Document:

REGISTRATION
RIGHTS AGREEMENT

    

    This Registration Rights Agreement
(this “Agreement”) is made
and entered into as of September ___, 2009, between GenSpera, Inc., a Delaware
corporation (the “Company”) and each of
the several purchasers signatory hereto (each such purchaser, a “Purchaser” and,
collectively, the “Purchasers”).

     

    This
Agreement is made pursuant to the Securities Purchase Agreement, dated as of the
date hereof, between the Company and each Purchaser (the “Purchase
Agreement”).

     

    The
Company and each Purchaser hereby agrees as follows:

    

            1.                    Definitions

    

                   Capitalized terms used and not
otherwise defined herein that are defined in the Purchase Agreement shall have
the meanings given such terms in the Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:

    

    “Advice” shall have
the meaning set forth in Section 6(c).

    

    “Effectiveness Date”
means, with respect to the Initial Registration Statement required to be filed
hereunder, the 270th
calendar day following the date hereof and with respect to any additional
Registration Statements which may be required pursuant to Section 3(c), the
90th
calendar day following the date on which an additional Registration Statement is
required to be filed hereunder; provided, however, that in the
event the Company is notified by the Commission that one or more of the above
Registration Statements will not be reviewed or is no longer subject to further
review and comments, the Effectiveness Date as to such Registration Statement
shall be the fifth Business Day following the date on which the Company is so
notified if such date precedes the dates otherwise required above.

    

    “Effectiveness Period”
shall have the meaning set forth in Section 2(a).

    

    “Event” shall have the
meaning set forth in Section 2(b).

    

    “Event Date” shall
have the meaning set forth in Section 2(b).

    

    “Filing Date” means,
with respect to the Initial Registration Statement required hereunder, the
120th
calendar day following the date hereof and, with respect to any additional
Registration Statements which may be required pursuant to Section 3(c), the
earliest practical date on which the Company is permitted by SEC Guidance to
file such additional Registration Statement related to the Registrable
Securities.

    
      
         

      

      
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    “Holder” or “Holders” means the
holder or holders, as the case may be, from time to time of Registrable
Securities.

    

    “Indemnified Party”
shall have the meaning set forth in Section 5(c).

    

    “Indemnifying Party”
shall have the meaning set forth in Section 5(c).

    

    “Initial Registration
Statement” means the initial Registration Statement filed pursuant to
this Agreement.

    

    “Initial Shares” means
a number of Registrable Securities equal to the lesser of (i) the total number
of Registrable Securities and (ii) one-third of the number of issued and
outstanding shares of Common Stock that are held by non-affiliates of the
Company on the day immediately prior to the filing date of the Initial
Registration Statement.

    

    “Losses” shall have
the meaning set forth in Section 5(a).

    

    “Plan of Distribution”
shall have the meaning set forth in Section 2(a).

    

    “Prospectus” means the
prospectus included in a Registration Statement (including, without limitation,
a prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A
promulgated by the Commission pursuant to the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Securities covered by a Registration
Statement, and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed
to be incorporated by reference in such Prospectus.

    

    “Registrable
Securities” means (a) all of the Shares (b) all Warrant Shares (assuming
on the date of determination the Warrants are exercised in full without regard
to any exercise limitations therein), (c) any additional shares of Common Stock
issuable in connection with any anti-dilution provisions in  the
Shares or the Warrants (without giving effect to any limitations on exercise set
forth in the Warrants) and (d) any securities issued or issuable upon any stock
split, dividend or other distribution,  recapitalization or similar
event with respect to the foregoing; provided, however, that the
Company shall not be required to maintain the effectiveness, or file another
Registration Statement hereunder with respect to any Registrable Securities that
are not subject to the current public information requirement under Rule 144 and
that are eligible for resale without volume or manner-of-sale restrictions
without current public information pursuant to Rule 144 promulgated by the
Commission pursuant to a written opinion letter to such effect, addressed,
delivered and acceptable to the transfer agent of the Company and the affected
Holders.

    
      
         

      

      
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    “Registration
Statement” means any registration statement required to be filed
hereunder pursuant to Section 2(a) and any additional registration statements
contemplated by Section 3(c), including (in each case) the Prospectus,
amendments and supplements to any such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all
material incorporated by reference or deemed to be incorporated by reference in
any such registration statement.

    

     “Rule 415” means Rule
415 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended or interpreted from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same
purpose and effect as such Rule.

    

    “Rule 424” means Rule
424 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended or interpreted from time to time, or any similar rule or
regulation hereafter adopted by the Commission having substantially the same
purpose and effect as such Rule.

    

    “Selling Stockholder
Questionnaire” shall have the meaning set forth in Section
3(a).

    

    “SEC Guidance” means
(i) any publicly-available written or oral guidance, comments, requirements or
requests of the Commission staff and (ii) the Securities Act.

    

            2.                   Shelf
Registration

    

    (a)           On
or prior to each Filing Date, the Company shall prepare and file with the
Commission a Registration Statement covering the resale of all or such maximum
portion of the Registrable Securities as permitted by SEC Guidance (provided
that, the Company shall use diligent efforts to advocate with the Commission for
the registration of all of the Registrable Securities in accordance with the SEC
Guidance, including without limitation, the Manual of Publicly Available
Telephone Interpretations D.29) that are not then registered on an effective
Registration Statement for an offering to be made on a continuous basis pursuant
to Rule 415.  Each Registration Statement filed hereunder shall be on
Form S-1 and shall contain (unless otherwise directed by at least an 85%
majority in interest of the Holders) substantially the “Plan of Distribution”
attached hereto as Annex
A.  Subject to the terms of this Agreement, the Company shall
use its best efforts to cause a Registration Statement to be declared effective
under the Securities Act as promptly as possible after the filing thereof, but
in any event prior to the applicable Effectiveness Date, and shall use its best
efforts to keep such Registration Statement continuously effective under the
Securities Act until all Registrable Securities covered by such Registration
Statement have been sold, or may be sold without volume or manner-of-sale
restrictions pursuant to Rule 144, without the requirement for the Company to be
in compliance with the current public information requirement under Rule 144, as
determined by the counsel to the Company pursuant to a written opinion letter to
such effect, addressed and acceptable to the transfer agent of the Company and
the affected Holders (the “Effectiveness
Period”).  The Company shall telephonically request
effectiveness of a Registration Statement as of 5:00 p.m. New York City time on
a Business Day.   The Company shall immediately notify the
Holders via facsimile or by e-mail of the effectiveness of a Registration
Statement on the same Business Day that the Company telephonically confirms
effectiveness with the Commission, which shall be the date requested for
effectiveness of such Registration Statement.  The Company shall, by
9:30 a.m. New York City time on the Business Day after the effective date of
such Registration Statement, file a final Prospectus with the Commission as
required by Rule 424.  Failure to so notify the Holder within 1
Business Day of such notification of effectiveness or failure to file a final
Prospectus as foresaid shall be deemed an Event under Section
2(b).  Notwithstanding any other
provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 2(b), if any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be
registered on a particular Registration Statement (and notwithstanding that the
Company used diligent efforts to advocate with the Commission for the
registration of all or a greater
portion of Registrable Securities), unless
otherwise directed in writing by a Holder as to its Registrable Securities, the
number of Registrable Securities to be registered on such Registration Statement
will be reduced by Registrable Securities represented by Warrant Shares
(applied, in the case that some Warrant Shares may be registered, to the Holders
on a pro rata basis based on the total number of unregistered Warrant Shares held by such Holders. In the event of a
cutback hereunder, the Company shall give the Holder at least 5 Business Days
prior written notice along with the calculations as to such Holder’s
allotment.

