Document:

Exhibit 4.2

 

THIS WARRANT AND THE SHARES OF
COMMON STOCK ISSUED UPON ITS

EXERCISE ARE SUBJECT TO THE
RESTRICTIONS ON

TRANSFER SET FORTH IN SECTION 5
OF THIS WARRANT

 

	
  Warrant No. [   ]

  	
   

  	
  Number of Shares: [
           ]

  
	
   

  	
   

  	
  (subject to adjustment)

  
	
  Date of Issuance:
  [
            ],
  2005 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Original Issue
  Date (as defined in subsection 2(a)): [           
  ], 2005

  	
   

  	
   

  

 

Senesco Technologies, Inc.

 

Common Stock Purchase Warrant

 

(Void after [           ],
2010)

 

Senesco Technologies,
Inc., a Delaware corporation (the “Company”), for value received, hereby
certifies that Oppenheimer & Co. Inc., or its registered assigns (the “Registered
Holder”), is entitled, subject to the terms and conditions set forth below, to
purchase from the Company, at any time or from time to time on or after the
date of issuance and on or before 5:00 p.m. (New York time) on [           ],
2010, [           ]
shares of Common Stock, $0.01 par value per share, of the Company (“Common
Stock”), at a purchase price of $[      ]
per share.  The shares purchasable upon
exercise of this Warrant, and the purchase price per share, each as adjusted
from time to time pursuant to the provisions of this Warrant, are hereinafter
referred to as the “Warrant Shares” and the “Purchase Price,”
respectively.  This Warrant is issued
pursuant to services rendered in connection with a private placement consisting
of Common Stock and a series of Warrants issued by the Company and of like
tenor, except as to the number of shares of Common Stock subject thereto (collectively,
the “Company Warrants”).

 

1.                                       Exercise.

 

(a)                                  Exercise
for Cash.  The Registered Holder may,
at its option, elect to exercise this Warrant, in whole or in part and at any
time or from time to time, by surrendering this Warrant, with the purchase form
appended hereto as Exhibit I duly executed by or on behalf of the
Registered Holder, at the principal office of the Company, or at such other
office or agency as the Company may designate, accompanied by payment in full,
in lawful money of the United States, of the Purchase Price payable in respect
of the number of Warrant Shares purchased upon such exercise.  A facsimile signature of the Registered
Holder on the purchase form shall be sufficient for purposes of exercising this
Warrant, provided that the Company receives the Registered Holder’s original
signature with three (3) business days thereafter.

 

(b)                                 Cashless
Exercise.

 

(i)                                     The
Registered Holder may, at its option, elect to exercise this Warrant, in whole
or in part and at any time or from time to time, on a cashless basis, by

 

 

surrendering this Warrant, with the purchase form
appended hereto as Exhibit I duly executed by or on behalf of the Registered
Holder, at the principal office of the Company, or at such other office or
agency as the Company may designate, by canceling a portion of this Warrant in
payment of the Purchase Price payable in respect of the number of Warrant
Shares purchased upon such exercise.  In
the event of an exercise pursuant to this subsection 1(b), the number of
Warrant Shares issued to the Registered Holder shall be determined according to
the following formula:

 

X = Y(A-B)

A

 

	
  Where:

  	
   

  	
  X =

  	
  the number of Warrant
  Shares that shall be issued to the Registered Holder;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Y =

  	
  the number of Warrant
  Shares for which this Warrant is being exercised (which shall include both
  the number of Warrant Shares issued to the Registered Holder and the number
  of Warrant Shares subject to the portion of the Warrant being cancelled in
  payment of the Purchase Price);

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  A =

  	
  the Fair Market Value
  (as defined below) of one share of Common Stock; and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  B =

  	
  the
  Purchase Price then in effect.

  

 

(ii)                                  The
Fair Market Value per share of Common Stock shall be determined as follows:

 

(1)                                  If
the Common Stock is listed on a national securities exchange, The NASDAQ Stock
Market, Inc. (“Nasdaq”) or another nationally recognized trading system as of
the Exercise Date, the Fair Market Value per share of Common Stock shall be
deemed to be the reported closing price per share of Common Stock thereon on
the trading day immediately preceding the Exercise Date (provided that
if no such price is reported on such day, the Fair Market Value per share of
Common Stock shall be determined pursuant to clause (2)).

 

(2)                                  If
the Common Stock is not listed on a national securities exchange, Nasdaq or
another nationally recognized trading system as of the Exercise Date, the Fair
Market Value per share of Common Stock shall be deemed to be the amount most
recently determined by the Board of Directors of the Company (the “Board”) to
represent the fair market value per share of the Common Stock (including
without limitation a determination for purposes of granting Common Stock
options or issuing Common Stock under any plan, agreement or arrangement with
employees of the Company); and, upon request of the Registered Holder, the
Board (or a representative thereof) shall, as promptly as reasonably
practicable but in any event not later than 10 days after such request, notify
the Registered Holder of the Fair Market Value per share of Common Stock and
furnish the Registered Holder with reasonable documentation of the Board’s
determination of such Fair Market Value. 
Notwithstanding the foregoing, if the Board has not made such a
determination within the three-month period prior to the Exercise

 

2

 

Date, then (A) the Board shall make, and shall provide or cause to
be provided to the Registered Holder notice of, a determination of the Fair
Market Value per share of the Common Stock within 15 days of a request by the
Registered Holder that it do so, and (B) the exercise of this Warrant
pursuant to this subsection 1(b) shall be delayed until such determination
is made and notice thereof is provided to the Registered Holder.

 

(c)                                  Exercise
Date.  Each exercise of this Warrant
shall be deemed to have been effected immediately prior to the close of
business on the day on which this Warrant shall have been surrendered to the
Company as provided in subsection 1(a) or 1(b) above (the “Exercise Date”).  At such time, the person or persons in whose
name or names any certificates for Warrant Shares shall be issuable upon such
exercise as provided in subsection 1(d) below shall be deemed to have
become the holder or holders of record of the Warrant Shares represented by
such certificates.

 

(d)                                 Issuance
of Certificates.  As soon as
practicable after the exercise of this Warrant in whole or in part, and in any
event within 10 days thereafter, the Company, at its expense, will cause to be
issued in the name of, and delivered to, the Registered Holder, or as the
Registered Holder (upon payment by the Registered Holder of any applicable
transfer taxes) may direct:

 

(i)                                     a
certificate or certificates for the number of full Warrant Shares to which the
Registered Holder shall be entitled upon such exercise plus, in lieu of any
fractional share to which the Registered Holder would otherwise be entitled,
cash in an amount determined pursuant to Section 3 hereof; and

 

(ii)                                  in
case such exercise is in part only, a new warrant or warrants (dated the date
hereof) of like tenor, calling in the aggregate on the face or faces thereof
for the number of Warrant Shares equal (without giving effect to any adjustment
therein) to the number of such shares called for on the face of this Warrant
minus the number of Warrant Shares for which this Warrant was so exercised
(which, in the case of an exercise pursuant to subsection 1(b), shall
include both the number of Warrant Shares issued to the Registered Holder
pursuant to such partial exercise and the number of Warrant Shares subject to
the portion of the Warrant being cancelled in payment of the Purchase Price).

