Document:

[RODMAN
      & RENSHAW LETTERHEAD]

    

    February
      12, 2007

    

    STRICTLY
      CONFIDENTIAL

    

    Harry
      Palmin

    Chief
      Executive Officer & President

    Novelos
      Therapeutics, Inc.

    One
      Gateway Center, Suite 504

    Newton,
      MA 02458

    

    Dear
      Mr.
      Palmin:

    

    This
      letter (the “Agreement”) constitutes the agreement between Novelos Therapeutics,
      Inc. (the “Company”) and Rodman & Renshaw, LLC (“Rodman”) that Rodman shall
      serve as the lead placement agent (the “Services”) for the Company, on a “best
      efforts” basis, in connection with the proposed offer and placement (the
“Offering”) by the Company of securities of the Company (the “Securities”).
      Rodman shall be authorized to utilize sub-placement agents with the prior
      consent of the Company, provided that the use of any sub-placement agent by
      Rodman shall not increase any fees (including cash or warrants) or expenses
      payable by the Company under this Agreement. The terms of the Offering and
      the
      Securities shall be mutually agreed upon by the Company and the investors and
      nothing herein implies that Rodman would have the power or authority to bind
      the
      Company or create an obligation for the Company to issue any Securities or
      complete the Offering. The Company expressly acknowledges and agrees that
      Rodman’s obligations hereunder are on a reasonable best efforts basis only and
      that the execution of this Agreement does not constitute a commitment by Rodman
      to purchase the Securities and does not ensure the successful placement of
      the
      Securities or any portion thereof or the success of Rodman with respect to
      securing any other financing on behalf of the Company.

    

    A. Fees
      and Expenses.
      In
      connection with the Services described above, the Company shall pay to Rodman
      the following compensation:

    

    1. Placement
      Agent’s Fee.
      The
      Company shall pay to Rodman a cash placement fee (the “Placement Agent’s Fee”)
      equal to 7% of the aggregate purchase price paid by each purchaser of Securities
      that are placed in the Offering. 

    

    2. Warrants.
      As
      additional compensation for the Services the Company shall issue to Rodman
      or
      its designees at the closing of the Offering (the “Closing”), warrants (the
“Rodman Warrants”) to purchase that number of shares of common stock of the
      Company (“Shares”) equal to 6% of the aggregate number of Shares placed in the
      Offering, plus any shares underlying any convertible Securities sold in the
      Offering. The Rodman Warrants shall have the same terms, including exercise
      price and registration rights as the warrants issued to investors (“Investors”)
      in the Offering.

    

    3. Expenses.
      In
      addition to any fees payable to Rodman hereunder, but only if an Offering is
      consummated, the Company hereby agrees to reimburse Rodman for all reasonable
      and documented travel and other out-of-pocket expenses incurred in connection
      with Rodman’s engagement, including the reasonable fees and expenses of Rodman’s
      counsel. Such reimbursement shall be limited to $25,000 without prior written
      approval by the Company.

    

    B. Term
      and Termination of Engagement.
      The
      term (the “Term”) of Rodman’s engagement will begin on the date hereof and end
      on the earlier of the consummation of the Offering or 15 days after the receipt
      by either party hereto of written notice of termination; provided that no such
      notice may be given by the Company for a period of 30 days after the date
      hereof. Notwithstanding anything to the contrary contained herein, the
      provisions concerning confidentiality, indemnification, contribution and the
      Company’s obligations to pay fees and reimburse expenses contained herein will
      survive any expiration or termination of this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    C. Fee
      Tail.
      Rodman
      shall be entitled to a Placement Agent’s Fee and Rodman Warrants, calculated in
      the manner provided in Paragraph A, with respect to any subsequent public or
      private offering or other financing or capital-raising transaction of any kind
      (“Subsequent Financing”) to the extent that such financing or capital is
      provided to the Company by investors whom Rodman had introduced to the Company
      during the Term, excluding existing stockholders of the Company, if such
      Subsequent Financing is consummated at any time within the 12-month period
      following the expiration or termination of this Agreement (the “Tail Period”).
      Promptly following the Closing or termination of this agreement, Rodman will
      provide Company with written notice of the parties introduced to the Company
      by
      Rodman. 

    

    D. Use
      of
      Information.
      The
      Company will furnish Rodman such written information as Rodman reasonably
      requests in connection with the performance of its services hereunder. The
      Company understands, acknowledges and agrees that, in performing its services
      hereunder, Rodman will use and rely entirely upon such information as well
      as
      publicly available information regarding the Company and that Rodman does not
      assume responsibility for independent verification of the accuracy or
      completeness of any information, whether publicly available or otherwise
      furnished to it, concerning the Company including, without limitation, any
      financial information, forecasts or projections considered by Rodman in
      connection with the provision of its services.

