	GLOBAL COORDINATION 

  

	10.1	Plethora acknowledges that pursuant to the Ardana Licence Agreement Senetek and Ardana have formed a joint coordinating committee (“JCC”) responsible for
coordination of a global strategy for regulatory affairs, clinical development, Product Development and the manufacturing and marketing of the Product (whether in conjunction with the Delivery System or otherwise) throughout the world. Plethora
agrees to join the JCC, which thereupon (until such time, if any, as a third party licensee may join the JCC) will be comprised of up to seven (7) appropriately qualified representatives of the parties, three (3) of whom shall be appointed
by Ardana, two (2) of whom shall be appointed by Plethora and two (2) of whom shall be appointed by Senetek. The chairperson of the JCC will be Dr. Maureen Lindsay, or if Dr Lindsay is not available to attend any meeting of the JCC,
such of the JCC’s other nominated members as a majority of the members in attendance may appoint. The JCC is entitled to invite to each of its meetings such additional representatives or external advisers as may be necessary or desirable to
fulfil the responsibilities of the JCC. The JCC is to convene not less than twice each Calendar Year on dates and at times, and in locations or by teleconferencing, to be agreed between the members of the JCC. Each party is to bear its own costs in
relation to participation of its members at meetings of the JCC. 

  

	 	10.1.1	keep the other Party fully informed and consult with the other Party on an ongoing basis in relation to the actions they propose to take in relation to regulatory affairs, Product
development (including, but not limited to, proposed studies and clinical trials in relation to the Product and the Delivery System) and the manufacturing and marketing, of the Product; and 

  

	 	10.1.2	take account of the other Party’s comments in relation to regulatory affairs, Product development and the manufacturing and marketing, of the Product. 

For the avoidance of doubt, the Parties will not share information in relation to the commercial terms of sale of the Product and/or the Delivery
System including, but not limited to, sale price (whether by a Party or its sub-licensees). 
  

	10.3	Each of the Parties shall make available all relevant information, data, and records in its possession, to the JCC to enable the JCC to properly fulfil its responsibilities. The
chairperson of the JCC shall be responsible for preparing and circulating to the members and the Parties minutes of each meeting of the JCC. 

  

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	10.4	The Parties acknowledge and agree that the JCC shall have no authority to amend the terms of this Agreement and neither Party shall be obliged to take any action recommended or
proposed by the JCC. 

  

	11.	DEVELOPMENT DATA 

  

	11.1	Each of the Parties will disclose to the other Party all Development Data which it generates or which is generated, in Senetek’s case, by its other licensees and in
Plethora’s case, by its Sub-Licensees during the period of this Agreement. 

  

	11.2	Plethora and its Sub-Licensees will be entitled to use all Development Data generated by Senetek for the development, manufacture, marketing, sale and distribution of the Product,
and the marketing, sale and distribution of the Delivery System in conjunction with the Product, in the Territories without any requirement to make any additional payments to Senetek. Plethora and its Sub-Licensees will be entitled to use all
Development Data generated by Senetek’s other licensees for the development, manufacture, marketing, sale and distribution of the Product, and the marketing, sale and distribution of the Delivery System in conjunction with the Product, in the
Territories subject to agreeing a reasonable and appropriate fee for such use with the relevant licensee. 

  

	11.3	Senetek will be entitled to use all Development Data generated by Plethora and its Sub-Licensees for the development, manufacture, marketing, sale and distribution of the Product,
and the marketing, sale and distribution of the Delivery System in conjunction with the Product, outside of the Territories without any requirement to make any additional payments to Plethora or its Sub-Licensees. Senetek’s licensees will be
entitled to use all Development Data generated by Plethora and its Sub-Licensees for the development, manufacture, marketing, sale and distribution of the Product, and the marketing, sale and distribution of the Delivery System in conjunction with
the Product, outside of the Territories subject to agreeing a reasonable and appropriate fee for such use with Plethora or the relevant Sub-Licensee. 

  

	12.	EXCHANGE OF SAFETY INFORMATION 

  

	12.1	Senetek will be responsible for co-ordinating and managing global pharmacovigilance in respect of the Product and the Delivery System. 

  

 16 

	12.2	Each Party will keep the other Party informed in relation to all reports including, but not limited to, publications of adverse events coming to that Party’s knowledge with
regard to safety of the Product and/or the Delivery System, regardless of the origin of such reports. 

  

	12.3	Each Party will report to the other all and any Serious Adverse Events in respect of the Product and/or the Delivery System, whether in relation to clinical trials or otherwise,
within three (3) days of such event coming to that Party’s knowledge or attention. 

  

	12.4	Senetek will procure that each of its licensees and sub-licensees from time to time reports to Plethora all and any Serious Adverse Events in respect of the Product and/or the
Delivery System, whether in relation to clinical trials or otherwise, within three (3) days of such event coming to that licensee’s or sub-licensee’s knowledge or attention. Senetek will notify Plethora within fourteen (14) days
following the appointment of each licensee or sub-licensee from time to time and will provide contact details of the responsible person (from time to time) for pharmacovigilance within such licensee or sub-licensee. Thereafter Plethora will report
to the said responsible person all and any Serious Adverse Events in respect of the Product and/or the Delivery System, whether in relation to clinical trials or otherwise, within three (3) days of such event coming to Plethora’s knowledge
or attention. 

  

	12.5	Each Party will submit, and Senetek will procure that its other licensees and sub-licensees submit, appropriate Periodic Safety Update Reports in respect of each country or
territory in which it holds a marketing authorisation or it is conducting clinical trials in accordance with the applicable guidelines, including but not limited to the “Notice to Marketing Authorization Holders: Pharmacovigilance
Guidelines”, the ICH E2C Guidelines “Clinical Safety Data Management: Periodic Safety Update Reports for Marketed Drugs” and the relevant FDA guidelines (all as the same may be updated, revised or reissued from time to time) and will
provide a copy of each such Periodic Safety Update Report to the other Party and all other Senetek licensees or sub-licensees. 

  

	13.	PATENT MAINTENANCE AND PROSECUTION 

  

	13.1	Senetek will, during the period of this Agreement, be responsible for prosecution and maintenance of the Patents and will take all actions necessary to prosecute and maintain the
Patents, including but not limited to ensuring that all fees necessary to prosecute and maintain the Patents are timely paid. In addition, Senetek will, where available and on Plethora’s request, apply timely for and thereafter prosecute any
applications for and maintain, any extensions to patent term, including but not limited to supplementary protection certificates in respect of the Product and the Delivery System. 

  

 17 

	13.2	Senetek will: 

  

	 	13.2.1	at all times keep Plethora informed of and will consult with Plethora on an ongoing basis regarding the actions proposed to be taken by Senetek from time to time in relation to
prosecution and maintenance of the Patents (including, but not limited to supplementary protection certificates or equivalents); 

  

	 	13.2.2	ensure that the patent agents prosecuting the and/ or maintaining the Patents simultaneously copy all of their correspondence to Senetek in connection therewith, and promptly
provide copies of its own correspondence to with such patent agents, to Plethora so that, insofar as reasonably practicable, Plethora may be currently informed of the continuing prosecution and maintenance of the Patents and may comment upon such
documentation sufficiently in advance of any deadline for filing a response thereto; 

  

	 	13.2.3	take reasonable account of all comments received from Plethora in relation to any decisions which require to be taken with regard to prosecution and maintenance of the Patents; and

  

	 	14.2.4	not abandon or narrow any of the claims contained within the Patents, or abandon or allow to lapse any of the Patents, without first obtaining Plethora’s prior written consent
thereto. 

  

	13.3	Each Party will notify the other Party of any: 

  

	 	13.3.1	actual, threatened or suspected infringement of any of the Patents; or 

  

	 	13.3.2	proceedings commenced against it in which the validity or ownership of any of the Patents is challenged, 

 as soon as reasonably practicable after it becomes aware of such matters. 
  

	13.4	Plethora will, during the period of this Agreement and in consultation with Senetek, be entitled to take any action, legal or otherwise (including but not limited to commencing and
conducting relevant court proceedings in its own name or in the joint names of the Parties), as may be necessary or expedient to prevent or stop any infringement of the Patents or to defend 

  

 18 

 the Patents against any challenge to validity or ownership in the Territory. Senetek may participate in
any such court proceedings at it own expense and using Counsel of its own choice provided that it has notified Plethora, in writing, of its intention to do so within seven (7) days following receipt of notice from Plethora of the commencement
of the relevant court proceedings. 
  

	13.5	Senetek will, on Plethora’s request, provide to Plethora all information, documentation and assistance (including but not limited to executing documents) which Plethora may
reasonably require to enable it to take any action or commence or conduct any proceedings pursuant to Clause 13.4. 

