Document:

Unassociated Document

    

      WARRANT
AMENDMENT AGREEMENT

      

      THIS WARRANT AMENDMENT AGREEMENT
(“Amendment”)
is made as of this 11th day of February, 2009 by and among Novelos Therapeutics,
Inc., a Delaware corporation (the “Company”)
and the undersigned holders of warrants to purchase 7,500,000 shares of the
Company’s common stock dated May 2, 2007 (the “Series B
Warrants”) issued pursuant a certain Securities Purchase Agreement, dated
as of April 12, 2007, by and among the Corporation and the Investors signatory
thereto (as amended on May 2, 2007, the “Series
B Purchase
Agreement”).  All capitalized terms used but not defined herein
shall have the meanings ascribed thereto in the Series B Warrants.

      

      WHEREAS, pursuant to Section
21 of the Series B Warrants, the Series B Warrants may amended with the written
consent of the Company and the Requisite Holders (as such term is defined in the
Series B Purchase Agreement) and any such amendment shall apply to all of the
Series B Warrants; and

      

      WHEREAS, the Company and the
undersigned holders of Series B Warrants, which holders include the Requisite
Holders, desire to amend the Series B Warrants;

       

      NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree that the Series B Warrants are hereby
amended as follows:

      

      1)           The
Expiration Date, as defined in Paragraph 1, is hereby changed to December 31,
2015 from April 11, 2013.

      

      6)           Section
20 is hereby deleted in its entirety.

      

      [The
remainder of this page is intentionally left blank.]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      IN WITNESS WHEREOF, the undersigned
have executed this Warrant Amendment Agreement or caused its duly authorized
officers to execute this Warrant Amendment  Agreement as of the date
first above written.

      

      
        
          	
                  NOVELOS
      THERAPEUTICS, INC.

                
	 
      	 
      
	
                  By:

                	
                  /s/ Harry S.Palmin

                
	
                  Name:  Harry S.
  Palmin

                
	
                  Title:  President and
  CEO

                

        

      

      

      WARRANTHOLDERS

      

      
        
          	
                  Xmark
      Opportunity Fund, Ltd.

                	 
      	
                  Caduceus
      Capital Master Fund Limited

                
	
                  Xmark
      Opportunity Fund, L.P.

                	 
      	
                  Caduceus
      Capital II, L.P.

                
	
                  Xmark
      JV Investment Partners, LLC

                	 
      	
                  UBS
      Eucalyptus Fund, L.L.C.

                
	 
      	 
      	
                  PW
      Eucalyptus Fund, Ltd.

                

        

      

      

      
        
          
            
              
                
                  
                    	
                            By:

                          	
                              /s/
      Mitchell D. Kaye

                          	 
      	
                            By:

                          	
                            /s/ Samuel D. Isaly

                          
	
                            Name:  Mitchell D. Kaye

                          	 
      	
                            Name:  Samuel D.
  Isaly

                          
	
                            Title:
      Authorized
      Signatory

                          	 
      	
                            Title:
      Managing Partner, Orbimed
      Advisors

                          

                  

                

              

            

          

        

      

      

      
        
          
            	
                    Knoll
      Special Opportunities Fund II Master

                  	 
      	
                    Hunt-BioVentures,
      L.P.

                  
	
                    Fund,
      Ltd. (1)

                  	 
      	
                    By :  HBV
      GP, L.L.C, its General Partner

                  
	
                    Europa
      International, Inc.

                  	 
      	 
      

          

        

      

      

      
        
          
            	
                    By:

                  	
                    /s/ Fred Knoll

                  	 
      	
                    By:

                  	
                      /s/ J.Fulton Murray,
      III

                  
	
                    Name:  Fred Knoll

                  	 
      	
                    Name:  J. Fulton Murray,
      III

                  
	
                    Title:
      Portfolio
      Manager

                  	 
      	
                    Title:  Manager

                  

          

        

      

      

      (1)
Formerly Knoll Capital Fund II Master Fund, Ltd.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      WARRANT
AMENDMENT AGREEMENT

      

      THIS WARRANT AMENDMENT AGREEMENT
(“Amendment”)
is made as of this 11th day of February, 2009 by and among Novelos Therapeutics,
Inc., a Delaware corporation (the “Company”)
and the undersigned holders of warrants to purchase 4,365,381 shares of the
Company’s common stock dated April 11, 2008 (the “Series D
Warrants”) issued pursuant a certain Securities Purchase Agreement, dated
as of March 26, 2008, by and among the Corporation and the Investors signatory
thereto (as amended on April 9, 2008, the “Series
D Purchase
Agreement”).  All capitalized terms used but not defined herein
shall have the meanings ascribed thereto in the Series D Warrants.