    

    E. Confidentiality.
      In the
      event of the consummation or public announcement of any Offering, Rodman shall
      have the right to disclose its participation in such Offering, including,
      without limitation, the placement at its cost of “tombstone” advertisements in
      financial and other newspapers and journals. Rodman agrees not to use any
      confidential information concerning the Company provided to Rodman by the
      Company for any purposes other than those contemplated under this
      Agreement.

    

    F. Securities
      Matters.
      The
      Company shall be responsible for any and all compliance with the securities
      laws
      applicable to it, including Regulation D and the Securities Act of 1933, and
      Rule 506 promulgated thereunder, and unless otherwise agreed in writing, all
      state securities (“blue sky”) laws. Rodman agrees to cooperate with counsel to
      the Company in that regard.

    

    G.
       Rodman
      Representations and Warranties.
      Rodman
      represents and warrants that: (i) it is duly registered as a broker-dealer
      pursuant to the Securities and Exchange Act of 1934, as amended, and the rules
      and regulations promulgated thereunder and is a member in good standing of
      the
      NASD, (ii) during the course of the Offering, it will not make any untrue
      statement of a material fact, or omit to state a material fact required to
      be
      stated by it or necessary to make any statement made by it not misleading,
      concerning the Offering or any matters set forth in or contemplated by the
      Offering materials (it being understood that the statements made in such
      materials are deemed to be made by the Company and not by Rodman), (iii) Rodman
      will not offer, offer to sell or sell any Shares or Warrants on the basis of
      any
      written communications or documents relating to the Company or its business
      other than the Offering materials, (iv) Rodman will not engage in any form
      of
      general solicitation or general advertising which is prohibited by Regulation
      D
      in connection with the Offering, (v) Rodman will not offer to sell or sell
      any
      Shares or Warrants to any investor unless Rodman believes and has reason to
      believe, based on such investigation believed by it to be appropriate, that
      such
      investor is an “accredited investor” as defined in Regulation D, Rules 501, of
      the Act, and (vi) Rodman will cooperate fully with the Company and its counsel
      with respect to compliance with all applicable federal, state and foreign
      securities and “blue sky” laws applicable to the Offering. 

    

    H. Indemnity.

    

    1. In
      connection with the Company’s engagement of Rodman as placement agent, the
      Company hereby agrees to indemnify and hold harmless Rodman and its controlling
      persons and the respective directors, officers, shareholders, agents and
      employees of any of the foregoing (collectively the “Indemnified Persons”), from
      and against any and all claims, actions, suits, proceedings (including those
      of
      shareholders), damages, liabilities and expenses incurred by any of them
      (including the reasonable fees and expenses of counsel), (collectively a
“Claim”), which are (A) related to or arise out of (i) any actions taken or
      omitted to be taken (including any untrue statements made or any statements
      omitted to be made) by the Company, or (ii) any actions taken or omitted to
      be
      taken by any Indemnified Person in connection with the Company’s engagement of
      Rodman, or (B) otherwise relate to or arise out of Rodman’s activities on the
      Company’s behalf under Rodman’s engagement, and the Company shall reimburse any
      Indemnified Person for all expenses (including the reasonable fees and expenses
      of counsel) incurred by such Indemnified Person in connection with
      investigating, preparing or defending any such claim, action, suit or
      proceeding, whether or not in connection with pending or threatened litigation
      in which any Indemnified Person is a party. The Company will not, however,
      be
      responsible for any Claim, which is finally judicially determined to have
      resulted from the recklessness, gross negligence or willful misconduct of any
      person seeking indemnification for such Claim. The Company further agrees that
      no Indemnified Person shall have any liability to the Company for or in
      connection with the Company’s engagement of Rodman except for any Claim incurred
      by the Company as a result of such Indemnified Person’s recklessness, gross
      negligence or willful misconduct.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2. The
      Company further agrees that it will not, without the prior written consent
      of
      Rodman, settle, compromise or consent to the entry of any judgment in any
      pending or threatened Claim in respect of which indemnification may be sought
      hereunder (whether or not any Indemnified Person is an actual or potential
      party
      to such Claim), unless such settlement, compromise or consent includes an
      unconditional, irrevocable release of each Indemnified Person from any and
      all
      liability arising out of such Claim.

