Document:

OURPET’S COMPANY

 

SECURITY AGREEMENT

 

 

 

This Security Agreement is entered into
as of the 20th day of June, 2013, by and between OURPET’S COMPANY, an Ohio corporation (“Borrower”)
and Lake County Board of Commissioners of Lake County, Ohio, (“Secured Party”).

 

Borrower desires to borrow from Secured
Party through the Lake County Community Development Block Grant (CDBG) Economic Loan Fund and pursuant to a Project Agreement of
even date herewith, the sum of One Hundred and Twenty Five Thousand Dollars and no/100 Cents ($125,000.00) to be evidenced by a
Promissory Note of even date herewith providing for the payment of principal and interest according to its terms.

 

Secured Party requires, among other things,
as a condition to making such loan, that Borrower grant to Secured Party a security interest in the equipment acquired by Borrower
pursuant to the Project Agreement, and therefore, in consideration of the mutual covenants, representations and warranties herein,
Borrower and Secured Party agree as follows:

 

SECTION 1 – DEFINITIONS

 

The terms hereinafter set forth shall have
the following meanings:

 

		a)	Promissory Note shall mean the $125,000.00 Promissory Note of Borrower issued pursuant to the Project Agreement and shall include
any and all amendments and modifications thereof and any and all notes issued in renewal or substitution thereof;

 

		b)	Collateral shall mean the equipment described in Exhibit A, now in the possession of Borrower or afterwords acquired. Additionally,
Secured Party shall have a security interest in all items purchased with the proceeds of the Promissory Note whether or not they
are listed on Exhibit A.

 

		c)	Events of Default shall mean those events described in Section 8 hereof.

 

SECTION 2 – SECURITY INTEREST

  

Borrower hereby gives and grants to secured
Party, its successors and assigns, a first security interest in the Collateral described in Exhibit A, upon these terms and provision
to secure the principal and interest of the Promissory Note, and all reasonable costs and expenses incurred in the collection of
the Promissory Note and enforcement of Secured Party’s rights.

 

 

    	CDBG-Economic Loan Fund - Security Agreement	Page 1

    	 

    

 

SECTION 3 – WARRANTIES

 

Borrower represents and warrants as follows:

 

		a)	Borrower is duly organized as an existing corporation organized under the laws of the state of Ohio duly qualified and in good
standing in every state in which it is doing business.

		b)	The execution, delivery and performance hereof are within Borrower’s power, have been duly authorized, are not in contravention
of law or the terms of Borrower’s Charter or By-Laws or any agreement or undertaking to which Borrower is a party or by which
it is bound.

		c)	Borrower is the lawful owner of the Collateral and has full right to pledge, sell, assign, transfer and grant a security interest
therein. The Collateral has not been or will not be pledged, sold, assigned, transferred or otherwise encumbered except as pursuant
to the Security Agreement.

		d)	Borrower will maintain the Collateral at its principal offices and places of business at: 1300 East Street, Fairport Harbor,
Ohio 44077, and 8808 Twinbrook Road, Mentor, Ohio 44060.

		d)	Subject to any limitation stated therein or in connection therewith, all information furnished to Secured Party concerning
the Collateral for the purpose of obtaining credit is or will be at the time the same is furnished, accurate, correct in all material
respects and complete insofar as completeness may be necessary to give Secured Party a true and accurate knowledge of the subject
matter.

 

 

 

SECTION 4 – FINANCIAL REPORTS

 

Borrower will maintain a standard system
of accounts and will furnish to Secured Party, as may be requested the following:

 

		a)	As soon as possible and no later than 120 days after the close of each fiscal year, a copy of the annual financial review report
Borrower prepared in accordance with generally accepted accounting principles for such fiscal year.

