Document:

Confidential Treatment has been requested
for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions
are designated as “***”. A complete version of this exhibit has been filed separately with the Securities and Exchange
Commission.

 

BIOFUELS EVALUATION AND LICENSE AGREEMENT

 

This Biofuels Evaluation and License Agreement
(this “Agreement”), dated as of February 8, 2012 (the “Effective Date”), is made by and
between Senesco Technologies, Inc., a Delaware corporation with a place of business at 721 Route 202/206, Suite 130, Bridgewater,
New Jersey 08807 (“Senesco”) and Senesco, Inc., a New Jersey corporation with a place of business at 721 Route
202/206, Suite 130, Bridgewater, New Jersey 08807 a wholly-owned subsidiary of Senesco (“Senesco Sub”, and
together with Senesco, the “Senesco Parties”), on the one hand, and BioCorp Ventures LLC, a Delaware limited
liability company with a place of business at 336 Bon Air Center #418, Greenbrae, CA 94904 (“BCV”), on the
other. The Senesco Parties and BCV are each hereinafter referred to individually as a “Party” and together
as the “Parties”; provided, however, that for clarity Senesco Sub does not make any representations
or warranties to BCV pursuant to Sections 8.1 or 8.2 and does not have any obligations under Sections 8.4 or 8.6 below.

 

RECITALS

 

WHEREAS, the Senesco Parties own
certain proprietary technology related to modulating the expression of genes in algal and plant cells to increase yield, increase
growth rates and reduce the harmful effects of a wide variety of environmental stresses;

 

WHEREAS, BCV desires to evaluate
the Senesco Parties’ technology and, upon satisfactory completion of such evaluation, to obtain an exclusive license to develop
and commercialize such Senesco Parties’ technology in the field of biofuels products, and the Senesco Parties are willing
to grant such license on the terms and conditions set forth below.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1.   Certain
Defined Terms. The following terms shall have the meanings set forth below:

 

“Affiliate” means with
respect to each Party, any Person that directly or indirectly is controlled by, controls or is under common control with a Party.
For the purposes of this definition only, the term “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”) as used with respect to a Person means (a) in the case of a corporate entity,
direct or indirect ownership of voting securities entitled to cast at least fifty percent (50%) of the votes in the election of
directors or (b) in the case of a non-corporate entity, direct or indirect ownership of at least fifty percent (50%) of the equity
interests with the power to direct the management and policies of such entity. For purposes of this Agreement, notwithstanding
anything to the contrary herein, neither Senesco nor any other equity holders of BCV shall be deemed to be an Affiliate of BCV,
other than a holder of all of the outstanding capital stock of BCV.

 

    	 

    	 

    

 

“Agreement” has the meaning
set forth in the introductory paragraph hereof.

 

“Applicable Law” means
all applicable laws, statutes, rules, regulations, ordinances and other pronouncements having the effect of law of any federal,
national, multinational, state, provincial, county, city or other political subdivision, domestic or foreign.

 

“Bankruptcy Code” has
the meaning set forth in Section 9.9.

 

“BCV” has the meaning
set forth in the introductory paragraph hereof.

 

“BCV Improvements” means
all Sole Inventions and Technology and other intellectual property, whether or not patentable, that are conceived of, discovered,
developed or authored after the Effective Date, by or on behalf of BCV, whether alone or together with Third Parties, whether or
not in connection with this Agreement, that relate to or are an improvement to or derivative of any Biofuel IP. BCV Improvements
excludes Joint Inventions and Joint Patents.

 

“BCV Indemnitees” has
the meaning set forth in Section 8.4(b).

 

“BCV Owned Service Improvements”
means any and all Technology created pursuant to the Services pursuant to Section 2.4 that (a) is not related to or an improvement
to or a derivative of the Biofuel IP and (b) is not related to or derived from any research or development conducted by or on behalf
of the Senesco Parties or their Affiliates relating to eIF-5A technology.

 

“Biofuel IP” means (a)
the Biofuel Patent Rights; and (b) the Biofuel Know-How.

 

“Biofuel Know-How” means
any and all (a) Existing Technology, (b) Developed Technology and (c) Joint Inventions. The Biofuel Know-How does not include any
trademarks, software or information technology systems.

 

“Biofuel Patent Rights”
means (a) the Existing Biofuel Patent Rights, (b) any and all Patent Rights that claim Biofuel Know-How and that are Controlled
by the Senesco Parties or their Affiliates as of the Effective Date and/or during the Term, including the Senesco Parties’
and their Affiliates’ interest in any Joint Patent, and (c) Senesco Improvement Patent Rights.

 

“Commercialization License”
has the meaning set forth in Section 2.1(b).

 

“Commercialization License Commencement
Date” means the date of the next day following the Evaluation Period Termination Date.

 

“Commercially Reasonable Efforts”
means, with respect to a Party’s obligation under this Agreement, the carrying out of such obligations in a diligent and
sustained manner using such effort and employing such resources as would normally be exerted or employed by a similarly-situated
company.

 

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“Confidential Information”
means, with respect to a Party, all proprietary or confidential information and materials (whether or not patentable) disclosed
by one Party to the other, including all trade secrets, processes, formulae, data, know-how, improvements, inventions, chemical
or biological materials, assays, techniques, marketing plans, strategies, and customer lists, regardless of whether any of the
foregoing are marked “confidential” or “proprietary” or communicated to the other Party by the disclosing
Party in oral, written, graphic, or electronic form.

 

“Control” or “Controlled”
shall mean with respect to the subject item, the possession (whether by ownership or license, other than pursuant to this Agreement)
by a Party of the right to grant to the other Party access or a license as provided herein under such item or right without violating
the terms of any agreement or other arrangement with any Third Party or, with respect to any agreements or arrangements executed
with any Third Party after the Effective Date, incurring any additional costs or expenses under any such agreement or arrangement,
provided that if the other Party agrees to bear such additional costs or expenses with respect to the subject item, such
subject item shall be deemed Controlled by the Party granting the access or license herein. Notwithstanding anything to the contrary
in this Agreement, no Technology, materials, information or other intellectual property or other proprietary rights not Controlled
by a Party or any of its Affiliates prior to an Industry Transaction (as defined below) of such Party will be Controlled for purposes
of this Agreement after such Industry Transaction, other than (a) Technology, material, intellectual property or information conceived,
reduced to practice, authored, developed, generated or otherwise made by any Person within the Acquiring Group (defined below)
as part of the activities under this Agreement or in the course of performing research or development in the Field using the Biofuel
IP during the Term, and (b) any Patent Right that claims priority, directly or indirectly, to any other Patent Right first Controlled
by a Party of its Affiliates before the Industry Transaction no matter when such Patent Right is filed or issued. For purposes
of the foregoing, “Industry Transaction” for a Party shall mean that (x) that such Party will have become an
Affiliate of a Third Party or (y) any sale, license or other transfer (in one transaction or a series of related transactions,
and by any means, including by merger or consolidation) of all or substantially all of such Party’s assets or that portion
of its business pertaining to the subject matter of this Agreement will have occurred to a Third Party (such Third Party in this
clause (x) and/or (y), together with its affiliates (for clarity including any Person that becomes an affiliate of such Third Party
as a result of the Industry Transaction), the “Acquiring Group”).

 

“Cover” means, with respect
to any Patent Rights, that the manufacture, use, offer for sale, sale or import of any article or composition of matter, or the
practice of any process or method, infringes at least one (1) Valid Claim of such Patent Rights.

 

“Developed Technology”
means any and all Technology that is (a) created by or on behalf of the Senesco Parties or their Affiliates in the course of performing
research or development in the Field during the Term, or (b) created pursuant to the Services provided by the Senesco Parties’
or their Affiliates’ employees pursuant to Section 2.4 (excluding BCV Owned Service Improvements), in each case that
is Controlled by a Senesco Party or its Affiliates during the Term.

 

“Development Plan” has
the meaning set forth in Section 3.1(c).

 

“Effective Date” has
the meaning set forth in the introductory paragraph hereof.

 

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“Evaluation License”
has the meaning set forth in Section 2.1(a).

 

“Evaluation Period” means
the period commencing on the Effective Date and ending on the Evaluation Period Termination Date.

 

“Evaluation Period Termination
Date” means (a) the six (6) month anniversary of the Effective Date, or (b) such earlier date on which BCV elects to
terminate the Evaluation Period without terminating this Agreement, by written notice by BCV to Senesco.

 

“Excluded Products” means
the products listed on Schedule B.

 

“Existing Biofuel Patent Rights”
means the Patent Rights listed on Schedule A and any and all continuations, continuations-in-part (solely for claims that
claim priority to the Patent Rights listed on Schedule A), and divisionals thereof, and all foreign equivalents of the foregoing
Patent Rights, and all reissues, reexaminations and extensions thereof.

 

“Existing Technology”
means any and all Technology that (a) (i) provided proof of concept for the Existing Biofuel Patent Rights, including the coding
region, promoter guidance and vectors used for plant transformations, or (ii) is necessary or useful for the practice of the Existing
Biofuel Patent Rights or the research, development, manufacture, use or sale of products in the Field and (b) is Controlled by
a Senesco Party or its Affiliates as of the Effective Date.

 

“Field” means any and
all (a) plants and plant products (including plant organisms, progeny, cells, seeds, grain, grain component, tissue, and other
parts of plants) suitable for use in the production of biofuel and/or biofuel feedstock, including all species of algae and all
species in the genus Miscanthus, but excluding the Excluded Products; (b) biodiesel, bioethanol and other biofuels derived
from the plants and plant products described in clause (a) above; and (c) other products derived from the plants and plant products
described in clause (a), other than pharmaceutical, nutraceutical and food products, provided that the foregoing exclusion
of food products shall not apply to algae.

 

“GAAP” means generally
accepted accounting principles in the United States, or internationally, as appropriate, consistently applied and shall mean the
international financial reporting standards (“IFRS”) at such time as IFRS (a) becomes the generally accepted
accounting standard and applicable laws require that a Party use IFRS or (b) is adopted as the applicable accounting standard of
such Party.

 

“Indemnifying Party”
has the meaning set forth in Section 8.4(c).

 

“Indemnitee” means any
Person indemnified under Section 8.4. 

 

“Joint Inventions” has
the meaning set forth in Section 6.2.

 

“Joint Patents” has the
meaning set forth in Section 6.2.

 

“Licenses” means, collectively,
the Evaluation License and the Commercialization License.

 

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“Licensed Products” means
any product in the Field that incorporates, contains, utilizes, is enabled by or otherwise exploits the Biofuel IP, or the making,
using, selling or importing of which would, absent the Licenses granted hereunder, infringe the Biofuel IP.

 

“Loss” has the meaning
set forth in Section 8.4(a).

 

“Net Sales” means all
amounts received by BCV or its Affiliates in consideration for, or directly in connection with, (a) the sale or any other commercial
disposition of Licensed Products by BCV or its Affiliates to Third Parties, including without limitation wholesalers and/or other
intermediate Third Parties, or (b) the sale or any other commercial disposition of Licensed Products by BCV to a Sublicensee, where
such Sublicensee is the final end user of the Licensed Product and does not resell the Licensed Product, after deducting (i) credits
or allowances, if any, actually granted; (ii) discounts, rebates, refunds, and chargebacks, actually granted or allowed, and customary
fees paid to distributors; (iii) freight, packaging, storage, shipping and insurance charges; (iv) customs duties; (v) excises,
sales taxes, duties or other taxes imposed upon and paid with respect to such sales; and (vi) returns; in each case to the extent
specifically related to the Licensed Products and actually allowed, incurred or paid during such period and not already reflected
in the amounts received; provided that all of the foregoing deductions are incurred in the ordinary course and calculated
in accordance with then-current GAAP. For clarity, Net Sales do not include Sublicense Income. For purposes of example and not
limitation, if BCV or its Affiliates sells a quantity of Licensed Product (e.g., Miscanthus seed) to a Third Party or Sublicensee
(to the extent within the scope of clause (b) above) and receives a payment therefor, and BCV or its Affiliates subsequently receive
payments or other consideration from the Third Party or Sublicensee for a product derived from such quantity of Licensed Product
(e.g., seedlings, plants or biofuel), whether characterized as partial payment for the initial sale of the Licensed Product, a
success payment, or otherwise, then Net Sales shall include the payment or other consideration received from the initial sale of
the Licensed Product to the Third Party as well as such subsequent payments or other consideration (unless such subsequent payments
or other consideration fall within the scope of Sublicense Income).

 

If a Licensed Product is sold together with
another product and not separately invoiced or billed, the Parties shall agree upon the appropriate allocation of the amount received
in consideration for the Licensed Product, which allocation shall reflect the fair market value of the Licensed Product and the
other product. If a Licensed Product contains one or more Traits in addition to the Senesco Trait that confer material benefits
to the Licensed Product, then the Parties shall agree upon the appropriate allocation of the amount received in consideration for
the Senesco Trait, which allocation shall reflect the fair market value of the Senesco Trait and the other Traits.

 

“Party” and “Parties”
have the meaning set forth in the introductory paragraph hereof.

 

“Patent Rights” means
all rights arising under patents or patent applications (including any patents issuing therefrom), as well as any continuations,
continuations-in-part, divisionals thereof and all reissues, reexaminations and extensions thereof.

 

“Paying Party” has the
meaning set forth in Section 4.7.

 

    	- 5 -

    	 

    

 

“Person” means an individual,
partnership, joint venture, corporation, limited liability company, trust, unincorporated organization or other similar entity
or governmental authority.

 

“Recipient Party” has
the meaning set forth in Section 4.7.

 

“Relinquishing Party”
has the meaning set forth in Section 7.1(c).

 

“Royalty Term” means,
on a Licensed Product-by-Licensed Product and country-by-country basis, the period beginning on the date of first commercial sale
of a Licensed Product in a country, and ending upon the later of: (a) the ten (10) year anniversary of such first commercial sale
and (b) expiration of the last-to-expire Valid Claim of a Biofuel Patent Right Covering such Licensed Product in such country.

 

“SEC” has the meaning
set forth in Section 5.1.

 

“Senesco” has the meaning
set forth in the introductory paragraph hereof.

 

“Senesco Field” means
all applications outside of the Field.

 

“Senesco Improvement Patent Rights”
means any and all Patent Rights that claim Technology created by or on behalf of a Senesco Party or its Affiliates in the course
of performing research or development outside of the Field during the Term and which Technology (i) is an improvement to the Existing
Technology or any Developed Technology, and (ii) is applicable to plants and plant products (including plant organisms, progeny,
cells, seeds, grain, grain component, tissue, and other parts of plants, but excluding Excluded Products).

 

“Senesco Indemnitees”
has the meaning set forth in Section 8.4(a).

 

“Senesco Parties” has
the meaning set forth in the introductory paragraph hereof.

 

“Senesco Sub” has the
meaning set forth in the introductory paragraph hereof.

 

“Senesco Trait” means
any Trait that is caused or regulated by one or more genes and is covered by a claim under the Biofuel Patent Rights.

 

“Sole Invention” has
the meaning set forth in Section 6.2.

 

“Sublicense” means each
sublicense agreement entered into by BCV pursuant to Section 2.2.

 

“Sublicensee” means
any Third Party of BCV to whom BCV grants a Sublicense of the rights granted to BCV under this Agreement, as provided under Section
2.2.

 

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“Sublicense Income” means
any fees, royalties or other consideration received by BCV or its Affiliates from a Sublicensee in consideration for, or directly
in connection with, the grant of a Sublicense pursuant to Section 2.2 or from the sale or other commercial disposition of
Licensed Products to a Sublicensee (other than the consideration described in clause (b) of the definition of “Net Sales”),
including license fees, upfront payments, milestone payments, license maintenance fees and equity; provided, that in the
event that BCV receives non-monetary consideration for the grant of a Sublicense, Sublicense Income shall be calculated based on
the fair market value of such consideration, assuming an arm’s length transaction made in the ordinary course of business;
and provided further that Sublicense Income will be reduced by any amounts returned by BCV on account of refunds
or rebates given in respect of Sublicense Income. Sublicense Income will not include (a) loaned or reimbursable amounts (including
research and patent expense reimbursements), (b) payments for the supply of products or for research or other services provided
by BCV (after the effective date of Licensee’s sublicense agreement with such Sublicensee), but only up to the fully loaded
cost of goods (calculated in accordance with GAAP) of such goods or the fully loaded internal cost of such services, or (c) consideration
for the purchase of an equity interest in BCV, but only up to the fair market value of such equity interest.

 

“Technology” means all
ideas, inventions, discoveries, biologic and other materials, trade secrets, data, instructions, formulae, designs, specifications,
methods, processes, formulations, assays, techniques, know-how, technical information (including structural and functional information),
and manufacturing process information, patentable or otherwise.

 

“Term” has the meaning
set forth in Section 9.1.

 

“Territory” means worldwide.

 

“Third Party” means any
Person other than BCV, the Senesco Parties and their respective Affiliates.

 

“Third Party Agreements”
has the meaning set forth in Section 8.2(d).

 

“Trait” means any biochemical,
physiological, physical or other attribute or phenotype of a cell, plant, or other plant component or organism.

 

“Valid Claim” means a
claim in an unexpired and issued patent or pending patent application that has not been disclaimed, revoked or held invalid or
unenforceable by a final unappealable decision of a government agency or court of competent jurisdiction, or unappealed within
the time limit allowed for appeal, or which has not been admitted to be invalid or unenforceable through reissue, reexamination
or disclaimer or otherwise; provided that, on a country-by-country basis, a patent application pending for more than seven
(7) years from the date of filing of such application as a utility, non-provisional application shall not be considered to have
any Valid Claim for purposes of this Agreement from and after such seven (7) year date unless and until a patent with respect to
such application issues.

 

“Withholding Taxes” has
the meaning set forth in Section 4.7.

 

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Section 1.2.   Rules
of Construction and Interpretation.

 

(a)       The
definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “any”
means “any and all” unless otherwise clearly indicated by context. “$” as used in this Agreement means
the lawful currency of the United States. Where either Party’s consent is required hereunder, except as otherwise specified
herein, such Party’s consent may be granted or withheld in such Party’s sole discretion.

 

(b)       Unless
the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or therein), (ii) any reference
to any laws herein shall be construed as referring to such laws as from time to time enacted, repealed or amended, (iii) any reference
herein to any Person shall be construed to include the Person’s successors and assigns, (iv) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, and (v) all references herein to Articles, Sections or Schedules, unless
otherwise specifically provided, shall be construed to refer to Articles, Sections and Schedules of this Agreement.

 

ARTICLE II

GRANT OF RIGHTS

 

Section 2.1.   Licenses.

 

(a)       Evaluation
License. Subject to the terms and conditions of this Agreement, during the Evaluation Period the Senesco Parties and their
Affiliates grant to BCV, and BCV accepts, an exclusive, royalty-free, sublicensable (pursuant to Section 2.2) license under
and to use the Biofuel IP to perform research and development activities with respect to Licensed Products in the Field and in
the Territory to evaluate the Biofuel IP in order to determine BCV’s interest in obtaining the Commercialization License
(the “Evaluation License”). Each of the Senesco Parties agrees, on behalf of itself and its Affiliates, that
other than the Evaluation License, during the Evaluation Period it will not grant a license under or to use the Biofuel IP to research,
develop, make, have made, use, import, export, offer to sell or sell Licensed Products in the Field and in the Territory without
BCV’s prior written consent. BCV agrees that, during the Evaluation Period, it will not sell, assign, license or otherwise
encumber, or transfer or fail to secure all ownership rights in and to any BCV Improvements, BCV Owned Service Improvements, Joint
Inventions or Joint Patents (other than the Senesco Parties rights in the Joint Inventions and Joint Patents), provided
that BCV may grant non-exclusive licenses to and under the foregoing to Affiliates and Third Parties to perform, during the Evaluation
Period, research and development activities on behalf of and for the benefit of BCV with respect to Licensed Products in the Field
and in the Territory to evaluate the Biofuel IP in order to determine BCV’s interest in obtaining the Commercialization License.