    

    3. Promptly
      upon receipt by an Indemnified Person of notice of any complaint or the
      assertion or institution of any Claim with respect to which indemnification
      is
      being sought hereunder, such Indemnified Person shall notify the Company in
      writing of such complaint or of such assertion or institution but failure to
      so
      notify the Company shall not relieve the Company from any obligation it may
      have
      hereunder, except and only to the extent such failure results in the forfeiture
      by the Company of substantial rights and defenses. If the Company so elects
      or
      is requested by such Indemnified Person, the Company will assume the defense
      of
      such Claim, including the employment of counsel reasonably satisfactory to
      such
      Indemnified Person and the payment of the fees and expenses of such counsel.
      In
      the event, however, that legal counsel to such Indemnified Person reasonably
      determines that having common counsel would present such counsel with a conflict
      of interest or if the defendant in, or target of, any such Claim, includes
      an
      Indemnified Person and the Company, and legal counsel to such Indemnified Person
      reasonably concludes that there may be legal defenses available to it or other
      Indemnified Persons different from or in addition to those available to the
      Company, then such Indemnified Person may employ its own separate counsel,
      reasonably satisfactory to the Company, to represent or defend him, her or
      it in
      any such Claim and the Company shall pay the reasonable fees and expenses of
      such counsel. Notwithstanding anything herein to the contrary, if the Company
      fails timely or diligently to defend, contest, or otherwise protect against
      any
      Claim, the relevant Indemnified Party shall have the right, but not the
      obligation, to defend, contest, compromise, settle, assert crossclaims, or
      counterclaims or otherwise protect against the same, and shall be fully
      indemnified by the Company therefor, including without limitation, for the
      reasonable fees and expenses of its counsel and all amounts paid as a result
      of
      such Claim or the compromise or settlement thereof. In addition, with respect
      to
      any Claim in which the Company assumes the defense, the Indemnified Person
      shall
      have the right to participate in such Claim and to retain his, her or its own
      counsel therefor at his, her or its own expense.

    

    4. The
      Company agrees that if any indemnity sought by an Indemnified Person hereunder
      is held by a court to be unavailable for any reason then (whether or not Rodman
      is the Indemnified Person), the Company and Rodman shall contribute to the
      Claim
      for which such indemnity is held unavailable in such proportion as is
      appropriate to reflect the relative benefits to the Company, on the one hand,
      and Rodman on the other, in connection with Rodman’s engagement referred to
      above, subject to the limitation that in no event shall the amount of Rodman’s
      contribution to such Claim exceed the amount of fees actually received by Rodman
      from the Company pursuant to Rodman’s engagement. The Company hereby agrees that
      the relative benefits to the Company, on the one hand, and Rodman on the other,
      with respect to Rodman’s engagement shall be deemed to be in the same proportion
      as (a) the total value paid or proposed to be paid or received by the Company
      or
      its stockholders as the case may be, pursuant to the Offering (whether or not
      consummated) for which Rodman is engaged to render services bears to (b) the
      fee
      paid or proposed to be paid to Rodman in connection with such
      engagement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    5. The
      Company’s indemnity, reimbursement and contribution obligations under this
      Agreement (a) shall be in addition to, and shall in no way limit or otherwise
      adversely affect any rights that any Indemnified Party may have at law or at
      equity and (b) shall be effective whether or not the Company is at fault in
      any
      way.

    

    I. Limitation
      of Engagement to the Company.
      The
      Company acknowledges that Rodman has been retained only by the Company, that
      Rodman is providing services hereunder as an independent contractor (and not
      in
      any fiduciary or agency capacity) and that the Company’s engagement of Rodman is
      not deemed to be on behalf of, and is not intended to confer rights upon, any
      shareholder, owner or partner of the Company or any other person not a party
      hereto as against Rodman or any of its affiliates, or any of its or their
      respective officers, directors, controlling persons (within the meaning of
      Section 15 of the Act or Section 20 of the Securities Exchange Act of 1934),
      employees or agents. Unless otherwise expressly agreed in writing by Rodman,
      no
      one other than the Company is authorized to rely upon this Agreement or any
      other statements or conduct of Rodman, and no one other than the Company is
      intended to be a beneficiary of this Agreement. The Company acknowledges that
      any recommendation or advice, written or oral, given by Rodman to the Company
      in
      connection with Rodman’s engagement is intended solely for the benefit and use
      of the Company’s management and directors in considering a possible Offering,
      and any such recommendation or advice is not on behalf of, and shall not confer
      any rights or remedies upon, any other person or be used or relied upon for
      any
      other purpose. Rodman shall not have the authority to make any commitment
      binding on the Company. The Company, in its sole discretion, shall have the
      right to reject any investor introduced to it by Rodman. Rodman will be entitled
      to rely on the representations and warranties of the Company contained in the
      purchase agreement and related transaction documents as if the representations
      and warranties were made directly to Rodman by the Company.

