Document:

Transcript of July 2, 2007 Senetek Shareholder Conference Call

 Exhibit 10.1 
 OPERATOR: 
 “This conference call is being provided for informational and discussion purposes, and is not intended to provide and should not be
relied upon as investment advice or an opinion regarding the appropriateness or suitability of any investment. Nothing herein should be construed to be an offer to sell, or a solicitation of an offer to buy, any securities.
 This discussion will contain forward-looking statements regarding future events. These statements are just predictions and are subject to risks and uncertainties
that could cause the actual events or results to differ materially. These risks and uncertainties include failure to get regulatory approval for our product candidates, market acceptance for approved products, management of rapid growth, risks
of regulatory review and clinical trials, intellectual property risks, and the need to acquire additional products. We would like to refer our audience to the documents that Senetek’s files from time to time with the Securities and
Exchange Commission.” 
 “I would now like to turn it over to Frank Massino, Chairman and CEO of Senetek PLC.” 
 FRANK: 
 “Good morning and thank you for taking the time to tune into
Senetek’s shareholder’s teleconference. 
 Today’s objective is to update you, the shareholder, on the Company’s progress, strategy and
plans for the future. 
  

 - 1 - 

 After thorough analysis and review, management and the Board of Directors have jointly concluded that it is imperative
that we must set our sights on achieving three key objectives in 2007. These three objectives are as follows:
 1.) we must find a way to ramp up
revenues so that as we unlock the Company doors on January 1st, 2008, we are virtually assured that 2008 will equal or exceed the lost revenue stream which resulted from the monetization of the Valeant agreement; 
 2.) at the same time, we will continue to expedite new product development, making available... at a minimum, one new, proprietary compound which possesses
differential advantages for commercialization... this representing a major element of our corporate mission; 
 3.) and the time is now for
us to restructure the capitalization of the Company. 
 We will share with you our strategy but cannot guarantee its success nor a specific timeline to
completion... however, having said that, management and the Board are quite confident that we will be successful in its execution. 
  

 - 2 - 

 First and foremost, we have the capital to succeed with 22 million dollars of cash on hand... and even more
importantly, we currently have two new advanced skincare compounds ready for commercial launch. These two compounds are PRK124 (tradename Pyratine 6) and 4HBAP... they have been clinically tested, demonstrating unique and
superior attributes over Kinetin... Senetek’s first commercial success ... which as you may know has become the leading selling anti aging ingredient in the physician market in North America. PRK124 has been tested by a major
corporation yielding positive test results as a non-toxic skin whitening agent. 
 Our business model has been one of out licensing and was necessitated by
our dismal financial position. Although it was quite successful in turning around the Company, going from nearly $40 million in debt and legally binding contractual commitments to in excess of $20 million in cash and no debt, the journey was
slow. In addition, the necessity of a licensed based business model resulted in no corporate recognition and no brand equity for our technology. 
  

 - 3 - 

 In a previous shareholder teleconference, we addressed our goal to become more than a royalty based out licensing
company... we stated that we wanted a greater share of the economic benefits... and we want brand equity in the Senetek name. There is more than just one way to achieve such results—we can partner with another company utilizing
an already existing sales and marketing infrastructure or we can start from scratch, building our own sales and marketing organization. If you knew me, you would know that selling is one of my greatest thrills in life and thus I have a strong
affinity towards the latter... however, having said that, I have also suffered through a long and arduous battle of no or too few resources. And I am not ready to risk all at hand just yet... but having our own sales and marketing
infrastructure is the ultimate goal. 
 Thus, we favor a marketing collaboration with the following guidelines: 
 1.) The product will carry a Senetek trademark; 
 2.) The packaging will read
Senetek/other Company name; 
 3.) We will have final approval on the marketing strategy in the critical first year of product launch; 
  

 - 4 - 

 4.) We will contribute cash in year one in exchange for a guarantee sales performance that is a substantive multiple of
our initial investment—this is accomplished by Senetek recording and receiving all revenues in year one of the contract. In subsequent years, the companies will share revenues 50/50 and each will have designated functional
responsibilities; 
 5.) We will control the product manufacturing to ensure quality of the product and accountability of the sales. 
 The value of such a transaction with an established Dermatology sales organization is significant and a marked improvement over past licensing arrangements as Senetek
will be identified with the technology... we will recognize significantly greater revenues at an accelerated pace while having consultative control over the initial marketing program. This is the initial step towards financing and
establishing our own sales and marketing organization without incurring substantial upfront costs and the associated risks... you might view this as a modified co-marketing arrangement or the payment of a fee in return for a guaranteed sales and
marketing performance.
  

 - 5 - 

 The key here is the guaranteed annual minimum sales. Such an arrangement is most suitable for the physician and
medical spa marketplaces. This does not rule out additive licensing arrangements in other channels of distribution such as the prestige market. You should know that, in parallel we have gone beyond the planning stage for establishing our own
sales and marketing infrastructure. 
 In summary, our number one goal is to achieve accelerated revenues in 2008 which equal or surpass the revenues lost as
a result of the monetization of the Valeant contract... without risking all of our financial resources while establishing a Senetek brand and presence in the field of Dermatology. 
 Now moving on to objective #2, expediting product development... we have the good fortunes of a strong and vast pipeline of new and exciting dermatological and skincare compounds, several of which have already been
successfully screened at the cellular level for non-toxicity and significant biological activity. One candidate, AK801, a new classification of 

  

 - 6 - 

 
cytokinins and the subject of a new patent application has also been successfully studied in hairless mice, demonstrating positive histological findings. Our
collaborators at the Institute of Experimental Botany are diligently working on the synthesis of AK801 and expect to have large scale production capacity by the end of the third quarter... once we have crossed this hurdle, the compound will
transition to human safety and efficacy testing. Its potential applications include the treatment for xerosis, atopic dermatitis and photodamaged skin. 
 Earlier this year we announced a collaboration with the Polish Academy of Sciences which gave us rights to several new dermatological and skincare therapeutics. One of these technologies is PA (phoretamide), a natural non-cytokinin,
representing another patent application which has already been filed. In similar testing done on Kinetin, Zeatin and PRK124,.... PA (phoretamide) test results suggest positive and significant biological activity while demonstrating a clean safety
profile. The Academy is presently engaged in the synthesis of this raw material and human safety and clinical testing should be underway in the third quarter. Its potential indications are being studied and include the treatment of photodamaged skin
and acne rosacea. 
  

 - 7 - 

 In addition to the two compounds just mentioned, our laboratories have successfully safety screened and confirmed
significant biological activity at the cellular level for an additional seven ingredients. We are currently in the process of overhauling our research and development capabilities, having just completed the buildout at a minimal cost, of a new
Senetek laboratory in Olomouc, Czech Republic. We are now focused on increasing our ability to screen products for more indications while enhancing our efficacy in doing so. This being the case, we are in search of an expert in dermatological
therapeutics to help us identify key therapeutic categories having unmet needs while assessing our existing portfolio of compounds and evaluating new technologies. Categories that we have initially identified as having large revenue potential due to
unmet needs and a large patient population include acne vulgaris, skin whitening, acne rosacea, anti-scarring, reparative sun damage and hair loss. 
 And
now we come to objective #3, a subject of great interest and importance to our shareholders, the recapitalization of Senetek. Our strategy is simple and straight forward... we are a specialty dermatology and skincare company, both developing and
commercializing new technologies. By this, 

  

 - 8 - 

 
we mean that Senetek’s identity is clear and focused... dermatological and skincare therapeutics with the capabilities to take a compound from basic
research all the way through to commercial launch. 
 During the past, the Senetek story has been complicated by being involved in multiple business
segments... an impossible task for a company of our size. Our core competency is skincare and dermatological therapeutics and our singular focus is the $56 billion dollar skincare market. 
 Our strategy is to find a buyer for our non-core businesses; erectile dysfunction (Invicorp®) and drug delivery (Reliaject®), returning a significant and immediate value to our shareholders. This could be accomplished through a direct sale or merger with
another business entity... retention or sale of these business units will be based purely on economics if a buyer is identified. 
 When a buyer for the
non-skincare segments is identified, whether it be another corporation or financial institution, we would demerge the skincare and non-skincare businesses into two separate units whereby the existing shareholders would have ownership in both units.
Our monoclonal antibody 

  

 - 9 - 

 
business does not require significant management attention while generating cash and thus would remain with the skincare unit. The cash on hand at the time
of the finalization of such a transaction would also stay with the skincare unit. The transaction could be either a cash or stock transfer or a combination of both. 
 Senetek will remain focused on its core competency, skincare and dermatological therapeutics... Senetek is a specialty dermatology company. Such an arrangement would present us the opportunity to be more focused
and in tune to the markets in which we engage while affording our shareholders an upside from Senetek’s valuable ancillary technologies, which today yield no value in the markets. 
 This is the initial step in the process of recapitalization... management and the Board are cognizant of the significant costs that would be associated with such a transaction and therefore we believe that we must
strive to accomplish as much as possible when entering into such an arrangement. As such, we would propose to do a concurrent reverse stock split with a compulsory share buyback coupled with a corporate migration from the UK to the US. The end game
is a US based specialty dermatology and skincare 

  

 - 10 - 

 
therapeutics company with the capital structure and economic metrics to achieve a national market listing... a new Senetek or Senetek by another name.

 Many of the things we have discussed today are in the planning and process stage. We appreciate the opportunity to share certain points on strategy with
you but it is very important to understand that we are tightly bound by confidentiality agreements and the United States SEC Regulation FD and therefore, we are very limited with respect to what we can say in answer to some questions you might have.
We trust that you will appreciate and understand this restriction. 
 Our second quarter has just closed on June 30th. It is premature to discuss
financial results at this time other than to say that we ended the quarter with approximately 22 million dollars in the bank. We will schedule a conference call shortly after we file our quarterly statements in August to discuss operating
results. 
 We will now open the call to questions, subject to the restrictions previously mentioned... 
  

 - 11 - 

 OPERATOR” 
  

			
	Operator:	  	At this time if you would like to ask a question press star then the number 1 on your telephone keypad.
		
		  	We’ll pause for just a moment to compile the Q&A roster.
		
		  	And your first question comes from David Russell.
		
	David Russell:	  	Good morning.
		
	Frank Massino:	  	Good morning David.
		
	David Russell:	  	A couple of small questions to you. How many employees does Senetek have currently?
		
	Frank Massino:	  	Seven.
		
	David Russell:	  	Seven.
		
	Frank Massino:	  	Seven.
		
	David Russell:	  	Well we obviously have very ambitious goals as you stated a moment ago.
		
		  	What do we expect the employee count to be next year and the following year?
		
		  	If we’re going to accomplish all of these things we can’t have seven people only doing it as talented as they may be.

  

 - 12 - 

			
		
	Frank Massino:	  	No, I think what we have really laid out is what we can accomplish with the seven people that we currently have,
quite candidly.
		
		  	Secondly we will increase the employee goal. We are looking for a medical expert, a dermatologist, to serve as medical director. We’re looking for a business development individual, and
we’re also looking for a couple more people in the research and development area.
		
		  	You have to realize that we say we have seven full time employees but our agreement with the collaboration of the Institute of Experimental Botany, for example, we pay a six figure sum to them
for dedicated research and development capabilities.
		
		  	So in essence we have more. The same is true in Aarhus and we’re also working on such an arrangement in Poland.
		
	David Russell:	  	Well if we’re going to do sales and marketing at some point you can’t do it with seven people, can you?
		
	Frank Massino:	  	But if you listened to what we had said we’re not going to do the sales and marketing initially. We are going to use the collaboration, a marketing collaboration with a dermatology sales
company.
		
		  	And then do additive licensing arrangements in different segments of the business.
		
		  	When we – if we were to enter the direct sales and marketing now we’re going to talk about adding about 40 more people.
		
	David Russell:	  	Forty.

  

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	Frank Massino:	  	Forty, that’s correct.
		
	David Russell:	  	Okay, and that’s out there a couple years.
		
	Frank Massino:	  	It’s really – I would think that a couple years is about right.
		
		  	Now, you know, it’s interesting. What we’ve just – what I’ve just stated quite frankly, is that we’re in the planning and process stage of establishing our own sales
& marketing infrastructure. We definitely feel that this is the right way to go.
		
		  	If we can take an established dermatology company that has been successful and we can partner with them, share revenues and we can get to the point where we do commit a cash contribution but we
get a multiple in return I think that basically is the way to do it. I think that’s the best thing that we can do at this point in time.
		
