Exhibit 10.50
SECURITY AGREEMENT
THIS SECURITY AGREEMENT (the “ Agreement ”), is entered into and made effective as of
December , 2007, by and between SENESCO TECHNOLOGIES, INC., a Delaware corporation with its
principal place of business located at 303 George Street, Suite 420, New Brunswick, NJ 08901 (the “ Parent ”),
and the each subsidiary of the Parent listed on Schedule I attached hereto (each a “ Subsidiary ,” and collectively
and together with the Parent, the “ Company ”), in favor of the BUYER(S) (the “ Secured Party ”) listed on
Schedule I attached to the Securities Purchase Agreement (the “ Securities Purchase Agreement ”) dated
August 29, 2007 between the Company and the Secured Party.
WHEREAS, the Parent shall issue and sell to the Secured Party, as provided in the Securities Purchase
Agreement, and the Secured Party shall purchase secured convertible debentures (the “ Convertible Debentures
”), which shall be convertible into shares of the Parent’s common stock;
WHEREAS, to induce the Secured Party to enter into the transaction contemplated by the Securities
Purchase Agreement, the Convertible Debentures, the Registration Rights Agreement of even date herewith
between the Parent and the Secured Party (the “ Registration Rights Agreement ”), and the Irrevocable Transfer
Agent Instructions among the Parent, the Secured Party, the Parent’s transfer agent, and James M. Davis (the “
Transfer Agent Instructions ”) (collectively referred to as the “ Transaction Documents ”), each Company hereby
grants to the Secured Party a security interest in and to the pledged property of each Company identified on
Exhibit A hereto (collectively referred to as the “ Pledged Property ”) to secure all of the Obligations (as defined
below);
WHEREAS , the Company is entering into a Security Agreement with YA Global Investments, L.P. (“
YA Global ”) (the “ YA Global Security Agreement ”), which grants YA Global a first position security interest in
and to the Pledged Prop