Document:

Exhibit 10.2

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.

LICENSE AGREEMENT

between

BAYER CROPSCIENCE GmbH

and

SENESCO TECHNOLOGIES, INC.

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
  INTRODUCTION OF THE PARTIES

  	
   

  	
  1

  
	
  2.

  	
  PREAMBLE

  	
   

  	
  1

  
	
  3.

  	
  DEFINITIONS

  	
   

  	
  1

  
	
  4.

  	
  LICENSE GRANT

  	
   

  	
  3

  
	
  5.

  	
  IMPROVEMENT

  	
   

  	
  3

  
	
  6.

  	
  SUBLICENSE GRANT

  	
   

  	
  4

  
	
  7.

  	
  REPORTS

  	
   

  	
  4

  
	
  8.

  	
  TRANSFER OF TANGIBLES AND INFORMATION

  	
   

  	
  4

  
	
  9.

  	
  MAINTENANCE AND ENFORCEMENT OF PATENTS

  	
   

  	
  4

  
	
  10.

  	
  BEST EFFORTS

  	
   

  	
  6

  
	
  11.

  	
  CONSIDERATION

  	
   

  	
  6

  
	
  12.

  	
  LIMITED WARRANTY. LIMITATION OF LIABILITY

  	
   

  	
  7

  
	
  13.

  	
  CONFIDENTIALITY -PUBLICATIONS

  	
   

  	
  8

  
	
   

  	
  13.1

  	
  Confidentiality

  	
   

  	
  8

  
	
  14.

  	
  GENERAL PROVISIONS

  	
   

  	
  9

  
	
   

  	
  14.1

  	
  Notices

  	
   

  	
  9

  
	
   

  	
  14.2

  	
  Applicable law and Arbitration

  	
   

  	
  11

  
	
   

  	
  14.3

  	
  Entireness of Covenants

  	
   

  	
  11

  
	
   

  	
  14.4

  	
  Amendments

  	
   

  	
  12

  
	
   

  	
  14.5

  	
  Number of Copies

  	
   

  	
  12

  
	
   

  	
  14.6

  	
  Descriptive Headings

  	
   

  	
  12

  
	
   

  	
  14.7

  	
  Assignability

  	
   

  	
  12

  
	
   

  	
  14.8

  	
  Severability

  	
   

  	
  12

  
	
   

  	
  14.9

  	
  No Strict Construction

  	
   

  	
  12

  
	
   

  	
  14.10

  	
  Relationship of Parties

  	
   

  	
  13

  
	
   

  	
  14.11

  	
  Authorities

  	
   

  	
  13

  
	
  15.

  	
  TERMINATION DURATION

  	
   

  	
  13

  
	
  ANNEX I:

  	
  Licensed Patents

  	
   

  	
  15

  
	
  ANNEX II:

  	
  Licensed Know-How

  	
   

  	
  16

  

 

LICENSE AGREEMENT

1.             INTRODUCTION OF THE PARTIES

This Agreement is made effective the    day of November 2006,
(the “Effective Date”), by and between:

Bayer CropScience GmbH,

having its registered office at

Industriepark Hoechst, K607,

Bruningstrasse 50,

65926 Frankfurt am Main,

Germany

(hereinafter referred to
as “LICENSEE”)

and

Senesco Technologies, Inc.,

having its registered office at

303 George Street, Suite 420

New Brunswick, NJ  08901

(hereinafter referred to
as “SENESCO”)

2.             PREAMBLE

WHEREAS SENESCO has developed certain technology related to conferring
useful traits, particularly increased seed yield, in plants based on modulating
the gene expression of eukaryotic
translation initiation factor 5A (“eIF-5A”) and/or deoxyhypusine synthase (“DHS”);

WHEREAS LICENSEE desires to obtain an exclusive
license under the Patents and Know-How as
hereinafter defined for research and development and for commercialization of certain Products as hereinafter
defined;

NOW THEREFORE, in consideration of the mutual covenants and agreements
set forth below, the Parties HEREBY AGREE as follows:

3.             DEFINITIONS

In this Agreement the following words and expressions shall have the
following meaning:

3.1           “Advanced Development Completion”: ***.

3.2           “Agreement”: this agreement, which includes the preamble and the
ANNEXES.

3.3           “ANNEX”: the documents
marked “ANNEX” and which form part of this Agreement.

3.4           “Affiliate”: any company controlled by, or under common control with, or controlling LICENSEE, “control” meaning in this
context the direct or indirect ownership of at least fifty per cent (50
%) of the voting stock/shares of a company, or the power to nominate at least
half of the directors, or the power otherwise to determine the policy of a company.

3.5           “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.

3.6           “Early Development Completion”: ***.

3.7           “Effective Date”: the
date first written above.

3.8           “Gene Component”: a single locus in the
genome of a BRASSICA, comprising a DNA sequence introduced by BAYER which modulates
the native expression of eIF-5A and/or DHS.

3.9           “Gene Component Confirmation”: ***.

3.10         “Licensed Patents”: all
Patents a) owned by SENESCO and b) licensed-in, with the right to grant
sublicenses, by SENESCO, which relate to the Licensed Technology, including,
without limitation, those Patents listed in
ANNEX I.

3.11         “Licensed Know-How”: all information, sequences, data, results,
knowledge, biological material, processes, protocols and/or algorithms in the possession of SENESCO existing on
or before the Effective Date which a) is not
generally available, b) that relates to the use of Licensed Technology in Arabidopsis and BRASSICA and c) is
transferred to Licensee identified as “Know How”. Licensed Know How will be listed in ANNEX II and will be subject to the
confidentiality obligations as set out in Article 13.

3.12         “Licensed Technology”:
methods and means to modulate expression of
eIF-5A and/or DHS (including all of their isoforms).

3.13         “License Income”: the amounts of royalties and/or lump sum fees
effectively received by BAYER from a third party other than an Affiliate as a
remuneration for the grant of a sublicense, without transfer of biological
materials, under the Licensed Patents and/or the Licensed Know-How.

3.14         “Parties”: the parties to
this Agreement and “Party” means one of them.

3.15         “Patent”: any pending patent application(s) and unexpired patent(s) in
any country, and any unexpired patent that
subsequently issues upon any patent application
and including all patents that issue on all divisions, continuations, continuations-in-part,
reissues, reexaminations, extensions, Supplementary Protection Certificates, which have not been adjudicated to
be invalid or unenforceable in an unappealable or

 2
 

unappealed decision of
the applicable patent office or court of
competent jurisdiction.

3.16         “Product”: any and all
BRASSICA which contains at least one Gene Component, and which would infringe at least one Valid Claim of the Licensed
Patents in the absence of a
license under this Agreement.

3.17         “Product Launch”: first commercial sale to a
third party of the first Product to be commercialized.

3.18         “Proof of Phenotype”: ***.