		  	So, as far as having our own sales and marketing team, you say is it two years out, I don’t want to get caught into that timeline because we are confident that we will achieve item number
one that I mentioned earlier, the joint marketing collaboration. We have many companies that we are working with in order to achieve this goal.
		
		  	However should it not come to realization we will definitely move into launching our own product by the first of the year and then in that particular case you will see a rapid acceleration of
new employees.
		
		  	Hopefully David I’m making myself clear on that.
		
	David Russell:	  	Right, but, well yeah, that’s right.

  

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	 	  	But if you have your own sales and marketing folks there are obviously some advantages and some
disadvantages.
		
		  	One of the main advantages is that in the future as these products go through the pipeline then you might identify one or two of them that are very, very lucrative. You don’t want to
share that with anyone.
		
		  	And if their indications are that good the marketing and the selling it may not be that difficult in the dermatology marketplace.
		
		  	So having that marketing capability and sales capability has tremendous advantages potentially.
		
	Frank Massino:	  	David we certainly agree with that.
		
		  	And, I don’t know how to say this because you have to keep in mind that many times on our shareholder teleconferences we have competitors, we have existing licensees, and we have
potential new licensees on the call. I can’t really share with you in detail exactly what the thinking is.
		
		  	But I can assure you at this point in time that we have a plethora of new compounds and we do have an idea as to which ones basically are superior and have unique attributes.
		
		  	In addition, of course, there are many that we have that we currently don’t know their real potential. In addition, the fact is that we believe that transitioning where we can capture
the full revenues in year one to shared revenues at 50/50 basis going forward with a Senetek trademark and with Senetek on the packaging really begins the establishment of a brand recognition for Senetek in the dermatology
community.

  

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	 	  	When we bring our sales organization on, it will be dictated by the product capabilities that we’ve identified and
also with our financial strength.
		
	David Russell:	  	Yes. Now is there any indication that your strategy is being met – is being accepted to any extent by the marketplace?
		
		  	Now as you lay out the 50/50 and so on that’s not something we’ve seen before in terms of any of the deals we’ve done in the past.
		
		  	So I guess my question is I know we don’t have a deal right now signed but is there an indication that the marketplace is willing to accept those terms?
		
	Frank Massino:	  	The answer is yes.
		
	David Russell:	  	Okay.
		
	Frank Massino:	  	Unequivocally yes.
		
	David Russell:	  	Okay. One another quick question then I’ll let other people chime in.
		
		  	But on the issue of the recapitalization and the – did I hear you say that there’s a reverse split that you’re considering?
		
	Frank Massino:	  	We – not by itself. Right now we have several different business units. I did say the sale of Invicorp® and Reliaject®. Of course we did sell Reliaject® and
what we really have is a great contract.

  

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	 	  	The whole idea behind it is to have a complete focus on skin care and dermatology and to identify ourselves as
skin care dermatologic therapeutic company.
		
		  	And we would like to divest completely Invicorp® and the Reliaject® businesses. And if we did so, then we would in essence be spinning out a dermatology company with the cash on hand, starting fresh and having the economic metrics to get a national listing.
		
		  	At the same time we, I will tell you that one of the interesting things that we are saddled with is having close to 15,000 shareholders with the majority of the shareholders having a very
small stake or interest in the company. That is not really conducive to efficient shareholder communications.
		
		  	In fact it has been an obstacle when we discuss de-merging the Invicorp® and Reliaject® with other companies. These companies don’t like the idea if it was going to be a stock transfer having that many shareholders become part of their shareholder base, so to
speak.
		
	David Russell:	  	Right. But before you do a reverse split, if you succeed with some of these other initiatives stock price may take care of itself.
		
		  	I really don’t believe that some of these small shareholders by themselves are going to be able to manipulate the stock that much if the performance is there.
		
	Frank Massino:	  	Well no, I think though that quite frankly the performance really has been there. I mean, we are trading below our cash enterprise value at this point in time.

  

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		  	The fact of the matter is that it’s extremely expensive to reach 15,000 shareholders.
		
		  	And, one of the biggest concerns that we have is that if we were to find a company that really would like to make a tremendous investment in taking Invicorp®, Invicorp® sales will probably come in 2009. We must weigh the benefits of doing something now. If we could do something at this
point in time it’s always better to do it now, if the economics are right.
		
		  	But, you know, it’s going to be a really hard road to identify the 15,000 shareholders and get the shareholder approval that we need. It’s a very unmanageable
situation.
		
		  	And the only way that we can come up with and do this correctly is a reverse split with a compulsory buyback. We can’t buy back our own shares at this point in time.
		
		  	Bill I don’t know if you want to comment.
		
	William O’Kelly:	  	No. And we’re not motivated purely by share price, not by any stretch.
		
		  	One of the issues is the sheer number of shareholders that we have and their positions. If you look at some of the information that we have, we have pages and pages and pages of shareholders
that own 25 shares. It’s impractical with respect to management.
		
		  	And, when we go back to the fact that we’re a company of seven people and we don’t want to grow on the administrative side.

  

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		  	And so what we’re really trying to do is get lean and mean with respect to capital structure of the organization.
		
	David Russell:	  	Okay. Thanks for answering my questions. Thank you.
		
	Frank Massino:	  	Sure.
		
	Operator:	  	Your next question comes from Jack Jones.
		
	Jack Jones:	  	Frank, how are you?
		
	Frank Massino:	  	Real good. Thank you.
		
	Jack Jones:	  	I have several questions. One I want to talk about the Invicorp® issue.
		
	Frank Massino:	  	Yes.
		
	Jack Jones:	  	Invicorp® on the one hand you said
during the and perhaps I misunderstood but I think you said that you didn’t think that there was much in the way of market value being represented in the stock from owning Invicorp®.
		
		  	And I guess I have – there are two things here. One Invicorp® as I understood it we had already sold the rights to it and I’m forgetting now the name of the other company that owns the rights of it. Maybe its
Plethora is it?
		
	Frank Massino:	  	Oh yeah, I’ll answer as we...
		
	Jack Jones:	  	Yeah, so that has the other – so it has the rights to it. So I’m not really sure I understand what the management burden of the relationship is if

  

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	 	  	in fact the licensing of the product is already out there and somebody else is going to manage the sale of the thing
and Senetek is just going to, you know, collect on the coupon if you
will on the flow, the same thing for
Reliaject®,
so maybe you can answer start with that.
		
		  	So I don’t understand why it’s bad to sell – why it’s bad to keep that but okay to keep the monoclonal antibodies.
		
	Frank Massino:	  	All right. Well actually Invicorp®, you know, is licensed to two different companies, one Ardana Biosciences. They have the rights for Europe. And the Plethora Solutions has the right for the U.S.
		
		  	And managing a licensing arrangement is extremely labor intensive. It takes a lot of my time. I’m part of the product development team for Invicorp® with both companies, okay.
		
		  	And quite frankly the – there is always a risk any time you go through regulatory procedures, you know, with a product and I think that’s one of the reasons why we don’t have
any, you know, upside at this point in time because Invicorp®’s been around a long time. People are concerned about the regulatory pathway and the fact it was on clinical hold whatsoever.
		
		  	But we do have interest in Invicorp® with regards to people basically taking an ownership at this point in time where they also would make a stronger investment in getting this product, you know, through to the regulatory
process.
		
		  	And so I can’t say a lot about it but it isn’t that the licensing of Invicorp® is bad and it’s not necessary that we do this, i.e. sell off Invicorp®, okay.

  

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	 	  	And hopefully I explained that it will be the economics that will dictate whether we do it or not. We’re very
bullish on Invicorp® and I think that, you know, as a shareholder I would really seriously watch what’s
going on
with Plethora and with Ardana over the next months or so in particular with regards to the progress that they’ve
made.
		
		  	You know, I can’t...
		
	Jack Jones:	  	Well how much – what percentage of the royalties does Senetek get from (unpublished)?
		
	Frank Massino:	  	Obviously because of confidentiality all I can say it’s in the double digit range. That’s all.
		
	Jack Jones:	  	Okay. So I guess here’s the question and I’m sure you must be going through this exercise with your investment banker is figuring out to try to figure out what is the price for the
sale of the rights Invicorp® and Reliaject®.
		
		  	So I guess for, you know, those of us who are trying to figure out, you know, what that could look like in cash or stock, can you give guidance as to what you, you know, you guys feel the
potential value is of those license, of selling those things off?
		
	Frank Massino:	  	Well obviously if we were to do this we would have to have shareholder approval.
		
		  	And we will have to definitely give definitive guidance, okay. Yeah, it’s a matter of really utilizing resources to its fullest capacity.

  

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	 	  	In other words if you had X – you know, the reason we did the Valeant contract was to get the cash in here
because we knew we had a strong pipeline and we knew that we could be
stronger in negotiations quite frankly.
		
		  	With regards to Invicorp® it’s cash flow generation, you know, with regards to the licensing we’re going to have to as management and the Board we’re going to have to convince the shareholders and show them exactly that this is a
great deal for them.
		
		  	And I just...
		
	Jack Jones:	  	But you don’t want to comment on give some just initial guidance as to what you think the value of the assets (could be)?
		
	Frank Massino:	  	Not other than we’ve already said, you know, based on the fact Decision Resources believe that Invicorp® is going to be a hundred million dollar product, okay. You got double digit royalties; I mean based on the fact I think that –
to me that is a baseline value that you can see.
		
	Jack Jones:	  	Can you talk a little bit to what – looking at the – you said there’s 22 million in cash. How much was the monetization?
		
	Frank Massino:	  	Monetization we’ve received what?
		
	William O’Kelly:	  	Twenty-one million.
		
	Jack Jones:	  	You received 21 million.
		
	William O’Kelly:	  	Yes.

  

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	Frank Massino:	  	And of course we had to pay the inventors a substantial sum - you know, we had to pay the royalties on that and
we also had a tax liability.
		
	William O’Kelly:	  	Correct.
		
	Jack Jones:	  	I see. And is the company currently holding debt right now or is it pretty much debt free?
		
	Frank Massino:	  	Debt free.
		
	Jack Jones:	  	its debt free and it has 21 million in cash.
		
	Frank Massino:	  	Twenty-two.
		
	Jack Jones:	  	Twenty-two million in cash excuse me.
		
		  	And what, based on that cash, what do you – what should just on a cash basis the stock price be in – what you estimate? You indicated that was selling below the cash
value.
		
	William O’Kelly:	  	Yeah, the stock – I mean the market cap is about 18 million based upon...
		
	Jack Jones:	  	So it’s selling about 20, call it 20, 25% below just the cash value forgetting the pipeline or anything else.
		
	William O’Kelly:	  	And forgetting Invicorp® and
Reliaject®.
		
	Jack Jones:	  	Yeah, and Invicorp® and
Reliaject®, etcetera, okay.

  

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	 	  	And just to make sure that we’re all clear, do you anticipate having the sales - this new product, is this expected to
be an ‘08, you were saying beginning of ‘08
you’re going to – the run rate significant revenue to replace the
Valeant revenue.
		
		  	Is that going to be based off an agreement with the news marketing company or done internally or how – what’s the anticipation there?
		
	Frank Massino:	  	We anticipate actually having the product launch in ‘07, okay.
		
	Jack Jones:	  	‘07.
		
	Frank Massino:	  	Both of them, yeah.
		
		  	But what I am trying to say is, what we’re trying to do is really communicate to our shareholders the vision, okay, of Senetek. 2007 is half over at this point in time, all
right.
		
		  	Now we could have done deals already with PRK124, that’s a fact and the same thing with 4HBAP.
		
		  	But as we went through reiterations of contracts and negotiations, we didn’t feel that it was really beneficial for Senetek or for the shareholder.
		
		  	What we’re looking for is that when we open the doors on January 1, 2008, we definitely have replaced every dollar that we’ve lost on the monetization of the Valeant
contract.
		
		  	And now are we going to do it by ourselves?

  

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	 	  	It could be that we may launch by ourselves as I said. But we’re pretty confident that, you know, we have a pretty
high degree of confidence that we are going to have marketing
collaborators that will provide us this return.
		
	Jack Jones:	  	So that – and what that would mean is just a new realm in terms based on the 37 million, I think it was a five year, correct me if I’m wrong, but approximately let’s 7.5 million a
year in revenue is what you expect to open the doors 2008 with.
		
