Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is made and entered into as of this 8th day of August 2016, by and between
Inspyr Therapeutics, Inc. (fka GenSpera, Inc.), a Delaware corporation (the “Company”), and Ronald L. Shazer,
M.D. (the “Employee”).

 

WITNESSETH:

 

WHEREAS, the Company
desires to employ Employee as its Senior Vice President and Chief Medical Officer and Employee desires to accept such employment;
and

 

WHEREAS, the Company
desires to enter into this Agreement regarding the terms of Employee’s employment, and Employee desires to enter into this
Agreement and to accept the terms and provisions of such employment, as embodied in this Agreement.

 

Section 1.
Definitions.

 

(a)       
“Accelerated Equity Benefit” shall have the meaning ascribed to it in Section 7(g)(iii) hereof.

 

(b)       
“Accrued Obligations” shall mean (i) all accrued but unpaid Base Salary through the Date of Termination,
(ii) subject to any conditions contained in this Agreement, all bonuses that have been awarded but remain unpaid as of the
Date of Termination, (iii) any unpaid or unreimbursed expenses incurred in accordance with Section 6 hereof, and (iii) any
accrued but unused vacation time through the Date of Termination.

 

(c)       
“Base Salary” shall mean the salary provided for in Section 4(a) hereof.

 

(d)       
“Board” shall mean the Board of Directors of the Company.

 

(e)       
“Common Stock” shall have the meaning ascribed to in in Section 4(d) hereof.

 

(f)        
“Confidentiality Agreement” shall mean the Company’s Confidentiality Information and Assignment
Agreement attached hereto as Exhibit B.

 

(h) “Cause”
shall mean (i) Employee’s failure (except where due to a Disability), neglect, or refusal to perform in any material
respect Employee’s duties and responsibilities, (ii) any act of Employee that has, or could reasonably be expected to
have, the effect of injuring the business of the Company or its subsidiaries in any material respect, (iii) Employee’s
conviction of, or plea of guilty or no contest to: (x) a felony, (y) a violation of federal or state securities laws or (x) any
other criminal charge that has, or could be reasonably expected to have, an adverse impact on the performance of Employee’s
duties to the Company or otherwise result in material injury to the reputation or business of the Company or its subsidiaries,
(iv) the commission by Employee of an act of fraud or embezzlement against the Company or its subsidiaries, or any other act
that creates or reasonably could create negative or adverse publicity for the Company or its subsidiaries; (v) any material
violation by Employee of the policies of the Company or its subsidiaries, including but not limited to those relating to sexual
harassment or business conduct, and those otherwise set forth in the manuals or statements of policy of the Company or its subsidiaries
or (vi) Employee’s breach of this Agreement or breach of the Confidentiality Agreement.

 

     

     

    

 

(i) “Code”
shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 

(j) “Date
of Termination” shall mean the date on which Employee’s employment as Chief Medical Officer of the Company terminates.

 

(k) “Disability”
shall mean any physical or mental disability or infirmity of Employee that prevents the performance of Employee’s duties
for a period of (i) ninety (90) consecutive days or (ii) one hundred twenty (120) non-consecutive days during
any twelve (12) month period. Any question as to the existence, extent, or potentiality of Employee’s Disability upon
which Employee and the Company cannot agree shall be determined by a qualified, independent physician selected by the Company and
approved by Employee or, if applicable, his guardian (which approval shall not be unreasonably withheld). The determination of
any such physician shall be final and conclusive for all purposes of this Agreement.

 

(l) “Effective Date”
shall mean August 8, 2016.

 

(m)“Exempt
Issuance” means the issuance of (a) securities of the Company to employees, officers, directors or consultants of the
Company pursuant to any contract, arrangement, stock or option plan duly adopted for such purpose, by a majority of the non-employee
members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose
and which is consistent with the Company’s prior business practices, (b) securities upon the exercise or exchange of or conversion
of any securities exercisable or exchangeable for or convertible into shares of securities of the Company issued and outstanding
on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase
the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities, and (c)
securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the
Company, provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through
its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company (including
clinical trials, research and development) and shall provide to the Company additional benefits in addition to the investment of
funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
or to an entity whose primary business is investing in securities.

 

(n) “Good
Reason” shall mean, without Employee’s consent, (i) (A) a material diminution in Employee’s duties,
or responsibilities, or (B) assignment to Employee of duties not commensurate with his position, (ii) a reduction in Base
Salary as set forth in Section 4(a) hereof (other than pursuant to an across-the-board reduction applicable to all similarly
situated executives and which is a result of the Company’s financial condition), (iii) any requirement by or directive
from the Company that Employee permanently relocate his principal residence or (iv) any other material breach of a provision
of this Agreement by the Company (other than a provision that is covered by clause (i), (ii) or (iii) above). Employee
acknowledges and agrees that Employee’s exclusive remedy in the event of any breach of this Agreement shall be to assert
Good Reason pursuant to the terms and conditions of Section 7(e) hereof. Notwithstanding the foregoing, during the Term, in
the event that the Company reasonably believes that Employee may have engaged in conduct that could constitute Cause hereunder,
the Company may, in its sole and absolute discretion, suspend Employee from performing Employee’s duties hereunder, and in
no event shall any such suspension constitute an event pursuant to which Employee may terminate employment with Good Reason or
otherwise constitute a breach hereunder; provided , that no such suspension shall alter the Company’s obligations
under this Agreement during such period of suspension.

 

     

     

    

 

(o)“Funding
Requirement” shall mean the Company receiving funding of at least $25 million in proceeds either in a single transaction
or through a series of transactions.

 

(p)“Inducement
Plan” shall have the meaning ascribed to it in Section 4(d) hereof.

 

(q)“Option
Award” shall have the meaning ascribed to it in Section 4(d) hereof.

 

(r)“Payment
Date” shall have the meaning ascribed to it in Section 7(h) hereof.

 

(s)“Pro
Rata Bonus Payment” shall have the meaning ascribed to it in Section 7(g)(iv) hereof.

 

(t) “Release
of Claims” shall mean a release of claims made by the Employee in favor of the Company and its subsidiaries in the form
attached hereto as Exhibit A (with any updates determined by the Company to be necessary to comply with applicable law)
and the execution of which is a condition precedent to Employee’s eligibility for Severance Benefits, the Accelerated Equity
Benefit and the Pro-Rata Bonus Payment in the event his employment is terminated by the Company without Cause or by Employee for
Good Reason, as described in Sections 7(d) and 7(e), or following a Sale Event, as described in Section 7(g).

 

(u) “Severance
Benefits” shall mean: (i) continued payment of Base Salary during the Severance Term, payable in accordance with the
Company’s regular payroll practices but specifically conditioned upon the Funding Requirement being met and (ii) accelerated
vesting of all outstanding equity awards and grants held by Employee through the end of the Severance Term.

