Document:

INDEPENDENT DIRECTOR AGREEMENT

 

THIS INDEPENDENT
DIRECTOR AGREEMENT (this “Agreement”) is made effective as of May 24, 2012 by and between GenSpera,
Inc. (the “Company”), and Peter E. Grebow, PhD (“Director”).

 

WHEREAS, the
Company seeks to attract and retain as directors, capable and qualified persons to serve on the Company’s board of directors
(the “Board”); and

 

WHEREAS, the
Company has requested and received from Director certain information regarding Director’s qualifications and fitness to serve
on the Board and has considered and relied upon the accuracy of such information in offering Director the opportunity to serve
on the Board; and

 

WHEREAS, the
Company believes that Director possesses the necessary qualifications and abilities to serve as a director of the Company and to
perform the functions and meet the Company’s needs related to its Board.

 

NOW, THEREFORE,
the parties agree as follows:

 

1. Service
to the Board and Duties. 

 

(a) Duties.
 During the Directorship Term (as defined herein), the Director shall serve as a member of the Board, and the Director shall
make reasonable business efforts to attend all Board meetings, serve on appropriate subcommittees as reasonably requested by the
Board, make himself available to the Company at mutually convenient times and places, attend external meetings and presentations,
as appropriate and convenient, and perform such duties, services and responsibilities and have the authority commensurate to such
position.

 

(b) Service
to the Board. During the Directorship Term, the Director may serve in other non-Company related positions, and assume duties
and responsibilities consistent with, the position of an independent non-executive director, provided, however, that under
no circumstances may the Director engage in or undertake any other positions, duties, responsibilities or assignments that materially
interfere with his duties to the Company. The Director agrees to devote the necessary working time, skill, energy and best business
efforts and exercise his independent business judgment during the term of his service on the Board of the Company. The Director
fully understands the (i) duty of loyalty, (ii) duty of confidentiality, (iii) duty to abide by all relevant securities
laws of the United States and any other jurisdictions in personal and corporate conduct, (iv) duties of due care and good
faith in the performance of his service as a Director and (v) role of a Director in protecting stockholders’ rights.
Notwithstanding anything to the contrary contained herein, the Director may hold officer and non-executive director positions (or
the equivalent position) in or at other entities that are not affiliated with the Company subject to the limitations contained
in this Agreement.

 

 

    	 

    	 	

    

 

(c) Service
on Committees. Director will serve on the following committees and in the capacities stated: 

 

	 	Member	 	 	Chairperson
	Audit Committee	xx	 	 	 
	Nominating and Corporate Governance Committee	 	 	 	xx
	Leadership Development and Compensation Committee	xx	 	 	 

 

To the extent Director
serves as Audit Committee Chairperson, Director agrees that Director is also serving as the financial expert for purposes of filings
before the Securities and Exchange Commission.

 

2. Term.
The term of this Agreement (“Directorship Term”) shall commence as of the date of Director’s
appointment by the Board of Directors of the Company and shall terminate on the earliest of the following:

 

(a)
the death of the Director ("Death");

 

(b)
the disability of the Director during the Directorship Term; For purposes of this Agreement, “Disability”
shall mean a determination by the Company in accordance with applicable law that due to a physical or mental injury, infirmity
or incapacity, the Director is unable to perform the essential functions of his/her job with or without accommodation for 60 days
(whether or not consecutive) during any 12-month period;

 

(c) the resignation of Director
from the Board;

 

(d) the
removal of the Director from the Company’s Board as provided for pursuant to the Delaware General Corporate Law;

 

(e)the
non-reelection of the Director to the Company’s Board; and

 

(f)the
breach of this Agreement by Director.

 

3.  Compensation
and Expenses. 

 

See attached Schedule
A.

 

4.  Insurance.
The Company shall use is best efforts, at its discretion, to obtain and maintain a policy or policies of director and officer liability
insurance (“D&O Insurance”) of which the Director will be named as an insured, providing the Director
with coverage subject to the provisions of an indemnification agreement (“Indemnification Agreement”)
entered into by the Company and Director.

 

5. Director’s
Representation and Acknowledgment. The Director represents to the Company that his execution and performance of this Agreement
shall not be in violation of any agreement or obligation (whether or not written) that he may have with or to any person or entity,
including without limitation, any prior or current employer. The Director hereby acknowledges and agrees that this Agreement (and
any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and the Director shall have
no recourse whatsoever against any stockholder of the Company or any of their respective affiliates with regard to this Agreement.