    

    J. Limitation
      of Rodman’s Liability to the Company.
      Rodman
      and the Company further agree that neither Rodman nor any of its controlling
      persons (within the meaning of Section 15 of the Act or Section 20 of the
      Exchange Act of 1934), nor their respective officers, directors, employees
      or
      agents shall have any liability to the Company, its security holders or
      creditors, or any person asserting claims on behalf of or in the right of the
      Company (whether direct or indirect, in contract, tort, for an act of negligence
      or otherwise) for any losses, fees, damages, liabilities, costs, expenses or
      equitable relief arising out of or relating to this Agreement or the Services
      rendered hereunder, except for losses, fees, damages, liabilities, costs or
      expenses that arise out of or are based on any action of or failure to act
      by
      Rodman and that are finally judicially determined to have resulted solely from
      the recklessness, gross negligence or willful misconduct of Rodman.

    

    K. Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York applicable to agreements made and to be fully performed
      therein. Any disputes which arise under this Agreement, even after the
      termination of this Agreement, will be heard only in the state or federal courts
      located in the City of New York, State of New York. The parties hereto expressly
      agree to submit themselves to the jurisdiction of the foregoing courts in the
      City of New York, State of New York. The parties hereto expressly waive any
      rights they may have to contest the jurisdiction, venue or authority of any
      court sitting in the City and State of New York. Any
      rights to trial by jury with respect to any such action, proceeding or suit
      are
      hereby waived by Rodman and the Company. 

    

    L. Notices.
      All
      notices hereunder will be in writing and sent by certified mail, hand delivery,
      overnight delivery or telefax, if sent to Rodman, to Rodman & Renshaw, LLC,
      1270 Avenue of the Americas, 16th Floor, New York, NY 10020, Telefax number
      (212) 356-0536, Attention: Thomas Pinou, and if sent to the Company, to Novelos
      Therapeutics, Inc., One Gateway Center, Suite 504, Newton, MA 02458, Telefax
      number 617-681-0302, Attention: Joanne M. Protano with a copy to Foley Hoag
      LLP,
      155 Seaport Boulevard, Boston, MA 02210, Attention: Paul Bork, Esq., Telefax
      number 617-832-7000. Notices sent by certified mail shall be deemed received
      five days thereafter, notices sent by hand delivery or overnight delivery shall
      be deemed received on the date of the relevant written record of receipt, and
      notices delivered by telefax shall be deemed received as of the date and time
      printed thereon by the telefax machine.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    M. Miscellaneous.
      This
      Agreement shall not be modified or amended except in writing signed by Rodman
      and the Company. This Agreement shall be binding upon and inure to the benefit
      of both Rodman and the Company and their respective assigns, successors, and
      legal representatives. This Agreement constitutes the entire agreement of Rodman
      and the Company with respect to the subject matter hereof and supersedes any
      prior agreements. If any provision of this Agreement is determined to be invalid
      or unenforceable in any respect, such determination will not affect such
      provision in any other respect, and the remainder of the Agreement shall remain
      in full force and effect. This Agreement may be executed in counterparts
      (including facsimile counterparts), each of which shall be deemed an original
      but all of which together shall constitute one and the same
      instrument.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    In
      acknowledgment that the foregoing correctly sets forth the understanding reached
      by Rodman and the Company, please sign in the space provided below, whereupon
      this letter shall constitute a binding Agreement as of the date indicated
      above.

    
      	 	 	 
	 	
              Very
                truly yours,

              

              RODMAN
                & RENSHAW, LLC

            
	 
 	 
 	 
 
	 	By:  	/s/ Thomas
              G.
              Pinou
	 	
              

              Name:
                 Thomas
                G. Pinou 

              Title:
                 Chief
                Financial Officer 

            
	
              Accepted
                and Agreed:

              

              NOVELOS
                THERAPEUTICS, INC.

            	
            
	 	 
	
              By  
                /s/
                Harry S. Palmin  

              
                

              

              Name: Harry
                S. Palmin

              Title: President
                & CEOAGREEMENT
      TO EXCHANGE AND CONSENT

     

    This
      Agreement to Exchange and Consent (the “Agreement”),
      dated
      as of May 1, 2007, is entered into by and among Novelos Therapeutics, Inc.,
      a
      Delaware corporation (the “Company”),
      and
      each of the signatories hereto (collectively, the “Series
      A Investors”).

