Document:

SEVERANCE
AGREEMENT

     

    This
Agreement is entered into as of September 2, 2009 (the “Effective
Date”) by and between GenSpera, Inc., a Delaware corporation (the “Company”)
and Craig Dionne (the “Executive”).

     

    WHEREAS,
the Executive is Chairman and Chief Executive Officer (“CEO”) of the
Company;

     

    WHEREAS,
the Company recognizes that the Executive’s service to the Company is very
important to the future success of the Company;

     

    WHEREAS,
the Executive desires to enter into this Agreement to provide the Executive with
certain financial protection in the event that his employment terminates under
certain conditions following a change in control of the Company;
and

     

    WHEREAS
the Board of Directors of the Company (the “Board”)
has determined that it is in the best interests of the Company to enter into
this Agreement.

     

    NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Executive hereby agree as
follows:

     

    1.               
  
Definitions. Any terms not specifically defined herein shall have the
meaning ascribed to it in Executive’s employment agreement.

     

    (a)           Cause.  For
purposes of this Agreement, “Cause”
shall mean that Executive has For purposes of this Agreement, “Cause”
shall mean that Executive has:

     

    (i)           intentionally
committed an unlawful act or omission in the performance of Executives duties
that materially harms the Company;

     

    (ii)           been
grossly negligent in the performance of Executive’s duties to the
Company;

     

    (iii)           willfully
failed or refused to follow the lawful and proper directives of the
Board;

     

    (iv)           been
convicted of, or pleaded guilty or nolo contendre, to a
felony;

     

    (v)           committed
an act involving moral turpitude;

     

    (vi)           committed
an act relating to the Company involving, in the good faith judgment of the
Board, material fraud or theft resulting in material harm to the
Company;

     

    (vii)           breached
any material provision of this Agreement or any nondisclosure or non-competition
agreement, between Executive and the Company, as all of the foregoing may be
amended prospectively from time to time; or

     

    (viii)           breached
a material provision of any code of conduct or ethics policy in effect at the
Company, as all of the foregoing may be amended prospectively from time to
time.

     

    
      
         

      

      
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     (b)           Change in
Control.  For purposes of this Agreement, a “Change in
Control” shall have the meaning ascribed to such term pursuant to the
Company’s 2007 Equity Compensation Plan, as amended; provided that “Change in
Control” shall be interpreted in a manner, and limited to the extent necessary,
so that it will not cause adverse tax consequences for either party with respect
to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code ”),
and the provisions of Treasury Notice 2005-1, and any successor statute,
regulation and guidance thereto.

     

     (c)           Disability. 
For purposes of this Agreement, “Disability”
shall mean that Executive is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than six (6) months.  Whether the Executive
has a Disability will be determined by a majority of the Board based on evidence
provided by one or more physicians selected by the Board and approved by
Executive, which approval shall not be unreasonably withheld.

     

     (d)           Good Reason.
 For purposes of this Agreement, “Good Reason” shall mean the occurrence of
one or more of the following without the Executive’s consent:  (i) a change
in the principal location at which the Executive performs his duties for the
Company to a new location that is at least forty (40) miles from the prior
location without Executives consent; (ii) a material change in the Executive’s
authority, functions, duties or responsibilities as Chief Executive Officer of
the Company, which would cause his position with the Company to become of less
responsibility, importance or scope than his position on the date of this
Agreement, provided, however, that such material change is not in connection
with the termination of the Executive’s employment by the Company for Cause or
death or Disability and further provided that it shall not be considered a
material change if the Company becomes a subsidiary of another entity and
Executive continues to hold the position of Chief Executive Officer in the
subsidiary; (iii) a reduction in the Executives annual base salary or (iv)
a reduction in Executives Target Annual Bonus as compared to the Target
Annual Bonus set for the previous fiscal year.

     

    2.             Term of
Agreement.  The term of this Agreement shall commence on the
Effective Date and shall continue in effect for five (5) years; provided however,
that commencing on the fifth anniversary of the Effective Date and continuing
each anniversary thereafter, the Term shall automatically be extended for one
(1) additional year unless, not later than three (3) months before the
conclusion of the Term, the Company or the Executive shall have given notice not
to extend the Term; and  further
provided ,  however ,
that if a Change in Control shall have occurred during the Term, the Term shall
expire on the last day of the twenty-fourth (24th )
month following the month in which such Change in Control occurred.  Notice
of termination or termination of this Agreement shall not constitute Cause or
Good Reason (both terms as defined above).