	William O’Kelly:	  	Well that would be – that would approximate...
		
	Jack Jones:	  	No, no, no I mean 7.5 million a year excuse me.
		
	William O’Kelly:	  	Oh, that would approximate what value it would have paid us in 2008, correct.
		
	Jack Jones:	  	So then that is what you’re anticipating, okay well...
		
	William O’Kelly:	  	That was...
		
	Jack Jones:	  	What’s that?
		
	William O’Kelly:	  	A million in marketing; it would have been at 6 million net is what – they would have...
		
	Jack Jones:	  	Six million net, okay. So that’s kind of what you would expect sort of a 6 million net based off of – and you expect to announce those arrangements sometime this year.

  

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	Frank Massino:	  	Yes. That is true. I think, you know, hopefully we’ll do better. What we’re saying is that, if people are wondering
what I hear from the investment community and we do talk to
fund managers quite extensively. They say well
gees, it’s terrific. You’ve got all this cash, you got great technology.
		
		  	Now where the hell is the revenue going to come from and how quick are you going to get back on your feet and can you tell me when you’re going to replace what you lost?
		
		  	And so, you know, we’re definitely taking it one step at a time. And we are going to replace what we’ve lost to due to the monetization of the Valeant contract and we feel confident
that it will be done in 2008.
		
	Jack Jones:	  	What is the PRK128 compound do?
		
	Frank Massino:	  	PRK124.
		
	Jack Jones:	  	124.
		
	Frank Massino:	  	PRK124 has several different unique attributes and quite frankly what I’m very concerned with because, you know, is that as I said competitors may be on this call, etcetera, the – it
is necessary to be careful in what information we reveal on this call. We published the results with regards to successfully treating photodamaged skin and we also announced that a major company has done their own testing on PRK124 as a skin
whitening compound. Other than that I would not want to go any further.
		
	Jack Jones:	  	I see but it would – would it be safe to say that it’s different and obviously as a significant shareholder I don’t want to tip our hands that much either publicly but would it be
safe to say that it is something that is an improvement or a different product from zeatin, kinetin?

  

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	 Frank Massino:
	  	Yes.
		
	Jack Jones:	  	So it’s addressing different dermatological needs or it’s addressing them in a more efficacious, more effective manner?
		
	Frank Massino:	  	It will have more extended indications.
		
	Jack Jones:	  	Okay.
		
	Frank Massino:	  	It’s also when you said a better, an improvement or different, okay, the answer is both.
		
	Jack Jones:	  	Well good luck with it Frank. We’re looking forward to seeing the newly invented one and newly invented Senetek and seeing it on a major national market listing. That would be a great
thing.
		
	Frank Massino:	  	Yeah, that’s what we’re definitely aiming for. We’re really serious.
		
		  	Hopefully you can tell that the tone of this teleconference is a little bit different. We are providing what we consider major guidance, conceptually, but truly clear guidance.
		
	Jack Jones:	  	Absolutely. And by the way is there going to be another IR firm or are you guys going to endorse the (regulatory) communicator have an internal PR person?
		
	Frank Massino:	  	Well, it’s interesting. When the gentleman asked or was it you, about the headcount, I think we would prefer to have an in-house IR individual. However, we are working with people about
doing public relations, i.e., assessing the media, you know.

  

 - 27 - 

			
		
	 	  	We don’t think that – when it comes to the IR you will see an IR firm per say. You’ll find if we have anything
we’ll have an in-house person and we will have a media
company that – a PR firm that gets us exposure in the
media.
		
	Jack Jones:	  	Well I tell you what I think it’s a great idea that you have your own PR person. I think it’s a great idea that you guys get exposure, you know, out in the media because obviously the
more people know about this and what you guys are doing the better for everybody on all levels.
		
	Frank Massino:	  	Right. And obviously that’s the idea of having Senetek on the package and having a Senetek brand name.
		
	Jack Jones:	  	Yeah. That’d be great. Good luck with it Frank.
		
	Frank Massino:	  	Thank you.
		
	Operator:	  	And again I would like to remind everyone if you would like to ask a question press star then the 1 on your telephone keypad.
		
		  	Your next question comes from Tom Seymour.
		
	Tom Seymour:	  	Hi Frank.
		
	Frank Massino:	  	Hi Tom.
		
	Tom Seymour:	  	Hey congratulations to you and the whole Senetek gang there. I’m hearing some really good stuff today, very specific. It sounds like a lot of thought’s gone into this and I think
you’re really on the right track with getting this identity down to what is Senetek and what do we do.

  

 - 28 - 

			
		
	 	  	I think that’s one of the things that’s always hurt the stock and we want to get the stock price up once we get that
people can understand what kind of company we
are.
		
		  	I’m not too concerned about the parts about the products and the marketing and all that because I’m confident you guys have that right.
		
		  	I was really interested in when you talked about the restructuring, reverse splits, some of these other gadgets you might do.
		
		  	And I’m wondering if you could be a – talk a little bit more about that particularly about the how and when we might expect to get either back on the regular NASDAQ or on the
Amex.
		
		  	And if you could tell us anything more specifically about timetable on these things you’ve talked about, about the restructuring end. Is that something this year or at the end of this
month or could you talk a little bit more about that for us?
		
	Frank Massino:	  	I’ll start briefly and then I will turn it over to Bill.
		
		  	And obviously it really depends on having that buyer with regards to doing such a transaction, the new Senetek so to speak, okay.
		
		  	And we can’t really guarantee when that’s going to happen although we will say that we do have a lot of interest in moving forward.

  

 - 29 - 

			
		
	 	  	Of course the economics and the metrics of the deal have to make it so that the shareholders will benefit.
		
		  	Ideally, you know, I’m not and Bill might come from a different viewpoint but, I mean I don’t think we prefer to do a reverse stock split by itself. I wouldn’t say we have
universal agreement at the Board level just to do a reverse stock split by itself. It really needs to be event driven.
		
		  	Because everything that we would do in that respect, people have to realize, it’s going to be extremely expensive to do a migration to the U.S. and that’s probably one of our best ways
to get a national listing.
		
		  	So we’re definitely in the mode of doing something. There’s no question about it.
		
		  	Timeline, you know, I would like to see it happen this year but I can’t guarantee it.
		
		  	I don’t know, Bill, if you want to comment further?
		
	William O’Kelly:	  	Well the transaction that we mentioned relative to or the potential transaction that we mentioned with regards to Invicorp® and Reliaject® is really the initial event.
		
		  	And so if you look at a timeline what we – as Frank mentioned previously, we would obviously have to go out to shareholder approval.
		
		  	And so even if that were to happen tomorrow which it’s not going to it would probably be a minimum six month process for us to go through both the shareholder approval and also some of the
legal aspects of migrating the company from the UK to the U.S.

  

 - 30 - 

			
		
	 	  	It is going to be an expensive proposition from the standpoint of just process in terms of going to the
shareholders, going to the courts in the UK.
		
		  	So it’s very important that we try to establish or try to accomplish as much as we can with respect to this at the same time.
		
		  	So we don’t have a firm timeline but we do know that once we put the events in motion my sense would be that it would be six to nine months a process to completion.
		
	Frank Massino:	  	Tom, you should also know that, and I don’t think that people realize this nor would they have any idea on how to go about finding this out, but we do have new funds that are now
following Senetek, buying into Senetek. And they have new genuine interest.
		
		  	So we have to be really careful, the fact is that what Bill and I are saying is that we got to really make sure we execute. And what we are now saying, we know that it is being met with a lot
of excitement by the people that are watching us. You know the fact is that if we can do what we say we think we can do in 2008, that will really be terrific, while we keep developing new compounds.
		
		  	We’re not doing a reverse stock split just to increase the price. We’re doing it because we got to deal with the management and communications to the shareholders. It costs a lot of
money to send out proxy statements to 15,000 shareholders.

  

 - 31 - 

			
		
	Tom Seymour:	  	Frank thanks a lot – you’ve answered my questions. I’m going to let you get onto some other callers. Thank you.
		
	Frank Massino:	  	Okay, thank you Tom.
		
	Operator:	  	Your next question comes from Charles...
		
	Frank Massino:	  	Hello?
		
	Operator:	  	Kusnyer.
		
	Charles Kusnyer:	  	Yeah, this is (Charlie) Kusnyer, shareholder. On the move from the UK to the U.S. is there any problem for keeping the NOLs, the NOL carry forward?
		
	William O’Kelly:	  	The – we are going to use substantially all of the NOLs that are related to the skin care business this year on the Valeant transaction.
		
		  	So the only thing that we will have left is – are NOLs associated with the Reliaject® and Invicorp® business.
		
		  	And so if and when we structure this thing in the way that we intend to there will be no loss of NOL.
		
	Charles Kusnyer:	  	Okay, thanks. One other question on the road shows. You’ve mentioned you have funds now looking or have invested already so I assume that the road shows are supposed to have been done last
month have been done or will be done.
		
	Frank Massino:	  	We have not done a dedicated road show, Charles. And we’re not going to tell you that we did.

  

 - 32 - 

			
		
	 	  	We have been speaking to funds. You know, I virtually reside in New York now.
		
		  	So and we are planning a European road show.
		
		  	But, if you listen to what we’ve said earlier during the call about how we have come to these conclusions regarding the capital structure, I wouldn’t want you to think that we pulled
this stuff out of the air. I mean in other words, we have spent a lot of time working with partners and consultants, and we have a pulse to the market.
		
		  	So definitely – we plan on having a dedicated road show, in the third quarter but to say that we’ve done that – it’s not the case.
		
	Charles Kusnyer:	  	Okay, great. Yeah, thanks for sharing the information now. It looks good. Thank you.
		
	Frank Massino:	  	Sure, thank you.
		
	Operator:	  	Your next question comes from Hayes Martin.
		
	Hayes Martin:	  	Yeah, hi Frank.
		
	Frank Massino:	  	Hi Hayes.
		
	Hayes Martin:	  	Really appreciate your being very, very specific in this call. Just have a few questions here.
		
		  	One on your multiple step plan here is the migration an absolutely mandatory part of this or is it part of it that you hope to accomplish along with the others? I understand the reverse split
and taking out the small shareholders seems to be mandatory part.

  

 - 33 - 

			
		
	Frank Massino:	  	No, the migration is not mandatory. It is not mandatory at all.
		
		  	Bill I think you’d agree with that.
		
	William O’Kelly:	  	No, the migration isn’t mandatory. Again we’re dealing with a structure that is somewhat impossible for the size of this company and the size that we even intend to
be.
		
		  	We have – right now we deal with two regulatory bodies. We deal with the SEC and we deal with the UK with respect to the fact we’re a private limited company.
		
		  	It just – it makes no sense just from a logistical standpoint.
		
	Hayes Martin:	  	Right. But I understand that the migration can take time and therefore you could well implement the other components of your plan and let the migration take its own course.
		
	William O’Kelly:	  	Well yeah, sure. I mean what we’re – what we talked about with regards to everything happening at once that really primarily is from a shareholder communication and approval
perspective, okay. What we intend to do is once we set things in motion we need to go out and get shareholder approval.
		
		  	And so we intend to get shareholder approval for everything that we want to do and then it becomes a question of timing with regards to how it – you know, how and when it
happens.

  

 - 34 - 

			
		
	Hayes Martin:	  	Right.
		
	Frank Massino:	  	And also for efficiency, Hayes, quite frankly if we can wrap everything up, that is, do everything in one package, it’s much cleaner, much more cost effective.
		
		  	And you know that we cannot get out of the U.S., I mean you have to have less than 300 shareholders according to the 1934 Securities Act.
		
		  	So we definitely are not going to be able to de-list ourselves from the U.S. and stay in the UK. The point being is that we should be in one jurisdiction.
		
		  	The point being is that we now have two sets of lawyers and two sets of auditors. That’s a fact. We have two sets of books, one for the US and one for the UK.
		
		  	We would like to do everything at one time.
		
		  	And as you know that as you go through this process you’ve got to file a proxy, you’ve got to educate the shareholders, you’ve got to take votes.
		
		  	So if we could present it all in one package that would be best. But we are not precluded from doing them in different steps.
		
	Hayes Martin:	  	Right. On your Invicorp®/Reliaject® spin-off concept there are obviously you implied several
scenarios whereby that could take place.
		