 

    	CDBG-Economic Loan Fund - Security Agreement	Page 2

    	 

    

 

 

		b)	Such other information and reports representing the financial condition or operations of Borrower as Secured Party from time
to time may reasonably request

 

SECTION 5 – INSPECTION

 

Borrower will at any reasonable time permit
Secure Party through any of its officers, employees and agents, including attorneys and accountants, to examine and inspect the
collateral. Further Borrower will perform such additional acts and provide such additional instruments as may be required to completely
vest in and assure to Secured Party its rights herein and to the Collateral.

 

SECTION 6 – FINANCING STATEMENTS

 

		a)	Without the written consent of Secured Party, Borrower will not permit any junior or adverse encumbrance covering the Collateral
to exist or be on file in any public office.

 

SECTION 7 – COVENANTS

 

		a)	Borrower will pay the principal of and interest on the Promissory Note as and when due and otherwise comply with the provisions
hereof;

 

		b)	Borrower will not pledge, sell, assign, encumber or otherwise transfer the Collateral, nor any part thereof in the ordinary
course of its business, or as permitted hereby.

 

		c)	Borrower will pay or cause to be paid all taxes and assessments which may be levied, assessed or charged against the Collateral,
including franchise and similar taxes, as they become due.

 

		d)	Borrower will maintain policies of insurance issued by companies approved by Secured Party insuring the Collateral against
loss caused by reasonably anticipated perils normally covered by an extended coverage endorsement in an amount equal to the full
insurable replacement cost thereof or such other amount as Secured Party may approve. Such policies shall name Lake County, and
Secured Party as their interests may appear and shall have an endorsement making loss payable directly to the Secured Parties as
their interests may appear. Such policies shall provide that they may not be canceled without at least 30 days’ prior written
notice to Secured Party. Borrower shall provide Secured Party a certificate of such coverage on demand.

 

    	CDBG-Economic Loan Fund - Security Agreement	Page 3

    	 

    

 

In the event any sum or sums of money are
received by Secured Party by reasons of such insurance, Secured Party shall apply such money so received to the repair, restoration
replacement of the damaged or destroyed Collateral. The proceeds shall be deposited in escrow and disbursed pursuant to normal
procedures established by the escrow agent to insure proper application thereof.

 

SECTION 8 – EVENTS OF DEFAULT, ACCELERATION

 

Borrower’s liability to Secured Party
shall, at the option of Secured Party, become immediately due and payable without notice or demand upon the occurrence of any of
the following events of defaults which continue after the expiration of any applicable notice or grace periods:

 

		a)	Default in the payment or performance of the Promissory Note;

 

		b)	Any representation or warrant made by borrower or its officers in connection with the execution and delivery hereof, or of
the Project Agreement, shall prove to be at any time false in any material respect;

 

		c)	Uninsured loss, theft, damage or destruction; any unpermitted sale or encumbrance of the Collateral, or any levy, seizure or
attachment thereof;

 

		d)	Death, dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property
of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency laws by
or against Borrower, or any guarantor or surety hereof remaining unstayed or undismissed for 90 days;

 

		e)	Failure to comply with the CDBG Economic Loan Fund job creation reporting requirements.

 

In the event of the occurrence
of an Event of Default hereunder, Secured Party shall have the following rights:

 

		i.	To declare all of the liabilities secured hereby to be immediately due and payable and this Agreement in default and subject
to foreclosure proceedings and/or other rights, options and remedies of Secured Party herein set forth and as provided under law;

 

    	CDBG-Economic Loan Fund - Security Agreement	Page 4

    	 

    

 

 

		ii.	To take immediate possession of the Collateral and, with or without taking possession of the Collateral, to sell lease or otherwise
dispose of any or all of the Collateral, either at public or private sale, upon commercially reasonable terms, and either Borrower
or Secured Party may become the purchaser thereof.