 

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(b)       Commercialization
License. Subject to the terms and conditions of this Agreement, including the performance of BCV’s payment obligations
hereunder, on the Commercialization License Commencement Date the Senesco Parties and their Affiliates grant to BCV, and BCV accepts,
an exclusive, royalty-bearing, sublicensable (pursuant to Section 2.2) license under and to use the Biofuel IP to research,
develop, make, have made, use, import, export, offer to sell and sell Licensed Products in the Field and in the Territory (the
“Commercialization License”).

 

(c)       Except
as expressly set forth in this Agreement, neither Party grants any licenses under its intellectual property rights to the other
Party. Moreover, notwithstanding anything to the contrary herein, the Senesco Parties and their Affiliates reserve all rights in
and to, and BCV receives no license hereunder to, the Biofuel IP in the Senesco Field.

 

Section 2.2.   Right
to Sublicense.

 

(a)       BCV
may sublicense its rights under the Evaluation License solely to any Affiliate or Third Party engaged by BCV to perform research
and/or development activities on behalf of and for the benefit of BCV, but without the right to grant further sublicenses, subject
to compliance with the terms of this Agreement. Not later than ten (10) business days after granting any Sublicense, BCV shall
provide Senesco with a true and correct copy of the Sublicense agreement.

 

(b)       On
and after the Commercialization License Commencement Date, BCV may sublicense its rights under the Commercialization License to
any Affiliate or Third Party, including the right to grant further sublicenses through one or more tiers of sublicensees, subject
to compliance with the terms of this Agreement. Not later than ten (10) business days after granting any Sublicense, BCV shall
provide Senesco with a true and correct copy of the Sublicense agreement.

 

(c)       Each
Sublicense granted by BCV to a permitted sublicensee pursuant to this Section 2.2 shall be subject and subordinate to
the terms and conditions of this Agreement and shall contain terms and conditions consistent with those in this Agreement
and shall not in any way diminish, reduce or eliminate any of BCV’s obligations under this Agreement. Without limiting
the foregoing, each Sublicense agreement with a permitted sublicensee shall be in writing and shall contain the
following provisions: (i) if the Sublicense includes commercialization rights with respect to Licensed Products, a
requirement that such sublicensee submit applicable sales or other reports consistent with the requirements of this
Agreement, and (ii) a requirement to keep books and records, and if the Sublicense includes commercialization rights with
respect to Licensed Products or the payment of Sublicense Income, to permit Senesco and any licensor to Senesco of Biofuel IP
licensed under this Agreement to BCV to audit (through an independent auditor) such books and records, in each case
consistent with the requirements of this Agreement, (iii) a requirement that such sublicensee comply with the confidentiality
provisions of this Agreement, (iv) a requirement to comply with all other applicable terms of this Agreement, and (v) a
provision specifying that Senesco shall be a third party beneficiary of such Sublicense agreement with the independent right
to enforce its terms against the sublicensee to the extent reasonably necessary to protect the Senesco Parties’ rights
under this Agreement. In addition, BCV shall use Commercially Reasonable Efforts to obtain for Senesco and its licensors (x)
the right to audit the books and records of any Sublicensee that does not fall within the requirements of clause (ii) above,
and (y) the right to inspect each Sublicensee’s facilities upon reasonable notice to the extent reasonably required to
verify the Sublicensee’s compliance with the terms of this Agreement, provided that if BCV is unable to secure
such rights for Senesco and its licensors, BCV shall secure such rights for itself, and shall exercise such rights,
at Senesco’s cost, promptly after Senesco’s request and provide to Senesco a written report of the audit
and/or inspection.

 

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(d)        BCV
shall diligently enforce compliance by each of its sublicensees with the applicable Sublicense agreement. Any act or omission of
a sublicensee shall be deemed an act or omission of BCV under this Agreement. If BCV discovers that a sublicensee has taken any
action or failed to take any action that would, if done so by BCV, constitute a breach of this Agreement that continues beyond
all applicable grace periods, BCV promptly shall notify Senesco thereof, and in addition to taking all actions reasonably necessary
to cause the cessation of such breach, BCV shall take such remedial action as may be reasonably requested by Senesco, including
termination of such sublicensee’s agreement as reasonably requested by Senesco.

 

Section 2.3.   Marking.
BCV shall label or mark each Licensed Product or the Licensed Product container, package or labeling with the patent number or
numbers of any issued or pending patents included in the Biofuel IP that Cover the Licensed Product. The content, form, location
and language used for such marking shall be in accordance with the laws and practices of each country in which the Licensed Products
are sold or the patents have issued or are pending.

 

Section 2.4.   Services.
If at any time BCV desires that John Thompson or any other employee of a Senesco Party or its Affiliates perform research and development
services related to the practice of the Biofuel IP in the Field and/or any Licensed Product, the Parties shall in good faith negotiate
for a period of ninety (90) days from BCV’s written request a services agreement pursuant to which such research and development
services will be provided to BCV. Such agreement will include provisions addressing confidentiality of each Party’s Confidential
Information and clear allocation of ownership of intellectual property rights created by John Thompson and other employees of the
Senesco Parties and their Affiliates. Any BCV Owned Service Improvements will be owned by BCV.

 

Section 2.5.   Jatropha
Field Expansion. Senesco will use Commercially Reasonable Efforts to obtain the right to expand the Field of the Commercialization
License under this Agreement to include all species in the genus Jatropha, and will keep BCV promptly apprised of Senesco’s
progress in this regard. It is the intent of the Parties that such Field expansion would require no additional compensation from
BCV to Senesco. Notwithstanding the foregoing, if a Senesco Party would be required to pay compensation to a Third Party in order
to grant such Field expansion to BCV, Senesco will so notify BCV and the Parties will discuss and negotiate in good faith the terms
of such Field expansion, however, BCV will not be under any obligation to agree to such Field expansion, nor shall the Senesco
Parties be required to grant such Field expansion to BCV if BCV elects not to pay any required compensation to such Third Party
or if the Parties otherwise are not able to agree upon the terms of such Field expansion.

 

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ARTICLE III

DEVELOPMENT AND COMMERCIALIZATION

OF LICENSED PRODUCTS

 

Section 3.1.   Evaluation,
Development and Commercialization.

 

(a)       Evaluation
Activities. During the Evaluation Period BCV shall, at its sole cost and expense, perform the validation, market analysis research
and other activities described in the Development Plan with respect to Licensed Products in the Field and in the Territory to evaluate
the Biofuel IP in order to determine BCV’s interest in obtaining the Commercialization License.

 

(b)       Development
and Commercialization Responsibility. After the Evaluation Period, as between the Parties, BCV shall be fully responsible for,
and shall have full control and authority over, the research, development and commercialization of the Licensed Products and all
costs and expenses related thereto, including (i) all activities relating to manufacture, supply and sale of all Licensed Products
and (ii) all activities relating to any governmental filings, registrations, applications and approvals relating to any of the
foregoing.

 

(c)       Diligence.
After the Evaluation Period, BCV shall use Commercially Reasonable Efforts to research, develop and commercialize at least one
Licensed Product in the Territory in accordance with the Development Plan attached hereto as Schedule C (as such Development
Plan may be updated from time to time by BCV upon written notice to Senesco, the “Development Plan”); provided
that the Development Plan shall at all times reflect Commercially Reasonable Efforts to develop and commercialize the Licensed
Products). BCV shall provide Senesco with a copy of each updated Development Plan promptly after it has been prepared by BCV. For
purposes of this Section 3.1(c), the efforts of BCV’s Affiliates and Sublicensees will also be considered the efforts
of BCV.

 

(d)       Compliance
with Law. BCV shall comply in all respects with all Applicable Laws in its research, development and commercialization of Licensed
Products.

 

(e)       Updates
and Reports. In addition to royalty information reports to be provided by BCV pursuant to Section 4.6 hereof, BCV shall
provide Senesco with (i) written reports at the end of each month during the Evaluation Period, which reports shall update the
validation and market research plan and goals in Schedule C, contain all tests, experiments, experimental methods, conditions,
results and conclusions with respect to Licensed Products in the Field and the Biofuel IP generated by or for BCV during such
month, and contain all tests and experiments planned to be conducted by or for BCV during the subsequent month, and (ii) after
the Evaluation Period, written reports at least every six (6) months summarizing BCV’s and any Sublicensees’ efforts
to conduct the research, development and commercialization of the Licensed Products as contemplated hereunder. For the avoidance
of doubt, such reports after the Evaluation Period shall at minimum discuss in a reasonably detailed fashion the steps BCV and
its Sublicensees have taken in the immediately preceding six (6) months with respect to BCV’s obligations under this ARTICLE
III. In addition, BCV shall provide Senesco with prompt written notice of the occurrence of the first commercial sale of each
of the Licensed Products. All such reports and updates shall be considered Confidential Information of BCV, subject to the terms
of ARTICLE V hereof.

 

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Section 3.2.   Technology
Transfer and Assistance. Senesco will, as soon as reasonably possible after the Effective Date, provide BCV with (a) a copy
of all Biofuel Know-How reduced to writing and possessed by the Senesco Parties or their Affiliates as of the Effective Date, and
(b) upon BCV’s reasonable request, copies of any pending, unpublished Biofuel Patent Rights. Thereafter, Senesco will promptly
provide or make available to BCV any additional Biofuel Know-How in the Senesco Parties’ or their Affiliates’ Control.
During the first three (3) months after the Effective Date, Senesco will use Commercially Reasonable Efforts to provide reasonable
assistance to BCV for the orderly transfer and transition to BCV of all current Senesco Party research and development activities
relating to the Biofuel IP in the Field and/or any Licensed Products in the Field, and Senesco will use Commercially Reasonable
Efforts to make available to BCV employees and/or consultants of the Senesco Parties with knowledge about the Biofuel IP in the
Field and/or any Licensed Products in the Field. During the subsequent nine (9) months, Senesco shall provide up to an aggregate
of ten (10) hours per month of such assistance and employee and/or consultant time. Any such access or availability after such
twelve (12) month period shall be subject to the Parties entering into a service agreement as contemplated by Section 2.4.

 

ARTICLE IV

PAYMENTS AND ROYALTIES.

 

Section 4.1.   Upfront
and Other Payments. In partial consideration for entering into this Agreement, BCV shall pay to Senesco the following amounts:

 

(a)       ****
on the Commercialization License Commencement Date; and

 

(b)       ****
on the six (6) month anniversary of the Commercialization License Commencement Date.

 

Section 4.2.   BCV
Equity. On the Commercialization License Commencement Date, in partial consideration for the grant of the Commercialization
License, BCV shall issue to Senesco an equity interest representing fifteen percent (15%) of the equity of BCV on a fully-diluted
basis, which equity interest will not be diluted by the first $1.0 million of equity investment into BCV, and shall otherwise have
the same rights and privileges as the equity interests of BCV that are owned by the founders of BCV (including, if the founders
of BCV have such protections, anti-dilution protection for additional financings in excess of
the initial $1.0 million investment identical to any anti-dilution protection of the founders of BCV (noting that the founders
do not expect to have any such anti-dilution protection)), all on such terms and conditions to be more fully set forth in BCV’s
Operating Agreement (“Senesco’s Equity Interest”). In addition, for as long as Senesco retains ownership
of Senesco’s Equity Interest, (a) Senesco shall have the right to appoint one (1) member to BCV’s advisory board and
(b) in the event of the conversion of BCV from a limited liability company to a corporation, Senesco shall receive shares of capital
stock in said corporation such that Senesco’s rights in such corporation (including anti-dilution protection, if any, and
the right to the advisory board seat) will be substantially equivalent to Senesco’s Equity Interest.

 

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Section 4.3.   Ordinary
Royalties.

 

(a)       In
addition to the payments specified in Sections 4.1 and 4.4 and the issuance of BCV equity specified in Section
4.2, in partial consideration for the grant of the Commercialization License by the Senesco Parties hereunder, on a Licensed
Product-by-Licensed Product and country-by-country basis, during the applicable Royalty Term and subject to the provisions of this
Section 4.3, BCV will pay to Senesco a royalty equal to *** of Net Sales of such Licensed
Product.

 

(b)       Only
one royalty will be due with respect to the same unit of Licensed Product. No royalties will be due upon the sale or other transfer
among BCV and its Affiliates, but in such case the royalty will be due and calculated upon BCV’s or its Affiliates’
Net Sales to the first independent Third Party or Sublicensee. No royalties will accrue on the sale or other disposition of the
Licensed Product by BCV or its Affiliates for use in a field trial sponsored or funded by BCV or its Affiliates for which no consideration
is received other than reimbursement of costs, or on the disposition of a Licensed Product in reasonable quantities by BCV or its
Affiliates as donations (for example, to non-profit institutions or government agencies for a non-commercial purpose), for which
no consideration is received.

 

(c)       BCV
will pay Senesco a minimum annual aggregate royalty of *** on each anniversary of the Commercialization
License Commencement Date during the Term. For clarity, such payment will not be made on a Licensed Product-by-Licensed Product
or country-by-country basis. Each minimum annual royalty payment is creditable in full against payments due Senesco pursuant to
Section 4.3(a) solely in the calendar year in which such minimum annual royalty payment is made.

 

Section 4.4.   Sublicense
Income. In addition to the payments specified in Sections 4.1 and 4.3 and the issuance of BCV equity specified
in Section 4.2, in partial consideration of the grant of the Commercialization License by the Senesco Parties hereunder,
BCV will pay Senesco sublicense fees during the Term in an amount equal to twenty percent (20%) of any Sublicense Income received
by BCV or its Affiliates.

 

Section 4.5.   Payment.
All payments to be made by BCV hereunder shall be made in United States Dollars by wire transfer of immediately available funds
to such United States bank account as shall be designated by Senesco within thirty (30) days of any applicable due date, and shall
be computed in United States dollars at the exchange rate prevailing in each country in the Territory at the close of the last
business day of the applicable calendar quarter. The exchange rates used for such conversion shall be those set forth in the Wall
Street Journal, New York edition. Late payments shall bear interest at the rate of one percent (1%) of the outstanding balance
per month as prorated, or the maximum amount permitted by law, whichever is less. In the event that, by reason of Applicable Laws
in any country, it becomes impossible or illegal for BCV to transfer, or have transferred on its behalf, royalties or other payments
to Senesco, payments will be made in the country in local currency by deposit in a local bank designated by Senesco.

 

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Section 4.6.    Sales
Reports and Royalty Payments. After the first commercial sale of each Licensed Product and during the Term, BCV shall furnish
to Senesco a written report, with respect to each such Licensed Product, within sixty (60) days after the end of each calendar
quarter (or portion thereof, if this Agreement terminates during a calendar quarter), showing the amount of royalty and other payments
due for the immediately preceding calendar quarter (or portion thereof). Royalty and other payments for each calendar quarter shall
be due within sixty (60) days after the end of each calendar quarter (or portion thereof, if this Agreement terminates during a
calendar quarter). Each written report shall include a full and accurate accounting of:

 

(a)          the
gross sales and quantity of each Licensed Product sold by BCV and its Affiliates in the preceding calendar quarter;

 

(b)          the
calculation of Net Sales from such gross sales, including each deduction;

 

(c)          the
amount of Sublicense Income received by BCV from its Sublicensees;

 

(d)          the
amount of taxes, if any withheld to comply with Applicable Law; and

 

(e)          a
calculation of payments due to Senesco with respect to the foregoing (including the application of any credits pursuant to Sections
4.3(c) and/or 7.1(a) and any calculation of currency conversion).

 

If no royalty or other payment is due for
any royalty period hereunder, BCV shall so report to Senesco in writing.

 

Section 4.7.   Tax
Withholding. All payments under this Agreement shall be made without any deduction or withholding for or on account of any
tax, except as set forth in this Section 4.7. The Parties agree to cooperate with one another and use reasonable efforts
to minimize obligations for any and all income or other taxes required by Applicable Law to be withheld or deducted from any of
the royalty and other payments made by or on behalf of a Party hereunder (“Withholding Taxes”). The applicable
Paying Party under this Agreement (the “Paying Party”) shall, if required by Applicable Law, deduct from any
amounts that it is required to pay to the Recipient Party hereunder (the “Recipient Party”) an amount equal
to such Withholding Taxes, provided that the Paying Party shall give the Recipient Party reasonable notice prior to paying
any such Withholding Taxes. Such Withholding Taxes shall be paid to the proper taxing authority for the Recipient Party’s
account and, if available, evidence of such payment shall be secured and sent to recipient within one (1) month of such payment.
The Paying Party shall, at the Recipient Party’s cost and expense, do all such lawful acts and things and sign all such lawful
deeds and documents as the Recipient Party may reasonably request to enable the Paying Party to avail itself of any applicable
legal provision or any double taxation treaties with the goal of paying the sums due to the Recipient Party hereunder without deducting
any Withholding Taxes.

 

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Section 4.8.   Records
and Audit. BCV shall keep, and shall cause each of its Affiliates and Sublicensees, if any, to keep, full and accurate books
of accounting in accordance with GAAP, as may be reasonably necessary for the purpose of calculating the royalties and other amounts
payable to Senesco hereunder. Such books of accounting (including those of BCV’s Affiliates and Sublicensees, if any) shall
be kept at their principal place of business and, with all necessary supporting data, shall during all reasonable times during
business hours for the three (3) years next following the end of the calendar year to which each shall pertain, be open for inspection
upon written notice by Senesco and at Senesco’s sole cost (except as provided below), no more than once per year, by a nationally-recognized
independent certified public accountant, for the purpose of verifying royalty and other payment statements for compliance with
this Agreement. Such independent certified accountant will execute BCV’s standard form of confidentiality agreement, and
will be permitted to share with Senesco solely its findings with respect to the accuracy of the royalties and other amounts reported
as payable under this Agreement. The results of each inspection, if any, shall be binding on both Parties. Senesco shall pay for
such inspections, except that in the event there is any upward adjustment in aggregate royalties or other amounts payable for the
period of such inspection of more than five percent (5%) of the amount actually paid to Senesco, BCV shall pay for the reasonable
out-of-pocket Third Party costs of such audit. In the event such accounting determines that BCV paid Senesco more than the amount
properly due in respect of any calendar quarter, then any excess payments made by BCV will be credited against future amounts due
to Senesco from BCV, or if no such future amounts are reasonably expected to be due to Senesco from BCV, then Senesco will reimburse
BCV for any overpayment by BCV.

 

ARTICLE V

CONFIDENTIAL INFORMATION

 

Section 5.1.   Confidentiality
Obligations. Each of the Senesco Parties and BCV agree that during the Term and for ten (10) years thereafter, it shall keep
confidential, and shall cause its Affiliates and its and their directors, employees, consultants, agents, subcontractors, and
sublicensees to keep confidential, all Confidential Information of the disclosing Party. Neither of the Senesco Parties nor BCV
nor any of their Affiliates or its or their directors, employees, consultants, agents, subcontractors, or sublicensees shall use
Confidential Information of the disclosing Party for any purpose whatsoever other than to exercise any rights granted to it or
reserved by it hereunder or to carry out its responsibilities hereunder. Without limiting the foregoing but subject to Section
5.2, Section 5.3, Section 5.4, and Section 5.5 below, each Party may disclose such information to the extent such
disclosure is reasonably necessary to (a) file and prosecute patent applications and/or maintain patents which are filed or prosecuted
in accordance with the provisions of this Agreement or submit regulatory applications and filings, (b) file, prosecute or defend
litigation in accordance with the provisions of this Agreement, or (c) comply with Applicable Laws or the order of a court of
competent jurisdiction, including Applicable Laws of the U.S. Securities and Exchange Commission (“SEC”) or
any nationally recognized securities exchange, quotation system or over-the-counter market on which such Party has its securities
listed or traded; provided, however, that if a Party is required to make any such disclosure of the disclosing Party’s
Confidential Information in connection with any of the foregoing, it shall give reasonable advance notice to the disclosing Party
of such disclosure requirement and shall use reasonable efforts to assist such disclosing Party in efforts to avoid or minimize
the degree of such disclosure and secure confidential treatment of such information required to be disclosed. Moreover, BCV may
disclose Confidential Information of the Senesco Parties relating to the research, development or commercialization of the Biofuel
IP in the Field and/or any Licensed Products to entities with whom BCV has (or may have) a marketing, commercialization and/or
development collaboration and who have a specific need to know such Confidential Information and who are bound in writing by a
like obligation of confidentiality and restrictions on use, provided that BCV shall be liable for any breach of such confidentiality
and non-use obligations by any such Third Party.

