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May 14, 2010
Christopher J. Pazoles, Ph.D.
4 Elizabeth Drive
Westborough, MA 01581
Re: Employment Agreement
Dear Chris:
In connection with the entry between us of an Executive Retention Agreement, the Employment Agreement dated as of July 15, 2005 between you and the Company, as amended, is hereby terminated. As a result of such termination, effective immediately, your employment by the Company shall be “at will”.
Sincerely,
Novelos Therapeutics, Inc.
By: /s/ Harry S. Palmin
Harry S. Palmin
President and Chief Executive Officer
Accepted and agreed to as
of the date first written above:
/s/ Christopher J. Pazoles
Christopher J. Pazoles