     

    3.             Termination; Notice;
Severance Compensation.

     

    (a)          
In the event that within a period of two (2) months before or two (2) years
following the consummation of a Change in Control the Company elects to
terminate the Executive’s employment other than for Cause (but not including
termination due to the Executive’s Disability), then the Company shall give the
Executive no less than sixty (60) days advance notice of such termination (the
“Company’s Notice Period”); provided
that  the Company may elect to require the Executive to cease
performing work for the Company so long as the Company continues the Executive’s
full salary and benefits during the Company’s Notice Period.

     

    (b)          
In the event that within a period of two (2) months before or two (2) years
following the consummation of a Change in Control the Executive elects to
terminate his employment for Good Reason, then the Executive shall give the
Company no less than thirty (30) days and no more than sixty (60) days advance
notice of such termination (the “Executive’s Notice Period”);  provided
that  the Company may elect to require the Executive to cease
performing work for the Company so long as the Company continues the Executive’s
full salary and benefits during the Executive’s Notice Period.  In order to
effect a termination for Good Reason pursuant to this Agreement, the Executive
must notice his intent to terminate for Good Reason not later than ninety (90)
days following the occurrence of the Good Reason.

     

    
      
         

      

      
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    (c)          
In the event that within a period of two (2) months before or two (2) years
following the consummation of a Change in Control the Executive’s employment
with the Company is terminated by the Company other than for Cause (but not
including termination due to the Executive’s death or Disability), or by the
Executive for Good Reason, then, contingent upon the Executive’s execution of a
release of claims against the Company in a form reasonably acceptable to the
Company (the “ Release
”) the Executive shall be entitled to, in addition to any amounts due to the
Executive for services rendered prior to the termination date:

     

    (i)            the
Executive’s Target Annual Bonus for the fiscal year in which such termination
occurs at 100% of such Target Annual Bonus, pro-rated by the number of calendar
days in which the Executive is employed by the Company during the applicable
year, including any applicable Notice Period, which shall be paid no later than
the tenth business day following the effective date of the Release;
and

     

    (ii)            a
lump sum payment from the Company in an amount equal to three (3) times the
Executive’s Annual Salary, which shall be paid no later than the tenth business
day following the effective date of the Release.

     

    For
purposes of this Agreement, “Annual
Salary” shall mean the Executive’s annual Base Salary then in effect or,
if higher, in effect at the time of the Change in Control, excluding
reimbursements and amounts attributable to stock options and other non-cash
compensation; and the “ Severance
Compensation ” shall mean the compensation set forth in (ii)
above.

     

    (d)          
Notwithstanding any other provision with respect to the timing of payments, if,
at the time of Executive’s termination, Executive is deemed to be a “specified
employee” (within the meaning of Code Section 409A, and any successor statute,
regulation and guidance thereto) of the Company, then limited only to the extent
necessary to comply with the requirements of Code Section 409A, any payments to
which Executive may become entitled under this Agreement which are subject to
Code Section 409A (and not otherwise exempt from its application) will be
withheld until the first (1st )
business day of the seventh (7th) month
following the termination of Executive’s employment, at which time Executive
shall be paid an aggregate amount equal to the accumulated, but unpaid, payments
otherwise due to Executive under the terms of this Agreement.

     

    (e)          
If any payment or benefit Executive would receive under this Agreement, when
combined with any other payment or benefit Executive receives pursuant to a
Change in Control (“Payment”) would (i) constitute a “parachute payment” within
the meaning of Code Section 280G, and (ii) but for this sentence, be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such
Payment shall be either (x) the full amount of such Payment or (y) such less
amount as would result in no portion of the Payment being subject to the Excise
Tax, whichever of the foregoing amounts, taking into account the applicable
federal, state, and local employments taxes, income taxes, and the Excise Tax
results in Executive’s receipt, on an after-tax basis, of the greater amount of
the Payment, notwithstanding that all or some portion of the Payment may be
subject to the Excise Tax.  The Executive shall be allowed to specify which
payment(s) or benefit(s) shall be reduced if necessary to implement this section
and avoid the excise tax application.  The Company shall provide the
Executive with sufficient information to make such determination and to file and
pay any required taxes.