  

	13.6	The Parties acknowledge that unless otherwise agreed: 

  

	 	13.6.1	all costs associated with Plethora taking any action or commencing or conducting any proceedings under Clause 13.4 will be paid by Plethora and all sums awarded or received by
Plethora in connection with such actions or proceedings will belong solely to Plethora; 

  

	 	13.6.2	all costs associated with Senetek taking any action or commencing or conducting any proceedings to prevent or stop any infringement of the Patents or to defend the Patents against
any challenge to validity or ownership will be paid by Senetek and all sums awarded or received by Senetek in connection with such actions or proceedings will belong solely to Senetek; and 

  

	 	13.6.3	all costs associated with Senetek and Plethora jointly taking any action or commencing or conducting any proceedings to prevent or stop any infringement of the Patents or to defend
the Patents against any challenge to validity or ownership will be shared by the parties equally and all sums awarded or received by Senetek and Plethora in connection with such actions or proceedings (an “Award”) will belong solely
to Plethora, except that each Party will be reimbursed pro rata from the Award for its costs based upon the amount of costs actually incurred by the relevant Party in respect of the relevant action or proceeding. The remainder of the Award,
following deduction of each Party’s costs as aforesaid, will be regarded, for the purposes of Clause 10.2, as Product Revenue in the Quarter in which the relevant sums were actually received by Plethora. 

  

 19 

	14.	TRADE MARK MAINTENANCE 

  

	14.1	Senetek will, during the period of this Agreement be responsible for maintaining the Trade Marks and will take all actions necessary to maintain the Trade Marks, including but not
limited to ensuring that all renewal fees necessary to maintain the Trade Marks are timely paid. 

  

	14.2	Plethora will give Senetek, on request, such information as to its use of the Trade Marks as may be reasonably required by Senetek to maintain registration of the Trade Marks within
the Territories. 

  

	14.3	Senetek will not abandon or allow to lapse any of the Trade Marks without first obtaining Plethora’s prior written consent thereto. 

  

	14.4	Each Party shall promptly give notice in writing to the other if it becomes aware of:- 

  

	 	14.4.1	any infringement or suspected infringement within the Territories of the Trade Marks; and 

  

	 	14.4.2	proceedings commenced against it in which the validity or ownership of any of the Trade Marks is challenged, 

 as soon as reasonably practicable after it becomes aware of such matters. 
  

	14.5	Plethora will, during the period of this Agreement and in consultation with Senetek, be entitled to take any action, legal or otherwise (including but not limited to commencing and
conducting relevant court proceedings in its own name or in the joint names of the Parties), as may be necessary or expedient to prevent or stop any infringement of the Trade Marks or to defend the Trade Marks against any challenge to validity or
ownership in the Territory. Senetek may participate in any such court proceedings at it own expenses and using Counsel of its own choice provided that it has notified Plethora, in writing, of its intention to do so within seven (7) days
following receipt of notice from Plethora of the commencement of the relevant court proceedings. 

  

	14.6	Senetek will, on Plethora’s request and at Plethora’s expense, provide to Plethora all information, documentation and assistance (including but not limited to executing
documents) which Plethora may reasonably require to enable it to take any action or commence or conduct any proceedings pursuant to Clause 14.5. 

  

 20 

	14.7	The Parties acknowledge that unless otherwise agreed: 

  

	 	14.7.1	all costs associated with Plethora taking any action or commencing or conducting any proceedings under Clause 15.6 will be paid by Plethora and all sums awarded or received by
Plethora in connection with such actions or proceedings will belong solely to Plethora; 

  

	 	14.7.2	all costs associated with Senetek taking any action or commencing or conducting any proceedings to prevent or stop any infringement of the Trade Marks or to defend the Trade Marks
against any challenge to validity or ownership will be paid by Senetek and all sums awarded or received by Senetek in connection with such actions or proceedings will belong solely to Senetek; and 

  

	 	14.7.3	all costs associated with Senetek and Plethora jointly taking any action or commencing or conducting any proceedings to prevent or stop any infringement of the Trade Marks or to
defend the Trade Marks against any challenge to validity or ownership will be shared by the parties equally and all sums awarded or received by Senetek and Plethora in connection with such actions or proceedings (an “Award”) will
belong solely to Plethora, except that each Party will be reimbursed pro rata from the Award for its costs based upon the amount of costs actually incurred by the relevant Party in respect of the relevant action or proceeding. The remainder of the
Award, following deduction of each Party’s costs as aforesaid, will be regarded, for the purposes of Clause 10.2, as Product Revenue in the Quarter in which the relevant sums were actually received by Plethora. 

  

	15.	CONFIDENTIALITY 

  

	15.1	Save as expressly permitted under Clause 11 (Development Data) or Clause 12 (Exchange of Safety Information) and subject to Clause 15.2, each Party (the “Receiving
Party”) will not at any time during the period of this Agreement nor at any time thereafter disclose or use, or permit to be disclosed or used, any information of a confidential nature which the other Party (the “Disclosing
Party”) may disclose to it or which may be disclosed to it on the Disclosing Party’s behalf during the period of this Agreement (including but not limited to information relating to Development Data, Marketing Authorisations, and the
Disclosing Party’s research and development activities, business or scientific strategies, opportunities, finances or processes) to any Third Party (excluding in Plethora’s case, its Sub-Licensees) without the Disclosing Party’s prior
written consent. The Receiving Party will ensure that its employees, officers and directors (and Plethora will ensure that its Sub-Licensees) to whom such 

  

 21 

 confidential information of the Disclosing Party is disclosed are made aware of the confidential nature
thereof and comply at all times with the terms of this Clause 16. The Receiving Party will be responsible for breaches of confidentiality in respect of the Disclosing Party’s confidential information by its employees, officers and directors.

  

	15.2	The obligations contained in this Clause 15 will not extend to any information which the Receiving Party can show by written evidence: - 

  

	 	15.2.1	is or becomes generally available to the public otherwise than by reason of a breach by the Receiving Party or its employees, directors or agents (and in Plethora’s case, its
Sub-Licensees) of the provisions of this Clause 15; or 

  

	 	15.2.2	is known to the Receiving Party and is at its free disposal prior to receipt from or on behalf of the Disclosing Party under this Agreement; or 

  

	 	15.2.3	is subsequently disclosed to the Receiving Party without obligation of confidence by a Third Party owing no obligation of confidentiality to the Disclosing Party in respect thereof;
or 

  

	 	15.2.4	legally requires to be disclosed; or 

  

	 	15.2.5	requires to be disclosed pursuant to an application for authorisation or other regulatory or governmental authority necessary for the commercial sale of Product or in respect of any
proceedings before any patent or trade mark office throughout the world. 

  

	15.3	Each Party shall keep the terms of this Agreement confidential and shall not make any public announcement in relation to the entering into of this Agreement without the other
Party’s prior written consent, such consent not to be unreasonably withheld or delayed. Notwithstanding the foregoing, each Party may disclose the terms of this Agreement to any securities exchange or regulatory authority or governmental body
to which the relevant Party is subject or submits, wherever situated including, but not limited to, the U.S. Securities Exchange Commission, the U.K. Stock Exchange Panel or the Panel on Take-overs and Mergers, PROVIDED that the relevant Party takes
full advantage of all provisions to keep confidential as many terms of this Agreement as possible, and to its investors, potential investors and to its professional advisers, PROVIDED that such parties are bound by an appropriate obligation of
confidentiality in relation to such disclosure. 

  

 22 

	16.	WARRANTIES AND INDEMNITIES 

  

	16.1	Senetek hereby warrants to Plethora that as at the Commencement Date: 

  

	 	16.1.1	it has full power and authority to enter into and to perform its obligations under, and to grant to Plethora the licences contained in, this Agreement; 

  

	 	16.1.2	it is the sole and exclusive owner of the Patents and the Trade Marks; 

  

	 	16.1.3	the Patents and the Trade Marks are subsisting and so far as Senetek is aware, valid and Part 1 of the Schedule is true, accurate and complete; 

  

	 	16.1.4	no licences or other rights to use the Patents, the Trade Marks, the Proprietary Information and/or the Douglas Packaging, and the Intellectual Property Rights (if any) therein,
have been or will be granted by Senetek in respect of the Territories; 

  

	 	16.1.5	all fees payable in respect of the Patents and/or the Trade Marks, including but not limited to, application and renewal fees, have been duly paid and with respect to the patent
applications comprised within the Patents, Senetek has done everything necessary to prosecute such patent applications, all such patent applications are proceeding normally and, so far as Senetek is aware, there are no material facts which could
significantly undermine or reduce to a significant extent the scope of any protection of any patents arising from such patent applications; 

  

	 	16.1.6	there are no Third Parties having any rights in or to the Patents, Trade Marks, the Proprietary Information, and the Intellectual Property Rights (if any) in respect of the Douglas
Packaging which conflict with the rights granted to Plethora under this Agreement or which would invalidate or prejudice in any way the licences granted to Plethora hereunder; 

  

	 	16.1.7	so far as Senetek is aware, use of the Patents, the Trade Marks, the Proprietary Information and/or the Douglas Packaging does not infringe the Intellectual Property Rights of any
Third Party; 

  

	 	16.1.8	no Third Party has made any claim with respect to ownership or inventorship of the Patents, or of ownership of the Trade Marks, the Proprietary Information and/or the Douglas
Packaging; 

  

 23 

	 	16.1.9	Senetek does not employ any individual whose contract of employment may have effect from and after the Commencement Date as if originally made between Plethora and such individual
by virtue of the Employment Regulations or any judicial decision interpreting the same, or otherwise; and 

  

	 	16.1.10	Senetek is not, and has not been, in default of any of its obligations under overdrafts, loans, and other financial facilities available to it nor under any lien, mortgage, or other
security interest granted by Senetek in respect of such overdrafts, loans, and other financial facilities and no steps for the enforcement of any lien, mortgage, or other security interest granted by Senetek in respect of such overdrafts, loans, and
other financial facilities have been taken or threatened 

  

	16.2	Plethora hereby warrants to Senetek as at the Commencement Date that: 

  

	 	16.2.1	it has the full power and authority to enter into and to perform its obligations under this Agreement; and 

  

	 	16.2.2	Plethora is not, and has not been, in default of any of its obligations under overdrafts, loans, and other financial facilities available to it nor under any lien, mortgage, or
other security interest granted by Plethora in respect of such overdrafts, loans, and other financial facilities and no steps for the enforcement of any lien, mortgage, or other security interest granted by Plethora in respect of such overdrafts,
loans, and other financial facilities have been taken or threatened. 