 

(v) “Severance
Term” shall mean, provided Employee has been employed by the Company for at least six months and the Funding Requirement
is met: (i) the six (6) month period, which commences on the first day following the Date of Termination in the event of termination
by the Company without Cause or by Employee for Good Reason if such termination occurs after the six (6) month anniversary but
before the commencement of the thirteenth (13th) month following the Effective Date, or (ii) the twelve (12) month period,
which commences on the first day following the Date of Termination in the event of termination by the Company without Cause or
by the Employee for Good Reason if such termination occurs after the twelve (12) month anniversary of the Effective Date.

 

(w)“Target
Annual Bonus” shall have the meaning ascribed to it in Section 4(b) hereof.

 

(x)“Term”
shall have the meaning ascribed to it in Section 2 hereof.

 

     

     

    

 

Section 2.
Acceptance and Term. Commencing on the Effective Date, the Company agrees to employ Employee on an at-will basis (subject
to the terms of Sections 7 hereof), and Employee agrees to accept such employment and serve the Company, in accordance with the
terms and conditions set forth herein. The term of employment shall commence on the Effective Date and continue until terminated
by either party at any time, subject to the provisions herein (referred to herein as the “Term”).

 

Section 3. Position, Duties,
and Responsibilities; Place of Performance.

 

(a) Position,
Duties, and Responsibilities. During the Term, Employee shall be employed and serve as Senior Vice President and Chief Medical
Officer of the Company (together with such other position or positions consistent with Employee’s title or as the Company
shall specify from time to time) and shall have such duties and responsibilities commensurate therewith, and such other duties
as may be assigned and/or prescribed from time to time. Employee will report directly to the Chief Executive Officer of the Company
or such other direct report as may be determined by the Board or a committee thereof.

 

(b) Performance.
Employee shall devote his full business time, attention, skill, and best efforts to the performance of his duties under this Agreement
and shall not engage in any other business or occupation during the Term, including, without limitation, any activity that (x) conflicts
with the interests of the Company, (y) interferes with the proper and efficient performance of Employee’s duties for
the Company, or (z) interferes with Employee’s exercise of judgment in the Company’s best interests. Notwithstanding
the foregoing, nothing herein shall preclude Employee from: (i) continuing to serve on existing boards of directors as of
the Effective Date or (ii) serving, with the prior consent and approval of the Board (which approval shall not be unreasonably
withheld), as a member of no more than two other board of directors provided that service on any such board complies with the factors
contained in (x), (y) and (z) above or advisory boards (or their equivalents in the case of a non-corporate entity) of
non-competing businesses and charitable organizations; (iii) engaging in charitable activities and community affairs; and
(iv) managing Employee’s personal investments and affairs; provided, however, that the activities set
out in clauses (i), (ii), (iii) and (iv) herein shall be limited by Employee so as not to interfere, individually or
in the aggregate, with the performance of Employee’s duties and responsibilities hereunder, pose a conflict of interest or
violate any provision of this Agreement, such determinations to be made at the sole discretion of the Board. Employee represents
that he has provided the Company with a comprehensive list of all outside professional activities with which he is currently involved
or reasonably expects to become involved at the current time. In the event that, during his employment by the Company, the Employee
desires to engage in other outside professional activities, not included on such list, Employee will, prior to engaging in any
such activities, first seek written approval from the Chairman of the Board and such approval shall not be unreasonably withheld.

 

(c)Board
Membership. In the event that Employee is elected to serve on the Company’s Board, Employee agrees to accept election,
as a director of the Company, without any compensation therefore other than as specified in this Agreement. Upon
termination of Employee’s employment for any reason, if so requested by a majority of the Board, Employee shall immediately
resign in writing as a director of the Company.

 

     

     

    

 

Section 4. Compensation.

 

(a) Base Salary.
In exchange for Employee’s satisfactory performance of his duties and responsibilities, Employee, or his designee, initially
shall be paid an annual base salary of $350,000 (“Base Salary”), payable in accordance with the regular payroll
practices of the Company and subject to adjustment as provided for herein. The Base Salary will be subject to review on a periodic
basis as the Company reviews the compensation of the Company’s other senior executives and may be adjusted at the sole discretion
of the Board or its designee. All payments referenced in this Agreement are on a gross, pre-tax basis and shall be subject to all
applicable federal, state and local withholding, payroll and other taxes.

 

(b) Target
Annual Bonus. Commencing on the year following the achievement of the Funding Requirement, in addition to the Base Salary,
Employee will be eligible to earn an annual target bonus equal to up to 30% of Employee’s Base Salary (the “Target
Annual Bonus”). The actual amount of such bonus, if any, will be determined by the Board (or a committee thereof) based
upon Company performance and Employee’s performance. The Target Annual Bonus will be paid in cash or equity securities of
the Company as determined by the Board in its sole discretion. Additionally, as a result of the financial condition of the Company
or market capitalization, the Board, at is sole discretion, may defer or suspend the Target Annual Bonus. Except as otherwise provided
in Section 7 of this Agreement, Employee must be employed by the Company at the time of any such bonus is determined in order
to be eligible for payment.

 

(c)Annual Stock
Option Award. In addition to the Base Salary and Target Annual Bonus, after the twelve (12) month anniversary of the Effective
Date, Employee will be eligible to receive an annual market based stock option grant (the “Annual Stock Option Grant”)
issued pursuant to the terms of one of the Company’s equity compensation plans. The actual amount of such grant, if any,
will be determined by the Board (or a committee thereof) based upon Company performance and Employee’s performance. In connection
with such grants, the Employee shall enter into the Company’s standard stock option agreement which will incorporate the
vesting schedule and other terms as determined by the Board (or a committee thereof).

 

(d) Inducement
Stock Options/Equity Grants. On the day following the Effective Date, the Company will grant Employee an option to purchase
$0.151 shares, subject to adjustment as provided for
in this Section 4(d) of the Company’s common stock, $0.0001 par value per share (the “Common Stock”),
issued pursuant to the terms of the Company’s Inducement Award Stock Option Plan (or a successor plan, if any) (the “Inducement
Plan”) and subject to the terms of a stock option agreement thereunder (the “Option Award”). The
options subject to the Option Award shall have a term of seven (7) years from the date of grant, an exercise price, subject to
adjustment as provided for in this Section 4(d), equal to the closing trading price of the Common Stock on the date of grant (“Inducement
Award Exercise Price”). The Option Award will be subject to vesting in accordance with the terms of the Inducement Plan,
Section 7(g) of this Agreement and the stock option agreement(s); specifically the Option Award will vest as follows: (i)
25% will vest monthly over the one year period commencing on the Effective Date, and (ii) 75% will vest upon a combination of
time and the achievement of milestones to be mutually agreed upon by Employee and the Board (or a committee thereof) provided,
however, Employee must remain continuously employed through the applicable vesting date. The Option Award shall be subject to
the terms set forth in the Option Award, the terms of the Inducement Plan, any applicable shareholder and/or option holder agreements
and other restrictions and limitations generally applicable to Common Stock of the Company or equity awards held by Company executives
and/or employees or otherwise imposed by law. During the initial twelve months of Employee’s employment with the Company,
the Option Award will be subject to a one-time adjustment in the event of a financing resulting in gross proceeds to the Company
in excess of $10 million occurs and Employee is employed by the Company at such time (“Qualifying Financing”). If
securities are sold in a Qualifying Financing at a price per share less than the Inducement Award Exercise Price (not taking into
account the implied value of any warrants or common stock equivalents sold in the Qualifying Financing), the number of shares
underlying the Option Award shall be increased by such number of shares as required to make the Option Award equal to the same
percentage of the issued and outstanding shares of Common Stock, taking into account the conversion of the currently outstanding
Series A convertible preferred stock and the shares issued in the Qualifying Financing, as it represented immediately prior to
the Qualifying Financing. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 4(d)
in respect of an Exempt Issuance.