 

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Section
5.2.   Exclusions. The obligations of confidentiality and non-use imposed by this ARTICLE V
shall not apply to any information, data or materials that a receiving Party can demonstrate by written records or other
tangible evidence, (a) as of the date of disclosure is demonstrably known to the receiving Party or its Affiliates other than
by virtue of a prior confidential disclosure to such Party or its Affiliates; (b) as of the date of disclosure is in,
or subsequently becomes publicly known, through no fault or omission of the receiving Party or its Affiliates; (c) is
obtained from a Third Party having a lawful right to make such disclosure free from any obligation of confidentiality to
the disclosing Party; or (d) is independently developed by or for the receiving Party or its Affiliates without reference to
or reliance upon any Confidential Information of the disclosing Party.

 

Section 5.3.   Limited
Disclosure and Use. Each of the Senesco Parties and BCV agree that any disclosure of the other Party’s Confidential Information
to any of its Affiliates or its or their directors, employees, consultants, agents, subcontractors, or sublicensees shall be made
only if and to the extent necessary to carry out its rights and responsibilities under this Agreement, shall be limited to the
maximum extent possible consistent with such rights and responsibilities, and shall only be made if such Persons are bound by written
confidentiality obligations to maintain the confidentiality thereof and not to use such Confidential Information except as expressly
permitted by this Agreement. Either Party may disclose Confidential Information of the disclosing Party to any bona fide actual
or prospective collaborators, underwriters, sublicensees, investors, lenders or other financing sources who are obligated in writing
to keep such information confidential on terms as protective as terms of this ARTICLE V, to the extent reasonably necessary to
enable such actual or prospective collaborators, underwriters, sublicensees, investors, lenders or other financing sources, acquirors,
or companies being acquired by such Party to determine their interest in collaborating with, sublicensing, underwriting or making
an investment in, otherwise providing financing to, acquiring or being acquired by the receiving Party; provided that such
Party shall be liable for any breach of such confidentiality and non-use obligations by any such Third Party. Each of the Senesco
Parties and BCV further agree not to disclose or transfer the other Party’s Confidential Information to any Third Parties
under any circumstance without the prior written approval from the other Party, except as otherwise required by Applicable Law,
and except as otherwise expressly permitted by this Agreement. Each Party shall take such action, and shall cause its Affiliates,
and its and their employees, consultants, agents, subcontractors, and sublicensees to take such action, to preserve the confidentiality
of each other Party’s Confidential Information as it would customarily take to preserve the confidentiality of its own Confidential
Information. Each Party, upon the termination of this Agreement, shall return all the Confidential Information disclosed or transferred
to it by the other Party pursuant to this Agreement, including all copies and extracts of documents and all manifestations of Confidential
Information in any form; provided, however, that a Party may retain (a) any Confidential Information of the other
Party relating to any license which expressly survives such termination, provided that such Confidential Information shall
remain subject to the obligations of confidentiality set forth herein, and (b) one (1) copy of all other Confidential Information
in inactive archives solely for the purpose of maintaining a record of information and materials deemed to be Confidential Information
hereunder.

 

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Section 5.4.   Publicity.
Neither Party may publicly disclose the existence or terms or any other matter of fact regarding this Agreement without the prior
written consent of the other Party; provided, however, that either Party may make such a disclosure (a) to the extent
required to comply with Applicable Laws or court orders or the requirements of the SEC or any nationally recognized securities
exchange, quotation system or over-the-counter market on which such Party has its securities listed or traded, or (b) to any actual
or prospective collaborators, underwriters, sublicensees, investors, lenders, other financing sources, acquirors, or companies
being acquired by such Party who are obligated in writing to keep such information confidential on terms as protective as terms
of this ARTICLE V, provided that such Party shall be liable for any breach of such confidentiality and non-use obligations
by any such Third Party. The Party desiring to make any such disclosure under clause (a) above shall inform the other Party of
the proposed announcement or disclosure in reasonably sufficient time prior to public release, which shall be at least five (5)
business days, and shall provide the other Party with a written copy thereof. Each Party agrees that it shall reasonably cooperate
with the other with respect to all disclosures regarding this Agreement to the SEC and any other governmental or regulatory agencies,
including requests for confidential treatment of proprietary information of either Party included in such disclosure.

 

Section 5.5.   Publications.
After the Evaluation Period, BCV may publish or present the results of research and development of the Biofuel IP in the Field
and/or a Licensed Product generated by BCV or its Affiliates or Sublicensees, subject to the prior review and approval by Senesco
for patentability and protection of the Senesco Parties’ Confidential Information as provided in this Section 5.5.
BCV will provide to Senesco the opportunity to review any proposed abstracts, manuscripts or summaries of presentations that cover
the results of research and development of the Biofuel IP in the Field and/or a Licensed Product or that may include Senesco Party
Confidential Information. Senesco will designate a person or persons who will be responsible for reviewing such publications. Such
designated person will respond in writing promptly and in no event later than sixty (60) days after receipt of the proposed material
with either approval of the proposed material or a specific statement of concern, based upon either the need to seek patent protection
or concern regarding competitive disadvantage arising from the proposal or inclusion of Senesco Party Confidential Information.
In the event of concern, BCV agrees not to submit such publication or to make such presentation that contains such information
until Senesco is given a reasonable period of time (not to exceed ninety (90) days) to seek patent protection for any material
in such publication or presentation that it believes is patentable or to resolve any other issues, and BCV will remove from such
proposed publication any Confidential Information of the Senesco Parties as requested by Senesco.

 

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Section 5.6.   Use
of Name; Press Release. Neither Party shall employ or use the name of the other Party in any promotional materials or advertising
without the prior express written permission of the other Party. Upon execution of this Agreement, the Parties intend to issue
a mutually agreed press release regarding the subject matter of this Agreement. Each Party understands that this Agreement is likely
to be of significant interest to investors, analysts and others and, therefore, that either Party has the right to make announcements
of events or developments with respect its own development and commercialization activities relating to this Agreement that are
material to such Party. The Parties agree that any such announcement will not contain Confidential Information of the disclosing
Party (including the terms of this Agreement) or, if disclosure of such Confidential Information is required by the SEC or any
nationally recognized securities exchange, quotation system or over-the-counter market on which such Party has its securities listed
or traded, will make reasonable efforts to minimize such disclosure and obtain confidential treatment for any such information
that is disclosed to a government agency. Each Party agrees to provide the other Party with a copy of any public announcement as
soon as reasonably practicable prior to its scheduled release. Except in the case of extraordinary circumstances, each Party will
provide the other with an advance copy of any announcement at least five (5) business days prior to its scheduled release. Each
Party has the right to expeditiously review and recommend changes to any announcement regarding this Agreement, provided
that such right of review and recommendation will only apply for the first time that specific information is disclosed and will
not apply to the subsequent disclosure of substantially similar information that has been previously disclosed.

 

ARTICLE VI

INTELLECTUAL PROPERTY

 

Section 6.1.   Biofuel
IP. As between the Parties, subject to the rights granted to BCV under this Agreement, the Senesco Parties shall retain sole
and exclusive ownership of all rights, title and interest in and to the Biofuel IP.

 

Section 6.2.   Ownership
of Inventions. Each Party will exclusively own all Technology developed or conceived and reduced to practice solely by its
and its Affiliates’ employees, agents or independent contractors (each, a “Sole Invention”). Although
the Parties do not intend or expect to jointly develop any Technology (except pursuant to an agreement entered into pursuant to
Section 2.4, which agreement shall separately address ownership and other rights in Technology developed thereunder), in
the event they do so, then all inventions made jointly by employees, agents or independent contractors of each Party (including
each Party’s Affiliates) will be owned jointly by the Parties such that each Party has an undivided one-half interest therein
(“Joint Inventions”). (All Patents claiming patentable Joint Inventions will be referred to as “Joint
Patents”). Except to the extent either Party is restricted by the rights granted to the other Party and covenants contained
herein, each Party will be entitled to practice, and to grant to Third Parties or its Affiliates or sublicensees the right to practice,
inventions claimed in a Joint Patent without restriction or an obligation to account to the other Party.

 

Section 6.3.   License
to Senesco. BCV grants to Senesco, and Senesco accepts, subject to the terms and conditions of this Agreement, an exclusive,
fully paid-up, perpetual and worldwide license, with the right to grant sublicenses through multiple tiers, under the BCV Improvements,
Joint Inventions and Joint Patents to research, develop, make, have made, use, sell, offer for sale and otherwise commercialize
products and services in the Senesco Field.

 

Section 6.4.   Inventorship.
Inventorship and authorship of inventions and other intellectual property rights conceived, reduced to practice and/or authored
in connection with this Agreement shall be determined in accordance with the laws of the United States.

 

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ARTICLE VII

PROVISIONS CONCERNING THE FILING, PROSECUTION

AND MAINTENANCE OF PATENT RIGHTS

 

Section 7.1.   Patent
Filing, Prosecution and Maintenance.

 

(a)       Subject
to the other terms of this ARTICLE VII, the Senesco Parties, at their expense, shall have the sole right, but not the
obligation (except as set forth below with respect to the Existing Biofuel Patent Rights), to prepare, file, prosecute,
maintain and defend, throughout the world, the Biofuel Patent Rights (other than the Joint Patents, which are addressed in Section
7.1(c) below), including seeking any extensions thereto and supplementary protection certificates therefor. The Senesco
Parties will use Commercially Reasonable Efforts to file, prosecute, maintain and defend the Existing Biofuel Patent Rights.
Promptly after the filing, submission or receipt thereof, Senesco shall provide BCV with copies of new applications for any
Patent Rights that Senesco reasonably determines are Biofuel Patent Rights (other than Joint Patents) and all material
correspondence received from and all material submissions to be made to any government patent office or authority with
respect to any patent application or patent included in such Biofuel Patent Rights (other than Joint Patents). If the Senesco
Parties elect not to file in any country in the Territory a patent application on a patentable Sole Invention of Senesco or
its Affiliates constituting Developed Technology, or to cease the prosecution, maintenance or defense of an Existing Biofuel
Patent Right, or any other Patent Rights that Senesco reasonably determines are Biofuel Patent Rights (other than Joint
Patents), then subject to Senesco’s obligations under the Third Party Agreements, Senesco shall provide BCV with prompt
written notice of the decision to not file or continue the prosecution of such patent application or maintenance or defense
of such patent in sufficient time to allow BCV to file, continue prosecution of such application or maintain or defend such
patent in a timely manner. In such event, subject to the Third Party Agreements in the case of the Existing Biofuel
Patent Rights, the Senesco Parties shall permit BCV, in BCV’s sole discretion, to file or continue prosecution or
maintenance or defense of such Biofuel Patent Right in the applicable country at BCV’s own expense and in the
applicable Senesco Party’s name, and BCV will be entitled to apply all such expense as a credit against any amounts
payable to Senesco under this Agreement, provided, however, that any such action does not violate the terms of
any judgment, settlement, compromise or other resolution or agreement then binding upon such Senesco Party. Each Party will,
at the prosecuting Party’s request and expense, reasonably assist and cooperate in the filing and prosecution,
maintenance or defense of any application, amendment, submission, response or correspondence with respect to any such Biofuel
Patent Rights. Each Party will give due consideration to the comments of the other Party.

 

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(b)    Subject to the other terms
of this ARTICLE VII, BCV, at its expense, shall have the sole right but not the obligation to prepare, file, prosecute,
maintain and defend, throughout the world, any Patent Rights claiming the BCV Improvements, including seeking any extensions thereto
and supplementary protection certificates therefor. BCV shall have the first right, but not the obligation, to file or continue
prosecution or maintenance of any application for any such Patent Right claiming a BCV Improvement using patent counsel selected
by BCV. Promptly after the filing, submission or receipt thereof, then BCV shall provide Senesco with copies of new applications
for any such Patent Rights and all material correspondence received from and all material submissions to be made to any government
patent office or authority with respect to any patent application or patent claiming BCV Improvements. In addition, if BCV elects
not to file in any country in the world a patent application on BCV Improvements, or to cease the prosecution or maintenance or
defense of such Patent Rights claiming BCV Improvements in any country in the world, BCV shall provide Senesco with prompt written
notice upon the decision to not file or continue the prosecution of such patent application or maintenance or defense of such patent
in sufficient time to allow Senesco to file, continue prosecution of such application or maintain or defend such patent in a timely
manner. In such event, BCV shall permit Senesco, in Senesco’s sole discretion, to file or continue prosecution or maintenance
or defense of such Patent Rights claiming the BCV Improvements in the applicable country at Senesco’s own expense and in
BCV’s name, provided, however, that any such action does not violate the terms of any judgment, settlement,
compromise or other resolution or agreement then binding upon BCV and provided further that Senesco shall incorporate
BCV’s reasonable comments and shall confer and reasonably discuss with BCV any concerns and seek to resolve such concerns
by mutual agreement.

 

(c)    In the case of Joint Inventions,
the Parties shall decide whether or not to secure patent protection and which Party shall bear the primary responsibility for preparing,
filing and prosecuting the patent applications resulting therefrom. Patent-related expenses for Joint Patents are to be shared
equally by the Parties. If the Parties cannot agree which Party shall bear the primary responsibility for preparing, filing, and
prosecuting patent applications resulting from a Joint Patent, then counsel mutually agreeable to the Parties shall prepare, file
and prosecute the patent applications and the Parties shall equally share the expenses related thereto. Each Party shall promptly
render all necessary assistance reasonably requested by the other Party in applying for and prosecuting the patent applications.
Neither Party shall file any patent application on Joint Inventions which shall lead to the disclosure of the other Party’s
Confidential Information, unless the other Party has first agreed in writing to the filing. If a Party responsible for the prosecution
or maintenance of a patent or patent application directed to a Joint Invention elects not to continue prosecution or maintenance
of such patent or patent application, the Party will give the other Party notice of such election within a reasonable period prior
to allowing such patent or patent application to lapse or become unenforceable, and the other Party will have the right to continue
prosecution or maintenance of such patent or patent application. If a Party (the “Relinquishing Party”) declines
to pay its share of patent-related expenses for any patent application or patent directed to a Joint Invention, the other Party
may assume payment of the Relinquishing Party’s share of the patent-related expenses, and the Relinquishing Party will assign
title to such patent application or patent to the Party assuming payment.

 

Section 7.2.    Notice of Infringement.
If, during the Term, either Party learns of any actual, alleged or threatened infringement or misappropriation by a Third Party
of any Biofuel IP or BCV Improvements, such Party shall promptly notify the other Party and shall provide such other Party with
available evidence of such infringement or misappropriation.

 

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Section 7.3.    Enforcement
of Patent Rights.

 

(a)    BCV shall have the first right
(but not the obligation), at its own cost and expense and with legal counsel of its own choice, to bring suit (or take other appropriate
legal action) against any actual, alleged or threatened infringement of the Biofuel Patent Rights, Joint Patents and Patent Rights
claiming BCV Improvements, each in the Field, provided that such rights with respect to the Biofuel Patent Rights and Joint
Patents shall commence only on and after the Commercialization License Commencement Date, and prior to such date (i) Senesco shall
have the exclusive right (but not the obligation) to bring suit (or take other appropriate legal action) against any actual, alleged
or threatened infringement of the Biofuel Patent Rights and (ii) neither Party shall have the right to bring suit or take other
legal action against any actual, alleged or threatened infringement of the Joint Patents without the other Party’s prior
written consent. Senesco and its Affiliates each shall have the right, at its own cost and expense, to be represented in any such
action brought by BCV, to the extent involving the Biofuel Patent Rights or Joint Patents, by counsel of Senesco’s own choice;
provided, however, that under no circumstances shall the foregoing affect the right of BCV to control the suit or
other legal action as described in the first sentence of this Section 7.3(a).

 

(b)    If none of BCV, its Affiliates
or any of its Sublicensees, on its own initiative, files any suit or other legal action against any such infringement to the extent
permitted by this Agreement within ninety (90) days after the earliest of notice under Section 7.2 (or, if sooner, fifteen
(15) days prior to any deadline relating to loss of any rights with respect to such infringement), then Senesco or its Affiliates
shall have the right to bring suit or take other appropriate legal action against such actual, alleged or threatened infringement
with respect to the Biofuel Patent Rights, Joint Patents or Patent Rights claiming BCV Improvements in the Field, in Senesco’s
name and at its expense, upon written notice delivered to BCV within five (5) days of the expiration of such ninety (90) day or
fifteen (15) day period, as the case may be. BCV shall have the right, at its own cost and expense, to be represented in any such
action brought by Senesco or its Affiliates by counsel of BCV’s own choice; provided, however, that under no
circumstances shall the foregoing affect the right of Senesco or its Affiliates to control the suit or other legal action as described
in the first sentence of this Section 7.3(b).

 

(c)    Senesco and its Affiliates
shall have the sole right, but not the obligation, at its sole expense to file any suit or take other legal action against any
infringement of the Biofuel Patent Rights, Joint Patents and Patent Rights claiming the BCV Improvements in the Senesco Field and
to retain any damages, monetary awards or other amounts recovered therefrom. BCV shall have the right, at its own cost and expense,
to be represented in any such action brought by Senesco or its Affiliates, to the extent involving Patent Rights claiming BCV Improvements
or Joint Patents, by counsel of BCV’s own choice; provided, however, that under no circumstances shall the
foregoing affect the right of Senesco and its Affiliates to control the suit or other legal action as described in the first sentence
of this Section 7.3(c).

 

(d)    The Parties shall not settle,
compromise or otherwise resolve any suit or legal action addressed by this Section 7.3, nor make any admissions, filings,
statements or other disclosures in any such suit or legal action, that would restrict, waive or otherwise encumber or impair the
rights licensed to the applicable Party hereunder, or subject the other Party to any liability or obligations in connection therewith,
without the prior written consent of that affected Party.

 

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(e)       Any damages, monetary awards
or other amounts recovered, whether by judgment or settlement, pursuant to any suit or other legal action taken under Sections
7.3(a) or (b), shall be applied as follows:

 

(i)     first, to reimburse the Parties for
their respective costs and expenses (including reasonable attorneys’ fees and costs) incurred in prosecuting such enforcement
action; and

 

(ii)     any amounts remaining shall be allocated
as follows: (A) if BCV or any of its Sublicensees is the Party bringing such suit or taking such legal action, all such amounts
shall be retained by BCV or such Sublicensee, subject to such amounts being treated as Net Sales for which royalties shall be due
to Senesco pursuant to Section 4.2 and (B) if Senesco or its Affiliate is the Party bringing such suit or taking such other
legal action, all such amounts shall be retained by Senesco, subject to such amounts being treated as Net Sales for which royalties
shall be payable by Senesco to BCV under the terms of Section 4.2 applied mutatis mutandis.

