Document:

Grantee:

              	 
	 	 
	
                Grant Date:

              	 

      

    

    

    GENSPERA,
      INC.

    2007
      EQUITY COMPENSATION PLAN

    

    NONQUALIFIED
      STOCK OPTION GRANT

    

    This
      NONQUALIFIED
      STOCK OPTION GRANT
      (“Grant
      Instrument”), dated as of ____________ ____, 20__ (the “Date of Grant”), is
      delivered by GenSpera, Inc. (the “Company”) to
      ___________________________________________________ (the
“Grantee”).

    

    RECITALS

    

    A. The
      GenSpera, Inc. 2007 Equity Compensation Plan (the “Plan”) provides for the grant
      of options to purchase shares of common stock of the Company. The Board of
      Directors of the Company (the “Board”) has decided to make a stock option grant
      as an inducement for the Grantee to promote the best interests of the Company
      and its stockholders. A copy of the Plan is attached as Appendix
      A
      to this
      Grant Instrument.

    

    B. The
      Board
      is authorized to appoint a committee to administer the Plan. If a committee
      is
      appointed, all references in this Grant Instrument to the “Board” shall be
      deemed to refer to the committee.

    

    NOW,
      THEREFORE, the parties to this Grant Instrument, intending to be legally bound
      hereby, agree as follows:

    

    1. Grant
      of Option:
      Subject
      to the terms and conditions set forth in this Grant Instrument and in the Plan,
      the Company hereby grants to the Grantee a nonqualified stock option (the
“Option”) to purchase ______________ shares of common stock of the Company
      (“Shares”) at an exercise price of $__________ per Share. The Option shall
      become vested and exercisable according to Paragraph 2 below.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Vesting
      of Option.
      

    

    
      (a)
        The
        Option shall become vested on the following Vesting Date:

    

     

    
      
        	
                Vesting
                  Date

              	 	
                Vested
                  Date

              
	 	 	 
	 	 	 
	 	 	 

      

    

    

    (b) The
      Grantee may exercise the Option before or after it becomes vested, provided
      that
      if the Grantee exercises any portion of the Option before it has become vested,
      the Shares received upon the exercise of the nonvested Option (“Nonvested
      Shares”) shall be subject to the restrictions described in Subsection (c) below
      until the date on which the applicable portion of the Option would have vested.
      The period before the applicable portion of the Option would have vested is
      referred to as the “Restriction Period.”

    

    (c) During
      the Restriction Period, the Grantee may not sell, assign, encumber or otherwise
      transfer the Nonvested Shares, notwithstanding anything in the Plan to the
      contrary. If the Grantee ceases to be employed by, or provide service to, the
      Company for any reason during the Restriction Period, the Grantee shall
      immediately return the Nonvested Shares to the Company and the Company shall
      pay
      to the Grantee, as consideration for the return of the Nonvested Shares, $______
      per share for each returned Share. If the Grantee continues to be employed
      by,
      or perform service to, the Company through the vesting dates described in
      Subsection (a) above, the restrictions on the Nonvested Shares shall lapse
      according to the vesting schedule.

    

    (d) If
      the
      Grantee exercises the Option and receives Nonvested Shares, the Grantee shall
      have the right to vote any Nonvested Shares and to receive dividends and
      distributions on Nonvested Shares during the Restriction Period, provided that
      all dividends and distributions payable on Nonvested Shares during the
      Restriction Period shall be held by the Company subject to the same restrictions
      as the underlying Nonvested Shares.

    

    (e) Any
      stock
      certificates representing Nonvested Shares shall be held in escrow by the
      Company or by an escrow agent designated by the Company until the Nonvested
      Shares vest. When the Grantee obtains a vested right to the Nonvested Shares,
      a
      certificate representing the vested Shares shall be issued to the Grantee.
      The
      certificate representing the vested Shares shall be duly endorsed (or
      accompanied by an executed stock power) so as to transfer to the Grantee all
      right, title and interest in and to the Shares represented by such
      certificate.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3. Lock-Up
      Period.
      Notwithstanding the provisions of Paragraph 2, above, Grantee agrees that
      Grantee will not sell, transfer, or otherwise dispose of any securities of
      the
      Company during the period: (i) commencing upon the date that the Company’s
      registration statement filed with the Securities and Exchange Commission with
      respect to Company’s initial public offering (“IPO”) is declared effective (the
“IPO Effective Date”) and, (ii) terminating on the 180th
      day
      following the IPO Effective Date (the “Lock-Up Period”), provided, however, that
      the Lock-Up Period may be shortened to any period less than 180 days from the
      IPO Effective Date if agreed to by the managing underwriter for the
      IPO.