 

2.                                       Adjustments.

 

(a)                                  Adjustment
for Stock Splits and Combinations. 
If the Company shall at any time or from time to time after the date on
which this Warrant was first issued (or, if this Warrant was issued upon
partial exercise of, or in replacement of, another warrant of like tenor, then
the date on which such original warrant was first issued) (either such date being
referred to as the “Original Issue Date”) effect a subdivision of the
outstanding Common Stock, the Purchase Price then in effect immediately before
that subdivision shall be proportionately decreased.  If the Company shall at any
time or from time to time after the Original Issue Date combine the outstanding
shares of Common Stock, the Purchase Price then in effect immediately before
the combination shall be proportionately increased.  Any adjustment under this paragraph shall
become effective at the close of business on the date the subdivision or
combination becomes effective.

 

3

 

(b)                                 Adjustment
for Certain Dividends and Distributions. 
In the event the Company at any time, or from time to time after the
Original Issue Date shall make or issue, or fix a record date for the
determination of holders of Common Stock entitled to receive, a dividend or
other distribution payable in additional shares of Common Stock, then and in
each such event the Purchase Price then in effect immediately before such event
shall be decreased as of the time of such issuance or, in the event such a
record date shall have been fixed, as of the close of business on such record
date, by multiplying the Purchase Price then in effect by a fraction:

 

(1)                                  the
numerator of which shall be the total number of shares of Common Stock issued
and outstanding immediately prior to the time of such issuance or the close of
business on such record date, and

 

(2)                                  the
denominator of which shall be the total number of shares of Common Stock issued
and outstanding immediately prior to the time of such issuance or the close of
business on such record date plus the number of shares of Common Stock issuable
in payment of such dividend or distribution;

 

provided,
however, that if such record date shall have been fixed and such
dividend is not fully paid or if such distribution is not fully made on the
date fixed therefor, the Purchase Price shall be recomputed accordingly as of
the close of business on such record date and thereafter the Purchase Price
shall be adjusted pursuant to this paragraph as of the time of actual payment
of such dividends or distributions.

 

(c)                                  Adjustment
in Number of Warrant Shares.  When
any adjustment is required to be made in the Purchase Price pursuant to
subsections 2(a) or 2(b), the number of Warrant Shares purchasable upon
the exercise of this Warrant shall be changed to the number determined by
dividing (i) an amount equal to the number of shares issuable upon the
exercise of this Warrant immediately prior to such adjustment, multiplied by
the Purchase Price in effect immediately prior to such adjustment, by
(ii) the Purchase Price in effect immediately after such adjustment.

 

(d)                                             Adjustments
for Other Dividends and Distributions. 
In the event the Company at any time or from time to time after the
Original Issue Date shall make or issue, or fix a record date for the
determination of holders of Common Stock entitled to receive, a dividend or
other distribution payable in securities of the Company (other than shares of
Common Stock) or in cash or other property (other than regular cash dividends
paid out of earnings or earned surplus, determined in accordance with generally
accepted accounting principles), then and in each such event provision shall be
made so that the Registered Holder shall receive upon exercise hereof, in
addition to the number of shares of Common Stock issuable hereunder, the kind
and amount of securities of the Company, cash or other property which the Registered
Holder would have been entitled to receive had this Warrant been exercised on
the date of such event and had the Registered Holder thereafter, during the
period from the date of such event to and including the Exercise Date, retained
any such securities receivable during such period, giving application to all
adjustments called for during such period under this Section 2 with
respect to the rights of the Registered Holder.

 

4

 

(e)                                  Adjustment
for Reorganization.  If there shall
occur any reorganization, recapitalization, reclassification, consolidation or
merger involving the Company in which the Common Stock is converted into or
exchanged for securities, cash or other property (other than a transaction covered
by subsections 2(a), 2(b) or 2(d)) (collectively, a “Reorganization”),
then, following such Reorganization, the Registered Holder shall receive upon
exercise hereof the kind and amount of securities, cash or other property which
the Registered Holder would have been entitled to receive pursuant to such
Reorganization if such exercise had taken place immediately prior to such
Reorganization.  Notwithstanding the
foregoing sentence, if (x) there shall occur any Reorganization in which
the Common Stock is converted into or exchanged for anything other than solely
equity securities, and (y) the common stock of the acquiring or surviving
company is publicly traded, then, as part of such Reorganization, (i) the
Registered Holder shall have the right thereafter to receive upon the exercise
hereof such number of shares of common stock of the acquiring or surviving
company as is determined by multiplying (A) the number of shares of Common
Stock subject to this Warrant immediately prior to such Reorganization by (B) a
fraction, the numerator of which is the Fair Market Value per share of Common
Stock as of the effective date of such Reorganization, as determined pursuant
to subsection 1(b)(ii), and the denominator of which is the fair market
value per share of common stock of the acquiring or surviving company as of the
effective date of such transaction, as determined in good faith by the Board
(using the principles set forth in subsection 1(b)(ii) to the extent
applicable), and (ii) the exercise price per share of common stock of the
acquiring or surviving company shall be the Purchase Price divided by the
fraction referred to in clause (B) above. 
In any such case, appropriate adjustment (as determined in good faith by
the Board) shall be made in the application of the provisions set forth herein
with respect to the rights and interests thereafter of the Registered Holder,
to the end that the provisions set forth in this Section 2 (including
provisions with respect to changes in and other adjustments of the Purchase
Price) shall thereafter be applicable, as nearly as reasonably may be, in
relation to any securities, cash or other property thereafter deliverable upon
the exercise of this Warrant.

 

(f)                                    Certificate
as to Adjustments.  Upon the
occurrence of each adjustment or readjustment of the Purchase Price pursuant to
this Section 2, the Company at its expense shall, as promptly as
reasonably practicable but in any event not later than 10 days thereafter,
compute such adjustment or readjustment in accordance with the terms hereof and
furnish to the Registered Holder a certificate setting forth such adjustment or
readjustment (including the kind and amount of securities, cash or other
property for which this Warrant shall be exercisable and the Purchase Price)
and showing in detail the facts upon which such adjustment or readjustment is
based.  The Company shall, as promptly as
reasonably practicable after the written request at any time of the Registered
Holder (but in any event not later than 10 days thereafter), furnish or cause
to be furnished to the Registered Holder a certificate setting forth
(i) the Purchase Price then in effect and (ii) the number of shares
of Common Stock and the amount, if any, of other securities, cash or property
which then would be received upon the exercise of this Warrant.