		  	Do you envision - I think you mentioned if I understood it right that you would end up with two separate entities, skin care one and the

  

 - 35 - 

			
		
	 	  	Invicorp®/Reliaject® one, and
that the shareholders would have to approve the transaction might benefit from
cash coming in or holding a separate public entity and therefore benefiting in the future from Invicorp®.
		
		  	Could you comment on that?
		
	Frank Massino:	  	Yes, I can. First I should probably point out which I may have misled the group earlier on - that we actually did already sell Reliaject®. We have a contract that basically it’s like really selling the contract.
		
	Hayes Martin:	  	That’s Ranbaxy.
		
	Frank Massino:	  	That’s Ranbaxy, that’s correct.
		
	Hayes Martin:	  	Yeah.
		
	Frank Massino:	  	And by the way everything is going well with them. Everything’s going well with Plethora.
		
		  	So the point being is the fact that the idea is we take these business units as we refer to them and perhaps let’s just say there’s a company that’s public, okay, that’s a
really solid company where we like the management, we like their technology, their future. We could actually do a stock transfer. We could in essence relocate these units into that particular company.
		
		  	And now the shareholders would own part of that company plus they would own part of the Senetek skin care business. Hopefully this is clear, I am trying to be as concise and precise as I can
be.

  

 - 36 - 

			
		
	Hayes Martin:	  	Right. On these prospective dermatological partnerships that you’re in negotiation for, do you envision getting a major partner per say PRK and they would have both domestic and foreign
rights or might you have multiple partners as you have in the past?
		
	Frank Massino:	  	Potentially it will be multiple partners. There isn’t one company in the world that can handle all the markets - I can tell you. I mean, I worked for Pfizer, for Glaxo, for J & J and we
obviously never could handle all the territories.
		
		  	The – our focus really is North America without a doubt in the dermatology market.
		
		  	Now as for worldwide in the prestige channel, I will say we’ll have one partner.
		
	Hayes Martin:	  	I mean, right. On the worldwide one that I was curious about I think you mentioned for PRK and maybe some of the other compounds, the skin lightening or skin whitening.
		
	Frank Massino:	  	Yes.
		
	Hayes Martin:	  	Feature. I’ve read about articles that the skin whitening is a frenzied market in Asia, Thailand, Malaysia, countries of that type. People are going crazy trying to lighten their
skin.
		
		  	And that’s the main compound that’s been out there is Hydroquinone which has been found to have side effects.
		
	Frank Massino:	  	Yes.

  

 - 37 - 

			
		
	Hayes Martin:	  	And that many are – and the dozens and dozens and dozens of other compounds have shown up to replace that.
		
		  	Is the PRK, are you looking at in PRK as something that essentially has hydroquinone like properties without the side effects or something that is a superior skin lightener and safe as well
so that you could actually supplant many of the products which are currently out there?
		
	Frank Massino:	  	Well we will tell you that without violating confidentiality that probably the best way to answer this is that we have a major household name that has done testing of a multiple variety of
different whitening products, PRK124 being one of them. PRK124 stands really well by itself and is non-toxic.
		
		  	So I will say that and quite frankly their interest is the Asian market. It’s large.
		
		  	Back in 2000 alone in Japan sales for skin whitening compounds was $500 million and its compound, and the growth rate has been double digit.
		
		  	So yeah, we definitively will have to tell you in the prestige market as a product by itself we feel that it will be very effective.
		
		  	Now when we come into the dermatological area quite frankly we are looking at experimenting with some combinations in order to enhance its efficacy even greater.
		
		  	You know there are obviously a differences – hydroquinone is both OTC and prescription, prescription at 4% and over-the-counter at 2%. The 2% is not the issue. When you get to the 4%,
you know, when you address the dermatology community you definitely have to have a super compound.

  

 - 38 - 

			
		
	Hayes Martin:	  	Right. So in these partnerships you could well end up having two or three or four partnerships total.
		
	Frank Massino:	  	Oh yeah. And basically in dermatology for North America and for probably a good portion of the world we’ll have one partner in dermatology.
		
		  	For the prestige market we’ll have one partner for the world for sure. That’s how we’ll have to do that with this particular company.
		
	Hayes Martin:	  	Without revealing anything would these partners when they’re announced household names, names that I would recognize?
		
	Frank Massino:	  	Yeah, one would definitely be. The other quite frankly in the dermatology community would be highly recognized in the trade.
		
	Hayes Martin:	  	Right.
		
	Frank Massino:	  	I mean highly.
		
	Hayes Martin:	  	Well thanks a lot Frank. It sounds like you have an extremely interesting plan afoot here.
		
	Frank Massino:	  	Appreciate that Hayes.
		
	Operator:	  	Your next question comes from Dan McDevitt.

  

 - 39 - 

			
		
	Dan McDevitt:	  	Thank you. You know, it seems Frank I could, you know, of the last five years I could - listening to these calls it’s kind of like groundhog day, it’s the same thing over and over.
You know, that we’re in the best shape we’ve ever been in. We’re setting ourselves up for next year or the next year or the next year.
		
		  	And the fact is we’re sitting at 30 Cents.
		
		  	And, you know, as a CEO of a public company it seems like, you know, you’re measured in one way in my opinion and that’s the price of the stock.
		
		  	And it seems like you’ve had adequate time to make a difference and have failed miserably in that regard.
		
		  	And now we’re hearing a set of new plans.
		
		  	And, you know, there’s not much we can do sitting on this side of the call.
		
		  	But I sure hope that the Board is looking at these structures or the plans that you’re outlining and holding you personally accountable for making these things happen.
		
		  	And if they don’t happen that we start making some significant changes. And it’s – you know, it rests at your feet.
		
		  	So I mean it’s just really frustrating as a shareholder of this company to continue to hear these calls with the same kind of things.

  

 - 40 - 

			
		
	 	  	And, you know, you are making a pretty pronounced set of principles and plans here known to us.
		
		  	But it just seems like I could – you know, this is like dejuvue over and over.
		
	Frank Massino:	  	Hey Dan, you know, I don’t think that’s really true at all and I’m not going to apologize. We are quite frankly in a much better position. We have money in the
bank.
		
		  	We virtually went from hand to mouth with regards to trying to fund this company. We found great partners in technology.
		
		  	And quite frankly, I think that I’d have to ask you why you would hold the stock for so long if you’re so dissatisfied.
		
		  	So I don’t want to be rude but the fact is that that’s not the case. And this is a joint decision by management and the Board to move forward in the direction that we are
heading.
		
	Dan McDevitt:	  	So that’s your answer, yeah.
		
	Frank Massino:	  	That is the answer.
		
	Dan McDevitt:	  	Yeah, no apologies.
		
	Frank Massino:	  	No apologies needed.
		
	Dan McDevitt:	  	Okay. So why is the stock trading under its value?

  

 - 41 - 

			
		
	Frank Massino:	  	I’m not an analyst, as you know, based on the fact that there are a variety of reasons but I’m not going to get into them.
		
	Dan McDevitt:	  	Yeah, the main reason is your credibility.
		
	Frank Massino:	  	I don’t think that’s the case at all.
		
	Dan McDevitt:	  	I absolutely think that’s the case.
		
	Frank Massino:	  	Operator can we go to the next question please?
		
	Operator:	  	If you would like to ask a question, press star then the number 1 on your telephone keypad.
		
		  	Your next question comes from Richard Sandefur.
		
	Richard Sandefur:	  	Yeah, good morning folks.
		
	Frank Massino:	  	Good morning Richard.
		
	Richard Sandefur:	  	It’s my understanding that as long as we’re incorporated in the UK as Senetek we can’t do a reverse split. Is that correct?
		
	William O’Kelly:	  	We cannot do a reverse split with the equity structure that we have at this point in time.
		
	Richard Sandefur:	  	So in other words before we could do a reverse split we’d have to be another entity.

  

 - 42 - 

			
		
	William O’Kelly:	  	Yeah, I mean what we’re talking about is doing a number of concurrent things that will allow us in fact to accomplish everything that we have talked about including the reverse
split.
		
	Richard Sandefur:	  	Okay. And also I heard you say that the migration from the UK to the United States will be expensive. Kind of what kind of relative terms are we talking about? Is it one or two
million?
		
	William O’Kelly:	  	Yeah.
		
	Richard Sandefur:	  	One million, two million?
		
	William O’Kelly:	  	I think the upper side of that probably from the standpoint of the whole transaction including the – including shareholder correspondence, the legal aspects of it would be around in the
– at the upper range of what you just mentioned.
		
	Richard Sandefur:	  	One to two million.
		
	William O’Kelly:	  	Yes.
		
	Richard Sandefur:	  	Okay. Thank you.
		
	Operator:	  	Your next question comes from Richard Boodman.
		
	Richard Boodman:	  	Hello Frank.
		
	Frank Massino:	  	Hello Richard.

  

 - 43 - 

			
		
	Richard Boodman:	  	Frank you asked that other guy how come he’s holding the stock so long. I’ve probably been holding it longer than him and I’m not one of those 25 share
stockholders.
		
	Frank Massino:	  	Right, I know that.
		
	Richard Boodman:	  	I am sorry to say that. But the reason I’ve been holding it since 1960 - since 1996 was because I met you at the Health Fair Show in Baltimore when you were not the President of the
company. And I liked everything you had to say when you were showing that cosmetic line.
		
		  	And I’ve been holding on simply because I want to believe that this company was going to make it.
		
		  	I’m in my senior years at this point in time. I don’t have that much time to go. I heard everything you had to say.
		
		  	And quite frankly it seems to me that the price of my stock is too low relative to a debt free with cash in the till and a glowing report regarding the future of this company.
		
		  	What are you doing to protect us long term suffering stockholders from some vulture coming in and swooping up the company for pennies on the dollar based on what you just said because
you’re making it sound like I’m finally going to realize a profit on my investment?
		
	Frank Massino:	  	Well, you know, Richard that if someone were to come into take a run at Senetek obviously the shareholders are going to have approve the price. I mean that’s going to really be in the hands
of the shareholders.

  

 - 44 - 

			
		
	 	  	Knowing a lot of the shareholders and probably speaking to individuals that, and by the way, it is mostly
individuals that own these shares, probably say 22 million shares, it’s going
to have to be a pretty high price for
someone to come in at a low price. People have really been patient. There’s no doubt about it. I said it’s been a
long journey.
		
		  	I think if someone were to come in you’ll have multiple companies coming in. There would be a kind of war with the price be driven up, you know, pretty substantially.
		
		  	I don’t think that this is going to happen although I can’t really predict that.
		
	Richard Boodman:	  	Well let’s assume it does happen, what assurances do I have with you and the members of the Board directly are going to beat the drum so that everybody hears that this company is worth a
gazillion dollars and it shouldn’t be given away or are you going to sit on the sidelines and perhaps maybe quite frankly been made an offer that you can’t refuse?
		
	Frank Massino:	  	Well if it were an offer that we can’t refuse it probably would be an offer that you couldn’t refuse Richard, okay. This is not – I can tell you that we don’t own the
company, you know, it’s hard to say and I know that, you know, Dan basically had his comment thinking that we don’t have the shareholders in mind, that we really don’t care about the stock price. That’s not the point at
all.
		
		  	We definitely would give good advice. We would have to have outside expert opinions that would really dictate that the price confirming that what someone would offer is really fair to the
shareholders, all right.

  

 - 45 - 

			
		
	 	  	And I would also have to say that right now unless someone came in and wanted to pay a minimum of say $3, I
really could not – you would not have my vote to go ahead and sell the
company.
		
	Richard Boodman:	  	And so that’s all you think the company’s worth?
		
	Frank Massino:	  	No, I think the company’s worth a lot more.
		
		  	But at $3 I’d have to tell you that, you know people that have bought in at 30 Cents. You know, a lot of people have bought in at these low prices. You know they’re going to dictate
the value. I don’t own the company.
		
		  	I don’t know Bill if you want to comment that might help Richard.
		
	William O’Kelly:	  	No, I think the point that Frank made with regards to the evaluation is the appropriate one. We cannot prevent somebody coming in and soliciting to buy this company, accumulating a position and
soliciting to buy this company.
		
		  	What we can make sure of is that the shareholders get the information that they need in order to vote on that offer.
		
		  	And part of that information is an independent view of the company and its value.
		
		  	And that’s the way those processes work. At this point in time we know nothing with regards to – of any of this happening nor do we really feel that it’s going to happen at this
point in time or in the future.