    

    4. Term
      of Option.

    

    (a) The
      Option shall have a term of ten (10) years from the Date of Grant and shall
      terminate at the expiration of that period (_____________ ___, 20____), unless
      it is terminated at an earlier date pursuant to the provisions of this Grant
      Instrument or the Plan.

    

    (b) The
      Option shall automatically terminate upon the happening of the first of the
      following events:

    

    (i) The
      expiration of the 90-day period after the Grantee ceases to be employed by,
      or
      provide service to, the Company, if the termination is for any reason other
      than
      disability (as defined in the Plan) or death. 

    

    (ii) The
      expiration of the one-year period after the Grantee ceases to be employed by,
      or
      provide service to, the Company on account of the Grantee’s disability (as
      defined in the Plan).

    

    (iii) The
      expiration of the one-year period after the Grantee ceases to be employed by,
      or
      provide service to, the Company, if the Grantee dies while employed by, or
      providing service to, the Company or within 90 days after the Grantee ceases
      to
      be so employed or provide services on account of a termination described in
      Subparagraph (i) above.

    

    Notwithstanding
      the foregoing, in no event may the Option be exercised after the date that
      is
      ten (10) years from the Date of Grant. Any portion of the Option that is not
      vested at the time the Grantee ceases to be employed by, or provide service
      to,
      the Company shall immediately terminate.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5. Exercise
      Procedures.

    

    (a) Subject
      to the provisions of Paragraphs 2, 3 and 4 above, the Grantee may exercise
      part
      or all of the Option by giving the Board written notice of intent to exercise
      in
      the manner provided in Paragraph 14 below, specifying the number of Shares
      as to
      which the Option is to be exercised. On the delivery date, the Grantee shall
      pay
      the exercise price (i) in cash, (ii) with the approval of the Board, by
      delivering Shares of the Company which shall be valued at their fair market
      value on the date of delivery, or (iii) by such other method as the Board may
      approve, including, after a public offering of the Company’s stock, payment
      through a broker in accordance with procedures permitted by Regulation T of
      the
      Federal Reserve Board. The Board may impose from time to time such limitations
      as it deems appropriate on the use of Shares of the Company to exercise the
      Option.

    

    (b) The
      obligation of the Company to deliver Shares upon exercise of the Option shall
      be
      subject to all applicable laws, rules, and regulations and such approvals by
      governmental agencies as may be deemed appropriate by the Board, including
      such
      actions as Company counsel shall deem necessary or appropriate to comply with
      relevant securities laws and regulations. The Company may require that the
      Grantee (or other person exercising the Option after the Grantee’s death)
      represent that the Grantee is purchasing Shares for the Grantee’s own account
      and not with a view to or for sale in connection with any distribution of the
      Shares, or such other representation as the Board deems appropriate. All
      obligations of the Company under this Grant Instrument shall be subject to
      the
      rights of the Company as set forth in the Plan to withhold amounts required
      to
      be withheld for any taxes, if applicable. Subject to Board approval, the Grantee
      may elect to satisfy any income tax withholding obligation of the Company with
      respect to the Option by having Shares withheld up to an amount that does not
      exceed the applicable withholding tax rate for federal (including FICA), state
      and local tax liabilities.

    

    6. Change
      of Control.
      The
      provisions of the Plan applicable to a Change of Control shall apply to the
      Option, and, in the event of a Change of Control, the Board may take such
      actions as it deems appropriate pursuant to the Plan.

    

    7. Stockholder’s
      Agreement.
      As a
      condition of receiving this Option, the Grantee hereby agrees that, if requested
      by the Company prior to a public offering of the Company’s stock, the
Grantee
      (or other person exercising the Option after the Grantee’s death) will execute a
      stockholder’s agreement, on such terms as may be approved by the Company, with
      respect to all Shares issued upon the exercise of the Option.