 

(f)       If a Party brings any such
suit or legal action under this Section 7.3, the other Party agrees to be joined as a party plaintiff if necessary to prosecute
such suit or legal action, and to give the Party bringing such action or proceeding reasonable assistance and authority to file
and prosecute the suit, at the expense of the Party bringing such suit or legal action; provided, however, that neither
Party shall be required to transfer any right, title or interest in or to any property to the other Party or any Third Party to
confer standing on a Party hereunder.

 

Section 7.4.    Infringement of Third
Party Rights. If any Licensed Product that is manufactured, used or sold by or for BCV becomes the subject of a Third Party’s
claim or assertion of infringement of a Patent controlled by such Third Party, the Party first having notice of the claim or assertion
will promptly notify the other Party in writing, and the Parties will promptly meet to consider the claim or assertion and the
appropriate course of action. Each Party has the right to take action to defend any such claim brought against it by a Third Party,
provided, however, that neither Party will enter into any settlement of any claim described in this Section 7.4
that affects adversely the other Party’s rights or interests without first obtaining the other Party’s written consent,
which consent will not be unreasonably withheld. Nothing in this Section 7.4 will be deemed to relieve either Party of its
obligations under Section 8.4.

 

Section 7.5.    Other Infringement Resolutions.
In the event of a dispute or potential dispute which has not ripened into a demand, claim or suit of the types described in Sections
7.3 or 7.4, the same principles governing control of the resolution of the dispute, consent to settlement of the dispute,
and implementation of the settlement of the dispute (including the sharing in and allocating the receipt of damages, license fees,
royalties and other compensation) will apply.

 

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ARTICLE VIII

 

REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

Section 8.1.    Mutual Representations
and Warranties. BCV hereby represents and warrants to Senesco, and Senesco represents and warrants, to BCV, as to each of the
Senesco Parties as follows:

 

(a)     Corporate Existence and
Power. It is a company or corporation duly organized, validly existing and in good standing under the laws of the jurisdiction
in which it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and
assets and to carry on its business as it is now being conducted and as contemplated in this Agreement.

 

(b)     Authority and Binding Agreement.
As of the Effective Date, (i) it has the corporate power and authority and the legal right to enter into this Agreement and perform
its obligations hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the execution and
delivery of this Agreement and the performance of its obligations hereunder; and (iii) this Agreement has been duly executed and
delivered on behalf of such Party, and constitutes a legal, valid and binding obligation of such Party that is enforceable against
it in accordance with its terms, subject to bankruptcy, insolvency, reorganization, arrangement, winding-up, moratorium, and similar
laws of general application affecting the enforcement of creditors’ rights generally, and subject to general equitable principles,
including the fact that the availability of equitable remedies, such as injunctive relief or specific performance, is in the discretion
of the court.

 

(c)     No Conflict. It has
not entered, and will not enter, into any agreement with any Third Party that is in conflict with the rights granted to the other
Party under this Agreement, and has not taken and will not take any action that would in any way prevent it from granting the rights
granted to the other Party under this Agreement, or that would otherwise materially conflict with or adversely affect the rights
granted to the other Party under this Agreement. Its performance and execution of this Agreement does not result in a breach of
any other contract to which it is a party.

 

Section 8.2.    Senesco. Senesco
represents and warrants, as of the Effective Date, to BCV that:

 

(a)     it or Senesco Sub is the sole
and exclusive owner of all right, title and interest in the Biofuel IP existing as of the Effective Date and is entitled to grant
the Licenses specified herein. The Biofuel IP is free and clear of any liens, charges and encumbrances. Senesco Sub is a wholly
owned subsidiary of Senesco. Senesco will promptly notify BCV in writing if at any time during the Term it becomes aware that the
foregoing representation and warranty ceases to be true.

 

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(b)     The Biofuel Patent Rights listed
on Schedule A and the Biofuel Know-How provided to BCV pursuant to Section 3.2 constitute all of the Patent Rights
and Technology owned by Senesco or its Affiliates on the Effective Date that would, but for the rights granted to BCV pursuant
to this Agreement, be infringed or misappropriated by the exercise by BCV of its rights under this Agreement, provided that
if after the Effective Date BCV identifies any Biofuel Patent Rights that, as of the Effective Date, have been omitted from Schedule
A or Biofuel Know-How that have not been provided to BCV pursuant to Section 3.2, and if such omissions were unintentional
BCV’s sole remedy shall be to require Senesco to include (and to cause the Senesco Sub to include) such Biofuel Patent Rights
on Schedule A or to provide such Biofuel Know-How to BCV pursuant to Section 3.2.

 

(c)     To the Senesco Parties’
knowledge, there are no claims, judgments or settlements against or owed by Senesco or its Affiliates or pending or threatened
claims or litigation against Senesco or its Affiliates or to which Senesco or its Affiliate is a party relating to the Biofuel
IP that would reasonably be expected to impact activities under this Agreement. Without limiting the generality of the foregoing,
as of the Effective Date, to the Senesco Parties’ knowledge, no claim has been made against them (i) asserting the invalidity,
misuse, unregisterability or unenforceability of any of the Biofuel Patent Rights (other than in the ordinary course of patent
prosecution before the U.S. Patent and Trademark Office or any foreign patent office) or (ii) challenging the Senesco Parties’
ownership or Control of the Biofuel IP or making any adverse claim of ownership of the Biofuel IP. Senesco will promptly notify
BCV in writing if at any time during the Term it becomes aware that the foregoing representation and warranty ceases to be true.

 

(d)     Listed on Schedule D
are all the agreements existing as of the Effective Date between Senesco or its Affiliates and any Third Parties pursuant to which
Senesco or its Affiliates has rights and/or obligations with respect to any Biofuel IP to the extent relevant to BCV’s rights
under this Agreement in the Field (“Third Party Agreements”). Prior to the Effective Date Senesco has provided
to BCV true and correct copies of all Third Party Agreements from which copies have been redacted only those terms that are not
material to either the Senesco Parties’ obligations under this Agreement or the rights granted to BCV under this Agreement.
Neither Senesco nor any of its Affiliates is or has been a party to any agreement with the U.S. federal government or an agency
thereof pursuant to which the U.S. federal government or such agency provided funding relating to the Biofuel IP or any Licensed
Product.

 

(e)     The Senesco Parties have no
knowledge of any Patent Rights (other than the Biofuel Patent Rights) that may be infringed by the practice or use of the Biofuel
IP in the Field or by the development, manufacture, use or sale of Licensed Products, and no claim of infringement of the Patent
Rights of any Third Party has been made nor, to the Senesco Parties’ knowledge, threatened against Senesco or any of its
Affiliates with respect to the practice or use of the Biofuel IP in the Field or the development, manufacture, sale or use of Licensed
Products. To the Senesco Parties’ knowledge, neither Senesco nor any of its Affiliates or their respective current or former
employees has misappropriated any of the Biofuel Know-How from any Third Party, and the Senesco Parties have no knowledge of any
claim by a Third Party that such misappropriation has occurred.

 

(f)     To the Senesco Parties’
knowledge, the Biofuel IP is not being infringed or misappropriated by any Third Party in the Field.

 

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Section 8.3.    No Warranties. EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND, WHETHER
EXPRESS OR IMPLIED, WRITTEN OR ORAL, AND EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, ALL SUCH WARRANTIES ARE HEREBY DISCLAIMED,
INCLUDING WARRANTIES ARISING BY COURSE OF DEALING, PERFORMANCE, CUSTOM OR USAGE IN THE TRADE, AND IMPLIED WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE. EACH PARTY HEREBY DISCLAIMS ANY REPRESENTATION OR WARRANTY THAT THE DEVELOPMENT, MANUFACTURE
OR COMMERCIALIZATION OF ANY LICENSED PRODUCT OR OTHER PRODUCT PURSUANT TO THIS AGREEMENT WILL BE SUCCESSFUL OR THAT ANY PARTICULAR
SALES LEVEL WITH RESPECT TO A LICENSED PRODUCT WILL BE ACHIEVED.

 

Section 8.4.    Indemnification.

 

(a)     BCV Indemnity. BCV shall
indemnify, defend and hold harmless Senesco, its Affiliates and their respective directors, officers, employees, stockholders and
agents and their respective successors, heirs and assigns (the “Senesco Indemnitees”) from and against any liability,
damage, loss or expense (including reasonable attorneys’ fees and expenses of litigation) (“Loss”) incurred
by or imposed upon such Senesco Indemnitees, or any of them, in connection with any Third Party claims, suits, actions, demands
or judgments, including product liability matters, to the extent arising, (i) as a consequence of a material breach by BCV of its
representations, warranties, covenants or agreements hereunder, (ii) as a consequence of the gross negligence or willful misconduct
of any BCV Indemnitee in exercising its rights or performing its obligations under this Agreement, (iii) out of the conduct by
or on behalf of BCV or its Affiliates or Sublicensees of research, development and commercialization activities relating to the
Licensed Products, or (iv) out of the sale or use by any Person of any Licensed Products sold by or on behalf of BCV or any of
its Affiliates or Sublicensees; except in the case of clauses (iii) and (iv) to the extent such Loss arises from a matter for which
Senesco is obligated to indemnify BCV under Section 8.4(b).

 

(b)     Senesco Indemnity. Senesco
shall indemnify, defend and hold harmless BCV, its Affiliates and their respective directors, officers, employees, agents and equity
holders and their respective successors, heirs and assigns (the “BCV Indemnitees”), from and against any Loss
incurred by or imposed upon such BCV Indemnitees, or any of them, in connection with any Third Party claims, suits, actions, demands
or judgments, to the extent arising (i) as a consequence of a material breach by a Senesco Party of its representations, warranties,
covenants or agreements hereunder, (ii) as a consequence of the gross negligence or willful misconduct of any Senesco Indemnitee
in exercising its rights or performing its obligations under this Agreement, or (iii) out of or related to the exercise by Senesco,
its Affiliates or any Third Party deriving rights from Senesco or its Affiliates, of Senesco’s rights under Sections 6.3
or 9.5.

 

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(c)     Indemnification Procedures.
In the event that any Indemnitee is seeking indemnification under this Section 8.4 from a Party (the “Indemnifying
Party”), the other Party shall notify the Indemnifying Party of such claim with respect to such Indemnitee as soon as
reasonably practicable after the Indemnitee receives notice of the claim, and the Party (on behalf of itself and such Indemnitee)
shall permit the Indemnifying Party to assume direction and control of the defense of the claim (including the right to settle
the claim solely for monetary consideration) and shall cooperate as requested (at the expense of the Indemnifying Party) in the
defense of the claim; it being understood and agreed that the right to assume the direction and control of such litigation shall
be conditioned upon the ongoing existence of each of the following: (i) the Indemnifying Party expressly agrees in writing to the
Indemnified Party without a reservation of rights that, as between the Parties, the Indemnifying Party shall be solely obligated
to fully satisfy and discharge the claim notwithstanding any limitation with respect to indemnification included in this Agreement;
(ii) such claim is solely for monetary damage; and (iii) such claim shall not involve a criminal matter or be a claim being brought
by a governmental authority. The indemnification obligations under this Section 8.4 shall not apply to any harm suffered
as a direct result of any delay in notice to the Indemnifying Party hereunder or to amounts paid in settlement of any claim, demand,
action or other proceeding if such settlement is effected without the consent of the Indemnifying Party, which consent shall not
be withheld or delayed unreasonably. The Indemnitee, its employees and agents, shall reasonably cooperate with the Indemnifying
Party and its legal representatives in the investigation of any claim, demand, action or other proceeding covered by this Section
8.4.

 

Section 8.5.    LIMITATION OF
LIABILITY.

 

(a)     NEITHER PARTY SHALL BE LIABLE
TO THE OTHER, OR TO ANY THIRD PARTY CLAIMING THROUGH OR UNDER THE OTHER PARTY, FOR ANY LOST PROFITS OR FOR ANY INDIRECT, EXEMPLARY,
SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES OF ANY KIND ARISING OUT OF THIS AGREEMENT, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES, EXCEPT WITH RESPECT TO A BREACH OF EITHER PARTY’S OBLIGATIONS WITH RESPECT TO ARTICLE V, A PARTY’S
INDEMNIFICATION OBLIGATIONS UNDER Section 8.4, A PARTY’S INFRINGEMENT
OR MISAPPROPRIATION OF THE INTELLECTUAL PROPERTY RIGHTS OF THE OTHER PARTY, OR A PARTY’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT
OR FRAUD.

 

(b)     THE LIMITATIONS OF LIABILITY
CONTAINED IN THIS AGREEMENT ARE A FUNDAMENTAL PART OF THE BASIS OF EACH PARTY’S BARGAIN HEREUNDER, AND NEITHER PARTY WOULD
ENTER INTO THIS AGREEMENT ABSENT SUCH LIMITATION OF LIABILITY.

 

Section 8.6.    Insurance. Each Party
will maintain insurance during the Term of this Agreement and for a period of at least two (2) years thereafter with a reputable,
solvent insurer in an amount appropriate for its business and products of the type that are the subject of this Agreement, and
for its obligations under this Agreement. BCV’s commercial general liability insurance coverage shall name Senesco as an
additional insured from the Effective Date forward with respect to BCV’s performance hereof. Each Party will provide the
other Party, upon written request, with evidence of the existence and maintenance of such insurance coverage. Moreover, BCV agrees
to provide Senesco with certificates evidencing such coverage at least sixty (60) days prior to the first commercial sale
of a Licensed Product and at least annually thereafter. Such insurance certificates shall state that such insurance shall not be
canceled or materially altered except upon written notice to the other Party.

 

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ARTICLE IX

 

TERM AND TERMINATION

 

Section 9.1.    Term. Unless terminated
earlier pursuant to this Article IX, the term of this Agreement (“Term”) shall commence on the Effective Date
and shall continue until the expiration of the last-to-expire Royalty Term for a Licensed Product. Upon expiration of the Term,
the rights granted under Article 2 will become fully-paid and perpetual.

 

Section 9.2.     Termination
by Senesco.

 

(a)     Insolvency. Senesco
shall have the right, on behalf of the Senesco Parties, to terminate this Agreement, at Senesco’s sole discretion, on written
notice to BCV upon the filing by BCV in any court or agency pursuant to any statute or regulation of the United States or any other
jurisdiction a petition in bankruptcy or insolvency or for reorganization or similar arrangement for the benefit of creditors or
for the appointment of a receiver or trustee of BCV or its assets, or if BCV is served with an involuntary petition against it
in any insolvency proceeding, upon the ninety-first (91st) day after such service if such involuntary petition has not previously
been stayed or dismissed, or upon the making by BCV of an assignment of substantially all of its assets for the benefit of its
creditors.

 

(b)     Material Breach. Senesco
shall have the right, on behalf of the Senesco Parties, to terminate this Agreement, in its entirety or on a Licensed Product-by-Licensed
Product basis, at Senesco’s sole discretion, upon delivery of written notice to BCV, in the event of any material breach
by BCV of any terms and conditions of this Agreement applicable to this Agreement or such Licensed Product, if such breach has
not been cured within (i) thirty (30) days with respect to a material breach involving the failure to make a payment when due or
(ii) forty-five (45) days with respect to any other material breach of this Agreement, after written notice thereof is given by
Senesco to BCV specifying the nature of the alleged breach.

 

(c)     Diligence. BCV’s
breach of its obligation in Section 3.1(c) to use Commercially Reasonable Efforts to research, develop and commercialize
at least one Licensed Product in the Field shall be deemed a material breach of this Agreement. Senesco may exercise its termination
right under Section 9.2(b) with respect to such material breach in its sole discretion on a Licensed Product-by-Licensed
Product basis or with respect to this Agreement in its entirety.

 

Section 9.3.    Termination
by BCV.

 

(a)     Insolvency. BCV shall
have the right to terminate this Agreement, at BCV’s sole discretion, on written notice to Senesco upon the filing by a Senesco
Party in any court or agency pursuant to any statute or regulation of the United States or any other jurisdiction a petition in
bankruptcy or insolvency or for reorganization or similar arrangement for the benefit of creditors or for the appointment of a
receiver or trustee of a Senesco Party or its assets, or if a Senesco Party is served with an involuntary petition against it in
any insolvency proceeding, upon the ninety-first (91st) day after such service if such involuntary petition has not previously
been stayed or dismissed, or upon the making by a Senesco Party of an assignment of substantially all of its assets for the benefit
of its creditors (“Senesco Party Bankruptcy”). Notwithstanding the foregoing, BCV agrees to exercise the foregoing
termination right only in the event that the Senesco Party Bankruptcy has or is reasonably likely to have a material adverse effect
on BCV’s rights or the performance of the Senesco Parties’ obligations under this Agreement.

 

    	- 27 -

    	 

    

 

(b)     Material Breach. BCV
may terminate this Agreement in the event of any material breach by a Senesco Party of any terms and conditions of this Agreement,
provided that such breach has not been cured within forty-five (45) days after written notice thereof is given by BCV to
Senesco specifying the nature of the alleged breach.

 

(c)     Elective Termination During
the Evaluation Period. BCV may terminate this Agreement at any time during the Evaluation Period, for any or no reason, effective
upon written notice to Senesco delivered no later than the Evaluation Period Termination Date.

 

(d)     Elective Termination After
the Evaluation Period. BCV may terminate this Agreement at any time on or after the second anniversary of the Commercialization
License Commencement Date for any or no reason upon sixty (60) days prior written notice to Senesco.

 

Section 9.4.    Effect of Termination
for Senesco Breach or Insolvency. Notwithstanding anything to the contrary in Section 9.8, if BCV terminates this Agreement
pursuant to Section 9.3(a) or (b), then Sections 6.3 and 7.3(c) shall terminate and all the rights
granted to BCV in Article 2 and Article 7 will survive such termination until the Term would otherwise expire under
Section 9.1; provided, that BCV continues to use Commercially Reasonable Efforts to develop and commercialize Licensed
Products in the Field and shall pay all amounts due to Senesco pursuant to Article 4 until such time at which the Term would
otherwise have expired under Section 9.1 (at which time the Commercialization License will be fully paid and perpetual pursuant
to Section 9.1), which payments may be reduced by any damages awarded in a final judgment (from which no appeal is or may
be taken) against the Senesco Parties for their breach of this Agreement.

 

Section 9.5.    Effect of Termination
by BCV During the Evaluation Period. Upon any termination of this Agreement pursuant to Section 9.3(c), notwithstanding
anything to the contrary in Section 9.8, the rights and obligations of the Parties hereunder, and all licenses granted to
BCV, shall immediately cease, and:

 

(a)     BCV shall promptly assign to
Senesco all of BCV’s rights, title and interest in and to any and all BCV Improvements, BCV Owned Service Improvements, Joint
Inventions and Joint Patents.

 

(b)     Within thirty (30) days after
the effective date of termination, BCV shall provide to Senesco a comprehensive final report containing the research and development
activities undertaken by BCV during the Evaluation Period, and shall provide Senesco with copies of, and BCV hereby assigns to
Senesco all of BCV’s rights, title and interest in and to, all data and results of such activities, including business plans,
testing plans, testing results, a summary of all business development initiatives and results, presentations, research materials
and industry data (“Final Report”). Senesco may use the information contained in the Final Report for any purpose.

 

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(c)     BCV shall, and shall cause
any Sublicensee or other Person to which BCV has provided any Confidential Information of the Senesco Parties, to return (or purge
its systems and files of, and suitably account for) all tangible Confidential Information of the Senesco Parties (including the
BCV Improvements, BCV Owned Service Improvements, Joint Inventions and Joint Patents and information contained in the Final Report
to the extent they are Confidential Information), except that BCV shall be entitled to retain, through its legal counsel, one (1)
copy of such Confidential Information to the extent required under any Applicable Law or to ensure compliance with the terms of
this Agreement. BCV shall certify in writing that it has fully complied with its obligations under this Section 9.5(c) within
seven (7) days after its receipt of a request by Senesco for such a certification.