  

	16.3	Each Party (the “Indemnifying Party”) shall and hereby agrees to indemnify the other Party (the “Indemnified Party”) in full in respect of any
liability, damage, loss or expense (excluding indirect or consequential losses, special damages and loss of profit) incurred or suffered by or imposed upon the Indemnified Party, whether arising by way of a claim made by a Third Party or otherwise,
as a result of or in connection with a breach by the Indemnifying Party of the warranties given by it under Clauses 16.1 or 16.2 (as appropriate). 

  

	16.4	If, by virtue of the transactions anticipated hereunder, it is asserted or established that the contract of employment of any individual shall have effect or have had effect as if
originally made between Plethora and the individual concerned or would have had such effect but for the dismissal of the individual concerned in all cases as a result of the provisions of the Employment Regulations and/or any judicial decision
interpreting the same, or otherwise: 

  

	 	16.4.1	where it has not already been terminated, Plethora may, upon becoming aware of the same, terminate such contract forthwith; and 

  

 24 

	 	16.4.2	Senetek (for the purposes of this Clause 16.4 the “Indemnifying Party”) hereby undertakes to indemnify and keep indemnified Plethora (for the purposes of this
Clause 16.4 the “Indemnified Party”) on demand from and against any costs, claims, liabilities and expenses of any nature (including without prejudice to the foregoing generality, in relation to negligence claims by any employee or
third party, unfair dismissal, redundancy, unlawful discrimination, breach of contract, collective consultation in terms of the Employment Regulations or otherwise, unlawful deduction of wages and equal pay) arising out of the employment of such
individual and the termination thereof (whether such termination is effected by Plethora or another party), including for the avoidance of doubt any sums payable to or on behalf of such individual in respect of his employment following the
Commencement Date until such termination of employment. 

  

	16.5	Plethora (for the purposes of this Clause 16.5 the “Indemnifying Party”) shall and hereby agrees to indemnify Senetek (for the purposes of this Clause 16.5 the
“Indemnified Party”) in full in respect of any liability, damage, loss or expense (excluding but not limited to indirect or consequential losses, special damages and loss of profit) incurred or suffered by or imposed upon Senetek,
arising by way of a claim made by a third party as a result of or in connection with use of the Patents, the Trade Marks, the Proprietary Information and the Douglas Packaging by Plethora or its Sub-Licensees, or in relation to the manufacture,
marketing and sale of the Product and/or the Delivery System by Plethora or its Sub-Licensees. 

  

	16.6	The Indemnified Party agrees to give the Indemnifying Party prompt written notice of any claims made, for which the Indemnifying Party might be liable under this Clause 16, together
with the opportunity to defend, negotiate, and settle such claims. The Indemnified Party shall provide the Indemnifying Party with all information in its possession, authority, and assistance necessary to enable the Indemnifying Party to carry on
the defence of such suit. 

  

	16.7	Neither Party shall be responsible or bound by any settlement made without its prior written consent. 

  

 25 

	16.8	Each Party will, within thirty (30) days of execution of this Agreement, effect and maintain in full force and effect, during the period of this Agreement, the following
insurances: 

  

	 	16.8.1	in the case of Plethora, a policy of product liability insurance with a reputable insurance company which shall provide product liability coverage (which complies with any
applicable law) in the countries of the Territories and providing cover for a minimum of *** per occurrence; 

  

	 	16.8.2	and in the case of Senetek a policy of commercial general liability insurance with a reputable insurance company which shall provide liability coverage (which complies with any
applicable law) in the countries of the Territories, and providing cover for a minimum of *** per occurrence and *** in annual aggregate, and a policy of product liability insurance with a reputable insurance company which shall provide product
liability coverage (which complies with any applicable law) in the countries of the Territories and providing cover for a minimum of *** per occurrence. 

 Each Party will produce to the other Party at all times upon demand proof that the insurance cover required pursuant to this Clause 17.8 is in force and evidence that all premiums have been paid up to date. If a Party
becomes aware that the other Party has failed to maintain the insurance required pursuant to this Clause 17.8 it may effect such insurance and the other Party will reimburse it for the reasonable cost of effecting and maintaining such insurance, on
demand. 
  

	17.	TERMINATION 

  

	17.1	Each Party may terminate this Agreement forthwith by giving written notice to the other Party if:- 

  

	 	17.1.1	the other Party commits a material breach of any of the terms of this Agreement and, if the breach is capable of remedy, fails to remedy it within thirty (30) days after being
given a written notice containing full particulars of the breach and requiring it to be remedied; or 

  

	 	17.1.2	an order is made or a resolution is passed for the winding-up of the other Party except in the case of a voluntary winding-up for the purposes of a scheme of reconstruction
amalgamation the terms of which have previously been approved in writing by both Parties; or 

 *** Confidential treatment
has been requested 
  

 26 

	 	17.1.3	an administration order is made, or a petition for such an order is presented, in respect of the other Party; or 

  

	 	17.1.4	a Receiver (or Administrative Receiver) is appointed in respect of the other Party or all or any of its assets; or 

  

	 	17.1.5	a voluntary arrangement is proposed under a governing bankruptcy law in respect of the other Party; or 

  

	 	17.1.6	the other Party ceases to trade or sells the whole of its business or assets or any part of its business or assets which is relevant to its ability to perform its obligations under
this Agreement. 

  

	17.2	Senetek may terminate the licences granted to Plethora pursuant to this Agreement without penalty by giving written notice to Plethora forthwith in respect of any country within the
Territories if Plethora markets or sells any Competing Product within that country without Senetek’s prior written consent. 

  

	17.3	For the purposes of this Clause 18, a breach will be considered capable of remedy if the party in breach can comply with the provision in question in all respects other than as to
time of performance (provided always that time of performance is not of the essence). 

  

	18.	EFFECTS OF EXPIRY/TERMINATION 

  

	18.1	The accrued rights and liabilities of the parties under this Agreement will survive expiry or termination (in whole or in part) of this Agreement. 

  

	18.2	If Senetek terminates this Agreement with respect to a country in the Territories pursuant to Clause 17.1 or 17.2: 

  

	 	18.2.1	Plethora will transfer to Senetek all clinical, regulatory, CMC data and regulatory dossiers for or relating to the Product and/or the Delivery System in the relevant country, in
its possession or control as at the date of such termination; 

  

 27 

	 	18.2.2	assign to Senetek (and on Senetek’s request do all acts and sign all documents necessary to transfer to Senetek) its right, title, property and interest in and to all Marketing
Authorisations in respect of the relevant country; and 

  

	 	18.2.3	Plethora’s rights and obligations under this Agreement with respect to the relevant country shall terminate with effect from the date of such termination with the effect that
all sub-licenses granted by Plethora shall also terminate provided always that if such termination has been caused through no fault of the Sub-Licensee then Senetek will at that time offer such Sub-Licensee to enter into a direct licence with such
Sub-Licensee with regard to (i) the Product Patents, the Product Trade Marks, and the Proprietary Information for the manufacture, marketing, sale and distribution of the Product; (ii) the Delivery System Patents, the Delivery System Trade
Marks, and the Proprietary Information for the marketing, sale and distribution of the Delivery System in conjunction with the Product; and (iii) the Douglas Packaging, and all Intellectual Property Rights related to the Douglas Packaging, in
conjunction with the Product, on terms equivalent to those set out in this Agreement or on the terms of such sub-license, whichever Senetek may elect (and at the request of Plethora prior to granting any sub-licence Senetek will give a direct
undertaking to Plethora’s proposed Sub-Licensee to this effect). 