    
      
         

      

      
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    (b)           If:
(i) the Initial Registration Statement is not filed on or prior to its Filing
Date, or (ii) the Company fails to file with the Commission a request for
acceleration of a Registration Statement in accordance with Rule 461 promulgated
by the Commission pursuant to the Securities Act, within five Business Days of
the date that the Company is notified (orally or in writing, whichever is
earlier) by the Commission that such Registration Statement will not be
“reviewed” or will not be subject to further review, or (iii) prior to the
effective date of a Registration Statement, the Company fails to file a
pre-effective amendment and otherwise respond in writing to comments made by the
Commission in respect of such Registration Statement within 30 calendar days
after the receipt of comments by or notice from the Commission that such
amendment is required in order for such Registration Statement to be declared
effective, or (iv) as to, in the aggregate among all Holders on a pro-rata basis
based on their purchase of the Securities pursuant to the Purchase Agreement, a
Registration Statement registering for resale all of the Initial Shares is not
declared effective by the Commission by the Effectiveness Date of the Initial
Registration Statement, or (v) all of the Registrable Securities are not
registered for resale pursuant to one or more effective Registration Statements
on or before March 31, 2010, or (vi) after the effective date of a Registration
Statement, such Registration Statement ceases for any reason to remain
continuously effective as to all Registrable Securities included in such
Registration Statement, or the Holders are otherwise not permitted to utilize
the Prospectus therein to resell such Registrable Securities, for more than 45
consecutive calendar days or more than an aggregate of 60 calendar days (which
need not be consecutive calendar days) during any 12-month period (any such
failure or breach being referred to as an “Event”, and for
purposes of clauses (i), (iv), and (v), the date on which such Event occurs, and
for purpose of clause (ii) the date on which such five Business Day period is
exceeded, and for purpose of clause (iii) the date which such 15 calendar day
period is exceeded, and for purpose of clause (vi) the date on which such 45 or
60 calendar day period, as applicable, is exceeded being referred to as “Event Date”), then,
in addition to any other rights the Holders may have hereunder or under
applicable law, on each such Event Date and on each monthly anniversary of each
such Event Date (if the applicable Event shall not have been cured by such date)
until the applicable Event is cured, the Company shall pay to each Holder an
amount in non-registered Common Stock, as partial liquidated damages and not as
a penalty, equal to 1.0% of the aggregate purchase price paid by such Holder
pursuant to the Purchase Agreement for any unregistered Registrable Securities
then held by such Holder.  For purposes of calculating the partial
liquidated damages, the Purchase Price shall be the value attributed to the
Common Shares to be issued.  The parties agree that (1) the Company
shall not be liable for liquidated damages under this Agreement with respect to
any unexercised Warrants or Warrant Shares and (2) the maximum aggregate
liquidated damages payable to a Holder under this Agreement shall be 18% of the
aggregate Subscription Amount paid by such Holder pursuant to the Purchase
Agreement.  The partial liquidated damages pursuant to the terms
hereof shall apply on a daily pro rata basis for any portion of a month prior to
the cure of an Event.

    
      
         

      

      
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    3.           Registration
Procedures.

    

                   In
connection with the Company’s registration obligations hereunder, the Company
shall:

    

    (a)           Not
less than three (3) Business Days prior to the filing of each Registration
Statement and not less than one (1) Business Day prior to the filing of any
related Prospectus or any amendment or supplement thereto (including any
document that would be incorporated or deemed to be incorporated therein by
reference), the Company shall (i) furnish to each Holder, via email, copies of
all such documents proposed to be filed, which documents (other than those
incorporated or deemed to be incorporated by reference) will be subject to the
review of such Holders, and (ii) cause its officers and directors, counsel and
independent registered public accountants to respond to such inquiries as shall
be necessary, in the reasonable opinion of respective counsel to each Holder, to
conduct a reasonable investigation within the meaning of the Securities Act;
provided, however, for Section
3(a)(i), each Holder has provided to the Company a current and correct email
address within at least five (5) Business Days of the date hereof and, if the
Holder does not provide a current and correct email address within such time
period, then the Holder may provide to the Company a current and correct
facsimile number such that the Company may satisfy the requirements of this
Section 3(a)(i), and, if the Holder does not provide either a current and
correct email address or facsimile number within such time period, the
requirements of this Section 3(a)(i) shall not apply with respect to such Holder
only. The Company shall not file a Registration Statement or any such Prospectus
or any amendments or supplements thereto to which the Holders of a majority of
the Registrable Securities shall reasonably object in good faith, provided that,
the Company is notified of such objection in writing no later than three (3)
Business Days after the Holders have been so furnished copies of a Registration
Statement or one (1) Business Day after the Holders have been so furnished
copies of any related Prospectus or amendments or supplements thereto. Each
Holder agrees to furnish to the Company a completed questionnaire in the form
attached to this Agreement as Annex B (a “Selling Stockholder
Questionnaire”) on a date that is not less than two (2) Business Days
prior to the Filing Date or by the end of the fourth (4th)
Business Day following the date on which such Holder receives draft materials in
accordance with this Section.

    
      
         

      

      
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    (b)           (i)
Prepare and file with the Commission such amendments, including post-effective
amendments, to a Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep a Registration Statement continuously
effective as to the applicable Registrable Securities for the Effectiveness
Period and prepare and file with the Commission such additional Registration
Statements in order to register for resale under the Securities Act all of the
Registrable Securities, (ii) cause the related Prospectus to be amended or
supplemented by any required Prospectus supplement (subject to the terms of this
Agreement), and, as so supplemented or amended, to be filed pursuant to Rule
424, (iii) respond as promptly as reasonably possible to any comments received
from the Commission with respect to a Registration Statement or any amendment
thereto and provide as promptly as reasonably possible to the Holders true and
complete copies of all correspondence from and to the Commission relating to a
Registration Statement (provided that, the Company may excise any information
contained therein which would constitute material non-public information as to
any Holder which has not executed a confidentiality agreement with the Company),
and (iv) comply in all material respects with the provisions of the Securities
Act and the Exchange Act with respect to the disposition of all Registrable
Securities covered by a Registration Statement during the applicable period in
accordance (subject to the terms of this Agreement) with the intended methods of
disposition by the Holders thereof set forth in such Registration Statement as
so amended or in such Prospectus as so supplemented.

    

    (c)           If
during the Effectiveness Period, the number of Registrable Securities at any
time exceeds 100% of the number of shares of Common Stock then registered in a
Registration Statement, then the Company shall file as soon as reasonably
practicable, but in any case prior to the applicable Filing Date, an additional
Registration Statement covering the resale by the Holders of not less than the
number of such Registrable Securities.

    
      
         

      

      
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    (d)           Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant
to clauses (iii) through (vi) hereof, be accompanied by an instruction to
suspend the use of the Prospectus until the requisite changes have been made) as
promptly as reasonably possible (and, in the case of (i)(A) below, not less than
one Business Day prior to such filing) and (if requested by any such Person)
confirm such notice in writing no later than one Business Day following the day
(i)(A) when a Prospectus or any Prospectus supplement or post-effective
amendment to a Registration Statement is proposed to be filed, (B) when the
Commission notifies the Company whether there will be a “review” of such
Registration Statement and whenever the Commission comments in writing on such
Registration Statement, and (C) with respect to a Registration Statement or any
post-effective amendment, when the same has become effective, (ii) of any
request by the Commission or any other federal or state governmental authority
for amendments or supplements to a Registration Statement or Prospectus or for
additional information, (iii) of the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the
effectiveness of a Registration Statement covering any or all of the Registrable
Securities or the initiation of any Proceedings for that purpose; (iv) of the
receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any
Proceeding for such purpose, (v) of the occurrence of any event or passage of
time that makes the financial statements included in a Registration Statement
ineligible for inclusion therein or any statement made in a Registration
Statement or Prospectus or any document incorporated or deemed to be
incorporated therein by reference untrue in any material respect or that
requires any revisions to a Registration Statement, Prospectus or other
documents so that, in the case of a Registration Statement or the Prospectus, as
the case may be, it will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading and (vi) of the occurrence or existence of any pending
corporate development with respect to the Company that the Company believes may
be material and that, in the determination of the Company, makes it not in the
best interest of the Company to allow continued availability of a Registration
Statement or Prospectus, provided that, any and all of such information shall
remain confidential to each Holder until such information otherwise becomes
public, unless disclosure by a Holder is required by law; provided, further, that
notwithstanding each Holder’s agreement to keep such information confidential,
each such Holder makes no acknowledgement that any such information is material,
non-public information.

    

    (e)           Use
its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal
of (i) any order stopping or suspending the effectiveness of a Registration
Statement, or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any
jurisdiction, at the earliest practicable moment.

    

    (f)           Furnish
to each Holder, without charge, at least one conformed copy of each such
Registration Statement and each amendment thereto, including financial
statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference to the extent requested by such Person, and
all exhibits to the extent requested by such Person (including those previously
furnished or incorporated by reference) promptly after the filing of such
documents with the Commission; provided, that any such item which is available
on the EDGAR system need not be furnished in physical form.