 

_____________________________

		1	Award will equal 1.8% of the issued and outstanding shares
of the Company’s common stock taking into account the conversion of the currently outstanding Series A convertible preferred
stock.

     

     

    

 

(e)Study Bonus.
At such time as the first patient in a multicenter Phase 2 clinical trial is dosed, Employee will receive a one-time bonus of 200,000
restricted stock units (the “Study Bonus”). The restricted stock units will be fully vested upon the grant date.
The number of restricted stock units will be subject to customary adjustments for stock splits and dividends.

 

Section 5.
Employee Benefits. During the Term, Employee shall be eligible to participate in health insurance and other benefits provided
generally to similarly situated employees of the Company, subject to the terms and conditions of the applicable benefit plans (which
shall govern). In addition to holidays recognized by the Company, Employee also shall receive four (4) weeks of paid vacation
per year, prorated for any partial year of employment, of which up to two (2) weeks may roll-over year to year for a maximum of
six (6) weeks at any given time. Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend,
or terminate any employee benefit plan or policy at any time without providing Employee notice, and the right to do so is expressly
reserved.

 

Section 6.
Reimbursement of Business Expenses. During the Term, the Company shall pay (or promptly reimburse Employee) for documented,
out-of-pocket expenses reasonably incurred by Employee in the course of performing his duties and responsibilities hereunder, which
are consistent with the Company’s policies in effect and as amended from time to time, with respect to business expenses,
subject to the Company’s requirements with respect to documentation and reporting of such expenses.

 

Section 7. Termination of Employment.

 

(a) General.
Employee’s employment with the Company shall terminate upon the earliest to occur of: (i) Employee’s death, (ii) a
termination by reason of Employee’s Disability, (iii) a termination by the Company with or without Cause, or (iv) a
termination by Employee with or without Good Reason.

 

(b) Termination
Due to Death or Disability. Employee’s employment under this Agreement shall terminate automatically upon Employee’s
death. The Company also may terminate Employee’s employment immediately upon the occurrence of a Disability, such termination
to be effective upon Employee’s receipt of written notice of such termination. In the event of Employee’s termination
as a result of Employee’s death or Disability, except as otherwise provided in Section 7(g), Employee’s or Employee’s
estates or beneficiaries, as the case may be, sole and exclusive remedy shall be receipt of the Accrued Obligations, and Employee
shall have no further rights to any compensation or any other benefits under this Agreement.

 

     

     

    

 

(c) Termination by the Company with
Cause.

 

(i) The Company may
terminate Employee’s employment at any time with Cause, effective upon Employee’s receipt of written notice of such
termination; provided, however, that with respect to any Cause termination relying on clause (i), (ii), (v), or (vi) of
the definition of Cause set forth in Section 1(h) hereof, to the extent that such act or acts or failure or failures to act
are curable, as determined by the Board in its sole discretion, Employee shall be given thirty (30) days’ written notice
by the Company of its intention to terminate his employment with Cause, such notice to state the act or acts or failure or failures
to act that constitute the grounds on which the proposed termination with Cause is based, and such termination shall be effective
at the expiration of such thirty (30) day notice period unless Employee has fully cured such act or acts or failure or failures
to act, to the Company’s complete satisfaction, that give rise to Cause during such period.

 

(ii) In the event
that the Company terminates Employee’s employment with Cause, Employee shall be entitled only to the Accrued Obligations.
Following such termination of Employee’s employment with Cause, except as set forth in this Section 7(c)(ii) or as otherwise
provided in Section 7(g), Employee shall have no further rights to any compensation or any other benefits under this Agreement.
For the avoidance of doubt, Employee’s sole and exclusive remedy upon a termination of employment by the Company with Cause
shall be receipt of the Accrued Obligations.

 

(d) Termination
by the Company without Cause. The Company may terminate Employee’s employment at any time without Cause, effective upon
Employee’s receipt of written notice of such termination. In the event that Employee’s employment is terminated by
the Company without Cause (other than due to death or Disability) and provided that he fully executes and does not revoke an effective
Release of Claims as described in Section 7(h), Employee shall be eligible for:

 

		(i)	The Accrued Obligations; and

 

		(ii)	The Severance Benefits.

 

Notwithstanding the foregoing, the Severance
Benefits shall immediately terminate, and the Company shall have no further obligations to Employee with respect thereto, in the
event that Employee breaches any provision of the Confidentiality Agreement or the Release of Claims. Any such termination of payment
or benefits shall have no effect on the Release of Claims or any of Employee’s post-employment obligations to the Company.
Following such termination of Employee’s employment by the Company without Cause, except as set forth in this Section 7(d)
or 7(g), Employee shall have no further rights to any compensation or any other benefits under this Agreement. For the avoidance
of doubt, except as otherwise provided in Section 7(g), Employee’s sole and exclusive remedy upon a termination of employment
by the Company without Cause shall be receipt of (i) the Severance Benefits subject to his execution of the Release of Claims
and (ii) the Accrued Obligations. If the Company makes overpayments of Severance Benefits, Employee promptly shall return
any such overpayments to the Company and/or hereby authorizes deductions from future Severance Benefit amounts.

 

(e) Termination
by Employee with Good Reason. Employee may terminate his employment with Good Reason by providing the Company thirty (30) days’
written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice, to be effective,
must be provided to the Company on the later of (i) within thirty (30) days of the occurrence of such event (ii) or promptly
upon Employee’s actual knowledge of such event. During such notice period, the Company shall have a cure right (if curable),
and if not cured within such period, Employee’s termination will be effective upon the expiration of such cure period, and
Employee shall be entitled to the same payments and benefits as provided in Section 7(d) hereof, subject to the same conditions
on payment and benefits as described in Section 7(d) hereof. Following such termination of Employee’s employment by
Employee with Good Reason, except as set forth in this Section 7(e) or as otherwise provided in Section 7(g) or under
any Company benefit plan (other than severance plans that are broad based), Employee shall have no further rights to any compensation
or any other benefits under this Agreement. For the avoidance of doubt, except as otherwise provided in Section 7(g), Employee’s
sole and exclusive remedy upon a termination of employment with Good Reason shall be receipt of the Severance Benefits, subject
to his execution of the Release of Claims, and (ii) the Accrued Obligations.