     

    5.             No Mitigation. 
If the Executive’s employment with the Company terminates following a Change in
Control, the Executive is not required to seek other employment or to attempt in
any way to reduce any amounts payable to the Executive by the Company pursuant
to Section 3 or Section 14.  Except as set forth in Section 4, the amount
of any payment or benefit provided for in this Agreement shall not be reduced by
any compensation earned by the Executive as the result of employment by another
employer, by retirement benefits, by offset against any amount claimed to be
owed by the Executive to the Company, or otherwise.

     

    
      
         

      

      
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    6.             Confidentiality,
Non-Competition, and Assignment of Inventions.  The Company’s
obligations under this Agreement are contingent on the Executive’s execution of
the Company’s Proprietary Information, Inventions, and Competition Agreement
(the “Proprietary Information Agreement”).  The parties agree that the
obligations set forth in the Proprietary Information Agreement shall survive
termination of this Agreement and termination of the Executive’s employment,
regardless of the reason for such termination.

     

    7.            
Enforceability.  If any provision of this Agreement shall be deemed
invalid or unenforceable as written, this Agreement shall be construed, to the
greatest extent possible, or modified, to the extent allowable by law, in a
manner which shall render it valid and enforceable.  No invalidity or
unenforceability of any provision contained herein shall affect any other
portion of this Agreement .

     

    8.             Notices. 
Except as otherwise specifically provided herein, any notice required or
permitted by this Agreement shall be in writing and shall be delivered as
follows with notice deemed given as indicated: (i) by personal delivery when
delivered personally; (ii) by overnight courier upon written verification of
receipt; (iii) by facsimile transmission upon acknowledgment of receipt of
electronic transmission; (iv) by certified or registered mail, return receipt
requested, upon verification of receipt, or (v) via facsimile with confirmation
of receipt at the Company’s primary facsimile number.  Notices to Executive
shall be: (x) sent to the last known address in the Company’s records or such
other address as Executive may specify in writing; or (y) via facsimile with
confirmation of receipt at the facsimile number provided to the Company by
Executive.  Notices to the Company shall be sent to the Company’s Board, or
to such other Company representative as the Company may specify in
writing.

     

    9.             Claims for
Benefits.  All claims by the Executive for benefits under this
Agreement shall be directed to and determined by the Board and shall be in
writing.  Any denial by the Board of a claim for benefits under this
Agreement shall be delivered to the Executive in writing and shall set forth the
specific reasons for the denial and the specific provisions of this Agreement
relied upon.  The Board shall afford a reasonable opportunity to the
Executive for a review of the decision denying a claim and shall further allow
the Executive to appeal to the Board a decision of the Board within sixty (60)
days after notification by the Board that the Executive’s claim has been
denied.

     

    10.           Modifications and
Amendments.  The terms and provisions of this Agreement may be
modified or amended only by written agreement executed by the Company and the
Executive.  The Company and the Executive agree that they will jointly
execute an amendment to modify this Agreement to the extent necessary to comply
with the requirements of Code Section 409A, or any successor statute, regulation
and guidance thereto;  provided  that
no such amendment shall increase the total financial obligation of the Company
under this Agreement.

     

    11.           Waivers and
Consents.  The terms and provisions of this Agreement may be waived,
or consent for the departure therefrom granted, only by a written document
executed by the party entitled to the benefits of such terms or
provisions.  No such waiver or consent shall be deemed to be or shall
constitute a waiver or consent with respect to any other terms or provisions of
this Agreement, whether or not similar.  Each such waiver or consent shall
be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

     

    12.           Binding Effect;
Assignment.  The Agreement will be binding upon and inure to the
benefit of (a) the heirs, executors and legal representatives of the
Executive upon the Executive’s death and (b) any successor of the
Company.  Any such successor of the Company will be deemed substituted for
the Company under the terms of the Agreement for all purposes.  For this
purpose, “successor” means any person, firm, corporation or other business
entity which at any time, whether by purchase, merger or otherwise, directly or
indirectly acquires all or substantially all of the assets or business of the
Company.  None of the rights of the Executive to receive any form of
compensation payable pursuant to the Agreement may be assigned or transferred
except by will or the laws of descent and distribution.  Any other
attempted assignment, transfer, conveyance or other disposition of the
Executive’s right to compensation or other benefits will be null and
void.