 

 

    	 

    	 	

    

 

6. Requirements
of Director. During the term of the Director’s services to the Company hereunder, Director shall observe all applicable
laws and regulations relating to independent directors of a public company as promulgated from time to time, and shall not: (i)
be an employee of the Company or any Parent or Subsidiary; (ii) accept, directly or indirectly, any consulting, advisory, or other
compensatory fee from the Company other than as a director and/or a member of a committee of the Board; (iii) be an affiliated
person of the Company or any Parent or Subsidiary, as the term “affiliate” is defined in 17 CFR 240.10A-3(e)(1), other
than in his capacity as a director and/or a member of a committee of the Board; (iv) possess an interest in any transaction with
the Company or any Parent or Subsidiary, for which disclosure would be required pursuant to 17 CFR 229.404(a), other than in his
capacity as a director and/or a member of a committee of the Board committees; (v) be engaged in a business relationship with the
Company or any Parent or Subsidiary, for which disclosure would be required pursuant to 17 CFR 229.404(b), except that the required
beneficial interest therein shall be modified to be 5% hereby.

 

 

7. Reporting
Obligations. While this Agreement is in effect, the Director shall immediately report to the Company in the event: (i)
the Director knows or has reason to know or should have known that any of the requirements specified in Section 6 hereof is not
satisfied or is not going to be satisfied; (ii) the Director is nominated to the board of directors or becomes an officer of another
public company or (iii) the Director knows or has reason to know of any actual or potential conflict of interest.

8. Director
Covenants.

 

(a) Unauthorized
Disclosure.  The Director agrees and understands that in the Director’s position with the Company, the
Director has been and will be exposed to and receive information relating to the confidential affairs of the Company, including,
but not limited to, technical information, business and marketing plans, strategies, customer information, other information concerning
the Company’s products, promotions, development, financing, expansion plans, business policies and practices, and other forms
of information considered by the Company to be confidential and in the nature of trade secrets. The Director additionally agrees
to not disclose any information regarding the Board of the Company whether it be subjects of Board meetings, Board discussions
and correspondence, Board opinions, or any other information disseminated by any of the Board of Director in their capacity as
directors of the Company. The Director agrees that during the Directorship Term and thereafter, the Director will keep such information
confidential and will not disclose such information, either directly or indirectly, to any third person or entity without the prior
written consent of the Company; provided, however, that (i) the Director shall have no such obligation to the extent
such information is or becomes publicly known or generally known in the Company’s industry other than as a result of the
Director’s breach of his obligations hereunder and (ii) the Director may, after giving prior notice to the Company to the
extent practicable under the circumstances, disclose such information to the extent required by applicable laws or governmental
regulations or judicial or regulatory process. This confidentiality covenant has no temporal, geographical or territorial restriction.
Upon termination of the Directorship Term, the Director will promptly return to the Company and/or destroy at the Company’s
direction all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, technical data,
other products or documents, and any summary or compilation of the foregoing, in whatever form, including, without limitation,
in electronic form, which has been produced by, received by or otherwise submitted to the Director in the course or otherwise as
a result of the Director’s position with the Company during or prior to the Directorship Term, provided that, the
Company shall retain such materials and make them available to the Director if requested by him in connection with any litigation
against the Director under circumstances in which (i) the Director demonstrates to the reasonable satisfaction of the Company that
the materials are necessary to his defense in the litigation and (ii) the confidentiality of the materials is preserved to the
reasonable satisfaction of the Company.

 

    	 

    	 	

    

 

(b) Remedies.  The
Director agrees that in the event of a breach or any threat of breach of this Section 8, the Company shall be entitled to an immediate
injunction relief to prevent or stop such breach.

 

(c) Survival
of Covenants. The provisions of this Section 8 shall survive any termination of the Directorship Term, and the existence
of any claim or cause of action by the Director against the Company, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Company of the covenants and agreements of this Section 8.

9. Amendments
and Waiver. No supplement, modification or amendment of this Agreement will be binding unless executed in writing by both
parties. No waiver of any provision of this Agreement on a particular occasion will be deemed or will constitute a waiver of that
provision on a subsequent occasion or a waiver of any other provision of this Agreement.

 

10. Binding
Effect. This Agreement will be binding upon and inure to the benefit of and be enforceable by the parties and their respective
successors and assigns.

 

11. Severability.
The provisions of this Agreement are severable, and any provision of this Agreement that is held by a court of competent jurisdiction
to be invalid, void, or otherwise unenforceable in any respect will not affect the validity or enforceability of any other provision
of this Agreement.

 

12. Governing
Law. This Agreement will be governed by and construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in that state without giving effect to the principles of conflicts of laws.

 

13. Notice.
Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature
page hereto or, if to the Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities
and Exchange Commission.