 

3.                                       Fractional Shares.  The
Company shall not be required upon the exercise of this Warrant to issue any
fractional shares, but shall pay the value thereof to the Registered Holder in
cash on the basis of the Fair Market Value per share of Common Stock, as
determined pursuant to subsection 1(b)(ii) above.

 

5

 

4.                                       Piggyback Registration Rights.  If at any
time the Company determines to register under the Securities Act of 1933, as
amended (including pursuant to a demand of any security holder of the Company
exercising registration rights), any of its Common Stock (except securities to
be issued solely in connection with any acquisition of any entity or business,
shares issuable solely upon exercise of stock options, shares issuable solely
pursuant to employee benefit plans or stock purchase plans, or shares to be
registered on any registration form that does not permit secondary sales), it
shall give to the Registered Holder written notice of such determination at
least fifteen (15) days prior to each such filing.  If, within five (5) days after receipt of
such notice, the Registered Holder so requests in writing, the Company will use
its best efforts to include the Registered Holder’s Warrant Shares in such
registration statement (to the extent permitted by applicable regulation) that
the Registered Holder requests to be registered (the “Registrable Securities”);
provided, however, in the event any registration pursuant to this
Section 4 shall be, in whole or in part, an underwritten public offering
of Common Stock, the number of shares of Registrable Securities to be included
in such an underwriting may be reduced if and to the extent that the managing
underwriter is of the opinion that such inclusion would materially and
adversely affect the marketing of the securities to be sold therein.  Any Registrable Securities which are included
in any underwritten public offering under this Section 4 will be sold upon
such terms as the managing underwriters reasonably request.  If the Registered Holder disapproves of the
terms of such underwriting, the Registered Holder may elect to withdraw
therefrom by written notice to the Company and the underwriter.

 

5.                                       Transfers, etc.

 

(a)                                  This
Warrant and the Warrant Shares shall not be sold or transferred unless either
(i) they first shall have been registered under the Act, or (ii) the
Company first shall have been furnished with an opinion of legal counsel,
reasonably satisfactory to the Company, to the effect that such sale or
transfer is exempt from the registration requirements of the Act.  Notwithstanding the foregoing, no
registration or opinion of counsel shall be required for (i) a transfer by
a Registered Holder which is an entity to a wholly owned subsidiary of such
entity, a transfer by a Registered Holder which is a partnership to a partner
of such partnership or a retired partner of such partnership or to the estate
of any such partner or retired partner, or a transfer by a Registered Holder
which is a limited liability company to a member of such limited liability
company or a retired member or to the estate of any such member or retired
member, provided that the transferee in each case agrees in writing to
be subject to the terms of this Section 5, or (ii) a transfer made in
accordance with Rule 144 under the Act.

 

(b)                                 Each
certificate representing Warrant Shares shall bear a legend substantially in
the following form:

 

“The
securities represented hereby have not been registered under the Securities Act
of 1933, as amended, or any state securities laws and neither the securities
nor any interest therein may not be offered, sold, transferred, pledged or
otherwise disposed of except pursuant to an effective registration under such
act or an exemption from registration, which, in the opinion of counsel
reasonably satisfactory to counsel for this corporation, is available.”

 

6

 

The foregoing legend
shall be removed from the certificates representing any Warrant Shares, at the
request of the holder thereof, at such time as they become eligible for resale
pursuant to Rule 144(k) under the Act or at such time as the Warrant
Shares are sold or transferred in accordance with the requirements of a registration
statement of the Company on Form S-3, or such other form as may then be in
effect.

 

(c)                                  The
Company will maintain a register containing the name and address of the
Registered Holder of this Warrant.  The
Registered Holder may change its address as shown on the warrant register by
written notice to the Company requesting such change.

 

(d)                                 Subject
to the provisions of Section 5 hereof, this Warrant and all rights
hereunder are transferable, in whole or in part, upon surrender of this Warrant
with a properly executed assignment (in the form of Exhibit II
hereto) at the principal office of the Company (or, if another office or agency
has been designated by the Company for such purpose, then at such other office
or agency).

 

6.                                       No Impairment.  The Company will not, by
amendment of its charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Registered
Holder against impairment.

 

7.                                       Notices of Record Date, etc.  In the
event:

 

(a)                                  the
Company shall take a record of the holders of its Common Stock (or other stock
or securities at the time deliverable upon the exercise of this Warrant) for
the purpose of entitling or enabling them to receive any dividend or other
distribution, or to receive any right to subscribe for or purchase any shares
of stock of any class or any other securities, or to receive any other right;
or

 

(b)                                 of
any capital reorganization of the Company, any reclassification of the Common
Stock of the Company, any consolidation or merger of the Company with or into
another corporation, or any transfer of all or substantially all of the assets
of the Company; or

 

(c)                                  of
the voluntary or involuntary dissolution, liquidation or winding-up of the
Company, then, and in each such case, the Company will send or cause to be sent
to the Registered Holder a notice specifying, as the case may be, (i) the
record date for such dividend, distribution or right, and the amount and
character of such dividend, distribution or right, or (ii) the effective date
on which such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding-up is to take place, and the
time, if any is to be fixed, as of which the holders of record of Common Stock
(or such other stock or securities at the time deliverable upon the exercise of
this Warrant) shall be entitled to exchange their shares of Common Stock (or
such other stock or securities) for securities or other property deliverable
upon such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up. 
Such notice shall be sent at least 10 days prior to the record date or
effective date for the event specified in such notice.

 

7

 

8.                                       Reservation of Stock.  The
Company will at all times reserve and keep available, solely for issuance and
delivery upon the exercise of this Warrant, such number of Warrant Shares and
other securities, cash and/or property, as from time to time shall be issuable
upon the exercise of this Warrant.

 

9.                                       Exchange or Replacement of Warrants.

 

(a)                                  Upon
the surrender by the Registered Holder, properly endorsed, to the Company at
the principal office of the Company, the Company will, subject to the
provisions of Section 5 hereof, issue and deliver to or upon the order of
the Registered Holder, at the Company’s expense, a new Warrant or Warrants of
like tenor, in the name of the Registered Holder or as the Registered Holder
(upon payment by the Registered Holder of any applicable transfer taxes) may
direct, calling in the aggregate on the face or faces thereof for the number of
shares of Common Stock (or other securities, cash and/or property) then
issuable upon exercise of this Warrant.

 

(b)                                 Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and (in the case of loss, theft or
destruction) upon delivery of an indemnity agreement (with surety if reasonably
required) in an amount reasonably satisfactory to the Company, or (in the case
of mutilation) upon surrender and cancellation of this Warrant, the Company
will issue, in lieu thereof, a new Warrant of like tenor.