 

Reasonable written notice of any
proposed sale, public or private, setting for the time, place and conditions of sale shall be given to Borrower. Any sale may be
adjourned at any time and from time to time to a reasonable specific time and place by announcement at the time and place of sale
as previously fixed, without further notice by publication or otherwise of the time and place of such adjourned sale In the event
of any sale, whether public or private, Secured Party shall, after deducting all costs and expenses of any kind, apply the residue
of the proceeds of such sale toward the payment of any and all of such amounts, with interest, which at the time of said application
may be due to, or for the benefit of Secured Party from Borrower under the terms of the Promissory Note and of this Agreement,
and any other Liabilities which may be owing to Secured Party by Borrower at such time, and may pay all liens on the Collateral
having precedence over this Agreement, if any, returning the surplus, if any, to Borrower. Secured Party shall have the right to
conduct any such sale on Borrower’s premises and Secured Party shall have the right of possession of said premises as shall
be necessary or convenient for such purposes;

 

		iii.	To proceed to protect and enforce its rights under the Promissory Note and this Agreement by a suit or suits in equity or law
whether for specific performance or observance of any terms, provisions, covenants, or conditions, in aid of execution of any power
granted, for any foreclosures, or for the enforcement of any other property legal or equitable remedy.

 

Secured Party shall have all other
rights and remedies of a secured party under the Uniform Commercial Code of Ohio (Ohio Revised Code 1309) and any other applicable
law. All of Secured Party’s rights and remedies will be cumulative, and no waiver of any default will affect any other subsequent
default.

 

Subject to the Subordination Agreement
nothing herein shall be construed as preventing Secured Party from taking any lawful action to protect its interest in the event
that liquidation, insolvency, bankruptcy, reorganization or foreclosure proceedings of any nature whatsoever affecting the property
or assets of Borrower shall be instituted by anyone other than Secured Party in any court.

 

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SECTION 9 – GENERAL PROVISIONS

 

This Agreement and Secured Party’s
security interest in the Collateral created hereby shall cease and terminate upon full payment of the principal and interest due
under the Promissory Note and all other liabilities of Borrower to Secured Party secured hereby.

 

In the event the liabilities are
paid in full, all of the Security interests described in Section 2 above shall be terminated and shall have no further force or
effect.

 

This Agreement, all supplements
hereto and all amendment hereof shall insure to the benefit of any be binding upon the parties hereto and their respective heirs,
executors, administrators, successors and or assigns.

 

No waiver of any part of this
Agreement or any breach hereof, shall constitute a waiver of any subsequent breach or justify or authorize the non-observance of
any other part of this Agreement.

 

All rights, interests and remedies
herein grated to Secured Party shall be cumulative of all other rights, interests and remedies nor or hereafter granted to or acquired
by Secured Party and may be exercised by Secured Party.

 

Any notice, request, demand, or
other communication to Borrower shall be deemed to have been given or made when mailed first class addressed to Borrower at: 1300
East Street, Fairport Harbor, Ohio 44077 or to such other address as may be furnished in writing to Secured Party for such purpose
by Borrower.

 

 

 

 

 

 

 

 

 

 

    	CDBG-Economic Loan Fund - Security Agreement	Page 6

    	 

    

 

 

IN WITNESS WHEREOF, Borrower and
Secured Party have caused this Agreement to be executed the 20th of June, 2013.

 

 

	 	 	LAKE COUNTY	 
	 	 	BOARD OF COMMISSIONERS	 
	 	 	 	 
	 	 	 	 
	Amy Elszasz	 	/s/Robert E. Aufuldish	 
	Attest	 	President	 
	 	 	 	 
	 	 	OURPET’S COMPANY	 
	 	 	 	 
	Scott R. Mendes	 	/s/Steve Tsengas	 
	Attest	 	Steve Tsengas, Chairman & CEO	 

 

 

 

 

 

 

 

 

 

 

    	CDBG-Economic Loan Fund - Security Agreement	Page 7WARRANT EXCHANGE AGREEMENT

 

This WARRANT EXCHANGE
AGREEMENT (this “Agreement”), dated as of June [__], 2013, by and between Senesco Technologies, Inc., a
Delaware corporation (the “Company”), and [_________________] (the “Holder”).

