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                                                                    EXHIBIT 10.3

                          LICENSE AND SUPPLY AGREEMENT

This License and Supply Agreement (the "Agreement") is entered into as of
January 1, 2003, by and between Panion & BF Biotech Inc.) with its principal
place of business at 7f No. 325 Sec. 4 Chung Hsiao E. Rd. Taipei, Taiwan R.O.
("Panion") and Senetek PLC, a company formed and existing under the laws of the
United Kingdom. with its principal place of business at 610 Airpark Road, Napa,
California 94558 ("Senetek").

                                    RECITALS

Whereas, Senetek has patens covering the use of kinetin compound in skin care
and cosmetic products and is the owner of related technology; and

Whereas, Panion wishes to be granted the right to incorporate kinetin compound
in certain of its skin care products and to have Senetek supply kinetin compound
for such purpose, and Panion also wishes to purchase certain skin care products
from Senetek for resale.

Now, therefore, in consideration of the mutual promises, covenants and
conditions set forth in this Agreement, Panion and Senetek agree as follows:

        1. DEFINITIONS.

                a. Affiliate. The term "Affiliate" shall mean, with respect to
        any person or entity, any person or entity controlling, controlled by,
        or under common control of or with such person or entity. Control shall
        mean the ownership or control. directly or indirectly of fifty percent
        (50%) or more of the voting stock of the company or the ability to
        control, through whatever means, the governing body of such entity.

                b. Authorized Channel. The term "Authorized Channel" means the
        ethical market channel of sales to hospitals, clinics and doctors for
        resa1e to their patients and to pharmacies and drug stores for purchase
        "behind the counter" by their patients (and not as part of the "mass
        market" for skin care products).

                c. Kinetin. The term "kinetin" shall mean the cytokinin compound
        described by the international identifier CAS #525-79-1.

                d. Cost. The term "Cost" means Senetek's cost of supplying
        kinetin compound and transferring the Technology to Panion, including
        Senetek's cost of direct labor of employees while directly employed in
        the supplying of kinetin compound and transfer of Technology, direct
        materials and components, calcu1ated direct energy, utilities and other
        charges incurred directly in the manufacture and supply of kinetin and
        transfer of the Technology; and an amount reflecting allocation to
        Panion of a portion of the direct and indirect cost of developing the
        Technology and qualifying the kinetin manufacturer.

                e. Products. The term '"Products" shall mean those products to
        be manufactured by or for Panion whose specifications have heretofore
        been approved by Senetek for use with kinetin,

(***) CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

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        which shall be set forth in an Addendum to Schedule 1e. for each new
        product on a case-by-case basis.

                f. Finished Products. The term "Finished Products" shall mean
        Products manufactured to include the compound, kinetin.

                g. Senetek Products. The term "Senetek Products" shall mean
        those skin care products manufactured by or for Senetek and sold to
        Panion for resale within the Territory.

                h. Patent. The term "Patent" shall mean the Senetek patents (set
        forth in Schedule 1h.) relating to the proprietary kinetin-based
        compositions and related technology sold by Senetek under the brand
        name, Kinetin.

                i. Technology. The term "Technology" means all data,
        intellectual property and information, including without limitation the
        Patent and the formula, specifications, clinical study data, clinical
        photographs, and safety information, which are necessary or useful for
        the manufacture and/or marketing and/or sale of the Finished Products.

                g. Territory. The term "Territory" means the following countries
        of the world: The Republic of China (Taiwan) and Hong Kong. The
        Philippines and the People's Republic of China shall be added to the
        Territory upon approval by Senetek of marketing plan, including trade
        pricing, for such countries.

        2. TERM OF AGREEMENT.

        The term of this Agreement (the "Term") shall be the life of the Patent
in the Territory, unless it is terminated earlier by either Party for default or
other event giving rise to a right of termination as described in Section 13
below.

        3. GRANT OF LICENSE.

                a. Senetek hereby grants to Panion a non-exclusive license under
        the Patent to incorporate kinetin compound in the range of 0.02% to
        0.08% w/w as an ingredient in the finished Products, and to manufacture,
        have manufactured, use and sell the Finished Products, in each case
        solely within the Authorized Channel in the Territory.

                b. Transfer of Technology. Senetek shall furnish Panion with one
        copy of all Technology, including but not limited to know how,
        pre-clinical testing data, clinical testing data, process sheets, raw
        material and process specifications, formulas, manuals, and other
        writings and any software with respect to the incorporation of kinetin
        in the Products, which may reasonably be required by Pan ion to
        manufacture, package, and commercialize the Finished Products.

                c. Patent Enforceability. In consideration of the benefits of
        this Section 3, Panion, for itself and its Affiliates, successors and
        permitted assigns and S1,lb- licensees, irrevocably acknowledges, admits
        and concedes that (i) all rights, title and interest in the Patent is
        owned by Senetek and its Affiliates, (ii) all claims of the Patent as
        well as all claims that are narrower in scope than the claims of the
        Patent are valid and enforceable, and (iii) all claims of any patent
        that may issue from any application whose subject matter in whole or in
        part is entitled to the benefit of the filing date(s) of the Patent
        (including, without limitation, continuations, continuations-in-part,
        divisional patents, reexaminations, renewals, extensions, reissues, and
        foreign counterparts) that are equal to or narrower in scope than the
        claims of the Patent are valid and enforceable.

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        Panion, for itself and its Affiliates, successors and permitted assigns
        and sub-licensees, does also forever relinquish and waive all rights to
        dispute said ownership, validity and enforceability in any proceeding of
        any nature, covenants that it and they will not assert, either
        affirmatively or defensively, in any proceeding of any nature, any
        matter inconsistent with said ownership, validity and enforceability,
        agrees and acknowledges that the foregoing shall act as a complete
        defense and bar to any proceeding of any nature challenging such
        ownership, validity and enforceability or any of them, and consents to
        the entry of temporary and permanent injunctions to bar any breach or
        threatened breach of any of the foregoing, without the filing on behalf
        of Senetek of any bond or other security.

                d. Promotion of the Products. Panion agrees that in marketing
        and selling Finished Products and Senetek Products it shall not include
        in packaging or labeling (except as required by law) or advertise the
        concentration of kinetin in the Finished Product(s) or Senetek Products
        nor will it make any, comparative claims of product benefit to those
        kinetin-containing products of Senetek or other Senetek licensees, the
        current list of licensees being identified in Exhibit 3d. attached
        hereto. In addition, Panion will submit to Senetek the text of all
        packaging, labeling, advertising and promotional materials for Finished
        Products (and any Senetek Products that might be sold to Panion in bulk
        form for packaging by or for Panion) for Senetek prior approval, such
        approval by Senetek not to be unreasonably withheld or delayed. Panion
        may include in packaging, labeling and/or promotional materials for the
        Finished Products and any Senetek Products supplied in bulk and packaged
        by Panion that they contain kinetin and shall include the following or a
        similar statement presented in a manner consistent with industry
        practice: "Manufactured and sold under license from Senetek", followed
        by the Patent numbers relevant to the Territory in which the Finished
        Product(s) are to be sold.

                e. Other Rights. It is expressly understood that this Agreement
        grants no rights to Panion with respect to any intellectual property or
        confidential information of Senetek except those express rights set
        forth in Section 3.