 

10.                                 Notices.  All notices and other
communications from the Company to the Registered Holder in connection herewith
shall be mailed by certified or registered mail, postage prepaid, or sent via a
reputable nationwide overnight courier service guaranteeing next business day
delivery, to the address last furnished to the Company in writing by the
Registered Holder.  All notices and other
communications from the Registered Holder to the Company in connection herewith
shall be mailed by certified or registered mail, postage prepaid, or sent via a
reputable nationwide overnight courier service guaranteeing next business day
delivery, to the Company at its principal office set forth below.  If the Company should at any time change the
location of its principal office to a place other than as set forth below, it
shall give prompt written notice to the Registered Holder and thereafter all
references in this Warrant to the location of its principal office at the
particular time shall be as so specified in such notice. All such notices and
communications shall be deemed delivered one business day after being sent via
a reputable international overnight courier service guaranteeing next business
day delivery.

 

11.                                 No Rights as Stockholder.  Until the
exercise of this Warrant, the Registered Holder shall not have or exercise any
rights by virtue hereof as a stockholder of the Company.  Notwithstanding the foregoing, in the event
(i) the Company effects a split of the Common Stock by means of a stock
dividend and the Purchase Price of and the number of Warrant Shares are
adjusted as of the date of the distribution of the dividend (rather than as of
the record date for such dividend), and (ii) the Registered Holder
exercises this Warrant between the record date and the distribution date for
such stock dividend, the Registered Holder shall be entitled to receive, on the
distribution date, the stock dividend with respect to the shares of Common
Stock acquired upon such exercise, notwithstanding the fact that such shares
were not outstanding as of the close of business on the record date for such
stock dividend.

 

8

 

12.                                 Amendment or Waiver.  Any term
of this Warrant may be amended or waived (either generally or in a particular
instance and either retroactively or prospectively) with the written consent of
the Company and the holders of Company Warrants representing at least
two-thirds of the number of shares of Common Stock then subject to outstanding
Company Warrants. Notwithstanding the foregoing, (a) this Warrant may be
amended and the observance of any term hereunder may be waived without the
written consent of the Registered Holder only in a manner which applies to all
Company Warrants in the same fashion and (b) the number of Warrant Shares
subject to this Warrant and the Purchase Price of this Warrant may not be
amended, and the right to exercise this Warrant may not be waived, without the
written consent of the Registered Holder (it being agreed that an amendment to
or waiver under any of the provisions of Section 2 of this Warrant shall
not be considered an amendment of the number of Warrant Shares or the Purchase
Price).  The Company shall give prompt
written notice to the Registered Holder of any amendment hereof or waiver hereunder
that was effected without the Registered Holder’s written consent.  No waivers of any term, condition or
provision of this Warrant, in any one or more instances, shall be deemed to be,
or construed as, a further or continuing waiver of any such term, condition or provision.

 

13.                                 Section Headings.  The section headings
in this Warrant are for the convenience of the parties and in no way alter,
modify, amend, limit or restrict the contractual obligations of the parties.

 

14.                                 Governing Law.  This Warrant will be governed by
and construed in accordance with the internal laws of the State of New York
(without reference to the conflicts of law provisions thereof).

 

15.                                 Facsimile Signatures. This Warrant may be executed by facsimile
signature.

 

* * * * * * *

 

9

 

EXECUTED
as of the Date of Issuance indicated above.

 

	
   

  	
  SENESCO
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

10

 

EXHIBIT I

 

PURCHASE FORM

 

	
  To: Senesco
  Technologies, Inc.

  	
   

  	
  Dated:

  

 

The undersigned, pursuant
to the provisions set forth in the attached Warrant (No.    ),
hereby elects to purchase (check applicable box):

 

•                                                             shares of the Common Stock of Senesco Technologies, Inc.
covered by such Warrant; or

 

•                                          the
maximum number of shares of Common Stock covered by such Warrant pursuant to
the cashless exercise procedure set forth in subsection 1(b).

 

The undersigned herewith
makes payment of the full purchase price for such shares at the price per share
provided for in such Warrant.  Such
payment takes the form of (check applicable box or
boxes):

 

•                                          $          
in lawful money of the United States; and/or

 

•                                          the cancellation of such portion of the attached Warrant as
is exercisable for a total of            
Warrant Shares (using a Fair Market Value of $      
per share for purposes of this calculation) ; and/or

 

•                                          the
cancellation of such number of Warrant Shares as is necessary, in accordance
with the formula set forth in subsection 1(b), to exercise this Warrant
with respect to the maximum number of Warrant Shares purchasable pursuant to
the cashless exercise procedure set forth in subsection 1(b).

 

	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT II

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED,                                                                           
hereby sells, assigns and transfers all of the rights of the undersigned under
the attached Warrant (No.       ) with respect to
the number of shares of Common Stock of Senesco Technologies, Inc. covered
thereby set forth below, unto:

 

	
  Name of Assignee

  	
   

  	
  Address

  	
   

  	
  No. of Shares

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  Dated:

  	
   

  	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  
	
  Signature Guaranteed:

  	
   

  
	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
   

  
								

 

The signature should be
guaranteed by an eligible guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with membership in an approved
signature guarantee medallion program) pursuant to Rule 17Ad-15 under the
Securities Exchange Act of 1934.Exhibit
10.3

 

CONSULTING AGREEMENT

 

This Consulting Agreement (this “Agreement”), made as of January 3,
2005 (the “Effective Date”), by and between Senesco Technologies, Inc.,
a Delaware corporation (the “Company”), and Michael Berry, Ph.D. (the “Consultant”).

 

WITNESSETH:

 

WHEREAS, the Company and the Consultant desire to enter into this
Agreement in order to set forth the terms and conditions under which the
Consultant will perform certain consulting services as set forth below.

 

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

 

1.                     Consulting
Services. The Company hereby retains the Consultant to perform, and the
Consultant agrees to render to the Company on the terms set forth herein, such
services as are identified on Schedule A attached hereto, and certain
other related services as may reasonably be requested from time to time by the
Board of Directors (the “Board”) or officers of the Company (the “Consulting
Services”).

 

2.                     Consulting
Compensation. In consideration of the performance of the Consulting
Services by the Consultant, (i) the Company shall pay the Consultant
$8,000 per month, payable on or prior to the fifteenth day of each month for
Consulting Services performed in the prior month, and (ii) the Company
hereby grants to the Consultant options (the “Options”) to purchase
10,000 shares of Common Stock of the Company, par value $0.01 per share (the “Common
Stock”) at an exercise price equal to $7.50 per share. Ownership of the Options
shall vest upon the six (6) month anniversary of the Effective Date;
provided, however, that in the event that Consultant breaches Section 5 of
this Agreement, all of Consultant’s interest in the unexercised Options shall
immediately terminate.

 

3.                     Option
Agreement.  Consultant’s rights and
obligations with respect to the Options shall be governed by the Company’s
stock option plan then in effect and the Option Agreement attached hereto as Exhibit B.