 

(d)     The rights and obligations
of the Parties set forth in Section 8.3 (No Warranties), Section 8.4 (Indemnification), Section 8.5 (Limitation
of Liability), and Section 8.6 (Insurance) and ARTICLE V (Confidential Information), ARTICLE IX (Term and
Termination) and ARTICLE X (Miscellaneous) (and any definitions referred to therein), shall survive termination of this
Agreement.

 

Section 9.6.    Effect of Other Termination.
Upon any termination of this Agreement other than pursuant to Section 9.3(a), 9.3(b) or 9.3(c), the rights
and obligations of the Parties hereunder, and all licenses granted to BCV, shall immediately cease (except as otherwise provided
in this Section 9.6 and Section 9.8), and:

 

(a)     All amounts due and payable
to Senesco prior to the effective date of termination shall be paid to Senesco no later than the effective termination date of
this Agreement.

 

(b)     Should BCV have any inventory
of the terminated Licensed Product, other than upon termination of this Agreement pursuant to Section 9.2(b), BCV shall
have the right to dispose of such inventory after termination of this Agreement with respect to such terminated Licensed Product
(subject to the payment to Senesco of any royalties due hereunder thereon). If Senesco terminates this Agreement pursuant to Section
9.2(b), BCV and its Affiliates and Sublicensees shall immediately cease all sales of the terminated Licensed Products.

 

(c)     In the event that the Commercialization
License is terminated, any granted Sublicenses that include commercialization rights will remain in full force and effect and Senesco
will enter into appropriate agreements or amendments to the Sublicense to substitute itself for BCV as the licensor thereunder;
provided that (i) the Sublicense complies with the terms of this Agreement, (ii) the Sublicensee is not then in breach of
its Sublicense, (iii) the Sublicensee agrees to be bound to the Senesco Parties as licensors under the terms and conditions of
the Sublicense without imposing any greater obligation, representation, warranty or liability on the Senesco Parties than imposed
on the Senesco Parties under this Agreement, and (iv) all payments under the Sublicense in respect of the Biofuel IP and Licensed
Products shall be made directly to Senesco. If any of the foregoing requirements are not satisfied with respect to a Sublicense,
such Sublicense shall terminate upon termination of the Commercialization License.

 

    	- 29 -

    	 

    

 

(d)     Each Party shall return and
shall cause any Sublicensee or other Person to which it has provided Confidential Information of the other Party (or purge its
systems and files of, and suitably account for) all tangible Confidential Information of the other Party (in the case of termination
on a Licensed Product-by-Licensed Product basis, in connection with the terminated Licensed Product(s)), except that such Party
shall be entitled to retain, through its legal counsel, one (1) copy of such Confidential Information to the extent required under
any Applicable Law or to ensure compliance with the terms of this Agreement. Each Party shall certify in writing that it has fully
complied with its obligations under this Section 9.6(d) within seven (7) days after its receipt of a request by the other
Party for such a certification.

 

(e)     The license granted under Section
6.3 shall survive, but shall not include any BCV Improvement that is (i) first conceived, discovered, developed or authored
eighteen (18) months or more after the effective date of termination and that is (ii) a BCV Improvement solely by virtue of being
related to the Biofuel IP as opposed to an improvement to or derivative of the Biofuel IP. Further, BCV agrees to negotiate in
good faith with Senesco with respect to BCV granting to Senesco a royalty-bearing license under any Technology Controlled by BCV
that BCV actually uses and is necessary to develop, manufacture or commercialize the Licensed Products in the Field, the terms
of such license to be commercially reasonable.

 

Section 9.7.    Remedies. Except as
otherwise expressly set forth in this Agreement, the termination provisions of this ARTICLE IX are in addition to any other
relief and remedies available to either Party at law or in equity.

 

Section 9.8.     Surviving Provisions.
Except as otherwise expressly stated in this Agreement, the rights and obligations of the Parties set forth in Section 4.6
(Sales Reports and Royalty Payment) (with respect to the last calendar quarter of the Term), Section 4.7 (Tax Withholding),
Section 4.8 (Sales Record Audit), Section 7.1(c) (Prosecution of Joint Patents), Sections 7.3(c) and (d)
(with respect to Senesco’s right to enforce certain Patent Rights), Section 8.3 (No Warranties), Section 8.4
(Indemnification), Section 8.5 (Limitation of Liability) and Section 8.6 (Insurance) and ARTICLE V (Confidential
Information), ARTICLE VI (Intellectual Property), ARTICLE IX (Term and Termination) and ARTICLE X (Miscellaneous)
(and any definitions referred to therein), as well as any rights or obligations otherwise accrued hereunder (including any accrued
payment obligations), shall survive the termination of this Agreement for any reason. Termination of this Agreement for any reason
shall not release any Party from any liability or obligation that has accrued prior to such expiration or termination, nor affect
the survival of any provision hereof to the extent it is expressly stated to survive termination. Termination of this Agreement
for any reason shall not constitute a waiver or release of, or otherwise be deemed to prejudice or adversely affect, any rights,
remedies, or claims, whether for damages or otherwise, that a Party may have hereunder or that may arise out of or in connection
with such termination.

 

    	- 30 -

    	 

    

 

Section 9.9.    Bankruptcy Rights.
All rights and licenses granted under or pursuant to this Agreement by a Party are, and shall otherwise be deemed to be, for purposes
of Section 365(n) of the U.S. Bankruptcy Code (the “Bankruptcy Code”), licenses of rights to “intellectual
property” as defined under Section 101(35A) of the Bankruptcy Code. The Parties agree that a Party, as a licensee of intellectual
property under this Agreement, shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code. The
Parties further agree that, in the event of a rejection of this Agreement by a Party in any bankruptcy proceeding by or against
such Party under the U.S. Bankruptcy Code, (a) the other Party shall be entitled to a complete duplicate of (or complete access
to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if not already in
such other Party’s possession, shall be promptly delivered to it upon written request therefor, and (b) such Party (in any
capacity, including debtor-in-possession) and its successors and assigns (including any trustee) shall not interfere with the other
Party’s rights to intellectual property and all embodiments of intellectual property, and shall assist and not interfere
with the other Party in obtaining intellectual property and all embodiments of intellectual property from another entity. The term
“embodiments” of intellectual property includes all tangible, intangible, electronic or other embodiments of rights
and licenses hereunder, including all compounds and products embodying intellectual property, Licensed Products, regulatory filings
and related rights, and Biofuel IP, Joint Inventions, Joint Patents and BCV Improvements. The foregoing provisions are without
prejudice to any rights a Party, as licensee of intellectual property under this Agreement, may have arising under the Bankruptcy
Code or other applicable law.

 

ARTICLE X

 

MISCELLANEOUS

 

Section 10.1.    Notification. All
notices, requests and other communications hereunder shall be in writing, shall be addressed to the receiving Party’s address
set forth below or to such other address as a Party may designate by notice hereunder, and shall be either (a) delivered by hand,
(b) sent by private courier service providing evidence of receipt, or (c) sent by registered or certified mail, return receipt
requested, postage prepaid. The addresses and other contact information for the Parties are as follows:

 

	 	If to Senesco or Senesco Sub:	 	
        721 Route 202/206, Suite 130

        Bridgewater, New Jersey 08807

        Attn: Joel Brooks, CFO

	 	 	 	 
	 	With a copy to:	 	
        Dechert LLP

        Suite 500

        902 Carnegie Center

        Princeton, New Jersey 08540-6531

        Attn: James J. Marino

         

 

	 	If to BCV:	 	
        BioCorp Ventures LLC

        

336 Bon Air Center #418

        Greenbrae, CA 94904

        Attn: Tony Shapiro

 

    	- 31 -

    	 

    

 

	 	With a copy to:	 	
        Faber Daeufer Itrato & Cabot PC

        950 Winter Street

        Suite 4500

        Waltham, MA 02451

        Attn: Ken Itrato

 

All
notices, requests and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the
delivery thereof to the receiving Party at the address of such Party set forth above, (ii) if sent by private courier, on the day
such notice is delivered to the recipient, or (iii) if sent by registered or certified mail, on the fifth (5th) business
day following the day such mailing is made.

 

Section 10.2.    Governing Law; Jurisdiction.
This Agreement shall be deemed to have been made in the State of Delaware, and its form, execution, validity, construction and
effect shall be determined in accordance with, and any dispute arising from the performance or breach hereof shall be governed
by and construed in accordance with, the laws of the State of Delaware, excluding its body of law controlling conflicts of law.
Each of the Parties irrevocably submits to the exclusive jurisdiction of the federal and state courts situated in the State of
Delaware for purposes of any suit, action or proceeding arising out of this Agreement or any transaction contemplated hereby and
agrees not to commence any action, suit or proceeding related hereto except in such courts. Neither Party shall challenge or contest
the subject matter or personal jurisdiction of any such court or its venue or assert the defense of forum nonconveniens.

 

Section 10.3.    Entire Agreement.
This Agreement, together with all of its Schedules, constitutes the entire agreement between the Parties with respect to the subject
matter hereof and supersedes all prior representations, understandings and agreements between the Parties with respect to the subject
matter hereof. No modification to this Agreement shall be effective unless in writing with specific reference to this Agreement
and signed by the Parties.

 

Section 10.4.    Waiver. The terms
or conditions of this Agreement may be waived only by a written instrument executed by the Party waiving compliance. The failure
of either Party at any time or times to require performance of any provision hereof shall in no manner affect its rights at a later
time to enforce the same. No waiver by either Party of any condition or term shall be deemed as a continuing waiver of such condition
or term or of another condition or term.

 

Section 10.5.    Headings. Section
and subsection headings are inserted for convenience of reference only and do not form part of this Agreement.

 

Section 10.6.    Assignment.
This Agreement shall not be assignable by either Party to any Affiliate or Third Party without the prior written consent of the
other Party hereto, except to an entity that acquires all or substantially all of the capital stock, business or assets of the
Party to which this Agreement pertains (whether by merger, reorganization, acquisition, sale or otherwise), provided that
in each case the assigning Party provides written notice to the other Party of such assignment and the assignee agrees in writing
to be bound by the terms and conditions of this Agreement. Any permitted assignee shall assume all obligations of its assignor
under this Agreement. Any purported assignment in violation of this Section 10.6 shall be null and void, ab initio.
In the event that either of the Senesco Parties is party to an Industry Transaction or any other consolidation or reorganization,
BCV agrees to reasonably negotiate in good faith any amendments to this Agreement requested by a Senesco Party, so long as such
amendments would not have a material adverse effect on BCV’s rights or obligations under this Agreement.

 

    	- 32 -

    	 

    

 

Section 10.7.    Force Majeure. Except
for obligations of payment arising hereunder, neither Party shall be liable to the other for failure or delay in the performance
of any of its obligations under this Agreement for the time and to the extent such failure or delay is caused by earthquake, riot,
civil commotion, terrorism, war, hostilities between nations, governmental law, order or regulation, embargo, action by the government
or any agency thereof, act of God, storm, fire, accident, labor dispute or strike, sabotage, explosion or other similar or different
contingencies, in each case, beyond the reasonable control of the respective Party. The Party affected by force majeure shall provide
the other Party with full particulars thereof as soon as it becomes aware of the same (including its best estimate of the likely
extent and duration of the interference with its activities), and shall use its commercially reasonable efforts to overcome the
difficulties created thereby and to resume performance of its obligations as soon as practicable. If the performance of any obligation
under this Agreement is delayed owing to a force majeure for any continuous period of more than three (3) months, the Parties hereto
shall consult with respect to an equitable solution including the possible termination of this Agreement.

 

Section 10.8.    Construction. The
Parties hereto acknowledge and agree that: (a) each Party and its counsel reviewed and negotiated the terms and provisions of this
Agreement and have contributed to its revision; (b) the rule of construction to the effect that any ambiguities are resolved against
the drafting Party shall not be employed in the interpretation of this Agreement; and (c) the terms and provisions of this Agreement
shall be construed fairly as to all Parties hereto and not in favor of or against any Party, regardless of which Party was generally
responsible for the preparation of this Agreement. Neither Party shall challenge the validity or enforceability of the terms, conditions,
obligations and covenants hereunder.

 

Section 10.9.    Severability. If
any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction or are deemed
unenforceable under then current Applicable Law from time to time in effect during the Term hereof, it is the intention of the
Parties that the remainder of this Agreement shall not be affected thereby, provided that a Party’s rights under this
Agreement are not materially affected. The Parties hereto covenant and agree to renegotiate any such term, covenant or application
thereof in good faith in order to provide a reasonably acceptable alternative to the term, covenant or condition of this Agreement
or the application thereof that is invalid, illegal or unenforceable, it being the intent of the Parties that the basic purposes
of this Agreement are to be effectuated.

 

Section 10.10.    Status. Nothing
in this Agreement is intended or shall be deemed to constitute a partner, agency, employer-employee, or joint venture relationship
between the Parties.

 

    	- 33 -

    	 

    

 

Section 10.11.    Further Assurances.
Each Party agrees to execute, acknowledge and deliver such further instructions, and to do all such other acts, as may be necessary
or appropriate in order to carry out the purposes and intent of this Agreement.

 

Section 10.12.    Counterparts. This
Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

    	- 34 -

    	 

    

 

IN WITNESS
WHEREOF, each of the Parties has caused this Agreement to be executed by its duly authorized representative.

 

	SENESCO TECHNOLOGIES, INC.	 	BIOCORP VENTURES, LLC
	 	 	 	 	 
	By:	/s/ Leslie J. Browne	 	By:	/s/ Chester Aldridge
	 	 	 	 	 
	Name:	Leslie J. Browne 	 	Name:	Chester Aldridge 
	 	 	 	 	 
	Title:	President & CEO	 	Title:	Managing Director
	 	 	 	 	 
	SENESCO, INC.	 	 	 
	 	 	 	 	 
	By:	/s/ Leslie J. Browne 	 	 	 
	 	 	 	 	 
	Name:	Leslie J. Browne  	 	 	 
	 	 	 	 	 
	Title:	President 	 	 	 

 

    	 

    	 

    

 

SCHEDULE A

 

BIOFUEL IP

 

	Country	Status	Application No.	Filing Date	Patent 

No.	Issue Date	Expiration Date	Title
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***
	***	***	***	***	***	***	***	***

  

    	ii

    	 

    

 

SCHEDULE B

 

EXCLUDED PRODUCTS

 

Banana seedlings, transgenic banana plants

 

“Cotton”: Cells, plants, seeds, part of plants of
any species of the genus Gossypium cultivated for cotton fiber and/or cotton seed oil production

 

“Brassica”: Cells, plants, seeds, part of plants
of any species of the genus Brassica cultivated for oilseed production, including but not limited to Brassica napus, Brassica
juncea, Brassica rapa, Brassica carinata

 

“Rice”: Oryza sativa sp, and hybrids thereof

 

Corn, soy and any hybrid varieties thereof

 

Alfalfa, Medicago species

 

Garden plants: Bedding plants are flowering plants used in outdoor
garden, container and hanging basket settings. Some examples of bedding plants include, but are not limited to, Petunia, Begonia,
Impatiens, Marigold, Geranium, Vinca and Pansy.

 

Potted plants: Potted plants are herbaceous or woody flowering
plants used in indoor pot situations for aesthetic purposes. Some examples of potted plants include, but are not limited to, Poinsettia,
Lilly, potted Rose, Azalea, African Violet, Chrysanthemum, Kalanchoe and Cyclamen

 

Turf grass, excluding grasses used for forage: fine turf, amenity
turf grass, recreational turf

 

All trees cultivated, harvested or produced for any purpose
(other than those grown for the purpose of edible fruit and nut production) including all derivative products from such trees regardless
of end use.

 

Any and all products, goods or services to the extent incorporating,
containing, utilized or enabled by or otherwise exploiting any of the foregoing.

 

    	iii

    	 

    

 

SCHEDULE C

 

DEVELOPMENT PLAN

 

BioCorp Ventures development plan consists of 4 primary steps:

		1.	Validation

		2.	Market Analysis

		3.	Use of Funds

		4.	Capital

Each of these four development plan steps are summarized below.

BCV’s initial Development plan goals are to establish
whether or not a commercially viable product for biofuel can be extracted using the Senesco technology. BCV will focus its efforts
on that discovery process.

STEP 1. VALIDATION

BCV will likely work with a reputable research center
**** for the validation of Senesco’s technology, in particular its improvements to transgenic
algae and jatropha compared to wild types and current best commercial strains. Validation may also include a discovery phase whereby
additional algal variations are evaluated.

BCV may also elect to work with private individuals
(such as John Thompson) for commercial validation processes.

In parallel with validation work, BCV will
also engage in:

STEP 2. MARKET ANALYSIS

BCV will work with market experts to determine the
best use of funds for market focus, business development and commercialization.

STEP 3. USE OF FUNDS 

Upon completion of validation and market analysis, BCV will
be in a position to properly evaluate and allocate an appropriate use of funds. 

The use of funds will include (but not be limited to) operational
needs such as:

		1.	G&A staffing plans

 

		2.	Business development efforts

 

		3.	Grant application work

 

STEP 4. CAPITAL

Capital sources will be determined by the amount of money required
to properly execute on the use of funds.

 

    	iv

    	 

    

 

SCHEDULE D

 

THIRD PARTY AGREEMENTS

 

Patent License Agreement, between Senesco Technologies, Inc.
and Monsanto Company, effective August 6, 2007.

 

Commercial License Agreement, between Senesco Technologies,
Inc. and Arborgen, LLC, effective December 31, 2006.

 

Development and License Agreement, between Senesco Technologies,
Inc. and The Scotts Company, effective March 8, 2004.

 

License Agreement, between Senesco Technologies, Inc. and Bayer
CropScience AG, executed on July 17, 2007.

 

License Agreement, between Senesco Technologies, Inc. and Bayer
CropScience AG, executed on August 30, 2007.

 

License Agreement, between Senesco Technologies, Inc. and Bayer
CropScience GmbH, effective November 8, 2006.

 

Senesco Inc. License Agreement, between Senesco Technologies,
Inc. and Rahan Meristem, effective May 17, 1999.

 

Development and License agreement, between Senesco Technologies,
Inc. and Cal/West Seeds, dated as of September 14, 2002.

 

    	vExhibit 4.8

BUSINESS LOAN
AGREEMENT (ASSET BASED) 

	 	 	 	 
	Borrower:
	SKM Media Group, Inc	Lender:	JPMorgan Chase Bank, NA
	 	6001 Broken Sound Parkway, Suite 510	 	Broward Business Banking LPO
	 	Boca Raton, FL 33487	 	350 East Las Olas Boulevard
	 	 	 	Fort Lauderdale, FL 33301
	 	 	 	 

 

THIS BUSINESS LOAN
AGREEMENT (ASSET BASED) dated May 9, 2012, is made and executed between SKM Media Group, Inc ("Borrower") and JPMorgan
Chase Bank, NA ("Lender") on the following terms and conditions, Borrower has received prior commercial loans from Lender
or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described
on any exhibit or schedule attached to this Agreement ("Loan"). Borrower understands and agrees that: (A) in granting,
renewing, or extending any Loan, Lender is relying upon Borrower's representations, warranties, and agreements as set forth in
this Agreement, and (B) all such Loans shall be and remain subject to the terms and conditions of this Agreement.

TERM. This Agreement
shall be effective as of May 9, 2012, and shall continue in full force and effect until such time as all of Borrower's Loans in
favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys' fees, and other fees and charges,
or until such time as the parties may agree in writing to terminate this Agreement.

LINE OF CREDIT. Lender
agrees to make Advances to Borrower from time to time, provided the aggregate amount of such Advances outstanding at any time does
not exceed the Borrowing Base. Within the foregoing limits, Borrower may borrow, partially or wholly prepay, and reborrow under
this Agreement as follows:

Conditions
Precedent to Each Advance. Lender's obligation to make any Advance to or for the account of Borrower under this Agreement is
subject to the following conditions precedent, with all documents, instruments, opinions, reports, and other items required under
this Agreement to be in form and substance satisfactory to Lender:

(1)Lender
shall have received evidence that this Agreement and all Related Documents have been duly authorized, executed, and delivered
by Borrower to Lender.