    

    8. Restrictions
      on Exercise.
      Only
      the Grantee may exercise the Option during the Grantee’s lifetime. After the
      Grantee’s death, the Option shall be exercisable (subject to the limitations
      specified in the Plan) solely by the legal representatives of the Grantee,
      or by
      the person who acquires the right to exercise the Option by will or by the
      laws
      of descent and distribution, to the extent that the Option is exercisable
      pursuant to this Grant Instrument.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9. Grant
      Subject to Plan Provisions.
      This
      grant is made pursuant to the Plan, the terms of which are incorporated herein
      by reference, and in all respects shall be interpreted in accordance with the
      Plan. The grant and exercise of the Option are subject to the provisions of
      the
      Plan and to interpretations, regulations and determinations concerning the
      Plan
      established from time to time by the Board in accordance with the provisions
      of
      the Plan, including, but not limited to, provisions pertaining to (i) rights
      and
      obligations with respect to withholding taxes, (ii) the registration,
      qualification or listing of the Shares, (iii) capital or other changes of the
      Company and (iv) other requirements of applicable law. The Board shall have
      the
      authority to interpret and construe the Option pursuant to the terms of the
      Plan, and its decisions shall be conclusive as to any questions arising
      hereunder.

    

    10. No
      Employment or Other Rights.
      The
      grant of the Option shall not confer upon the Grantee any right to be retained
      by or in the employ or service of the Company and shall not interfere in any
      way
      with the right of the Company to terminate the Grantee’s employment or service
      at any time. The right of the Company to terminate at will the Grantee’s
      employment or service at any time for any reason is specifically
      reserved.

    

    11. No
      Stockholder Rights.
      Neither
      the Grantee, nor any person entitled to exercise the Grantee’s rights in the
      event of the Grantee’s death, shall have any of the rights and privileges of a
      stockholder with respect to the Shares subject to the Option, until Shares
      have
      been issued upon the exercise of the Option.

    

    12. Assignment
      and Transfers.
      The
      rights and interests of the Grantee under this Grant Instrument may not be
      sold,
      assigned, encumbered or otherwise transferred except, in the event of the death
      of the Grantee, by will or by the laws of descent and distribution. In the
      event
      of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or
      otherwise dispose of the Option or any right hereunder, except as provided
      for
      in this Grant Instrument, or in the event of the levy or any attachment,
      execution or similar process upon the rights or interests hereby conferred,
      the
      Company may terminate the Option by notice to the Grantee, and the Option and
      all rights hereunder shall thereupon become null and void. The rights and
      protections of the Company hereunder shall extend to any successors or assigns
      of the Company and to the Company’s parents, subsidiaries, and affiliates. This
      Grant Instrument may be assigned by the Company without the Grantee’s
      consent.

    

    13. Applicable
      Law; Consent to Jurisdiction.
      The
      validity, construction, interpretation and effect of this instrument shall
      be
      governed by and determined in accordance with the laws of the State of Texas
      without regard for conflict of law principles. GRANTEE HEREBY EXPRESSLY CONSENTS
      TO THE PERSONAL JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE
      STATE OF TEXAS FOR ANY LAWSUIT FILED BY OR AGAINST THE GRANTEE ARISING FROM
      OR
      RELATING TO THIS AGREEMENT.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    14. Notice.
      Any
      notice to the Company provided for in this instrument shall be addressed to
      the
      Company in care of the CEO at the Company headquarters (with a copy also sent
      to
      the attention of the Secretary at the same address), and any notice to the
      Grantee shall be addressed to such Grantee at the current address shown below,
      or to such other address as the Grantee may designate to the Company in writing.
      Any notice shall be delivered by hand, sent by telecopy or enclosed in a
      properly sealed envelope addressed as stated above, registered and deposited,
      postage prepaid, in a post office regularly maintained by the United States
      Postal Service.

    

    IN
      WITNESS WHEREOF, the Company has caused its duly authorized officers to execute
      and attest this Grant Instrument, and the Grantee has executed this Grant
      Instrument, effective as of the Grant Date.

    

    IN
      WITNESS WHEREOF, the Company has caused its duly authorized officers to execute
      and attest this Grant Instrument, and the Grantee has executed this Grant
      Instrument, effective as of the Grant Date.

    

    
      	
              GenSpera,
                Inc.