  

	18.3	Senetek acknowledges that following expiry of this Agreement (but not termination of this Agreement pursuant to Clause 18.1 or 18.2) (i) Plethora and its Sub-Licensees shall be
entitled to use, and Plethora shall be entitled to grant to Third Parties the right to use, the Patents, the Trade Marks, the Proprietary Information and the Douglas Packaging, and the Intellectual Property Rights (if any) relating to the Douglas
Packaging, and any Development Data generated by Senetek during the period of this Agreement for the development, manufacture, marketing, sale and distribution of the Product without any further obligation to pay any sums, including but not limited
to royalties, to Senetek in connection with such use, (ii) Senetek will assign to Plethora (and on Plethora’s request do all acts and sign all documents necessary to transfer to Plethora) its right, title, property and interest in and to
all Trade Marks in respect of the Territories, and (iii) in addition to those Clauses referred to in Clause 18.4, Senetek’s obligations pursuant to Clauses 12 and 13 will continue. 

  

	18.4	The terms of Clauses 1 (Definitions and Interpretations), 9 (Fees/Royalties)(in respect of sums outstanding as at the date of termination only), 15 (Confidentiality), 16 (Warranties
and Indemnities), 21 (Notices), 23 (General), 24 (Applicable Law) and this Clause 18 (Effects of Expiry/Termination) will continue in full force and effect regardless of the expiry or termination of this Agreement. 

  

 28 

	19.	PRE-EMPTION RIGHT 

  

	19.1	If any of the events referred to in Clauses 17.1.2 to 17.1.6 inclusive (each an “Insolvency Event”) occur in respect of Senetek, Senetek will immediately notify
Plethora and, as at the date and/or time of occurrence of the relevant Insolvency Event, to the extent permitted by law Plethora will have the right, at Plethora’s sole discretion, to purchase from Senetek, at fair market value (“Fair
Market Value”), the Patents, the Trade Marks, the Proprietary Information and/or the rights in and to the Douglas Packaging in the Territories. In the absence of agreement as to the Fair Market Value within twenty one (21) days
following the Insolvency Event, Plethora may require the Fair Market Value to be determined by an expert agreed between the Parties or, in the absence of agreement, nominated by the then chairman of the Association of the British Pharmaceutical
Industry (ABPI). Such expert will act as an expert and not as an arbitrator and his decision shall be final and binding save in the case of manifest error. 

  

	19.2	If, following an Insolvency Event, Plethora wishes to purchase any or all of, the Patents, the Trade Marks, the Proprietary Information and/or the rights in and to the Douglas
Packaging in the Territories at Fair Market Value from Senetek, it shall so notify Senetek and Senetek will use its best endeavours to procure that the relevant sale to Plethora proceeds as expeditiously as possible. 

  

	20.	NOTICES 

  

	20.1	All notices, requests, claims, demands and other communications hereunder shall be in writing in English and shall be given or made (and shall be deemed to have been duly given or
made if delivered in person or by courier service, upon receipt and if delivered by registered or certified mail, five (5) working days after posting) by delivery in person, by courier service, or by registered or certified mail (postage
prepaid, return receipt requested) to the respective Parties at the addresses specified in Clause 21.2: 

  

			
	If to Plethora:	  	
		
	Attn:	  	Company Secretary
		
	If to Senetek:	  	
		
	Attn:	  	Chief Financial Officer

  

 29 

 Notices served by fax or by electronic mail will only be effective when subsequently confirmed by hand
delivery, courier or by certified or registered mail in accordance with the procedures set out in this Clause 21. 
 For the purposes of this
Clause 20.1, a “working day” will be a day on which businesses are generally open for business in both the United States of America and the United Kingdom but excluding Saturdays, Sundays, and all bank and public (both regional and
national) holidays. 
  

	20.2	Notices to Plethora shall be addressed to Plethora at its registered office with a copy sent to its principal place of business noted above or at such other address in the United
Kingdom as it may have intimated to Senetek for this purpose. Notices to Senetek shall be addressed to it at its principal office referred to in the preamble to this Agreement or such other address as it may have intimated to Plethora for this
purpose. 

  

	21.	FORCE MAJEURE 

  

	21.1	Any delays in or failure of performance by either Party under this Agreement will not be considered a breach of this Agreement if and to the extent that such delay or failure is
caused by occurrences beyond the reasonable control of that Party including, but not limited to acts of God; acts, regulations and laws of any government; strikes or other concerted acts of workers; fire; floods; explosions; riots; wars; rebellion;
and sabotage; and any time for performance hereunder will be extended by the actual time of delay caused by any such occurrence. 

  

	21.2	If either Party is so prevented from carrying out its obligations under this Agreement for a continuous period of six (6) months the Party not so prevented may terminate this
Agreement on giving thirty (30) days prior written notice provided always that at the date upon which termination becomes effective the Party which was prevented from carrying out its obligations under this Agreement remains so prevented.

  

	22.	GENERAL 

  

	22.1	Neither Party shall be entitled to assign, transfer or sub-contract, whether in whole or in part, any of its rights or obligations under this Agreement, other than as expressly set
out in this Agreement, without the prior written consent of the other Party, such consent not to be unreasonably withheld or delayed. 

  

	22.2	No failure or delay by either Party in exercising any right or remedy under this Agreement shall operate as a waiver of such right or remedy nor shall any single or partial exercise
or waiver of any such right or remedy preclude its further exercise or the exercise of any other right or remedy. 

  

 30 

	22.3	This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof and supersedes and replaces all prior agreements, understandings,
representations, writings and discussions between the Parties whether written or oral in relation hereto. Nothing in this Agreement shall, however, operate to limit or exclude any liability for fraudulent misrepresentations.

  

	22.4	If any of the provisions of this Agreement are or become invalid, or are ruled illegal by any court of competent jurisdiction, or are deemed unenforceable under then current
applicable law from time to time in effect during the period of this Agreement, it is the Parties’ intention that the remainder of this Agreement will not be affected thereby provided that the parties’ rights under this Agreement are not
materially altered. It is further the Parties’ intention that in lieu of each such provision which is held to be invalid, illegal or unenforceable, there will be substituted or added as part of this Agreement a valid, legal and enforceable
provision which in effect will be as similar as possible to the effect of the original invalid, illegal or unenforceable provision. 

  

	23.	APPLICABLE LAW 

 This Agreement will be governed by
and construed and interpreted in accordance with the laws of England and the parties hereby agree to submit to the exclusive jurisdiction of the English courts. 
  

 31 

 This is Part 1 of the Schedule referred to in the foregoing Licence Agreement between Senetek plc and Plethora

 Part 1(a) 
 Product Patents 
  

					
	 Country
	  	 Patent No.
	  	 Title

	 Australia
	  	641184	  	Erection Inducing Methods/Composition
	 Austria
	  	493485	  	Erection Inducing Methods/Composition
	 Belgium
	  	493485	  	Erection Inducing Methods/Composition
	 Canada
	  	2065270	  	Erection Inducing Methods/Composition
	 Czech
	  	280446	  	Erection Inducing Methods/Composition
	 Denmark
	  	493485	  	Erection Inducing Methods/Composition
	 E.P.C
	  	493485	  	Erection Inducing Methods/Composition
	 Finland
	  	104231	  	Erection Inducing Methods/Composition
	 France
	  	493485	  	Erection Inducing Methods/Composition
	 Germany
	  	493485	  	Erection Inducing Methods/Composition
	 Great Britain
	  	493485	  	Erection Inducing Methods/Composition
	 Hong Kong
	  	HK1011292	  	Erection Inducing Methods/Composition
	 Hungary
	  	208088	  	Erection Inducing Methods/Composition
	 Israel
	  	95505	  	Erection Inducing Methods/Composition
	 Italy
	  	493485	  	Erection Inducing Methods/Composition
	 Japan
	  	3149946	  	Erection Inducing Methods/Composition
	 Liechtenstein
	  	493485	  	Erection Inducing Methods/Composition
	 Lithuania
	  	3544	  	Erection Inducing Methods/Composition
	 Luxembourg
	  	493485	  	Erection Inducing Methods/Composition
	 Mexico
	  	177318	  	Erection Inducing Methods/Composition
	 Netherlands
	  	493485	  	Erection Inducing Methods/Composition
	 Norway
	  	307498	  	Erection Inducing Methods/Composition
	 Romania
	  	116346	  	Erection Inducing Methods/Composition
	 Russia
	  	2098120	  	Erection Inducing Methods/Composition
	 Slovak
	  	279489	  	Erection Inducing Methods/Composition
	 South Korea
	  	230720	  	Erection Inducing Methods/Composition
	 Spain
	  	493485	  	Erection Inducing Methods/Composition
	 Sweden
	  	493485	  	Erection Inducing Methods/Composition
	 Switzerland
	  	493485	  	Erection Inducing Methods/Composition
	 Taiwan
	  	54687	  	Erection Inducing Methods/Composition
	 Ukraine
	  	27354	  	Erection Inducing Methods/Composition
	 U.S.
	  	5236904	  	Erection Inducing Methods/Composition
	 U.S.
	  	5447912	  	Erection Inducing Methods/Composition
	 Argentina
	  	AR255.172M	  	Erection Inducing Methods/Composition
	 Venezuela
	  	421.95	  	Erection Inducing Methods/Composition

  