(2)Lender
shall have received such opinions of counsel, supplemental opinions, and documents as Lender may request.

(3)The
security interests in the Collateral shall have been duly authorized, created, and perfected with first lien priority and shall
be in full force and effect.

(4)All
guaranties required by Lender for the credit facility(ies) shall have been executed by each Guarantor, delivered to Lender, and
be in full force and effect.

(5)Lender,
at its option and for its sole benefit, shall have conducted an audit of Borrower's Accounts, books, records, and operations,
and Lender shall be satisfied as to their condition.

(6)Borrower
shall have paid to Lender all fees, costs, and expenses specified in this Agreement and the Related Documents as are then due
and payable.

(7)There
shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement, and Borrower
shall have delivered to Lender the compliance certificate called for in the paragraph below titled "Compliance Certificate."

Making
Loan Advances. Advances under this credit facility, as well as directions for payment from Borrower's accounts, may be requested
orally or in writing by authorized persons. Lender may, but need not, require that all oral requests be confirmed in writing.
Each Advance shall be conclusively deemed to have been made at the request of and for the benefit of Borrower (1) when credited
to any deposit account of Borrower maintained with Lender or (2) when advanced in accordance with the instructions of an authorized
person. Lender, at its option, may set a cutoff time, after which all requests for Advances will be treated as having been requested
on the next succeeding Business Day.

Mandatory
Loan Repayments. If at any time the aggregate principal amount of the outstanding Advances shall exceed the applicable Borrowing
Base, Borrower, immediately upon written or oral notice from Lender, shall pay to Lender an amount equal to the difference between
the outstanding principal balance of the Advances and the Borrowing Base.

Loan
Account. Lender shall maintain on its books a record of account in which Lender shall make entries for each Advance and such
other debits and credits as shall be appropriate in connection with the credit facility. Lender shall provide Borrower with periodic
statements of Borrower's account, which statements shall be considered to be correct and conclusively binding on Borrower unless
Borrower notifies Lender to the contrary within thirty (30) days after Borrower's receipt of any such statement which Borrower
deems to be incorrect.

COLLATERAL.
To secure payment of the Primary Credit Facility and performance of all other Loans, obligations and duties owed by Borrower
to Lender, Borrower (and others, if required) shall grant to Lender Security Interests in such property and assets as Lender may
require. Lender's Security Interests in the Collateral shall be continuing liens and shall include the proceeds and products of
the Collateral, including without limitation the proceeds of any insurance. With respect to the Collateral, Borrower agrees and
represents and warrants to Lender:

Perfection
of Security Interests. Borrower agrees to execute all documents perfecting Lender's Security Interest and to take whatever
actions are requested by Lender to perfect and continue Lender's Security Interests in the Collateral. Upon request of Lender,
Borrower will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and Borrower will note
Lender's interest upon any and all chattel paper and instruments if not delivered to Lender for possession by Lender. Contemporaneous
with the execution of this Agreement, Borrower will execute one or more UCC financing statements and any similar statements as
may be required by applicable law, and Lender will file such financing statements and all such similar statements in the appropriate
location or locations. Borrower hereby appoints Lender as its irrevocable attorney-in-fact for the purpose of executing any documents
necessary to perfect or to continue any Security Interest. Lender may at any time, and without further authorization from Borrower,
file a carbon, photograph, facsimile, or other reproduction of any financing statement for use as a financing statement. Borrower
will reimburse Lender for all expenses for the perfection, termination, and the continuation of the perfection of Lender's security
interest in the Collateral. Borrower promptly will notify Lender before any change in Borrower's name including any change to
the assumed business names of Borrower. Borrower also promptly will notify Lender before any change in Borrower's Social Security
Number or Employer Identification Number. Borrower further agrees to notify Lender in writing prior to any change in address or
location of Borrower's principal governance office or should Borrower merge or consolidate with any other entity.

Collateral
Records. Borrower does now, and at all times hereafter shall, keep correct and accurate records of the Collateral, all of
which records shall be available to Lender or Lender's representative upon demand for inspection and copying at any reasonable
time. With respect to the Accounts, Borrower agrees to keep and maintain such records as Lender may require, including without
limitation information concerning Eligible Accounts and Account balances and agings. Records related to Accounts (Receivables)
are or will be located at Borrower's headquarters. The above is an accurate and complete list of all locations at which Borrower
keeps or maintains business records concerning Borrower's collateral.

Collateral
Schedules. Concurrently with the execution and delivery of this Agreement, Borrower shall execute and deliver to Lender schedules
of Accounts and schedules of Eligible Accounts in form and substance satisfactory to the Lender. Thereafter supplemental schedules
shall be delivered according to the following schedule: With respect to Eligible Accounts, schedules shall be delivered with the
Borrowing Base Certificate.

Representations
and Warranties Concerning Accounts. With respect to the Accounts, Borrower represents and warrants to Lender: (1) Each Account
represented by Borrower to be an Eligible Account for purposes of this Agreement conforms to the requirements of the definition
of an Eligible Account; (2) All Account information listed on schedules delivered to Lender will be true and correct, subject
to immaterial variance; and (3) Lender, its assigns, or agents shall have the right at any time and at Borrower's expense to inspect,
examine, and audit Borrower's records and to confirm with Account Debtors the accuracy of such Accounts.

CONDITIONS
PRECEDENT TO EACH ADVANCE. Lender's obligation to make the initial Advance and each subsequent Advance under this Agreement
shall be subject to the fulfillment to Lender's satisfaction of all of the conditions set forth in this Agreement and in the Related
Documents.

Loan
Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting
to Lender security interests in the Collateral; (3) financing statements perfecting Lender's Security Interests; (4) evidence
of insurance as required below; (5) guaranties; (6) together with all such Related Documents as Lender may require for the Loan;
all in form and substance satisfactory to Lender and Lender's counsel.

Borrower's
Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly
authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have
provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

Fees
and Expenses Under This Agreement. Borrower shall have paid to Lender all fees, costs, and expenses specified in this
Agreement and the Related Documents as are then due and payable.

 

    	 

    	 

    
 

BUSINESS LOAN AGREEMENT
(ASSET BASED)

 

Representations
and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document
or certificate delivered to Lender under this Agreement are true and correct.

No
Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default
under this Agreement or under any Related Document.

REPRESENTATIONS
AND WARRANTIES. Borrower represents and warrants to , and covenants and agrees with, Lender that, as of the date of this Agreement,
as of the date of each Advance, as of the date of any renewal, extension or modification, and at all times any Indebtedness exists:

Organization.
Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing
under and by virtue of the laws of the State of Florida. Borrower is duly authorized to transact business in all other states
in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state
in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign corporation
in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition.
Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged
or presently proposes to engage. Borrower maintains an office at 6001 Broken Sound Parkway, Suite 510, Boca Raton, FL 33487. Unless
Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records
including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower's
state of organization or any change in Borrower's name. Borrower shall do all things necessary to preserve and to keep in full
force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders
and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower's business activities.

Authorization.
Borrower's execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized
by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any
provision of Borrower's articles of incorporation or organization, or bylaws, or any agreement or other instrument binding upon
Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower's properties. Borrower
has the power and authority to execute and deliver the Note and the Related Documents and, if applicable, to grant Collateral
as security for the Indebtedness.

Financial
Information. Each of Borrower's financial statements supplied to Lender truly and completely disclosed Borrower's financial
condition as of the date of the statement, and there has been no material adverse change in Borrower's financial condition subsequent
to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations except
as disclosed in such financial statements.

Legal
Effect. This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when
delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their
respective terms.

Properties.
Except as contemplated by this Agreement or as previously disclosed in Borrower's financial statements or in writing to Lender
and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good
title to all of Borrower's properties free and clear of all Security Interests, and has not executed any security documents or
financing statements relating to such properties. All of Borrower's properties are titled in Borrower's legal name, and Borrower
has not used or filed a financing statement under any other name for at least the last five (5) years.

Environmental
Matters and Indemnity. Except as disclosed to Lender in writing prior to the execution of this Agreement, Borrower represents
and warrants that: (1) During the period of ownership, use or control of the Assets (which term, for all purposes of this section,
shall include all plants, sites and facilities presently or formerly owned, operated, controlled or leased by the Borrower or
any Grantor), (a) there has been no violation of any Environmental Laws, and (b) there has been no use, generation, manufacture,
storage, treatment, refinement, transportation, disposal, release or threatened release of any Hazardous Substance by any person
on, under, about or from any of the Assets; (2) Borrower has no knowledge of, or reason to believe that, during the period prior
to the ownership, use or control of any of the Assets (as defined in clause (1) above) by Borrower or any Grantor, there has been
(a) any breach or violation of any Environmental Laws by any prior owners or occupants of any of the Assets, or (b) any use, generation,
manufacture, storage, treatment, refinement, transportation, disposal, release or threatened release of any Hazardous Substance
by any person on, under, about or from any of the Assets; and (3) neither Borrower nor any Grantor have received any notice of,
nor have any knowledge of, any actual or threatened claim, legal proceeding or investigation regarding Borrower, any Grantor or
any of the Assets (as defined in clause (1) above) related to Environmental Laws. The representations and warranties, contained
herein are based on Borrower's due diligence in investigating all of the Assets for Hazardous Substances.

Borrower
hereby (1) releases and waives any future claims against any Indemnified Party for indemnity or contribution in the event Borrower
becomes liable for cleanup or other costs under any Environmental Laws, and (2) agrees to defend, indemnify and hold harmless
each Indemnified Party against any and all obligations, actions, judgments, suits, claims, losses, liabilities, damages, penalties,
disbursements, costs and expenses (including, without limitation, reasonable attorneys' and consultants' fees), of any kind or
nature, which any Indemnified Party may directly or indirectly sustain or suffer resulting from, relating to, arising out of or
arising as a consequence of (a) any breach of this section or the "Environmental Compliance and Reports" section below,
(b) any use, generation, manufacture, storage, treatment, refinement, transportation, disposal, release, or threatened release
of any Hazardous Substance on, under, about or from any of the Assets, whether occuring during or prior to Borrower's or any Grantor's
ownership of any of the Assets, and whether or not the same was or should have been known to Borrower, (c) any investigatory or
remedial action involving any of the Assets, the operations conducted at any of the Assets or any other operations of Borrower,
any Grantor or any occupant at any of the Assets that is required by any Environmental Laws and (d) the contamination of any of
the Assets by any Hazardous Substances, by any means whatsoever (including, without limitation, any migration of any Hazardous
Substances onto any of the Assets, present or future). BORROWER SHALL INDEMNIFY THE RESPECTIVE INDEMNIFIED PARTY REGARDLESS
OF WHETHER THE ACT, OMISSION, FACTS, CIRCUMSTANCE OR CONDITIONS GIVING RISE TO SUCH INDEMNIFICATION WERE CAUSED IN WHOLE OR IN
PART BY THE RESPECTIVE INDEMNIFIED PARTY'S SIMPLE (BUT NOT GROSS) NEGLIGENCE. The provisions of this section, including the
obligation to indemnify, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this
Agreement and shall not be affected by Lender's or any other Indemnified Party's acquisition of any interest in any of the Assets,
whether by foreclosure or otherwise.

Litigation
and Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes)
against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower's financial
condition or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged
by Lender in writing.

Taxes.
To the best of Borrower's knowledge, all of Borrower's tax returns and reports that are or were required to be filed, have
been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or
to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided.

Lien
Priority.Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security

Agreements,
or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing
repayment of Borrower's Indebtedness.

Binding
Effect. This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers
thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective
terms.

AFFIRMATIVE
COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:

Notices
of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower's financial condition,
and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting
Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any
Guarantor.

Financial
Records. Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine
and audit Borrower's books and records at all reasonable times.

Financial
Statements. Furnish Lender with the following:

Annual
Statements. As soon as available, but in no event later than ninety (90) days after the end of each fiscal year, Borrower's
balance sheet and income statement for the year ended, compiled by a certified public accountant satisfactory to Lender.

Tax
Returns. As soon as available, but in no event later than thirty (30) days after the applicable filing date for the tax reporting
period ended, Federal and other governmental tax returns, prepared by a certified public accountant satisfactory to Lender.

    	 

    	 

    
BUSINESS LOAN AGREEMENT
(ASSET BASED)

(Continued)

Page 3

 

Additional
Requirements.

Financial
Statements.Borrower will cause Howard G. Minsky and Steven Moreno to provide current signed personal financial
statements of such person(s), to be in form and with such detail as is reasonably acceptable to Lender, to be provided
annually, as soon as available, but within 30 days following the anniversary date of the most recent annual personal
financial statement furnished to Lender.

Tax
Returns. As soon as available, and within 30 days after timely filing, Borrower will cause Howard G. Minsky and Steven Moreno
to provide a signed copy of the annual federal and other governmental tax returns of such person(s), with all schedules attached
thereto, compiled by certified public accountants reasonably acceptable to Lender.

Borrowing
Base Documents. Deliver to Lender a Borrowing Base certificate and Accounts aging report and such other supporting documentation
as Lender may request from time to time, all in form and detail satisfactory to Lender, at the following intervals: (a) whenever
the Borrower requests an Advance which, following such requested Advance, will result in an outstanding principal balance on the
line of credit of more than $400,000.00, and (b) so long as the outstanding principal balance on the line of credit totals more
than $400,000.00 during any calendar month, then within 30 days after the end of each such period.

All
financial reports required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent
basis, and certified by Borrower as being true and correct.

Additional
Information. Furnish such additional information and statements, as Lender may request from time to time. Financial Covenants
and Ratios. Comply with the following covenants and ratios:

Minimum
Income and Cash flow Requirements. Other Cash Flow requirements are as follows:

Debt
Service Coverage Ratio. Maintain a Debt Service Coverage Ratio of not less than 1.20 to 1.00. The "Debt Service Coverage
Ratio" means ratio of (a) net income, after taxes, plus amortization, depreciation and interest, minus any distributions
or dividends, for the twelve month period then ending, divided by (b) current maturities of long term debt, plus interest and
current maturities of capital leases for the same such twelve month period. This ratio will be evaluated as of each year end.

Tangible
Net Worth Requirements. Other Net Worth requirements are as follows:

Unsubordinated
Debt To Tangible Net Worth Ratio. Maintain an Unsubordinated Debt to Tangible Net Worth Ratio of less than 3.00 to 1.00. The
"Unsubordinated Debt to Tangible Net Worth Ratio" means a ratio of (a) total liabilities, excluding Subordinated Debt,
divided by (b) Tangible Net Worth. This ratio will be evaluated as of each year end.

Other
Requirements.

Commencement
of Evaluation of Ratios and Covenants. Each of the foregoing covenants and ratios will be evaluated for the first time based
on the financial reports required herein for the period ending December 31, 2012 and thereafter shall be periodically evaluated
as provided in each such covenant or ratio.

Except
as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made
in accordance with generally accepted accounting principles, applied on a consistent basis, and certified by Borrower as being
true and correct.

Insurance.
Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect
to Borrower's properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower,
upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory
to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written
notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not
be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering
assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender's
loss payable or other endorsements as Lender may require.

Insurance
Reports. Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as
Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured;
(3) the amount of the policy; (4) the properties insured; (5) the then current property values on the basis of which insurance
has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request
of Lender (however not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine,
as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower.

Guaranties.
Prior to disbursement of any Loan proceeds, furnish executed guaranties of the Loans in favor of Lender, executed by the guarantors
named below, on Lender's forms, and in the amounts and under the conditions set forth in those guaranties.

	Names of Guarantors	Amounts
	Howard G. Minsky	Unlimited
	Steven Moreno	Unlimited

Other
Agreements. Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower
and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.

Loan
Proceeds. Use all Loan proceeds solely for Borrower's business operations, unless specifically consented to the contrary by
Lender in writing.

Taxes,
Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments,
taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits,
prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any
of Borrower's properties, income, or profits.

Performance.
Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related
Documents, and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in
writing of any default in connection with any agreement.

Operations.
Maintain executive and management personnel with substantially the same qualifications and experience as the present executive
and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business
affairs in a reasonable and prudent manner.

Environmental
Studies. Promptly conduct and complete, at Borrower's expense, all such investigations, studies, samplings and testings as
may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance
defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive,
at or affecting any property or any facility owned, leased or used by Borrower.

Compliance
with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental
authorities applicable to the conduct of Borrower's properties, businesses and operations, and to the use or occupancy of the
Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has
notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Collateral are
not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to
protect Lender's interest.

Inspection.
Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower's
other Assets and to examine or audit Borrower's books, accounts, and records and to make copies and memoranda of Borrower's books,
accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated
records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon
request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide
Lender with copies of any records it may request, all at Borrower's expense.

Environmental
Compliance and Reports. Neither Borrower, nor any Grantor, tenant, contractor, agent or other authorized user of any of
the Assets shall use, generate, manufacture, store, treat, refine, transport, dispose of, or release any Hazardous Substance
on, under, about or from any of the Assets. Borrower will at all times comply, and will cause any Grantor to comply, with all
laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject including,
without limitation, all Environmental Laws. Borrower will furnish to Lender as soon as possible and in any event within 10
days after receipt by the Borrower or any Grantor, a copy of (a) any notice or claim to the effect that Borrower or any
Grantor is or may be liable to any person as a result of the release by Borrower or any Grantor or any other person of any
Hazardous Substances into the environment and (b) any notice alleging any violation of any Environmental Law by Borrower or
any Grantor. Borrower will permit, and will cause any Grantor to permit, Lender, by its representatives and agents, to enter
upon and test any of the Assets, and inspect any of Borrower's or any Grantor's books and records, all at such reasonable
times and intervals as Lender may designate, in order to determine Borrower's and any Grantor's compliance with both this
section and the "Environmental Matters and Indemnify" section above. Any such inspections or tests made by Lender
shall be at Borrower's expense and for Lender's purposes only and shall not be construed to create any responsibility or
liability of the part of Lender to Borrower, any Grantor, or any other person.

 

    	 

    	 

    
 BUSINESS LOAN AGREEMENT
(ASSET BASED)

 

Change
of Location. Immediately notify Lender in writing of any additions to or changes in location of Borrower's businesses, principal
office, or Collateral, other than in the ordinary course of business.

Title
to Assets and Property. Maintain good and marketable title to all of Borrower's Assets and property.

Other
Information. From time to time Borrower will provide Lender with such other information as Lender may reasonably request.

Additional
Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments,
financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence
and secure the Loans and to perfect all Security Interests.

LENDER'S
EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or
if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower's
failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related
Documents, Lender on Borrower's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including
but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied
or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral All such expenditures
incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred
or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender's
option, will (A) be payable on demand, (B) be added to the balance of the Note and be apportioned among and be payable with any
installment payments to become due during either (1) the term of any applicable insurance policy, (2) the remaining term of the
Note, or (3) be treated as a balloon payment which will be due and payable at the Note's maturity. Any Collateral also will secure
payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon
Default.

NEGATIVE
COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the
prior written consent of Lender:

Debts
and Indebtedness. (1) Except for trade debt incurred in the normal course of business and Indebtedness to Lender, create,
incur or assume indebtedness for borrowed money, including capital leases, (2) sell, transfer, mortgage, assign, pledge, lease,
grant a security interest in, or encumber any of Borrower's Assets (except as allowed as Permitted Liens), or (3) sell with or
without recourse any of Borrower's accounts, except to Lender.

Additional
Financial Restrictions.

Primary
Deposit Relationship. Fail to establish and maintain its primary depository relationship for its operating accounts with Lender.