            	 	 
	 	 	 
	
              By:
                

            	 	 	
              Attest:

            	 
	 	 	 
	
              Accepted:

            	 	 
	 	 	 
	 	 	 
	
              Grantee

            

    

    

    
      	
              Full
                Name:

            	 
	 	 
	
              Address:

            	 
	 	 
	 	 

    

     

    ***********

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    APPENDIX
      ATHE
      COMPANY HAS NOT REGISTERED THE SECURITIES EVIDENCED BY THIS NOTE UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE. YOU
      MAY
      NOT SELL, OFFER TO SELL, PLEDGE, HYPOTHECATE OR OTHERWISE TRANSFER YOUR INTEREST
      IN THIS NOTE EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR, SUPPORTED BY AN OPINION OF COUNSEL
      DELIVERED TO THE COMPANY IF THE COMPANY REQUIRES ONE, QUALIFYING THE TRANSACTION
      FOR AN EXEMPTION TO THE REGISTRATION REQUIREMENT.

     

    CONVERTIBLE
      PROMISSORY NOTE 

     

    
      	
              Holder:

            	
              _____________.

            
	
              Company:

            	
              GenSpera,
                Inc.

            
	
              Note
                Date:

            	
              December
                ___, 2003

            
	
              Maturity
                Date:

            	
              December
                ___, 2008

            
	
              Principal
                Amount:

            	
              US$______.

            
	
              Interest
                Rate:

            	
              4.20%

            
	
              Place:

            	
              ____________.

            

    

    

    For
      value
      received, GENSPERA,
      INC.,
      a
      Delaware corporation (the "Company"), whose address is 106 Victoria Ct.,
      Downingtown, PA, 19335, promises to pay to __________
      ("Lender") or to Lender's registered assigns (in either case, the "Holder"),
      at
      _______________________, or such other address as may be designated in written
      notice by the Holder to the Company, the principal sum of ___________ Dollars
      ($00,000.00)
      (the
      "Principal Amount"). 

     

    The
      following is a statement of the rights of the Holder and the conditions to
      which
      this Note is subject, to which the Holder, by the acceptance of this Note,
      agrees:

     

    1. Principal
      and Interest; Prepayment.
      

     

    1.1 Principal
      and Interest.
      Interest shall accrue on the unpaid Principal Amount at a rate of Four Percent
      (4.20%) per annum, simple interest ("Interest"). The outstanding Principal
      Amount and any unpaid Interest shall become due and payable upon demand
      beginning anytime on or after December
      ___, 2008,
      unless
      this Note is converted earlier pursuant to the terms of its Section 2.
      

     

    1.2 Prepayment.
      At
      anytime beginning five (5) business days after providing the Holder written
      notice of a Qualified Financing, as defined in Section 2.1,
      and
      subject to the provisions of Section 2.1.2, the Company may prepay in whole
      or
      in part the outstanding Principal Amount plus the accrued and unpaid Interest.
      

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    2.
      Conversion

     

    2.1 Conversion.
      

     

    2.1.1
      Upon the
      Company's giving the Holder written notice of its completion of an equity
      financing in the amount of at least $500,000, in one closing or a series of
      closings (a "Qualified Financing"), the outstanding Principal Amount plus
      accrued and unpaid Interest may, at the Holder's option, be converted into
      fully
      paid and non-assessable shares of such equity securities (the "Qualified
      Securities") at the price per share (the "Conversion Price") paid by the
      investors in such Qualified Financing. The shares of Qualfied Securities to
      be
      issued upon conversion of the Note shall be entitled to the same rights and
      be
      subject to the same obligations provided in the purchase agreement entered
      into
      with investors with respect to the sale of the Qualified
      Securities.

     

    2.1.2
      In the
      event that the investors require the Holder to convert the Principal Amount
      plus
      accrued and unpaid Interest into Qualified Securities as a condition to
      completion of the Qualified Financing, Holder agrees that by operation of this
      Section 2.1.2 and without further instrument, the conversion of Section 2.1.1
      shall be automatic and not at the Holder’s option.

     

    2.2 Issuance
      of Stock; Fractional Shares.
      As soon
      as practicable after conversion of this Note, the Company, at its expense,
      will
      cause to be issued in the name of and delivered to the Holder, a certificate
      or
      certificates for the number of fully paid and nonassessable shares of Qualified
      Securities to which the Holder shall be entitled upon such conversion, which
      certificates shall include legends restricting transfer under the federal and
      state securities laws. No fractional shares will be issued upon conversion
      of
      this Note. If, upon conversion of this Note, a fraction of a share results,
      the
      Company will pay the cash value of that fractional share, calculated on the
      basis of the Conversion Price.