3.19         “Regulatory Clearance”: ***.

3.20         “Territory”: worldwide.

3.21         “Valid Claim”: any claim
of an issued and unexpired Patent that has not been finally rejected or declared invalid by a patent office or court
of competent jurisdiction by a decision which is unappealable or unappealed, or
which has not been revoked by an agency of competent jurisdiction.

4.             LICENSE GRANT

4.1           SENESCO hereby grants
to LICENSEE, solely in BRASSICA, an
exclusive license under the Licensed Patents and the Licensed Know-How to use the Licensed Technology to
make, have made, sell, have sold, offer for
sale, have offered for sale, import, and use Products in the Territory and, solely for BRASSICA,
to otherwise practice and use Licensed Technology.

4.2           For the avoidance of doubt, it is stated
expressly that the license granted in Article 4.1 includes the right for
LICENSEE and its Affiliates to subcontract the implementation of activities
covered by the license under responsibility of
LICENSEE or its Affiliates, provided that the subcontractor shall implement such activities for the sole
benefit and under the supervision of
LICENSEE or its Affiliates.

5.             IMPROVEMENT

5.1           LICENSEE shall be the owner of the
proprietary rights in all results obtained and
inventions made by LICENSEE or any of its AFFILIATES by using the
Licensed Technology, Licensed Know How, Licensed Patents under the terms and during the course of this Agreement
(hereinafter “Licensee Improvement”), and
has the right to protect these Licensee Improvements by any means LICENSEE deems appropriate including filing patent applications in relation thereto.

5.2           LICENSEE grants SENESCO a fully paid up
royalty free non-exclusive license on any Licensee Improvement to the Licensed
Technology developed by Licensee and/or its
Affiliates through use in whole or in part of the Licensed Patents,

 3
 

Licensed
Know-How and/or Licensed Technology for use outside BRASSICA and outside the following crops: ***.

5.3           For purposes of this articles, a Licensee Improvement which is
subject to this Article 5 shall mean an invention, whether protected by Patents
or not, that is only directed to the
improved or optimized expression of eIF-5A and/or DHS in plants (such as
novel eIF-5A genes and DHS genes, novel chimeric genes involving eIF-5A and/or DHS genes) and shall specifically
not include an invention made by Licensee
that is applicable to the expression of a broader class of genes. In addition, any invention made by Licensee to
the extent that it is directed or is applied
in relation to BRASSICA shall always be a Licensee Improvement.

6.             SUBLICENSE GRANT

From the Effective Date, LICENSEE is entitled to grant written sublicenses under the Licensed Patents
and Licensed Know-How as licensed under this Agreement, solely in BRASSICA, to its Affiliates and any third
party.

7.             REPORTS

Upon the first (1st) anniversary date of this Agreement and
every year thereafter LICENSEE shall provide to SENESCO an annual written
report with an overview of the annual
License Income for that respective year.

8.             TRANSFER OF TANGIBLES AND INFORMATION

Within eight (8) days from the Effective Date, SENESCO
shall provide at no cost materials and data pertaining to the Licensed Patents
and Licensed Know-How available to SENESCO
for LICENSEE’s use in development of Products. With respect to Licensed
Patents SENESCO shall promptly inform
LICENSEE of any new patent applications that are filed related to
Licensed Technology and shall provide status updates on the Licensed Patents on an
annual basis.

9.             MAINTENANCE AND ENFORCEMENT OF PATENTS

9.1           SENESCO shall have the right to file,
prosecute, maintain and defend, at its own discretion and at its own cost, any
and all Licensed Patents. However, SENESCO shall use its best efforts to have patents granted
with a scope covering the Licensed
Technology and its use in BRASSICA at least in ***, to the extent that securing patent
protection for any part of the Licensed Patents in these countries is still possible at the Effective
Date. If at any time and for whatever reason
SENESCO decides to abandon or withdraw any of the Licensed Patents pertaining to any of the above mentioned countries
without the remainder of the Licensed
Patents in that country providing such scope, SENESCO shall provide LICENSEE
notice of its intent hereof. If LICENSEE agrees that the Licensed Patents that would remain in such country after
such abandonment or withdrawal would not or could not sufficiently cover the
Licensed Technology and its use in BRASSICA
in such country, LICENSEE may object to such abandonment or withdrawal in which case

 4
 

SENESCO
shall continue to prosecute, maintain and/or defend such Licensed Patent
that it intended to abandon or withdraw. In case such Licensed Patent is a
pending patent application or an issued patent that is challenged by a third
party, SENESCO may request LICENSEE to assist
in the prosecution and/or defense of
such Licensed Patent after which, in
the absence of a joint decision by
the Parties otherwise, LICENSEE will use its best efforts to provide such assistance
at its own cost. At least once a year SENESCO will provide to LICENSEE a
status update of the Licensed Patents in
the above­mentioned countries with a
copy of all the claims that are pending or issued in all Licensed
Patents in such country.

9.2           As soon as SENESCO has filed, or has
obtained rights on, a new Licensed Patent which
contains information or data not contained in a Licensed Patent which is already
published or previously communicated by SENESCO to LICENSEE, SENESCO shall provide LICENSEE with a copy of such
Licensed Patent (for instance a patent application on a new invention related to the Licensed Technology).
Such Licensed Patent and all information and data contained therein shall be
subject to the confidentiality obligations of Article 13.

9.3           SENESCO
shall not have the right to voluntarily terminate any license to a Patent of
the Licensed Patent which it has licensed from a third party and which is sublicensed to Licensee pursuant to
this Agreement. However, nothing in this paragraph
shall interfere with SENESCO’s rights to terminate such license under circumstances
where this Agreement is terminated under the provisions of Article 15.

9.4           Either
Party shall notify the other Party promptly in writing of any act of infringement
of the Licensed Patents.

With regard to any acts of infringement of the Licensed Patents
involving the use of Licensed
Technology in BRASSICA, LICENSEE will have the exclusive right and will
be solely responsible for taking any action or suit for patent infringement of
the Licensed Patents against such acts and to conduct such action or suit in
accordance with its best judgment and at its own cost. Such right shall include the right to enter into
settlements involving the Licensed Patents but only in so far as the terms and
conditions of such settlement have effect solely with regard to the use of Licensed Technology in BRASSICA. Upon
LICENSEE’s request, SENESCO shall provide reasonable assistance to
LICENSEE in connection with such
action or suit and SENESCO shall sign such documents as may be required by applicable law in order to allow LICENSEE to exercise its right to
bring and/or conduct an
action or suit pursuant to this Article 9.4. LICENSEE will reimburse SENESCO
for any reasonable out of pocket expenses, which are documented in writing,
incurred by SENESCO for rendering such assistance. LICENSEE will keep SENESCO continuously informed of any actions or suits pursuant to this subparagraph of this Article 9.4. SENESCO shall have the right to participate in all decisions and actions concerning the validity
of any Licensed Patent claim, including the right to join as a party any
such action for infringement brought by or against LICENSEE where a defense or
claim of patent invalidity or

 5
 

unenforceability
has been or will be raised. SENESCO shall have the right to retain to its own
counsel for the purpose of defending the validity or enforceability of any
Licensed Patent claim. Any costs incurred by SENESCO in relation to this involvement will be born by SENESCO.