    

    (g)           Subject
to the terms of this Agreement, the Company hereby consents to the use of such
Prospectus and each amendment or supplement thereto by each of the selling
Holders in connection with the offering and sale of the Registrable Securities
covered by such Prospectus and any amendment or supplement thereto, except after
the giving of any notice pursuant to Section 3(d).

    
      
         

      

      
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    (h)       
  The Company shall cooperate with any broker-dealer through which a Holder
proposes to resell its Registrable Securities in effecting a filing with the
FINRA Corporate Financing Department pursuant to NASD Rule 5110, as requested by
any such Holder, and the Company shall pay the filing fee required by such
filing within two (2) Business Days of request therefor.

    

    (i)           Prior
to any resale of Registrable Securities by a Holder, use its commercially
reasonable efforts to register or qualify or cooperate with the selling Holders
in connection with the registration or qualification (or exemption from the
Registration or qualification) of such Registrable Securities for the resale by
the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each
registration or qualification (or exemption therefrom) effective during the
Effectiveness Period and to do any and all other acts or things reasonably
necessary to enable the disposition in such jurisdictions of the Registrable
Securities covered by each Registration Statement; provided, that, the Company
shall not be required to qualify generally to do business in any jurisdiction
where it is not then so qualified, subject the Company to any material tax in
any such jurisdiction where it is not then so subject or file a general consent
to service of process in any such jurisdiction.

    

    (j)           If
requested by a Holder, cooperate with such Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be delivered to a transferee pursuant to a Registration Statement, which
certificates shall be free, to the extent permitted by the Purchase Agreement,
of all restrictive legends, and to enable such Registrable Securities to be in
such denominations and registered in such names as any such Holder may
request.

    

    (k)          Upon
the occurrence of any event contemplated by Section 3(d), as promptly as
reasonably possible under the circumstances taking into account the Company’s
good faith assessment of any adverse consequences to the Company and its
stockholders of the premature disclosure of such event, prepare a supplement or
amendment, including a post-effective amendment, to a Registration Statement or
a supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, and file any other required document so
that, as thereafter delivered, neither a Registration Statement nor such
Prospectus will contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading. If the Company notifies the
Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to
suspend the use of any Prospectus until the requisite changes to such Prospectus
have been made, then the Holders shall suspend use of such
Prospectus.  The Company will use its best efforts to ensure that the
use of the Prospectus may be resumed as promptly as is
practicable.  The Company shall be entitled to exercise its right
under this Section 3(k) to suspend the availability of a Registration Statement
and Prospectus, subject to the payment of partial liquidated damages otherwise
required pursuant to Section 2(b), for a period not to exceed 60 calendar days
(which need not be consecutive days) in any 12 month
period.

    
      
         

      

      
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    (l)           Comply
with all applicable rules and regulations of the Commission.

    

    (m)         The
Company may require each selling Holder to furnish to the Company a certified
statement as to the number of shares of Common Stock beneficially owned by such
Holder and, if required by the Commission, the natural persons thereof that have
voting and dispositive control over the shares. During any periods that the
Company is unable to meet its obligations hereunder with respect to the
registration of the Registrable Securities solely because any Holder fails to
furnish such information within three Business Days of the Company’s request,
any liquidated damages that are accruing at such time as to such Holder only
shall be tolled and any Event that may otherwise occur solely because of such
delay shall be suspended as to such Holder only, until such information is
delivered to the Company.

    

            4.                    Registration
Expenses. All fees and expenses incident to the performance of or
compliance with this Agreement by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration
Statement. The fees and expenses referred to in the foregoing sentence shall
include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses of the Company’s counsel and independent
registered public accountants) (A) with respect to filings made with the
Commission, (B) with respect to filings required to be made with any Trading
Market on which the Common Stock is then listed for trading, (C) in compliance
with applicable state securities or Blue Sky laws reasonably agreed to by the
Company in writing (including, without limitation, fees and disbursements of
counsel for the Company in connection with Blue Sky qualifications or exemptions
of the Registrable Securities) and (D) if not previously paid by the Company in
connection with an Issuer Filing, with respect to any filing that may be
required to be made by any broker through which a Holder intends to make sales
of Registrable Securities with the FINRA pursuant to NASD Rule 5110, so long as
the broker is receiving no more than a customary brokerage commission in
connection with such sale, (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities), (iii)
messenger, telephone and delivery expenses, (iv) reasonable and customary fees
and disbursements of counsel for the Company, (v) Securities Act liability
insurance, if the Company so desires such insurance, and (vi) reasonable and
customary fees and expenses of all other Persons retained by the Company in
connection with the consummation of the transactions contemplated by this
Agreement.  In addition, the Company shall be responsible for all of
its internal expenses incurred in connection with the consummation of the
transactions contemplated by this Agreement (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder.  In no event shall the
Company be responsible for any broker or similar commissions of any Holder or,
except to the extent provided for in the Transaction Documents, any legal fees
or other costs of the Holders.

    
      
         

      

      
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            5.                   Indemnification.

    

    (a)           Indemnification by the
Company. The Company shall, notwithstanding any termination of this
Agreement, indemnify and hold harmless each Holder, the officers, directors,
members, partners, agents, brokers (including brokers who offer and sell
Registrable Securities as principal as a result of a pledge or any failure to
perform under a margin call of Common Stock), investment advisors and employees
(and any other Persons with a functionally equivalent role of a Person holding
such titles, notwithstanding a lack of such title or any other title) of each of
them, each Person who controls any such Holder (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, members, stockholders, partners, agents and employees (and any other
Persons with a functionally equivalent role of a Person holding such titles,
notwithstanding a lack of such title or any other title) of each such
controlling Person, to the fullest extent permitted by applicable law, from and
against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as
incurred, arising out of or relating to (1) any untrue statement of a material
fact contained in a Registration Statement, any Prospectus or any form of
prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of
a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading or (2) any
violation by the Company of the Securities Act, the Exchange Act or any state
securities law, or any rule or regulation thereunder, in connection with the
performance of its obligations under this Agreement, except to the extent, but
only to the extent, that (i) such untrue statements or omissions are based
solely upon information regarding such Holder furnished in writing to the
Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder’s proposed method of
distribution of Registrable Securities and was reviewed and expressly approved
in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto (it being understood that
the Holder has approved Annex A hereto for this purpose) or (ii) in the case of
an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the
use by such Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that the Prospectus is outdated or defective and
prior to the receipt by such Holder of the Advice contemplated in Section
6(c).  The Company shall notify the Holders promptly of the
institution, threat or assertion of any Proceeding arising from or in connection
with the transactions contemplated by this Agreement of which the Company is
aware.

    
      
         

      

      
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    (b)           Indemnification by
Holders. Each Holder shall, severally and not jointly, indemnify and hold
harmless the Company, its directors, officers, agents and employees, each Person
who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), and the directors, officers, agents or
employees of such controlling Persons, to the fullest extent permitted by
applicable law, from and against all Losses, as incurred, to the extent arising
out of or based solely upon: (x) such Holder’s failure to comply with the
prospectus delivery requirements of the Securities Act or (y) any untrue
statement of a material fact contained in any Registration Statement, any
Prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of
a material fact required to be stated therein or necessary to make the
statements therein not misleading (i) to the extent, but only to the extent,
that such untrue statement or omission is contained in any information so
furnished in writing by such Holder to the Company specifically for inclusion in
such Registration Statement or such Prospectus or (ii) to the extent that such
information relates to such Holder’s proposed method of distribution of
Registrable Securities and was reviewed and expressly approved in writing by
such Holder expressly for use in a Registration Statement (it being understood
that the Holder has approved Annex A hereto for this purpose), such Prospectus
or in any amendment or supplement thereto or (ii) in the case of an occurrence
of an event of the type specified in Section 3(d)(iii)-(vi), the use by such
Holder of an outdated or defective Prospectus after the Company has notified
such Holder in writing that the Prospectus is outdated or defective and prior to
the receipt by such Holder of the Advice contemplated in Section 6(c). In no
event shall the liability of any selling Holder hereunder be greater in amount
than the dollar amount of the net proceeds received by such Holder upon the sale
of the Registrable Securities giving rise to such indemnification
obligation.

