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