        4. SUPPLY OF THE KINETIN AND SENETEK PRODUCTS.

                a. Panion will purchase its supplies of kinetin solely from
        Senetek or its \ authorized vendor in accordance with the terms of this
        Agreement. Senetek covenants that the kinetin compound and Senetek
        Products supplied to Panion pursuant hereto shall be manufactured in
        accordance with all relevant legal and regulatory requirements, that the
        manufacturer of such compound and such Senetek Products shall conduct
        all appropriate quality control and related testing to insure that the
        compound and Senetek Products are fit for use in or as human skin care
        products and otherwise complies with Senetek's warranty herein. Senetek
        shall provide to Panion upon request and at no cost to Panion, with
        respect to each manufacturing batch of kinetin and Senetek Products,
        proof of ingredients used in the manufacture of such material with a
        certificate of analysis for such material. Upon reasonable notice,
        Senetek shall permit representatives of Panion to observe all quality
        control testing and inspect all quality control documentation related to
        the kinetin and Senetek Products supplied by Senetek to Panion. Senetek
        further covenants that at the point of delivery F.O.B to Panion's
        carrier at Senetek's point of shipment such kinetin compound will meet
        the current Senetek specifications (including but not limited to purity
        of equal to or greater than 97%) and all Senetek Products will conform
        to Senetek's specifications therefore.

                b. Senetek shall have the right to approve the specifications
        for all Finished Products prior to testing, and to approve any
        modifications thereof. Testing of formulations and/or Finished Product
        shall be performed only with prior notice to and in accordance with any

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        protocols established by Senetek. Without limiting the foregoing, skin
        permeation testing for each new kinetin- based Product will be conducted
        under the supervision and with the established methods of Senetek (to
        ensure that the kinetin active material is properly delivered to the
        skin). Panion will pay for all testing as it applies to the Pan ion
        formulations.

                c. Senetek will supply kinetin compound and Senetek Products to
        Panion in accordance with Panion Purchase Orders, which shall set forth
        the quantity and FOB carrier terms, within ninety days of receipt of
        Panion's Purchase Order. Senetek shall ensure that each shipment is
        properly packed and marked for shipping and routed in accordance with
        Panion's Purchase Order. Shipping terms shall be F.O.B. Senetek's
        shipping dock, with freight paid by Panion collect. In the event of any
        conflict between the terms of a Panion Purchase Order and this
        Agreement, the terms of this Agreement shall govern, unless otherwise
        expressly agreed to in writing and signed by both parties.

                d. If the kinetin or Senetek Products or any portion thereof
        delivered by Senetek to Panion are defective in any respect at point of
        delivery F.O.B. to Panion's carrier at Senetek's point of shipment,
        Panion may retain all or any portion of such goods which are not
        defective and return the defective portion to Senetek at Senetek's sole
        expense. Pan ion may require, at its option, that Senetek replace any
        such defective goods that Panion is entitled to reject or grant a refund
        or credit to Panion in lieu thereof. Panion shall provide notice of
        rejection of defective kinetin or Senetek Products to Senetek within 90
        days of receipt of the kinetin. Acceptance of the kinetin or Senetek
        Products shall be subject to revocation upon later discovery of any
        latent defect in the kinetin at the point of delivery to Panion's
        carrier. In the event of a dispute as to whether the kinetin or Senetek
        Products are defective, samples of the production lot(s) in dispute
        shall be sent to a testing laboratory mutually agreed to by Senetek and
        Pan ion, whose findings shall be binding on the Parties. The cost of
        such testing shall be borne by the Party whose position is not upheld by
        the testing laboratory. The final decision whether to release a
        production lot of Finished Product shall remain with Panion.

                e. Panion shall pay to Senetek for all kinetin supplied by
        Senetek and not rightfully rejected as herein provided a purchase price
        in U.S. Dollars equal to Senetek's Cost plus a profit factor to be
        agreed between the Parties (such Cost plus profit factor being herein
        called the "Purchase Price"), provided that, until and unless otherwise
        agreed, the Purchase Price shall be (***) per gram of kinetin net of any
        and all taxes, duties or other assessments by or due to any governmental
        agency within the Territory. Payment for kinetin supplied during each
        calendar quarter shall be due and payable within thirty (30) days after
        the end of such calendar quarter, and shall be accompanied by a report
        setting forth the calculation of the amount of the Purchase Price
        remitted.

                f. Panion shall pay to Senetek for the Senetek Products listed
        on Schedule 4e. attached hereto the U.S. Dollar amount per unit set
        forth in Schedule 4e., subject to adjustment by Senetek no more
        frequently than every six months to reflect increases in its costs. Any
        additional Senetek Products offered by Senetek will be included in an
        Addendum to Schedule 4e. and Panion shall pay for such Senetek Products
        the amount per unit set forth in such Addendum, subject to adjustment as
        aforesaid. Payment for Senetek Products shall be made in full within 30
        days after Senetek's invoice.

                g. Late payments for kinetin or Senetek Products shall be
        subject to a processing fee of 1.5% per month or, if such amount is not
        permitted by law, the maximum amount permitted by law. Timely payment by
        Panion shall be a material term of this Agreement. Payment shall be made
        in U.S. Dollars by wire transfer either to Barclays Bank PLC, 54 Lombard
        Street, London

*** Confidential portions of this material have been omitted and filed
separately with the Securities and Exchange Commission.

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        EC3P3AH, Sort Code Number 201990, Account No. XXXXXX of Senetek; or to
        West America Bank of Ignacio, California (ABA Routing No. 121140218, fbo
        checking account number XXXXX of Senetek, or to such other account as
        Senetek may direct.

        5. MANUFACTURE AND SALE OF FINISHED PRODUCTS.

                a. Panion will be responsible for manufacturing of all Finished
        Products. All, Finished Product shall be manufactured at Panion's
        current manufacturing site(s) unless specifically agreed otherwise by
        Senetek. Panion shall provide to Senetek upon request and at no cost to
        Senetek, with respect to each manufacturing batch of Finished Product,
        proof of ingredients used in the manufacture, with a certificate of
        analysis for such Finished Product. Panion shall maintain or cause its
        contract manufacturer(s) to maintain full and accurate books and records
        with respect to all units of Finished Product manufactured as well as
        all kinetin raw material not incorporated in Finished Product as a
        result of storage, handling or manufacturing defects. Upon reasonable
        notice, Panion shall permit representatives of Senetek to observe all
        quality control testing and audit all manufacturing records and quality
        control documentation related to the Finished Product. The costs of any
        such audit shall be born by Senetek unless such audit documents an error
        of more than five (5) percent during the period covered by the audit, in
        which case such costs shall be reimbursed by Panion.

                b. Panion will begin marketing Finished Products in the Republic
        of China not later than June 30, 2003 and in the Peoples' Republic of
        China not later than September 30, 2003.