 

WHEREAS, the
Company issued those certain Common Stock Purchase Warrants to purchase shares of the Company’s common stock,
par value $0.01 per share (the “Common Stock”) issued by the Company, with an initial exercise date of
January 9, 2014 (the “2014 Warrants”);

 

WHEREAS, the
Holder owns that certain 2014 Warrant (the “Warrant”) to purchase such shares of Common Stock as listed on the
signature page attached hereto (the “Warrant Shares”);

 

WHEREAS, in
order to improve the capital structure of the Company, the Company and the Holder desire to enter into this Agreement, pursuant
to which, among other things, the Company and the Holder shall exchange the Warrant for the number shares of Common Stock (the
“Exchange Shares”), as calculated below (the “Exchange”);

 

WHEREAS, following
the Exchange, the Warrant shall be automatically cancelled and terminated and the Holder shall have no further rights pursuant
to the Warrant; and

 

WHEREAS, the
Exchange is being made in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933,
as amended (the “Securities Act”).

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants herein below, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.The Exchange.
At the Closing (as defined below), the Company and the Holder shall, pursuant to Section 3(a)(9) of the Securities Act, exchange
the Warrant and the Exchange Shares, as follows:

 

1.1.Closing.
The Exchange shall occur remotely via exchange of signatures on such later date as is mutually agreed to by the Company and the
Holder (the “Closing”). The Holder understands that this Agreement is not binding on the Company until the Company
accepts it, which acceptance is in the Company’s sole discretion, by executing this Agreement where indicated.

 

1.2.Exchange
Shares. The Holder shall receive the number of Exchange Shares equal to the number of Warrant Shares.

 

1.3.Consideration.
At the Closing, the Exchange Shares shall be issued to the Holder in exchange for the Warrant without the payment of any other
consideration by the Holder that would not be consistent with the application of Section 3(a)(9) of the Securities Act to the issuance
of the Exchange Shares. The Holder hereby agrees that, upon and subject to the Closing, all of the Company’s obligations
under the terms and conditions of the Warrant shall be automatically terminated and cancelled in full without any further action
required, and that this Section 1.3 shall constitute an instrument of termination and cancellation of such Warrant.

 

    	 

    	 

    

 

1.4.Delivery.
In the Exchange, the Company shall, at the Closing, deliver the Exchange Shares to the Holder in certificated form. The Holder
shall deliver or cause to be delivered to the Company (or its designee), within five (5) Trading Days after the Closing, the original
Warrant. For the avoidance of doubt, as of the Closing all of the Holder’s rights under the terms and conditions of the Warrant
shall be extinguished.

 

1.5.Other Documents.
The Company and the Holder shall execute and/or deliver such other documents and agreements as are reasonably necessary to effectuate
the Exchange pursuant to the terms of this Agreement.

 

2.Lock-Up.

 

2.1.Restriction
on Transfer. In consideration of the foregoing, the Holder hereby agrees that the Holder will not, without the prior written
consent of the Company, directly or indirectly, sell, offer, contract to sell, sell any option to contract to purchase (including
without limitation any short sale), purchase any option or contract to sell, pledge, transfer, grant any option, right or warrant
for the sale of, establish or increase an open “put equivalent position” within the meaning of Rule 16a-1(h) under
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the “Exchange
Act”), liquidate or decrease a call equivalent position within the meaning of Rule 16a-1(b) under the Exchange Act or
otherwise dispose of any of the Exchange Shares, or publicly announce the Holder’s intention to do any of the foregoing,
for a period commencing on the date hereof and continuing through the close of trading on January 9, 2014 (the “Lock-up
Period”). The Holder also agrees and consents to the entry of stop transfer instructions with the Company’s transfer
agent and registrar against the transfer of the Exchange Shares except in compliance with the foregoing restrictions.