    

    (c)           Conduct of Indemnification
Proceedings. If any Proceeding shall be brought or asserted against any
Person entitled to indemnity hereunder (an “Indemnified Party”),
such Indemnified Party shall promptly notify the Person from whom indemnity is
sought (the “Indemnifying Party”)
in writing, and the Indemnifying Party shall have the right to assume the
defense thereof, including the employment of counsel reasonably satisfactory to
the Indemnified Party and the payment of all fees and expenses incurred in
connection with defense thereof; provided, that, the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its
obligations or liabilities pursuant to this Agreement, except (and only) to the
extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such
failure shall have prejudiced the Indemnifying Party.

    

                   An
Indemnified Party shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party or Parties
unless:  (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses, (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding, or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and counsel to the
Indemnified Party shall reasonably believe that a material conflict of interest
is likely to exist if the same counsel were to represent such Indemnified Party
and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at
the expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and the reasonable fees and expenses of no
more than one separate counsel shall be at the expense of the Indemnifying
Party).  The Indemnifying Party shall not be liable for any settlement
of any such Proceeding effected without its written consent, which consent shall
not be unreasonably withheld or delayed.  No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any
settlement of any pending Proceeding in respect of which any Indemnified Party
is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of
such Proceeding.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

                   Subject
to the terms of this Agreement, all reasonable fees and expenses of the
Indemnified Party (including reasonable fees and expenses to the extent incurred
in connection with investigating or preparing to defend such Proceeding in a
manner not inconsistent with this Section) shall be paid to the Indemnified
Party, as incurred, within ten Business Days of written notice thereof to the
Indemnifying Party; provided, that, the Indemnified Party shall promptly
reimburse the Indemnifying Party for that portion of such fees and expenses
applicable to such actions for which such Indemnified Party is judicially
determined not to be entitled to indemnification hereunder.

    

    (d)           Contribution. If the
indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified
Party or insufficient to hold an Indemnified Party harmless for any Losses, then
each Indemnifying Party shall contribute to the amount paid or payable by such
Indemnified Party, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the
actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying
Party and Indemnified Party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such
Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
action, statement or omission.  The amount paid or payable by a party
as a result of any Losses shall be deemed to include, subject to the limitations
set forth in this Agreement, any reasonable attorneys’ or other fees or expenses
incurred by such party in connection with any Proceeding to the extent such
party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in
accordance with its terms.

    

                   The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 5(d) were determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable
considerations referred to in the immediately preceding
paragraph.  Notwithstanding the provisions of this Section 5(d), no
Holder shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the net proceeds actually received by such Holder from
the sale of the Registrable Securities subject to the Proceeding exceeds the
amount of any damages that such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    The
indemnity and contribution agreements contained in this Section are in addition
to any liability that the Indemnifying Parties may have to the Indemnified
Parties.

    

            6.                   Miscellaneous.

    

    (a)           Remedies.  In
the event of a breach by the Company or by a Holder of any of their respective
obligations under this Agreement, each Holder or the Company, as the case may
be, in addition to being entitled to exercise all rights granted by law and
under this Agreement, including recovery of damages, shall be entitled to
specific performance of its rights under this Agreement.  The Company
and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall not assert
or shall waive the defense that a remedy at law would be adequate.

    

    (b)           Compliance. Each
Holder covenants and agrees that it will comply with the prospectus delivery
requirements of the Securities Act as applicable to it in connection with sales
of Registrable Securities pursuant to a Registration Statement.

    

    (c)           Discontinued
Disposition.  By its acquisition of Registrable Securities,
each Holder agrees that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 3(d)(iii) through (vi),
such Holder will forthwith discontinue disposition of such Registrable
Securities under a Registration Statement until it is advised in writing (the
“Advice”) by
the Company that the use of the applicable Prospectus (as it may have been
supplemented or amended) may be resumed.  The Company will use its
best efforts to ensure that the use of the Prospectus may be resumed as promptly
as is practicable.  The Company agrees and acknowledges that any
periods during which the Holder is required to discontinue the disposition of
the Registrable Securities hereunder shall be subject to the provisions of
Section 2(b).

    

    (d)           Piggy-Back
Registrations. If, at any time during the Effectiveness Period, there is
not an effective Registration Statement covering all of the Registrable
Securities and the Company shall determine to prepare and file with the
Commission a registration statement relating to an offering for its own account
or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the
Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with the Company’s stock option or
other employee benefit plans, then the Company shall deliver to each Holder a
written notice of such determination and, if within fifteen days after the date
of the delivery of such notice, any such Holder shall so request in writing, the
Company shall include in such registration statement all or any part of such
Registrable Securities such Holder requests to be registered; provided, however, that the
Company shall not be required to register any Registrable Securities pursuant to
this Section 6(d) that are eligible for resale pursuant to Rule 144 promulgated
by the Commission pursuant to the Securities Act or that are the subject of a
then effective Registration Statement.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    (e)           Amendments and
Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, unless the
same shall be in writing and signed by the Company and the Holders of 67% or
more of the then outstanding Registrable Securities (including, for this purpose
any Registrable Securities issuable upon exercise or conversion of any
Security).  If a Registration Statement does not register all of the
Registrable Securities pursuant to a waiver or amendment done in compliance with
the previous sentence, then the number of Registrable Securities to be
registered for each Holder shall be reduced pro rata among all Holders and each
Holder shall have the right to designate which of its Registrable Securities
shall be omitted from such Registration Statement. Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates exclusively to the rights of a Holder or some Holders
and that does not directly or indirectly affect the rights of other Holders may
be given by such Holder or Holders of all of the Registrable Securities to which
such waiver or consent relates; provided, however, that the
provisions of this sentence may not be amended, modified, or supplemented except
in accordance with the provisions of the first  sentence of this
Section 6(e).

    

    (f)           Notices. Any and all
notices or other communications or deliveries required or permitted to be
provided hereunder shall be delivered as set forth in the Purchase
Agreement.

    

    (g)           Successors and
Assigns. This Agreement shall inure to the benefit of and be binding upon
the successors and permitted assigns of each of the parties and shall inure to
the benefit of each Holder. The Company may not assign (except by merger) its
rights or obligations hereunder without the prior written consent of all of the
Holders of the then outstanding Registrable Securities. Each Holder may assign
their respective rights hereunder in the manner and to the Persons as permitted
under the Purchase Agreement.

    

    (h)           No Inconsistent
Agreements. Neither the Company nor any of its Subsidiaries has entered,
as of the date hereof, nor shall the Company or any of its Subsidiaries, on or
after the date of this Agreement, enter into any agreement with respect to its
securities, that would have the effect of impairing the rights granted to the
Holders in this Agreement or otherwise conflicts with the provisions
hereof.  Except as set forth on Schedule 6(h),
neither the Company nor any of its Subsidiaries has previously entered into any
agreement granting any registration rights with respect to any of its securities
to any Person that have not been satisfied in full.

    

    (i)           Execution and
Counterparts. This Agreement may be executed in two or more counterparts,
all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not
sign the same counterpart.  In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format
data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or “.pdf” signature page were an original
thereof.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    (j)   
        Governing
Law.  All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined in
accordance with the provisions of the Purchase Agreement.

    

    (k)           Cumulative Remedies.
The remedies provided herein are cumulative and not exclusive of any other
remedies provided by law.

    

    (l)    
       Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, and the parties hereto shall use their commercially reasonable
efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

    

    (m)          Headings. The
headings in this Agreement are for convenience only, do not constitute a part of
the Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

    

    (n)           Independent Nature of
Holders’ Obligations and Rights. The obligations of each Holder hereunder
are several and not joint with the obligations of any other Holder hereunder,
and no Holder shall be responsible in any way for the performance of the
obligations of any other Holder hereunder. Nothing contained herein or in any
other agreement or document delivered at any closing, and no action taken by any
Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as
a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the Holders are in any way acting in concert with
respect to such obligations or the transactions contemplated by this Agreement.
Each Holder shall be entitled to protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Holder to be joined as an additional party in any
proceeding for such purpose.

    

    ********************

     

    (Signature
Pages Follow)

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

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

    

    
      
        	
                GENSPERA,
      INC.