 

     

     

    

 

(f) Termination
by Employee without Good Reason. Employee may terminate his employment without Good Reason by providing the Company thirty
(30) days’ written notice of such termination. In the event of a termination of employment by Employee under this Section 7(f),
Employee shall be entitled only to the Accrued Obligations. In the event of termination of Employee’s employment under this
Section 7(f), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination
without changing the characterization of such termination as a termination by Employee without Good Reason. Following such termination
of Employee’s employment by Employee without Good Reason, except as set forth in this Section 7(f) or as otherwise provided
in Section 7(g) of under any Company benefit plan (other than severance plans that are broad based), Employee shall have no
further rights to any compensation or any other benefits under this Agreement. For the avoidance of doubt, except as otherwise
provided in Section 7(g), Employee’s sole and exclusive remedy upon a termination of employment by Employee without
Good Reason shall be receipt of the Accrued Obligations.

 

(g) Termination
following a Sale Event. In the event Employee’s employment is terminated within twelve (12) months following
a Sale Event (as such term is defined in the Inducement Plan and/or of the Company’s incentive equity plans, that have been
approved by the Company’s shareholders and pursuant to which any applicable equity grants have been made to Employee, as
the case may be): (a) by the Company for any reason other than as a result of Employee’s death or Disability
pursuant to Section 7(b) or a with Cause termination as defined in Section 1(h) hereof or (b) by Employee without
Good Reason pursuant to Section 7(e), provided that he fully executes and does not revoke an effective Release of Claims as
described in Section 7(h) and continues to comply with the Confidentiality Agreement, Employee shall be eligible for (in lieu of,
and not in addition to, any payments described in Section 7(c), (d), or (e) of this Agreement):

 

		(i)	The Accrued Obligations;

 

		(ii)	The Severance Benefits;

 

(iii)            
To the extent no otherwise accelerated and vesting in connection with a Sale Event in accordance with one of the Company’s
equity compensation plans, acceleration of the vesting of 100% of Employee’s then outstanding unvested equity awards, such
that all unvested equity awards vest and become fully exercisable or non-forfeitable as of the Date of Termination (the “Accelerated
Equity Benefit”), in which case Employee shall have ninety (90) days from the Date of Termination to exercise the
vested equity awards; and

 

(iv) payment of a
pro rata portion of Employee’s Target Annual Bonus for the year in which the Date of Termination occurs, the amount of which
is calculated based on the number of days he is employed by the Company in the year of the Date of Termination and based upon the
determination by the Board of achievement of the Company against the Company’s corporate goals for such year pursuant to
Section 4(b) of this Agreement (the “Pro Rata Bonus Payment”).

 

Notwithstanding the foregoing, the Severance
Benefits shall immediately terminate, and the Company shall have no further obligations to Employee with respect thereto, in the
event that Employee breaches any provision of the Confidentiality Agreement or the Release of Claims. Any such termination of payment
or benefits shall have no effect on the Release of Claims or any of Employee’s post-employment obligations to the Company.
If the Company makes overpayments of Severance Benefits, Employee promptly shall return any such overpayments to the Company and/or
hereby authorizes deductions from future Severance Benefit amounts.

 

(h) Release.
Notwithstanding any provision herein to the contrary, the payment of the Severance Benefits and the Pro Rata Bonus Payment, and
the provision of the Accelerated Equity Benefit, pursuant to subsection (d), (e) or (g) of this Section 7, shall
be conditioned upon Employee’s execution, delivery to the Company, and non-revocation of the Release of Claims (and the expiration
of any revocation period contained in such Release of Claims) in accordance with the time limits set forth therein (and, in all
events, within sixty (60) days following the Date of termination). If Employee fails to execute the Release of Claims in such
a timely manner, or timely revokes Employee’s acceptance of such release following its execution, Employee shall not be entitled
to any of the Severance Benefits, the Pro Rata Bonus Payment, or the Accelerated Equity Benefit. Payment of the Severance Benefits
will commence on the first regular Company payday that is at least five (5) business days following the date the Company receives
a timely, effective and non-revocable Release of Claims (the “Payment Date”); provided, however, that the first
payment will be retroactive to the day immediately following the Date of Termination. Payment of the Pro Rata Bonus Payment will
also be made on the Payment Date. Notwithstanding the foregoing, to the extent that any portion of the Severance Benefits or Pro
Rata Bonus Payment constitutes “non-qualified deferred compensation” subject to Section 409A of the Code, any
payment of such portion scheduled to occur prior to the sixtieth (60th) day following the date of Employee’s termination
of employment hereunder, but for the condition on executing the Release of Claims as set forth herein, shall not be made until
the first regularly scheduled payroll date following such sixtieth (60th) day unless otherwise permitted by Section 409A of
the Code, after which any remaining such benefits shall thereafter be provided to Employee according to the applicable schedule
set forth herein.

 

     

     

    

 

Section 8. Confidentiality Agreement;
Cooperation.

 

(a) Confidentiality
Agreement. As a condition of Employee’s employment with the Company under the terms of this Agreement, Employee has executed
and delivered to the Company a Confidentiality Agreement. The parties hereto acknowledge and agree that this Agreement and the
Confidentiality Agreement shall be considered separate contracts. In addition, Employee represents and warrants that he shall be
able to and will perform the duties of this position without utilizing any confidential and/or proprietary information that Employee
may have obtained in connection with employment with any prior employer, and that he shall not (i) disclose any such information
to the Company, or (ii) induce any Company employee to use any such information, in either case in violation of any confidentiality
obligation, whether by agreement or otherwise.

 

(b) Litigation
and Regulatory Cooperation. During and after Employee’s employment, Employee shall cooperate fully with the Company in
the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf
of the Company which relate to events or occurrences that transpired while the Company employed Employee, provided, that the Employee
will not have an obligation under this paragraph with respect to any claim in which the Employee has filed directly against the
Company or related persons or entities or if such cooperation would be materially adverse to his own legal interests. The Employee’s
full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after
Employee’s employment, Employee also shall cooperate fully with the Company in connection with any investigation or review
of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired
while Employee was employed by the Company, provided Employee will not have any obligation under this paragraph with respect to
any claim in which Employee has filed directly against the Company or related persons or entities. The Company shall reimburse
Employee for any reasonable out-of-pocket expenses incurred in connection with Employee’s performance of obligations pursuant
to this Section 8(b).

 

Section 9.
Taxes. The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited
to income, employment, and social insurance taxes, as shall be required by law. Employee acknowledges and represents that the Company
has not provided any tax advice to him in connection with this Agreement and that Employee has been advised by the Company to seek
tax advice from Employee’s own tax advisors regarding this Agreement and payments that may be made to him pursuant to this
Agreement, including specifically, the application of the provisions of Section 409A of the Code to such payments. The Company
shall have no liability to Employee or to any other person if any of the provisions of this Agreement are determined to constitute
deferred compensation subject to Section 409A but that do not satisfy an exemption from, or the conditions of, that section.

