Document:

INDEMNIFICATION
AGREEMENT

    

                This
Indemnification Agreement ("Agreement") is entered into
as of the ___ day of ______________, 200__ by and between GenSpera, Inc., a
Delaware corporation (the
“Company”), and _______________ ( "Indemnitee" ).

    

    RECITALS

    

                A.              The
Company and Indemnitee recognize the continued difficulty in obtaining liability
insurance for the Company's directors and officers, the significant increases in
cost of such insurance and the general reductions in the coverage of such
insurance.

    

                B.               The
Company and Indemnitee further recognize the substantial increase in corporate
litigation in general, subjecting directors and officers to expensive litigation
risks at the same time as the availability and coverage of liability insurance
has been severely limited.

    

                C.               The
Company desires to attract and retain the services of highly qualified
individuals, such as Indemnitee, to serve the Company and, in part, in order to
induce Indemnitee to continue to provide services to the Company, wishes to
provide for the indemnification and advancing of expenses to Indemnitee to the
maximum extent permitted by law.

    

                D.               In
view of the considerations set forth above, the Company desires that Indemnitee
be indemnified by the Company as set forth herein.

    

                NOW,
THEREFORE, the Company and Indemnitee hereby agree as follows:

    

    AGREEMENT

    

                1.                Indemnification.

    

                     (a)         Indemnification of
Expenses. The Company shall indemnify Indemnitee to the fullest extent
permitted by law if Indemnitee was or is or becomes a party to or witness or
other participant in, or is threatened to be made a party to or witness or other
participant in, any threatened, pending or completed action, suit, proceeding or
alternative dispute resolution mechanism, or any hearing, inquiry or
investigation that Indemnitee in good faith believes might lead to the
institution of any such action, suit, proceeding or alternative dispute
resolution mechanism, whether civil, criminal, administrative, investigative or
other (hereinafter a
"Claim") by reason of (or arising in part out of) any event or occurrence
related to the fact that Indemnitee is or was a director or officer of the
Company, or any subsidiary of the Company, or is or was serving at the request
of the Company as a director, officer, employee, agent or fiduciary of another
corporation, partnership, joint venture, trust or other enterprise, or by reason
of any action or inaction on the part of Indemnitee while serving in such
capacity (hereinafter an  "Indemnifiable
Event" ) against any and all expenses (including attorneys' fees and all
other costs, expenses and obligations incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or
preparing to defend, be a witness in or participate in, any such action, suit,
proceeding, alternative dispute resolution mechanism, hearing, inquiry or
investigation), losses, claims, damages, liabilities, judgments, fines,
penalties and amounts paid in settlement (if such settlement is approved in
advance by the Company, which approval shall not be unreasonably withheld) of
such Claim and any federal, state, local or foreign taxes imposed on Indemnitee
as a result of the actual or deemed receipt of any payments under this
Agreement, including all interest, assessments and other charges paid or payable
in connection with or in respect of such Expenses (collectively,
hereinafter "Expenses")
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company, and, with respect
to any criminal action, suit or proceeding, Indemnitee had no reasonable cause
to believe Indemnitee's conduct was unlawful.

    
      
         

      

      
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                     (b)        Mandatory Payment of
Expenses. Notwithstanding any other provision of this Agreement other
than Section 7 hereof, to the extent that Indemnitee has been successful on the
merits or otherwise, including, without limitation, the dismissal of a
Claim without prejudice, in defense of any Claim referred to in Section (1)(a)
hereof or in the defense of any Claim, issue or matter therein, Indemnitee shall
be indemnified against all Expenses incurred by Indemnitee in connection
therewith.

    

                2.               Expenses; Indemnification
Procedure.

    

                     (a)         Advancement of
Expenses. The Company shall pay all Expenses incurred by Indemnitee in
connection with the investigation, defense, settlement or appeal of any civil or
criminal Claim referenced in Section 1(a) hereof in advance of the final
disposition of such Claim. Indemnitee hereby undertakes to repay such amounts
advanced only if, and to the extent that, it shall ultimately be determined that
Indemnitee is not entitled to be indemnified by the Company as authorized
hereby. The advances to be made hereunder shall be paid by the Company to
Indemnitee following a request therefor, but in any event no later than sixty
days after receipt by the Company of written demand from Indemnitee for such
advances.