        6. COMPLIANCE WITH LAWS.

        Senetek shall comply with all laws, regulations, ordinances, orders,
        injunctions, decrees and requirements applicable to the manufacturing,
        storage, shipment and delivery F.O.B of kinetin compound and Senetek
        Products hereunder, and Panion shall comply with all laws, regulations,
        ordinances, orders, injunctions, decrees and requirements applicable to
        the importing of and payment for such kinetin compound and Senetek
        Products, the manufacturing, packaging, storage, shipment, marketing,
        advertising, sale and export of all Finished Products manufactured
        pursuant to the license granted herein and the storage, shipment,
        marketing, advertising, sale and export of Senetek Products purchased
        hereunder. Without limiting the foregoing, Panion shall manufacture the
        Finished Products in full compliance with all applicable good
        manufacturing practices requirements for the Territory, shall conduct
        appropriate stability testing of such products, shall maintain and
        implement appropriate quality control and quality assurance procedures
        for all raw materials and components, whether produced internally or
        supplied by vendors, and all bulks, work in process and finished goods,
        shall package, label and advertise such products marketed and sold by it
        in accordance with all applicable legal requirements and in a manner not
        infringing or violating any intellectual property or trade rights of
        third persons, and obtain and maintain all marketing approvals,
        registrations or other permits necessary for the lawful manufacture,
        packaging, storage, shipment and export, and for its marketing and sale
        of such products, in the Authorized Channel within the Territory.

        7. RECALLS.

        In the event any Finished Product(s) manufactured and/or sold by Panion
        or any Senetek Products purchased by Panion pursuant to this Agreement
        must be recalled from distribution by reason of failure to meet any
        requirements of law or otherwise, Panion shall have the sole
        responsibility to conduct the activities necessary for such a recall,
        with the reasonable assistance of Senetek to the extent necessary and
        requested. Senetek shall payor reimburse Panion for the costs of any
        such

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        recall to the extent that it is necessitated by an act or omission for
        which Senetek is responsible to indemnify Panion pursuant to Section 9d.
        In all other cases, Panion shall pay all such costs and reimburse
        Senetek for its expenses in providing any reasonable assistance
        requested by Panion.

        8. RECORDS/INFRINGEMENT/RECOVERY.

                a. Books and Records. Panion shall maintain books and records in
        accordance with generally accepted accounting and good manufacturing
        practices standards reflecting all amounts included in its calculation
        of Purchase Price payable pursuant to Section 4, and shall provide
        Senetek reasonable access, with at least (10) days prior notice and at
        times not unreasonably disruptive of Panion's operations, to conduct
        audits thereof. No more than one such audit shall be conducted during
        any twelve (12) month period unless an audit documents a deficiency in
        Purchase Price due of more than five (5) percent, in which event audits
        may be conducted semi-annually thereafter until such audits fail to
        document such a deficiency. The costs of any such audit shall be borne
        by Senetek unless such audit documents a deficiency of more than five
        (5) percent, in which case such costs shall be reimbursed by Panion.

                b. Notification of Infringement. During the Term, each party
        shall promptly advise the other in writing of any infringement,
        imitation or act by third parties inconsistent with the ownership of and
        rights of Senetek to the Patent or any act of unfair competition by
        third parties with respect to the Finished Products (any of the
        foregoing shall be referred to as an "infringement") wherever and
        whenever such infringement or act shall come to the attention of such
        party. If such infringement occurs within the Territory, Senetek shall
        promptly take such commercially reasonable action as is required to
        restrain such infringement or otherwise enforce its rights and Panion
        shall cooperate fully with the Senetek in such action and, if so
        requested, shall join with Senetek as a party to any appropriate legal
        proceedings for such purpose. Senetek shall bear all expenses in
        connection with the foregoing. In the event that within a reasonable
        time after Senetek becomes aware of such infringement within the
        Territory, Senetek fails to take appropriate and diligent action with
        respect to such infringement, Panion shall have the right, to the extent
        permitted by law, to institute an action for infringement at its own
        expense, and in its own name, or in the name of any of its Affiliates
        and the right to enforce and collect any judgment thereon, subject to
        the following paragraph.

                c. Recovery. Any recovery by either party as a result of any
        claim, demand, litigation or other action contemplated by clause b.
        above or any settlement thereof shall first be used to reimburse each
        party for the reasonable costs of the action borne by such party (or, if
        the recovery is less than the aggregate costs of such action, shall be
        distributed between the parties in proportion to the costs of the action
        borne by each of the parties), with the remaining amount, if any, to be
        paid to Senetek.

        9. INSURANCE/RISK OF LOSS/INDEMNIFICATION.

                a. Insurance. During the term of this Agreement, Senetek and
        Panion shall each maintain at their own cost and expense, commercial
        general liability insurance including coverage for products/completed
        operations with annual limits of liability in an amount not less than
        $1,000,000 per occurrence, $2,000,000 general aggregate; and $5,000,000
        products/completed operations aggregate, and Panion shall maintain at
        its own cost and expense insurance of not less than $1,000,000 per
        occurrence, $2,000,000 aggregate, covering the selling price value of
        Finished Products in its possession or control, in each case with an
        insurance company having a current A.M. Best rating of B+ or better. The
        insurance of each Party shall name the other Party

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        as an additional insured under the Broad Form Vendor Endorsement. The
        insurance shall be primary to and non-contributory with any insurance
        maintained by the other Party.

                b. Interruption. During the term of this Agreement Senetek shall
        notify Panion in writing within 24 hours, or as soon as practicable, of
        a major business interruption and/or a natural catastrophe that may
        prevent or delay the delivery of kinetin substance or Senetek Products
        to Panion, and Panion shall notify Senetek in writing within 24 hours,
        or as soon as practicable, of a major business interruption and/or a
        natural catastrophe that may prevent or delay the receipt of kinetin
        compound from Senetek or Panion's manufacture or sale of Finished
        Product or purchase and resale of Senetek Products.

                c. Loss. All risk of loss or damage to the kinetin compound or
        Senetek Products from any cause whatsoever shall be borne by Senetek
        until delivery of the kinetin compound or Senetek Products to Panion's
        carrier F.O.B Senetek's point of shipment.

                d. Indemnification by Senetek. Senetek shall indemnify Panion
        and defend and hold Panion and Panion's officers, directors, employees
        and agents harmless from any and all liability, damage, loss, costs or
        expenses, including reasonable attorneys' fees, resulting from claims
        made by any person in connection with the use of the kinetin compound
        and/or Finished Products to the extent such claims arise out of the
        negligence or willful misconduct of, or breach of any of its
        representations, warranties or covenants in this Agreement by, Senetek.

