Document:

May 14, 2012

 

Dear Investor:

 

As a result of certain questions that have
arisen from the Company’s auditor regarding the accounting treatment applicable to the warrants issued to you on January
11, 2012 as part of the registered direct offering (the “Warrant” or “Warrant Agreement”), the Company
deems it necessary and desirable to clarify the Warrant Agreement to reflect the original intent of the Warrant Agreement which
was and is that the registered holders do not have the right to receive a net cash settlement in the event the Company does not
maintain a (i) current prospectus or (ii) listing on a securities exchange or over the counter market, in each case relating to
the common stock of the Company (“Common Stock”) issuable upon exercise of the Warrants at the time such Warrants are
exercisable.

 

The Company hereby clarifies the Warrant
Agreement that, in no event, will the registered holder of the Warrant be entitled to receive a net-cash settlement or other consideration
in lieu of physical settlement in shares of registered Common Stock. While the Common Stock underlying the Warrant is currently
on an effective registration statement, in the event that the Common Stock underlying the Warrant is not (i) covered by an effective
registration statement or (ii) listed on a securities exchange or over the counter market, the Warrant may expire unexercised or
unredeemed.

 

Please let us know if you any questions
or comments.

 

Regards,

 

Joel Brooks

 

Chief Financial OfficerAMENDMENT

 

TO

 

RESEARCH
AGREEMENT

 

THIS AMENDMENT
TO THE RESEARCH AGREEMENT (this “Amendment”), dated as of June 11, 2012, is by and among the University of Waterloo
(“Waterloo”), located in the town of Waterloo and the Province of Ontario, N2L 3G1, of the country of Canada,
Dr. John E. Thompson (“Thompson”), of the University of Waterloo, and Senesco, Inc. (“Senesco”),
a New Jersey corporation located at 721 Route 202/206, Suite 130, Bridgewater, New Jersey 08807, U.S.A.

 

WHEREAS,
Waterloo, Thompson and Senesco entered into the Research Agreement effective as of September 1, 1998, as such has been amended
from time to time (the “Agreement”); and

 

WHEREAS,
Waterloo, Thompson and Senesco wish to revise the Agreement to clarify the scope of services provided by Waterloo and Thompson
to Senesco thereunder. 

 

NOW, THEREFORE,
in consideration of the mutual covenants contained herein and other good, valuable and sufficient consideration, the parties hereto
agree as follows:

 

1.           Definitions.
Capitalized terms used but not otherwise defined or amended in this Amendment shall have the meanings ascribed thereto in the Agreement.

 

2.           Definition
of Confidential Information. Section B of the definition of Confidential Information is hereby
amended and restated in its entirety as set forth below:

 

“B.           Any
and all discoveries, inventions, conceived inventions and know-how, whether or not patentable, and whether or not reduced to practice,
including without limitation any and all biological isolates, compositions of matter, methods of processes, test data, findings,
designs, machines, devices, apparatus, manufactures, and any improvements and/or any utility for the foregoing, which are made,
conceived, discovered or developed by Waterloo or Thompson, whether alone or in conjunction with others, which arise in any way
from, during or as a result of the performance of Waterloo’s or Thompson’s services to Senesco under this Agreement,
including, but not limited to services provided prior to the date of this Agreement, but as of the effective date hereof, information
about which has not been publicly disclosed. Such information may or may not be protectable in the form of a patent, a copyright
or as a trade secret.”

 

3.           Definition
of Employee. The definition of Employee is hereby amended and restated in its entirety as set forth below:

 

““Employee”
means an employee of Waterloo involved either directly or indirectly with the performance of Waterloo’s or Thompson’s
services to Senesco under this Agreement.”

 

4.           Definition
of Scope of Work. The definition of Scope of Work is hereby deleted in its entirety.

 

5.           Definition
of Technology and Inventions. The definition of Technology and Inventions is hereby amended and restated in its entirety as
set forth below:

 

    	 

    	 

    

 

““Technology
and Inventions” shall mean any and all discoveries, inventions, conceived inventions and know-how, whether or not patentable,
and whether or not reduced to practice, including any and all biological isolates, compositions of matter, methods or processes,
test data, findings, designs, machines, devices, apparatus, manufactures, and any improvements, and/or any utility for the foregoing,
which are made, conceived, discovered or developed by Waterloo, whether alone or in conjunction with others, which arise in any
way from, during or as a result of the performance of Waterloo’s and Thompson’s services to Senesco under this Agreement.
Such Technology and Inventions may or may not be protectable in the form of a patent, a copyright or as a trade secret.”

 

6.           Article
II of the Agreement. Article II of the Agreement is hereby amended and restated in its entirety as set forth below:

 

“ARTICLE
II. SCOPE OF SERVICES. 

 

Waterloo shall perform
research to enhance the Intellectual Property rights of Senesco with respect to the use of eukaryotic translation initiation Factor
5A, or Factor 5A, deoxyhypusine synthase, or DHS, and Lipase platforms for agricultural and human health applications, including,
but not limited to, in accordance with the protocol entitled “Regulation of Post-Harvest Development by Altering the Expression
of Senescence-Induced Lipase”, which is attached hereto and incorporated herein as Exhibit A. In providing the services set
forth in this Agreement, the University of Waterloo shall provide Senesco access to the facilities and personnel set forth on Exhibit
A hereto (the “Resources”), and to the extent the Resources are amended or modified without Senesco’s prior written
consent, Senesco shall be relieved of its payment obligations set forth in Article IV hereof that may be due after the date of
such unauthorized amendment or modification.”

 

7.           Article
III of the Agreement. Article III of the Agreement is hereby amended and restated in its entirety as set forth below:

 

“The Agreement
shall have a term of one (1) year from the date hereof, and shall automatically renew for successive one (1) year-period unless
terminated by either party by giving 180 days prior written notice of termination.”