  

 - 46 - 

			
		
		  	But again, nothing prevents somebody from in fact making that type of an offer if they want to.
		
	Richard Boodman:	  	Well here’s something that I’m thinking of, okay, you know, you told us about some of these new, you call them by numbers so I’m not sure what you call them.
		
	Frank Massino:	  	New compounds, period.
		
	Richard Boodman:	  	Compounds okay. Now I’m in the real estate business.
		
		  	And when you value something, you know, sometimes you’ll go through (unintelligible).
		
		  	You said you have something with regard to (unintelligible) acne rosacea.
		
	Frank Massino:	  	Yes.
		
	Richard Boodman:	  	Something that I just become familiar with.
		
		  	My dermatologist who by the way owns stock in Senetek and is pretty much disenchanted at this point but he bought it a few years ago; he is trying very hard to find products for
rosacea.
		
	Frank Massino:	  	Right.
		
	Richard Boodman:	  	It’s a major, major problem.
		
	Frank Massino:	  	Absolutely.

  

 - 47 - 

			
		
	Richard Boodman:	  	And it’s a – it has a lot to do with food allergies. Mine is as a result of my body saying you’re eating something wrong. Other people may get some indication worse where
I’m a little ahead of the (gang).
		
		  	What are you going to be doing to let the public know and people who are desperate to get a cure for this thing that it’s available if and when somebody says well we want to take over the
company?
		
		  	Are you going to break down everything that you have and show the value of the company product by product and also be able to project the value of these things because that’s the way
you’re going to be able to ward off somebody if in fact we have products that work?
		
	Frank Massino:	  	No, absolutely. First and foremost I have to say that we have tests currently going on for acne rosacea and we haven’t definitively proven that these compounds in clinical human beings are
successful nor have we taken them to the FDA not that you have to go through the FDA route as you do it as an OTC product.
		
		  	We do know it’s an unmet need and we do believe that we have a cluster of products that possibly could work in this indication.
		
		  	Yes, you’re right. Now each – I do think that when you look at – you know, we looked at bringing in a group, and I can’t – the name skips my mind.
		
		  	Bill do – Houlihan.
		
	William O’Kelly:	  	Houlihan.

  

 - 48 - 

			
		
	Frank Massino:	  	Houlihan Lokey basically to come in and do an evaluation of the company and that was probably one of the steps really to help market the company as far as, you know, getting people’s
awareness with regards to the value of the company and to make sure that this is not an expert opinion but this was to prepare ourselves in case someone were to come in and try to take us over.
		
		  	Unfortunately it was going to cost about a half million dollars and at this point in time we didn’t feel that we wanted to release a half million for that type of report.
		
		  	We are working at identifying someone to help us in that area.
		
		  	Yes, every segment of the business, each product they would be measured and projections would be in place.
		
		  	And when you said do I think the company’s only worth $3, no, I don’t think that’s the case. Although I will have to say that I also mentioned that I know shareholders that
probably collectively own 22 million shares and I will tell you that at three bucks I’m afraid that most of them would probably jump on it. And that’s all I can say to you.
		
	Richard Boodman:	  	That’s fine. That’s fine with me as long as you’ve been making it known that the value is – value of the company is worth more.
		
	Frank Massino:	  	Yeah, absolutely, I...
		
	Richard Boodman:	  	That’s my point. I mean I don’t expect you to do anything that’s illegal.

  

 - 49 - 

			
		
		  	But what I would expect is for you to be enthusiastic with the outside world as you are when we have these conference calls.
		
	Frank Massino:	  	Oh believe me, I really am. And I know that the way I look at it and the reason I said no apologies not being really arrogant or whatever, look the journey’s been slow. You know, I have
not profited much with regards to stock appreciation.
		
		  	And the point being is that we have increased our technology multifold since this management group has taken over.
		
		  	We definitely have gone from $40 million in debt while at the point where we couldn’t even make payroll.
		
		  	And we have successfully placed Invicorp® and Reliaject®. They were two difficult projects to actually transfer because of the fact that we did have certain issues such as a clinical hold on Invicorp®, etcetera.
		
		  	I honestly have to tell you that we are in the best position ever.
		
		  	Well we have made improvements, real progress and there is just no way I am going to let this company go for a low value, I’ve worked too hard. And it is our goal to move the share price
up. We know that.
		
		  	And the reason we tried – I tried to communicate today what the strategy and the plans are conceptually is to let you know that we do have a plan, a vision.
		
		  	And I know that we haven’t done a great job in the past in communicating the plan.

  

 - 50 - 

			
		
		  	So hopefully today we kind of changed that, turned the tide on that.
		
	Richard Boodman:	  	Well let’s hope so.
		
	Frank Massino:	  	Thank you Richard.
		
	Richard Boodman:	  	Okay.
		
	Operator:	  	Your next question comes from Ralph Anievas.
		
	Frank Massino:	  	(Yeah).
		
	Ralph Anievas:	  	Hi, how are you?
		
		  	My line of questioning was – would be following the previous two callers and I think you’ve addressed the issue of why is the stock trading so far under it’s value and what you
plan to do about it. So I don’t want to belabor that point.
		
	Frank Massino:	  	Okay, well if you do have any questions feel free to contact us, call the office, or send an email. We’ll definitely respond.
		
	Ralph Anievas:	  	Thank you.
		
	Frank Massino:	  	Sure.
		
	Operator:	  	Your next question comes from Arv Pickunas.
		
	Arv Pickunas:	  	Yeah, how are you doing Frank?
		
	Frank Massino:	  	Real good, thanks.

  

 - 51 - 

			
		
	Arv Pickunas:	  	I talked to you about two years ago.
		
	Frank Massino:	  	Yes, I do recall that.
		
	Arv Pickunas:	  	Okay, great. Insider transactions, I’m looking at the stock price. I’m looking at the Yahoo finance.
		
		  	And I see that it really doesn’t seem like there’s much interest from the average Joe at Senetek to buy any shares.
		
		  	Can you touch on that a little bit?
		
	Frank Massino:	  	Yeah, it’s really a sore subject but not for the reason you think so Arv.
		
		  	You know we’re a dynamic company and if you were to contact our corporate lawyers they will tell you that I’ve been really fighting with them saying I want to buy
stock.
		
		  	But we really – there are so many things going on here that we can’t buy stock. And that’s a fact.
		
		  	And that’s no excuse whatsoever. It is an unequivocal fact. And it is one of my biggest pet peeves.
		
		  	But that’s what it is. You know we’re extremely confident. You know, I mean I think you can – you know, that several things we’ve touched on and stated today are the results
of a lot of different outside activities.

  

 - 52 - 

			
		
	Arv Pickunas:	  	Yeah, it just comes – it’s kind of odd that, you know, we talk about all this enthusiasm that we have and I’m very enthusiastic myself and been a long time
shareholder.
		
		  	It just seems like hey if you really think the stock’s going up then you do a share buyback or you, you know, get some shares out people – you personally buy some shares which I
don’t think is illegal.
		
	William O’Kelly:	  	So we’re precluded from buying shares back because of our capital structure. So we can’t do that.
		
		  	And as Frank mentioned we are – we just – we’re in a situation where we constantly go to our attorneys asking them if we can buy based upon the information that we have and the
answer is consistently no. It has been over the past seven or eight months.
		
	Arv Pickunas:	  	Okay. Thank you.
		
	Frank Massino:	  	Well.
		
	Arv Pickunas:	  	Yeah, thank you very much.
		
	William O’Kelly:	  	Okay.
		
	Frank Massino:	  	Arv I just want to really even comment further. I made a statement that I said we could have done deals with PRK124.
		
		  	And any time you’re in that position, obviously we can’t buy stock. Bill said seven, eight months but it actually goes back beyond a year. So I just want you to know that is a
fact.

  

 - 53 - 

			
		
	Arv Pickunas:	  	Thank you for your time.
		
	Frank Massino:	  	Sure.
		
	Operator:	  	Your next question comes from David Russell.
		
	David Russell:	  	Frank just one last question. I hope you don’t mind.
		
		  	I just want to make a suggestion and maybe this is an area that you’re exploring already.
		
		  	But recently I had the pleasure, sort of a pleasure of having some cosmetic surgery done right around my eyes that took a couple of bags out after all these years. They’re unpleasant and a
lot of swelling.
		
		  	And I – this is just one data point but...
		
	Frank Massino:	  	Can you repeat that?
		
	David Russell:	  	Yeah, I recently went into have some cosmetic surgery done on...
		
	Frank Massino:	  	Operator, I’m not getting him.
		
	David Russell:	  	Okay, can you hear me?
		
	Frank Massino:	  	No, hey David I can hardly hear you.
		
	David Russell:	  	Okay, can you hear me now?
		
	Frank Massino:	  	Let me pick up the receiver, hold on.

  

 - 54 - 

			
		
		  	Try now.
		
	David Russell:	  	Okay, can you hear me?
		
	Frank Massino:	  	Yeah, I can hear you now.
		
	David Russell:	  	Okay, just a very brief question. Thanks for taking additional one for me.
		
		  	Cosmetic surgery, that’s a whole area. It’s become – it’s booming. The issue of swelling around the – around where that surgery is taking place, I’ve noticed that
some of those compounds like kinetin that I’ve had before helped me reduce swelling on occasion.
		
		  	Are you looking into that area of the market? It’s very, very lucrative and there isn’t much out there really to help people get over that surgery.
		
	Frank Massino:	  	Yes, we absolutely are. I should probably point out and I noticed that for some reason I inadvertently missed the fact that if you recall in our shareholder teleconference we talked about
licensing in a cosmetic filler, a 510K device.
		
		  	And that was one of the things that we were looking at for not only to improve the wrinkles but also to help in the healing process.
		
		  	Unfortunately as we did our due diligence on that compound, and found that the patent position was not strong enough, okay.
		
		  	But in the process, we were able to identify an ingredient that we think could be useful as far as aiding in the healing process.

  

 - 55 - 

			
		
	 	  	We definitely think it’s a tremendous market to be involved with and that’s what we plan to do.
		
	David Russell:	  	Is that a compound in the pipeline currently?
		
	Frank Massino:	  	Yes. It is a compound in the pipeline, right. We thought the compound that we were looking at was further ahead as far as tests.
		
		  	So, we were really willing to pay for it to bring it in.
		
		  	Unfortunately it was good news and bad news...
		
		  	The bad news being that the patent position would be hard to defend. But the good news is that perhaps we have identified a compound that in combination with one of our proprietary compounds
really could be a blockbuster.
		
		  	Our charter is to only bring in proprietary products that have differential advantages.
		
	David Russell:	  	Yeah, that’s important mark. And thanks for taking my suggestion. Thank you.
		
	Frank Massino:	  	Thank you David.
		
	Operator:	  	At this time if you would like to ask a question press star then the number 1 on your telephone keypad.

  

 - 56 - 

			
		
	Frank Massino:	  	We’re having difficulties again. Can you hear me Operator?
		
	Operator:	  	Yes sir, I can.
		
	Frank Massino:	  	I’m – okay, go ahead.
		
	Operator:	  	Okay. And you do have a question from John Plesa.
		
	Frank Massino:	  	Go ahead John.
		
	John Plesa:	  	Hi Frank. Two questions, the first one I think you answered but I didn’t understand it fully.
		
		  	Why can you not buy stock at this time, you know, because that is one of the key? You seem like you’re in a very sound financial position.
		
		  	And I would assume that all the officers and Board members would want to purchase that stock.
		
		  	But I don’t think your answer was clear with the last caller. Could you please repeat that?
		
	Frank Massino:	  	Yes. The reason we can’t buy stock is any time that we are close to doing a deal that’s significant, and thus you know, we are precluded.
		
		  	For example if you look back when we did the Valeant deal now that Valeant deal see when I said Bill said seven, eight months, it’s longer than seven to eight months. We were working on
that deal for months, okay.

  

 - 57 - 

			
		
	 	  	All that time that we had the confidence that we were going to complete the deal and bring all that cash in, thus
we had an advantage over you as a outside shareholder.
		
		  	And we can’t – we couldn’t buy because of that, all right.
		
		  	Now the other thing is that we just kind of outlined – well we just did outline not kind of, we did outline some concepts that we’re thinking about doing, all
right.
		
		  	Now quite frankly, you know, we feel confident we’re going to do it, I can’t say much more.
		
		  	So we’re precluded at this point in time from buying stock because, you know, we are in these negotiations and that is a fact.
		