                e. Indemnification by Panion. Panion shall indemnify Senetek and
        defend and hold Senetek's and Senetek's officers, directors, employees
        and agents harmless from any and all liability, damage, loss, costs or
        expenses, including reasonable attorneys' fees, resulting from claims
        made by any person in connection with the use of the kinetin compound,
        and/or the Finished Products to the extent such claims arise out of the
        negligence or willful misconduct of, or breach of any of its
        representations, warranties or covenants in this Agreement by, Panion.

                f. Consequential Damages. Except for claims that include
        consequential damages paid to persons that are not Affiliates of an
        indemnified party, neither Party shall be liable to the other for
        consequential damages, lost profits, injury to reputation, or similar
        claims. Except for claims by third parties, and except as provided in
        Section 1 above relating to Recalls, under no circumstances shall
        Senetek or its Affiliates have any liability arising from this Agreement
        in excess of the highest aggregate amount paid to Senetek by Panion over
        the course of any two contract year periods.

        10. WARRANTIES

                a. By Each Party. Each party warrants that it is duly authorized
        to enter into and fully perform all of its obligations under this
        Agreement and that the same do not and will not violate or conflict with
        any commitment or obligation to which it is a party or any statute,
        rule, regulation, ordinance, code, order, judgment, ruling, decree or
        award to which it is a party or which is binding upon it.

                b. By Senetek. Senetek warrants that the kinetin compound and
        Senetek Products supplied to Panion pursuant to this Agreement, at the
        time delivered to and accepted by Panion's carrier, will (i) be free
        from defects in manufacturing and materials; (ii) shall not be
        adulterated under the meaning of established local regulations; (iii)
        shall be manufactured and packaged in a manner which complies with
        applicable local regulations; and (iv) shall be fit for use in or as
        human skin care products. In addition, Senetek warrants that no third
        party has been granted a

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        license to manufacture or sell products containing kinetin in the
        Authorized " Channel within the Territory on terms with respect to
        payments to Senetek that are more favorable to such third party than are
        the terms of this Agreement to Panion, and covenants that during the
        Term Senetek will not grant such a license to any third party to
        manufacture or sell products containing kinetin in the Authorized
        Channel within the Territory.

                c. By Panion. Panion warrants that the finished Products, at the
        time that they are sold by Panion or its Affiliates, will (i) conform to
        the warranties set forth in Section l0b. above and (ii) shall be
        manufactured and packaged in a manner which complies with the all
        regulatory requirements applicable in each respective country of sale.

        11. CONFIDENTIALITY.

        Senetek and Panion have entered into a Mutual Nondisclosure Agreement
        ("MNDA") in the form attached hereto as Schedule 11, and the same is
        incorporated herein by reference. The provisions of such MNDA shall
        apply to this Agreement and shall remain in full force and effect during
        the Term of this Agreement and shall survive the expiration or
        termination of this Agreement for a period of five (5) years after such
        expiration or termination regardless of any expiration or termination
        provision of such MNDA.

        12. TERMINATION.

                a. This Agreement may be terminated immediately by either Party
        in the case of a material breach by the other Party of anyone or more of
        the terms of this Agreement which is not remedied within thirty (30)
        days after receipt by the breaching party of written notice of the
        breach as sent by the terminating Party, or if such breach cannot
        reasonably be cured within such thirty (30) day period, if the breaching
        party has failed to commence such cure within such period and diligently
        prosecute such cure to completion within a reasonable time thereafter.

                b. This Agreement may also be terminated immediately by either
        Party if the other Party files a petition in bankruptcy or a petition in
        bankruptcy is filed against the other Party which is not vacated within
        sixty (60) days or the other Party becomes insolvent or makes an
        assignment for the benefit of creditors or any arrangement pursuant to
        any bankruptcy law;

                c. This Agreement may be terminated by Panion for any or no
        reason, with or without cause, upon giving at least ninety (90) days
        prior written notice. Notwithstanding Panion's termination of the
        Agreement, it shall be responsible for accepting and paying for any
        kinetin compound or Senetek Products under a Panion Purchase Order in
        effect as of the date of notice of termination. Panion shall not be
        responsible for any other charges or damages in the event of termination
        pursuant to this paragraph.

        13. FORCE MAJEURE.

        Neither Party shall be liable for delay or failure in the performance of
        any of its obligations under this Agreement if and to the extent such
        delay or failure is due to circumstances beyond the reasonable control
        of such Party, including but not limited to fires, floods, explosions,
        accidents, acts of God, war, riot, strike, lockout or other concerted
        acts of workers, acts of government and shortages of materials;
        provided, however, that the party claiming that "force majeure" has
        affected its performance shall give notice to the other party within ten
        (10) days of becoming aware of the occurrence of force majeure, giving
        full particulars of the cause or event and the date of first occurrence
        thereof, and provided, further, that no force majeure event shall affect
        Panion's

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        obligation to make timely payment of the cost of kinetin compound
        supplied by Senetek or of the royalties due on sales of Finished
        Products. The Party claiming force majeure shall use its best efforts to
        eliminate or prevent the cause so as to continue performing its
        obligations under this Agreement.

        14. NOTICES.

        Any notice required or permitted to be given under this Agreement shall
        be in writing and shall be given by sending such notice properly
        addressed to the other Party's address shown below by prepaid registered
        or certified mail, return receipt requested, or by overnight delivery
        service by the U.S. Post Office or private carrier. All such notices
        shall be deemed given when received:

        If to Panion:     Panion & BF Biotech Inc
                          7fNo. 325 Sec.4 Chung Hsiao E. Rd.
                          Taipei, Taiwan, ~.O.C.
                          Attn: Michael C.M. Chiang, Executive President

        If to Senetek:    Senetek PLC
                          620 Airpark Road Napa, CA 94558
                          Attn: Frank J. Massino, Chairman and CEO

        15. INVENTIONS AND DISCOVERIES.

                a. If during the Term and as a direct result of the Parties'
        performance of this Agreement, either Panion employees or agents or
        Senetek employees or agents conceive a discovery or invention (an
        "Improvement"), Panion and Senetek agree to negotiate in good faith with
        respect to the ownership, rights, use, reduction to practice and
        commercialization of such Improvement, the details of which will
        contained in a development agreement between the parties, provided
        however that the term "Improvement" shall not include, and Panion shall
        have no rights with respect to, any discovery or invention that, if
        reduced to practice, would infringe any of the valid claims of the
        Patent. Both Parties further agree that prior to a joint agreement
        covering an Improvement, neither Party will pursue the patenting,
        development or commercialization of such new Improvement without the
        express written permission of the other Party.

                b. When and if the Parties shall have entered into a development
        agreement as provided in paragraph a. above, each Party agrees to assign
        to the other or to license or cross-license, as appropriate, the rights
        to the Improvement covered thereby consistent with the above-identified
        ownership rights, in the Territory (and, in the case of any discovery or
        invention that is excluded from the definition of "Improvement" by the
        proviso in paragraph a. above, Panion agrees to assign to Senetek all
        rights related thereto). Should Senetek or Panion decide to apply for
        patent protection on any Improvement to which it has rights as above
        described, the other Party agrees to assist such Party if requested, at
        such Party's expense, to obtain patent protection, including executing
        any documents required. In the case of solely-owned Improvements the
        party that owns such Improvement shall, at its own expense, have the
        right to apply for such patent protection and to prosecute applications
        for patents through attorneys and agents of its own choosing.