With regard to any acts of infringement of the Licensed Patents
involving the use of the Licensed Technology in plants other than
BRASSICA, SENESCO shall have the exclusive right and will be solely responsible for initiating and
conducting any action or suit for patent infringement of the Licensed Patents against such acts and to conduct such action or
suit in accordance with its best
judgment and at its own cost and LICENSEE will have no obligations with regard to such action or suit.

10.           BEST EFFORTS

LICENSEE shall use its best efforts to develop and commercialise
products incorporating the Licensed
Technology.

11.           CONSIDERATION

11.1         Milestone payments

LICENSEE agrees to pay to SENESCO milestone fees in the amount of:

a.             at signature: $***;

b.             at Gene Component
Confirmation, or ***;

c.             at Proof of
Phenotype, or ***;

d.             at Early Development
Completion, or ***;

e.             at Advanced
Development Completion, or ***; and

f.              at Regulatory
Clearance: $***.

 

11.2         Product Launch fee

11.2.1      With respect to the first Product to be
commercialized in one of the following countries or regions of the world :
***,
LICENSEE will pay to SENESCO a Product Launch fee based on yield performance
attributable to Licensed Technology and Licensee Improvement in that Product in
registration trials imposed by the respective government in that
country (or one of the countries in
that region) in the framework of authorizing such product for being cultivated in that country or region
(e.g. ***), or in the absence of such registration trials,
in trials organized by Licensee in that country (or one of the countries
of that region) which would be in
setup and execution similar to the ***),
as agreed by the Parties or by lack of
agreement by an independent technical expert.

Such performance based payment will be as follows:

a.             yield increase less
than *** over the best BRASSICA (other than controls), including Bayer
BRASSICA, of the same species in the
relevant trials, ***;

 6
 

b.             yield increase equal to or greater than *** over
the best BRASSICA, including Bayer BRASSICA (other
than controls), of the same species in the relevant trials,

$***;

c.             yield increase equal
to or greater than *** over the best BRASSICA (other than controls), including Bayer BRASSICA, of the same species in the relevant trials, $***;

d.             yield
increase equal to or greater than *** over the best BRASSICA, including Bayer BRASSICA (other than controls), of the same species in the relevant trials, $***.

For
each of the countries or regions the launch fee as set forth above will
be multiplied by a multiplier as follows:

***

and such launch fee for such country or region) will be due as soon as
possible either:

·      after
Product Launch (whether the product launched by LICENSEE, an AFFILIATE, or a sublicensee of LICENSEE) in that
country or region, or,

·      after the time the first Valid Claim of a Licensed
Patent comes into existence which
would make a BRASSICA product previously commercialized by LICENSEE, an
AFFILIATE, or a sublicensee of
LICENSEE, a Product in that country or
region, whichever is later.

For the avoidance of doubt, for each country or region, such launch fee will only be due once, irrespective of how
many Products are commercialized by
LICENSEE, an AFFILIATE, or a sublicensee of LICENSEE in that country or
region.

11.2.2      Both Parties acknowledge that in case of early
termination by LICENSEE pursuant to Article 15.3, no
more further payments are due under this
Article 11.

11.3         LICENSEE will pay to
SENESCO *** of any License Income.

11.4         Payments shall be made by
LICENSEE in US Dollars (US$), to a bank account to be designated by SENESCO. If LICENSEE is required by law to retain withholding taxes, the Parties shall co-operate to
complete the documents required by
applicable laws or double tax treaties.

12.           LIMITED WARRANTY. LIMITATION OF LIABILITY

12.1         SENESCO represents and
warrants that:

 7
 

12.1.1      SENESCO has the power, authority and capacity to
enter into this Agreement and the right to
grant the license herein granted;

12.1.2      Nothing in this Agreement shall be construed as a
warranty or representation as to the validity
of any Patent;

12.1.3      Nothing in this
Agreement shall be construed as a warranty or representation that
anything developed, made, used, imported, or sold under any license under this Agreement is or will be free from
infringement of domestic or foreign patents of third parties.

12.2         LICENSEE represents and
warrants that LICENSEE has the right to enter into this Agreement and perform
its obligations hereunder.

12.3         Nothing in this Agreement shall be deemed to be or construed as
conferring by implication or otherwise any license or rights under any
patents of SENESCO other than under the Licensed Patents, provided however that
SENESCO will not assert any patent rights
owned or licensed in by SENESCO 1) against LICENSEE’s legitimate use of the Licensed Technology and
Licensed Know-How in the framework of its research and development
activities under this Agreement and 2) against the commercial use of any
product for which remuneration is paid, or is expected to be paid pursuant to
Article 11.2 of this Agreement. For the avoidance of doubt, a Product incorporating a Licensee Improvement will be subject to
the payment of a Product Launch fee in accordance with Article 11.2.

12.4         Neither Party shall be liable for any
indirect, special, incidental or consequential damages in connection with this Agreement and its implementation.

12.5         LICENSEE does not guarantee that its
activities pursuant to this Agreement will lead
to any specific result.

12.6         LICENSEE shall not be liable for the
consequences of its decisions or actions under
Article 9 except for gross negligence and willful misconduct.

12.7         SENESCO makes no express or implied warranties
of merchantability or fitness for a particular
purpose with respect to the invention.

13.           CONFIDENTIALITY
– PUBLICATIONS

13.1         Confidentiality

13.1.1      Each Party
(the “Receiving Party”) will keep any information and material or part
thereof received from the other Party (the “Disclosing Party”) or accrued by the Receiving Party pursuant to this Agreement (including development reports) strictly
confidential and will not disclose same to any other party, except to
those employees or consultants of the Receiving
Party or its Affiliates (with respect to LICENSEE) to whom it

 8
 

will
be strictly necessary to grant access thereto for the purpose referred to in this Agreement, and who have executed
undertakings securing their compliance
with this Agreement.

However, the foregoing confidentiality obligations shall not apply to information or material which:

·      was in the Receiving Party’s and/or its Affiliates’ (with respect to LICENSEE)
possession and at its free disposal prior to disclosure by the Disclosing Party as evidenced by written
records then in the possession of the Receiving Party; or

·      was in the public domain at
the time of disclosure by the Disclosing Party; or

·      subsequently comes into the
public domain through no fault, action or omission
of the Receiving Party; or

·      becomes available to Receiving Party without any obligation of confidence
from a third party having the right to transmit same;

·      is required to be disclosed in order to permit commercialization activities in accordance with the license granted
by SENESCO pursuant to Article 4.1.;

·      is developed independently by the Receiving Party without reference to
the Disclosing Party’s information or material.