     

    WHEREAS,
      each of the Series A Investors is the holder of shares of Series A 8% Cumulative
      Convertible Preferred Stock, $.00001 par value per share (the “Series
      A Preferred Stock”)
      and
      warrants to purchase (“Series
      A Warrants”)
      shares
      of its common stock, $.00001 par value per share (the “Common
      Stock”),
      acquired pursuant to a Subscription Agreement dated September 30, 2005 or
      October 3, 2005 (the “Subscription
      Agreement”);
      

     

    WHEREAS,
      the
      Subscription Agreement requires the Company to file a Registration Statement
      with the SEC to register 175% of the shares of common stock issuable upon
      conversion of the Series A Preferred Stock and 100% of the shares of common
      stock issuable upon exercise of the Series A Warrants (the “Registrable
      Securities”)
      and
      Section 11.1(iv) of the Subscription Agreement provides that the Registrable
      Securities shall be reserved and set aside exclusively for the benefit of the
      Series A Investors and not issued, employed or reserved for anyone other than
      the Series A Investors; 

     

    WHEREAS,
      the Series A Preferred Stock’s Certificate of Designations (“Certificate
      of Designations”)
      contains certain prohibitions on amendments to the Company’s Certificate of
      Incorporation which would change the relative seniority rights of the Series
      A
      Preferred Stock or create a series of capital stock entitled to seniority as
      to
      the payment of dividends or liquidation preference in relation to the Series
      A
      Preferred Stock;

     

    WHEREAS,
      the Company expects to issue and sell shares of a new series of its Preferred
      Stock (“Series
      B Preferred Stock”)
      and
      warrants to purchase Common Stock to one or more accredited investors (the
      “Series
      B Investors”)
      in a
      transaction, and as a condition to such transaction the Series B Investors
      require this Agreement;

     

     NOW,
      THEREFORE, in consideration of the promises referred to below, each of the
      undersigned Series A Investors, hereby agree with the Company, as
      follows:

     

    1. Each
      of
      the Series A Investors hereby consents to the issuance of the Series B Preferred
      Stock and the filing of the Series B Certificate of Designations, substantially
      in the form attached hereto as Exhibit
      A,
      setting
      forth the relative rights, privileges and preferences of the Series B Preferred
      Stock. 

     

    2. Each
      of
      the Series A Investors hereby agrees to exchange all shares of Series A
      Preferred Stock owned by such Series A Investor for the number of shares of
      Series C Preferred Stock set forth on Schedule I hereto having the relative
      rights, privileges and preferences set forth in the Series C Certificate of
      Designations (the “Exchange”),
      in
      the form attached hereto as Exhibit
      B
      (the
“Series
      C Certificate of Designations”).
      

     

    3. Each
      of
      the Series A Investors hereby waives its rights to have the full amount of
      the
      Registrable Securities reserved in the Registration Statement exclusively for
      each Series A Investor’s benefit as required by Section 11.1(iv) of the
      Subscription Agreement, and each Series A Investors agrees that after the
      issuance and sale of the Series B Preferred Stock, 2,696,283 shares of Common
      Stock issuable upon conversion of the Series C Preferred Stock and 969,696
      shares of Common Stock issuable upon exercise
      of the Series A Warrants will be reserved in the Registration Statement
      exclusively for each Series A Investor’s benefit. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. As
      consideration for the consent of the Series A Investors pursuant to Section
      1
      hereof, the Exchange pursuant to Section 2, and the waiver of the Series A
      Investors pursuant to Section 3 the Company agrees to issue warrants to purchase
      an aggregate of 1,333,333 shares of Common Stock at an exercise price per share
      of $1.25, such warrants to be substantially in the form attached hereto as
      Exhibit
      C
      (the
“Warrants”)
      and
      $40,000 as an allowance to defray costs and expenses associated with the
      execution and delivery of this Agreement (the “Allowance”).
      The
      allocation of Warrants and the Allowance among the undersigned Series A
      Investors will be as set forth on Schedule
      I
      attached
      hereto. In addition, at the time of the Exchange each Series A Investor shall
      receive in cash the dividend accrued on each share of Series A Preferred Stock
      from April 1, 2007 through the day immediately preceding the date of the
      Exchange.

     

    5. The
      Company represents and warrants to and agrees with each Series A Investor
      that:

     

    (a) After
      the
      Exchange, the holding period of the Series C Preferred Stock, the Common Stock
      issuable upon conversion of the Series C Preferred Stock (the “Conversion
      Shares”)
      and
      the Series A Warrants for purposes of Rule 144 under the Securities Act of
      1933
      (the “1933 Act”) shall have commenced on the same date as the holding period of
      the Series A Preferred Stock.