 

2.2.Exceptions.
Notwithstanding the foregoing, the Holder may transfer the Exchange Shares (i) as a bona fide gift or gifts, provided that
the donee or donees thereof agree in writing to be bound by the restrictions set forth herein, (ii) to any beneficiary of the Holder
pursuant to a will or other testamentary document or applicable laws of descent, provided that the beneficiary thereof agrees in
writing to be bound by the restrictions set forth herein, (iii) to any trust for the direct or indirect benefit of the Holder or
the immediate family of the Holder, provided that the trustee of the trust agrees in writing to be bound by the restrictions set
forth herein, and provided further that any such transfer shall not involve a disposition for value, (iv) to any corporation, partnership,
limited liability company or other entity that is an affiliate of the Holder or to such affiliate’s shareholders, members
or partners, provided that (a) any Exchange Shares received upon such transfer will also be subject to the terms of this Agreement,
and (b) no filing under Section 16 of the Exchange Act shall be required or shall be voluntarily made during the Lock-up Period
in connection with such transfer, or (v) with the prior written consent of the Company. For purposes of this section, “immediate
family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.

 

    	 

    	 

    

 

2.3.Legend.
During the Lock-up Period, each certificate representing the Exchange Shares shall bear the following legend:

 

THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD THROUGH THE CLOSE OF TRADING ON JANUARY 9, 2014, AS SET FORTH IN
AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S
PRINCIPAL OFFICE.

 

3.Representations
and Warranties.

 

3.1.Holder Representations
and Warranties. The Holder hereby represents and warrants to the Company:

 

(a)The Holder is
either an individual or an entity validly existing and in good standing under the laws of the jurisdiction of its organization.

 

(b)This Agreement
has been duly authorized, validly executed and delivered by the Holder and is a valid and binding agreement and obligation of the
Holder enforceable against the Holder in accordance with its terms, subject to limitations on enforcement by general principles
of equity and by bankruptcy or other laws affecting the enforcement of creditors’ rights generally, and the Holder has full
power and authority to execute and deliver this Agreement and the other agreements and documents referred to in Section 1.5 and
to perform its obligations hereunder and thereunder.

 

(c)The Holder understands
that the Exchange Shares are being offered, sold, issued and delivered to it in reliance upon specific provisions of federal and
applicable state securities laws, and that the Company is relying upon the truth and accuracy of the representations, warranties,
agreements, acknowledgments and understandings of the Holder set forth herein for purposes of qualifying for exemptions from registration
under the Securities Act and applicable state securities laws.

 

(d)The Holder is
not acquiring the Exchange Shares as a result of any advertisement, article, notice or other communication regarding the Exchange
Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar
or any other general advertisement.

 

(e)The Holder, either
alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters
so as to be capable of evaluating the merits and risks of the prospective investment in the Exchange Shares, and has so evaluated
the merits and risks of such investment. The Holder is able to bear the economic risk of an investment in the Exchange Shares and,
at the present time, is able to afford a complete loss of such investment.

 

(f)The Holder acknowledges
that the offer, sale, issuance and delivery of the Exchange Shares to it is intended to be exempt from registration under the Securities
Act, by virtue of Section 3(a)(9) thereof. The Holder understands that the Exchange Shares may be sold or transferred only in compliance
with all federal and applicable state securities laws.

 

    	 

    	 

    

 

(g)The Holder understands
that the Exchange Shares are “restricted securities” and have not been registered under the Securities Act or any applicable
state securities law and the Holder is acquiring the Exchange Shares as principal for its own account and not with a view to or
for distributing or reselling such Exchange Shares or any part thereof in violation of the Securities Act or any applicable state
securities law, has no present intention of distributing any of such Exchange Shares in violation of the Securities Act or any
applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute
or regarding the distribution of such Exchange Shares in violation of the Securities Act or any applicable state securities law
(this representation and warranty not limiting such Holder’s right to sell the Securities in compliance with applicable federal
and state securities laws). Such Holder is acquiring the Exchange Shares hereunder in the ordinary course of its business.