 

Section 10.
Additional Section 409A Provisions. Notwithstanding any provision in this Agreement to the contrary:

 

(a) If at the
time of the Employee’s separation from service within the meaning of Section 409A of the Code, the Company determines
that the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to
the extent any payment or benefit that the Employee becomes entitled to under this Agreement on account of the Employee’s
separation from service is “non-qualified deferred compensation” subject to Section 409A of the Code and not otherwise
exempt, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six
months and one day after the Employee’s separation from service, or (ii) the Employee’s death. If any such delayed
cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts
that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule.

 

(b) Each payment
in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code. Neither
the Company nor Employee shall have the right to accelerate or defer the delivery of any such payments except to the extent specifically
permitted or required by Section 409A.

 

     

     

    

 

(c) To the extent
that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred
compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement or payment shall be
made by the Company no later than the last day of the taxable year following the taxable year in which such expense was incurred
by Employee, (ii) the right to reimbursement, payment or in-kind benefits shall not be subject to liquidation or exchange
for another benefit, and (iii) the amount of expenses eligible for reimbursement, payment or in-kind benefits provided during
any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable
year; provided , that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement
covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement
is in effect.

 

(d) To the extent
that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A
of the Code, and to the extent that such payment or benefit is payable upon the Employee’s termination of employment, then
such payments or benefits shall be payable only upon the Employee’s “separation from service.” The determination
of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section 1.409A-1(h).

 

(e) The parties
intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision
of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner
so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended,
as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related
rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.
While the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty
taxes under Section 409A of the Code, in no event whatsoever shall the Company or any of its subsidiaries be liable for any
additional tax, interest, or penalties that may be imposed on Employee as a result of Section 409A of the Code or any damages
for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable
to employers, if any, under Section 409A of the Code).

 

Section 11. Successors and
Assigns.

 

(a) The Company.
This Agreement shall inure to the benefit of the Company and its respective successors and assigns. This Agreement may not be assigned
by the Company without Employee’s prior consent to any third party provided that no such consent will be required with respect
to the assignment of this Agreement to a successor entity.

 

(b) Employee.
Employee’s rights and obligations under this Agreement shall not be transferable by Employee by assignment or otherwise,
without the prior written consent of the Company; provided, however, that if Employee shall die, all cash amounts
then payable to Employee hereunder shall be paid in accordance with the terms of this Agreement to Employee’s devisee, legatee,
or other designee, or if there be no such designee, to Employee’s estate.

 

Section 12.
Waiver and Amendments. Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be
valid only if made in writing and signed by each of the parties hereto; provided, however, that any such waiver,
alteration, amendment, or modification must be consented to on the Company’s behalf by the Board. No waiver by either of
the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences
or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.

 

     

     

    

 

Section 13.
Severability. If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a
final determination of a court of competent jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired,
and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid
and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision hereof.

 

Section 14.
Governing Law and Jurisdiction. This is a California contract and shall be construed under and be governed in all respects
by the laws of California without giving effect to the conflict of laws principles of such state. With respect to any disputes
concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by
the United States Court of Appeals for the Ninth Circuit. To the extent that any court action is initiated to enforce this Agreement,
the parties hereby consent to the non-exclusive jurisdiction of the state and federal courts of California. Accordingly, with respect
to any such court action, Employee (a) submits to the personal jurisdiction of such courts; (b) consents to service of
process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal
jurisdiction or service of process.

 

Section 15. Notices. 

 

(a) Place of
Delivery. Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered
to the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or
delivered to the other party as herein provided; provided, that unless and until some other address be so designated, all
notices and communications by Employee to the Company shall be mailed or delivered to the Company at its principal executive office,
and all notices and communications by the Company to Employee may be given to Employee personally or may be mailed to Employee
at Employee’s last known address, as reflected in the Company’s records.

 

(b) Date of
Delivery. Any notice so addressed shall be deemed to be given or received (i) if delivered by hand, on the date of such
delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and
(iii) if mailed by registered or certified mail, on the third business day after the date of such mailing.

 

Section 16.
Section Headings. The headings of the sections and subsections of this Agreement are inserted for convenience only and shall
not be deemed to constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or provision
hereof.

 

Section 17.Entire
Agreement. This Agreement, together with Confidentiality Agreement, the Inducement Plan, and any stock option agreement entered
into between the Company and Employee thereunder, constitute the entire understanding and agreement of the parties hereto regarding
the employment of Employee. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings,
and agreements between the parties relating to the subject matter of this Agreement.

 

Section 18.Survival
of Operative Sections. Upon any termination of Employee’s employment, the provisions of Section 7 through Section 20
of this Agreement (together with any related definitions set forth in Section 1 hereof) shall survive to the extent necessary
to give effect to the provisions thereof.

 

Section 19.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original
but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile
signature.

 

Section 20.
Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender
unless the context clearly indicates otherwise.

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have executed this Agreement
as of the date first above written.

 

 

INSPYR THERAPEUTICS, INC. (FKA GENSPERA, INC.)

 

 

 

_______________________________

 

BY: PETER GREBOW, PhD, MD

ITS: CHAIRMAN OF BOARD OF DIRECTORS

 

 

 

 

EMPLOYEE

RONALD SHAZER, MD

 

 

 

_______________________________

 

     

     

    

 

EXHIBIT A 

 

General Release and Waiver of Claims

 

In exchange for the
severance benefits to be provided to me under the Employment Agreement between me and Inspyr Therapeutics, Inc. (fka GenSpera,
Inc.) (the “Company”), dated as of August 8, 2016 (the “Employment Agreement”), to which I would not otherwise
be entitled, on my own behalf and that of my heirs, executors, administrators, beneficiaries, personal representatives and assigns,
I agree that this General Release and Waiver of Claims (the “Release of Claims”) shall be in complete and final settlement
of any and all causes of action, rights and claims, whether known or unknown, accrued or unaccrued, contingent or otherwise, that
I have had in the past, now have, or might now have, in any way related to, connected with or arising out of my employment or its
termination, under the Employment Agreement, or pursuant to Title VII of the Civil Rights Act of 1964, the Americans with Disabilities
Act, the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, the Worker Adjustment and
Retraining Notification Act, the Employee Retirement Income Security Act, the wage and hour, wage payment and fair employment practices
laws and statutes of the State of California (each as amended from time to time), and/or any other federal, state or local law,
regulation or other requirement (collectively, the “ Claims ”), and I hereby release and forever discharge the
Company, its subsidiaries and all of their respective past, present and future directors, shareholders, officers, members, managers,
general and limited partners, employees, employee benefit plans, administrators, trustees, agents, representatives, successors
and assigns, and all others connected with any of them, both individually and in their official capacities, from, and I hereby
waive, any and all such Claims. This release shall not apply to (a) any claims that arise after I sign this Release of Claims,
including my right to enforce the terms of this Release of Claims; (b) any claims that may not be waived pursuant to applicable
law; (c) any right to indemnification that I may have under the certificate of incorporation or by-laws of the Company, and
any Indemnification Agreement between me and the Company or any insurance policies maintained by the Company; or (d) any right
to receive any vested benefits under the terms of any employee benefit plans and my award agreements thereunder.