Distributions
or Dividends. Notwithstanding any prohibition on the payment of dividends or distributions in this Agreement in the section
captioned "Continuity of Operations", Borrower may pay any dividends or distributions for any purpose Borrower deems
appropriate, but only so long as no Event of Default has occurred and is continuing or would result from the payment of such dividends
or distributions.

Transfer
of Ownership. Notwithstanding any other covenant in this Agreement, without the prior written consent of Lender, permit any
pledge of any ownership interest in Borrower, or any sale or other transfer of any ownership interest in Borrower in excess of
25% in the aggregate."

Affiliate
Loans. Make any loans to affiliates of Borrower, notwithstanding any other covenant in this Agreement to the contrary.

Continuity
of Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently engaged,
(2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer
or sell Collateral out of the ordinary course of business, (3) pay any dividends or make any other distributions on Borrower's
stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no
Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter
S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock
to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income
tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of
a Subchapter S Corporation because of their ownership of shares of Borrower's stock, (4) purchase, redeem or retire any of Borrower's
outstanding shares , or (5) alter or amend Borrower's capital structure.

Loans,
Acquisitions and Guaranties. (1) Loan, invest in or advance money or assets to any other person, enterprise or entity, (2)
purchase, create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor
other than in the ordinary course of business.

Agreements.
Borrower will not enter into any agreement containing any provisions which would be violated or breached by the performance
of Borrower's obligations under this Agreement or in connection herewith.

RIGHT
OF SETOFF. Borrower grants to Lender a security interest in, as well as a right of setoff against, and hereby assigns, conveys,
delivers, pledges and transfers to Lender, as security for repayment of the Indebtedness, all Borrower's right, title and interest
in and to all Borrower's accounts (whether checking, savings, or some other account) with Lender or any subsidiary or affiliate
of JPMorgan Chase & Co. (each hereinafter referred to as a "Lender Affiliate") and all other obligations at any
time owing by Lender or any Lender Affiliate to Borrower. This includes all accounts Borrower holds jointly with someone else
and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts
for which the grant of a security interest would be prohibited by law. Borrower authorizes Lender, without prior notice to Borrower
and irrespective of (i) whether or not Lender has made any demand under the Note or the Related Documents or (ii) whether such
Indebtedness is contingent, matured or unmatured, to the extent permitted by law, to collect, charge and/or setoff all sums owing
on the Indebtedness against any and all such accounts and other obligations, and, at Lender's option, to administratively freeze
or direct a Lender Affiliate to administratively freeze all such accounts and other obligations to allow Lender to protect Lender's
security interest, collection, charge and setoff rights provided in this paragraph.

DEFAULT.
Each of the following shall constitute an Event of Default under this Agreement:

Payment Default. Borrower fails to
make any payment when due under the Loan.

Other
Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained
in any other agreement between Lender and Borrower.

Transfer
of Assets. Borrower leases, sells, or otherwise conveys, or agrees to lease, sell, or otherwise convey, a material part of
its Assets or business outside of the ordinary course of business.

Defaults
with Respect to Third Parties. Borrower fails to make any payment when due or fails to comply with or perform any term, obligation,
covenant or condition contained in any agreement between any other person and Borrower.

False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under
this Agreement, the Note, or the Related Documents is false or misleading in any material respect, either now or at the time made
or furnished or becomes false or misleading at any time thereafter.

Judgments
or Decrees. One or more judgments or decrees shall be entered against the Borrower and such judgments or decrees shall not
have been vacated, discharged, stayed or bonded pending appeal.

Insolvency.
The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of
a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or
the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

Defective
Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure
of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

Creditor
or Forfeiture Proceedings. Commencement of foreclosure, replevin, repossession, attachment, levy, execution, or forfeiture
proceedings, whether by judicial proceeding, self-help, or any other method, by any creditor of Borrower, or by any governmental
agency against the Collateral or any assets of Borrower. This includes a garnishment of any of Borrower's accounts, including
deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as
to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives
Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor
or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for
the dispute.

 

    	 

    	 

    
BUSINESS LOAN AGREEMENT
(ASSET BASED)

(Continued)

Page 5

 

 

Failure
to Comply with Laws. Borrower fails to comply with all applicable statutes, laws, ordinances and governmental rules, regulations
and orders to which it is subject or which are applicable to its business, property and assets.

Change
in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

Adverse
Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or
performance of the Loan is impaired.

Events
Affecting Guarantor. Any of the preceeding Events of Default occurs with respect to any guarantor of the Indebtedness as if
the word "guarantor" were substituted for the word "Borrower" in such Event of Default, or any guarantor dies
or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty.

Events
Affecting Grantor. Any of the preceding Events of Default occurs with respect to any grantor, pledgor or obligor of the Indebtedness
as if "grantor", "pledgor" or "obligor" were substituted for the word "Borrower" in such
Event of Default, or any grantor, pledgor, or obligor dies or becomes incompetent, or revokes or disputes the validity of, or
liability under, any Related Document or agreement.

Insecurity.
Lender in good faith believes itself insecure.

EFFECT
OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related
Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately
will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender's option, all Indebtedness
immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default
of the type described in the "Insolvency" subsection above, such acceleration shall be automatic and not optional. In
addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise.
Except as may be prohibited by applicable law, all of Lender's rights and remedies shall be cumulative and may be exercised singularly
or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender's right to declare
a default and to exercise its rights and remedies.

JURY
WAIVER. THE UNDERSIGNED AND LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR
AMONG THE UNDERSIGNED AND LENDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT, THE RELATED DOCUMENTS, OR ANY RELATIONSHIP
BETWEEN OR AMONG THE UNDERSIGNED AND LENDER WHETHER ANY SUCH RIGHT NOW OR HEREAFTER EXISTS. THIS PROVISION IS A MATERIAL INDUCEMENT
TO LENDER TO PROVIDE THE FINANCING EVIDENCED BY THIS DOCUMENT AND THE RELATED DOCUMENTS.

GOVERNING
LAW. The Lender's loan production office for this transaction is located at the address and in the State (the "LPO State")
indicated in the LPO address or the loan production office address on the first page of this document. This document will be governed
by and interpreted in accordance with federal law and the laws of the LPO State, except for matters related to interest and the
exportation of interest, which matters shall be governed by and interpreted in accordance with federal law (including, but not
limited to, statutes, regulations, interpretations and opinions) and the laws of the State of Ohio. However, if there is ever
a question about whether any provision of this document is valid or enforceable, the provision that is questioned will be governed
by whichever state or federal law would find the provision to be valid and enforceable. The loan transaction which is evidenced
by this document has been made in the State of Ohio.

VENUE.
If there is a lawsuit, the undersigned agrees to submit to the jurisdiction of the courts of the county in the LPO State in
which the Lender's loan production office is located.

EXCLUSION
FROM LOAN AGREEMENT. Lender and Borrower hereby agree that, in addition to any loan or financial accommodation described on
any Exhibit attached to this Agreement, if any, the following types of loans or financial accommodations, whether now existing
or hereafter arising, are excluded from this Agreement: (i) any transaction that is supported by a U. S. Small Business Administration
guaranty, (ii) any construction loan governed by a construction loan agreement, (iii) any agricultural loan governed by an agricultural
loan agreement, (iv) any bond or bond-related transaction, and (v) any credit extended for personal, family or household purposes.

USE
OF LOAN PROCEEDS. No portion of any Advance or Loan shall be used directly or indirectly to purchase ineligible securities,
as defined by applicable regulations of the Federal Reserve Board, underwritten by any affiliate of JPMorgan Chase & Co. during
the underwriting period and for 30 days thereafter.

MISCELLANEOUS
PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

Amendments.
This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in
writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

Attorneys'
Fees; Expenses. Borrower agrees to pay upon demand all of Lender's costs and expenses, including Lender's reasonable attorneys'
fees and Lender's legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone
else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include
Lender's reasonable attorneys' fees and legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees
and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals,
and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may
be directed by the court.

Caption
Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define
the provisions of this Agreement.

Consent
to Loan Participation. Borrower agrees and consents to Lender's sale or transfer, whether now or later, of one or more participation
interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation
whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower
or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect
to such matters. Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of
any repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will
be considered as the absolute owners of such interests in the Loan and will have all the rights granted under the participation
agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim
that it may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees
that either Lender or such purchaser may enforce Borrower's obligation under the Loan irrespective of the failure or insolvency
of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may
enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender.

Indemnification.
Borrower agrees to indemnify, defend and hold each of the Indemnified Parties harmless from and against any and all liabilities,
obligations, claims, losses, damages, penalties, fines, forfeitures, actions, judgments, suits, costs, expenses, and disbursements
of any kind or nature (including, without limitation, Lender's attorneys' fees) (collectively, "Claims") which may be
imposed upon, incurred by or assessed against any Indemnified Party (whether or not caused by any Indemnified Party's sole, concurrent,
or contributory negligence) arising in connection with this Agreement, any Related Document, or any of the Assets (including,
without limitation, the enforcement of this Agreement and the Related Documents and the defense of any Indemnified Party's action
or inaction in connection with this Agreement and the Related Documents) or in connection with the Borrower's failure to perform
all of Borrower's obligations under this Agreement or any Related Document, except to the limited extent that the claims against
any such Indemnified Party are proximately caused by such Indemnified Party's gross negligence or willful misconduct. The Indemnification
provided for in this section shall survive the termination of this Agreement and shall extend to and continue to benefit each
individual or entity who is or has at any time been an Indemnified Party.

Borrower's
indemnity obligations under this section shall not in any way be affected by the presence or absence of covering insurance, or
insurance policy or policies affecting the Assets and/or Borrower's business activities. Should any claim, action or proceeding
be made or brought against any Indemnified Party by reason of any event as to which Borrower's indemnification obligations apply,
then, upon such Indemnified Party's demand, Borrower, at its sole cost and expense, shall defend such claim, action or proceeding
in Borrower's name, if necessary, by the attorneys for Borrower's insurance carrier (if such claim, action or proceeding is covered
by insurance), or otherwise by such attorneys as such Indemnified Party shall approve. Lender may also elect to engage its own
attorneys at its reasonable discretion to defend Borrower or any Indemnified Party and to assist in their defense, and Borrower
agrees to pay the fees and disbursements of such attorneys upon Lender's request.

No
Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given
in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver
of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a
waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Agreement.
No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall
constitute a waiver of any of Lender's rights or of any of Borrower's or any Grantor's, obligations as to any future
transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any
instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such
consent may be granted or withheld in the sole discretion of Lender.

 

    	 

    	 

    
BUSINESS LOAN AGREEMENT
(ASSET BASED)

 

Notices.
Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight
courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid,
directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this
Agreement by giving written notice to the other parties, specifying that the purpose of the notice is to change the party's address.
For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower's current address. Unless otherwise provided
or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given
to all Borrowers.

Severability.
If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to
any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance.
If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending
provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality,
invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of
any other provision of this Agreement.

Successors
and Assigns. All covenants and agreements contained by or on behalf of Borrower shall bind Borrower's successors and assigns
and shall inure to the benefit of Lender, its successors and assigns. Borrower shall not, however, have the right to assign Borrower's
rights under this Agreement or any interest therein, without the prior written consent of Lender.

Survival
of Representations and Warranties. Borrower understands and agrees that in extending Loan Advances, Lender is relying on all
representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered
by Borrower to Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation
made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to
Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each
Loan Advance is made, and shall remain in full force and effect until such time as Borrower's Indebtedness shall be paid in full,
or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.

Time
is of the Essence. Time is of the essence in the performance of this Agreement.

DEFINITIONS.
The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically
stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words
and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Florida Uniform
Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in
accordance with generally accepted accounting principles as in effect on the date of this Agreement:

Account.
The word "Account" means a trade account, account receivable, other receivable, or other right to payment for goods
sold or services rendered owing to Borrower (or to a third party grantor acceptable to Lender).

Advance.
The word "Advance" means a disbursement of loan funds made, or to be made, to or for the benefit of Borrower and,
if applicable, includes the issuance by or on behalf of Lender of any letters of credit for the account of Borrower and the extension
of any loans or other credit accommodations by Lender to Borrower.

Agreement.
The word "Agreement" means this Business Loan Agreement (Asset Based), as this Business Loan Agreement (Asset Based)
may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement
(Asset Based) from time to time.

Assets.
The word "Asset" means any property or interest in property of any kind or description of Borrower or any Grantor,
or any property or interest in property of any Grantor which is subject to a security interest in favor of Lender, whether such
assets are real, personal, tangible, intangible, or mixed, and whether such assets are owned, leased or operated by Borrower,
or any such Grantor.

Borrower.
The word "Borrower" means SKM Media Group, Inc, and all other persons and entities signing the Note in whatever
capacity.

Borrowing
Base. The words "Borrowing Base" mean as determined by Lender from time to time, the lesser of (1) $650,000.00 or
(2) the sum of (a) 80% of the aggregate amount of Eligible Accounts (not to exceed in corresponding Loan amount based on Eligible
Accounts $650,000.00). The Borrowing Base will be calculated at the following intervals: (a) whenever the Borrower requests an
Advance which, following such requested Advance, will result in an outstanding principal balance on the line of credit of more
than $400,000.00, and (b) so long as the outstanding principal balance on the line of credit totals more than $400,000.00 .

Business
Day. The words "Business Day" mean a day on which commercial banks are open in the State of Florida.

Collateral.
The word "Collateral" means all property and assets granted as collateral security for a Loan, whether real or personal
property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security
interest, security deed, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral
chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title
retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether
created by law, contract, or otherwise. The word Collateral also includes without limitation all collateral described in the Collateral
section of this Agreement.

Default.
The word "Default" means the Default set forth in this Agreement in the section titled "Default".

Eligible
Accounts. The words "Eligible Accounts" mean at any time, all of Borrower's Accounts which contain selling terms
and conditions acceptable to Lender. The net amount of any Eligible Account against which Borrower may borrow shall exclude all
returns, discounts, credits, and offsets of any nature. Unless otherwise agreed to by Lender in writing, Eligible Accounts do
not include:

(1)Accounts
with respect to which the Account Debtor is employee or agent of Borrower.

(2)Accounts
with respect to which the Account Debtor is a subsidiary of, or affiliated with Borrower or its shareholders, officers, or directors.

(3)Accounts
with respect to which goods are placed on consignment, guaranteed sale, or other terms by reason of which the payment by the Account
Debtor may be conditional.

(4)Accounts
with respect to which the Account Debtor is not a resident of the United States, except to the extent such Accounts are supported
by insurance, bonds or other assurances satisfactory to Lender.

(5)Accounts
with respect to which Borrower is or may become liable to the Account Debtor for goods sold or services rendered by the Account
Debtor to Borrower.

(6)Accounts
which are subject to dispute, counterclaim, or setoff.

(7)Accounts
with respect to which the goods have not been shipped or delivered, or the services have not been rendered, to the Account Debtor.

(8)Accounts
with respect to which Lender, in its sole discretion, deems the creditworthiness or financial condition of the Account Debtor
to be unsatisfactory.

(9)Accounts
of any Account Debtor who has filed or has had filed against it a petition in bankruptcy or an application for relief under any
provision of any state or federal bankruptcy, insolvency, or debtor-in-relief acts; or who has had appointed a trustee, custodian,
or receiver for the assets of such Account Debtor; or who has made an assignment for the benefit of creditors or has become insolvent
or fails generally to pay its debts (including its payrolls) as such debts become due.

(10)Accounts
with respect to which the Account Debtor is the United States government or any department or agency of the United States.

(11)Accounts
which have not been paid in full within 90 days from the invoice date. The entire balance of any Account of any single
Account Debtor will be ineligible whenever the portion of the Account which has not been paid within 90 days from the invoice
date is in excess of 15.000% of the total amount outstanding on the Account.

 (12)That
portion of the Accounts of any single Account Debtor which exceeds 25.000% of all of Borrower's Accounts.

(13)That
portion of Accounts which constitute retainage.

(14)Accounts
which arise from projects which are bonded.

 

    	 

    	 

    
BUSINESS LOAN AGREEMENT
(ASSET BASED)

(Continued)

Page 7

 

 

Environmental
Laws. The words "Environmental Laws" mean any and all federal, state, local and foreign statutes, judicial decisions,
regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses,
agreements and other governmental restrictions relating to (i) the protection of the environment, (ii) the effect of the environment
on human health, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface
water, ground water or land, or (iv) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or
handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof.

Event
of Default. The words "Event of Default" mean any of the events set forth in the section of this Agreement entitled
"Default". GAAP. The word "GAAP" means generally accepted accounting principles.

Grantor.
The word "Grantor" means each and all of the persons or entities granting a Security Interest in any Collateral
for the Loan, including without limitation all Borrowers granting such a Security Interest.

Guarantor.
The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Loan.

Hazardous
Substances. The words "Hazardous Substances" mean all explosive or radioactive substances or wastes and all hazardous
or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing
materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature
regulated pursuant to any Environmental Law.

Indebtedness.
The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note
or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for
the Note or Related Documents, together with interest on such amounts as provided in this Note, and all obligations, debts and
liabilities, plus interest thereon, of Borrower, or any one or more of them, to Lender, as well as claims by Lender against Borrower
or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note,
whether voluntary or otherwise, whether due or not due, direct or indirect, absolute or contingent,liquidated or unliquidated
and whether Borrower may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation
party or otherwise, and whether recovery upon such amounts may be hereafter may become barred by any statute of limitations, and
whether the obligation to repay such amount may be or hereafter may become otherwise unenforceable, and further includes, without
limitation, all principal, interest, and other amounts, costs and expenses payable under the Related Documents, whether executed
by the Borrower or by any other person or entity, together with all renewals of, extensions of, modifications of, consolidations
of and substitutions for the Related Documents, together with the interest thereon as provided in the Related Documents.

Indemnified
Parties. The words "Indemnified Parties" mean the Lender and each of its affiliates, and each of their respective
shareholders, directors, offices, employees and agents.

Lender.
The word "Lender" means JPMorgan Chase Bank, NA, its successors and assigns.

Note.
The word "Note" means any and all promissory note or notes which evidence Borrower's Loans in favor of Lender, as
well as any amendment, modification, renewal and replacement thereof.

Permitted
Liens. The words "Permitted Liens" mean (1) liens and security interests securing Indebtedness owed by Borrower
to Lender; (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good faith; (3) liens
of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business and securing
obligations which are not yet delinquent; (4) purchase money liens or purchase money security interests upon or in any property
acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement
or permitted to be incurred under the paragraph of this Agreement titled "Indebtedness and Liens"; and (5) liens and
security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing.

Primary
Credit Facility. The words "Primary Credit Facility" mean the credit facility described in the Line of Credit section
of this Agreement.

Related
Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now existing or hereafter arising, executed in connection with the Indebtedness.

Security
Agreement. The words "Security Agreement" mean and include without limitation any agreements, promises, covenants,
arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing,
or creating a Security Interest.

Security
Interest. The words "Security Interest" mean, without limitation, any and all types of collateral security, present
and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop
pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust
receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest
whatsoever whether created by law, contract, or otherwise.

Subordinated
Debt. The words "Subordinated Debt" mean all present and future obligations, liabilities, claims, rights and demands
of any kind which may be owing from Borrower to any creditor, other than Lender, to include, without limitation, principal, interest,
costs, attorney's fees, sums paid for protecting the rights of a holder of security, all contingent obligations (such as a guaranty)
and all other obligations of any nature whatsoever owed to such a creditor, which have been subordinated in all respects to the
Indebtedness owed to Lender by written agreement acceptable to Lender to include, without limitation, deferral of any payment
of principal to the creditor, deferral of interest payments upon occurrence of any Event of Default, and subordination of any
Security Interest of such creditor until all Indebtedness is paid.