              
	 
      
	
                By:__________________________________________

              
	
                     Name:  Craig
      A. Dionne, Ph.D.

              
	
                     Title:  President
      and CEO

              

      

    

    

    [SIGNATURE
PAGE OF HOLDERS FOLLOWS]

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    [SIGNATURE
PAGE OF HOLDERS TO GENSPERA RRA]

    

    Name of
Holder: __________________________

    

    Signature of Authorized Signatory of
Holder: __________________________

    

    Name of
Authorized Signatory: _________________________

    

    Title of
Authorized Signatory: __________________________

    

    [SIGNATURE
PAGES CONTINUE]

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    Annex A

    

    Plan of
Distribution

    

    Each
Selling Stockholder (the “Selling
Stockholders”) of the common stock and any of their pledgees, assignees
and successors-in-interest may, from time to time, sell any or all of their
shares of common stock on the [principal Trading Market] or any other stock
exchange, market or trading facility on which the shares are traded or in
private transactions.  These sales may be at fixed or negotiated
prices.  A Selling Stockholder may use any one or more of the
following methods when selling shares:

     

    
      	
               
      

            	
              ·

            	
              ordinary
      brokerage transactions and transactions in which the broker-dealer
      solicits purchasers;

            

    

     

    
      	
               
      

            	
              ·

            	
              block
      trades in which the broker-dealer will attempt to sell the shares as agent
      but may position and resell a portion of the block as principal to
      facilitate the transaction;

            

    

     

    
      	
               
      

            	
              ·

            	
              purchases
      by a broker-dealer as principal and resale by the broker-dealer for its
      account;

            

    

     

    
      	
               
      

            	
              ·

            	
              an
      exchange distribution in accordance with the rules of the applicable
      exchange;

            

    

     

    
      	
               
      

            	
              ·

            	
              privately
      negotiated transactions;

            

    

     

    
      	
               
      

            	
              ·

            	
              settlement
      of short sales entered into after the effective date of the registration
      statement of which this prospectus is a
part;

            

    

     

    
      	
               
      

            	
              ·

            	
              broker-dealers
      may agree with the Selling Stockholders to sell a specified number of such
      shares at a stipulated price per
share;

            

    

     

    
      	
               
      

            	
              ·

            	
              through
      the writing or settlement of options or other hedging transactions,
      whether through an options exchange or
  otherwise;

            

    

     

    
      	
               
      

            	
              ·

            	
              a
      combination of any such methods of sale;
or

            

    

     

    
      	
               
      

            	
              ·

            	
              any
      other method permitted pursuant to applicable
  law.

            

    

     

    The
Selling Stockholders may also sell shares under Rule 144 under the Securities
Act of 1933, as amended (the “Securities Act”), if
available, rather than under this prospectus.

     

    Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to
participate in sales.  Broker-dealers may receive commissions or
discounts from the Selling Stockholders (or, if any broker-dealer acts as agent
for the purchaser of shares, from the purchaser) in amounts to be negotiated,
but, except as set forth in a supplement to this Prospectus, in the case of an
agency transaction not in excess of a customary brokerage commission in
compliance with FINRA NASD Rule 2440; and in the case of a principal transaction
a markup or markdown in compliance with NASD IM-2440.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    In
connection with the sale of the common stock or interests therein, the Selling
Stockholders may enter into hedging transactions with broker-dealers or other
financial institutions, which may in turn engage in short sales of the common
stock in the course of hedging the positions they assume.  The Selling
Stockholders may also sell shares of the common stock short and deliver these
securities to close out their short positions, or loan or pledge the common
stock to broker-dealers that in turn may sell these securities.  The
Selling Stockholders may also enter into option or other transactions with
broker-dealers or other financial institutions or the creation of one or more
derivative securities which require the delivery to such broker-dealer or other
financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such
transaction).

     

    The
Selling Stockholders and any broker-dealers or agents that are involved in
selling the shares may be deemed to be “underwriters” within the meaning of the
Securities Act in connection with such sales.  In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act.  Each Selling
Stockholder has informed the Company that it does not have any written or oral
agreement or understanding, directly or indirectly, with any person to
distribute the Common Stock. In no event shall any broker-dealer receive fees,
commissions and markups which, in the aggregate, would exceed eight percent
(8%).

     

    The
Company is required to pay certain fees and expenses incurred by the Company
incident to the registration of the shares.  The Company has agreed to
indemnify the Selling Stockholders against certain losses, claims, damages and
liabilities, including liabilities under the Securities Act.

     

    Because
Selling Stockholders may be deemed to be “underwriters” within the meaning of
the Securities Act, they will be subject to the prospectus delivery requirements
of the Securities Act including Rule 172 thereunder.  In addition, any
securities covered by this prospectus which qualify for sale pursuant to Rule
144 under the Securities Act may be sold under Rule 144 rather than under this
prospectus.  There is no underwriter or coordinating broker acting in
connection with the proposed sale of the resale shares by the Selling
Stockholders.

     

    We agreed
to keep this prospectus effective until the earlier of (i) the date on which the
shares may be resold by the Selling Stockholders without registration and
without regard to any volume or manner-of-sale limitations by reason of Rule
144, without the requirement for the Company to be in compliance with the
current public information under Rule 144 under the Securities Act or any other
rule of similar effect or (ii) all of the shares have been sold pursuant to this
prospectus or Rule 144 under the Securities Act or any other rule of similar
effect.  The resale shares will be sold only through registered or
licensed brokers or dealers if required under applicable state securities laws.
In addition, in certain states, the resale shares may not be sold unless they
have been registered or qualified for sale in the applicable state or an
exemption from the registration or qualification requirement is available and is
complied with.

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    Under
applicable rules and regulations under the Exchange Act, any person engaged in
the distribution of the resale shares may not simultaneously engage in market
making activities with respect to the common stock for the applicable restricted
period, as defined in Regulation M, prior to the commencement of the
distribution.  In addition, the Selling Stockholders will be subject
to applicable provisions of the Exchange Act and the rules and regulations
thereunder, including Regulation M, which may limit the timing of purchases and
sales of shares of the common stock by the Selling Stockholders or any other
person.  We will make copies of this prospectus available to the
Selling Stockholders and have informed them of the need to deliver a copy of
this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    Annex
B

     

    GenSpera,
Inc.

     

    Selling
Stockholder Notice and Questionnaire

     

    The
undersigned beneficial owner of common stock (the “Registrable
Securities”) of GenSpera, Inc., a Delaware corporation (the “Company”),
understands that the Company has filed or intends to file with the Securities
and Exchange Commission (the “Commission”) a
registration statement (the “Registration
Statement”) for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the “Securities Act”), of
the Registrable Securities, in accordance with the terms of the Registration
Rights Agreement (the “Registration Rights
Agreement”) to which this document is annexed.  A copy of the
Registration Rights Agreement is available from the Company upon request at the
address set forth below.  All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Registration Rights
Agreement.

     

    Certain
legal consequences arise from being named as a selling stockholder in the
Registration Statement and the related prospectus.  Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult
their own securities law counsel regarding the consequences of being named or
not being named as a selling stockholder in the Registration Statement and the
related prospectus.

     

    NOTICE

     

    The
undersigned beneficial owner (the “Selling Stockholder”)
of Registrable Securities hereby elects to include the Registrable Securities
owned by it in the Registration Statement.

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    The
undersigned hereby provides the following information to the Company and
represents and warrants that such information is accurate:

     

    QUESTIONNAIRE

     

    
      
        	
                1.

              	
                Name.

              
	 
      	 
      	 
      
	 
      	
                (a)

              	
                Full
      Legal Name of Selling Stockholder

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                (b)

              	
                Full
      Legal Name of Registered Holder (if not the same as (a) above) through
      which Registrable Securities are held:

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                (c)

              	
                Full
      Legal Name of Natural Control Person (which means a natural person who
      directly or indirectly alone or with others has power to vote or dispose
      of the securities covered by this Questionnaire):

              
	 
      	 
      	 
      
	 
      	 
      	 
      

      

    

     

    
      2.  Address
for Notices to Selling Stockholder:

    

     

    
      
        
          	 
      
	 
      
	 
      
	
                  Telephone:

                	 
      

        

      

    

    
      
        	
                Fax:

              	 
      

      

    

    
      
        
          	
                  Contact
      Person:

                	 
      

        

      

    

    

    
      3.  Broker-Dealer
Status:

    

     

    
      	
               
      

            	
              (a)

            	
              Are
      you a broker-dealer?