 

4.                     Relationship
of  Parties. It is specifically agreed and understood by the parties
that the relationship of the Consultant to the Company hereunder is that of an
independent contractor and this Agreement and the services to be rendered by
the Consultant to the Company shall not for any purpose whatsoever or in any
way or manner create any employer-employee relationship between the Company and
the Consultant. Without limiting the generality of the foregoing, the Company
shall not be required to provide health insurance or any other benefits to the
Consultant or pay any taxes with respect to the Consultant’s remuneration
hereunder. Consultant further agrees to indemnify, hold harmless and defend the
Company against any and all claims or liabilities that may be asserted by any
governmental taxing authority, including payment of 

 

 

attorney’s fees, charges, assessments,
interest, penalties or liabilities arising out of or with respect to tax
liabilities relating to payment of compensation hereunder.

 

5.                     Confidentiality:
Non-Solicitation: Non-Competition; Invention Assignment.

 

The Consultant acknowledges that he has had
and will have access to and participate in the development of or be acquainted
with confidential or proprietary information and trade secrets related to the
business of any of the Company, including but not limited to (A) technical
information, trade secrets, data, product information, business plans,
operating plans, marketing plans, financial reports, operating data, budgets,
pricing strategies and information, terms of agreements with customers,
reports, correspondence, tapes, discs, tangible property and specifications
owned by or used in the business of the Company, and (B) other tangible
and intangible property, which is used in the business and operations of the
Company but not mad e publicly available (collectively, the “Confidential
Information”).

 

(a)           The Consultant shall not, directly or indirectly,
disclose or use any Confidential Information in any way (including, but not
limited to, in connection with trades in the securities of the Company) except
in the best interests of the Company or in the performance of the Consultant’s
duties under this Agreement. The Consultant may disclose such information when
required by applicable law or judicial process, but only after notice to the
President or the Board of the Consultant’s intention to do so and opportunity
to the Company to challenge or limit the scope of the disclosure.

 

(b)           The Consultant
agrees that he shall not, during the term of this Agreement and for a period of
twenty-four (24) months immediately following the expiration or termination
hereof, either directly or indirectly, on his own behalf or in the service or
on behalf of others, solicit, contact or persuade any customer of the Company
or prospective customer of the Company, to alter such customer’s or prospective
customer’s relationship with the Company or to engage any company competitive
with the Company to perform services which can be performed by the Company in
the ordinary course of its business.

 

(c)           The Consultant
agrees that he shall not, during the term of this Agreement and for a period of
twenty-four (24) months immediately following the expiration or termination
hereof, either directly or indirectly, on his own behalf or in the service or
on behalf of others, solicit, recruit or attempt to persuade any person to
terminate such person’s employment with the Company, whether or not such person
is a full-time employee or whether or not such employment is pursuant to a
written agreement or is at-will.

 

(d)           The
Consultant agrees that he shall not, during the term of this Agreement and for
a period of twenty-four (24) months immediately following the expiration or
termination hereof, unless acting pursuant hereto or with the prior written
consent of the Board, directly or indirectly, own, manage, operate, join,
control, finance or participate in the ownership, management, operation,
control or financing of, or be connected as an officer, director, employee,
partner, principal, agent, representative, 

 

2

 

consultant or
otherwise, or use or expressly permit his name to be used, in connection with
any business or enterprise engaged in any business directly competitive with
the business in which the Company was actively engaged at the date of the
expiration or termination of this Agreement.

 

(e)           The
Consultant will promptly make full written disclosure to the Company, will hold
in trust for the sole right and benefit of the Company, and hereby assigns to
the Company, or its designee, all right, title, and interest in and to any and
all inventions, original works of authorship, developments, concepts, improvements
or trade secrets, whether or not patentable or registrable under copyright or
similar laws, which Consultant may solely or jointly conceive or develop or
reduce to practice, or cause to be conceived or developed or reduced to
practice and which relate to the Company or its business, during the term of
this Agreement, including the copyright thereon.  The Consultant further acknowledge that all
original works of authorship which are made by Consultant (solely or jointly
with others) within the scope of Consultant’s services to the Company and which
are protectable by copyright are “works made for hire,” as that term is defined
in the United States Copyright Act.

 

6.                     Compliance
with Law.  Consultant acknowledges
that shares of the Company’s common stock are publicly traded securities and
agrees that he will comply with all applicable laws, including federal
securities laws, or applicable state securities or “blue sky” laws, or the
applicable laws of the foreign countries, relating to the Company or its securities,
to the satisfaction of Company’s counsel.

 

7.                     Term
and Termination. The term of this Agreement shall commence on the Effective
Date and continue until the earlier of (i) the first anniversary of the
Effective Date, or (ii) the termination of this Agreement by a party
hereto which termination shall occur upon thirty (30) days prior written
notice.

 

8.                     Notices.
Any notice, demand, request or other communication which is required, called
for or contemplated to be given or made hereunder to or upon any party hereto
shall be deemed to have been duly given or made for all purposes if (a) in
writing and sent by (i) messenger or a recognized national overnight
courier service for next day delivery with receipt therefor, or (ii) certified
or registered mail, postage paid, return receipt requested, or (b) sent by
facsimile transmission with a written copy thereof sent on the same day by
postage paid first-class mail or (c) by personal delivery to such party at
the following address:

 

If
to the Company:

 

Senesco Technologies, Inc.

303 George Street

Suite 420

New Brunswick, NJ 08901

Telecopier
No:

 

3

 

with
a copy to:

 

Morgan,
Lewis & Bockius LLP

502
Carnegie Center

Princeton,
NJ 08540

Attention:              David Sorin, Esq.

Telecopier
No.: (609) 919-6701

 

If
to the Consultant:

 

Mr. Michael
Berry, Ph.D.

[Address]

Telecopier
No.:

 

or
to such other address as a party shall have designated by notice in writing to
the other party given in the manner provided by this Section.

 

9.                     Amendment.
Except as otherwise provided herein, no amendment of this Agreement shall be
valid or effective unless in writing and signed by or on behalf of the party
against whom the same is sought to be enforced.

 

10.                   Waiver.
No course of dealing of any party hereto, no omission, failure or delay on the
part of any party hereto in asserting or exercising any right hereunder, and no
partial or single exercise of any right hereunder by any party hereto shall
constitute or operate as a waiver of any such right or any other right
hereunder. No waiver of any provision hereof shall be effective unless in
writing and signed by or on behalf of the party to be charged therewith. No
waiver of any provision hereof shall be deemed or construed as a continuing
waiver, as a waiver in respect of any other or subsequent breach or default of
such provision, or as a waiver of any other provision hereof unless expressly
so stated in writing and signed by or on behalf of the party to be charged
therewith.

 

11.                   Governing
Law. This Agreement shall be governed by, and interpreted and enforced
in accordance with, the laws of the State of New Jersey without regard to
conflict or choice of law provisions that would defer to the substantive laws
of another jurisdiction.

