September 1, 2012
September 1, 2012
Xxxx Xxxxx
Senior Manager - Contracts Research & Industrial Grants
Office of Research, Needles Hall Room 1043
University of Waterloo
000 Xxxxxxxxxx Xxx X
Waterloo, ON N2L 3G1
Re: | Amendment to Research Agreement between Waterloo, Xxxxxxxx, and Senesco |
Dear Xx. Xxxxx:
Pursuant to the Research Agreement effective September 1, 1998, as amended on June 11, 2012 (the “Agreement”), copy attached, between the University of Waterloo (“Waterloo”), Xx. Xxxx X. Xxxxxxxx (“Xxxxxxxx”), and Xxxxxxx, Inc. (“Senesco”), Waterloo, Xxxxxxxx and Senesco hereby agree (i) to extend the Agreement for an additional one year term, effective September 1, 2012 through August 31, 2013 (for purposes of clarity, the Agreement shall continue to automatically renew for successive one year periods unless notice of non-renewal is provided by one of the parties in accordance with the requirements set forth in Article III of the Agreement), 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 14, effective December 1, 2010, to the amended Revised Budget for Year 15, attached hereto, effective September 1, 2012 through August 31, 2013 and (ii) that Article IV, Section A of the Agreement is hereby amended and restated in its entirety to read: “Senesco agrees to pay for the cost of work specified in the Budget as set forth in Exhibit A, which Budget may be revised from time to time upon mutual agreement of the Parties. Payment shall be made according to the Payment Schedule provided in Exhibit B. Payment is to be made by Senesco in Canadian dollars.” The Amended Revised Budget for Year 15 supercedes and replaces the Revised Budget for Year 14 of the Agreement for all work commencing on or after September 1, 2012.
Very truly yours, | |
/s/ Xxxxxx X. Xxxxxx | |
Xxxxxx X. Xxxxxx | |
President | |
Senesco, Inc. |
Agreed and Accepted: | |
/s/ X.X. Xxxxx | |
University of Waterloo, X.X. Xxxxx | |
/s/ Dr. Xxxx Xxxxxxxx, Ph.D. | |
Dr. Xxxx Xxxxxxxx, Ph.D. |
REVISED BUDGET
YEAR 15
PERIOD: September 1, 2012 – August 31, 2013
Salaries | Cdn $/Month | Cdn $/12 Months | ||||||
Senior Research Associate | $ | 9,375.00 | $ | 112,500.00 | ||||
($90,000/year + 25% benefits) | ||||||||
Senior Research Associate | 2,604.17 | 31,250.00 | ||||||
($25,000/year + 25% benefits) | ||||||||
Research Associate | 5,208.33 | 62,500.00 | ||||||
($50,000/year + 25% benefits) | ||||||||
Research Associate | 5,208.33 | 62,500.00 | ||||||
($50,000/year + 25% benefits) | ||||||||
Research Associate | 3,906.25 | 46,875.00 | ||||||
($37,500/year + 25% benefits) | ||||||||
Research Associate | 4,166.67 | 50,000.00 | ||||||
($40,000/year + 25% benefits) | ||||||||
Supplies | ||||||||
Operating Expenses | 12,000.00 | 144,000.00 | ||||||
Subtotal | 42,468.75 | 509,625.00 | ||||||
Overhead | ||||||||
20% on total direct costs | 8,493.75 | 101,925.00 | ||||||
TOTAL BUDGET | $ | 50,962.50 | $ | 611,550.00 |