      

      WHEREAS, pursuant to Section
21 of the Series D Warrants, the Series D Warrants may amended with the written
consent of the Company and the Requisite Holders (as such term is defined in the
Series D Purchase Agreement) and any such amendment shall apply to all of the
Series D Warrants; and

      

      WHEREAS, the Company and the
undersigned holders of Series D Warrants, which holders include the Requisite
Holders, desire to amend the Series D Warrants;

       

      NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree that the Series D Warrants are hereby
amended as follows:

      

      1)           The
Expiration Date, as defined in Paragraph 1, is hereby changed to December 31,
2015 from April 11, 2013.

      

      6)           Section
20 is hereby deleted in its entirety.

      

      [The
remainder of this page is intentionally left blank.]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      IN WITNESS WHEREOF, the undersigned
have executed this Warrant Amendment Agreement or caused its duly authorized
officers to execute this Warrant Amendment  Agreement as of the date
first above written.

      

      
        
          	
                  NOVELOS
      THERAPEUTICS, INC.

                
	 
      	 
      
	
                  By:

                	
                  /s/ Harry S. Palmin

                
	
                  Name:  Harry S.
  Palmin

                
	
                  Title:  President and
  CEO

                

        

      

      

      WARRANTHOLDERS

      

      
        
          
            	
                    Xmark
      Opportunity Fund, Ltd.

                  	 
      	
                    Caduceus
      Capital Master Fund Limited

                  
	
                    Xmark
      Opportunity Fund, L.P.

                  	 
      	
                    Caduceus
      Capital II, L.P.

                  
	
                    Xmark
      JV Investment Partners, LLC

                  	 
      	
                    UBS
      Eucalyptus Fund, L.L.C.

                  
	 
      	 
      	
                    PW
      Eucalyptus Fund, Ltd.

                  
	 
      	 
      	
                    Summer
      Street Life Sciences Hedge Fund

                  
	 
      	 
      	
                    Investors,
      LLC

                  

          

        

      

      

      
        
          
            	
                    By:

                  	
                      /s/ Mitchell D.
      Kaye

                  	 
      	
                    By:

                  	
                    /s/ Samuel D. Isaly

                  
	
                    Name:  Mitchell D. Kaye

                  	 
      	
                    Name:  Samuel D.
  Isaly

                  
	
                    Title:
      Authorized
      Signatory

                  	 
      	
                    Title:
      Managing Partner, Orbimed
      Advisors

                  

          

        

      

      

      
        
          	
                  Knoll
      Special Opportunities Fund II Master

                	 
      	
                  Hunt-BioVentures,
      L.P.

                
	
                  Fund,
      Ltd. (1)

                	 
      	
                  By :  HBV
      GP, L.L.C, its General Partner

                
	
                  Europa
      International, Inc.

                	 
      	 
      

        

      

      

      
        
          
            	
                    By:

                  	
                    /s/ Fred Knoll

                  	 
      	
                    By:

                  	
                    /s/ J. Fulton Murray,
III

                  
	
                    Name:  Fred
      Knoll

                  	 
      	
                    Name:  J. Fulton Murray,
      III

                  
	
                    Title:
      Portfolio
      Manager

                  	 
      	
                    Title:  Manager

                  

          

        

      

      

      (1)
Formerly Knoll Capital Fund II Master Fund, Ltd.AMENDMENT
NO. 2

    TO

    REGISTRATION
RIGHTS AGREEMENT

    

    This
AMENDMENT TO REGISTRATION RIGHTS AGREEMENT (the “Amendment”) dated as
of February 11, 2009, is entered into by and between Novelos Therapeutics, Inc.,
a Delaware Corporation (the “Company”) and the
entities listed on the signature pages hereto (collectively, the “Series D
Holders”).