     

    
      
         

      

      
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    13.           Governing Law. 
This Agreement and the rights and obligations of the parties hereunder shall be
construed in accordance with and governed by the law of Delaware, without giving
effect to the conflict of law principles thereof.

     

    14.           Attorneys’
Fees.  The Company shall pay to the Executive all legal fees and
expenses incurred by the Executive in disputing in good faith any issue
hereunder relating to the termination of the Executive’s employment, in seeking
in good faith to obtain or enforce any benefit or right provided by this
Agreement.  Such payments shall be made within five (5) business days after
delivery of the Executive’s written requests for payment accompanied with such
evidence of fees and expenses incurred as the Company reasonably may
require.

     

    15.           Withholding. 
The Company is authorized to withhold, or to cause to be withheld, from any
payment or benefit under the Agreement the full amount of any applicable
withholding taxes.

     

    16.           Tax
Consequences.  The Company does not guarantee the tax treatment or
tax consequences associated with any payment or benefit arising under this
Agreement.

     

    17.          
Acknowledgment.  The Executive acknowledges that he has had the
opportunity to discuss this matter with and obtain advice from his private
attorney, has had sufficient time to, and has carefully read and fully
understands all the provisions of the Agreement, and is knowingly and
voluntarily entering into the Agreement.

     

    18.           Counterparts. 
This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the
same instrument.

     

    IN
WITNESS WHEREOF, the parties have executed and delivered this Severance
Agreement as of the day and year first above written.

     

    
      
        
          
            
              	 
      	
                      COMPANY:

                    
	 
      	 
      
	 
      	
                      GENSPERA,
      INC.

                    
	 
      	 
      
	 
      	
                         

                    
	 
      	
                      John
      Farah, Director

                    
	 
      	 
      
	 
      	
                      EXECUTIVE:

                    
	 
      	 
      
	 
      	
                         

                    
	 
      	
                      Craig
      Dionne

                    

            

          

        

      

    

     

    
      
         

      

      
        5PROPRIETARY
INFORMATION, INVENTIONS, AND COMPETITION AGREEMENT

     

      THIS
AGREEMENT, dated September 2, 2009, is entered into by and between GenSpera,
Inc., (the “Company”), and Craig Dionne (“Employee”).

     

    WITNESSETH:

     

    WHEREAS,
the Employee has been hired by the Company to serve as its Chief Executive
Officer; and

     

    WHEREAS,
the Employee may be exposed, have access to, create or make contributions to the
Proprietary Information as defined below and/or inventions of the
Company;

     

    NOW,
THEREFORE, in consideration for the Company’s employment of the Employee, and
for other good and valuable consideration the receipt and sufficiency of which
is hereby acknowledged, the parties covenant and agree as follows:

     

    AGREEMENT

     

    1.            Acknowledgements. The
Employee understands and acknowledges that:

     

    
      
        	
              	
                (a)

              	
                As
      part of his/her services as an employee of the Company, he/she may be
      exposed or have access to, or make new contributions and inventions of
      value to, the past, present and future business, products, operations and
      policies of the Company.

              

      

    

     

    
      	
               
      

            	
              (b)      

            	
              His/Her
      position as an employee creates a relationship of confidence and trust
      between the Employee and the Company with respect to (i) information which
      is related or applicable to the Company’s Field of Interest (as defined in
      1(c) below) and the manner in which the Company engages in business in
      such Field of Interest, and (ii) information which is related or
      applicable to the business of the Company or any client, customer, joint
      venture or other person with which the Company has a business
      relationship, (a ”Business Associate”), any of which information has
      been or may be made known to the Employee by the Company (including,
      without limitation, any Scientific Advisors of the Company) or by any
      Business Associate of the Company, or any of which has been otherwise
      learned by the Employee as a result of or in connection with his/her
      service as an employee of the
Company.