 

12.                   Severability.
The provisions hereof are severable and if any provision of this Agreement
shall be determined to be legally invalid, inoperative or unenforceable in any
respect by a court of competent jurisdiction, then the remaining provisions
hereof shall not be affected, but shall, subject to the discretion of such
court, remain in full force and effect, and any such invalid, inoperative or
unenforceable provision shall be deemed, without any further action on the part
of the parties hereto, amended and limited to the extent necessary to render
such provision valid, operative and enforceable.

 

13.                   Assignment:
Binding Effect. This Agreement and all of the provisions hereof shall be
binding upon and inure to the benefit of the parties hereto, their heirs and
their respective successors and permitted assignees; provided,  however,
that nothing in this Agreement, express or implied, shall confer on the
Consultant the right to assign any of his 

 

4

 

rights or delegate any of his obligations hereunder at any time,
whether prior to or after the date hereof.

 

12.           No Third Party
Beneficiaries. Nothing contained in this Agreement, whether express or
implied, is intended, or shall be deemed, to create or confer any right,
interest or remedy for the benefit of any Person other than as otherwise
provided in this Agreement.

 

13.           Entire Agreement.
This Agreement contains the terms of the entire agreement among the parties
with respect to the subject matter hereof and supersedes any and all prior
agreements, commitments, understandings, discussions, negotiations or
arrangements of any nature relating thereto.

 

14.           Headings. The
headings contained in this Agreement are included for convenience and reference
purposes only and shall be given no effect in the construction or
interpretation of this Agreement.

 

15.           Counterparts.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

5

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the date first above written.

 

 

	
   

  	
  SENESCO
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce Galton

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Michael Berry

  	
   

  
	
   

  	
  MICHAEL
  BERRY, PH.D.

  

 

6

 

EXHIBIT A

CONSULTING SERVICES

 

Consultant shall write a
series of approximately six papers for the Company in the next year. Each document would research and explain the
value-creation potential of one highly focused area of the Company. In addition
to explaining the science, the papers will develop the business setting for the
Company’s product.  For example,
Consultant proposes to write a paper on cancer technology.  Consultant will examine the market and then
analyze how the Company’s technology fits into that general mosaic. Another
paper would detail the market for arthritis treatments and the economic
rationale for the Company’s approach. The list will be further refined in
conjunction with the Company’s management.

 

Consultant would write at
least one case study along the lines of THE THIRD WAY. This would allow
Consultant to present the Company’s story in a more independent framework with
a significant case question to be answered.

 

Finally, each paper
and/or case study must be approved by the Company.

 

7

 

EXHIBIT B

OPTION AGREEMENT

 

8

 

THIS WARRANT AND THE SHARES OF
COMMON STOCK ISSUED UPON ITS

EXERCISE ARE SUBJECT TO THE
RESTRICTIONS ON

            TRANSFER
SET FORTH IN SECTION 5 OF THIS
WARRANT       

 

	
  Warrant
  No. 144

  	
  Number of Shares: 10,000

  
	
   

  	
  (subject to adjustment)

  
	
  Date of
  Issuance: January 3, 2005

  	
   

  
	
   

  	
   

  
	
  Original Issue
  Date (as defined in subsection 2(a)): January 3, 2005

  	
   

  

 

SENESCO TECHNOLOGIES, INC.

 

Common Stock Purchase Warrant

 

(Void after January 2, 2010)

 

SENESCO
TECHNOLOGIES, INC., a Delaware corporation (the “Company”), for value received,
hereby certifies that Michael Berry Ph.D. (the “Registered Holder”), is
entitled, subject to the terms and conditions set forth below, to purchase from
the Company, subject to the vesting schedule in subsection 1(a) hereof,
at any time or from time to time on or after the date of issuance and on or
before 5:00 p.m. (Eastern time) on January 2, 2010, ten thousand (10,000)
shares of Common Stock, $.01 par value per share, of the Company (“Common Stock”),
at a purchase price of $7.50 per share. 
The shares purchasable upon exercise of this Warrant, and the purchase
price per share, each as adjusted from time to time pursuant to the provisions
of this Warrant, are hereinafter referred to as the “Warrant Shares” and the “Purchase
Price,” respectively.

 

1.             Exercise.

 

Vesting.  The Warrant Shares shall become exercisable on
July 3, 2005

 

(a)           Method
of Exercise.  The Registered Holder
may, at its option, elect to exercise this Warrant, subject to the Vesting
Schedule, in whole or in part and at any time or from time to time, by
surrendering this Warrant, with the purchase form appended hereto as Exhibit I
duly executed by or on behalf of the Registered Holder, at the principal office
of the Company, or at such other office or agency as the Company may designate,
accompanied by payment in full, in lawful money of the United States, of the
Purchase Price payable in respect of the number of Warrant Shares purchased
upon such exercise.

 

(b)           Exercise
Date.  Each exercise of this Warrant
shall be deemed to have been effected immediately prior to the close of
business on the day on which this Warrant shall have been surrendered to the
Company as provided in subsection 1(b) above (the “Exercise Date”).  At such time, the person or persons in whose
name or names any certificates for Warrant Shares shall be issuable upon such
exercise as provided in subsection 1(d) below shall be deemed to have
become the holder or holders of record of the Warrant Shares represented by
such certificates.

 

 

(c)           Issuance
of Certificates.  As soon as
practicable after the exercise of this Warrant in whole or in part, and in any
event within 10 days thereafter, the Company, at its expense, will cause to be
issued in the name of, and delivered to, the Registered Holder, or as the
Registered Holder (upon payment by the Registered Holder of any applicable
transfer taxes) may direct:

 

(i)            a
certificate or certificates for the number of full Warrant Shares to which the
Registered Holder shall be entitled upon such exercise, which shall include, if
applicable, the rounding of any fraction up to the nearest whole number of
shares of Common Stock pursuant to Section 3 hereof; and

 

(ii)           in
case such exercise is in part only, a new warrant or warrants (dated the date
hereof) of like tenor, calling in the aggregate on the face or faces thereof
for the number of Warrant Shares equal (without giving effect to any adjustment
therein) to the number of such shares called for on the face of this Warrant
minus the number of Warrant Shares for which this Warrant was so exercised.

 

2.             Adjustments.

 

(a)           Adjustment
for Stock Splits and Combinations. 
If the Company shall at any time or from time to time after the date on
which this Warrant was first issued (or, if this Warrant was issued upon
partial exercise of, or in replacement of, another warrant of like tenor, then
the date on which such original warrant was first issued) (either such date
being referred to as the “Original Issue Date”) effect a subdivision of the
outstanding Common Stock, the Purchase Price then in effect immediately before
that subdivision shall be proportionately decreased.  If the Company shall at any time or from time
to time after the Original Issue Date combine the outstanding shares of Common
Stock, the Purchase Price then in effect immediately before the combination
shall be proportionately increased.  Any
adjustment under this paragraph shall become effective at the close of business
on the date the subdivision or combination becomes effective.