 

Nothing contained in this Release of Claims
shall be construed to prohibit me from filing a charge with or participating in any investigation or proceeding conducted by the
federal Equal Employment Opportunity Commission or a comparable state or local agency, provided, however, that I hereby agree to
waive my right to recover monetary damages or other individual relief in any charge, complaint or lawsuit filed by me or by anyone
else on my behalf.

 

In signing this Release of Claims, I acknowledge
my understanding that I may consider the terms of this Release of Claims for up to [twenty-one (21)/forty-five (45)]2
days from the date I receive it and that I may not sign this Release of Claims until after the date my employment with the Company
terminates. I also acknowledge that I am hereby advised by the Company to seek the advice of an attorney prior to signing this
Release of Claims; that I have had sufficient time to consider this Release of Claims and to consult with an attorney, if I wished
to do so, or to consult with any other person of my choosing before signing; and that I am signing this Release of Claims voluntarily
and with a full understanding of its terms.

 

 

I further acknowledge that, in signing
this Release of Claims, I have not relied on any promises or representations, express or implied, that are not set forth expressly
in the Release of Claims. I understand that I may revoke this Release of Claims at any time within seven (7) days of the date
of my signing by written notice to the Chairman of the Company’s Board of Directors and that this Release of Claims will
take effect only upon the expiration of such seven-day revocation period and only if I have not timely revoked it.

 

 

 

Intending to be legally bound, I have signed this Release of
Claims under seal as of the date written below.

 

 

 

Signature ___________________________

 

Name ______________________________

 

Date Signed _________________________

 

_____________________________

2
To be determined by the Company at the time of termination.

     

     

    

EXHIBIT B

 

Confidentiality Information and Assignment
AgreementExhibit 10.2

 

INSPYR THERAPEUTICS,
INC. (FKA GENSPERA, INC.)

 

CONFIDENTIAL
INFORMATION AND

INVENTION ASSIGNMENT AGREEMENT

 

 

 

Employee Name: Ronald Shazer, MD

 

Effective Date: August 8, 2016

 

As a condition of my
becoming employed (or my employment being continued) by Inspyr Therapeutics, Inc. (fka GenSpera, Inc.), a Delaware corporation,
or any of its current or future subsidiaries, affiliates, successors or assigns (collectively, the “Company”),
and in consideration of my employment with the Company and my receipt of the compensation now and hereafter paid to me by the Company,
I agree to the following:

 

1.                 
Relationship. This Agreement will apply to my employment relationship with the Company. If that relationship
ends and the Company, within a year thereafter, either re-employs me or engages me as a consultant, I agree that this Agreement
will also apply to such later employment or consulting relationship, unless the Company and I otherwise agree in writing. Any such
employment or consulting relationship between the Company and me, whether commenced prior to, upon or after the date of this Agreement,
is referred to herein as the “Relationship.”

 

2.                 
Duties. I will perform for the Company such duties as may be designated by the Company from time to
time or that are otherwise within the scope of the Relationship and not contrary to instructions from the Company. During the Relationship,
I will devote my entire best business efforts to the interests of the Company and will not engage in other employment or in any
activities detrimental to the best interests of the Company without the prior written consent of the Company.

 

3.                 
Confidential Information.

 

(a)               
Protection of Information. I agree, at all times during the term of the Relationship and thereafter, to hold
in strictest confidence, and not to use, except for the benefit of the Company to the extent necessary to perform my obligations
to the Company under the Relationship, and not to disclose to any person, firm, corporation or other entity, without written authorization
from the Company in each instance, any Confidential Information (as defined below) that I obtain, access or create during the term
of the Relationship, whether or not during working hours, until such Confidential Information becomes publicly and widely known
and made generally available through no wrongful act of mine or of others who were under confidentiality obligations as to the
item or items involved. I further agree not to make copies of such Confidential Information except as authorized by the Company.

 

(b)              
Confidential Information. I understand that “Confidential Information” means information
and physical material not generally known or available outside the Company and information and physical material entrusted to the
Company in confidence by third parties. Confidential Information includes, without limitation: (i) Company Inventions (as defined
below); (ii) technical data, trade secrets, know-how, research, product or service ideas or plans, software codes and designs,
developments, inventions, laboratory notebooks, processes, formulas, techniques, biological materials, mask works, engineering
designs and drawings, hardware configuration information, lists of, or information relating to, suppliers and customers (including,
but not limited to, customers of the Company on whom I called or with whom I became acquainted during the Relationship), price
lists, pricing methodologies, cost data, market share data, marketing plans, licenses, contract information, business plans, financial
forecasts, historical financial data, budgets or other business information disclosed to me by the Company either directly or indirectly,
whether in writing, electronically, orally, or by observation.

 

(c)               
Third Party Information. My agreements in this Section 3 are intended to be for the benefit of the Company
and any third party that has entrusted information or physical material to the Company in confidence.

 

(d)              
Other Rights. This Agreement is intended to supplement, and not to supersede, any rights the Company may have
in law or equity with respect to the protection of trade secrets or confidential or proprietary information.

 

    -1- 

     

    

 

4.                 
Ownership of Inventions.

 

(a)               
Inventions Retained and Licensed. I have attached hereto, as Exhibit A, a complete list describing
with particularity all Inventions (as defined below) that, as of the Effective Date, belong solely to me or belong to me jointly
with others, and that relate in any way to any of the Company’s proposed businesses, products or research and development,
and which are not assigned to the Company hereunder; or, if no such list is attached, I represent that there are no such Inventions
at the time of signing this Agreement.

 

(b)              
Use or Incorporation of Inventions. If in the course of the Relationship, I use or incorporate into a product,
process or machine any Invention not covered by Section 4(d) of this Agreement in which I have an interest, I will promptly
so inform the Company. Whether or not I give such notice, I hereby irrevocably grant to the Company a nonexclusive, fully paid-up,
royalty-free, assumable, perpetual, worldwide license, with right to transfer and to sublicense, to practice and exploit such Invention
and to make, have made, copy, modify, make derivative works of, use, sell, import, and otherwise distribute under all applicable
intellectual properties without restriction of any kind.

 

(c)               
Inventions. I understand that “Inventions” means discoveries, developments, concepts, designs,
ideas, know how, improvements, inventions, trade secrets and/or original works of authorship, whether or not patentable, copyrightable
or otherwise legally protectable. I understand this includes, but is not limited to, any new product, machine, article of manufacture,
biological material, method, procedure, process, technique, use, equipment, device, apparatus, system, compound, formulation, composition
of matter, design or configuration of any kind, or any improvement thereon. I understand that “Company Inventions”
means any and all Inventions that I may solely or jointly author, discover, develop, conceive, or reduce to practice during the
period of the Relationship, except as otherwise provided in Section 4(g) below.