 32 

 Part 1 (b) 
 Delivery System Patents 
  

					
	 Country
	  	 Patent No.
	  	 Title

	 Argentina
	  	253898	  	Med Injector/Methods
	 Australia
	  	671322	  	Med Injector/Methods
	 Canada
	  	2125179	  	Med Injector/Methods
	 Chile
	  	1222.93	  	Med Injector/Methods
	 China
	  	1119179(93118246.8)	  	Med Injector/Methods
	 Denmark
	  	0616541	  	Med Injector/Methods
	 Egypt
	  	20095	  	Med Injector/Methods
	 France
	  	0616541	  	Med Injector/Methods
	 Germany
	  	69322249.2	  	Med Injector/Methods
	 Ireland
	  	0616541	  	Med Injector/Methods
	 Israel
	  	107038	  	Med Injector/Methods
	 Italy
	  	0616541	  	Med Injector/Methods
	 Japan
	  	509348/94	  	Med Injector/Methods
	 Kuwait
	  	77PA/93	  	Med Injector/Methods
	 Malaysia
	  	MY-109675	  	Med Injector/Methods
	 Mexico
	  	187163	  	Med Injector/Methods
	 New Zealand
	  	256977	  	Med Injector/Methods
	 Philippines
	  	31811	  	Med Injector/Methods
	 Saudi Arabia
	  	94032104	  	Med Injector/Methods
	 South Korea
	  	317900	  	Med Injector/Methods
	 Spain
	  	0616541	  	Med Injector/Methods
	 Syria
	  	4512	  	Med Injector/Methods
	 Taiwan
	  	069424	  	Med Injector/Methods
	 Turkey
	  	27115	  	Med Injector/Methods
	 UK
	  	0616541	  	Med Injector/Methods
	 Uruguay
	  	23661	  	Med Injector/Methods
	 Venezuela
	  	1-1507-93	  	Med Injector/Methods
	 U.S.
	  	5,354,287	  	Program Auto Injector/Vial w Retract Needle
	 U.S.
	  	5,709,668	  	Auto Med Injector Employ NonCoring Needle

  

 33 

 This is Part 2 of the Schedule referred to in the foregoing Licence Agreement between Senetek plc and Plethora

 Part 2(a) 
 Product Trade Marks 
  

					
	 Country
	  	 Trademark No.
	  	 Title

	 Australia
	  	717072	  	Invicorp
	 Australia
	  	896624	  	Invicorp
	 Bahrain
	  	20901	  	Invicorp
	 Canada
	  	822771	  	Invicorp
	 CTM (E.C.)
	  	66365	  	Invicorp
	 Japan
	  	4149820	  	Invicorp
	 Kuwait
	  	40254	  	Invicorp
	 Morocco
	  	62381	  	Invicorp
	 New Zealand
	  	675195	  	Invicorp
	 Pakistan
	  	137833	  	Invicorp
	 South Korea
	  	391244	  	Invicorp
	 Taiwan
	  	756874	  	Invicorp
	 United States
	  	2537523	  	Invicorp
			
		  	Part 2(b)	  	
			
		  	Delivery System Trade Marks	  	
			
	 Country
	  	 Trademark No.
	  	 Title

	 Canada
	  	896,991	  	Reliaject
	 China
	  	1,372,042	  	Reliaject
	 CTM (E.C)
	  	703,256	  	Reliaject
	 Japan
	  	4,300,606	  	Reliaject
	 United States
	  	76/340162	  	Reliaject

  

 34 

 This is Part 3 of the Schedule referred to in the foregoing Licence Agreement between Senetek plc and Plethora

 Part 3 
 North
America 
 United States of America 
 Canada 
  

 35 

 This is Part 4 of the Schedule referred to in the foregoing Licence Agreement between Senetek plc and Plethora
Bioscience Limited 
 Douglas Packaging Design Drawings 
 The following five (5) pages contain design drawings for the Douglas Packaging. 
  

 36 

 

 
  

 37 

 

 
  

 38 

 

 
  

 39 

 

 
  

 40 

 

 
  

 41 

 IN WITNESS WHEREOF these presents are executed in duplicate as follows:-

  

									
	 Subscribed for and on behalf of SENETEK plc
 by Frank J. Massino at              on the day of 2006,
 in the presence of this
witness:
	 		 		 	
					
	Witness	 	  
	 		 	Authorised Signatory	 	  

					
	Full Name	 	  
	 		 		 	
					
	Address	 	  
	 		 		 	
					
		 	  
	 		 		 	
				
	 Subscribed for and on behalf of PLETHORA
 SOLUTIONS LIMITED, by                    ,
 Authorised Signatory, at              on the day of
 2006, in the presence of this
witness:
	 		 		 	
					
	Witness	 	  
	 		 	Authorised Signatory	 	  

					
	Full Name	 	  
	 		 		 	
					
	Address	 	  
	 		 		 	
					
		 	  
	 		 		 	

  

 42 

 LICENCE AGREEMENT 
 between 
 SENETEK plc 
 and 
 PLETHORA SOLUTIONS LIMITED 
  
  
  
  

	
	 DUNDAS & WILSON CS
  
 191 West George Street
 Glasgow G2 2LD
  
 Tel 0141 222 2200
 Fax 0141 222 2201
 Legal Post: LP1 Glasgow 8
 Ref:
AW/CPH/LCW/ARD012.0093Agreement on Cooperative Research and Development

 Exhibit 10.98 
 AGREEMENT ON COOPERATIVE RESEARCH AND DEVELOPMENT 
 between  
 a) Dr. Efstathios S. Gonos, Director of Research 
 National Hellenic Research Foundation 
 Institute of Biological Research and Biotechnology 
 Dept. of “Molecular and Cellular Ageing” 
 48 Vas. Constantinou Ave. 
 Athens 11635, Greece 
 b) Dr. Ioanna Chinou, Associate Professor 
 University of Athens 
 School of Pharmacy 
 Division of
Pharmacognosy-Chemistry of Natural Products 
 Zografou Campus 
 Athens 15771, Greece 
 (hereinafter referred to as “RESEARCHERS”) 
 and 
 Senetek PLC 
 620 Airpark Road 
 Napa, California 94558

 USA 
 (hereinafter referred to as
“SENETEK”) 
 WHEREAS the RESEARCHERS under the direction of Dr. Efstathios S. Gonos, in association with Dr. Ioanna Chinou,
are performing basic research on eucalyptus tree extracts, including ursolic acid (the “Compounds”) and is willing to provide to SENETEK samples of the Compounds and their analogs and related information developed by the RESEARCHERS,
including any covered by patents and/or patent applications owned by the RESEARCHERS, for testing, possible further development by SENETEK, and ultimately possible licensing to and commercialization by SENETEK; and 
 WHEREAS SENETEK is a company developing pharmaceutical and cosmeceutical products and, in connection with such business, has made certain inventions regarding cytokinins
and cytokinin analogs and methods of using them for various indications related to ameliorating signs of aging and anti-inflammatory indications which are covered by the SENETEK PATENTS, as hereinafter defined; and 
 WHEREAS SENETEK is interested in testing and evaluating, in cooperation with the RESEARCHERS, the Compounds, including the Compounds in combination with active
ingredients covered by the SENETEK PATENTS, as hereinafter defined, developed by the RESEARCHERS and in obtaining licenses covering such of these compounds as it may select as hereinafter provided. 
 NOW THEREFORE in consideration of above-mentioned premises the parties agree as follows: 
 ARTICLE 1 – DEFINITIONS 
 AFFILIATES as used herein shall mean any
legal entity which, at the EFFECTIVE DATE or during the validity of this Agreement: 
  

	 	•	 	directly or indirectly controls SENETEK, 

  

 1 

	 	•	 	is under the same direct or indirect control as SENETEK, or 

  

	 	•	 	is directly controlled by SENETEK 

 A legal entity is
considered controlling another: 
  

	 	•	 	when it directly or indirectly owns over 50% (fifty percent) of the capital of this legal entity or more than 50% (fifty percent) of the voting rights of its shareholders or
associates; or 

  

	 	•	 	when it has the direct or indirect de facto, directly or indirectly, the power to decide within this legal entity how the affairs shall be conducted. 