            

    

     

    Yes   ̈     No    ̈

     

    
      	
               
      

            	
              (b)

            	
              If
      “yes” to Section 3(a), did you receive your Registrable Securities as
      compensation for investment banking services to the
    Company?

            

    

     

    Yes    ̈     No    ̈

     

    
      	
            	
              Note:

            	
              If
      “no” to Section 3(b), the Commission’s staff has indicated that you should
      be identified as an underwriter in the Registration
    Statement.

            

    

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              Are
      you an affiliate of a
broker-dealer?

            

    

     

    Yes    ̈     No    ̈

     

    
      	
               
      

            	
              (d)

            	
              If
      you are an affiliate of a broker-dealer, do you certify that you purchased
      the Registrable Securities in the ordinary course of business, and at the
      time of the purchase of the Registrable Securities to be resold, you had
      no agreements or understandings, directly or indirectly, with any person
      to distribute the Registrable
Securities?

            

    

     

    Yes    ̈     No    ̈

     

    
      	
            	
              Note:

            	
              If
      “no” to Section 3(d), the Commission’s staff has indicated that you should
      be identified as an underwriter in the Registration
    Statement.

            

    

     

    
      4.  Beneficial
Ownership of Securities of the Company Owned by the Selling
Stockholder.

    

     

    Except
as set forth below in this Item 4, the undersigned is not the beneficial or
registered owner of any securities of the Company other than the securities
issuable pursuant to the Purchase Agreement.

     

    
      
        
          
            
              
                
                  	 	
                          (a) 

                        	
                          Type
      and Amount of other securities beneficially owned by the Selling
      Stockholder:  

                        
	 	 	 
	 	 	 
	 	 	 

                

              

            

          

        

      

    

    
      

      
        
          
             

          

          
            23

            
              

            

          

          
             

          

        

      

       

      5.  Relationships
with the Company:

    

     

    Except
as set forth below, neither the undersigned nor any of its affiliates, officers,
directors or principal equity holders (owners of 5% of more of the equity
securities of the undersigned) has held any position or office or has had any
other material relationship with the Company (or its predecessors or affiliates)
during the past three years.

     

    
      
        
          
            
              
                
                  	
                           

                        	
                          State
      any exceptions here:

                        
	 	 
	 	 
	 	 

                

              

            

          

        

      

    

     

    The
undersigned agrees to promptly notify the Company of any inaccuracies or changes
in the information provided herein that may occur subsequent to the date hereof
at any time while the Registration Statement remains effective.

     

    By
signing below, the undersigned consents to the disclosure of the information
contained herein in its answers to Items 1 through 5 and the inclusion of such
information in the Registration Statement and the related prospectus and any amendments or supplements
thereto.  The undersigned understands that such information
will be relied upon by the Company in connection with the preparation or
amendment of the Registration Statement and the related prospectus.

     

    IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice
and Questionnaire to be executed and delivered either in person or by its duly
authorized agent.

     

    
      
        
          
            	
                    Date:

                  	 
      	 
      	
                    Beneficial
      Owner:

                  	 
      

          

        

      

      

      
        
          
            
              
                
                  	 
      	 
      	 
      	

                          By:
      

                        	
                           

                        
	 
      	 
      	 
      	
                           

                        	Name:
	 
      	 
      	 
      	
                           

                        	Title:

                

              

            

          

        

      

    

     

    PLEASE
FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN
THE ORIGINAL BY OVERNIGHT MAIL, TO:

    
      
         

      

      
        24EMPLOYMENT
AGREEMENT

     

    This
Employment Agreement (the “Agreement”),
dated as of September 2, 2009 (the “Effective
Date”), is made by and between GenSpera, Inc., a Delaware corporation
(the “Company”),
and Craig Dionne (“Executive”). 
This Agreement is intended to confirm the understanding and set forth the
agreement between the Company and Executive with respect to Executive’s
employment by the Company.  In consideration of the mutual promises and
covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, the Company and the Executive hereby agree as
follows:

     

    
      	
            	
              1.

            	
               Employment &
      Directorship.

            

    

     

    (a)           Title and
Duties.  Subject to the terms and conditions of this Agreement, the
Company will employ Executive, and Executive will be employed by the Company, as
Chairman and Chief Executive Officer (“CEO”),
reporting to the Board of Directors of the Company (the “Board”). 
Executive will have the responsibilities, duties and authority commensurate with
said position.  Executive will also perform such other services of an
executive nature for the Company as may be reasonably assigned to Executive from
time to time by the Board.

     

    (b)           Devotion to
Duties.  For so long as Executive is employed hereunder, Executive
will devote substantially all of Executive’s business time and energies to the
business and affairs of the Company;  provided
that nothing contained in this Section 1(b) will be deemed to prevent or limit
Executive’s right to manage Executive’s personal investments on Executive’s own
personal time, including, without limitation, the right to make passive
investments in the securities of (i) any entity which Executive does not
control, directly or indirectly, and which does not compete with the Company, or
(ii) any publicly held entity (other than the Company or its related entities)
so long as Executive’s aggregate direct and indirect interest does not exceed
four and 99/100 percent (4.99%) of the issued and outstanding securities of any
class of securities of such publicly held entity.  Except as set forth
on Exhibit
A hereto, Executive represents that Executive is not currently a director
(or similar position) of any other entity and is not employed by or providing
consulting services to any other person or entity, and Executive agrees to
refrain from undertaking any such position or engagement without the prior
approval of the Board, which approval shall not be unreasonably withheld. 
Executive may continue to serve as a director for the entities listed on Exhibit
A  provided that such service does not create any conflicts,
ethical or otherwise, with Executive’s responsibilities to the Company and
further provided that Executive’s time commitments do not unreasonably interfere
with his fulfillment of his responsibilities hereunder, as determined by the
Board or its designated committee thereof.  Executives affiliation
with the entities listed on Exhibit
A are subject to periodic review by the Board or its designated committee
for purpose of compliance with the preceding sentence.

     

    (c)           Directorship. In the
event that Executive is elected to serve on the Company’s Board, the Executive
agrees to accept election, as director of the Company, without any compensation
therefore other than as specified in this Agreement.

    

    
      	
            	
              2. 

            	
              Term of Agreement;
      Termination of Employment.

            

    

     

    (a)         
 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.  Such notice or such termination of this Agreement
shall not on its own have the effect of terminating Executive’s employment, nor
shall it constitute Cause (as defined below).  The duration of this
Agreement is referred to as the “Term.”

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (b)           Termination of
Employment. Subject to the provisions of Section 4, either the
Executive or the Company may terminate the employment relationship at any time
for any reason.  Notwithstanding anything else contained in this Agreement,
Executive’s employment during the Term will terminate upon the earliest to occur
of the following:

     

    (i)              Death. 
Immediately upon Executive’s death;

     

    (ii)            
Termination by the
Company.

     

    (A)         
If because of Disability (as defined below), then upon written notice by the
Company to Executive that Executive’s employment is being terminated as a result
of Executive’s Disability, which termination shall be effective on the date of
such notice;

     

    (B)          
If for Cause (as defined below), then upon written notice by the Company to
Executive that states that Executive’s employment is being terminated for Cause
and sets forth the specific alleged Cause for termination and the factual basis
supporting the alleged Cause, which termination shall be effective on the date
of such notice or such later date as specified in writing by the Board;
or

     

    (C)          
If without Cause (i.e., for reasons other than Sections 2(b)(ii)(A) or (B)),
then upon written notice by the Company to Executive that Executive’s employment
is being terminated without Cause, which termination shall be effective on the
date of such notice or such later date as specified in writing by the Board;
or

     

    (iii)           
Termination by
Executive. 

     

    (A)              If
for Good Reason (as defined below), then upon written notice by Executive to the
Company that states that Executive is terminating Executive’s employment for
Good Reason and sets forth the specific alleged Good Reason for termination and
the factual basis supporting the alleged Good Reason, such termination shall be
effective on the date of such notice; or

     

    (B)               If
without Good Reason, then upon written notice by Executive to the Company that
Executive is terminating Executive’s employment, which termination shall be
effective, at Executive’s election, not less than thirty (30) days and not more
than sixty (60) days after the date of such notice; provided  that
the Executive may request a shorter period subject to Board approval;
and further
provided  that the Board may choose to accept Executive’s
resignation effective as of an earlier date.