        16. ADDITIONAL PROVISIONS.

                a. No Assignment. Neither Party may assign this Agreement
        without the prior written consent of the other Party hereto, which
        consent shall not be unreasonably withheld. Irrespective of the
        foregoing, either Party may assign this Agreement to an Affiliate in the
        event of a non-bankruptcy

<PAGE>

        related internal reorganization of the corporate structure without the
        consent of the other Party.

                b. Enforceability. The Parties hereto agree that this Agreement
        shall be legally binding upon them and their respective legal
        representatives, successors and assigns.

                c. Entire Agreement. Except as provided in paragraph 12 of this
        Agreement, this Agreement contains the entire understanding of the
        Parties relating to the subject matter hereof, and supersedes all prior
        discussions and agreements between them.

                d. Governing Law. This Agreement shall be governed by and
        interpreted in accordance with the laws of the State of California. The
        Parties agree that any and all disputes or claims arising out of or
        relating to this Agreement shall be resolved through binding arbitration
        by a single independent arbitrator appointed by, and in accordance with
        the commercial arbitration rules of, the American Arbitration
        Association, which shall be final and non-appealable, provided however
        that prior to or in conjunction with any such arbitration proceeding
        either Party may seek a judicial restraining order or temporary or final
        injunction to protect against irreparable harm from any breach or
        threatened breach of this Agreement by the other Party. The Parties
        hereby consent to the exclusive jurisdiction of the state and federal
        courts of the State of California for the enforcement of any such award
        and the granting of injunctive relief as above provided.

                e. Waiver. A waiver of any term or condition of this Agreement
        in anyone instance shall not be deemed to continue to be a waiver of
        such term or, condition for any similar instance in the future or of
        any subsequent breach\ hereof.

                f. Announcements. The parties will issue an agreed upon press
        release upon the execution of this Agreement. Except for such release
        and except as may otherwise be required by law or the listing rules of
        any exchange on which either party's securities may be listed or quoted,
        for which the releasing party shall provide prior notice to the other
        party and the opportunity to comment on any required disclosure, neither
        party will disclose the terms of this Agreement to any other person;
        provided that each party may make such disclosure of the terms of this
        Agreement to its employees and agents as is necessary to permit such
        party to perform its obligations under this Agreement; provided that any
        such employee or agent agrees to maintain the confidentiality of this
        Agreement; and provided that at either party may make such disclosures
        of the terms of this Agreement as are necessary to enter into license
        and other agreements that do not conflict with the terms of this
        Agreement. Panion acknowledges that this Agreement may be deemed to be a
        "material contract" as that term is defined by Item 601 (b)(10) of
        Regulation S-K, and that Senetek may therefore be required to file such
        document as an exhibit to reports or registration statements filed under
        the United States Securities Act or Securities Exchange Act, provided
        that Senetek shall redact commercial terms and file for confidential
        treatment to the extent permitted by applicable rules of the United
        States Securities and Exchange Commission.

<PAGE>

IN WITNESS WHEREOF, the Parties hereto have read and executed this Agreement as
of the day and year first above written.

SENETEK PLC                                        PANION & BF BIOTECH INC

By:                                                By:

                                                       /s/
----------------------                             ---------------------------
                                                   Michael C.M. Chiang
                                                   Executive President
                                                   Panion & BF Biotech Inc

<PAGE>

                                  SCHEDULE lb.
                                    PATENTS
A. Senetek Patents

<TABLE>
<CAPTION>
                                                            Application
Title                         Country          Status           No.          Patent No.       Patent Date
<S>                           <C>              <C>          <C>              <C>              <C>
Method and Composition        New Zealand      Granted      247836           247836           8/8/97
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Argentina        Granted      320120           250273           1/28/97
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Australia        Granted      81884/91         666836           7/9/96
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Brazil           Pending      2108368
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Canada           Pending      2108369
for Ameliorating the
Adverse Effects of Aging

Method and Composition        China            Granted      91104472.8       ZL91104472       6/3/96
for Ameliorating the
Adverse Effects of Aging

Method and Composition        European         Pending      91912579.9
for Ameliorating the          Patent
Adverse Effects of Aging      Office

Method and Composition        Finland          Pending      935039
for Ameliorating the
Adverse Effects of Aging

Method and Composition        India            Granted      409/MAS/91       172210           5/29/91
For Ameliorating the
Adverse Effects of Aging

Method and Composition        Ireland          Pending      1715/91
for Ameliorating the          Republic of
Adverse Effects of Aging

Method and Composition        Israel           Granted      98204            98204            2/12/95
or Ameliorating the
Adverse Effects of Aging
</TABLE>

<PAGE>

<TABLE>
<S>                           <C>              <C>          <C>              <C>              <C>
Method and Composition        Japan            Pending      512066/91
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Korea            Granted      703452/93        196660           2/22/99
for Ameliorating the          South
Adverse Effects of Aging

Method and Composition        Malaysia         Pending      PI9100865
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Mexico           Granted      25,886           178834           7/2/95
for Ameliorating the
Adverse Effects of Aging

Method and Composition        New              Granted      238210           238210           10/1/93
for Ameliorating the          Zealand
Adverse Effects of Aging

Method and Composition        Norway           Pending      934115
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Philippines      Pending      42893
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Saudi            Pending      91120262
for Ameliorating the          Arabia
Adverse Effects of Aging

Method and Composition        Taiwan           Granted      80105893         76376            5/23/96
for Ameliorating the
Adverse Effects of Aging

Method and Composition        Venezuela        Pending      727
for Ameliorating the
Adverse Effects of Aging

Method and Composition        U.S.             Granted      206,041          5,371,089        12/6/94
for Ameliorating the
Adverse Effects of Aging

Method and Composition        U.S.             Granted      292,721          5,602,139        2/11/97
for Ameliorating the
Adverse Effects of Aging

Method and Composition        U.S.             Granted      314,361          5,614,407        3/25/97
for Ameliorating the
Adverse Effects of Aging
</TABLE>

<PAGE>

                                   SCHEDULE B

                                SENETEK LICENSEES

ICN Pharmaceuticals, Inc.
Revlon Inc.
ShakIee Inc.
MedBeauty, AG
Vivier Pharma, Inc.
Allure Cosmetics
Enprani Co, Ltd.
Buth-Na-Bodhaige (dba The Body Shop)Bristol-Myers Squibb Company Executive Performance Incentive Plan

EXHIBIT 10d 
 
BRISTOL-MYERS SQUIBB COMPANY 
EXECUTIVE PERFORMANCE INCENTIVE PLAN 
 

	1.	 	Purpose:  The purpose of the Executive Performance Incentive Plan (the “Plan”) is to promote the interests of the Bristol-Myers Squibb
Company (the “Company”) and its stockholders by providing additional compensation as incentive to certain key executives of the Company and its Subsidiaries and Affiliates who contribute materially to the success of the Company and such
Subsidiaries and Affiliates. 