     

    3. Holder's
      Representations.
      This
      Note has been executed in favor of Holder in reliance upon the following
      representations and covenants of the Holder, which by receipt of this Note
      the
      Holder hereby confirms:

     

    3.1 Disclosure
      Documents.
      In
      connection with the transactions pursuant to which this Note has been issued,
      the Holder and its representatives and legal counsel have been afforded full
      and
      free access to corporate books, financial statements, records, contracts,
      documents and other information concerning the Company and to its offices and
      facilities, have been afforded an opportunity to ask such questions of the
      Company’s officers, employees, agents, accountants and representatives
      concerning the Company’s business, operations, financial condition, assets,
      liabilities, and other relevant matters as it has deemed necessary or desirable,
      and has been given all such information requested, in order to evaluate the
      merits and risks of this Warrant and the Preferred Stock into which it is
      exercisable.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    3.2 Investment
      Purpose.
      The
      Holder is acquiring the Shares issued or issuable upon exercise of the Holder’s
      rights contained herein for the Holder’s own account for the purpose of
      investment and not for or with a view to the resale, distribution, subdivision,
      or fractionalization thereof.

     

    3.3 Restricted
      Securities.
      The
      Holder understands that (i) the Shares have not been registered under the U.S.
      Securities Act of 1933, as amended (the “Act”) because it is being issued in a
      transaction exempt from the registration requirements of the Act pursuant to
      Section 4(2) thereof or Regulation D promulgated under the Act, (ii) the
      Shares must be held indefinitely unless a subsequent disposition thereof is
      registered under the Act or is exempt from such registration (and accordingly,
      the Holder should be prepared to bear the economic risk of an investment in
      the
      Shares for an indefinite period), and (iii) the Company will make a notation
      on
      its transfer books to such effect.

     

    3.4 Sufficient
      Knowledge and Experience.
      The
      Holder has sufficient knowledge and experience in investing so as to be able
      to
      evaluate the risks and merits of the investment in the Company upon exercise
      of
      the Note.

     

    3.5 High Degree of Risk.
      The
      Holder acknowledges and understands that the purchase of the Shares upon
      exercise of the Note is speculative and involves a high degree of risk. In
      electing to exercise the Note, the Holder recognizes the potential of losing
      the
      Holder’s entire investment and hereby acknowledges the Holder’s ability to bear
      such loss.

     

    4. Transfer
      of Note; Restrictions on Transfer.
      This
      Note may be transferred only in compliance with applicable federal and state
      securities laws and only upon surrender of the original Note for registration
      of
      transfer, duly endorsed, or accompanied by a duly executed written instrument
      of
      transfer in form satisfactory to the Company. A new Note for like principal
      amount and interest will be issued to, and registered in the name of, the
      transferee. Interest and principal are payable only to the registered holder
      of
      the Note. The Holder agrees to provide a Form W-9 to the Company upon
      request.

     

    5. Events
      of Default.
      If any
      of the following events (each an "Event of Default") shall occur, the Holder
      may, so long as such condition exists, declare the outstanding Principal Amount
      and accrued but unpaid Interest immediately due and payable, by notice in
      writing to the Company:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    5.1 If
      the
      Company (a) institutes proceedings to be adjudicated as bankrupt or insolvent,
      (b) files a petition or answer or consent seeking reorganization or release
      under the federal Bankruptcy Act, or any other applicable federal or state
      law,
      (c) has a receiver, liquidator, or trustee, appointed with respect to
      substantially all of its assets, (d) makes an assignment for the benefit of
      creditors, or (e) takes any corporate action in furtherance of any such
      action;

     

    5.2 If,
      within 60 days after commencement of an action against the Company (and service
      of process on the Company) seeking any bankruptcy, insolvency, reorganization,
      liquidation, dissolution, or similar relief under any present or future statute,
      law, or regulation, such action shall not have been resolved in favor of the
      Company or all orders or proceedings thereunder affecting the operations or
      the
      business of the Company stayed, or if the stay of any such order or proceeding
      shall thereafter be set aside, or if, within 60 days after the appointment
      without consent or acquiescence of the Company of any trustee, receiver, or
      liquidator of the Company, such appointment shall hot have been vacated;

     

    5.3 Any
      declared default of the Company under any indebtedness that gives the holder
      the
      right to accelerate such indebtedness, and such indebtedness is in fact
      accelerated by the holder;

     

    5.4 Failure
      to pay the Principal Amount and Interest when due; or

     

    5.5 The
      adoption of any plan of liquidation, dissolution, or winding up of the Company,
      or the involuntary occurrence thereof.