            

    

     

    
      
        	
              	
                (c)

              	
                The
      Company possesses and will continue to possess information that has been
      created by, discovered by, developed by or otherwise become known to the
      Company (including, without limitation, information created, discovered,
      developed or made known by the Employee related to or arising out of
      his/her service as an employee of the Company) and/or in which property
      rights have been assigned or otherwise conveyed to the Company, which
      information has commercial value to its business interests and/or in the
      Field of Interest in which the Company is presently engaged or will be
      engaged.  The term “Field of Interest” shall mean the development of
      drugs, for use in the treatment, diagnosis or prevention of cancer
      containing derivatives of thapsigargin.  During an individual’s
      employment, the term “Field of Interest” may be expanded from time to time
      to include such other areas of therapy, diagnosis or prevention as may be
      designated by the Company and as disclosed in its public filings from time
      to time. All of the aforementioned information is hereinafter called
      “Proprietary Information.” By way of illustration, but not limitation,
      formulas, data, know-how, improvements, inventions, techniques, regulatory
      compliance plans, marketing plans, strategies, forecasts, supplier lists,
      manufacturing arrangements and customer lists are Proprietary
      Information.

              

      

    

     

    
      
         

      

      
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              2. 

            	
              Proprietary
      Information.

            

    

     

    
      
        	
              	
                (a) 

              	
                All
      Proprietary Information shall be the sole property of the Company and its
      successors and assigns, and the Company and its successors and assigns
      shall be the sole owner of all patents and other rights in connection
      therewith. The Employee hereby assigns to the Company any rights he/she
      may have or acquire in such Proprietary Information, and agrees to take
      such action and sign such documents from time to time as the Company
      reasonably requires to effect or confirm such
  assignment.

              

      

    

     

    
      
        	
              	
                (b) 

              	
                At
      all times, both during the term of this Agreement and thereafter until
      such information becomes known to the public, the Employee will, subject
      to the provisions of Section 3 hereof regarding publication, keep in
      confidence and trust all Proprietary Information and any other
      confidential information of the Company, and he/she will not use or
      disclose any Proprietary Information or anything relating to it without
      the prior written consent of the Company, except as may be necessary in
      the ordinary course of performing his/her duties as an employee of the
      Company or as required by law; provided
      that  if disclosure is required by law, the Employee
      agrees to provide the Company with written notice of such disclosure
      obligation prior to making such disclosure and no more than two (2) days
      after the Employee learns of such disclosure
  requirement.

              

      

    

     

    
      
        	
              	
                (c) 

              	
                All
      documents, records, apparatus, equipment and other physical property,
      whether or not pertaining to Proprietary Information, furnished to the
      Employee by the Company or produced by the Employee or others in
      connection with the Employee’s services hereunder shall be and remain the
      sole property of the Company. The Employee will return and deliver such
      property to the Company as and when requested by the Company. Should the
      Company not so request at an earlier time, the Employee shall return and
      deliver all such property upon termination of his/her service as an
      employee to the Company for any reason, and the Employee will not take
      with him/her any such property or any reproduction of such property upon
      such termination.

              

      

    

     

    
      	
              3. 

            	
              Inventions.

            

    

     

    
      
        	
              	
                (a) 

              	
                The
      Employee will promptly disclose to the Company, or any persons designated
      by it, all improvements, inventions, formulas, processes, techniques,
      know-how and data, whether or not patentable, made or conceived or reduced
      to practice or learned by him/her, either alone or jointly with others,
      related to or arising out of his/her position as an employee or which are
      related to or useful in the business of the Company, or result from tasks
      which have been or may be assigned to the Employee by the Company or
      result from use of premises owned, leased or contracted for by the Company
      (all said improvements, inventions, formulas, processes, techniques,
      know-how and data being hereinafter collectively called
      “Inventions”).

              

      

    

     

    
      
        	
              	
                (b) 

              	
                The
      Employee agrees that all Inventions shall be the sole property of the
      Company and its assigns, and the Company and its assigns shall be the sole
      owner of all patents and other rights in connection therewith. The
      Employee hereby assigns to the Company any rights he/she may have or
      acquire in such Inventions. The Employee further agrees as to all such
      Inventions to assist the Company in every reasonable manner (but at the
      Company’s expense) to obtain, and from time to time enforce, patents on
      said Inventions in any and all countries, and to that end the Employee
      will execute all documents for use in applying for and obtaining such
      patents thereon and enforcing the same, as the Company may desire,
      together with any assignments thereof to the Company or persons designated
      by it. The Employee’s obligation to assist the Company in obtaining and
      enforcing patents for such Inventions in any and all countries shall
      continue beyond the termination of his/her employment by the Company, but
      the Company shall compensate the Employee at a reasonable rate after such
      termination for time actually spent by him/her at the Company’s request on
      such assistance. In the event that the Company is unable for any reason
      whatsoever to secure the Employee’s signature to any lawful and necessary
      documents required to apply for or execute any patent application with
      respect to such an Invention (including renewals, extensions,
      continuations, divisions or continuations in part thereof), the Employee
      hereby irrevocably designates and appoints the Company and its duly
      authorized officers and agents, as his/her agents and attorneys-in-fact to
      act for and on his/her behalf and instead of him/her, to execute and file
      any such application and to do all other lawfully permitted acts to
      further the prosecution and issuance of patents thereon with the same
      legal force and effect as if executed by the Employee, and such power of
      attorney created hereby is coupled with an
  interest.