     

    (b) The
      Registration Statement filed with the SEC under Registration Nos.: 333-133043
      and 333-129744, as amended, will be supplemented (the “Supplement”)
      by the
      Company on or prior to the 4th
      business
      day following the Exchange, to reflect the transactions described in this
      Agreement, the issuance of the Series B Preferred Stock and all other matters
      so
      that upon the filing of the Supplement with the SEC, the Registration Statement
      will be current and effective with regard to the public resale of the
      Registrable Securities, which term excludes the Warrants or the shares of Common
      Stock issuable upon exercise of the Warrants (the “Warrant
      Shares”).

     

    (c) This
      Agreement, the Warrants and any other agreements delivered together with this
      Agreement (collectively, “Exchange
      Documents”)
      and
      the Series C Certificate of Designations have been duly authorized, executed
      and
      delivered by the Company and the Exchange Documents are valid and binding
      agreements enforceable in accordance with their terms, subject to bankruptcy,
      insolvency, fraudulent transfer, reorganization, moratorium and similar laws
      of
      general applicability relating to or affecting creditors’ rights generally,
      principles of equity and principles of public policy. The Company has full
      corporate power and authority necessary to enter into and deliver the Exchange
      Documents and the Series C Certificate of Designations and to perform its
      obligations thereunder.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (d) No
      consent, approval, authorization or order of any court or governmental authority
      having jurisdiction over the Company nor the Company's shareholders is required
      for the execution by the Company of the Exchange Documents and Series C
      Certificate of Designations and compliance and performance by the Company of
      its
      obligations under the Exchange Documents, including, without limitation, the
      issuance of the Series C Preferred Stock, the Conversion Shares, the Warrants
      and the Warrant Shares (the Series C Preferred Stock, the Conversion Shares,
      the
      Warrants and the Warrant Shares are collectively referred to herein as the
      “Securities”).

     

    (e) Assuming
      the representations and warranties of the Series A Investors in Section 6 are
      true and correct, neither the issuance of the Securities nor the performance
      of
      the Company's obligations under this Agreement and the other Exchange Documents
      by the Company will:

     

    (i)
      violate, conflict with, result in a breach of, or constitute a default of a
      material nature under (A) the certificate of incorporation or bylaws of the
      Company, (B) to the Company's knowledge, any decree, judgment, order, law,
      treaty, rule or regulation applicable to the Company of any court or
      governmental authority having jurisdiction over the Company or over the
      properties or assets of the Company, (C) the terms of any bond, debenture,
      note
      or any other evidence of indebtedness for borrowed money, or any material
      agreement, stock option or other similar plan, indenture, lease, mortgage,
      deed
      of trust or other instrument to which the Company is a party, or by which it
      is
      bound, or to which any of the material properties of the Company is subject;
      or

     

    (ii)
      result in the creation or imposition of any lien, charge or encumbrance upon
      the
      Securities or any of the assets of the Company; or

     

    (iii)
      result in the activation of any anti-dilution rights or a reset or repricing
      of
      any debt or security instrument of any other creditor or equity holder of the
      Company, nor result in the acceleration of the due date of any obligation of
      the
      Company.

     

    (f) Upon
      issuance, the Series C Preferred Stock, the Conversion Shares and the Warrant
      Shares:

     

    (i)
      are,
      or will be, free and clear of any security interests, liens, claims or other
      encumbrances, subject to restrictions upon transfer under the 1933 Act and
      any
      applicable state securities laws;

     

    (ii)
      have
      been, or will be, duly and validly authorized and on the date of issuance of
      the
      Conversion Shares and issuance of the Warrant Shares upon exercise of the
      Warrants will be duly and validly issued, fully paid and
      nonassessable;

     

    (iii)
      will not have been issued or sold in violation of any preemptive or other
      similar rights of the holders of any securities of the Company; and

     

    (iv)
      will
      not result in a violation of Section 5 under the 1933 Act.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (g) Upon
      the
      issuance and sale of the Series B Preferred Stock the exercise price of the
      Series A Warrants shall be adjusted to $1.00 per share.

     

    (h) The
      Company will not reissue any shares of Series B Preferred Stock after such
      shares of Series B Preferred Stock have been converted or redeemed.

     

    6. Each
      Series A Investor hereby represents and warrants to and agrees with the Company
      only as to each Series A Investor that:

     

    (a)
      The
      Series A Investor is, and will be at the time of the Exchange and exercise
      of
      the Warrants, an "accredited investor", as such term is defined in Regulation
      D
      promulgated by the SEC under the 1933 Act, is experienced in investments and
      business matters, has made investments of a speculative nature and has purchased
      securities of United States publicly-owned companies in private placements
      in
      the past and, with its representatives, has such knowledge and experience in
      financial, tax and other business matters as to enable the Series A Investor
      to
      utilize the information made available by the Company to evaluate the merits
      and
      risks of and to make an informed investment decision with respect to the
      proposed transaction, which represents a speculative investment. 