 

(h)The Holder owns
and holds, beneficially and of record, the entire right, title, and interest in and to the Warrant free and clear of all rights
and Encumbrances (as defined below). The Holder has full power and authority to transfer and dispose of the Warrant to the Company
free and clear of any right or Encumbrance. Other than the transactions contemplated by this Agreement, there is no outstanding
vote, plan, pending proposal, or other right of any person to acquire all or any of the Warrant. As used herein, “Encumbrances”
shall mean any security or other property interest or right, claim, lien, pledge, option, charge, security interest, contingent
or conditional sale, or other title claim or retention agreement, interest or other right or claim of third parties, whether perfected
or not perfected, voluntarily incurred or arising by operation of law, and including any agreement (other than this Agreement)
to grant or submit to any of the foregoing in the future. The Warrant constitutes all of the 2014 Warrants owned or held of record
or beneficially owned or held by the Holder.

 

3.2.Company
Representations and Warranties. The Company hereby represents and warrants to the Holder:

 

(a)The Company has
been duly incorporated and is validly existing and in good standing under the laws of the State of Delaware, with full corporate
power and authority to own, lease and operate its properties and to conduct its business as currently conducted, and is duly registered
and qualified to conduct its business and is in good standing in each jurisdiction or place where the nature of its properties
or the conduct of its business requires such registration or qualification, except where the failure to so register or qualify
would not have a Material Adverse Effect. For purposes of this Agreement, “Material Adverse Effect” shall mean
any material adverse effect on the business, operations, properties, or financial condition of the Company and its subsidiaries
and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the ability of the
Company to perform any of its obligations under this Agreement.

 

(b)The Exchange Shares
have been duly authorized by all necessary corporate action, and, when issued and delivered in accordance with the terms hereof,
the Exchange Shares shall be validly issued and outstanding, fully paid and nonassessable, and, except as otherwise set forth herein,
free and clear of all liens, encumbrances and rights of refusal of any kind.

 

    	 

    	 

    

(c)This Agreement
has been duly authorized, validly executed and delivered on behalf of the Company and is a valid and binding agreement and obligation
of the Company enforceable against the Company in accordance with its terms, subject to limitations on enforcement by general principles
of equity and by bankruptcy or other laws affecting the enforcement of creditors’ rights generally, and the Company has full
power and authority to execute and deliver this Agreement and the other agreements and documents contemplated hereby and to perform
its obligations hereunder and thereunder.

 

(d)The Company represents
that it has not paid, and shall not pay, any commissions or other remuneration, directly or indirectly, to any third party for
the solicitation of the Exchange pursuant to this Agreement. Other than the exchange of the Warrant, the Company has not received
and will not receive any consideration from the Holder for the Exchange Shares.

 

(e)The Company has
not, nor has any person acting on its behalf, directly or indirectly made any offers or sales of any security or solicited any
offers to buy any security under circumstances that would cause the Exchange and the issuance of the Exchange Shares pursuant to
this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act which would prevent the
Company from delivering the Exchange Shares to the Holder pursuant to Section 3(a)(9) of the Securities Act, nor will the Company
take any action or steps that would cause the Exchange, issuance and delivery of the Exchange Shares to be integrated with other
offerings to the effect that the delivery of the Exchange Shares to the Holder would be seen not to be exempt pursuant to Section
3(a)(9) of the Securities Act.

 

(f)For the purposes
of Rule 144 of the Securities Act, the Company acknowledges that the holding period of the Exchange Shares may be tacked onto the
holding period of the 2014 Warrants pursuant to applicable rules, regulations and interpretations, and the Company agrees not to
take a position contrary to this Section 3.2(f).