              

      

    

     

    
      
         

      

      
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                (c)

              	
                Attached
      hereto, as Exhibit B, is a list describing all inventions, original
      works of authorship, developments, improvements, and trade secrets which
      were made by Employee prior to employment with the Company (collectively
      referred to as "Prior Inventions"), which belong to Employee,
      and  which relate to the Company's Field of Interest, and which
      are not assigned to the Company hereunder; or, if no such list is
      attached, Employee represents that there are no such Prior
      Inventions.  If in the course of employment with the Company,
      Employee incorporate into an Invention a Prior Invention owned by Employee
      or in which Employee has an interest, the Company is hereby granted and
      shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide
      license to make, have made, modify, use and sell such Prior Invention as
      part of or in connection with such
Invention.

              

      

    

     

    4.            Competition. 
While the Employee is employed by the Company and for a period of eighteen (18)
months following the termination of the Employee’s employment (the
“Noncompetition Period”), the Employee shall not, for himself/herself or on
behalf of any other person or entity, directly or indirectly, whether as
principal, partner, agent, independent contractor, stockholder, employee,
consultant, representative or in any other capacity, own, manage, operate or
control, be concerned or connected with, or employed by, or otherwise associate
in any manner with, engage in or have a financial interest in any business that
is engaged in the Field of Interest, anywhere in the world, except that nothing
in this Agreement shall preclude the Employee from (a) purchasing or owning
securities of any such business if such securities are publicly traded, and
provided that the Employee’s holdings do not exceed Four and 99/100 (4.99%)
percent of the issued and outstanding securities of any class of securities of
such business; or (b) working for any academic or government
institutions. 

     

    5.            Solicitation of
Employees.  During the Noncompetition Period the Employee shall not,
either individually or on behalf of or through any third party, directly or
indirectly (a) entice, solicit or encourage any director, employee or consultant
to leave the Company, or (b) be involved for any entity other than the Company
in the recruitment, engagement, or hiring of any Company director or
employee.  This section shall prohibit the aforesaid activities by the
Employee with respect to any person both while such person is a director,
employee or consultant of the Company and for thirty (30) days
thereafter.

     

    6.            Publications. 
The Employee agrees to consult with the Company prior to publishing (in writing
or by seminar, lecture or other oral presentation) any material relating to
his/her activities that relate to the Company’s Field of Interest, and to
furnish copies of any such publication (written or oral) to the Company for
prior clearance at least sixty (60) days prior to the proposed publication. The
Company agrees to review such submissions and to apply for patents as promptly
as practicable so as to avoid or keep to a minimum any delay in publishing
material of scientific importance.

     

    
      
         

      

      
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                7. 

              	
                Prior Work and Legal
      Obligations

              

      

    

     

    
      	
            	
              (a) 
      

            	
              By
      signing this Agreement, the Employee represents that she/he has no
      agreement with or other legal obligation to any prior employer or any
      other person or entity that restricts his/her ability to engage in
      employment discussions, to accept employment with, or to perform any
      function for the Company.

            

    

     

    
      	
            	
              (b)

            	
              The
      Employee also acknowledges that the Company has advised the Employee that
      at no time, either during any pre-employment discussions or at any time
      thereafter, should the Employee divulge to or use for the benefit of the
      Company any trade secret or confidential or proprietary information of any
      previous employer.  By signing this Agreement, the Employee affirms
      that she/he has not divulged or used any such information for the benefit
      of the Company, and that she/he has not and will not misappropriate any
      proprietary information of a former employer that the Employee played any
      part in creating while working for such former
  employer.