13.1.2      The foregoing
shall not prevent LICENSEE from making available information received
from SENESCO to patent attorneys and patent offices when filing, prosecuting,
maintaining and defending patent applications
pursuant to this Agreement.

13.1.3      The foregoing
shall not prevent SENESCO from issuing press releases concerning the
existence of this Agreement and progress made under this Agreement. However, a
draft of any such press release shall first be made available to LICENSEE at least one (1) week prior to such publication for LICENSEE’s approval as to its content, such
approval not to be unreasonably
withheld. Both Parties acknowledge that no press release will be issued before this Agreement is fully and
duly executed by all Parties.

13.1.4      The foregoing
shall not prevent either Party to disclose information in order to
comply with any applicable law or if required to do so by order of any court or other judicial or administrative
body, including the SEC, provided
that prior to making such disclosure the receiving Party gives the
disclosing Party notice of the requirement of disclosure and the information
to be disclosed and the opportunity if available to seek a protective order.

14.           GENERAL PROVISIONS

14.1         Notices

 9
 

14.1.1      Any notice or other
communication given under this Agreement must be
in writing in the English language and signed by or on behalf of the
Party giving it and must be served by one
of the following methods:

a.             delivering it
personally;

b.             sending it by
pre-paid recorded delivery or registered post or by registered airmail;

c.             sending it by fax;

d.             to the address and for the attention of the relevant
Party specified hereinafter (or as
otherwise notified by that Party for the purpose of this Agreement).

14.1.2      A notice will be deemed to
have been received:

a.             if delivered
personally, at the time of delivery;

b.             in the
case of pre-paid recorded delivery or registered post, 48 hours from the date of posting;

c.             in the case of fax at
the time of transmission;

provided that if deemed receipt occurs before 9am (local time) on a Business Day the notice will be deemed to have
been received at 9am (local time) on
that day, and if deemed receipt occurs after 5pm (local time) on a Business
day, or on a day which is not a Business Day, the notice will be deemed to have been received at 9am (local
time) on the next Business Day. For the purpose of this clause, “Business Day”
means any day which is not a Saturday, a Sunday, or a public holiday in the
place at or to which the notice is left or sent.

14.1.3      The addresses and fax
numbers of the Parties for the purpose of
this Article 14.1 are:

for LICENSEE:

Bayer
CropScience GmbH

Industriepark
Hoechst, K607

Bruningstrasse
50

65926
Frankfurt am Main

Germany

Attention:  Managing Director

Fax number: + 49.69.305.30.949

 10
 

With a copy to:

Bayer
BioScience N.V.

Technologiepark
38

9052
Gent

Belgium

Attention:
Managing Director

Fax number: +32.9.223.38.55

for
SENESCO:

Senesco
Technologies, Inc

303
George St., Suite 420

New
Brunswick, NJ  08901

Attention: Sascha
Fedyszyn, Vice President Corporate Development

Fax number: (732) 296-9292

or such other address or facsimile
number as may be notified from time to time by the relevant Party to the
other Party.

14.1.4      To prove service it will be
sufficient to prove that:

a.             the envelop containingthe notice was addressed to the address of the relevant Party set out in Article 14.1.3 or as otherwise notified in
writing by that Party for the purpose of this Agreement and delivered either to that address or into the custody of the postal authorities as a pre-paid
recorded delivery, registered post or airmail letter; or

b.             the
notice was transmitted by fax to the fax number of the relevant Party set out
in Article 14.1.3 or as otherwise notified in writing
by that Party.

14.1.5      For the avoidance of doubt, notice given under
this Agreement will not be validly served
if sent by e-mail.

14.2         Applicable law and Arbitration

The Agreement shall be governed by and construed
in accordance with the laws of the United States and the State of New
Jersey. All disputes arising in connection with the present Agreement shall be
resolved in the state and/or federal courts in New Jersey.

14.3         Entireness of Covenants

This Agreement including its ANNEXES, when dated
and signed by each of the Parties, form an indivisible whole, comprising
the entireness of what has been agreed
between the Parties in connection with the subject matter of this Agreement and replacing and superseding all prior
covenants between the Parties relating
to the subject matter of this Agreement.

 11
 

14.4         Amendments

This Agreement
may be amended only by a written document signed by duly authorized
representatives of the Parties.

14.5         Number of Copies

This Agreement is
being executed in two (2) copies. Each of those copies shall be deemed to be an
original and each Party shall retain such a signed original.

14.6         Descriptive Headings

The descriptive
headings in this Agreement are for convenience only and shall not be
interpreted so as to limit or affect in any
way the meaning of the language in the pertaining Article, Section,
Paragraph or Sub-paragraph.

14.7         Assignability

14.7.1      Neither Party shall have the right to assign its
rights and/or obligations under this Agreement to any third parry without the
prior written consent of the other Party,
except as expressly stated in this Agreement.

14.7.2      SENESCO shall have the right to assign its rights
and obligations under this Agreement to any entity that acquires all or
substantially all of its assets.

14.7.3      LICENSEE shall
have the right to assign its rights and obligations under this Agreement to its Affiliates or successors,
and SENESCO hereby consents to such
assignment.

14.8         Severability

Should any provision of this Agreement be illegal, invalid or
unenforceable under applicable law, the remaining provisions of this Agreement
shall be construed as if such illegal, invalid or unenforceable provision had
not been contained herein. The Parties shall attempt to negotiate a provision
replacing such provision and providing comparable benefits to each Party, but in the event that such
negotiations relating to any such provision that is material do not
result in agreement within ninety (90) days, either Party shall have the right
to terminate this Agreement by ninety (90) days written notice to theother
Party.

14.9         No Strict Construction

The language used in this Agreement shall be
deemed to be the language chosen by both Parties hereto to express their
mutual intent and no rule of strict construction against either Party shall
apply to any term or condition of this Agreement.

 12
 

14.10       Relationship of Parties

Nothing contained in this Agreement shall be construed as creating a
partnership, joint venture,
agency, franchise or an association of any kind between the Parties or
otherwise.

14.11       Authorities

The persons signing on behalf of SENESCO and LICENSEE hereby warrant
and represent that they have authority to execute this Agreement on behalf of
the party for whom they have
signed.

15.           TERMINATION
DURATION

15.1         This
Agreement shall enter into force on the Effective Date and shall remain in full
force and effect until the expiration of the last to expire Licensed Patents or
until all Licensed Know-How has become part
of the public domain whichever is later,
except if terminated prematurely as set forth hereinafter.