 

(d)              
Assignment of Company Inventions. I agree that I will promptly make full written disclosure to the Company,
will hold in trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all my right,
title and interest throughout the world in and to any and all Company Inventions. I further acknowledge that all Company Inventions
that are made by me (solely or jointly with others) within the scope of and during the period of the Relationship are “works
made for hire” (to the greatest extent permitted by applicable law) and are compensated by my salary. I hereby waive and
irrevocably quitclaim to the Company or its designee any and all claims, of any nature whatsoever, that I now have or may hereafter
have for infringement of any and all Company Inventions.

 

(e)               
Maintenance of Records. I agree to keep and maintain adequate and current written records of all Company Inventions
made by me (solely or jointly with others) during the term of the Relationship. The records may be in the form of notes, sketches,
drawings, flow charts, electronic data or recordings, laboratory notebooks, or any other format. The records will be available
to and remain the sole property of the Company at all times. I agree not to remove such records from the Company’s place
of business except as expressly permitted by Company policy which may, from time to time, be revised at the sole election of the
Company for the purpose of furthering the Company’s business. I agree to deliver all such records (including any copies thereof)
to the Company at the time of termination of the Relationship as provided for in Sections 5 and 6.

 

(f)               
Patent and Copyright Rights. I agree to assist the Company, or its designee, at its expense, in every proper
way to secure the Company’s, or its designee’s, rights in the Company Inventions and any copyrights, patents,
trademarks, mask work rights, moral rights, or other intellectual property rights relating thereto in any and all countries, including
the disclosure to the Company or its designee of all pertinent information and data with respect thereto, the execution of all
applications, specifications, oaths, assignments, recordations, and all other instruments which the Company or its designee shall
deem necessary in order to apply for, obtain, maintain and transfer such rights, or if not transferable, waive such rights, and
in order to assign and convey to the Company or its designee, and any successors, assigns and nominees the sole and exclusive right,
title and interest in and to such Company Inventions, and any copyrights, patents, mask work rights or other intellectual property
rights relating thereto. I further agree that my obligation to execute or cause to be executed, when it is in my power to do so,
any such instrument or papers shall continue during and at all times after the end of the Relationship and until the expiration
of the last such intellectual property right to expire in any country of the world. I hereby irrevocably designate and appoint
the Company and its duly authorized officers and agents as my agent and attorney-in-fact, to act for and in my behalf and
stead to execute and file any such applications and to do all other lawfully permitted acts to further the application for, prosecution,
issuance, maintenance or transfer of letters of patents, copyright, mask work and other registrations related to such Company Inventions.
This power of attorney is coupled with an interest and shall not be affected by my subsequent incapacity.

 

    -2- 

     

    

 

(g)              
Exception to Assignments. I understand that the Company Inventions will not include, and the provisions of
this Agreement requiring assignment of inventions to the Company do not apply to, any invention which qualifies fully for
exclusion under the provisions of applicable state law, if any, attached hereto as Exhibit B. In order to assist in
the determination of which inventions qualify for such exclusion, I will advise the Company promptly in writing, during and after
the term of the Relationship, of all Inventions solely or jointly conceived or developed or reduced to practice by me during the
period of the Relationship.

 

5.                 
Company Property; Returning Company Documents. I acknowledge and agree that I have no expectation of
privacy with respect to the Company’s telecommunications, networking or information processing systems (including, without
limitation, files, e-mail messages, and voice messages) and that my activity and any files or messages on or using any of those
systems may be monitored at any time without notice. I further agree that any property situated on the Company’s premises
and owned by the Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection
by Company personnel at any time with or without notice. I agree that, at the time of termination of the Relationship, I will deliver
to the Company (and will not keep in my possession, recreate or deliver to anyone else) any and all devices, records, data, notes,
reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, laboratory notebooks, materials, flow
charts, equipment, other documents or property, or reproductions of any of the aforementioned items developed by me pursuant to
the Relationship or otherwise belonging to the Company, its successors or assigns.

 

6.                 
Termination Certification. In the event of the termination of the Relationship, I agree to sign and
deliver the “Termination Certification” attached hereto as Exhibit C; however, my failure to sign
and deliver the Termination Certification shall in no way diminish my continuing obligations under this Agreement.

 

7.                 
Notice to Third Parties. I understand and agree that the Company may, with or without prior notice
to me and during or after the term of the Relationship, notify third parties of my agreements and obligations under this Agreement.

 

8.                 
Solicitation of Employees, Consultants and Other Parties. I agree that during the term of the Relationship,
and for a period of twenty-four (24) months immediately following the termination of the Relationship for any reason, whether with
or without cause, I shall not either directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees
or consultants to terminate their relationship with the Company, or attempt to solicit, induce, recruit, encourage or take away
employees or consultants of the Company, either for myself or for any other person or entity. Further, during the Relationship
and at any time following the termination of the Relationship for any reason, whether with or without cause, I shall not use any
Confidential Information of the Company to negatively influence any of the Company’s clients or customers from purchasing
Company products or services or to solicit or influence or attempt to influence any client, customer or other person either directly
or indirectly, to direct any purchase of products and/or services to any person, firm, corporation, institution or other entity
in competition with the business of the Company.

 

9.                 
At-Will Relationship. I understand and acknowledge that, except as may be otherwise explicitly provided
in a separate written agreement between the Company and me, my Relationship with the Company is and shall continue to be at-will,
as defined under applicable law, meaning that either I or the Company may terminate the Relationship at any time for any reason
or no reason, without further obligation or liability, other than those provisions of this Agreement that explicitly survive the
termination of the Relationship.

 

    -3- 

     

    

 

10.             
Representations and Covenants.

 

(a)               
Facilitation of Agreement. I agree to execute promptly, both during and after the end of the Relationship,
any proper oath, and to verify any proper document, required to carry out the terms of this Agreement, upon the Company’s
written request to do so.

 

(b)              
No Conflicts. I represent that my performance of all the terms of this Agreement does not and will not breach
any agreement I have entered into, or will enter into, with any third party, including without limitation any agreement to keep
in confidence proprietary information or materials acquired by me in confidence or in trust prior to or during the Relationship.
I will not disclose to the Company or use any inventions, confidential or non-public proprietary information or material belonging
to any previous client, employer or any other party. I will not induce the Company to use any inventions, confidential or non-public
proprietary information, or material belonging to any previous client, employer or any other party. I acknowledge and agree that
I have listed on Exhibit A all agreements (e.g., non-competition agreements, non-solicitation of customers agreements, non-solicitation
of employees agreements, confidentiality agreements, inventions agreements, etc.), if any, with a current or former client, employer,
or any other person or entity, that may restrict my ability to accept employment with the Company or my ability to recruit or engage
customers or service providers on behalf of the Company, or otherwise relate to or restrict my ability to perform my duties for
the Company or any obligation I may have to the Company. I agree not to enter into any written or oral agreement that conflicts
with the provisions of this Agreement.