    

                     (b)        Notice/Cooperation by
Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee's
right to be indemnified under this Agreement, give the Company notice in writing
as soon as practicable of any Claim made against Indemnitee for which
indemnification or advancement will or could be sought under this Agreement.
Notice to the Company shall be directed to the General Counsel of the Company at
the address shown on the signature page of this Agreement (or such other address
as the Company shall designate in writing to Indemnitee). In addition,
Indemnitee shall give the Company such information and cooperation as it may
reasonably require and as shall be within Indemnitee's power.

    

                     (c)         Procedure. Any
indemnification and advances of Expenses provided for in Section 1 and Section 2
of this Agreement shall be paid by the Company to Indemnitee as soon as
practicable after receipt of written request from Indemnitee for such
indemnification or advances along with appropriate written documentation
verifying such Expenses, but in any event no later than sixty days after receipt
of such request. If the Company believes that Indemnitee has not met the
standards of conduct which make it permissible under applicable law for the
Company to indemnify Indemnitee for the Expenses claimed, the Company may file
an action in the Court of Chancery of the State of Delaware to obtain a
declaratory judgment that Indemnitee is not entitled under applicable law to
receive indemnification or advancement from the Company (hereinafter a “Declaratory Action”). If the
Company files a Declaratory Action, Indemnitee shall be entitled to receive
interim payments of Expenses pursuant to Subsection 2(a) including Expenses
incurred in defending a Declaratory Action unless and until the Court of
Chancery of the State of Delaware issues an order or judgment that Indemnitee is
not entitled under applicable law to receive indemnification or advancement from
the Company. If the Court of Chancery of the State of Delaware issues an order
or judgment in a Declaratory Action that Indemnitee is not entitled under
applicable law to receive indemnification or advancement from the Company, the
Company shall have no further obligation under this Agreement, the Company's
Certificate of Incorporation, the Company Bylaws or any other applicable law,
statute or rule to provide indemnification or advances of Expenses to Indemnitee
and Indemnitee shall be responsible for repaying all such amounts previously
advanced to Indemnitee as provided in Section 2(a).

    

                     (d)        No Presumptions. For
purposes of this Agreement, the termination of any Claim by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a
plea of nolo contendere, or its equivalent, shall not create a presumption that
Indemnitee did not meet any particular standard of conduct or have any
particular belief or that a court has determined that indemnification is not
permitted by applicable law. In addition, neither the failure of the Company
(including its Board of Directors, any committee or subgroup of the Board of
Directors, independent legal counsel, or its stockholders) to have made a
determination that indemnification of Indemnitee is proper in the circumstances
because Indemnitee has met the applicable standard of conduct required by
applicable law, nor an actual determination by the Company (including its Board
of Directors, any committee or subgroup of the Board of Directors, independent
legal counsel, or its stockholders) that Indemnitee has not met such applicable
standard of conduct, shall create a presumption that Indemnitee has or has not
met the applicable standard of conduct.

    
      
         

      

      
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                     (e)         Burden of Proof. In a
Declaratory Action, the burden of proof shall be on the Company to establish
that Indemnitee is not entitled to indemnification or advances.

    

                     (f)         Notice to Insurers.
If, at the time of the receipt by the Company of a notice of a Claim pursuant to
Section 2(b) hereof, the Company has liability insurance in effect which may
cover such Claim, the Company shall give prompt notice of the commencement of
such Claim to the insurers in accordance with the procedures set forth in the
respective policies. The Company shall thereafter take all necessary or
desirable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such Claim in accordance with the terms of such
policies.

    

                     (g)        Selection of Counsel.
In the event the Company shall be obligated hereunder to pay the Expenses of any
Claim, the Company shall be entitled to assume the defense of such Claim with
counsel approved by Indemnitee, which approval shall not be unreasonably
withheld, upon the delivery to Indemnitee of written notice of its election so
to do. After delivery of such notice, approval of such counsel by Indemnitee and
the retention of such counsel by the Company, the Company will not be liable to
Indemnitee under this Agreement for any fees of counsel subsequently incurred by
Indemnitee with respect to the same Claim. Notwithstanding the Company's
assumption of the defense of any Claim, the Company shall be obligated to pay
the Expenses of any Claim if (A) the employment of counsel by Indemnitee has
been previously authorized by the Company, (B) the Company shall have reasonably
concluded that there is a conflict of interest between the Company and
Indemnitee in the conduct of any such defense such that Indemnitee needs to be
separately represented, or (C) the Company shall not continue to retain counsel
to defend such Claim, then the fees and expenses of counsel retained by
Indemnitee shall be at the expense of the Company. The Company shall have the
right to conduct such defense as it sees fit in its sole discretion, including
the right to settle any Claim against Indemnitee without the consent of the
Indemnitee.

