May 14, 2010
 
Christopher J. Pazoles, Ph.D.
4 Elizabeth Drive
Westborough, MA  01581

Re:  Employment Agreement
 
Dear Chris:
 
In connection with the entry between us of an Executive Retention Agreement, the
Employment Agreement dated as of July 15, 2005 between you and the Company, as
amended, is hereby terminated.  As a result of such termination, effective
immediately, your employment by the Company shall be “at will”.
 
Sincerely,
 
Novelos Therapeutics, Inc.
 

By: /s/ Harry S. Palmin
Harry S. Palmin
President and Chief Executive Officer
 

 
Accepted and agreed to as
 
of the date first written above:
 

 
/s/ Christopher J. Pazoles
 
Christopher J. Pazoles
 
 
 

--------------------------------------------------------------------------------