15.2         Notwithstanding the foregoing, each Party
shall have the right to terminate this Agreement
upon giving not less than thirty (30) days written notice to the other if the
other Party commits a material breach of this Agreement which in case of a breach capable of remedy shall not have been
remedied within sixty (60) days of the
receipt by it of such notice.

15.3         LICENSEE
has the right to terminate this Agreement at any time giving not less than
thirty (30) days written notice to SENESCO. At termination, the license granted
to Licensee hereunder shall immediately cease and LICENSEE shall immediately destroy, or at the request of SENESCO
return, all Licensed Know-How in its
possession.

15.4         Articles 5.2, 12, 13, 14 and 15.4 shall
survive the expiration or early termination of
this Agreement. Articles 12 and 13 shall survive the expiration or early termination of this Agreement for five (5) years.

IN WITNESS
WHEREOF, the parties caused this Agreement to be executed in two (2) copies by
their duly authorized and empowered representatives.

	
  Senesco Technologies, Inc.

  Date: November 8, 2006

  Signature:

  	
   

  	
  Bayer CropScience GmbH,

  Date: November 8, 2006

  Signature:

  

 

	
  /s/ Bruce C. Galton

  	
   

  	
  /s/ Dr. Volkert Sjut

  
	
  Name: /s/ BRUCE
  C. GALTON 

  	
   

  	
  Name:

  	
  Dr. Volkert Sjut 

  
	
  Title: /s/
  PRESIDENT & CEO

  	
   

  	
  Title:

  	
  Managing Director

  

 

 13
 

 

	
  Signature:

  	
   

  	
  Signature:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Sascha Fedyszyn

  	
   

  	
  /s/ Dr. R. Mertens

  
	
  Name: /s/ SASCHA FEDYSZYN 

  	
   

  	
  Name:

  	
  Dr. R. Mertens 

  
	
  Title: /s/ VP, CORP. DEVELOPMENT

  	
   

  	
  Title:

  	
  Head of Planning, 

  
	
   

  	
   

  	
   

  	
  Controlling &
  Accounting

  

 

 14
 

Annex I

to the

License Agreement

between

Bayer BioScience GmbH

and

Senesco
Technologies, Inc.

Licensed
Patents

***

 15
 

Annex II

to the

License Agreement

between

Bayer BioScience GmbH

and

Senesco
Technologies, Inc.

Licensed
Know-How

 16Exhibit
10.1

SEPARATION
AGREEMENT AND MUTUAL RELEASE

This
Separation Agreement and Release (the “Agreement”) is made and entered into as
of January 19, 2007 (the “Effective Date”) by and between SPACEHAB, Inc. (“SPACEHAB”
or the “Company”) and Michael E. Bain (“Bain”).

RECITALS

Bain
is the Chief Operating Officer of the Company. 
Other than this Agreement, Bain and the Company are parties to the
following, and only the following, agreements (collectively, the “Ancillary
Agreements”):

a.                       Employment
Agreement, dated as of May 12, 2005 (the “Employment Agreement”), and attached
as Exhibit A; and

b.                      Indemnification
Agreement, dated as of May 12, 2005 (the “Indemnification Agreement”), which
the parties agree to be a valid, binding and enforceable agreement between them
and the provisions of which are not waived, modified or otherwise impaired by
this Agreement in any respect, and attached as Exhibit B;

Under
each of the Indemnification Agreement, the Amended and Restated Articles of
Incorporation of the Company (the “Articles Indemnification”) and the Amended
and Restated Bylaws of the Company (the “Bylaws Indemnification”)
(collectively, the “Existing Indemnification Arrangements”) the Company is
obligated, under certain circumstances, to indemnify Bain under the terms and
conditions therein stated. 
Notwithstanding any provision of this Agreement to the contrary, the
Existing Indemnification Arrangements shall remain in effect and be enforceable
in accordance with their respective terms and conditions, except as expressly
modified or supplemented by this Agreement.

On
the terms hereinafter set forth, the parties agree that Bain’s status as an
officer and employee of the Company is terminated as of the Effective Date.

AGREEMENT TERMS

Therefore,
in consideration of the promises and mutual agreements set forth in this
Agreement, the receipt and sufficiency of which is hereby acknowledged by all
parties, the Company and Bain agree as follows:

1.             Termination of Employment Agreement.  As of the Effective Date, the Employment
Agreement between Bain and the Company listed in Agreement Recital a. is
cancelled and terminated and will be of no further force or effect except as
provided for in this Agreement.  The
Existing Indemnification Arrangements shall remain binding and enforceable as
between the parties in accordance with their terms.  Therefore, Bain agrees and acknowledges that
any rights he may have to any payments, benefits, or other perquisites of any
kind whatsoever under the Employment Agreement (except as provided for as part
of routine termination of employment in accordance with company policy)
including, without limitation, compensation, salary, vacation and sick pay, and
travel and car allowances, if any, are extinguished by this Agreement and Bain’s
right to any claim or cause of action whatsoever to

reimbursement, payments, benefits, or other perquisites under the
Employment Agreement are released and forever waived under Agreement paragraph
5.

2.             Severance.  Contingent
upon Bain’s compliance with each of the terms and conditions of this Agreement,
the Company will pay Bain the amount of One Hundred Thousand Dollars
($100,000.00) minus all lawful tax withholdings
(the “Payment”), payable in one lump sum within five days after expiration of
the seven-day Revocation Period described in Agreement paragraph 17.  Bain understands and agrees that the Payment
is in addition to anything of value to which Bain is already entitled to
receive.

3.             Resignation.  Bain
hereby irrevocably resigns all positions as an officer and employee of the
Company as of the Effective Date

4.             SPACEHAB Released Parties. The “SPACEHAB Released Parties” are defined as
SPACEHAB, Inc., each of SPACEHAB subsidiaries and each of SPACEHAB and its
subsidiaries predecessors, successors, parents, joint ventures, holding
companies, subsidiaries, divisions, affiliates, assigns, partnerships, agents,
directors, officers, employees, consultants, committees, employee benefit
committees, fiduciaries, representatives, attorneys, and all persons and
entities acting by, through, under or in concert or in any such capacity with
any of them.  Under this Agreement, Bain
is excluded from the definition of “SPACEHAB Released Parties”.