    

                3.               Additional Indemnification
Rights; Nonexclusivity.

    

                     (a)         Scope. The Company
hereby agrees to indemnify Indemnitee to the fullest extent permitted by law,
notwithstanding that such indemnification is not specifically authorized by the
other provisions of this Agreement, the Company's Certificate of Incorporation,
the Company's Bylaws or by statute. In the event of any change after the date of
this Agreement in any applicable law, statute or rule which expands the right of
a Delaware corporation to indemnify a member of its Board of Directors or an
officer, employee, agent or fiduciary, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits afforded by
such change. In the event of any change in any applicable law, statute or rule
which narrows the right of a Delaware corporation to indemnify a member of its
Board of Directors or an officer, employee, agent or fiduciary, such change, to
the extent not otherwise required by such law, statute or rule to be applied to
this Agreement, shall have no effect on this Agreement or the parties' rights
and obligations hereunder except as set forth in Section 7(a)
hereof.

    

                     (b)        Nonexclusivity. The
indemnification provided by this Agreement shall be in addition to any rights to
which Indemnitee may be entitled under the Company's Certificate of
Incorporation, its Bylaws, any agreement, any vote of stockholders or
disinterested directors, the General Corporation Law of the State of Delaware,
or otherwise. The indemnification provided under this Agreement shall continue
as to Indemnitee for any action Indemnitee took or did not take while serving in
an indemnified capacity even though Indemnitee may have ceased to serve in such
capacity.

    

                4.               No Duplication of
Payments. The Company shall not be liable under this Agreement to make
any payment in connection with any Claim made against Indemnitee to the extent
Indemnitee has otherwise actually received payment (under any insurance policy,
Certificate of Incorporation, Bylaw or otherwise) of the amounts otherwise
indemnifiable hereunder.

    

                5.               Partial
Indemnification. If Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for a portion of Expenses incurred
in connection with any Claim, but not, however, for the total amount thereof,
the Company shall nevertheless indemnify Indemnitee for the portion of such
Expenses to which Indemnitee is entitled.

    
      
         

      

      
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                6.               Mutual
Acknowledgement. Both the Company and Indemnitee acknowledge that in
certain instances, Federal law or applicable public policy may prohibit the
Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the
future to undertake with the Securities and Exchange Commission to submit the
question of indemnification to a court in certain circumstances for a
determination of the Company's right under public policy to indemnify
Indemnitee.

    

                7.               Exceptions. Any other
provision herein to the contrary notwithstanding, the Company shall not be
obligated pursuant to the terms of this Agreement:

    

                     (a)         Excluded Action or
Omissions. To indemnify (i) any Claim by or in the right of the Company
as to which Indemnitee shall have been adjudged to be liable to the Company
unless and to the extent that the Court of Chancery of the State of Delaware or
such other court in which such Claim was brought, shall determine upon
application that despite the adjudication of liability, in view of all the
circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnity for such Expenses such court shall deem proper, or (ii) any other
acts, omissions or transactions from which Indemnitee may not be relieved of
liability under Applicable law;

    

                     (b)        Claims Initiated by
Indemnitee. To indemnify or advance expenses to Indemnitee with respect
to Claims initiated or brought voluntarily by Indemnitee and not by way of
defense, except (i) with respect to Claims brought to establish or enforce a
right to indemnification or advancement under this Agreement or any other
agreement or insurance policy or under the Company's Certificate of
Incorporation or Bylaws, as now or hereafter in effect relating to Claims for
Indemnifiable Events, (ii) in specific cases if the Board of Directors has
approved the initiation or bringing of such Claim, or (iii) as otherwise
required under Section 145 of the Delaware General Corporation Law, regardless
of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advance expense payment or insurance recovery, as the case may
be;

    

                     (c)         Claims Under Section
16(b). To indemnify Indemnitee for Expenses and the payment of profits
arising from the purchase and sale by Indemnitee of securities in violation of
Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar
successor statute.