     

    Notwithstanding
anything in this Section 2(b), the Company may at any point terminate
Executive’s employment for Cause prior to the effective date of any other
termination contemplated hereunder if such Cause exists.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (c)           Definition of
“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)           Definition of
“Cause”.  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 (including the Proprietary Information, Inventions, and Competition
Agreement attached here as Exhibit
B ), 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.

     

    (e)         Definition of “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 Executive’s Target Annual Bonus as compared to the
Target Annual Bonus set for the previous fiscal year.

     

    (f)           Board
Membership.  Upon termination of Executive’s employment for any
reason, if so requested by a majority of the Board, Executive shall immediately
resign in writing as a director of the Company.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    3.                
Compensation.

     

    (a)           Base Salary. 
While Executive is employed hereunder, the Company will pay Executive a base
salary at the gross annualized rate of $240,000.00 (the “Base
Salary”), paid in accordance with the Company’s usual payroll
practices.  The Base Salary will be subject to review annually or on such
periodic basis (no less than annually) as the Company reviews the compensation
of the Company’s other senior executives and may be adjusted upwards in the sole
discretion of the Board or its designee.  The Company will deduct from each
such installment any amounts required to be deducted or withheld under
applicable law or under any employee benefit plan in which Executive
participates.

     

    (b)           Annual Bonus. 
Executive may be eligible to earn an Annual Bonus relating to each fiscal year,
based on the achievement of individual and Company written goals established on
an annual basis by the Board within thirty (30) days of the beginning of
the fiscal year.  Such goals may include minimum working capital or
other financial requirements as a condition to receiving the Annual
Bonus.  The applicable bonus amount shall be determined at such time
as the Board establishes the written goals for each applicable year (“Target
Annual Bonus”).  Any awarded Annual Bonus shall be paid within
2 1⁄2 months of the year to which it relates.  Notwithstanding the
forgoing, Executive acknowledges that the bonus may be comprised of cash and
non-cash compensation as determined at the sole discretion of the Board or its
designee.

     

    (c)         Discretionary Bonus.
At the sole discretion of the Board, the Executive shall be eligible to receive
an annual discretionary bonus (the “Discretionary
Bonus”) based upon his performance during the prior year.  Any
awarded Discretionary Bonus shall be paid within 2 1⁄2 months of being
granted.  Notwithstanding the forgoing, Executive acknowledges that
the bonus may be comprised of cash or non-cash compensation as determined at the
sole discretion of the Board or its designee.

     

    (d)             Stock Option
Grants.
The Company shall grant Executive the  stock options as provided
for on Exhibit
C  (“Options”).   In connection with such
grants, the Executive shall enter into the Company’s standard stock option
agreement which will incorporate the vesting schedule and other terms described
in Exhibit
C. The Board shall review the aggregate number of stock options granted
to the Executive not less frequently than annually in order to determine whether
an increase in the number thereof is warranted.

    

    (e)           Fringe
Benefits.  In addition to any benefits provided by this Agreement,
Executive shall be entitled to participate generally in all employee benefit,
welfare and other plans, practices, policies and programs (collectively “Benefit
Plans”) and fringe benefits maintained by the Company from time to time
on a basis no less favorable than those provided to other similarly-situated
executives of the Company.  Executive understands that, except when
prohibited by applicable law, the Company’s Benefit Plans and fringe benefits
may be amended, enlarged, diminished or terminated prospectively by the Company
from time to time, in its sole discretion, and that such shall not be deemed to
be a breach of this Agreement.  Executive acknowledges that at
present, the Company does not maintain any Benefit Plans and nothing contained
herein shall obligate the Company to establish any such plans.

     

    (f)           Paid Time Off. 
Executive will be entitled to an initial thirty (30) days of Paid Time Off
(“PTO”) per
year, administered in accordance with and subject to the terms of the Company’s
PTO policy, as it may be amended prospectively from time to
time.  Executive is entitled to accrue additional PTO days for any
days not taken in the prior year provided that in no event shall Executive be
entitled to more than forty five (45) PTO days per any calendar
year.

     

    (g)           Reimbursement of
Expenses.  The Company will promptly reimburse Executive for all
ordinary and reasonable out-of-pocket business expenses that are incurred by
Executive in furtherance of the Company’s business in accordance with the
Company’s policies with respect thereto as in effect from time to
time.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    4.             Compensation Upon
Termination.

     

    (a)           Definition of Accrued
Obligations.  For purposes of this Agreement, “Accrued
Obligations ” means (i) the portion of Executive’s Base Salary that has
accrued prior to any termination of Executive’s employment with the Company and
has not yet been paid; (ii) to the extent required by law and the Company’s
policy, an amount equal to the value of Executive’s accrued but unused PTO days;
(iii) the amount of any expenses properly incurred by Executive on behalf of the
Company prior to any such termination and not yet reimbursed; (iv) the Annual
Bonus related to the most recently completed fiscal year, if not already paid
and if the termination is not for Cause (the amount of which shall be determined
in accordance with Section 3(b) above); (v) any accrued but unused PTO days; and
(vi) any applicable Discretionary Bonus previously awarded, if not already
paid and if the termination is not for Cause.  Executive’s entitlement
to any other compensation or benefit under any plan or policy of the Company,
including but not limited to applicable equity compensation plans, shall be
governed by and determined in accordance with the terms of such plans or
policies, except as otherwise specified in this Agreement.

     

    (b)           Termination for Cause, By
the Executive
without Good Reason, or as a Result of
Executive’s Disability or Death.

     

    (i)           
If Executive’s employment is terminated during the Term either by the Company
for Cause or by Executive without Good Reason, or if Executive’s employment
terminates as a result of the Executive’s death, the Company will pay the
Accrued Obligations to Executive, or his estate, promptly following the
effective date of such termination.

     

    (ii)          
In case of termination during the Term by the Company as a result of the
Executive’s Disability, the Company will pay Executive the Accrued Obligations
plus an amount equal to twelve (12) months of Executive’s then-current Base
Salary.

     

    (c)           Termination by the Company
without Cause
or by Executive with Good Reason.  If Executive’s employment is
terminated by the Company without Cause or by Executive with Good Reason, during
the Term, then:

     

    (i)           
The Company will pay the Accrued Obligations to Executive promptly following the
effective date of such termination;

     

    (ii)          
The Company will pay Executive a total amount equal to thirty six (36) months of
Executive’s then current Base Salary, less applicable taxes and deductions; to
be made in approximately equal biweekly installments in accordance with the
Company’s usual payroll practices over a period of thirty six (36) months
beginning after the effective date of the separation agreement described in
Section 4(d);

     

    (iii)         
The Company will continue to provide medical insurance coverage for Executive
and Executive’s family, subject to the requirements of COBRA and subject to
Executive’s payment of a premium co-pay related to the coverage that is no less
favorable than the premium co-pay charged to active employees of the Company
electing the same coverage, for thirty six (36) months from the Separation
Date; provided
, that the Company shall have no obligation to provide such coverage if
Executive fails to elect COBRA benefits in a timely fashion or if Executive
becomes eligible for medical coverage with another employer.  In the
event the Company does not provide medical insurance coverage to its employees
but instead provides for expense reimbursement in connection with the such
premiums, the Company will continue to reimburse Execute for such premiums for a
period of thirty six (36) months; and

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (iv)         
That portion of unvested or restricted securities then held by Executive,
whether granted herein or subsequently, if any, shall vest and be immediately
exercisable as of the date of the employment termination.  All options and
shares of restricted stock shall otherwise be subject to the terms and
conditions of their respective agreements and with the applicable
plan.

     

    (d)           Release of Claims/Board
Resignation.  The Company shall not be obligated to pay Executive
any of the compensation or provide Executive any of the benefits set forth in
Section 4(b)(i) or 4(c) (other than the Accrued Obligations) unless and until
Executive has (i) executed a timely separation agreement in a form acceptable to
the Company, which shall include a release of claims between the Company and the
Executive and may include provisions regarding mutual non-disparagement and
confidentiality; and (ii) resigned from the Board, if so requested pursuant to
Section 2(e).