 

(g)The Company shall,
by the fourth Trading Day following the date hereof, issue a Current Report on Form 8-K (the “8-K Filing”) disclosing
the material terms of the transactions contemplated hereby as exhibits thereto. From and after the 8-K Filing, the Holder shall
not be in possession of any material, nonpublic information received from the Company or any of its subsidiaries or any of its
respective officers, directors, employees or agents based upon information communicated to the Holder (or its officers, directors,
employees or agents) on or prior to the time of the filing of the 8-K Filing. The Company and the Holder shall consult with each
other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor the
Holder shall issue any such press release or otherwise make any such public statement without the prior consent of the Company,
with respect to any press release of the Holder , or without the prior consent of the Holder , with respect to any press release
of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which
case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.

 

(h)The Company hereby
represents and warrants as of the date hereof and covenants and agrees from and after the date hereof that none of the terms offered
to any person with respect to any consent, release, amendment, settlement or waiver relating to the terms, conditions and transactions
contemplated hereby (each a “Settlement Document”), is or will be more favorable to such person than those of
the Holder and this Agreement. If, and whenever on or after the date hereof, the Company enters into a Settlement Document, then
(i) the Company shall provide notice thereof to the Holder immediately following the occurrence thereof and (ii) the terms and
conditions of this Agreement shall be, without any further action by the Holder or the Company, automatically amended and modified
in an economically and legally equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or
conditions (as the case may be), provided that upon written notice to the Company at any time the Holder may elect not to accept
the benefit of any such amended or modified term or condition, in which event the term or condition contained in this Agreement
shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification
never occurred with respect to the Holder. The provisions of this Section 3.2(h) shall apply similarly and equally to each Settlement
Document.

 

    	 

    	 

    

 

(i)The execution,
delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated
hereby (including, without limitation, the issuance of the Exchange Shares) will not (i) result in a violation of the certificate
of incorporation or bylaws of the Company or (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) in any respect under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Company or any of its subsidiaries is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree (including foreign, federal and state securities
laws and regulations and the rules and regulations by which any property or asset of the Company or any of its subsidiaries is
bound or affected).

 

4.Termination.
In the event that the Closing does not occur on or before the close of business on June 24, 2013, the Company shall have the option
to terminate this Agreement without liability to the Holder.

 

5.Miscellaneous.

 

5.1.Entire Agreement.
This Agreement constitutes the entire agreement, and supersedes all other prior and contemporaneous agreements and understandings,
both oral and written, between the Holder and the Company with respect to the subject matter hereof.

 

5.2.Amendment.
This Agreement may only be amended with the written consent of the Holder and the Company.

 

5.3.Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Holder or the Company shall bind and inure to the
benefit of their respective successors and assigns.

 

5.4.Applicable
Law; Consent to Jurisdiction. The validity, interpretation and performance of this Agreement shall be governed in all respects
by the laws of the State of Delaware, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. Each of the parties hereby agrees that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of Delaware
or the United States District Court for the District of Delaware, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. Each party hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

 

    	 

    	 

    

 

5.5.Counterparts.
This Agreement may be executed in original or facsimile counterparts, each of such counterparts shall for all purposes be deemed
to be an original, and all of such counterparts shall together constitute but one and the same instrument.

 

5.6.Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

5.7.No Commissions.
Neither the Company nor the Holder has paid or given, or will pay or give, to any person, any commission, fee or other remuneration,
directly or indirectly, in connection with the transactions contemplated by this Agreement.

 

* * * * * * *

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
this Warrant Exchange Agreement has been duly executed by the undersigned as of the date first written above.

 

	 	HOLDER:
	 	_______________________________
	 	 
	 	By:____________________________
	 	Name:
	 	Title:
	 	 
	 	WARRANT SHARES:
	 	 
	 	_______________________________

 

ACKNOWLEDGEMENT

 

This Warrant Exchange Agreement is hereby
accepted upon the terms and conditions set forth above.

  

	 	SENESCO TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	Name:	Leslie J. Browne, Ph.D.
	 	Title:	 President and CEO
	 	 
	 	Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]