 

14. Assignment.
The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder
shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of Director
under this Agreement are personal and therefore Director may not assign any right or duty under this Agreement without the prior
written consent of the Company.

 

15. Entire
Agreement. Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect
to its subject matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or
warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to
such subject matter.

 

16. Counterparts.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile
execution and delivery of this Agreement is legal, valid and binding for all purposes.

 

[Signature Page Follows]

 

    	 

    	 	

    
 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Independent Director Agreement to be duly executed and signed as of the day and year first
above written.

 

 

	 	GENSPERA, INC.
	 	 
	 	 
	 	By: 	/s/ Craig  Dionne
	 	Name: 	Craig  Dionne
	 	Title: 	CEO 
	 	 	 
	 	DIRECTOR 
	 	 
	 	/s/  Peter E. Grebow
	 	Name: Peter E. Grebow, PhD
	 	Address:	704 Buckley Road
	 	 	Penllyn, PA 19422

 

 

    	 

    	 	

    

 

SCHEDULE A

COMPENSATION

 

Non-employee directors are entitled to
the following compensation for service on our Board:

 

Inducement/First
Year Grant. Upon joining the Board, directors will receive options to purchase 50,000 shares of our common stock. The options
vest as follows: (i) 25,000 immediately upon appointment to the Board; and (ii) 25,000 vesting 1⁄4 every three months over
the following 12 months.

 

Annual Grant.
Subject to shareholder rights to elect any individual director, starting on the first year anniversary of service, and each subsequent
anniversary thereafter, each eligible director will be granted options to purchase 25,000 shares of common stock. The annual grants
vest 1⁄4 every three months during the grant year.

 

Committee and Committee
Chairperson Grant. Each director will receive options to purchase an additional 4,000 shares of common stock for each committee
on which he or she serves. Chairpersons of each committee will receive options to purchase an additional 1,000 share common stock.
The committee grants vest 1⁄4 every three months during the grant year..

 

Special Committee
Grants. From time to time, individual directors may be requested by the Board to provide extraordinary services. These services
may include such items as the negotiation of key contracts, assistance with scientific issues or such other items as the Board
deems necessary and in the best interest of the Company and our shareholders. In such instances, the Board shall have the flexibility
to issue special committee grants. The amount of such grants and terms will vary commensurate with the function and tasks of the
special committee.

 

Exercise Price and
Term. All options issued pursuant to the non-executive board compensation policy will have an exercise price equal to the fair
market value of the Company’s common stock at close of market on the grant date. The term of the options shall be for a period
of 5 years from the grant date. The options will be issued pursuant to our equity compensation plan(s).

 

Cash Compensation.
Our eligible directors will also receive cash compensation equal to: (i) an annual cash retainer of $25,000, and (ii) a per committee
cash award of $3,334. Cash compensation to directors is paid quarterly on each member’s three-month anniversary of joining
the Board or respective committees thereof.THIRD AMENDED AND RESTATED PROMISSORY
NOTE

 

This Third Amended and Restated Promissory
Note is intended to completely amend and restate the Promissory Note between the parties dated October 7, 2011, in the original
principal amount of $4,000,000.00, under the terms and provisions set forth below:

 

Date:  May 25, 2012

 

		Maker:	Nevada Gold & Casinos, Inc. (“NGC”)

 

	Maker’s Mailing Address:	50 Briar Hollow Lane, Suite 500W
	 	Houston, Texas  77027-9304

 

		Holder/Payee:	Louise H. Rogers, as her separate property (“Rogers”)

 

	Holder/Payee’s Mailing Address:	2512 Alta Mira
	 	Tyler, Texas  75701-7301

 

The terms “Maker,” “Holder/Payee,”
and other nouns and pronouns include the plural if more than one exists. The terms “Maker” and “Holder/Payee”
also include their respective heirs, personal representatives, and assigns. NGC and Rogers are collectively referred to in this
Note as the “Parties.”

 

	Place for Payment (including county):	2512 Alta Mira
	 	Tyler, Smith County, Texas  75701-7301

 

Principal Amount:         Four Million
and No/100 Dollars ($4,000,000.00)

 

Annual Interest Rate:   Eleven
and One-half Percent (11.5%)

 

Maturity Date:     The entire
principal balance remaining and all accrued interest is due and payable on or before June 30, 2015.