Tangible
Net Worth. The words "Tangible Net Worth" mean Borrower's total assets excluding all intangible assets (i.e. goodwill,
trademarks, patents, copyrights, organizational expenses, and similar intangible items, but including leaseholds and leasehold
improvements) less total liabilities excluding Subordinated Debt.

BORROWER
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT (ASSET BASED) AND BORROWER AGREES TO ITS TERMS. THIS
BUSINESS LOAN AGREEMENT (ASSET BASED) IS DATED MAY 9, 2012.

 

	SKM MEDIA GROUP, INC	 	 	 
	 	 	 	 	 
	By:	/s/ Howard G. Minsky	 	By:	/s/ Steven Moreno
	 	Howard G. Minsky, CEO of SKM Media Group, Inc	 	 	Steven Moreno, Vice President of SKM Media
	 	 	 	 	Group, Inc 
	 	 	 	 	 
	LENDER:	 	 	 	 
	JPMORGAN CHASE BANK, NA	 	 	 
	 	 	 	 	 
	By:	/s/JP Morgan Cgase	 	 	 
	 	Authorized Signer	 	 	 
	 	 	 	 	 

 

 

    	 

    	 

    

 

PROMISSORY
NOTE 

	 	 	 	 
	Borrower:
	SKM Media Group, Inc	Lender:	JPMorgan Chase Bank, NA
	 	6001 Broken Sound Parkway, Suite 510	 	Broward Business Banking LPO
	 	Boca Raton, FL 33487	 	350 East Las Olas Boulevard
	 	 	 	Fort Lauderdale, FL 33301
	 	 	 	 

Date of Note: May 9, 2012

Principal
Amount: $650,000.00

PROMISE
TO PAY. SKM Media Group, Inc ("Borrower") promises to pay to JPMorgan Chase Bank, NA ("Lender"), or order,
in lawful money of the United States of America, the principal amount of Six Hundred Fifty Thousand & 00/100 Dollars ($650,000.00)
or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest
shall be calculated from the date of each advance until repayment of each advance.

PAYMENT.
Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on May 17, 2013. In addition,
Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning June 17, 2012,
with all subsequent interest payments to be due on the same day of each month after that. Payments and any other credits shall
be allocated among principal, interest and fees at the discretion of Lender unless otherwise required by applicable law. Interest
on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied
by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. Borrower
will pay Lender at Lender's address shown on loan account statements sent to the Borrower, Lender's address shown in any payment
coupon book provided to the Borrower, or at such other place as Lender may designate in writing.

VARIABLE
INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an index which is
the LIBOR Rate (the "Index"). "LIBOR Rate" shall mean the offered rate for U.S. Dollar deposits of not less
than $1,000,000.00 for a period of time equal to each Interest Period as of 11:00 A.M. City of London, England time two London
Business Days prior to the first date of each Interest Period of this Note as shown on the display designated as "British
Bankers Assoc. Interest Settlement Rates" on the Reuters Screen ("Reuters") LIBOR01 Page, or such other page or
pages as may replace such pages on Reuters for the purpose of displaying such rate. Provided, however, that if such rate is not
available on Reuters then such offered rate shall be otherwise independently determined by Lender from an alternate, substantially
similar independent source available to Lender or shall be calculated by Lender by a substantially similar methodology as that
theretofore used to determine such offered rate in Reuters. "London Business Day" means any day other than a Saturday,
Sunday or a day on which banking institutions are generally authorized or obligated by law or executive order to close in the
City of London, England. Each change in the rate to be charged on this Note will become effective without notice on the commencement
of each Interest Period based upon the Index then in effect. "Interest Period" means each consecutive one month period
(the first of which shall commence on the date of this Note) effective as of the first day of each Interest Period and ending
on the last day of each Interest Period, provided that if any Interest Period is scheduled to end on a date for which there is
no numerical equivalent to the date on which the Interest Period commenced, then it shall end instead on the last day of such
calendar month. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate of 3.761 percentage
points over the Index. NOTICE: Under no circumstances will the effective rate of interest on this Note be more than the maximum
rate allowed by applicable law.

PREPAYMENT.
Borrower may pay without fee all or a portion of the principal amount owed hereunder earlier than it is due. All prepayments
shall be applied to the Indebtedness in such order and manner as Lender may from time to time determine in its sole discretion.
Borrower agrees not to send Lender payments marked "paid in full", "without recourse", or similar language.
If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower will
remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any
check or other payment instrument that indicates that the payment constitutes "payment in full" of the amount owed or
that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered
to: Business Banking Loan Servicing Disputed Accounts Department, P.O. Box 33035 Louisville, KY 40232-9891.

LATE
CHARGE. If a payment is 10 days or more late, Borrower will be charged 5.000% of the regularly scheduled payment or $25.00,
whichever is greater.

INTEREST
AFTER DEFAULT. Upon the occurrence of any Event of Default, including, but not limited to, (i) any material adverse change
in the business assets, affairs, prospects or financial condition of Borrower or any guarantor, (ii) failing to provide financial
statements, copies of Federal tax returns and other information relating to the financial condition, properties and affairs of
the Borrower, any guarantor or grantor, as provided for in this Note and/or any Related Document, or (iii) failure to pay upon
final maturity, Lender may, at Lender's option and if permitted by applicable law, a) add any unpaid accrued interest to principal
and such sum will bear interest therefrom until paid at the rate provided in this Note, including any increased rate, and/or b),
increase the interest rate on this Note by 3.000 percentage points (the "Default Rate Margin"). The Default Rate Margin
shall also apply to each succeeding interest rate change that would have applied had there been no Event of Default. However,
in no event will the interest rate exceed the maximum interest rate allowed under applicable law.

DEFAULT.
Each of the following shall constitute an event of default ("Event of Default") under this Note: Payment Default.
Borrower fails to make any payment when due under this Note.

Other
Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this
Note or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained
in any other agreement between Lender and Borrower.

Transfer
of Assets. Borrower leases, sells, or otherwise conveys, or agrees to lease, sell, or otherwise convey, a material part of
its assets or business outside of the ordinary course of business.

Defaults
with Respect to Third Parties. Borrower fails to make any payment when due or fails to comply with or to perform any term,
obligation, covenant or condition contained in any agreement between any other person and Borrower.

False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under
this Note or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished
or becomes false or misleading at any time thereafter.

Judgments
or Decrees. One or more judgments or decrees shall be entered against the Borrower and such judgments or decrees shall not
have been vacated, discharged, stayed or bonded pending appeal.

Insolvency.
The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of
a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or
the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

Creditor
or Forfeiture Proceedings. Commencement of foreclosure, replevin, repossession, attachment, levy, execution, or forfeiture
proceedings, whether by judicial proceeding, self-help, or any other method, by any creditor of Borrower, or by any governmental
agency against the Collateral or any other assets of Borrower. This includes a garnishment of any of Borrower's accounts, including
deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as
to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives
Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor
or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for
the dispute.

Failure
to Comply with Laws. Borrower fails to comply with all applicable statutes, laws, ordinances and governmental rules, regulations
and orders to which it is subject or which are applicable to its business, property and assets.

Change
In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

Adverse
Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or
performance of this Note is impaired.

Events
Affecting Guarantor. Any of the preceding Events of Default occurs with respect to any guarantor of the Indebtedness as if
the word "guarantor" were substituted for the word "Borrower" in such Event of Default, or any guarantor dies
or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty.

Events
Affecting Grantor. Any of the preceding Events of Default occurs with respect to any grantor, pledgor or obligor of the Indebtedness
as if "grantor", "pledgor" or "obligor" were substituted for the word "Borrower" in such
Event of Default, or any grantor, pledgor, or obligor dies or becomes incompetent, or revokes or disputes the validity of, or
liability under, any Related Document or agreement.

Insecurity.
Lender in good faith believes itself insecure.

 

    	 

    	 

    

PROMISSORY
NOTE 

(Continued)

Page 2

LENDER'S
RIGHTS. Upon the occurrence of any Event of Default, Lender may declare the entire unpaid principal balance on this Note and
the Indebtedness and all accrued unpaid interest immediately due, without notice (except that in the case of any Event of Default
of the type described in the DEFAULT - Insolvency section herein, such acceleration shall be automatic and not at Lender's option),
and then Borrower will pay that amount. Additionally, upon the occurrence of any Event of Default and until the entire unpaid
principal balance on this Note and the Indebtedness is paid in full, without notice or demand and without waiving any other right
or remedy, Lender may, at Lender's option, elect to impose increases in the interest rate pursuant to and as set forth in the
section of this Note captioned "INTEREST AFTER DEFAULT" and, if included in this Note, the section captioned "PERFORMANCE
BASED RATE CHANGES. Borrower shall be liable for any deficiency remaining after disposition of any collateral which Lender may
choose to realize upon.

ATTORNEYS'
FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay
Lender the amount of these costs and expenses, which includes, subject to any limits under applicable law, Lender's reasonable
attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees and legal
expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), and appeals. If
not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law.

DISHONORED
ITEM FEE. Borrower will pay a fee to Lender of $25.00 if Borrower makes a payment on Borrower's loan and the check or preauthorized
charge with which Borrower pays is later dishonored.

RIGHT
OF SETOFF. Borrower grants to Lender a security interest in, as well as a right of setoff against, and hereby assigns, conveys,
delivers, pledges and transfers to Lender, as security for repayment of the Indebtedness, all Borrower's right, title and interest
in and to all Borrower's accounts (whether checking, savings, or some other account) with Lender or any subsidiary or affiliate
of JPMorgan Chase & Co. (each hereinafter referred to as a "Lender Affiliate") and all other obligations at any
time owing by Lender or any Lender Affiliate to Borrower. This includes all accounts Borrower holds jointly with someone else
and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts
for which the grant of a security interest would be prohibited by law. Borrower authorizes Lender, without prior notice to Borrower
and irrespective of (i) whether or not Lender has made any demand under this Note or the Related Documents or (ii) whether such
Indebtedness is contingent, matured or unmatured, to the extent permitted by law, to collect, charge and/or setoff all sums owing
on the Indebtedness against any and all such accounts and other obligations, and, at Lender's option, to administratively freeze
or direct a Lender Affiliate to administratively freeze all such accounts and other obligations to allow Lender to protect Lender's
security interest, collection, charge and setoff rights provided in this paragraph.

COLLATERAL.
Borrower acknowledges this Note is secured by security interest in and lien upon all collateral described in any Related Document.

LINE
OF CREDIT. This Note evidences a revolving line of credit. The unpaid principal balance of this Note shall increase and decrease
with each new advance and payment hereunder, as the case may be. Subject to the terms hereof, Borrower may borrow, repay and reborrow
hereunder. Advances under this Note, as well as directions for payment from Borrower's accounts, may be requested orally or in
writing by Borrower or by an authorized person. Lender may, but need not, require that all oral requests be confirmed in writing.
Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or
(B) credited to any of Borrower's accounts with Lender. Lender will have no obligation to advance funds under this Note if: (A)
Borrower or any guarantor is in default under the terms of this Note or any agreement that Borrower or any guarantor has with
Lender, including any agreement made in connection with the signing of this Note; (B) Borrower or any guarantor ceases doing business
or is insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit, modify or revoke such guarantor's guarantee of
this Note or any other loan with Lender; (D) Borrower has applied funds provided pursuant to this Note for purposes other than
those authorized by Lender; or (E) Lender in good faith believes itself insecure.

LATE
CHARGES. In the "Late Charge" provision set forth above, the following language is hereby added after the word "greater":
"up to the maximum amount of Two Hundred Fifty Dollars ($250.00) per late charge".

OVERPAYMENTS.
No refund of any overpayment made by Borrower with the final payment on this Note will be required if the overpayment is less
than $1.00.

FINANCIAL
STATEMENTS. Borrower shall furnish Lender with such financial statements and other related information at such frequencies
and in such detail as Lender may reasonably request.

ENFORCEABILITY
AND ORGANIZATION. Borrower is duly authorized to transact business in all states in which Borrower is doing business, having
obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business. Borrower's
execution, delivery and performance of this Note and all the Related Documents have been duly authorized by all necessary action
by Borrower. This Note and all the Related Documents constitute legal, valid and binding obligations of Borrower enforceable against
Borrower in accordance with their respective terms. If applicable, Borrower is an entity which is, and at all times shall be,
duly organized, validly existing, and in good standing under and by virtue of the laws of the state of its organization.

INFORMATION
WAIVER. Lender may provide, without any limitation whatsoever, to any one or more purchasers, potential purchasers, or affiliates
of JPMorgan Chase & Co., any information or knowledge Lender may have about the undersigned or about any matter relating to
this document and the Related Documents, and the undersigned hereby waives any right to privacy the undersigned may have with
respect to such matters.

INDEBTEDNESS.
The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note
or Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for
the Note or Related Documents, together with interest on such amounts as provided in this Note, and all obligations, debts and
liabilities, plus interest thereon, of Borrower or any one or more of them to Lender, as well as all claims by Lender against
Borrower or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of
this Note, whether voluntary or otherwise, whether due or not due, direct or indirect, absolute or contingent, liquidated or unliquidated
and whether Borrower may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation
party or otherwise and whether recovery upon such amounts may be or hereafter become barred by any statute of limitations, and
whether the obligation to repay such amounts may be or hereafter become otherwise unenforceable; and further includes, without
limitation, all principal, interest, and other amounts, costs and expenses payable under the Related Documents, whether executed
by the Borrower or by any other person or entity, together with all renewals of, extensions of, modifications of, consolidations
of and substitutions for the Related Documents, together with interest thereon as provided in the Related Documents.

RELATED
DOCUMENTS. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now existing or hereafter arising, executed in connection with the Indebtedness.

LIABILITIES
FOR OBLIGATIONS UNDER RELATED DOCUMENTS. Borrower also promises to pay to Lender all of the Indebtedness. Borrower acknowledges
that some of the Related Documents, pursuant to which Indebtedness may arise, may be executed only by persons or entities other
than the Borrower.

PURPOSE.
Borrower agrees that no advances under this Note shall be used for personal, family or household purposes and that all advances
hereunder shall be used solely for business, commercial, agricultural or other similar purposes.

JURY
WAIVER. THE UNDERSIGNED AND LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR
AMONG THE UNDERSIGNED AND LENDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT, THE RELATED DOCUMENTS, OR ANY RELATIONSHIP
BETWEEN OR AMONG THE UNDERSIGNED AND LENDER WHETHER ANY SUCH RIGHT NOW OR HEREAFTER EXISTS. THIS PROVISION IS A MATERIAL INDUCEMENT
TO LENDER TO PROVIDE THE FINANCING EVIDENCED BY THIS DOCUMENT AND THE RELATED DOCUMENTS.

GOVERNING
LAW. The Lender's loan production office for this transaction is located at the address and in the State (the "LPO State")
indicated in the LPO address or the loan production office address on the first page of this document. This document will be governed
by and interpreted in accordance with federal law and the laws of the LPO State, except for matters related to interest and the
exportation of interest, which matters shall be governed by and interpreted in accordance with federal law (including, but not
limited to, statutes, regulations, interpretations and opinions) and the laws of the State of Ohio. However, if there is ever
a question about whether any provision of this document is valid or enforceable, the provision that is questioned will be governed
by whichever state or federal law would find the provision to be valid and enforceable. The loan transaction which is evidenced
by this document has been made in the State of Ohio.

VENUE.
If there is a lawsuit, the undersigned agrees to submit to the jurisdiction of the courts of the county in the LPO State in
which the Lender's loan production office is located.

LENDER'S
DISCRETIONARY MATURITY EXTENSION. Lender, in its sole discretion, shall have the right, from time to time, to renew and
extend the maturity date of this Note (each a "Maturity Extension"). Borrower agrees Lender has no obligation to
extend the original or any subsequent maturity date and may elect not to make a Maturity Extension at any time, even if one
or more Maturity Extensions has previously been made. Lender will inform Borrower of any such Maturity Extension by written
notice, executed by an officer of Lender, addressed to Borrower at its then current billing address. Notwithstanding the
provision of this Note requiring that any alteration or amendment to this Note shall require the signature of Borrower,
Borrower accepts and agrees to be bound by the Maturity Extension in the event this Note is not paid in full on the maturity
date, or after the date of the Maturity Extension notice Borrower requests any advance or otherwise relies upon or utilizes
the extension of credit evidenced by this Note for any purpose.

 

    	 

    	 

    
 

 

(Continued)

Page 3 

 

PERIODIC
FEES Not more often than one time in each calendar year, Lender may elect to charge a fee in an amount determined by Lender,
in its sole discretion, for the extension of credit evidenced by this Note. The fee may be charged, payable in advance, for each
year, or portion of a year, that there remains any unpaid amounts due on this Note or that advances remain available under the
line of credit evidenced by this Note, including as a result of any Maturity Extension. The fee may be charged to the line of
credit. No refund of any portion of the fee shall be made in the event of cancellation of the line of credit for any reason.

PRIMARY
DEPOSIT ACCOUNTS. Lender expects Borrower to maintain its primary deposit accounts at Lender. One of the factors the Lender
will consider in modification or renewal of this Note is the status of such accounts.

RENEWAL
AND EXTENSION. This Note is given in replacement, renewal and/or extension of, but not extinguishing a portion of the indebtedness
evidenced by, the promissory note dated February 17, 2011 executed by Borrower to Lender, in the principal amount of $400,000.00,
including previous renewals or modifications thereof, if any (the "Prior Note"), and is not a novation thereof. All
interest evidenced by the Prior Note being replaced, renewed, and/or extended by this Note shall continue to be due and payable
until paid. All Related Documents executed in relation to or as security for the Prior Note remain in full force and effect.

GENERAL
PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. Borrower does not
agree or intend to pay, and Lender does not agree or intend to contract for, charge, collect, take, reserve or receive (collectively
referred to herein as "charge or collect"), any amount in the nature of interest or in the nature of a fee for this
loan, which would in any way or event (including demand, prepayment, or acceleration) cause Lender to charge or collect more for
this loan than the maximum Lender would be permitted to charge or collect by federal law or the law of the State of Florida (as
applicable). Any such excess interest or unauthorized fee shall, instead of anything stated to the contrary, be applied first
to reduce the principal balance of this loan, and when the principal has been paid in full, be refunded to Borrower. If any part
of this Note cannot be enforced, this fact will not affect the rest of this Note. It is agreed that any payment which would otherwise
for any reason be deemed unlawful interest under applicable law shall be deemed to have been applied to the unpaid principal balance
of this Note, or to other Indebtedness. The unpaid balance owing on this Note at any time may be evidenced by endorsements on
this Note or by Lender's internal records, including daily computer print-outs. Lender may delay or forgo enforcing any of its
rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note,
to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this
Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation
maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for
any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's
security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to
anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than the
party with whom the modification is made. Unless specifically permitted otherwise by the terms and conditions of this Note, no
alteration of or amendment to this Note shall be effective unless given in writing and signed by the party or parties sought to
be charged or bound by the alteration or amendment. Borrower agrees and consents to Lender's sale or transfer, whether now or
later, of this Note, or the Related Documents or of any participation interest in this Note or Related Documents to one or more
purchasers, whether related or unrelated to Lender. Borrower waives any and all notices of sale of this Note, the Related Documents
or of any participation interests, as well as any notices of any repurchases of this Note, the Related Documents, or of any participation
interests. The obligations under this Note are joint and several.

PRIOR
TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.
BORROWER AGREES TO THE TERMS OF THE NOTE.

BORROWER
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. BORROWER:

 

 

	SKM MEDIA GROUP, INC	 	 	 
	 	 	 	 	 
	By:	/s/ Howard G. Minsky	 	By:	/s/ Steven Moreno
	 	Howard G. Minsky, CEO of SKM Media Group, Inc	 	 	Steven Moreno, Vice President of SKM Media

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