     

    (e)           Other Payments or Benefits
Owing.  The payments and benefits set forth in this Section 4 shall
be in addition to any payments or benefits owing to Executive pursuant to a
severance agreement.  Executive shall not be eligible for any other
payments, including but not limited to additional Base Salary payments,
bonuses, commissions, or other forms of compensation or benefits, except as
may otherwise be set forth in this Agreement, other agreements between the
Company and Executive, including severance agreements, or in Company plan
documents with respect to plans in which Executive is a
participant.

     

    (f)           
Notwithstanding any other provision with respect to the timing of payments under
Section 4, 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 Section 4 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 Section 4.

     

    5.             Competition.  Executive agrees to
sign and return to the Company the Proprietary Information, Inventions, and
Competition Agreement (the “Proprietary Information Agreement”) attached hereto
as Exhibit B
concurrently with the execution of this 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.

     

    6.             Property and
Records.  Upon termination of Executive’s employment hereunder for
any reason or for no reason, Executive will deliver to the Company any property
of the Company which may be in Executive’s possession, including blackberry-type
devices, laptops, cell phones, products, materials, memoranda, notes, records,
reports or other documents or photocopies of the same.

     

    7.            
General.

     

    (a)           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.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (b)           Entire
Agreement/Modification.  This Agreement, together with the
Proprietary Information Agreement attached hereto, and the other agreements
specifically referred to herein, embodies the entire agreement and understanding
between the parties hereto and supersedes all prior oral or written agreements
and understandings relating to the subject matter hereof.  No statement,
representation, warranty, covenant or agreement of any kind not expressly set
forth in this Agreement (or in a subsequent written modification or amendment
executed by the parties hereto) will affect, or be used to interpret, change or
restrict, the express terms and provisions of this Agreement.

     

    (c)           Waivers and
Consents.  The terms and provisions of this Agreement may be waived,
or consent for the departure therefrom granted, only by written document
executed by the party entitled to the benefits of such terms or provisions. No
such waiver or consent will be deemed to be or will 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 will be effective only in the
specific instance and for the purpose for which it was given, and will not
constitute a continuing waiver or consent.

     

    (d)           Assignment and Binding
Effect.  The Company may assign its rights and obligations hereunder
to any person or entity that succeeds to all or substantially all of the
Company’s business or that aspect of the Company’s business in which Executive
is principally involved.  Executive may not assign Executive’s rights and
obligations under this Agreement without the prior written consent of the
Company.  This Agreement shall be binding upon Executive, Executive’s
heirs, executors and administrators and the Company, and its successors and
assigns, and shall inure to the benefit of Executive, Executive’s heirs,
executors and administrators and the Company, and its successors and
assigns.

     

    (e)          
Indemnification.  Executive shall be entitled to the same rights, if
any, to indemnification and coverage under the Company’s Directors and Officers
Liability Insurance policies as they may exist from time to time to the same
extent as other officers and directors of the Company.

     

    (f)            Governing Law. 
This Agreement and the rights and obligations of the parties hereunder will be
construed in accordance with and governed by the law of Texas, without giving
effect to conflict of law principles.

     

    (g)           Severability. 
The parties intend this Agreement to be enforced as written. However, should any
provisions of this Agreement be held by a court of law to be illegal, invalid or
unenforceable, the legality, validity and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired
thereby.

     

    (h)         Headings and
Captions.  The headings and captions of the various subdivisions of
this Agreement are for convenience of reference only and will in no way modify
or affect the meaning or construction of any of the terms or provisions
hereof.

     

    8.          
     Counterparts. 
This Agreement may be executed in two or more counterparts, and by different
parties hereto on separate counterparts, each of which will be deemed an
original, but all of which together will constitute one and the same
instrument.  For all purposes a signature by fax shall be treated as an
original.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

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

     

    
      
        
          
            
              	
                      EXECUTIVE

                    	 	
                      GENSPERA,
      INC.

                    
	 
      	 	 
      
	
                        

                    	 	
                      By:

                    	 
      
	
                      (Signature)

                    	 	 
      	
                      John
      Farah, Director

                    
	
                      Print
      Name: Craig Dionne

                    	 	 
      	 
      

            

          

        

      

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Exhibit
A

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit B

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit C

     

    Prior Performance
Grant

     

    As
partial compensation for services rendered by Executive during 2007 and 2008,
the Company shall grant Executive a stock option to purchase 300,000 shares of
the Company’s common stock, par value $0.01 per share (the “Common
Stock”) at an exercise price of $1.65 per share (the “Option”).
The Option shall be governed by the Company’s 2009 Executive Compensation Plan
(the “Plan”).  The
Option shall be 100% vested on the Effective Date of this
Agreement.  The Option shall have a term of 7 years from date of
grant. The vested Performance Options shall remain exercisable for: (i) the
remaining term of the option if Executive is no longer employed by the Company
as a result of terminated without Cause or with Good Reason.  In the
event Executive is no longer employed for any other reason such as death or
disability, the terms of the Plan shall govern.  In connection with
such grant, the Executive shall enter into the Company’s standard stock option
agreement which will incorporate the terms described in this
paragraph.

     

    Inducement
Grant

     

    As an
inducement for entering into the Agreement, Executive shall be granted a stock
option to purchase 200,000 shares of Common Stock at an exercise price of $1.65
per share (the “Inducement Option”).
The Inducement Option shall be governed by the Plan. .  The Inducement
Option shall be 100% vested on the grant date and have a term of 7
years.  The vested Performance Options shall remain exercisable for:
(i) the remaining term of the option if Executive is no longer employed by the
Company as a result of terminated without Cause or with Good
Reason.  In the event Executive is no longer employed for any other
reason such as death or disability, the terms of the Plan shall
govern.   In connection with such grant, the Executive shall
enter into the Company’s standard stock option agreement which will incorporate
the terms described in this paragraph.

     

    Performance
Grant

     

    The
Company shall grant Executive a stock option to purchase 500,000 shares of
Common Stock at an exercise price of $1.65 per share (the “Performance
Option”).
The Performance Option shall be governed by the Plan.  For so long as the
Executive is an employee of the Company, the Performance Option shall vest, if
at all, upon the following milestones being achieved:

    

    
      	
               
      

            	
              ·

            	
              150,000
      upon: (i) the Company’s Common Stock becoming listed on a national
      exchange or on the Over-the-Counter Bulletin Board; and (ii) the
      enrollment of the first patient in a Phase 1 clinical trial for
      G-202.

            

    

    

    
      	
               
      

            	
              ·

            	
              200,000
      upon: (i) enrollment of first patient in a second Phase 1 clinical trial;
      (ii) enrollment of first patient in a Phase II clinical trial or an
      expanded cohort in a Phase 1B clinical trial;  or (iii)
      enrollment of tenth patient in a Phase II clinical trial or in an expanded
      cohort in a phase 1B clinical
trial.

            

    

    

    
      	
               
      

            	
              ·

            	
              150,000
      upon an additional: (i) enrollment of first patient in a second Phase 1
      clinical trial; (ii) enrollment of first patient in a Phase II clinical
      trial or an expanded cohort in a Phase 1B clinical trial;  or
      (iii) enrollment of tenth patient in a Phase II clinical trial or in an
      expanded cohort in a phase 1B clinical trial. (for purposes of
      clarity, these milestones are in additional to those required for the
      vesting of options to purchase 200,000 shares of Common Stock as contained
      in the paragraph immediately
above)

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Subject
to any applicable acceleration provisions contained in this Agreement or the
Severance Agreement, upon termination of Executive’s employment with the
Company, Executive’s rights to any portion of the Performance Option that has
not yet vested as of the date of such termination shall not vest and all of
Executive’s rights to such unvested portion of the Option shall terminate.
 In the event of a Change of Control (as such term is defined in the Plan),
the entire Option shall vest and become immediately exercisable. The Option
shall have a term of 7 years from date of grant.  The vested
Performance Options shall remain exercisable for: (i) the remaining term of the
option if Executive is no longer employed by the Company as a result of
terminated without Cause or with Good Reason.  In the event Executive
is no longer employed for any other reason such as death or disability, the
terms of the Plan shall govern.  In connection with such grant, the
Executive shall enter into the Company’s standard stock option agreement which
will incorporate the foregoing vesting schedule and other terms described in
this section.

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