     

    (b) The
      Series A Investor owns the Series A Preferred Stock free and clear of any liens
      and encumbrances of third parties. 

     

    (c) The
      Series A Investor understands and agrees that the shares of Series C Preferred
      Stock, the Warrants and Warrant Shares have not been registered under the 1933
      Act or any applicable state securities laws, by reason of their issuance in
      a
      transaction that does not require registration under the 1933 Act (based in
      part
      on the accuracy of the representations and warranties of Series A Investors
      contained herein), and that such Securities must be held indefinitely unless
      a
      subsequent disposition is registered under the 1933 Act or any applicable state
      securities laws or is exempt from such registration.

     

    (d)
      The
      shares of Series C Preferred Stock, the Warrants and the Warrant Shares shall
      bear the following or similar legend:

     

    “THE
      SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES
      HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS
      AMENDED, OR (II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY
      TO
      IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE
      SECURITIES ACT OF 1933 OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES
      LAWS.”

     

    7. This
      Agreement shall be effective immediately. The Company shall deliver the
      consideration described in Section 4 concurrently with the filing of the Series
      C Certificate of Designations. Immediately upon the filing of the Series C
      Certificate of Designations (with no further action required by the Company
      or
      the Series A Investors), each share of Series A Preferred Stock will
      automatically convert into 1/12 of a share of Series C Preferred Stock.
      Following the Exchange, at the request of any Series A Investor, the Company
      will issue new Series C Preferred Stock certificates in replacement of the
      existing Series A Preferred Stock certificates. If for any reason the Series
      C
      Certificate of Designations is not filed on or before May 30, 2007, this
      Agreement shall terminate and the transactions contemplated hereby will be
      deemed for all purposes to have been abandoned.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    8. Upon
      the
      Exchange, the Company will deliver an opinion of counsel to the Company with
      regard to the matters set forth in Section 5(a), in a form satisfactory to
      the
      Series A Investors.

     

    9. This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York without regard to conflicts of laws principles that would
      result in the application of the substantive laws of another jurisdiction.
      Any
      action brought by either party against the other concerning the transactions
      contemplated by this Agreement shall be brought only in the civil or state
      courts of New York or in the federal courts located in New York County. THE
      PARTIES AND THE INDIVIDUALS EXECUTING THIS AGREEMENT AND OTHER AGREEMENTS
      REFERRED TO HEREIN OR DELIVERED IN CONNECTION HEREWITH ON BEHALF OF THE COMPANY
      AGREE TO SUBMIT TO THE JURISDICTION OF SUCH COURTS AND WAIVE TRIAL BY JURY.
      The
      prevailing party shall be entitled to recover from the other party its
      reasonable attorney's fees and costs. In the event that any provision of this
      Agreement or any other agreement delivered in connection herewith is invalid
      or
      unenforceable under any applicable statute or rule of law, then such provision
      shall be deemed inoperative to the extent that it may conflict therewith and
      shall be deemed modified to conform with such statute or rule of law. Any such
      provision which may prove invalid or unenforceable under any law shall not
      affect the validity or enforceability of any other provision of any
      agreement.

     

    10. The
      following sections of the Subscription Agreement are hereby incorporated by
      reference for the benefit of the holders of Series C Preferred Stock, except
      to
      the extent the same are modified pursuant to this Agreement and the Series
      C
      Certificate of Designations: Section 6, Section 7.1, Section 7.2, Section 7.7,
      Sections 9(a), (b), (d), (g)-(m), (p) and (s), Section 10, Section 11, Sections
      12(b)-(e) and Section 13(f).

     

    11. The
      Series A Investors hereby expressly agree that upon the Exchange, the Series
      A
      Investors will no longer have the right to nominate one person to the Company’s
      board of directors.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    12. Unless
      otherwise provided, any notice required or permitted under this Agreement shall
      be given in writing and shall be deemed effectively given as hereinafter
      described (i) if given by personal delivery, then such notice shall be deemed
      given upon such delivery, (ii) if given by telex or telecopier, then such notice
      shall be deemed given upon receipt of confirmation of complete transmittal,
      (iii) if given by mail, then such notice shall be deemed given upon the earlier
      of (A) receipt of such notice by the recipient or (B) three (3) Business Days
      after such notice is deposited in first class mail, postage prepaid, and (iv)
      if
      given by a nationally recognized overnight air courier, then such notice shall
      be deemed given one (1) Business Day after delivery to such carrier. All notices
      shall be addressed to the party to be notified at the address as follows, or
      at
      such other address as such party may designate by ten (10) days’ advance written
      notice to the other party:

     

    If
      to the
      Company:

     

    Novelos
      Therapeutics, Inc.