    

                     (d)        Disgorgement of Profits and
Bonuses Pursuant to Section 304. To indemnify Indemnitee for (i) any
bonus or other incentive-based or equity-based compensation received by
Indemnitee or (ii) any profits arising from the sale of securities made by
Indemnitee that Indemnitee is required pursuant to Section 304 of the
Sabarnes-Oxley Act of 2002 to reimburse to the Company.

    

                8.               Period of
Limitations. No legal action shall be brought and no cause of action
shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of five (5) years from the date of accrual
of such cause of action, and any claim or cause of action of the Company shall
be extinguished and deemed released unless asserted by the timely filing of a
legal action within such five-year period;  provided
,  however ,
that if any shorter period of limitations is otherwise applicable to any such
cause of action, such shorter period shall govern.

    

                9.               Construction of Certain
Phrases.

    

     (a)           For
purposes of this Agreement, references to the "Company" shall include, in
addition to the resulting corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had power and authority to
indemnify its directors, officers, employees, agents or fiduciaries, so that if
Indemnitee is or was a director, officer, employee, agent or fiduciary of such
constituent corporation, or is or was serving at the request of such constituent
corporation as a director, officer, employee, agent or fiduciary of another
corporation, partnership, joint venture, employee benefit plan, trust or other
enterprise, Indemnitee shall stand in the same position under the provisions of
this Agreement with respect to the resulting or surviving corporation as
Indemnitee would have with respect to such constituent corporation if its
separate existence had continued.

    
      
         

      

      
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     (b)      For
purposes of this Agreement, references to "other enterprises" shall include
employee benefit plans; references to "fines" shall include any excise taxes
assessed on Indemnitee with respect to an employee benefit plan; and
references to "serving at the request of the Company" shall include any service
as a director, officer, employee, agent or fiduciary of the Company which
imposes duties on, or involves services by, such director, officer, employee,
agent or fiduciary with respect to an employee benefit plan, its participants or
its beneficiaries; and if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have
acted in a manner "not opposed to the best interests of the Company" as referred
to in this Agreement.

    

                10.             Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall
constitute an original.

    

                11.             Binding Effect; Successors
and Assigns. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business
and/or assets of the Company, spouses, heirs, and personal and legal
representatives. The Company shall require and cause any successor (whether
direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all, or a substantial part, of the business and/or assets of the
Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform if no such
succession had taken place. This Agreement shall continue in effect with respect
to Claims relating to Indemnifiable Events regardless of whether Indemnitee
continues to serve as a director, officer, employee, agent or fiduciary of the
Company or of any other enterprise at the Company's request.

    

                12.             Notice. All notices
and other communications required or permitted hereunder shall be in writing,
shall be effective when given, and shall in any event be deemed to be given (a)
five (5) days after deposit with the U.S. Postal Service or other applicable
postal service, if delivered by first class mail, postage prepaid, (b) upon
delivery, if delivered by hand, (c) one business day after the business day of
deposit with Federal Express or similar overnight courier, freight prepaid, or
(d) one day after the business day of delivery by facsimile transmission with
confirmation of receipt, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures to this
Agreement and if to the Company at the address of its principal corporate
offices (attention: Secretary) or at such other address as such party may
designate by ten days' advance written notice to the other party
hereto.

    

                13.             Consent to
Jurisdiction. The Company and Indemnitee each hereby irrevocably consent
to the jurisdiction of the courts of the State of Delaware for all purposes in
connection with any action which arises out of or relates to this Agreement and
agree that any action instituted under this Agreement shall be commenced,
prosecuted and continued only in the Court of Chancery of the State of Delaware
in and for New Castle County, which shall be the exclusive and only proper forum
for adjudicating such a claim.

    

                14.             Severability. The
provisions of this Agreement shall be severable in the event that any of the
provisions hereof (including any provision within a single section, paragraph or
sentence) are held by a court of competent jurisdiction to be invalid, void or
otherwise unenforceable, and the remaining provisions shall remain enforceable
to the fullest extent permitted by law. Furthermore, to the fullest extent
possible, the provisions of this Agreement (including, without limitations, each
portion of this Agreement containing any provision held to be invalid, void or
otherwise unenforceable, that is not itself invalid, void or unenforceable)
shall be construed so as to give effect to the intent manifested by the
provision held invalid, illegal or unenforceable.