5.             Mutual Release of Claims. 
Bain, on behalf of himself, his heirs, executors, successors and
assigns, irrevocably and unconditionally releases, waives, and forever
discharges SPACEHAB and the SPACEHAB Released Parties, excluding Bain himself,
from any and all claims, demands, actions, causes of action, costs, fees,
attorneys’ fees, and all liability whatsoever, whether known or unknown, fixed
or contingent, which Bain has, had, or may have against SPACEHAB or any of the
SPACEHAB Released Parties, from the beginning of time and up to and including
the date of execution of this Agreement other than as may exist, or hereafter
arise, under this Agreement, the Ancillary Agreements, or the Existing
Indemnification Arrangements, except as expressly modified or supplemented by
this Agreement.  This Agreement includes,
without limitation, claims at law or equity or sounding in contract, express or
implied, or in tort, claims arising under any federal, state, or local laws of
any jurisdiction that prohibit age, sex, race, national origin, color,
disability, religion, veteran, military status, sexual orientation, or any
other form of discrimination, harassment, or retaliation (including, without
limitation, the Age Discrimination in Employment Act, the Older Workers Benefit
Protection Act, the Americans with Disabilities Act, Title VII of the 1964 Civil
Rights Act, the Civil Rights Act of 1991, 42 U.S.C. § 1981, the Rehabilitation
Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, the
Employee Polygraph Protection Act, the Financial Institutions Reform, Recovery
and Enforcement Act (or any other employment-related banking statute or
regulation), the Uniformed Services Employment and Reemployment Rights Act of
1994, the Texas Commission on Human Rights Act, any federal, state, local or
municipal whistleblower protection or anti-retaliation statute or ordinance, or
any other federal, state, local, or municipal laws of any jurisdiction), claims
arising under the Employee Retirement Income Security Act, or any other
statutory or common law claims related to Bain’s employment or separation from
employment with SPACEHAB.

 2
 

SPACEHAB,
on behalf of itself and its employees, officers, agents, directors,  affiliates and subsidiaries, irrevocably and
unconditionally releases, waives, and forever discharges BAIN and his heirs,
executors, successors and assigns (the “Bain Released Parties”), from any and
all claims, demands, actions, causes of action, costs, fees, attorneys’ fees,
and all liability whatsoever, whether known or unknown, fixed or contingent,
which Bain has, had, or may have against Bain or any of the Bain Released
Parties, from the beginning of time and up to and including the date of
execution of this Agreement other than as may exist, or hereafter arise, under
this Agreement, the Ancillary Agreements, or the Existing Indemnification Arrangements,
except as expressly modified or supplemented by this Agreement.  This Agreement includes, without limitation,
claims at law or equity or sounding in contract, express or implied, or in
tort, claims arising under any federal, state, or local laws of any
jurisdiction, or any other statutory or common law claims.

6.             No Admission of Liability/Confidentiality of Release.  Bain understands and agrees that this
Agreement shall not in any way be construed as an admission by SPACEHAB or the
SPACEHAB Released Parties of any unlawful or wrongful acts whatsoever against
Bain or any other person, and SPACEHAB and the SPACEHAB Released Parties
specifically disclaim any liability to or wrongful acts against Bain or any
other person.  Similarly, the Company acknowledges
and agrees that this Agreement shall not in any way be construed as an
admission by Bain of any unlawful or wrongful acts against SPACEHAB, the
SPACEHAB Released Parties or any other person, and Bain specifically disclaims
any liability to or wrongful acts against SPACEHAB, the SPACEHAB Released
Parties or any other person.  Bain agrees
to keep this Agreement, its terms, and the amount of the Payment in this
Agreement completely confidential unless publicly-disclosed by the Company;
however, Bain may disclose the terms of this Agreement and the amount of the
Payment to his spouse, attorneys, financial advisors, or as otherwise required
by law.  Accordingly, nothing in this
Agreement is intended to preclude Bain or SPACEHAB from disclosing information
in response to a subpoena issued by a court of law or upon the request of a
government agency having jurisdiction or power to compel the disclosure.  Bain, however, agrees, as required by
Agreement paragraph 9, to provide SPACEHAB prompt written notice before
responding to any subpoena.  Further,
Bain acknowledges and agrees that nothing in this Agreement prevents SPACEHAB
from disclosing the terms of this Agreement and filing a copy of this Agreement
(i) in response to a subpoena issued by a court of law or a government agency
having jurisdiction or power to compel the disclosure, (ii) in response to a
request by a governmental law enforcement agency or federal or state agency
having jurisdiction over the acts or activities of SPACEHAB or any of its subsidiaries,
or (iii) as required by the applicable federal or state law, including, without
limitation, the provisions, rules or regulations of the Securities Exchange Act
of 1934 ,as amended.

7.             No Re-employment. 
Bain agrees that he relinquishes any right to re-employment with the
Company or its subsidiaries after the Effective Date.  He further agrees that he will not seek,
apply for, accept, or otherwise pursue employment with the Company or any of
its subsidiaries.  Bain acknowledges that
if he re-applies for or seeks employment with the Company or its subsidiaries,
the Company’s or its subsidiaries’ refusal to hire him based on this provision
will provide a complete defense to any claims arising from his attempt to apply
for employment.

 3
 

8.             Mutual Non-Disparagement.

(a) Bain agrees that he will not, directly or indirectly, disclose,
communicate, or publish any disparaging information concerning the Company, its
officers and directors, operations, products, services, employees, technology,
proprietary or technical information, or software whatsoever, or cause others
to disclose, communicate, or publish any disparaging information concerning the
same.  Bain further agrees that he will
not disclose, directly or indirectly, communicate, or publish any disparaging
information concerning the terms of his employment with the Company, any other
circumstance that arose from his employment with the Company or separation from
employment, or any action or event that occurred during his employment with the
Company, or cause others to disclose, communicate, or publish any disparaging
information concerning the same;

(b)  The Company agrees that it
will not, in any way intentionally disparage or intentionally embarrass Bain by
any written or oral statements that reflect negatively on Bain; and

(c) Nothing in this Agreement shall, however, be deemed to prevent Bain
or the Company from testifying fully and truthfully in response to a subpoena
from any court or from responding to investigative inquiries from any
governmental agency.

9.             Cooperation.  After
his separation from employment with SPACEHAB, Bain agrees to cooperate
reasonably with SPACEHAB in connection with the defense or prosecution of any
claims, causes of action, investigations, hearings, proceedings, arbitrations
or other tribunals now in existence or which may be brought in the future
against or on behalf of SPACEHAB or any of the other SPACEHAB Released Parties
that relate to events or occurrences that transpired while he was employed with
SPACEHAB.  Bain’s full cooperation in
connection with this Paragraph 9 shall include, without limitation, making
himself reasonably available to meet with counsel to prepare for discovery or
trial, to act as a witness on behalf of SPACEHAB or the other SPACEHAB Released
Parties at convenient times, and to provide true, accurate, and complete
testimony regarding any such matters. 
SPACEHAB agrees to compensate Bain for actual and reasonable expenses
incurred in providing the cooperation contemplated by this paragraph 9.  If Bain is subpoenaed or contacted to
cooperate in any manner by a non-governmental party concerning any matter
related to SPACEHAB or any of the other SPACEHAB Released Parties, he shall
immediately notify SPACEHAB, through the notice procedures identified in Agreement
paragraph 18(a), before responding or cooperating.

