Amendment to Research Agreement Among University of Waterloo, Dr. John E. Thompson, and Senesco, Inc. (2008–2009)
The University of Waterloo, Dr. John E. Thompson, and Senesco, Inc. have agreed to extend their existing research agreement for one year, from September 1, 2008, to August 31, 2009. The extension maintains the same terms and conditions as the original agreement, except for an updated budget for the new term. The revised annual budget outlines salaries, supplies, operating expenses, and overhead for the research activities during this period.
Exhibit 10.28
August 25, 2008
Ms. Judy Brown, Contracts Manager
Office of Research
University of Waterloo
200 University Avenue West
Waterloo, Ontario, Canada N2L 3G1
Re: Amendment to Extension and Amendment to Budget and Research Agreement between Waterloo, Thompson, and Senesco for a One Year Period From September 1, 2008 Through August 31, 2009
Dear Ms. Brown:
Pursuant to the Research Agreement effective September 1, 1998 (the “Agreement”), copy attached, between the University of Waterloo (“Waterloo”), Dr. John E. Thompson (“Thompson”), and Senesco, Inc. (“Senesco”), Waterloo, Thompson and Senesco hereby agree to extend the Agreement for an additional one year term, effective September 1, 2008 through August 31, 2009, under the same terms and conditions provided in the Agreement, except that the parties hereby amend the Budget set forth in the Revised Budget for Year 10, effective September 1, 2007 to the amended Revised Annual Budget for Year 11 , attached hereto, effective September 1, 2008 through August 31, 2009. The Amended Revised Annual Budget for Year 11 supercedes and replaces the Revised Budget for Year 10 of the Agreement for all work commencing on or after September 1, 2008.
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| Very truly yours, |
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| /s/ Bruce C. Galton |
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| Bruce C. Galton |
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| President |
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| Senesco, Inc. |
| Agreed and Accepted: |
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| University of Waterloo |
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| /s/ Dr. John Thompson, Ph.D. |
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| Dr. John Thompson, Ph.D. |
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REVISED ANNUAL BUDGET
YEAR 11
PERIOD: September 1, 2008 – August 31, 2009
| Salaries |
| Cdn $/Month |
| Cdn $/12 Months |
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| Senior Research Associate |
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| ($84,000/year + 15% benefits) |
| $ | 8,058.33 |
| $ | 96,700.00 |
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| Senior Research Associate |
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| ($74,800/year + 15% benefits) |
| 7,166.67 |
| 86,000.00 |
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| Research Associate |
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| (Partial salary and benefits – no overhead) |
| 4,166.66 |
| 50,000.00 |
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| Research Associate |
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| ($42,000/year + 15% benefits) |
| 4,025.00 |
| 48,300.00 |
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| Research Associate |
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| ($42,000/year + 15% benefits) |
| 4,025.00 |
| 48,300.00 |
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| Research Associate |
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| ($42,000/year + 15% benefits) |
| 4,025.00 |
| 48,300.00 |
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| Research Associate |
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| ($27,300/year + 15% benefits) |
| 2,616.67 |
| 31,400.00 |
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| Supplies |
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| Operating Expenses |
| 14,000.00 |
| 168,000.00 |
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| Overhead |
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| 30% on total direct costs |
| 13,166.67 |
| 158,000.00 |
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| TOTAL ANNUAL BUDGET |
| $ | 61,250.00 |
| $ | 735,000.00 |
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