     

    WHEREAS,
the Company and the Series D Holders have entered into that certain Registration
Rights Agreement, dated as of May 2, 2007, as amended on April 11, 2008 (as so
amended, the “Registration
Agreement”);

     

    WHEREAS,
pursuant to Section 7(a) of the Registration Agreement, the Registration
Agreement may be amended with the written consent of the Company and the
Requisite Holders (as defined in the Registration Agreement);

     

    WHEREAS,
the Company and the Series D Holders, which holders include the Requisite
Holders, desire to amend the Registration Agreement as hereinafter set
forth.

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the parties hereto agree as follows:

     

    1.    Amendment. The
Registration Agreement is hereby amended by deleting the definition of
“Registrable Securities” therein and replacing it with the following
definition:

     

    “Registrable
Securities” shall mean 12,000,000 shares of Common Stock (subject to
adjustment in the event of stock splits, stock dividends or similar transactions
with respect to the Common Stock) issuable upon conversion of the Company’s
Series E Convertible Preferred Stock, $.00001 par value per share (the “Series E
Preferred Stock”), which Series E Preferred Stock was issued in exchange for
shares of the Company’s Series D Convertible Preferred Stock, $.00001 par value
per share, pursuant to that certain Consent and Exchange Agreement dated as of
the date hereof by and among the Company and the other parties thereto, the
offer and sale of which shares of Common Stock are currently registered under
the Securities Act pursuant a Registration Statement on Form S-1 (Registration
No. 333-143263); provided, that, a security
shall cease to be a Registrable Security upon sale pursuant to a Registration
Statement.

     

    2.    Applicable Law. This
Amendment shall be governed by, and construed and enforced in accordance with,
the substantive laws of the State of New York, without regard to its principles
of conflicts of laws.

     

    3.    Effect on Registration
Agreement. Except as modified hereby, the Registration Agreement shall
remain in full force and effect.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.    Counterparts. This
Amendment may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall be deemed to constitute one
instrument.

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF the undersigned have executed this Amendment to the Registration
Rights Agreement as of the date first above written.

    

    
      
        
          
            	
                    NOVELOS
      THERAPEUTICS, INC.

                  
	 
      	 
      
	
                    By:

                  	
                    /s/
      Harry S. Palmin

                  	 
      
	
                    Name:  Harry
      S. Palmin

                  
	
                    Title:    President
      and CEO

                  

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  SERIES
      D HOLDERS:

                                	 
      	 
      
	 
      	 
      	 
      
	
                                  Xmark
      Opportunity Fund, Ltd.

                                	 
      	
                                  Caduceus
      Capital Master Fund Limited

                                
	
                                  Xmark
      Opportunity Fund, L.P.

                                	 
      	
                                  Caduceus
      Capital II, L.P.

                                
	
                                  Xmark
      JV Investment Partners, LLC

                                	 
      	
                                  UBS
      Eucalyptus Fund, L.L.C.

                                
	 
      	 
      	
                                  PW
      Eucalyptus Fund, Ltd.

                                
	 
      	 
      	 
      
	
                                  By:

                                	
                                  /s/
      Mitchell D. Kaye

                                	 
      	 
      	
                                  By:

                                	
                                  /s/
      Samuel D. Isaly  

                                
	
                                  Name:

                                	
                                  Mitchell
      D. Kaye

                                	 
      	 
      	
                                  Name: 

                                	
                                  Samuel D. Isaly
       

                                
	
                                  Title:

                                	
                                  Authorized
      Signatory

                                	 
      	 
      	
                                  Title: 

                                	
                                  Managing Partner, Orbimed
      Advisors
 

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                Knoll
      Special Opportunities Fund II Master

                                Fund,
      Ltd.

                              	 
      	
                                Hunt-BioVentures,
      L.P.

                              
	
                                Europa
      International, Inc. (1)

                              	 
      	
                                By :
      HBV GP, L.L.C, its General Partner

                              
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                By:

                              	
                                /s/
      Fred Knoll

                              	 
      	 
      	
                                By:

                              	
                                /s/
      J. Fulton Murray, III

                              	 
      
	
                                Name: 

                              	
                                Fred
      Knoll

                              	 
      	 
      	
                                Name:

                              	
                                J.
      Fulton Murray, III

                              	 
      
	
                                Title:

                              	
                                Portfolio
      Manager 

                              	 
      	 
      	
                                Title:

                              	
                                Manager 

                              	 
      

                      

                    

                  

                

              

            

          

        

      

    

    

    (1)
Formerly Knoll Capital Fund II Master Fund Ltd.

    
      
         

      

      
        - 3
-

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