10.           Confidentiality of Company Information.  Bain agrees to continue to abide by
SPACEHAB’s confidentiality policies. 
Further, the parties agree that while Bain’s Employment Agreement is
extinguished by this Agreement, the covenants and promises concerning
safeguarding SPACEHAB Confidential Information, namely, paragraph 7 of the
Employment Agreement, are not extinguished and are incorporated into this
Agreement by reference.  Further, Bain
acknowledges that, during his SPACEHAB employment, SPACEHAB provided him with
information and materials that are considered Confidential Information, as
defined below.  Bain agrees that he will
not at any time disclose to anyone, including, without limitation, any person,
firm, corporation, or other entity, or publish, or use for any purpose, any
Confidential Information, except as SPACEHAB directs and authorizes.  Bain agrees that he shall take all

 4
 

reasonable measures to protect the secrecy of and avoid disclosure and
unauthorized use of the Confidential Information and agrees to immediately
notify SPACEHAB in the event of any unauthorized use or disclosure of the
Confidential Information.  Confidential
Information includes, without limitation, all of SPACEHAB’s technical and
business information, which is of a confidential, trade secret or proprietary
character; engineering plans; drawings; specifications, studies or related
documents; bids or bid proposals; computer programs, ideas or concepts;
business forms or procedures developed by SPACEHAB; financial information
regarding SPACEHAB or its clients; client lists; identity of customers;
identity of prospective customers; contract terms; bidding information and
strategies; pricing methods or information; photographs; internal policies,
procedures, communications and reports; computer software; computer software
methods and documentation; graphic designs; hardware; SPACEHAB or SPACEHAB
Released Parties’ methods of operation; the procedures, forms and techniques
used in servicing accounts; and other information or documents that SPACEHAB
requires to be maintained in confidence for SPACEHAB’s continued business
success.  Confidential Information does
not include any information that is disclosed to the public or, upon reasonable
investigation, is readily ascertainable in the public domain.

11.           Obligations Regarding
Transfer of Patents or Inventions. 
Bain agrees to continue to abide by SPACEHAB’s confidentiality policies
regarding disclosure and transfer of patents or inventions.  Further, the parties agree that while Bain’s
Employment Agreement is extinguished by this Agreement, the covenants and
promises concerning disclosure and assignment of inventions and patents,
namely, paragraph 9 of the Employment Agreement, are not extinguished and are
incorporated into this Agreement by reference. 
Accordingly, Bain agrees and acknowledges that will promptly disclose to
SPACEHAB all products, processes, hardware and software inventions, designs,
computer programs and related documentation, other works of authorship and
developments relating to SPACEHAB’s business which Bain may have made
individually or jointly with others, during his SPACEHAB employment.

12.           Agreement
to Return Company Property/Documents.  Bain understands and agrees that his last day
of active work as an officer and employee of SPACEHAB shall be January 19,
2007.  Accordingly, Bain agrees that: (i)
he did not and will not take with him, copy, alter, destroy, or delete any
files, documents, electronically stored information, or other materials whether
or not embodying or recording any Confidential Information, including copies,
without obtaining in advance the written consent of an authorized SPACEHAB
representative; and (ii) he will promptly return to SPACEHAB all Confidential
Information, documents, files, records and tapes (written or electronically
stored) that have been in his possession or control regarding SPACEHAB or any
SPACEHAB Released Party, and he will not use or disclose such materials in any
way or in any format, including written information in any form, information
stored by electronic means, and any and all copies of these materials.  Bain further agrees that upon or before the
execution of this Agreement, he will return to SPACEHAB all SPACEHAB or
SPACEHAB Released Party property, including, without limitation, all papers,
notebooks, reports, manuals, computer files, software, vehicle, tools, keys,
credit authorizations, apparatus, computer user identifiers, passwords and
other property furnished to Bain by SPACEHAB or any SPACEHAB Released Party, or
other property which was prepared or made in whole or in part by Bain in
connection with his SPACEHAB employment.

 5
 

13.           Knowing and Voluntary Agreement.  Bain understands it is his choice whether or
not to enter into this Agreement and that his decision to do so is voluntary
and is made knowingly.  Bain acknowledges
that he has been advised by SPACEHAB to seek legal counsel to review this
Agreement.

14.           Survival of Certain Restrictive Covenants.  While Bain acknowledges that his May 12, 2005
Employment Agreement has expired by operation of this Agreement, the parties
agree that paragraphs 8(a)(ii) and 10 of the Employment Agreement, concerning
non-solicitation and definition of the term Restricted Period, shall survive
the termination of the Employment Agreement. 
Therefore, the restrictive periods preventing solicitation will begin to
run as of the Effective Date as explained in paragraphs 8(a)(ii) and 10 of the
Employment Agreement.  Accordingly,
paragraphs 8(a)(ii) and 10 of the Employment Agreement are incorporated into
this Agreement by reference.

15.           Forfeiture of Severance
Benefits for Breach of Restrictive Covenants. If, during the one
year Restricted Period following the Effective Date, as specified in Agreement
paragraph 14 and paragraphs 8(a)(ii) and 10 of the Employment Agreement, Bain
fails to fulfill his obligations, SPACEHAB may: (a) terminate this Agreement;
(b) terminate any remaining Payment as set forth in Agreement paragraph 2 and
Bain will forfeit any remaining Payment from and after the date of his breach
of Agreement paragraph 14; (c) recover attorneys’ fees SPACEHAB incurs for any
breach of the restrictive covenant in Agreement paragraph 14; and (d) recover
all other damages to which SPACEHAB may be entitled.  The remaining terms of this Agreement shall
continue in full force and effect.

16.           Time to Consider Agreement. 
Bain acknowledges that he has been advised in writing by the Company
that he should consult an attorney before executing this Agreement, and he
further acknowledges that he has been given a period of twenty-one (21)
calendar days within which to review and consider the provisions of this
Agreement.  Bain understands that he is
not required to take the full twenty-one (21) days to consider this Agreement
but if he does not sign this Agreement before the 21 calendar day period
expires, this Agreement offer will be withdrawn automatically.

17.           Revocation Period. 
Bain understands and acknowledges that he has seven (7) calendar days
following the execution of this Agreement to revoke his acceptance of this
Agreement.  This Agreement will not
become effective or enforceable, and the Payment in Agreement paragraph 2 will
not become payable until after this revocation period has expired without Bain’s
revocation.  If Bain does not revoke this
Agreement within the revocation period, the Company will comply with Agreement
paragraph 2 and will send Bain the Payment within five (5) days after the
revocation period’s expiration date.