 

(c)               
Voluntary Execution. I certify and acknowledge that I have carefully read all of the provisions of this Agreement,
that I understand and have voluntarily accepted such provisions, and that I will fully and faithfully comply with such provisions.

 

11.             
General Provisions.

 

(a)               
Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of California, without giving effect to the principles of conflict of laws.

 

(b)              
Entire Agreement. This Agreement sets forth the entire agreement and understanding between the Company and
me relating to its subject matter and merges all prior discussions between us. No amendment to this Agreement will be effective
unless in writing signed by both parties to this Agreement. The Company shall not be deemed hereby to have waived any rights or
remedies it may have in law or equity, nor to have given any authorizations or waived any of its rights under this Agreement, unless,
and only to the extent, it does so by a specific writing signed by a duly authorized officer of the Company, it being understood
that, even if I am an officer of the Company, I will not have authority to give any such authorizations or waivers for the Company
under this Agreement without specific approval by the Board of Directors. Any subsequent change or changes in my duties, obligations,
rights or compensation will not affect the validity or scope of this Agreement.

 

(c)               
Severability. If one or more of the provisions in this Agreement are deemed void or unenforceable to any extent
in any context, such provisions shall nevertheless be enforced to the fullest extent allowed by law in that and other contexts,
and the validity and force of the remainder of this Agreement shall not be affected.

 

(d)              
Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other
legal representatives, and my successors and assigns, and will be for the benefit of the Company, its successors, and its assigns.

 

(e)               
Remedies. I acknowledge and agree that violation of this Agreement by me may cause the Company irreparable
harm, and therefore agree that the Company will be entitled to seek extraordinary relief in court, including, but not limited to,
temporary restraining orders, preliminary injunctions and permanent injunctions without the necessity of posting a bond or other
security (or, where such a bond or security is required, I agree that a $1,000 bond will be adequate), in addition to and
without prejudice to any other rights or remedies that the Company may have for a breach of this Agreement.

 

(f)               
ADVICE OF COUNSEL. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE
ADVICE OF INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT
SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

 

    -4- 

     

    

 

The parties have executed
this Agreement on the respective dates set forth below, to be effective as of the Effective Date first above written.

 

 

	COMPANY:	EMPLOYEE:
	InSPYR THERAPEUTICS, INC. (FKA GenSpera, Inc.)	Ronald Shazer, M.D., an Individual
	By: _______________________________	 
	Name: _____________________________

Title: ______________________________
	
                                                                                       

        

        (Signature)

         

	

Date:  _____________________________	Date:_____________________________
	Address:___________________________	Address:__________________________
		

    -5- 

     

    

EXHIBIT
A

 

LIST OF
PRIOR INVENTIONS

AND ORIGINAL WORKS OF AUTHORSHIP

EXCLUDED UNDER SECTION 4(a)

 

	

            Title        	

       Date   	Identifying
    Number

      or Brief Description  
	 	 	 

 

 

 

 

 

 

 

___ No inventions, improvements, or original works of authorship

 

___ Additional sheets attached

 

Signature of Employee: ________________________

 

Print Name of Employee: ________________________

 

Date: ________________________

 

     

     

    

EXHIBIT
B

 

Section 2870 of the California Labor Code
is as follows:

 

Any provision in an employment agreement
which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer
shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s
equipment, supplies, facilities, or trade secret information except for those inventions that either:

 

Relate at the time
of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated
research or development of the employer; or

 

Result from any work
performed by the employee for the employer.

 

To the extent a provision in an employment
agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision
(a), the provision is against the public policy of this state and is unenforceable.

 

_________

 

RCW 49.44.140 of the
Revised Code of Washington is as follows:

 

(1)A provision in
an employment agreement which provides that an employee shall assign or offer to assign any of the employee’s rights in an
invention to the employer does not apply to an invention for which no equipment, supplies, facilities, or trade secret information
of the employer was used and which was developed entirely on the employee’s own time, unless (a) the invention relates (i)
directly to the business of the employer, or (ii) to the employer's actual or demonstrably anticipated research or development,
or (b) the invention results from any work performed by the employee for the employer. Any provision which purports to apply to
such an invention is to that extent against the public policy of this state and is to that extent void and unenforceable.

 

(2)An employer shall
not require a provision made void and unenforceable by subsection (1) of this section as a condition of employment or continuing
employment.

 

(3)If an employment
agreement entered into after September 1, 1979, contains a provision requiring the employee to assign any of the employee’s
rights in any invention to the employer, the employer must also, at the time the agreement is made, provide a written notification
to the employee that the agreement does not apply to an invention for which no equipment, supplies, facility, or trade secret information
of the employer was used and which was developed entirely on the employee’s own time, unless (a) the invention relates (i)
directly to the business of the employer, or (ii) to the employer's actual or demonstrably anticipated research or development,
or (b) the invention results from any work performed by the employee for the employer.

 

     

     

    

EXHIBIT
C

 

TERMINATION
CERTIFICATION

 

This is to certify that I do not have in
my possession, nor have I failed to return, any devices, records, data, notes, reports, proposals, lists, correspondence, specifications,
drawings, blueprints, sketches, laboratory notebooks, flow charts, materials, equipment, other documents or property, or copies
or reproductions of any aforementioned items belonging to Inspyr Therapeutics, Inc. (fka GenSpera, Inc.), a Delaware corporation,
its subsidiaries, affiliates, successors or assigns (collectively, the “Company”).

 

I further certify that I have complied with
all the terms of the Company’s Confidential Information and Invention Assignment Agreement signed by me, including the reporting
of any Inventions (as defined therein), conceived or made by me (solely or jointly with others) covered by that agreement.

 

I further agree that, in compliance with
the Confidential Information and Invention Assignment Agreement, I will preserve as confidential all trade secrets, confidential
knowledge, data or other proprietary information relating to products, processes, know-how, designs, formulas, developmental or
experimental work, computer programs, data bases, other original works of authorship, customer lists, business plans, financial
information or other subject matter pertaining to any business of the Company or any of its employees, clients, consultants or
licensees.

 

I further agree that for twenty-four (24)
months from the date of this Certification, I shall not either directly or indirectly solicit, induce, recruit or encourage any
of the Company’s employees or consultants to terminate their relationship with the Company, or attempt to solicit, induce,
recruit, encourage or take away employees or consultants of the Company, either for myself or for any other person or entity. Further,
I shall not at any time use any Confidential Information of the Company to negatively influence any of the Company’s clients
or customers from purchasing Company products or services or to solicit or influence or attempt to influence any client, customer
or other person either directly or indirectly, to direct any purchase of products and/or services to any person, firm, corporation,
institution or other entity in competition with the business of the Company.

 

 

Date: ________________________

________________________________

(Employee’s Signature)

 

________________________________

(Print Employee’s Name)

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