 

Terms of Payment (principal and interest):

 

Interest payments only on or before the last day of
each month, with the principal balance and all accrued interest due and payable on or before June 30, 2015 (the “Maturity
Date”). This interest-only provision shall change as soon as NGC begins receiving payments from G Investments, LLC (or its
successor or assignee), a Colorado limited liability company (“GI”), as a result of GI’s purchase of the assets
of Colorado Grande Enterprises, Inc., a Colorado corporation (the “CGE Sale”), to the following terms:

 

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		1.	First, no later than five business days from the date of the CGE Sale, NGC shall pay down the principal due under this Note
by Eight Hundred Thousand and No/100 Dollars ($800,000.00).

		2.	In addition, NGC agrees that, as soon as it (or any of its subsidiaries) begins receiving payments from GI due pursuant to
the promissory note to be issued by GI to NGC (or to any of NGC’s subsidiaries) on the date of the CGE Sale, the entire payment
received by NGC (or any of its subsidiaries) from GI shall be applied to the outstanding principal amount owed within five business
days of NGC’s receipt of each payment.

		3.	NGC shall also continue to make interest payments to Rogers on or before the last day of each month, calculated on the average
daily balance of principal outstanding during the month immediately preceding each payment through each payment’s due date.

 

Annual Interest Rate on Matured, Unpaid Amounts:   Eighteen
Percent (18%)

 

Security for Payment:          As set
forth in the May 2012 Amended and Restated Security Agreement between Rogers and NGC and certain subsidiaries of NGC dated May
25, 2012 (the “ARSA”), which is incorporated by reference in this Note for all purposes as if fully set forth at length.

 

NGC promises to pay to the order of Louise
H. Rogers at the place for payment and according to the terms of payment the principal amount plus interest at the rates stated
above. All unpaid amounts shall be due by the Maturity Date.

 

NGC reserves the right to prepay the entire
principal due under this Note at any time prior to the Maturity Date without penalty, and interest shall cease on any amount prepaid.

 

If NGC defaults in the payment of any installment
of this Note of either principal or interest as the installment becomes due and payable, then in that event Rogers shall have the
option to declare the entire unpaid balance of principal and accrued interest immediately due and payable. NGC [and each surety,
guarantor, and endorser] waives all notices, demands for payment, presentations for payment, notices of intent to accelerate maturity,
notice of acceleration, protests, and notices of protest. All definitions and provisions of the ARSA related to default and all
other matters in the ARSA apply to this Note.

 

The Parties to this Note intend to comply
with the usury laws applicable to this Note. Accordingly, the Parties agree that no provision in this Note or in any related documents
(if any) shall require or permit the collection of interest in excess of the maximum rate permitted by law. If any excess interest
is provided for or contracted for in this Note, or charged to NGC or any other person responsible for payment, or received by Rogers,
or if any excess interest is adjudicated to be provided for or contracted for under this Note or adjudicated to be received by
Rogers or her assignee or successor, then the Parties expressly agree that this paragraph shall govern and control and that
neither NGC nor any other party liable for payment of the Note shall be obligated to pay the amount of excess interest. Any excess
interest that may have been collected shall be, at Rogers’ option, either applied as credit against any unpaid principal
amount due or refunded to NGC. The effective rate of interest shall be automatically subject to reduction to the maximum lawful
contract rate allowed under the usury laws of the State of Texas as they are now or subsequently construed by the courts of the
State of Texas.

 

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If this Note is given to an attorney for
collection, or if suit is brought for collection, or if it is collected through probate, bankruptcy, or other judicial proceeding,
then NGC shall pay Rogers’ actual attorney’s fees in addition to other amounts due.

 

This Note may not be amended or modified
in any manner without the express written consent of Rogers or her attorney.

 

Executed to be effective as of May 25, 2012, expressly
contingent upon the occurrence of all conditions precedent set forth in the May 2012 Amended and Restated Security Agreement
and Schedule of Collateral between Rogers and NGC dated to be effective as of May 25, 2012, which is incorporated by reference
in this Note for all purposes.

 

This Note shall only become
effective if and when NGC and CGE close on the sale of the assets of CGE to G Investments, LLC (“GI”), pursuant to
the Asset Purchase Agreement dated November 23, 2011, and as amended, entered into between CGE, as seller, and GI, as purchaser.
That closing is expected to occur on May 25, 2012. If the asset sale from CGE to GI does not occur, then this Note shall be null
and void and of no effect, and the prior note between the parties shall continue in full force and effect as if this Note had never
existed.

 

Maker:

 

Nevada Gold & Casinos,
Inc.

 

	By:	/s/ Robert B. Sturges	 	May 24, 2012
	 	Robert B. Sturges, Chief Executive Officer	 	Date of Signature

 

Holder/Payee’s Consent to Amendment:

 

	/s/ Louise H. Rogers	 	May 22, 2012
	Louise H. Rogers	 	Date of Signature

 

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