	John Plesa:	  	Okay, then after these announcements are made and you and the Board can purchase stock again do you think there’ll be a strong push for you and the Board to buy some
stock?
		
	Frank Massino:	  	I can only speak for myself. I will buy stock without a doubt. I can’t really speak for anybody else. You’d have to – you know, and I will tell you that we are at this point in
time looking at bringing in new Board members.
		
		  	And, you know, in fact some of the people that have approached us have said that we liked to a significant investment in the company. And as a result we’d like to be on the Board. So you
can see it may come that way.

  

 - 58 - 

			
		
	 	  	But I honestly, you know, I’ve been there before and said yeah, we’re all going to do this, we’re going to do that,
and we don’t do it. And then I get myself in
trouble. I can only speak for myself.
		
	John Plesa:	  	You kind of led into my next question about the Board. How can you get institutions to invest in Senetek?
		
		  	And one of my questions would be would it possibly be to get new and aggressive Board members and are you actively looking at that?
		
	Frank Massino:	  	We are actively searching for new Board members.
		
		  	But I will tell you that and so are our existing Board members. And you do know that we have what I consider to be in two particular cases two really very functionally sound, well actually
all three in the sense they contribute in different areas.
		
		  	But the fact is that, you know, one obviously has a tremendous far reaching reputation as well.
		
		  	The nominating committee which is the entire Board is looking to bring on new Board members.
		
		  	And, should we do a deal that we alluded to with regards to the Invicorp® and to the Reliaject® so to speak, you
can very well bet that perhaps maybe if they made such an investment in the company, there could be Board involvement if it’s a financial institution wanting to be part of the new Senetek and have Board members as well.

  

 - 59 - 

			
		
	John Plesa:	  	Well as a long time Senetek shareholder I hope you do pursue that avenue of getting some new and energetic Board members on the Board. I appreciate your comments on that.
		
	Frank Massino:	  	Well thank you. We’re definitely going to look into with that question.
		
	John Plesa:	  	Thank you very much.
		
	Frank Massino:	  	Thank you John.
		
	Operator:	  	Again if you would like to ask a question press star then the number 1 on your telephone keypad.
		
		  	At this time you do have a question from Dale Vorenkamp.
		
	Dale Vorenkamp:	  	Yes.
		
	Frank Massino:	  	Yes Dale.
		
	Dale Vorenkamp:	  	Yes, what avenues might you take in procuring new researchers for the company?
		
	Frank Massino:	  	That is a really very sound question. One of the things that we are doing is looking to our existing collaborators and to our existing consultants for help in identifying new
researchers.
		
		  	For example, I’ve already been to Irvine to talk to them about identifying people that we can actually bring into the company.
		
		  	At the Institute of Experimental Botany in the Czech Republic they obviously have a strong reach with regards to technical individuals and we’re definitely going to be spending time there
in late July, early August over there interviewing.

  

 - 60 - 

			
		
		  	In addition, you know, I said we’re in the process of overhauling our research and development program. And what I mean by that we did build out the lab at minimal cost in
Olomouc.
		
		  	But we also are looking to what can be done with regards to the group that we have in Poland. We don’t have that there just yet, you know. In the Czech Republic we actually do have a
dedicated facility now. We have that in Aarhus as well.
		
		  	You want to have more than one lab because you want to be able to validate the data.
		
		  	Now we also have to be really smart about being cost effective and quite frankly Denmark is extremely expensive to do business in.
		
		  	But we’re looking at utilizing our existing collaborators to help us bring on the right group to help us in R&D.
		
	Dale Vorenkamp:	  	Thank you.
		
	Frank Massino:	  	Sure.
		
	Operator:	  	At this time Mr. Massino there are no further questions.
		
	Frank Massino:	  	Well thank you and I’d like to thank everybody for joining in on this shareholder teleconference.

  

 - 61 - 

			
		
	 	  	If you have any further questions feel free to drop an email to IR@Senetek.net or feel free to call the office.
		
		  	Thank you and have a great day.
		
	Operator:	  	This concludes today’s conference call.
		
		  	You may now disconnect.

 END 
  

 - 62 -Exhibit 10.1

 Exhibit 10.1 
 FOURTH MODIFICATION TO AMENDED AND RESTATED BUSINESS LOAN AND SECURITY 
 AGREEMENT AND OTHER LOAN DOCUMENTS 
 THIS FOURTH MODIFICATION TO AMENDED AND RESTATED BUSINESS LOAN AND
SECURITY AGREEMENT AND OTHER LOAN DOCUMENTS (this “Modification”), dated as of June 28, 2007, is made by and among (i) CITIZENS BANK OF PENNSYLVANIA, a Pennsylvania state chartered bank (“Citizens
Bank”), acting in its capacity as the agent for the Lenders (the “Agent”), having offices at 8521 Leesburg Pike, Suite 405, Vienna, Virginia 22182; (ii) CITIZENS BANK, acting in its capacity as a Lender, and each other
“Lender” party to the hereinafter defined Loan Agreement (each, a “Lender” and collectively, the “Lenders”); and (iii) ICF CONSULTING GROUP, INC., a Delaware corporation (the “Primary
Operating Company”), ICF INTERNATIONAL, INC., a Delaware corporation (the “Parent Company”), and each other “Borrower” party to the Loan Agreement (together with the Primary Operating Company and the Parent
Company, each, a “Borrower” and collectively, the “Borrowers”), each having offices at 9300 Lee Highway, Fairfax, Virginia 22031. Capitalized terms used but not defined herein shall have the meanings attributed to
such terms in the Loan Agreement. 
 WITNESSETH THAT: 
 WHEREAS, pursuant to the terms of a certain Amended and Restated Business Loan and Security Agreement dated as of October 5, 2005 (as
amended, modified or restated from time to time, the “Loan Agreement”), by and among the Borrowers, the Agent and the Lenders, the Borrowers originally obtained loans and certain other financial accommodations (collectively,
the “Loan”) from the Lenders in the aggregate maximum principal amount of Seventy-five Million and No/100 Dollars ($75,000,000.00) comprised of (a) Facility A in the maximum principal amount of Forty-five Million and No/100
Dollars ($45,000,000.00), (b) Facility B in the original principal amount of Twenty-two Million and No/100 Dollars ($22,000,000.00), and (c) Facility C in the original principal amount of Eight Million and No/100 Dollars ($8,000,000.00);
and 
 WHEREAS, the Loan is evidenced by the Notes and secured by, among other things, the collateral described in the Loan
Agreement; and 
 WHEREAS, pursuant to the terms of a certain First Modification to Amended and Restated Business Loan and
Security Agreement and Other Loan Documents dated as of March 14, 2006, the Lenders agreed to a temporary allowance of up to Six Million and No/100 Dollars ($6,000,000.00) for over-advances for the benefit of the Borrowers; and 
 WHEREAS, pursuant to the terms of a certain Second Modification to Amended and Restated Business Loan and Security Agreement and Other Loan
Documents dated as of August 25, 2006, the maximum principal amount of Facility A was increased from Forty-five Million and No/100 Dollars ($45,000,000.00) to Sixty-five Million and No/100 Dollars ($65,000,000.00), and ICF International
consummated an initial public offering of its common stock, the proceeds of which were used, in part, to repay all amounts then outstanding and unpaid under Facility A, Facility B, Facility C and the Swing Line Facility; and 
 WHEREAS, pursuant to the terms of a certain Third Modification to Amended and Restated Business Loan and Security Agreement and Other Loan
Documents dated as of December 29, 2006, the Agent and the Lenders agreed to modify certain provisions of the Loan Agreement, including without limitation, provisions pertaining to pricing, interest rate protection arrangements and other
provisions more particularly described therein; and 

 WHEREAS, the Borrowers have now requested that the Agent and the Lenders (a) consent
to the Borrowers’ proposed acquisition (the “Z-Tech Acquisition”) of Z-Tech Corporation, a Maryland corporation (“Z-Tech”) pursuant to that certain Share Purchase Agreement of even date herewith (the
“Z-Tech Acquisition Agreement”), by and among the Parent Company, the Primary Operating Company and the shareholders of Z-Tech, (b) increase the maximum principal amount of Facility A by Thirty Million and No/100 Dollars
($30,000,000.00), the proceeds of which will be used, in part, to finance the acquisition of Z-Tech and the transactional costs and expenses related thereto, (c) increase the maximum principal amount of the Swing Line Facility by Ten Million
and No/100 ($10,000,000.00), and (d) amend certain other terms and provisions set forth in and/or contemplated by the Loan Agreement; and 
 WHEREAS, the Agent and the Lenders have agreed to grant the Borrowers’ request, subject to the terms and conditions set forth herein; and 
 WHEREAS, the Borrowers, the Agent and the Lenders desire to enter into this Modification to memorialize the agreements and understanding of the parties with respect to the foregoing matters, as
hereinafter provided. 
 NOW THEREFORE, for Ten Dollars ($10.00) and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Recitals. The foregoing recitals are hereby
incorporated herein by this reference and made a part hereof, with the same force and effect as if fully set forth herein. 
 2. Loan
Increase; Promissory Notes. 
 (A) Subject to the terms and provisions set forth in this Modification, (i) the Facility A Commitment
Amount is hereby increased from Sixty-five Million and No/100 Dollars ($65,000,000.00) to Ninety-five Million and No/100 Dollars ($95,000,000.00); and (ii) the Swing Line Commitment Amount is hereby increased from Ten Million and No/100 Dollars
($10,000,000.00) to Twenty Million and No/100 Dollars ($20,000,000.00). 
 (B) Simultaneously with the execution and delivery of this
Modification, the Borrowers shall execute and deliver to the Agent, in form and substance reasonably satisfactory to the Agent and its counsel: (a) one or more note modification agreements and/or substitute promissory notes with respect to
Facility A and the Swing Line Facility, which shall evidence the changes to the principal amount of the Facilities, as described in this Modification, as well as the changes to each of the Facility A Note and the Swing Line Facility Note and the
schedules of repayment thereof; (b) an opinion of counsel; (c) certified resolutions and consents, authorizing the increase to the Commitment Amount and related matters; (d) UCC, judgment and tax lien search results, showing no
intervening liens; and (e) such other documents, instruments and agreements as the Agent and/or the Lenders may reasonably request. 
 (C) Each of the parties hereto acknowledges and agrees that: (i) any and all collateral securing the Obligations in whole or in part shall secure the Obligations, as increased, expanded and extended pursuant to this Modification, and
all Loan Documents are hereby deemed amended accordingly; and (ii) the additional Loan proceeds of Facility A and the Swing Line Facility made available pursuant to this Modification shall be advanced from time to time in accordance with the
Loan Agreement. 
  