 AGREEMENT as used herein shall mean this agreement and any and all Annexes, appendices and other addenda to it as it may be varied from time to time 
 COMPOUNDS as used herein means extracts of the eucalyptus tree and their analogs and derivatives, including ursolic acid and its analogs and derivatives, developed,
in-licensed or otherwise acquired by the RESEARCHERS that may be used for any application, with initial priority focus on medical skin care applications and/or cosmetic skin care applications involving proteasome activation and removal of damaged
proteins from cells. 
 TESTING as used herein means any testing, with initial priority focus on proteasome activation and removal of damaged proteins from
cells to determine the most suitable COMPOUNDS for patenting and further development for medical skin care applications and/or cosmetic skin care applications. 
 RESEARCHERS as used herein means the aforementioned Dr. Gonos and Dr. Chinou, singly and collectively. 
 PARTY as used herein means any of the PARTIES to this AGREEMENT as the case may be, and all of them when used in plural. 
 NEW PATENT APPLICATIONS as used herein means patent applications of the RESEARCHERS to be prepared and filed in the name of the RESEARCHERS with technical and financial
support of SENETEK, including those the subject of which is medical and cosmetic skincare applications of COMPOUNDS with priority given to proteasome activation and damaged protein removal, and any and all patents issued thereon or having a priority
date based thereon. 
 RESEARCHERS’ PATENTS as used herein means any currently owned patents and patent applications of RESEARCHERS covering COMPOUNDS,
other than NEW PATENT APPLICATIONS. 
 SENETEK PATENTS as used herein means SENETEK’s issued patents (U.S. Patents 5,371,089, 5,602,139, 5,614,407,
5,021,422, 5,164,394, and 5,151,425 and the corresponding 
  

 2 

 international and foreign patents) related to the use of cytokinins for anti-inflammatory indications and for medical
skin care applications and/or cosmetic skin care applications, and any patents hereafter issued which are entitled to the same priority date(s) as such issued patents. 
 PRODUCT as used herein means any product which or the process of production of which falls within a VALID CLAIM of a patent licensed to SENETEK pursuant to this AGREEMENT. 
 SUB-LICENSEES as used herein mean any third parties who may obtain a license from SENETEK to develop and/or commercially exploit any COMPOUND covered by a patent
licensed to SENETEK pursuant to this AGREEMENT. 
 FIRST COMMERCIAL SALE as used herein means the first commercial sale of a PRODUCT to a third party made by
either SENETEK or its AFFILIATES or SUB-LICENSEES. 
 NET SALES as used herein means the gross amount invoiced by SENETEK and its AFFILIATES to their
customers or by SUB-LICENSEES and their AFFILIATES to their customers, including distributors and third parties, for sales of PRODUCTS, less any normal trade discounts and credit notes issued in respect of returned PRODUCTS, any purchase, sales,
import, or value added taxes, and charges in respect to carriage. Should SENETEK or a SUB-LICENSEE sell PRODUCTS to an AFFILIATE (or vice-versa) which thereafter sell them to an unrelated third party, the sales between the AFFILIATE (or SENETEK or
SUB-LICENSEE) and the unrelated third party (and not the sales between SENETEK or SUB-LICENSEE and its AFFILIATE) shall be considered NET SALES. 
 VALID
CLAIM as used herein means any claim of an issued and unexpired patent or a claim of a pending patent application licensed to SENETEK pursuant to this AGREEMENT which has not been held un-patentable, invalid or unenforceable by a court or other
government agency of competent jurisdiction and has not been admitted to be invalid or unenforceable through reissue, re-examination, disclaimer or otherwise; provided, however, that if the holding of such court or agency is later reversed by a
court or agency with overriding authority, the claim shall be reinstated as a VALID CLAIM after the date of such reversal. 
 EFFECTIVE DATE as used herein shall mean the date of the last signature of this AGREEMENT by the PARTIES. 
 All
plurals may be read in the singular and vice versa. 
 The headings are inserted for convenience only and shall be ignored
in construing this AGREEMENT. 
 ARTICLE 2 - SCOPE OF THE AGREEMENT 
  

	2.1	Subject to the terms and conditions of this AGREEMENT, SENETEK shall from time to time, as provided in Article 3 below, obtain from the RESEARCHERS such of the COMPOUNDS as SENETEK
may designate. 

  

 3 

	2.2	During the term of this AGREEMENT SENETEK will screen and conduct TESTING of these COMPOUNDS with initial focus on skin models and otherwise for their proteasome activation and
damaged protein removal bioactivity and their toxicity. 

  

	2.3	If SENETEK finds one or more of the TESTED COMPOUNDS of interest and wishes to exploit it or them commercially, SENETEK and the RESEARCHERS will negotiate and sign license
agreements, as defined in Article 3.5 hereof. 

  

	2.4	SENETEK will pay royalty related to the NET SALES of PRODUCTS to RESEARCHERS as set in the ANNEX 1 - License Agreement Term Sheet, attached to this AGREEMENT.

 ARTICLE 3 – DUTIES OF THE PARTIES 
  

	3.1	Promptly after the EFFECTIVE DATE, and thereafter at least once every calendar year, the RESEARCHERS shall provide SENETEK with a complete listing and description of all COMPOUNDS
developed, in licensed or otherwise acquired by the RESEARCHERS, together with all chemical and biological information in their possession with respect to such COMPOUNDS and specifying those COMPOUNDS, if any, which are covered by RESEARCHERS’
PATENTS. 

  

	3.2	Not later than two (2) weeks after delivery of such information by the RESEARCHERS, SENETEK will select and advise the RESEARCHERS, in writing, of those COMPOUNDS on which it
wishes to conduct TESTING at that time. Notwithstanding the foregoing, as regards COMPOUNDS which the RESEARCHERS’ listing under Article 3.1 specifies are covered by the RESEARCHERS’ PATENTS, if SENETEK does not give the RESEARCHERS
written advice that it wishes to conduct TESTING of any such COMPOUND within four (4) months after it receives the listing provided for in Article 3.1, SENETEK shall be considered to have waived its rights to such COMPOUND for all purposes of
this AGREEMENT and the RESEARCHERS shall be free to commercialize such COMPOUND itself or enter into an evaluation agreement or license or other agreement with respect thereto with any third party on such terms as it may determine in its sole
discretion, subject, however, to SENETEK’s rights, if any, under the SENETEK PATENTS and provided, however, that before RESEARCHERS shall enter into an evaluation agreement or license or other agreement
with any third party, RESEARCHERS shall give notice to SENETEK of the terms on which it proposes to enter into such evaluation agreement or license or other agreement and SENETEK shall have thirty (30) days to enter into such agreement with the
RESEARCHERS on the same terms, providing these terms are not worse for the RESEARCHERS than the terms in Annex 1- License Agreement Term Sheet, in which case the terms of Annex 1 will be used. 

  

	3.3	The RESEARCHERS shall within two (2) weeks of receipt of each advice of SENETEK specifying selected COMPOUNDS it then wishes to TEST, deliver the selected COMPOUNDS to SENETEK
in a quantity of at least 100 mg each. 

  

	3.4	If practicable, not later than nine (9) months after each delivery by the RESEARCHERS of the listing of COMPOUNDS as provided in Article 3.1, SENETEK will provide the
RESEARCHERS with a report of the results of the TESTING of the new 

  

 4 

 COMPOUNDS set forth in such listing. SENETEK will also indicate those COMPOUNDS for which SENETEK wishes
to be granted a license. SENETEK may, if it so chooses, deliver such reports and indicate COMPOUNDS it wishes to license on more than one occasion during such period. Such license shall be exclusive and world-wide, for all applications. 

 

	3.5	Within three (3) months of SENETEK’s decision to license COMPOUNDS as provided in Article 3.4, the PARTIES will enter into a License Agreement with respect to such
COMPOUNDS having principal terms as set forth in Annex 1- License Agreement Term. The final details of the License Agreement will be negotiated in good faith by the PARTIES hereto. 

  

	3.6	If SENETEK does not deliver one or more reports as provided in Article 3.4 or, having delivered such report or reports, decides not to execute a License Agreement negotiated by the
PARTIES as provided in Article 3.5, as to any particular COMPOUND or COMPOUNDS covered by any NEW PATENT APPLICATION, then the PARTIES will agree how to commercialize such COMPOUNDS and how to share revenues from such commercialization. Any such
agreement on particular COMPOUNDS will be recorded in writing, signed by both PARTIES, and will become an appendix to this AGREEMENT. In case of COMPOUNDS covered by RESEARCHERS’ PATENTS, RESEARCHERS shall be free to commercialize such COMPOUND
or COMPOUNDS itself or enter into an evaluation agreement or license or other agreement with respect thereto with any third party on such terms as it may determine in its sole discretion, subject, however, to SENETEK’s
rights, if any, under the SENETEK PATENTS. 

  

	3.7	RESEARCHERS agree that they will not enter into any cooperative research and development agreement with any third party involving any chemical compounds other than COMPOUNDS for
cosmeceutical or anti-aging dermatological uses without first offering to SENETEK the opportunity to enter into such cooperative research and development agreement instead of such third party on the same terms as those proposed by or to such third
party. SENETEK will exercise its right of first refusal within 4 weeks of receiving the proposed cooperative research and development agreement. 

  

	3.8	RESEARCHERS represent and warrant to SENETEK that their entering into and performing this AGREEMENT will not violate any agreement or obligation of either of the RESEARCHERS with or
to any third party (including the National Hellenic Research Foundation or its Institute of Biological Research and Biotechnology (“NHRF”) and the University of Athens or its School of Pharmacy (“UA”), respectively) or give rise
to any claim by any third party. The RESEARCHERS shall deliver together with the signed from their behalf AGREEMENT to SENETEK letters signed by authorized representatives of the NHRF and the UA, respectively, waiving any claim against SENETEK
related to the subject matter of this AGREEMENT. 