    One
      Gateway Center, Suite 504

    Newton,
      MA 02458

    Attention:
      Chief Executive Officer

    Fax:
      (617) 964-6331

     

    With
      a
      copy to:

     

    Foley
      Hoag LLP

    Seaport
      World Trade Center West

    155
      Seaport Boulevard

    Boston,
      MA 02210 

    Attn:
      Paul Bork

    Fax:
      (617) 832-7000

     

    If
      to any
      of the Series A Investors:

     

    to
      the
      addresses set forth on Schedule I affixed hereto.

     

    With
      a
      copy to:

     

    Grushko
      & Mittman, P.C.

    551
      Fifth
      Avenue, Suite 1601

    New
      York,
      NY 10176

    Attn:
      Edward Grushko, Esq.

    Fax:
      (212) 697-3575

     

    13. This
      Agreement may be executed in any number of counterparts, each such counterpart
      shall be deemed to be an original instrument, and all such counterparts together
      shall constitute but one agreement. Facsimile transmission of execution copies
      or signature pages for this Waiver shall be legal, valid and binding execution
      and delivery for all purposes. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

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

     

    
      	
              NOVELOS
                THERAPEUTICS, INC.

               

               

            	 	
              LONGVIEW
                FUND, LP

               

            
	By:	/s/ Harry
              S.
              Palmin 	 	By:	/s/ S.
              Michael Rudolph
	 	
              
Name:
              Harry S. Palmin	 	 	
              
Name:
               S.
              Michael Rudolph 
	 	Title:
 President
              and CEO	 	 	Title:
              CFO -
              Investment Advisor 

    

     

    
       

      
        	
                SUNRISE
                  EQUITY PARTNERS, LP

                 

                 

              	 	LONGVIEW
                EQUITY FUND, LP
	By:	/s/ Marilyn
                S. Adler	 	By:	/s/ S.
                Michael Rudolph
	 	
                
Name:
Marilyn
                S. Adler 	 	 	
                
Name:
                S. Michael Rudolph 
	 	
                Title:
                    Manager,
                  Level Counter, LLC the

                General
                  Partner of Sunrise Equity Partners, LP 

              	 	 	Title: CFO
                - Investment Advisor 

      

         

      
        	 	 	 
	 	LONGVIEW
                INTERNATIONAL EQUITY FUND, LP
	 
 	 
 	 
 
	 	By:  	/s/ S.
                Michael Rudolph
	 	
                
Name:
 S.
                Michael Rudolph 
	 	Title:
                 CFO
                - Investment Advisor 

      

                

      [SIGNATURE
        PAGE MAY BE EXECUTED IN COUNTERPARTS]

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Schedule
      I

    Allocation
      of Warrants, Allowance and Shares of Series C Preferred Stock

    

    

    
      	
              Series
                A Investors

            	 	
              Address

            	 	
              Warrants

            	 	
              Allowance

            	 	
              Shares
                of Series C Preferred Stock

            
	
              Longview
                Fund, L.P

            	 	
              600
                Montgomery Street

              44th
                Floor

              San
                Francisco, CA 94111 

            	 	
              833,334

            	 	
              $
                26,667.00

            	 	
              170

            
	
              Longview
                Equity Fund, L.P. 

            	 	
              600
                Montgomery Street

              44th
                Floor

              San
                Francisco, CA 94111

            	 	
              270,833

            	 	
              8,667.00

            	 	
              55.25

            
	
              Longview
                International Equity Fund, L.P. 

            	 	
              600
                Montgomery Street

              44th
                Floor

              San
                Francisco, CA 94111

            	 	
              145,833

            	 	
              4,666.00

            	 	
              29.75

            
	
              Sunrise
                Equity Partners, L.P. 

            	 	
              641
                Lexington Avenue 

              25th
                Floor 

              New
                York, NY 10022

            	 	
              83,333

            	 	
              -

            	 	
              17

            
	 	 	 	 	 	 	 	 	 
	
              Total
                

            	 	 	 	
              1,333,333

            	 	
              $
                40,000.00

            	 	
              272

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Series
      B Certificate of Designations

    [See
      Exhibit 3.2 to this filing]

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Exhibit
      B

    

    Series
      C Certificate of Designations

    [See
      Exhibit 3.3 to this filing]

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Exhibit
      C

    

    Form
      of Warrant

    [See
      Exhibit 4.2 to this filing]

     

    
      
        
        

      

      
        11

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