 

(b)           Adjustment
for Certain Dividends and Distributions. 
In the event the Company at any time, or from time to time after the
Original Issue Date shall make or issue, or fix a record date for the
determination of holders of Common Stock entitled to receive, a dividend or
other distribution payable in additional shares of Common Stock, then and in
each such event the Purchase Price then in effect immediately before such event
shall be decreased as of the time of such issuance or, in the event such a
record date shall have been fixed, as of the close of business on such record
date, by multiplying the Purchase Price then in effect by a fraction:

 

(1)           the numerator of which shall be the
total number of shares of Common Stock issued and outstanding immediately prior
to the time of such issuance or the close of business on such record date, and

 

(2)           the denominator of which shall be the
total number of shares of Common Stock issued and outstanding immediately prior
to the time of such issuance or the close of business on such record date plus
the number of shares of Common Stock issuable in payment of such dividend or
distribution;

 

2

 

provided, however, that if
such record date shall have been fixed and such dividend is not fully paid or
if such distribution is not fully made on the date fixed therefor, the Purchase
Price shall be recomputed accordingly as of the close of business on such
record date and thereafter the Purchase Price shall be adjusted pursuant to this
paragraph as of the time of actual payment of such dividends or distributions.

 

(c)           Adjustment
in Number of Warrant Shares.  When
any adjustment is required to be made in the Purchase Price pursuant to
subsections 2(a) or 2(b), the number of Warrant Shares purchasable
upon the exercise of this Warrant shall be changed to the number determined by
dividing (i) an amount equal to the number of shares issuable upon the
exercise of this Warrant immediately prior to such adjustment, multiplied by
the Purchase Price in effect immediately prior to such adjustment, by (ii) the
Purchase Price in effect immediately after such adjustment.

 

(d)           Adjustments
for Other Dividends and Distributions. 
In the event the Company at any time or from time to time after the
Original Issue Date shall make or issue, or fix a record date for the
determination of holders of Common Stock entitled to receive, a dividend or
other distribution payable in securities of the Company (other than shares of
Common Stock) or in cash or other property (other than regular cash dividends
paid out of earnings or earned surplus, determined in accordance with generally
accepted accounting principles), then and in each such event provision shall be
made so that the Registered Holder shall receive upon exercise hereof, in
addition to the number of shares of Common Stock issuable hereunder, the kind
and amount of securities of the Company, cash or other property which the
Registered Holder would have been entitled to receive had this Warrant been
exercised on the date of such event and had the Registered Holder thereafter,
during the period from the date of such event to and including the Exercise
Date, retained any such securities receivable during such period, giving
application to all adjustments called for during such period under this Section 2
with respect to the rights of the Registered Holder.

 

(e)           Adjustment
for Reorganization.  If there shall
occur any reorganization, recapitalization, reclassification, consolidation or
merger involving the Company in which the Common Stock is converted into or
exchanged for securities, cash or other property (other than a transaction
covered by subsections 2(a), 2(b) or 2(d)) (collectively, a “Reorganization”),
then, following such Reorganization, the Registered Holder shall receive upon
exercise hereof the kind and amount of securities, cash or other property which
the Registered Holder would have been entitled to receive pursuant to such
Reorganization if such exercise had taken place immediately prior to such Reorganization.  In any such case, appropriate adjustment (as
determined in good faith by the Board) shall be made in the application of the
provisions set forth herein with respect to the rights and interests thereafter
of the Registered Holder, to the end that the provisions set forth in this Section 2
(including provisions with respect to changes in and other adjustments of the
Purchase Price) shall thereafter be applicable, as nearly as reasonably may be,
in relation to any securities, cash or other property thereafter deliverable
upon the exercise of this Warrant.

 

(f)            Certificate
as to Adjustments.  Upon the
occurrence of each adjustment or readjustment of the Purchase Price pursuant to
this Section 2, the Company at its expense shall, as promptly as reasonably
practicable but in any event not later than 10 days thereafter, compute such
adjustment or readjustment in accordance with the terms hereof and furnish to
the Registered Holder a certificate setting forth such adjustment or
readjustment (including the kind and amount of securities, cash or other
property for which this Warrant shall be exercisable and 

 

3

 

the Purchase Price) and
showing in detail the facts upon which such adjustment or readjustment is based.  The Company shall, as promptly as reasonably
practicable after the written request at any time of the Registered Holder (but
in any event not later than 10 days thereafter), furnish or cause to be
furnished to the Registered Holder a certificate setting forth (i) the
Purchase Price then in effect and (ii) the number of shares of Common
Stock and the amount, if any, of other securities, cash or property which then
would be received upon the exercise of this Warrant.

 

3.             Fractional
Shares.  The Company shall not be
required upon the exercise of this Warrant to issue any fractions of shares of
Common Stock or fractional Warrants; provided, however, that if the
Registered Holder exercises this Warrant, any fractional shares of Common Stock
shall be eliminated by rounding any fraction up to the nearest whole number of
shares of Common Stock.  The Registered
Holder of this Warrant, by acceptance hereof, expressly waives his right to
receive any fractional share of Common Stock or fractional Warrant upon exercise
of this Warrant.

 

4.             Investment
Representations.  The initial
Registered Holder represents and warrants to the Company as follows:

 

(a)           Investment.  It is acquiring the Warrant, and (if and when
it exercises this Warrant) it will acquire the Warrant Shares, for its own
account for investment and not with a view to, or for sale in connection with,
any distribution thereof, nor with any present intention of distributing or
selling the same; and the Registered Holder has no present or contemplated
agreement, undertaking, arrangement, obligation, indebtedness or commitment
providing for the disposition thereof;

 

(b)           Federal
and State Compliance.  The Registered
Holder understands that this Warrant and any Warrant Shares purchased upon its
exercise are securities, the issuance of which requires compliance with federal
and state securities law, including the Securities Act of 1933, as amended (the
“Act”);

 

(c)           Accredited
Investor.  The Registered Holder is
an “accredited investor” as defined in Rule 501(a) under the
Securities Act of 1933, as amended (the “Act”);

 

(d)           Experience.  The Registered Holder has made such inquiry
concerning the Company and its business and personnel as it has deemed
appropriate; and the Registered Holder has sufficient knowledge and experience
in finance and business that it is capable of evaluating the risks and merits
of its investment in the Company; and

 

(e)           Restricted
Securities.  The Registered Holder
acknowledges and understands that the Warrant and Warrant Shares constitute restricted
securities under the Act and must be held indefinitely unless subsequently
registered under the Act or an exemption from such registration is available.

 

5.             Transfers,
etc.

 

(a)           This
Warrant may not be transferred in any manner other than by will or by the laws
of descent or distribution and may be exercised during the lifetime of the
Registered Holder only by the Registered Holder.  The terms of this Warrant shall be binding
upon the executors, administrators, heirs, successor and assigns of the Registered
Holder.