 2 

 3. Definitional Amendments. 
 The definitions of “Commitment Amount”, “Facility A”, “Facility A Commitment Amount”, “EBITDA”, “Loan”,
“Permitted Foreign Bank Accounts”, “Swing Line Commitment” and “Swing Line Commitment Amount” set forth in the section of the Loan Agreement titled “Certain Definitions” are hereby deleted in their entirety
and replaced with the following: 
 ““Commitment Amount” shall mean the Facility A Commitment Amount, or if the maximum
aggregate commitment of the Lenders hereunder is reduced pursuant to the terms of this Agreement, such lesser amount. 
 “EBITDA”
shall mean, with respect to the Borrowers for any period of determination, net income, plus interest expense, plus federal, state and local income taxes, plus depreciation expense, plus amortization expense,
plus all Agent-approved non-cash, non-recurring charges against income, plus any non-cash charges related to stock and stock-option compensation, plus funds paid from the IPO proceeds for the exit bonus pool (up to $3,000,000)
and minus any non-cash gain (to the extent included in determining net income), all as determined on a consolidated basis in accordance with GAAP. Additionally, EBITDA shall be adjusted on a pro forma basis, in a manner reasonably acceptable to the
Agent, to include, as of the first day of any applicable period, any acquisitions and dispositions of assets permitted under the Loan Agreement, including, without limitation, adjustments reflecting any non-recurring costs and any extraordinary
expenses of any such permitted acquisitions and asset dispositions consummated during such period calculated on a basis consistent with GAAP and Regulations S-X of the SEC Act, or as approved by the Agent. 
 “Facility A” shall mean the revolving credit facility being extending pursuant to this Agreement on the basis of Eligible Billed
Government Accounts Receivable, Eligible Billed Commercial Accounts Receivable and Eligible Foreign Accounts Receivable, in the maximum principal amount of the Facility A Commitment Amount, with a sub-limit of Five Million and No/100 Dollars
($5,000,000.00) for Letters of Credit. 
 “Facility A Commitment Amount” shall mean Ninety-five Million and No/100 Dollars
($95,000,000.00), or if such amount shall be reduced pursuant to this Agreement, such lesser amount. 
 “Loan” and
“Loans” shall mean, individually or collectively as the context may require, the loan and loans made by the Lenders to the Borrowers in the aggregate maximum principal amount of the Facility A Commitment Amount, or so much thereof
as shall be advanced or readvanced from time to time, which are represented by the Facilities, and which are evidenced by, bear interest and are payable in accordance with the terms and provisions set forth in the Notes. 
 “Permitted Foreign Bank Accounts” shall mean any and all of the bank accounts described on Schedule E hereto, together with any and all
other foreign bank accounts approved from time to time by the Agent in writing; provided that each such bank account (a) has been established by and in the name of a Borrower, (b) is located outside of the United States of America,
(c) is used solely for the collection of Receivables, payment of Ordinary Course Payments 

  

 3 

 
and other general operating purposes, (d) is not subject to any lien, claim, charge or encumbrance (other than (i) the security interests granted
to the Agent under this Agreement or any other Loan Document, and (ii) normal and customary rights of set off or similar rights (of the financial institution maintaining such account), but only if such rights may be exercised solely for past
due fees, charges and expenses arising from the general administration of such bank account, (e) if required by the Agent, is subject to a control agreement or blocked account agreement, in form and substance reasonably satisfactory to the
Agent, and (f) if not subject to a control agreement or blocked account agreement, in form and substance reasonably satisfactory to the Agent, does not, for thirty (30) or more consecutive days, contain funds and/or other items of value
which, in the aggregate, exceed the U.S. Dollar equivalent of Two Million and No/100 Dollars ($2,000,000.00). 
 “Swing Line
Commitment” shall mean the Swing Line Lender’s obligation to make Swing Line Loans to the Borrowers in an aggregate principal amount not to exceed the Swing Line Commitment Amount. 
 “Swing Line Commitment Amount” shall mean Twenty Million and No/100 Dollars ($20,000,000.00).” 
 4. Z-Tech Acquisition Consent. The Agent and the Lenders hereby (a) consent to the acquisition by the Primary Operating Company of all of the
issued and outstanding capital stock of Z-Tech, and (b) acknowledge that such acquisition shall not count against the dollar basket with respect to any Permitted Acquisition set forth in Section 7,l(d)(ii)(H) of the Loan Agreement, subject
to the terms, covenants, agreements and conditions set forth in this Modification, including without limitation, the following: 
 (A) The
Primary Operating Company shall have acquired all of the issued and outstanding capital stock of Z-Tech, free and clear of all liens, claims, encumbrances and any other restrictions or limitations on transfer thereof (other than Permitted Liens),
and the Z-Tech Acquisition shall have been consummated in accordance with the Z-Tech Acquisition Agreement, subject to the grant of any waivers thereunder or modifications thereto (a copy of each of which shall be provided to the Agent and its
counsel prior to the Borrowers’ use of any Loan proceeds for the Z-Tech Acquisition); 
 (B) Simultaneously with the Z-Tech Acquisition,
Z-Tech shall have become joined to the Loan Agreement, the Notes and the other Loan Documents as a “Borrower” thereunder by executing this Modification and all other documents, instruments and agreements requested by the Agent and the
Lenders in connection therewith; 
 (C) The Borrowers shall have delivered to the Agent and its counsel, in form and substance satisfactory
to the Agent and its counsel in all respects, each of the following items: 
 (i) a true, correct and complete copy of the fully executed
Z-Tech Acquisition Agreement, together with all schedules and exhibits attached thereto and/or referenced therein and all other documents, instruments and agreements executed, issued and/or delivered in connection with the Z-Tech Acquisition;

 (ii) the articles of incorporation (or comparable formation documents) of Z- Tech, together with all amendments thereto, recently
certified by the applicable governmental authority of the jurisdiction of organization or incorporation; 
  

 4 

 (iii) the by-laws or operating agreements of Z-Tech, together with all amendments thereto, recently
certified by a duly authorized corporate officer of Z-Tech; 
 (iv) corporate resolutions of the board of directors (or similar governing
body) of Z-Tech, authorizing the execution and delivery of this Modification and related agreements, and the performance of the transactions contemplated hereby, together with an incumbency certificate, certified by a duly authorized corporate
officer of Z-Tech; 
 (v) a recent good standing certificate issued by the jurisdiction of formation or incorporation of Z-Tech, together
with recent foreign qualification certificates issued by the comparable state or country office where the nature of Z-Tech’s business requires Z-Tech to be qualified to do business in such state or country; 
 (vi) recent judgment and tax lien search results of Z-Tech for each jurisdiction (county and state) where any assets of Z-Tech having a book value in
excess of One Hundred Thousand and No/100 Dollars ($100,000.00) are located, and where Z-Tech is organized, together with recent UCC search results for Z-Tech and each domestic Borrower from its jurisdiction of organization or incorporation brought
down from August 1, 2006; 
 (vii) a duly executed and delivered joinder to contribution agreement from Z-Tech; 
 (viii) a pro forma quarterly covenant compliance/non-default certificate in the form attached as Exhibit 5 to the Loan Agreement, reporting results for
the quarter ending March 31, 2007; 
 (ix) one or more opinions of counsel with respect to Z-Tech’s execution and delivery of this
Modification, the performance by Z-Tech of all transactions contemplated hereby (including, without limitation, the joinder of Z-Tech), the consummation of the Z-Tech Acquisition and such other matters as the Agent or its counsel may require;

 (x) if necessary for availability purposes, a pro forma Borrowing Base/Non-Default
Certificate, in the form attached as Exhibit 4 to the Loan Agreement, setting forth the Borrowing Base for the Borrowers and Z-Tech on a pro forma basis as of April 30, 2007, as if the Z-Tech Acquisition had been consummated on such
date1; 
 (xi) evidence of insurance and related certificates, including but not limited to, fire, hazard, extended coverage, product and other liability, workmen’s compensation, business interruption, umbrella and key man insurance, in form and
substance satisfactory to the Agent and its counsel in all respects. 

	 1
	 The parties hereto acknowledge and agree that Z-Tech’s results will be included in the May 31,
2007 Borrowing Base Certificate/Non-Default Certificate. 

  

 5 

 (D) The Agent, for itself and for the ratable benefit of the Lenders, shall have been granted a valid,
binding and enforceable first priority perfected lien and security interest (subject only to Permitted Liens) in and to (a) all assets of Z-Tech; and (b) all of the issued and outstanding capital stock or limited liability company
interests (as applicable) of Z-Tech. In connection therewith, the Agent shall have received duly executed, undated stock powers and original stock certificates (if any); and 
 (E) On or prior to one (1) year from the date hereof, the Borrowers shall cause all primary cash collection accounts (each, a “Primary Cash
Collection Account”) of Z-Tech to be maintained with the Agent, and all other primary bank accounts (each, a “Primary Bank Account” and together with the Primary Cash Collection Accounts, each a “Covered
Account” and collectively, the “Covered Accounts”) of Z-Tech to be maintained with a Lender. On or prior to thirty (30) days from the date hereof, the Borrowers shall cause any third party depository institution
maintaining a Primary Cash Collection Account of Z-Tech, to enter into a wire transfer arrangement with respect to such Primary Cash Collection Account, in form and substance reasonably satisfactory to the Agent; provided, however, that (a) in
all events, all Covered Accounts shall be maintained solely with the Agent or a Lender (as applicable) on or prior to one (1) year from the date hereof, and (b) this Section shall not require Z-Tech to transfer any Covered Account that
would not otherwise be covered by Section 6.8 of the Loan Agreement; and provided, further, that this Section shall not be construed to require Z-Tech to take or omit to take any action or transfer any Covered Account (individually and
collectively, the “Excluded Bank Accounts”) that would violate any applicable laws or regulations (including, without limitation, ERISA). It is expressly agreed and understood that for so long as Z-Tech shall maintain any Covered
Account (other than the Excluded Bank Accounts) with any depository institution other than the Agent or a Lender, then such Covered Account: (a) shall be used solely for the deposit/receipt of cash, checks and other remittances owing to Z-Tech
from time to time; (b) shall be at all times, free and clear of any and all liens, claims and encumbrances (other than the security interest of the Agent granted hereby); and (c) shall secure the Obligations. 
 5. Joinder. Z-Tech is hereby joined as a party to and agrees to be bound by the terms and conditions of the Loan Agreement, the Notes and the
other Loan Documents, to the same extent as if it were an original signatory thereto and originally named therein as a Borrower or Maker (as the case may be). Z-Tech hereby makes all of the representations and warranties set forth in the Loan
Agreement (as modified or supplemented hereby) and each other Loan Document to which more than one (1) Borrower is a party thereto and grants to the Agent, for the ratable benefit of the Lenders, a valid and enforceable first priority security
interest in and to all of its assets constituting Collateral, free and clear of all liens, claims and encumbrances (other than any liens expressly permitted pursuant to the Loan Agreement and liens approved in writing by the Agent). Z-Tech further
acknowledges and agrees that it shall be jointly and severally liable for the performance of any and all past, present and future obligations of the Borrower(s) in connection with any of the Note(s), the Loan Agreement and/or the other Loan
Documents; it being understood and agreed that any and all references in the Note(s), the Loan Agreement and/or the other Loan Documents to “the Borrower” shall mean Z-Tech, individually and/or collectively with all other Borrowers.

 6. Exhibit Substitutions. Schedule 1 and Exhibit 4 attached to the Loan Agreement
are hereby deleted in their entirety and Schedule 1 and Exhibit 4 attached hereto substituted in lieu thereof. 
 7. Updated Schedules. The Borrowers shall have delivered to the Agent and its counsel, in form and substance satisfactory to the Agent and its counsel in all respects, updated schedules to the Loan Agreement,
all of which shall be attached and be deemed a part of the Loan Agreement. 
  

 6 

 8. Expenses. The Borrowers shall have paid to the Agent (for the ratable benefit of the Lenders)
in immediately available funds, an upfront fee in the amount of Forty-five Thousand and No/100 Dollars ($45,000.00), which, each of the Borrowers acknowledge, has been fully earned as of the date hereof. The Borrowers shall also pay all of the
Agent’s costs and expenses associated with this Modification and the transactions referenced herein or contemplated hereby, including, without limitation, the Agent’s reasonable legal fees and expenses. 
 9. Conditions Precedent. As a condition precedent to the effectiveness of this Modification, the Agent and its counsel shall have received the
following, each in form and substance satisfactory to the Agent and its counsel in all respects: (a) a fully executed copy of this Modification; and (b) such other documents, instruments, certificates of good standing, corporate
resolutions, limited liability company consents, UCC financing statements, opinions, certifications, schedules to be attached to the Loan Agreement and agreements as the Agent may reasonably request, each in such form and content and from such
parties as the Agent shall require. 
 10. Miscellaneous. 
 (i) Each Borrower hereby represents, warrants, acknowledges and agrees that as of the date hereof (i) there are no set-offs, defenses, deductions or
counterclaims against and no defaults under any of the Notes, the Loan Agreement or any other Loan Document; (ii) no act, event or condition has occurred which, with notice or the passage of time, or both, would constitute a default under any
of the Notes, the Loan Agreement or any other Loan Document; (iii) all of the representations and warranties of the Borrowers contained in the Loan Agreement are true and correct as of the date hereof (except to the extent that such
representations and warranties expressly relate solely to an earlier date), unless the Borrowers are unable to remake and redate any such representation or warranty, in which case the Borrowers have previously disclosed the same to the Agent and the
Lenders in writing, and such inability does not constitute or give rise to an Event of Default; (iv) all schedules attached to the Loan Agreement with respect to any particular representation and warranty of the Borrowers set forth in the Loan
Agreement (as modified) remain true, accurate and complete; (v) all accrued and unpaid interest and fees payable with respect to the Loan have been paid; and (vi) there has been no material adverse change in the business, property or
condition (financial or otherwise) of the Borrowers since the date of the most recent financial statements listed on Schedule 5.3. 
 (ii) The Borrowers, and their respective representatives, successors and assigns, hereby jointly and severally, knowingly and voluntarily RELEASE, DISCHARGE, and FOREVER WAIVE and RELINQUISH any and all claims,
demands, obligations, liabilities, defenses, affirmative defenses, setoffs, counterclaims, actions, and causes of action of whatsoever kind or nature, whether known or unknown, which they have, may have, or might have or may assert now or in the
future against the Agent and/or the Lenders directly or indirectly, arising out of, based upon, or in any manner connected with any transaction, event, circumstance, action, failure to act, or occurrence of any sort or type, in each case related to,
arising from or in connection with the Loan, whether known or unknown, and which occurred, existed, was taken, permitted, or begun prior to the date hereof (including, without limitation, any claim, demand, obligation, liability, defense,
counterclaim, action or cause of action relating to or arising from the grant by the Borrowers to the Agent and/or the Lenders of a security interest in or encumbrance on collateral that is, was or may be subject to, or an agreement by which the
Borrowers are bound and which contains, a prohibition on further mortgaging or encumbering the same). The Borrowers hereby acknowledge and agree that the execution of this Modification by the Agent and the Lenders shall not constitute an
acknowledgment of or an admission by the Agent and/or the Lenders of the existence of any such claims or of liability for any matter or precedent upon which any liability may be asserted. 
  