 ARTICLE 4 – ADDITIONAL CONSIDERATION; DEVELOPMENT OF SELECTED COMPOUNDS

 In addition to the RESEARCHERS’ rights of patent ownership under Article 5, as additional consideration for the rights granted to SENETEK herein
SENETEK agrees that if SENETEK advises the RESEARCHERS as provided in Article 3.2 that it wishes RESEARCHERS to 
  

 5 

 conduct TESTING on any COMPOUND or COMPOUNDS, SENETEK will be obligated to pay or reimburse the RESEARCHERS for the
expenses of such TESTING and/or further evaluation, in vitro testing, and development of the selected COMPOUNDS (collectively with the TESTING, the ‘R&D”). Such payments to the RESEARCHERS shall be made by bank transfer monthly, as
such expenses are incurred, to the account titled: 
 BANK NAME: ALPHA BANK A.E. 
 ADDRESS: 72, SP. MERCURI ST, 11634 ATHENS, GREECE 
 BRANCH NO: 362 
 SWIFT NO: CRBAGRAAXXX 
 ACCOUNT NO: 362-002101-020339 
 NAME OF ACCOUNT HOLDER: DR. EFSTATHIOS S. GONOS 
 IBAN: GR40 0140 3620 3620 0210 1020 339 
 If
the PARTIES agree that any R&D can most efficiently and effectively be done by the RESEARCHERS or by a third party laboratory with which the RESEARCHERS have a relationship, such expenses shall be billed at the RESEARCHERS’ direct cost of
conducting or contracting out such activities. If the PARTIES agree that any R&D can most efficiently and effectively be done by SENETEK’s dedicated laboratories in Aarhus or by a third party laboratory or academic institution with which
SENETEK has a relationship, SENETEK shall pay for such activities and provide the RESEARCHERS with documentation of such payment. 
 It is agreed by the
PARTIES that they shall consult in good faith regarding the nature, scope and costs of all R&D, the protocols therefor and the most efficient and effective sourcing thereof, provided that if agreement cannot be reached between the PARTIES
within a reasonable time (having in mind the time limits set forth herein), SENETEK’s position shall prevail. SENETEK shall own all rights to any and all test reports and test results from R&D paid for or reimbursed by SENETEK as above
provided, and the RESEARCHERS agree not to make any publication or other disclosure thereof without SENETEK’S prior written approval. 
 ARTICLE 5
– INTELLECTUAL PROPERTY AND EXPLOITATION OF THE RESULTS 
  

	5.1	INVENTIONS THAT MAY BE CREATED UNDER RESEARCH CO-OPERATION OF PARTIES 

 In the event and on each occasion that the TESTING of the COMPOUNDS reveals an effect of any of the COMPOUNDS that is not covered by the SENETEK PATENTS or the RESEARCHERS’ PATENTS and that merits patent
protection, the following arrangement shall apply: 
 (a) the PARTIES shall collaborate in the preparation of documents required for the
filing of a patent application on each such invention; 
 (b) all such patent applications shall be filed and owned by the RESEARCHERS, and
SENETEK shall have the right to an exclusive licence for use world-wide, for all applications; 
 (c) each patent application shall include
the names of those employees of the PARTIES (as co-inventors) that were responsible for the development of the invention; 
 (d) the PARTIES
will agree on the filing of foreign patent protection; 
  

 6 

 (e) in case SENETEK executes its right to license a COMPOUND covered by a patent prepared under this
Article 5.1, SENETEK will take over the cost of obtaining and maintaining the patent protection of the invention; provided that if such patent covers COMPOUNDS which SENETEK has elected not to license or claims fields of use for
COMPOUNDS licensed to SENETEK that are beyond the fields of use SENETEK has elected to license, the PARTIES shall share such cost according to the commercial potential of SENETEK’S COMPOUND and/or field of use and such COMPOUND(S) and/or fields
of use not licensed to SENETEK. 
 (f) the license fee paid by SENETEK for the grant to it of an exclusive license shall take into account the
contribution made by SENETEK (both of cash and intellectual property) to the jointly developed invention; 
 (g) if the RESEARCHERS do not
wish to file a patent application covering a jointly developed invention in a certain TERRITORY, SENETEK may file a patent application covering the jointly developed invention in such TERRITORY at its own cost in which case the patent protection
obtained shall be owned one hundred percent (100%) by SENETEK. 
  

	5.2	All scientific data regarding patent applications will be written by the RESEARCHERS, in English, and will be presented to SENETEK for review and comments. Each patent application
will be first filed in USA as a provisional patent application, and within one year it will be filed as PCT in all other territories to be covered. 

 ARTICLE 6 – CONFIDENTIALITY 
  

	6.1	In consideration of the use of the COMPOUNDS by SENETEK and receipt by the RESEARCHERS of periodic reports on results of TESTING, and in consideration of joint research performed by
PARTIES, each receiving PARTY agrees that during the term of this AGREEMENT, it will not, except to the extent authorized by disclosing PARTY in writing, use for any purpose other than those described herein, or publish, disclose or release to any
third party, any information regarding the R&D or TESTING conducted on such COMPOUND, except as may be required in connection with the filing and prosecution of NEW PATENT APPLICATIONS. Each RESEARCHER, by signing this AGREEMENT, agrees to be
bound by all of the terms of this Article 6 with the same effect as if such RESEARCHER were the RESEARCHERS. 

  

	6.2	The above restraints on use, release, and/or disclosure shall not apply to information or effects and applications of COMPOUNDS which: 

  

	 	•	 	at the time of delivery or disclosure are known to the receiving PARTY; 

  

	 	•	 	at the time of delivery or disclosure or subsequent thereto are generally available to the public through no fault of the receiving PARTY; 

  

	 	•	 	subsequent to the time of delivery or disclosure are independently developed by an employee or agent of the receiving PARTY who does so without reference to or knowledge of the
disclosing PARTY’S information or the COMPOUNDS; 

  

	 	•	 	subsequent to the time of delivery or disclosure become or are made available to the receiving PARTY by a third party having the lawful right to do so; or 

 

	 	•	 	are covered by Article 4.4 or subsequent to the time of such delivery or disclosure become subject of another agreement between the PARTIES hereto which permits use, release and/or
disclosure. 

  

 7 

 The PARTY seeking to assert any of the above exceptions shall have the burden of proof. 
  

	6.3	The PARTIES shall maintain the obligation of confidentiality for five years after the expiration of this AGREEMENT. 

  

	6.4	Notwithstanding the foregoing, (i) on the EFFECTIVE DATE the PARTIES shall issue a joint press release announcing the signing and general terms of this AGREEMENT in a form
mutually agreed between the PARTIES, and (ii) SENETEK agrees that the RESEARCHERS or researchers operating under their direction may publish on or after July 1, 2006, any and all scientific findings of research conducted on COMPOUNDS prior
to the EFFECTIVE DATE, RESEARCHERS acknowledging, however, that such publication may prejudice NEW PATENT APPLICATIONS not filed prior thereto. 

 ARTICLE 7 – FORCE MAJEURE 
  

	7.1	Neither PARTY shall be liable for failure in performance hereunder if occasioned by any cause beyond the control of the PARTY, such as for example fire, flood, strikes, inevitable
accidents, war, embargo, blockade, legal restrictions, governmental relations, etc. 

  

	7.2	The occurrence of the Force Majeure shall be notified to the other PARTY in writing within 10 working days and shall be verified by the respective chamber of commerce within further
10 working days at the latest. Each PARTY undertakes to do its utmost in order to re-establish conditions favorable for the performance of this AGREEMENT and shall inform the other PARTY about steps it has taken. The term of this AGREEMENT will be
extended by the period the Force Majeure had lasted. 

 ARTICLE 8 – TERM OF THE AGREEMENT 
  

	8.1	This AGREEMENT shall be become effective on the EFFECTIVE DATE and shall continue and remain in effect according to its terms without limitation of time until the expiration of the
last VALID CLAIM of any NEW PATENT APPLICATION, unless terminated in accordance with Article 9.2 or 9.3. 

  

	8.2	This AGREEMENT can be prematurely terminated by agreement of both PARTIES or may be prematurely terminated by a PARTY upon not less than six months’ prior written notice to the
other PARTY. 

  

	8.3	A PARTY shall have the right to terminate this AGREEMENT forthwith at any time by notice in writing to the other PARTY if the other PARTY commits a material breach of any of the
terms of this AGREEMENT and does not within 30 days of receipt of notice of the breach (if the same be capable of remedy) remedy such breach. 

  

	8.4	Termination of this AGREEMENT for any reason shall not bring to an end the confidentiality obligations of the PARTIES hereto; and/or the rights and obligations (if any) on each
PARTY hereunder. 

  

 8 

 ARTICLE 9 – DISPUTES 
  

	9.1	In the event of any difference or dispute arising between the PARTIES hereto concerning the construction or performance of this AGREEMENT or its validity, the PARTIES shall first
consult together in good faith and attempt to settle the matter amicably. 

  

	9.2	Any disputes relating to the interpretation, construction, performance or validity of this AGREEMENT which cannot be resolved under Article 10.1 above, shall be referred to a final
decision of a panel of three (3) arbitrators (the “Panel”), appointed under and acting in accordance with the Rules of the Arbitration Court of the International Chamber of Commerce in Paris. The seat of the Arbitration Court shall be
in Vienna. 