            

    

     

    8.            Provisions Necessary and
Reasonable/Injunctive Relief  The Employee
specifically agrees that the provisions of Sections 1-5 of this Agreement are
necessary and reasonable to protect the Company’s Proprietary Information,
goodwill and business interests.  The Employee acknowledges that given
his/her skills and work experience, such restrictions will not prevent the
Employee from earning a living in his/her general field of occupation during the
term of such restrictions.  The Employee further agrees that a breach or
threatened breach by the Employee of Sections 1-5 of this Agreement would pose
the risk of irreparable harm to the Company, and that in the event of a breach
or threatened breach of any of such covenants, without posting any bond or
security, the Company shall be entitled to seek and obtain equitable relief, in
the form of specific performance, or temporary, preliminary or permanent
injunctive relief, or any other equitable remedy which then may be
available.  The seeking of such injunction or order shall not affect the
Company’s right to seek and obtain damages or other equitable relief on account
of any such actual or threatened breach.

     

    9.            Disclosure to Future and
Prospective Employers.  The Employee agrees
that so long as this Agreement is effective the Employee will notify his/her
employers of this Agreement and that the Company may notify any of the
Employee’s future or prospective employers or other third parties of this
Agreement and may provide a copy of this Agreement to such parties without the
Employee’s further consent.

     

    10.          Transfer, Promotion or
Reassignment.  The Employee acknowledges and agrees that if she/he
should transfer between or among any affiliates of the Company or be promoted or
reassigned to functions other than the Employee’s present functions, all terms
of this Agreement shall continue to apply with full force.

     

    11.          Severability. 
The parties intend this Agreement to be enforced as written.  However, if
any portion or provision of this Agreement shall to any extent be declared
illegal or unenforceable by a duly authorized court having jurisdiction, both
parties desire that such portion or provision be modified by such a court so as
to make it enforceable (“blue-penciled”), and that the remainder of this
Agreement be enforced to the fullest extent permitted by law.  In the event
that such court deems any provision of this Agreement wholly unenforceable, then
all remaining provisions shall nevertheless remain in full force and
effect.

     

    12.          Notices.  Except
as otherwise specifically provided herein, any notice required or permitted by
this Agreement shall be in writing and shall be delivered as follows with notice
deemed given as indicated: (i) by personal delivery when delivered personally;
(ii) by overnight courier upon written verification of receipt; (iii) by
telecopy or facsimile transmission upon acknowledgment of receipt of electronic
transmission; or (iv) by certified or registered mail, return receipt requested,
upon verification of receipt.  Notices to Employee shall be sent to the
last known address in the Company’s records or such other address as Employee
may specify in writing.  Notices to the Company shall be sent to the
Company’s Chairman or to such other Company representative as the Company may
specify in writing.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    13.          Binding Effect. 
The Agreement will be binding upon and inure to the benefit of (a) the
heirs, executors and legal representatives of the Employee upon the Employee’s
death and (b) any successor of the Company.  Any such successor of the
Company will be deemed substituted for the Company under the terms of the
Agreement for all purposes.  For this purpose, “successor” means any
person, firm, corporation or other business entity which at any time, whether by
purchase, merger or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company.  The Employee’s
obligations hereunder shall survive the termination of the Employee’s employment
by the Company, regardless of the reason for such termination.

     

    14.          Waivers. No waivers,
express or implied, of any breach of this agreement shall be held or construed
as a waiver of any other breach of the same or any other covenant, agreement or
duty hereunder.

     

    15.          Governing Law. 
This agreement shall be construed and enforced in accordance with the law of
Delaware, without giving effect to conflict of law principles.  This
agreement represents the entire agreement of the parties with respect to the
subject matter hereof, and may only be amended or modified by a written
instrument signed by the parties.

     

    16.          Meaning of
Headings.  The headings in this Agreement are for convenience only,
and both parties agree that they shall not be construed or interpreted to modify
or affect the construction or interpretation of any provision of this
Agreement.

     

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

     

    
      
        
          
            
              
                
                  
                    	 
      	
                            GENSPERA,
      INC.

                          
	 
      	 
      
	 
      	 
      	 
      
	 
      	
                            John
      Farah, Director

                          	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                            Craig
      Dionne

                          	 
      

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        5

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