    
      
         

      

      
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                15.             Choice of Law. This
Agreement shall be governed by and its provisions construed and enforced in
accordance with the laws of the State of Delaware, as applied to contracts
between Delaware residents, entered into and to be performed entirely within the
State of Delaware, without regard to the conflict of laws principles
thereof.

    

                16.             Subrogation. In the
event of payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee who shall
execute all documents required and shall do all acts that may be necessary to
secure such rights and to enable the Company effectively to bring suit to
enforce such rights.

     

                17.             Amendment and
Termination. No amendment, modification, termination or cancellation of
this Agreement shall be effective unless it is in writing signed by both the
parties hereto. No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provisions hereof (whether or
not similar) nor shall such waiver constitute a continuing waiver.

    

                18.             Integration and Entire
Agreement. This Agreement sets forth the entire understanding between the
parties hereto and supersedes and merges all previous written and oral
negotiations, commitments, understandings and agreements relating to the subject
matter hereof between the parties hereto.

    

                19.             No Construction as
Employment Agreement. Nothing contained in this Agreement shall be
construed as giving Indemnitee any right to be retained in the employ of the
Company or any of its subsidiaries.

    

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

    

    
      
        	
                GENSPERA,
      INC.

              
	 
      	 
      
	
                By:

              	 
      
	 
      	 
      
	
                Title:  

              	 
      

      

    

    

    
      
        
          
            
              	      
                           AGREED
      TO AND ACCEPTED BY: 

                    
	 
      
	
                           Signature:

                    
	 
      
	 
      
	
                           Printed
      Name:

                    
	 
      
	 
      
	
                           Address:

                    

            

          

        

      

    

    
      
         

      

      
        6EMPLOYMENT
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 Russell Richerson (“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
Chief Operating Officer (“COO”),
reporting to the Chief Executive Officer of the Company.  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.

       

      (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 of Directors of the Company
(“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 three (3) years; provided however,
that commencing on the third 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.”

      
        
           

        

        
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      (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 at such time to such shorter period; 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.

       

      (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.

       

      
        
           

        

        
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      (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 Operating 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 Operating 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 $200,000.00 (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 grant,
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 eighteen (18) 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 eighteen (18) 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 eighteen (18) 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 eighteen (18) 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 the sole amounts owing to Executive as separation pay upon
termination of Executive’s employment. .  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 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.

       

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

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      
        
          	
                  EXECUTIVE

                	 
      	
                  GENSPERA,
      INC.

                
	 
      	 
      	 
      
	 
      	 
      	
                  By:  

                	
                     

                
	
                  (Signature)

                	 
      	 
      	
                  Craig
      Dionne, CEO  

                
	
                  Print
      Name: Russell Richerson

                	 
      	 
      	 
      

        

      

      
        
           

        

        
          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 250,000 shares of
the Company’s common stock, par value $0.01 per share (the “Common
Stock”) at an exercise price of $1.50 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 150,000 shares of Common Stock at an exercise price of $1.50
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 375,000 shares of
Common Stock at an exercise price of $1.50 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:

      

      
        	
                 
      

              	
                ·

              	
                112,500
      upon: (i) development of a plan acceptable to the Company’s CEO for the
      synthesis and/or purification of G-202 bulk from first synthesis to enough
      G-202 API to complete Phase I and Phase II clinical trials for G-202; (ii)
      develop and implement plan to define site and studies for G-202
      propagation and determination of Thapsigargin distribution in plan
      parts;  (iii) the Company’s Common Stock becoming listed on a
      national exchange or on the Over-the-Counter Bulletin Board; and (iv) the
      enrollment of the first patient in a Phase 1 clinical trial for
      G-202.

              

      

      

      
        	
                 
      

              	
                ·

              	
                150,000
      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.

              

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                ·

              	
                112,500
      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 150,000 shares of Common Stock as contained in the
      paragraph immediately above)

              

      

      

      Subject
to any applicable acceleration provisions contained in this 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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