 

8.           Article
IV, Section B of the Agreement. Article IV, Section B of the Agreement is hereby amended and restated in its entirety as set
forth below:

 

“B.           INTENTIONALLY
OMITTED”

 

9.           Article
IV, Section C of the Agreement. Article IV, Section C of the Agreement is hereby amended and restated in its entirety as set
forth below:

 

“C.           Payments
shall be sent to: University of Waterloo (Attn: Finance Department – ECH), 200 University Avenue West, Waterloo, ON N2L 3G1
– Canada.”

 

10.          Article
IV, Section D of the Agreement. Article IV, Section D of the Agreement is hereby amended and restated in its entirety as set
forth below:

 

“D.           Invoices
to Senesco shall be sent to: Mr. Joel Brooks, Chief Financial Officer, Treasurer and Secretary, Senesco Technologies, Inc., 721
Route 202/206, Suite 130, Bridgewater, New Jersey 08807, U.S.A.”

 

    	 

    	 

    

 

11.          Article
V, Section A of the Agreement. The first sentence of Article V, Section A is hereby replaced with the following:

 

“Waterloo’s
and Thompson’s relationships to Senesco in the performance of this Agreement are those of independent contractors.”

 

12.          Article
VII, Section A of the Agreement. Article VII, Section A of the Agreement is hereby amended by deleting the words “within
the Scope of Work”.

 

13.          Article
IX, Section B of the Agreement. Article IX, Section B of the Agreement is hereby amended by replacing the word “Protocol”
with the words “services hereunder”.

 

14.          Article
X, Section A of the Agreement. Article X, Section A of the Agreement is hereby amended by replacing the words “set forth
in the Protocol” with the words “of this Agreement”.

 

15.          Article
X, Section B of the Agreement. Article X, Section B of the Agreement is hereby amended and restated in its entirety as set
forth below:

 

“B.           The
scope of noncompetition shall include research and development related to the use of Factor 5A, DHS or Lipase platforms for agricultural
and human health applications.”

 

16.          Article
XI, Section B of the Agreement. Article XI, Section B of the Agreement is hereby amended by replacing the word “Protocol”
with the word “services”.

 

17.          Article
XX of the Agreement. Article XX of the Agreement is hereby amended by replacing the contact information for Senesco with the
following:

 

Joel Brooks,
Chief Financial Officer, Treasurer and Secretary

Senesco
Technologies, Inc.

721 Route
202/206, Suite 130

Bridgewater,
New Jersey 08807, U.S.A.

Telephone:
(908) 864-4444

 

18.          Article
XX of the Agreement. Article XX of the Agreement is hereby amended by replacing the contact information for Waterloo with the
following:

 

Judy Brown

Senior Manager - Contracts Research & Industrial Grants

Office of Research, Needles Hall Room 1043

University of Waterloo

200 University Ave W

Waterloo, ON N2L 3G1

Phone: 519-888-4567 X32022

Fax: 519-746-7151

Email: jabrown@uwaterloo.ca

 

19.          Effect
on Agreement. Except as expressly amended by this Amendment, the provisions of the Agreement shall remain in full force and
effect. 

 

    	 

    	 

    

 

20.          Counterparts.
This Amendment may be executed by facsimile or “.pdf” file and in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute a single instrument.

 

* * *
* *

 

    	 

    	 

    

 

IN WITNESS
WHEREOF, the parties have caused this Amendment to be duly executed by their duly authorized representatives as of the date first
written above.

 

	SENESCO, INC.	 	THE UNIVERSITY OF WATERLOO
	 	 	 	 	 
	By:	/s/ Leslie J. Browne, Ph.D. 	 	By:	/s/ George Dixon 
	Name:	Leslie J. Browne, Ph.D.	 	Name:	George Dixon
	Title:	President	 	Title: 	Vice President - University Research
	Date:	 	 	Date:	 

 

	 	/s/ Dr. John E. Thompson 
	 	Dr. John E. Thompson
	 	Date:	 

 

    	 

    	 

    

 

Exhibit A

 

In order to perform the required research needed for the
collaboration between the University of Waterloo and Senesco Technologies, Inc. the following personnel, equipment and laboratory
space is necessary.

 

	Key Personnel:	 	Additional Personnel
	Dr. John Thompson   	 	3-4 Advanced Degreed Scientists
	Catherine Taylor	 	 

 

Laboratory Facility

At least 1,300 sq. ft. meeting Standard Building/Laboratory
Codes

 

Equipment (excluding small equipment like glassware
and pro-pipettes)

		·	Bio-safety cabinet

		·	2 CO2 chambers

		·	3 Cryogen storage units

		·	3 Microfuges

		·	1 Bench top centrifuge

		·	1 Ultracentrifuge

		·	1 Sorvall centrifuge

		·	2 PCR machines

		·	4 Power supplies

		·	4 Agarose gel electrophoresis units

		·	6 SDS-PAGE Biorad electrophoresis units

		·	2 Gel transfer units

		·	Microwave oven

		·	Laminar Flow hood

		·	Bacterial growth chamber

		·	Hybridization oven

		·	2 Large shakers

		·	Sonicator

		·	2 pH meters

		·	1 Sartorius tare balance

		·	1 Analytical balance

		·	3 Orbital shakers

		·	2 Glassware driers

		·	Solvent storage cabinet

		·	8 Refrigerators//freezers

		·	-80 degree freezer

		·	7 computers

		·	3 Baxa pumps

		·	1 Delli cold room

		·	Spectrophotometer

		·	3 Water baths

		·	2 Light microscopes

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