     

    6. Miscellaneous.
      

     

    6.1 Remedies.
      The
      Company and all endorsers of this Note hereby waive notice, presentment,
      protest, and notice of dishoner.

     

    6.2 Holder
      as Owner.
      The
      Company may deem and treat the holder of record of this Note as the absolute
      owner for all purposes regardless of any notice to the contrary.

     

    6.3 No
      Shareholder Rights.
      This
      Note shall not entitle the Holder to any voting rights or any other rights
      as a
      shareholder of the Company or to any other rights except the rights stated
      herein; and no dividend shall be payable or shall accrue in respect of this
      Note
      or the Qualified Securities, until this Note is converted.

     

    6.4 Successors
      and Assigns. This
      Note
      shall inure to the benefit of and be binding on the successors and assigns
      of
      the parties.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    6.5 Governing
      Law; Jurisdiction. This
      Note
      shall be governed by and construed under the internal laws of the Commonwealth
      of the State of Pennsylvania, without reference to the principles of conflicts
      of law or choice of laws. The Holder and the Company consent to the jurisdiction
      and venue of the federal and state courts located in Philadelphia, Pennsylvania,
      with respect to any controversy or claims arising under or related to this
      Note.

     

    6.6 Notices.
      Any
      notice to be given by one party to the other pursuant to this Note shall be
      in
      writing and shall be deemed to have been duly given when received if personally
      delivered; when transmitted if transmitted by telecopy, or by electronic or
      digital transmission method and an appropriate confirmation is received; the
      day
      after it is sent, if sent for next day delivery to a domestic address by a
      recognized overnight delivery service; and upon receipt if delivered in person,
      sent by facsimile, or deposited into the United States mail, postage pre-paid,
      by certified or registered mail, return receipt requested. Notice shall be
      sent
      to Holder and to the Company at their respective addresses set forth above,
      or
      at such other address as either shall furnish to the other in writing.

     

    6.7 Headings.
      The
      captions and headings contained in this Note are for convenience of reference
      only and shall not limit or otherwise affect the meaning or interpretation
      hereof.

     

    6.8 Severability.
      In the
      event that any one or more of the provisions contained herein, or the
      application thereof in any circumstance, is held invalid, illegal or
      unenforceable, the validity, legality and enforceability of any such provision
      in every other respect and of the remaining provisions contained herein shall
      not be affected or impaired thereby.

     

    6.9 Further
      Assurances.
      At any
      time and from time to time after the date hereof the parties hereto agree to
      do
      all such further acts and things as the other party may reasonably request
      for
      the purpose of carrying out the intent of this Note and the documents referred
      to herein, and as may be deemed reasonably necessary by the
      parties.

     

    6.10 Entire
      Agreement; Amendment.
      This
      Note, together with any schedules, annexes and exhibits hereto, contains the
      entire understanding of the parties relating to the subject matter hereof and
      supersedes any prior agreements, written or oral, with respect to the same
      subject matter. This Note may not be amended or modified except by a written
      agreement executed by the party to be charged with the amendment.

     

    Signature
      block on next page

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Note to be executed as of the
      date
      first written above.

     

    
      	 	
              GenSpera,
                Inc. 

            
	 	 	 
	 	
              By:
                

            	   

	 	
              Its:
                Secretary

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    NOTICE
      OF EXERCISE

     

    OF

     

    CONVERSION
      OF PROMISSORY NOTE

     

    To:
        GenSpera,
      Inc.:

     

    The
      undersigned hereby elects to convert the attached Promissory Note into the
      number of shares of Qualified Securities as may be determined by dividing the
      Principal Amount plus accrued but unpaid Interest by the Conversion Price.
      The
      undersigned represents that the undersigned acquires the Qualified Securities
      for the undersigned's own account and not with a view to, or for resale in
      connection with, the distribution thereof, and that the undersigned has no
      present intention of distributing or reselling such Qualified Securities.

     

    Please
      issue a certificate or certificates representing the Qualified Securities in
      the
      name of the undersigned or in such other name as is specified below.

     

    Dated
      this ____ day of ______________________. 

     

    
      	 	
               

              ___________________________

               

              (Signature)

               

              ___________________________

               

              (Print
                Name)

               

              ___________________________

               

              (Title
                if an Entity)

            
	
               

              ___________________________

               

              (Name
                of Certificate Holder)

               

              ___________________________

               

              ___________________________

               

              (Address)

            	 

    

     

    
      
         

      

      
        7

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