 

	2.	 	Definitions:  The following terms when used in the Plan shall, for the purposes of the Plan, have the following meanings:

 

	 	(a)	 	“Affiliate” shall mean any entity in which the Company has an ownership interest of at least 20%. 

 

	 	(b)	 	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

 

	 	(c)	 	“Company” shall mean the Bristol-Myers Squibb Company, its subsidiaries and affiliates. 

 

	 	(d)	 	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

 

	 	(e)	 	“Retirement” shall mean termination of the employment of an employee with the Company or a Subsidiary or Affiliate on or after 

 

	 	(i)	 	the employee’s 65th birthday 

 
or 
 

	 	(ii)	 	the employee’s 55th birthday having completed 10 years of service with the Company. 

 

	 	(f)	 	“Subsidiary” shall mean any corporation which at the time qualifies as a subsidiary of the Company under the definition of “subsidiary
corporation” in Section 424 of the Code. 

 

	3.	 	Administration:  The Plan shall be administered under the supervision of the Board of Directors of the Company (the “Board”) which shall
exercise its powers, to the extent herein provided, through the agency of a Compensation and Management Development Committee (the “Committee”) which shall be appointed by the Board. The Committee shall consist of not less than three (3)
members of the Board who meet the definition of “outside director” under the provisions of Section 162(m) of the Code and the definition of “non-employee director” under the provisions of the Exchange Act or the regulations or
rules promulgated thereunder. 

 
The
Committee, from time to time, may adopt rules and regulations (“Regulations”) for carrying out the provisions and purposes of the Plan and make such determinations, not inconsistent with the terms of the Plan, as the Committee shall deem
appropriate. The Committee may alter, amend or revoke any Regulation adopted. The interpretation and construction of any provision of the Plan by the Committee shall, unless otherwise determined by the Board, be final and conclusive. 
 
The Committee may delegate its responsibilities for
administering the Plan to a committee of key executives as the Committee deems necessary. Any awards under the Plan to members of this committee and to such other of the Participants as may be determined from time to time by the Board or the
Committee shall be referred to the Committee or Board for approval. However, the Committee may not delegate its responsibilities under the Plan relating to any executive who is subject to the provisions of Section 162(m) of the Code or in regard to
the issuance of any stock under Paragraph 6(c). 
 

E-10-1 

 

	4.	 	Participation:  “Participants” in the Plan shall be such key executives of the Company as may be designated by the Committee to
participate in the Plan with respect to each fiscal year. 

 

	5.	 	Performance Incentive Awards: 

 

	 	(a)	 	For each fiscal year of the Company, the Committee shall determine the following: 

 

	 	(i)	 	The Company, Subsidiaries and/or Affiliates to participate in the Plan for such fiscal year. 

 

	 	(ii)	 	The executives who will participate in the Plan for such fiscal year. 

 

	 	(iii)	 	The basis(es) for determining the maximum amount of the Awards to such Participants will be dependent upon the attainment by the Company or any Subsidiary or
Affiliate or subdivision thereof of any specified performance goal or objective. Performance measures established by the Committee may relate to the Total Company or a business unit. Performance measures may be set at a specific level or may be
expressed as relative to the comparable measures at comparison companies or a defined index. Performance criteria for Awards under the Plan may include one or more of the following operating performance measures: 

 

	 a.
	 	 Earnings
	 	 e.
	 	 Financial return ratios

	 b.
	 	 Revenue
	 	 f.
	 	 Total shareholder return

	 c.
	 	 Operating or net cash flows
	 	 g.
	 	 Market share

	 d.
	 	 Research and development milestones
	 	 h.
	 	 Product commercialization milestones

 

	 	(iv)	 	For Participants subject to 162(m) of the Code, the Committee shall establish one or more objectively determinable performance measures based on the criteria
described above no later than 90 days after the beginning of the fiscal year and at a time when the achievement of such measure (or measures) is substantially uncertain. No award shall be paid to a Participant unless the Committee determines that
the performance measures applicable to that Participant have been achieved. 

 

	 	(v)	 	For any Participant not subject to Section 162(m) of the Code, other performance measures or objectives, whether quantitative or qualitative, may be established. The
Committee shall establish the specific targets for the selected measures. These targets may be set at a specific level or may be expressed as relative to the comparable measure at comparison companies or a defined index. 

 
The Committee may, in its discretion, reduce the award
payable to any Participant below the amount determined by the objective performance measures established for that Participant. The Committee’s discretion may not be exercised to increase the award payable to any Participant subject to Section
162(m) of the Code above the amount determined by the applicable performance measure. In addition, the exercise of the Committee’s discretion to reduce the award payable to any Participant may not increase the award payable to any other
executive subject to Section 162(m) of the Code. 
 

	 	(vi)	 	The Committee may require or a Participant may request the Committee to approve deferred payment of a percentage (not less than 25%) of an Award (the “Deferred
Portion”). Any Award or portion of Award which the Committee does not require deferral of or the Participant does not request deferral of shall be paid subject to the provisions of Paragraph 6 (the “Current Portion”). Any Award which
includes a Deferred Portion shall be subject to the terms and conditions stated in Paragraph 9 and in any Regulations established by the Committee. 

 

E-10-2 

 

	 	(b)	 	At any time after the commencement of a fiscal year for which Awards have been determined, but prior to the close thereof, the Committee may, in its discretion,
eliminate or add Participants, or increase or decrease the Award of any Participant; but the Committee may not alter any election made relative to establishing a Deferred Portion of an Award or which would cause any Award to lose deductibility under
Section 162(m) of the Code. Any changes or additions with respect to Awards of members of any committee established to oversee the Plan shall be referred to the Board or Committee, as appropriate, for approval. 

 

	6.	 	Payment of Current Portion of Performance Incentive Awards: 

 

	 	(a)	 	Subject to such forfeitures of Awards and other conditions as are provided in the Plan, the Awards made to Participants shall be paid to them or their beneficiaries
as follows: 

 

	 	(i)	 	As soon as practicable after the end of the fiscal year, the Committee shall determine the extent to which Awards have been earned on the basis of the actual
performance in relation to the established performance objectives as established for that fiscal year. Such Awards are only payable to the extent that the Participant has performed their duties to the satisfaction of the Committee.