  

	9.3	The PARTIES specifically agree that if they are unable in good faith to reach agreement as to any details of the license agreement or agreements referred to in Article 3.5, they
shall submit such disagreement to the Panel and request that the Panel determine such disagreement in a manner consistent with ordinary course business practices as applied by reasonable business persons in the industry to which this AGREEMENT
relates. Such determination by the Panel shall be treated as a decision of the Panel for all purposes of this Article 10. 

  

	9.4	Both PARTIES agree that the decision of the Panel shall be final and binding and that they shall undertake to abide by and execute the award rendered by the arbitrators without
delay. The enforcement of such an award may be applied for at any court of competent jurisdiction. 

  

	9.5	The AGREEMENT as well as the mutual obligations arising under it shall be exclusively governed by the provisions of the substantive law of Austria. 

 ARTICLE 10- GENERAL 
  

	10.1	This AGREEMENT constitutes the sole and entire understanding either oral or written on the subject matter of the AGREEMENT. No further agreement or understanding shall be binding
upon either PARTY hereto unless in writing signed by both PARTIES. This AGREEMENT shall not be assignable by any of the PARTIES hereto, without prior written consent of the other PARTY. 

  

	10.2	The payments properly due to the RESEARCHERS under the AGREEMENT shall in no event be refundable to SENETEK. In the event of termination or expiration of this AGREEMENT SENETEK will
pay all and any sums due to RESEARCHERS up to the date of expiration or termination. In the event that SENETEK shall be required to pay a tax on any payment to the RESEARCHERS, it shall deduct the amount of said tax from the payment due to the
RESEARCHERS and shall provide the RESEARCHERS with a copy of the Certificate of the tax having been paid pursuant to an Agreement on Avoidance of Double Taxation or for other reasons. 

  

 9 

	10.3	The time periods provided for herein during which a PARTY is permitted or required to take any action shall be tolled and extended for such period of time, if any, as the other
PARTY is in breach of any term of this AGREEMENT. 

  

	10.4	SENETEK hereby confirms that it has the expertise necessary to make use of any licensed patents and to develop, make, have made, sell, use, and otherwise commercially exploit the
PRODUCTS. 

 IN WITNESS WHEREOF, the PARTIES hereto have caused this AGREEMENT to be executed by their duly authorized representatives
in a manner legally binding upon them as of the EFFECTIVE DATE. 
  

							
	For RESEARCHERS	 	For SENETEK PLC
	By:	 	By:
		
	 /s/ Dr. Efstathios S. Gonos
	 	 /s/ Frank Massino

	Dr. Efstathios S. Gonos	 	Frank Massino
	 Function: Director of Research of Dept.
 “Molecular and Cellular Ageing” at N.H.R.F.
	 	Function: Chairman & CEO
	Date: January 20th, 2006	 	Date:             , 2006
			
	 By:
  
	 		 	
	 /s/ Dr. Ioanna Chinou
	 		 	
	 Dr. Ioanna Chinou
 Function: Associate
Professor, School
 of Pharmacy of University of Athens
	 		 	

  

 10 

 ANNEX 1 
 LICENSE AGREEMENT TERM SHEET 
  

			
	Term of License:	  	The term of the Valid Claims of the licensed patent(s).
		
	Licensed Territory:	  	World-wide.
		
	Scope of License:	  	Exclusive, for all applications.
		
	Consideration:	  	Royalty of 2% of Senetek’s or its Affiliates’ Net Sales of licensed Products other than products covered by SENETEK PATENTS, and 1% of Senetek’s or its Affiliates’ Net Sales
of licensed Products covered by SENETEK PATENTS,
		
		  	Royalty of 2% of Senetek’s SUB-LICENSEES’ Net Sales of sub-licensed products other than products covered by SENETEK PATENTS, and 1% of Senetek’s SUB-LICENSEES’ Net Sales of
sub-licensed products covered by SENETEK PATENTS
		
	Minimum Net Sales or Royalty:	  	An amount, beginning in the second full year after product launch, equal to 50% of the royalty that would have been due on the preceding year’s Net Sales; Senetek shall be entitled to cure
non-achievement of minimum royalty by lump sum payment of the short-fall.
		
	Sub-licensing/Assignment:	  	No limitation
		
	Senetek Covenants:	  	Validity and enforceability of License
		  	Compliance with law in performing License
		
	RESEARCHERS’ Covenants:	  	Validity and enforceability of License
		  	Maintenance and defense of licensed patents
		
	Indemnification:	  	By Senetek for liability from any non-compliance with law in manufacture, marketing or sale of licensed products.
		
		  	By the RESEARCHERS for invalidity or unenforceability of licensed patents up to the value of payments received from SENETEK in preceding calendar year.
		
	Termination:	  	By either Party for material breach by the other Party or insolvency or liquidation of the other Party.
		
	Confidentiality:	  	Per basic AGREEMENT
		  	Agreed press release upon signing
		
	Applicable Law:	  	Per basic AGREEMENT.
		
	Other Terms:	  	See Annex 2

  

 11 

 ANNEX 2 
 COMMERCIAL TERMS GOVERNING LICENSE 
 1. SENETEK will inform RESEARCHERS in writing of the dates of each FIRST
COMMERCIAL SALE, within 2 (two) months of occurrence of such FIRST COMMERCIAL SALE. 
 2. Where PRODUCT is sold in a currency other then US Dollars, the rate
of exchange to be used for converting such currency into US Dollars shall be the exchange rate, as published in the Financial Times, at the end of the relevant accounting period. From the second year after FIRST COMMERCIAL SALE of each PRODUCT these
installments must reach at least the annual minimum. These installments will be payable on country by country basis. 
 3. The payments shall be made within
60 days of the end of calendar quarter, and shall be accompanied by a statement which shall show on a country by country basis for the previous quarter all monies due to the RESEARCHERS. Said sales report shall include the sales figures used to
calculate the royalties due to the RESEARCHERS, as well as the quantities sold, the unit price of any quantity of the PRODUCTS both by SENETEK and its AFFILIATES or SUB-LICENSEES. 
 4. The royalty properly due to the RESEARCHERS shall in no event be refundable to SENETEK. 
 5. In the event that SENETEK
shall be required to pay a tax on any payment to the RESEARCHERS, it shall deduct the amount of said tax from the payment due to the RESEARCHERS and shall provide the RESEARCHERS with a copy of the Certificate of the tax having been paid pursuant to
an Agreement on Avoidance of Double Taxation or for other reasons. 
 6. SENETEK shall prepare accounts, which shall include all the elements necessary to
precisely calculate the NET SALES and NET ROYALTY within the framework of the AGREEMENT. If necessary these accounts shall be made available once a year with 30 days notice to the RESEARCHERS or an accredited designee of the RESEARCHERS during the
term of the AGREEMENT and for one year thereafter. These accounts shall be prepared annually within 90 (ninety) days of the closing date of September 30 of each year which represents the end of SENETEK’s fiscal year. 
 7. Any sums which remain unpaid within the periods set out hereunder shall be subject to interest of 3% (three percent) over above LIBOR as published in the Financial
Times at the end of the relevant accounting period, without prejudice to the RESEARCHERS, right to terminate the contract in accordance with Article 10 of the present AGREEMENT. 
 8. The RESEARCHERS shall have the right once a year with 30 days notice to audit or have audited the sales accounts kept by SENETEK. Should there be an audit, an expert accountant shall be appointed by mutual
agreement of both PARTIES at the expense of the RESEARCHERS, except that if the amount of installments shown by such audit to be due to the RESEARCHERS exceed the amount actually paid by SENETEK by 5% (five percent), then such expenses shall be paid
by SENETEK and any back payments shall be reimbursed with per the Agreement. 
  

 12 

 9. SENETEK agrees to make reasonable efforts to make, have made, sell and otherwise commercially exploit the PRODUCTS,
using similar efforts devoted to products of similar nature and similar markets. 
 10. SENETEK agrees to provide annual reports on the development and
exploitation of the PRODUCTS. 
 11. SENETEK and its AFFILIATES agree not to use the names of the RESEARCHERS, any trademark, distinctive sign or adaptations
thereof which belongs to the RESEARCHERS or the names of RESEARCHERS inventors or of any RESEARCHERS agent, on packaging, labeling, advertising or promotional materials for the PRODUCTS without receiving prior written approval from the RESEARCHERS
and the natural person concerned, as the case may be. 
 12. PRODUCTS shall be commercialized by SENETEK, its AFFILIATES and its SUB-LICENSEES under their
own trademarks. The RESEARCHERS shall have no rights to such trademarks. All administrative authorizations obtained by SENETEK, its AFFILIATES or its LICENSEES for the purpose of manufacturing and/or commercializing the PRODUCTS shall be obtained
for them. The RESEARCHERS shall claim no rights thereto. 
 13. SENETEK accepts the obligation to inform by writing the RESEARCHERS of all administrative
marketing approvals that it obtains for the purpose of manufacturing and/or commercializing the PRODUCTS no later than 3 (three) months after obtaining such final authorizations. 
  

 13

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