 7 

 (iii) Except as expressly set forth herein, nothing contained in this Modification is intended to or
shall otherwise act to nullify, discharge, or release any obligation incurred in connection with the Notes, the Loan Agreement and/or the other Loan Documents or to waive or release any collateral given by any Borrower to secure the Notes, nor shall
this Modification be deemed or considered to operate as a novation of the Notes, the Loan Agreement or the other Loan Documents. Except to the extent of any express conflict with this Modification or except as otherwise expressly contemplated by
this Modification, all of the terms and conditions of the Notes, the Loan Agreement and the other Loan Documents shall remain in full force and effect, and the same are hereby expressly approved, ratified and confirmed. In the event of any express
conflict between the terms and conditions of the Notes, the Loan Agreement or the other Loan Documents and this Modification, this Modification shall be controlling and the terms and conditions of such other documents shall be deemed to be amended
to conform with this Modification. 
 (iv) If any term, condition, or any part thereof, of this Modification, the Loan Agreement or of the
other Loan Documents shall for any reason be found or held to be invalid or unenforceable by any court or governmental agency of competent jurisdiction, such invalidity or unenforceability shall not affect the remainder of such term, provision or
condition nor any other term, provision, or condition of this Modification, the Loan Agreement and the other Loan Documents, and this Modification, the Loan Agreement and the other Loan Documents shall survive and be construed as if such invalid or
unenforceable term, provision or condition had not been contained therein. 
 (v) Each Borrower acknowledges that, at all times prior to and
through the date hereof, the Agent and the Lenders have acted in good faith and have conducted themselves in a commercially reasonable manner in their relationship with such Borrower in connection with this Modification and in connection with the
obligations of the Borrowers to the Agent and the Lenders under the Loan; the Borrowers hereby waiving and releasing any claims to the contrary. 
 (vi) Each Borrower, Lender and the Agent hereby acknowledges and agrees that, from and after the date hereof, all references to the “Loan Agreement” set forth in any Loan Document shall mean the Loan Agreement, as modified
pursuant to this Modification and any other modification of the Loan Agreement dated prior to the date hereof. 
 (vii) Each Borrower hereby
represents and warrants that, as of the date hereof, such Borrower is indebted to the Lenders in respect of the amounts due and owing under the Notes, all such amounts remain outstanding and unpaid and all such amounts are payable in full, without
offset, defenses, deduction or counterclaim of any kind or character whatsoever. 
 (viii) Each Borrower acknowledges (a) that it has
participated in the negotiation of this Modification, and no provision of this Modification shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such
party having or being deemed to have structured, dictated or drafted such provision; (b) that it has had access to an attorney of its choosing in the negotiation of the terms of and in the preparation and execution of this Modification, and it
has had the opportunity to review, analyze, and discuss with its counsel this Modification, and the underlying factual matters relevant to this Modification, for a sufficient period of time prior to the execution and delivery hereof; (c) that
all of the terms of this Modification 

  

 8 

 
were negotiated at arm’s length; (d) that this Modification was prepared and executed without fraud, duress, undue influence, or coercion of any
kind exerted by any of the parties upon the others; and (e) that the execution and delivery of this Modification is the free and voluntary act of such Borrower. 
 (ix) This Modification shall be governed by the laws of the Commonwealth of Virginia (without regard to conflict of laws provisions) and shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
 (x) This Modification may be executed in any number of counterparts, each of which shall be deemed an
original and all of which together shall be deemed one and the same instrument. Signature pages may be exchanged by facsimile or electronic mail and each party hereto agrees to be bound by its facsimile signature and/or pdf signature. 
 [The Remainder of This Page Intentionally Left Blank] 
  

 9 

 IN WITNESS WHEREOF, the undersigned have executed this Modification as of the date first above
written, 
  

									
		 		 	BORROWERS:
			
	ATTEST:	 		 	ICF INTERNATIONAL, INC.,
	[Corporate Seal]	 		 	a Delaware corporation
					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	Terrance Mcgovern
		 		 		 	 Title:
	 	TREASURER
			
	ATTEST:	 		 	 ICF CONSULTING GROUP, INC.,

	[Corporate Seal]	 		 	a Delaware corporation
					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	TERRANCE MCGOVERN
		 		 		 	 Title:
	 	TREASURER
			
	WITNESS:	 		 	 ICF CONSULTING LIMITED,

		 		 	 a private limited company organized under the laws of England
 and Wales

					
	By:	 	 /s/ Susan Wolf
	 		 	By:	 	 /s/ Kenneth B. Kolsky

	Name:	 	Susan Wolf	 		 	Name:	 	Kenneth B. Kolsky
		 		 		 	Title:	 	Director
			
	ATTEST:	 		 	 COMMENTWORKS.COM COMPANY, L.L.C.

		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	TERRANCE MCGOVERN
		 		 		 	 Title:
	 	TREASURER
			
	ATTEST:	 		 	 THE K.S. CRUMP GROUP, L.L.C.,

		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	TERRANCE MCGOVERN
		 		 		 	 Title:
	 	TREASURER
			
	ATTEST:	 		 	 ICF INCORPORATED, L.L.C.,

		 		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER

									
	ATTEST:	 		 	ICF INFORMATION TECHNOLOGY, L.L.C.,
		 		 	a Delaware limited liability company
					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	TERRANCE McGOVERN
		 		 		 	 Title:
	 	TREASURER
			
	ATTEST:	 		 	 ICF RESOURCES, L.L.C.,

		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	 SYSTEMS APPLICATIONS INTERNATIONAL, L.L.C.,

		 		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	 ICF ASSOCIATES, L.L.C.,

		 		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	 ICF SERVICES COMPANY, L.L.C.,

		 		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	 ICF CONSULTING SERVICES, L.L.C.,

		 		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER

  

 11 

									
	ATTEST:	 		 	ICF EMERGENCY MANAGEMENT SERVICES, LLC,
		 		 	a Delaware limited liability company
					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	Terrance Mcgovern
	 Title:
	 	CORP. SECRETARY	 		 	 Title:
	 	TREASURER
			
	WITNESS:	 		 	 ICF CONSULTING PTY LTD,

		 		 	 an Australian corporation

					
	By:	 	 /s/ Susan Wolf
	 		 	By:	 	 /s/ Kenneth B. Kolsky

	Name:	 	Susan Wolf	 		 	Name:	 	Kenneth B. Kolsky
		 		 		 	Title:	 	Director
			
	ATTEST:	 		 	 ICF CONSULTING CANADA, INC.,

	[Corporate Seal]	 		 	 a Canadian corporation

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
	 Title:
	 	CORP. SECRETARY	 		 	Title:	 	TREASURER
			
	WITNESS:	 		 	 ICF/EKO, a Russian corporation

					
	By:	 	 /s/ Susan Wolf
	 		 	By:	 	 /s/ Kenneth B. Kolsky

	Name:	 	Susan Wolf	 		 	Name:	 	Kenneth B. Kolsky
		 		 		 	Title:	 	Director
			
	WITNESS/ATTEST:	 		 	 ICF CONSULTORIA DO BRASIL LTDA.,

		 		 		 	 a Brazilian limited liability company

					
		 		 		 	By:	 	ICF CONSULTING GROUP, INC.,
		 		 		 		 	a Delaware corporation
					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
	 Title:
	 	CORP. SECRETARY	 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	 ICF CONSULTING SERVICES, L.L.C.,

		 		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	Terrance Mcgovern
	 Title:
	 	CORP. SECRETARY	 		 	Title:	 	TREASURER

  

 12 

									
	ATTEST:	 		 	SYNERGY, INC.,
	[Corporate Seal]	 		 	a District of Columbia corporation
					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	Terrance Mcgovern
		 		 		 	 Title:
	 	TREASURER
			
	ATTEST:	 		 	 SIMULATION SUPPORT, INC.,

	[Corporate Seal]	 		 	 a Virginia corporation

					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	Terrance Mcgovern
		 		 		 	 Title:
	 	TREASURER
			
	ATTEST:	 		 	 ICF BIOMEDICAL CONSULTING, LLC,

		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	Terrance Mcgovern
		 		 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	 ICF PROGRAM SERVICES, L.L.C.,

		 		 	 a Delaware limited liability company

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	 CALIBER ASSOCIATES, INC.,

	[Corporate Seal]	 		 	 a Virginia corporation

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	COLLINS MANAGEMENT CONSULTING, INC.,
	[Corporate Seal]	 		 	 a Virginia corporation

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER

  

 13 

									
	ATTEST:	 		 	FRIED & SHER, INC.,
	[Corporate Seal]	 		 	a Virginia corporation
					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	Terrance Mcgovern
		 		 		 	 Title:
	 	TREASURER
			
	ATTEST:	 		 	 ADVANCED PERFORMANCE CONSULTING GROUP, INC.,

	[Corporate Seal]	 		 	 a Maryland corporation

					
	By:	 	 /s/ Judith B. Kassel
	 		 	 By:
	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	 Name:
	 	Terrance Mcgovern
		 		 		 	 Title:
	 	TREASURER
			
	ATTEST:	 		 	 ENERGY AND ENVIRONMENT ANALYSIS, INCORPORATED

	[Corporate Seal]	 		 	 a Virginia corporation

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER
			
	ATTEST:	 		 	 Z-TECH CORPORATION,

	[Corporate Seal]	 		 	 a Maryland corporation

					
	By:	 	 /s/ Judith B. Kassel
	 		 	By:	 	 /s/ Terrance McGovern

	Name:	 	Judith B. Kassel	 		 	Name:	 	TERRANCE McGOVERN
		 		 		 	Title:	 	TREASURER

  

 14 

									
		 		 	LENDER(S):
			
		 		 	CITIZEN BANK OF PENNSYLVANIA,
		 		 	a Pennsylvania state chartered bank
					
		 		 		 	 By:
	 	 /s/ Leslie Grissard

		 		 		 	 Name:
	 	 Leslie Grissard

		 		 		 	 Title:
	 	Senior Vice President
			
		 		 	 CHEVY CHASE BANK, F.S.B.,

		 		 	 a federal savings bank

					
		 		 		 	 By:
	 	 /s/ Owen B. Burman

		 		 		 	 Name:
	 	Owen B. Burman
		 		 		 	 Title:
	 	Vice President
			
		 		 	 PNC BANK, NATIONAL ASSOCIATION,

		 		 	 as successor-in-interest to Riggs Bank, N.A., a national banking
 association

					
		 		 		 	By:	 	 /s/ Douglas T. Brown

		 		 		 	Name:	 	Douglas T. Brown
		 		 		 	Title:	 	Senior Vice President
			
		 		 	 COMMERCIAL BANK, N.A.,

		 		 	 a national banking association

					
		 		 		 	By:	 	 /s/ Frank Merendino

		 		 		 	Name:	 	 Frank Merendino

		 		 		 	Title:	 	Vice President
			
		 		 	AGENT:
			
		 		 	 CITIZENS BANK OF PENNSYLVANIA,
 a
Pennsylvania state chartered bank, as Agent

					
		 		 		 	By:	 	 /s/ Leslie Grissard

		 		 		 	Name:	 	 Leslie Grissard

		 		 	Title:	 	Senior Vice President

  

 15

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