 

	 	(ii)	 	While no Participant has an enforceable right to receive a Current Portion until the end of the fiscal year as outlined in (i) above, payments on account of the
Current Portion may be provisionally made in accordance with the Regulations, based on tentative estimates of the amount of the Award. A Participant shall be required to refund any portion or all of such payments in order that the total payments may
not exceed the Current Portion as finally determined, or if the Participant shall forfeit their Award for any reason during the fiscal year. However, any Participant subject to Section 162(m) of the Code may not receive such provisional payments.

 

	 	(b)	 	There shall be deducted from all payments of Awards any taxes required to be withheld by any government entity and paid over to any such government in respect of any
such payment. Unless otherwise elected by the Participant, such deductions shall be at the established Withholding Tax Rate. Participants may elect to have the deduction of taxes cover the amount of any Applicable Tax (the amount of Withholding Tax
plus the incremental amount determined on the basis of the highest marginal tax rate applicable to such Participant). 

 

	 	(c)	 	Form of Payment. The Committee shall determine whether payment with respect to the Current Portion of an Award, or to the payment of a Deferred Portion made under
the provisions of Paragraph 9, shall be made entirely in cash, entirely in Common Stock of the Company, or partially in cash and partially in Common Stock. Further, if the Committee determines that payment should be made in the form of Restricted
Shares of Common Stock of the Company, the Committee shall designate the restrictions which will be placed upon the Common Stock and the duration of those restrictions. For any fiscal year, the Committee may not cause Awards to be made under this
provision which would result in the issuance, either on a current or restricted basis, of more than two-tenths of one percent of the number of shares of Common Stock of the Company issued and outstanding as of January 1 of the fiscal year relating
to the payment. 

 

	7.	 	Maximum Payments Under the Plan:  Payments under the Plan shall be subject to the following maximum levels. 

 

	 	(a)	 	Total Payments.  The total amount of Awards paid under the Plan relating to any fiscal year may not exceed two percent of the operating pretax
earnings for the Company in that fiscal year. 

 

E-10-3 

 

	 	(b)	 	Maximum Individual Award.  The maximum amount which any individual Participant may receive relating to any fiscal year may not exceed 0.15 percent
of the operating pretax earnings for the Company in that fiscal year. 

 

	8.	 	Conditions Imposed on Payment of Awards:  Payment of each Award to a Participant or to the Participant’s beneficiary shall be subject to the
following provisions and conditions: 

 

	 	(a)	 	Rights to Awards.  No Participant or any person claiming under or through the Participant shall have any right or interest, whether vested or
otherwise, in the Plan or in any Award thereunder, contingent or otherwise, unless and until all of the terms, conditions and provisions of the Plan and the Regulations that affect such Participant or such other person shall have been complied with.
Nothing contained in the Plan or in the Regulations shall require the Company to segregate or earmark any cash, shares or stock or other property. Neither the adoption of the Plan nor its operation shall in any way affect the rights and power of the
Company or of any Subsidiary or Affiliate to dismiss and/or discharge any employee at any time. 

 

	 	(b)	 	Assignment or Pledge of Rights of Participant.  No rights under the Plan, contingent or otherwise, shall be assignable or subject to any
encumbrance, pledge or charge of any nature except that a Participant may designate a beneficiary for the Deferred Portion of an Award pursuant to the provisions of Paragraph 10. 

 

	 	(c)	 	Rights to Payments.  No absolute right to any Award shall be considered as having accrued to any Participant prior to the close of the fiscal year
with respect to which an Award is made and then such right shall be absolute only with respect to any Current Portion thereof; the Deferred Portion will continue to be forfeitable and subject to all of the conditions of the Plan. No Participant
shall have any enforceable right to receive any Award made with respect to a fiscal year or to retain any payment made with respect thereto if for any reason (death included) the Participant, during such entire fiscal year, has not performed their
duties to the satisfaction of the Company. 

 

	9.	 	Deferral of Payments:  Any portion of an Award deemed the Deferred Portion under Paragraph 5(a)(vi) shall be subject to the following:

 

	 	(a)	 	The Committee will, in its sole discretion, determine whether or not a Deferred Portion may be elected by the Participant under an Award or if a Deferred Portion
shall be required. If a Deferred Portion election is permitted for an Award, the Committee will establish guidelines regarding the date by which such deferral election by the Participant must be made in order to be effective.

 

	 	(b)	 	Concurrent with the establishment of a Deferred Portion for any Award, the Participant shall determine, subject to the approval of the Committee, the portion of any
Participant’s Deferred Portion that is to be valued by reference to the Performance Incentive Fixed Income Fund (hereinafter referred to as the “Fixed Income Fund”), the portion that is to be valued by reference to the Performance
Incentive Equity Fund (hereinafter referred to as the “Equity Fund”), the portion that is to be valued by reference to the Performance Incentive Company Stock Fund (hereinafter referred to as the “Stock Fund”) and the portion
that shall be valued by reference to any other fund(s) which may be established by the Committee for this purpose. 

 

	 	(c)	 	Prior to the beginning of each fiscal year, the Committee shall determine if the Fund(s) used to value the account of any Participant may be changed from the Fund
currently used to any other Fund established for use under this Plan. Any such determination relating to a member of the Committee shall be referred to the Board (or such Committee of the Board as may be designated by the Board) for approval.

 

	 	(d)	 	Payment of the total amount of a Participant’s Deferred Portions shall be made to the Participant, or, in case of the death of the Participant prior to the
commencement of payments on account of such total amount, to the Participant’s beneficiary, in installments commencing as soon as practical after the Participant shall cease, by reason of death or otherwise, to be an employee of the Company. In
case of the 

 

E-10-4 

	 	    	 	death of any Participant after the commencement of payments on account of the total of the Deferred Portions, the then remaining unpaid balance thereof shall
continue to be paid in installments, at such times and in such manner as if such Participant were living, to the beneficiary(ies) of the Participant. However, the Committee shall possess absolute discretion to accelerate the time of payment of any
remaining unpaid balance of the Deferred Portions to any extent that it shall deem equitable and desirable under circumstances where the Participant at the time of payment shall no longer be an employee of the Company or shall have died.

 

	 	(e)	 	Conduct of Participant Following Termination of Employment.  If, following the date on which a Participant shall cease to be an employee of the
Company, the Participant shall at any time either disclose to unauthorized persons confidential information relative to the business of the Company or otherwise act or conduct themselves in a manner which the Committee shall determine is inimical or
contrary to the best interest of the Company, the Company’s obligation to make any further payment on account of the Deferred Portions of such Participant shall forthwith terminate. 