18.           Miscellaneous Provisions and Enforcement.

(a)           Notices.  Any notice or other communication required,
permitted or desired to be given under this Agreement shall be deemed
delivered; when personally delivered, if delivered by overnight courier; the
same day, if transmitted by facsimile on a business day before noon, Central
Standard Time; the next business day, if otherwise transmitted by facsimile;
and the third business

 6
 

day after mailing, if mailed by prepaid certified mail, return receipt
requested, as addressed or transmitted as follows (as applicable):

If to Bain:

Michael E. Bain

14818
Elk Hill Court

Houston, Texas 77062

 

If to the Company:

SPACEHAB, Inc.

Attention: Chief Financial officer

12130 Highway 3, Bldg. 1

Webster, Texas 
77598-1504

 

With a copy (which shall not constitute notice) to:

Arthur S. Berner

Haynes and Boone, LLP

1221 McKinney, Suite 2100

Houston, Texas 
77010

Fax: (713) 236-5652

Concerning
Bain’s notice in response to subpoenas (Agreement paragraph 6) or requests to
cooperate with any non-governmental party or entity regarding any claims or
causes of action concerning SPACEHAB or any of the other SPACEHAB Released
Parties (Agreement paragraph 9), Bain or his attorney must contact and speak
with the President of SPACEHAB or his or her designee.  This telephone conversation must occur no
later than three business days after receiving the subpoena or request for Bain’s
cooperation.

(b)           Choice of
Law.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS (RULES) OR CHOICE
OF LAWS (RULES) THEREOF.  THE EXCLUSIVE
VENUE FOR ALL SUITS AND PROCEEDINGS ARISING FROM OR RELATED TO THIS AGREEMENT
SHALL BE IN A COURT OF COMPETENT JURISDICTION IN HOUSTON, TEXAS.

(c)           Limitations
on Assignment.  Except as
provided in this Agreement, Bain may not assign this Agreement or any of the
rights or obligations set forth in this Agreement without the explicit written
consent of SPACEHAB.  Any attempted
assignment by Bain in violation of this paragraph 18(c) shall be void ab initio..  Except as
provided in this Agreement, nothing in this Agreement entitles any person,
other than the parties to the Agreement, to any claim, cause of action, remedy,
or right of any kind, including, without limitation, the right of continued
employment.

 7
 

(d)           Waiver.  A party’s waiver of any breach or violation
of any Agreement provisions shall not operate as, or be construed to be, a
waiver of any later breach of the same or other Agreement provision.

(e)           Severability.  If any provision or provisions of this
Agreement are held to be invalid, illegal, or unenforceable for any reason
whatsoever, (i) the validity, legality, and unenforceability of the remaining
provisions of this Agreement (including, without limitation, all portions of
any Agreement paragraphs containing any provision held to be invalid, illegal,
or unenforceable, that are not themselves invalid, illegal, or unenforceable),
will not in any way be affected or impaired thereby, and (ii) the provision or
provisions held to be invalid, illegal, or unenforceable will be limited or
modified in its or their application to the minimum extent necessary to avoid
the invalidity, illegality, or unenforceability, and, as so limited or modified,
the provision or provisions and the balance of this Agreement will be
enforceable in accordance with their terms.

(f)            Headings.  The
Agreement headings are for reference purposes only and will not affect in any
way the meaning or interpretation of this Agreement.

(g)           Counterparts.  This Agreement and amendments to it will be
in writing and may be executed in counterparts. 
Each counterpart will be deemed an original, but both counterparts
together will constitute one and the same instrument.

(h)           Entire Agreement,
Amendment, Binding Effect.  This Agreement and
the Ancillary Agreements (as the same may be expressly amended, supplemented or
superseded by this Agreement) constitute the entire agreement between the
parties concerning the subject matter in this Agreement and the Ancillary
Agreements.  No oral statements or other
prior written material not specifically incorporated in this Agreement shall be
of any force and effect, and no changes in or additions to this Agreement shall
be recognized, unless incorporated in this Agreement by written amendment, such
amendment to become effective on the date stipulated in it.  Bain acknowledges and represents that in
executing this Agreement, he did not rely, and has not relied, on any
communications, promises, statements, inducements, or representation(s), oral
or written, by SPACEHAB or any SPACEHAB Released Party, except as expressly
contained in this Agreement.  Any
amendment to this Agreement must be signed by all parties to this
Agreement.  This Agreement will be binding
on and inure to the benefit of the parties hereto and their respective
successors, heirs, legal representatives, and permitted assigns (if any).  This Agreement supersedes (a) any prior
agreements between Bain and SPACEHAB concerning the subject matter of this
Agreement and (b) all other agreements between Bain and SPACEHAB, as explained
in Agreement paragraph 1, unless specifically modified by this Agreement.  Unless otherwise specified in this Agreement,
SPACEHAB and Bain agree that to the extent the terms of this Agreement

 8
 

conflict
with any terms of the Employment Agreement, the terms of this Agreement shall
supersede and govern the terms of the Employment Agreement.

(i)            Injunctive Relief.  Bain and the Company acknowledge and agree
that the covenants, obligations and agreements contained in this Agreement
concern special, unique and extraordinary matters and that a violation of any
of the terms of these covenants, obligations or agreements will cause
irreparable injury for which adequate remedies at law are not available.  These injunctive remedies are cumulative and
in, addition to any other rights and remedies the parties may have. SPACEHAB
and Bain irrevocably submit to the exclusive jurisdiction of the state courts
and federal courts in the city of SPACEHAB’s headquarters (Houston, Texas)
regarding the injunctive remedies set forth in this paragraph and the
interpretation and enforcement of this paragraph (i) solely insofar as the
interpretation and enforcement relate to an application for injunctive relief
in accordance with the provisions of this Agreement. Further, the parties
irrevocably agree that (i) the sole and exclusive appropriate venue for any
suit or proceeding relating to injunctive relief shall be in the courts listed
in this paragraph (i), (ii) all claims with respect to any application for
injunctive relief shall be heard and determined exclusively in these courts,
(iii) these courts will have exclusive jurisdiction over the parties to this
Agreement and over the subject matter of any dispute relating to application
for injunctive relief, and (iv) each party waives all objections and defenses
based on service of process, forum, venue, or personal or subject matter
jurisdiction, as these defenses may relate to an application for injunctive
relief in a suit or proceeding under the provisions of this paragraph (i).

PLEASE READ CAREFULLY

AS THIS DOCUMENT INCLUDES A RELEASE OF CLAIMS.

As evidenced by my signature
below, I certify that I have read the above Agreement and agree to its terms.

 

	
  

  	
   

  	
  SPACEHAB, INCORPORATED

  
	
   

  	
   

  	
   

  
	
  /s/Michael E.
  Bain

  	
   

  	
  By: /s/Brian K. Harrington

  
	
  Michael E. Bain

  	
   

  	
  Brian K. Harrington, Senior Vice President and

  
	
   

  	
   

  	
  Chief Financial Officer

  
	
  January 19, 2007

  	
   

  	
  January 19, 2007

  

 

 

 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]