 

4

 

(b)           The
Warrant Shares shall not be sold or transferred unless either (i) they
first shall have been registered under the Act, or (ii) the Company first
shall have been furnished with an opinion of legal counsel, reasonably
satisfactory to the Company, to the effect that such sale or transfer is exempt
from the registration requirements of the Act. 
Notwithstanding the foregoing, no registration or opinion of counsel
shall be required for (i) a transfer by a Registered Holder which is an
entity to a wholly owned subsidiary of such entity, a transfer by a Registered
Holder which is a partnership to a partner of such partnership or a retired
partner of such partnership or to the estate of any such partner or retired
partner, or a transfer by a Registered Holder which is a limited liability
company to a member of such limited liability company or a retired member or to
the estate of any such member or retired member, provided that the
transferee in each case agrees in writing to be subject to the terms of this Section 5,
or (ii) a transfer made in accordance with Rule 144 under the Act.

 

(c)           Each
certificate representing Warrant Shares shall bear a legend substantially in
the following form:

 

“The
securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended (the “Act”), and may not be offered, sold or
otherwise transferred, pledged or hypothecated unless and until such securities
are registered under such Act or an opinion of counsel satisfactory to the
Company is obtained to the effect that such registration is not required.”

 

The
foregoing legend shall be removed from the certificates representing any
Warrant Shares, at the request of the holder thereof, at such time as they
become eligible for resale pursuant to Rule 144(k) under the Act.

 

(d)           The
Company will maintain a register containing the name and address of the
Registered Holder of this Warrant.  The
Registered Holder may change its address as shown on the warrant register by
written notice to the Company requesting such change.

 

6.             Notices
of Record Date, etc.  In the event:

 

(a)           the
Company shall take a record of the holders of its Common Stock (or other stock
or securities at the time deliverable upon the exercise of this Warrant) for
the purpose of entitling or enabling them to receive any dividend or other
distribution, or to receive any right to subscribe for or purchase any shares
of stock of any class or any other securities, or to receive any other right;
or

 

(b)           of
any capital reorganization of the Company, any reclassification of the Common
Stock of the Company, any consolidation or merger of the Company with or into
another corporation (other than a consolidation or merger in which the Company
is the surviving entity and its Common Stock is not converted into or exchanged
for any other securities or property), or any transfer of all or substantially
all of the assets of the Company; or

 

(c)           of
the voluntary or involuntary dissolution, liquidation or winding-up of the
Company, then, and in each such case, the Company will send or cause to be sent
to the 

 

5

 

Registered Holder a
notice specifying, as the case may be, (i) the record date for such
dividend, distribution or right, and the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such
reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up is to take place, and the time, if any is to be
fixed, as of which the holders of record of Common Stock (or such other stock
or securities at the time deliverable upon the exercise of this Warrant) shall
be entitled to exchange their shares of Common Stock (or such other stock or
securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up.  Such notice
shall be sent at least 10 days prior to the record date or effective date for
the event specified in such notice.

 

7.             Reservation
of Stock.  The Company will at all
times reserve and keep available, solely for issuance and delivery upon the
exercise of this Warrant, such number of Warrant Shares and other securities,
cash and/or property, as from time to time shall be issuable upon the exercise
of this Warrant.

 

6

 

8.             Replacement
Warrant.

 

(a)           Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and (in the case of loss, theft or
destruction) upon delivery of an indemnity agreement (with surety if reasonably
required) in an amount reasonably satisfactory to the Company, or (in the case
of mutilation) upon surrender and cancellation of this Warrant, the Company
will issue, in lieu thereof, a new Warrant of like tenor.

 

9.             Agreement
in Connection with Public Offering. 
The Registered Holder agrees, in connection with an underwritten public
offering of the Company’s securities pursuant to a registration statement under
the Act, (i) not to sell, make short sale of, loan, grant any options for
the purchase of, or otherwise dispose of any shares of Common Stock held by the
Registered Holder (other than any shares included in the offering) without the
prior written consent of the Company or the underwriters managing such
underwritten public offering of the Company’s securities for a period of 180
days from the effective date of such registration statement, and (ii) to
execute any agreement reflecting clause (i) above as may be requested by
the Company or the managing underwriters at the time of such offering.

 

10.           Notices.  All notices and other communications from the
Company to the Registered Holder in connection herewith shall be mailed by
certified or registered mail, postage prepaid, or sent via a reputable
nationwide overnight courier service guaranteeing next business day delivery,
to the address last furnished to the Company in writing by the Registered
Holder.  All notices and other
communications from the Registered Holder to the Company in connection herewith
shall be mailed by certified or registered mail, postage prepaid, or sent via a
reputable nationwide overnight courier service guaranteeing next business day
delivery, to the Company at its principal office set forth below.  If the Company should at any time change the
location of its principal office to a place other than as set forth below, it
shall give prompt written notice to the Registered Holder and thereafter all
references in this Warrant to the location of its principal office at the
particular time shall be as so specified in such notice. All such notices and
communications shall be deemed delivered (i) two business days after being
sent by certified or registered mail, return receipt requested, postage
prepaid, or (ii) one business day after being sent via a reputable
nationwide overnight courier service guaranteeing next business day delivery.

 

11.           No
Rights as Stockholder.  Until the
exercise of this Warrant, the Registered Holder shall not have or exercise any
rights by virtue hereof as a stockholder of the Company.

 

7

 

12.           Amendment
or Waiver.  Any term of this Warrant
may be amended or waived only by an instrument in writing signed by the party
against which enforcement of the change or waiver is sought.  No waivers of any term, condition or
provision of this Warrant, in any one or more instances, shall be deemed to be,
or construed as, a further or continuing waiver of any such term, condition or
provision.

 

13.           Section Headings.  The section headings in this Warrant are
for the convenience of the parties and in no way alter, modify, amend, limit or
restrict the contractual obligations of the parties.

 

14.           Governing
Law.  This Warrant will be governed
by and construed in accordance with the internal laws of the State of New
Jersey (without reference to the conflicts of law provisions thereof).

 

15.           Facsimile
Signatures. This Warrant may be executed by facsimile signature.

 

EXECUTED
as of the Date of Issuance indicated above.

 

	
   

  	
  SENESCO
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
							

 

8

 

EXHIBIT I

 

PURCHASE FORM

 

	
  To:

  	
   

  	
   

  	
   

  	
  Dated:

  	
   

  

 

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant (No.       ),
hereby elects to purchase                                  
shares of the Common Stock of SENESCO TECHNOLOGIES, INC. covered by such
Warrant.

 

The undersigned herewith
makes payment of the full purchase price for such shares at the price per share
provided for in such Warrant in lawful money of the United States in the amount
of $                 .

 

	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
					

 

9

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