 

	 	(f)	 	Assignment of Rights by Participant or Beneficiary.  If any Participant or beneficiary of a Participant shall attempt to assign their rights under
the Plan in violation of the provisions thereof, the Company’s obligation to make any further payments to such Participant or beneficiary shall forthwith terminate. 

 

	 	(g)	 	Determination of Breach of Conditions.  The determination of the Committee as to whether an event has occurred resulting in a forfeiture or a
termination or reduction of the Company’s obligation in accordance with the foregoing provisions of this Paragraph 9 shall be conclusive. 

 

	 	(h)	 	Fund Composition and Valuation.  Deferred Portions of Awards under the Plan shall be valued and maintained as follows: 

 

	 	(i)	 	In accordance with the provisions, and subject to the conditions, of the Plan and the Regulations, the Deferred Portion as established by the Committee shall be
valued in reference to the Participants’ account(s) in the Equity Fund, in the Fixed Income Fund, in the Company Stock Fund, and in any other Fund established under this Plan. Account balances shall be maintained as dollar values, units or
share equivalents as appropriate based upon the nature of the fund. For unit or share-based funds, the number of units or shares credited shall be based upon the established unit or share value as of the last day of the quarter preceding the
crediting of the Deferred Portion. 

 

	 	(ii)	 	Investment income credited to Participants’ accounts under the Fixed Income Fund shall be determined by the Committee based upon the prevailing rates of return
experienced by the Company. The investment income credited to participants under the Equity Fund shall be established based upon the performance of a specific basket of equity investments. The Company shall advise Participants of the specific
measures used and the current valuations of these Funds as appropriate to facilitate deferral decisions, investment choices and to communicate payout levels. The Company Stock Fund shall consist of units valued as one share of Common Stock of the
Company (par value $.10). 

 

	 	(iii)	 	Nothing contained in the Fund definitions in Paragraphs 9(h)(i) and 9(h)(ii) shall require the Company to segregate or earmark any cash, shares, stock or other
property to determine Fund values or maintain Participant account levels. 

 

	 	(iv)	 	Alternative Funds. The establishment of the “Fixed Income Fund”, the “Equity Fund” and the “Stock Fund” as detailed in Paragraphs
9(h)(i) and 9(h)(ii) shall not preclude the right of the Committee to direct the establishment of additional investment funds (“Funds”). 

 

E-10-5 

 
In
establishing such Funds, the Committee shall determine the criteria to be used for determining the value of such Funds. 
 

	 	(v)	 	Accelerated Distributions. The Committee may, at its sole discretion, allow for the early payment of a Participant’s Deferred Portion(s) in the event of an
“unforeseeable emergency”. An “unforeseeable emergency” is defined as an unanticipated emergency caused by an event beyond the control of the Participant that would result in severe financial hardship if the distribution were not
permitted. Such distributions shall be limited to the amount necessary to sufficiently address the financial hardship. Any distributions under this provision shall be consistent with all rules and regulations established under the Code.

 

	10.	 	Designation of Beneficiary for Deferred Portion:  A Participant may name a beneficiary to receive any Deferred Portion under Paragraph
5(a)(vi) to which the Participant may be entitled under the Plan in the event of their death, on a form to be provided by the Committee. A Participant may change their beneficiary from time to time in the same manner. 

 
If no designated beneficiary is living on the date on which
any Deferred Portion becomes payable to a Participant’s beneficiary, such payment will be payable to the person or persons in the first of the following classes of successive preference: 
 

	 	(a)	 	Widow or Widower, if then living 

 

	 	(b)	 	Surviving children, equally 

 

	 	(c)	 	Surviving parents, equally 

 

	 	(d)	 	Surviving brothers and sisters, equally 

 

	 	(e)	 	Executors or administrators 

 
and the term “beneficiary” as used in the Plan shall include such person or persons. 
 

	11.	 	Miscellaneous: 

 

	 	(a)	 	By accepting any benefits under the Plan, each Participant and each person claiming under or through him shall be conclusively deemed to have indicated acceptance
and ratification of, and consent to, any action taken or made to be taken or made under the Plan by the Company, the Board, the Committee or any other committee appointed by the Board. 

 

	 	(b)	 	Any action taken or decision made by the Company, the Board, the Committee, or any other committee appointed by the Board arising out of or in connection with the
construction, administration, interpretation or effect of the Plan or of the Regulations shall lie within its absolute discretion, as the case may be, and shall be conclusive and binding upon all Participants and all persons claiming under or
through any Participant. 

 

	 	(c)	 	No member of the Board, the Committee, or any other committee appointed by the Board shall be liable for any act or failure to act of any other member, or of any
officer, agent or employee of such Board or Committee, as the case may be, or for any act or failure to act, except on account of their own acts done in bad faith. The fact that a member of the Board shall then be, shall theretofore have been or
thereafter may be a Participant in the Plan shall not disqualify them from voting at any time as a director with regard to any matter concerning the Awards, or in favor of or against any amendment or alteration of the Plan,

 

E-10-6 

	 	    	 	provided that such amendment or alteration shall provide no benefit for directors as such and provided that such amendment or alteration shall be of general
application. 

 

	 	(d)	 	The Board, the Committee, or any other committee appointed by the Board may rely upon any information supplied to them by any officer of the Company or any
Subsidiary and may rely upon the advice of counsel in connection with the administration of the Plan and shall be fully protected in relying upon such information or advice. 

 

	 	(e)	 	Notwithstanding anything to the contrary in the Plan, neither the Board nor the Committee shall have any authority to take any action under the Plan where such
action would affect the Company’s ability to account for any business combination as a “pooling of interests.” 

 

	12.	 	Amendment or Discontinuance:  The Board may alter, amend, suspend or discontinue the Plan, but may not, without approval of the holders of a
majority of the Company’s Common Stock ($0.10 par value) and $2.00 Convertible Preferred Stock ($1 par value) make any alteration or amendment thereof which would permit the total payments under the Plan for any year to exceed the limitations
provided in Paragraph 7 hereof or to allow for the issuance of Company Common Stock in excess of the limitation provided in Paragraph 6(c). 

 

	13.	 	Effective Date:  The Plan will be effective for all fiscal years beginning with 2003 by action of the Board of Directors conditioned on and subject
to approval of the Plan, by a vote of the holders of a majority of the shares of Common Stock and $2.00 Convertible Preferred Stock of the Company present in person or by proxy at a duly held stockholders meeting at which a quorum representing a
majority of all outstanding voting stock is present. The Committee may exercise its discretion to make no award payments to Participants subject to Section 162(m) of the Code in respect of the 2007 fiscal year or any later fiscal year (other than
awards properly deferred from earlier fiscal years) if the Plan has not been reapproved by the Company’s stockholders at the first meeting of stockholders during 2007, if necessary for compliance with Section 162(m) of the Code.

 

E-10-7

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