Document:

EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of November 19, 2015, between Galectin
Therapeutics, Inc., a Nevada 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(d). 

“Effectiveness Date” means, with respect to the Initial Registration Statement required to be filed hereunder,
the 60th calendar day following the date hereof (or, in the event of a “full review” by the Commission, the 90th calendar day
following the date hereof) and with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the 30th calendar day following the
date on which an additional Registration Statement is required to be filed hereunder (or, in the event of a “full review” by the Commission, the 60th calendar day following the date such
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 Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above,
provided, further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading Day. 

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

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

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

 “Filing Date” means, with respect to the Initial Registration
Statement required hereunder, the 30th calendar day following the date hereof and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or
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. 

“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.

 “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, as of any date of determination, (a) all Warrant Shares then issued and
issuable upon exercise of the Warrants (assuming on such date the Warrants are exercised in full without regard to any exercise limitations therein), (b) any additional shares of Common Stock issued and issuable in connection with any
anti-dilution provisions in the Warrants (without giving effect to any limitations on exercise set forth in the Warrants) and (c) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or
similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another,
Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the

  
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Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been
previously sold in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 as set forth in a written opinion letter to
such effect, addressed, delivered and acceptable to the Transfer Agent and the affected Holders (assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities
were issued or are issuable, were at no time held by any Affiliate of the Company, and all Warrants are exercised by “cashless exercise” as provided in Section 2(c) of each of the Warrants), as reasonably determined by the Company,
upon the advice of counsel to the Company. 
 “Registration Statement” means any registration statement
required to be filed hereunder pursuant to Section 2(a) and any additional registration statements contemplated by Section 2(c) or 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 of the Commission staff, or any
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 of the Registrable Securities 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-3 (except if the Company is not then eligible to register for resale the Registrable Securities on 

  
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Form S-3, in which case such registration shall be on another appropriate form in accordance herewith, subject to the provisions of Section 2(e)) and shall contain (unless otherwise directed
by at least 85% in interest of the Holders) substantially the “Plan of Distribution” attached hereto as Annex A and substantially the “Selling Stockholder” section attached hereto as Annex B;
provided, however, that no Holder shall be required to be named as an “underwriter” without such Holder’s express prior written consent. Subject to the terms of this Agreement, the Company shall use its best efforts to
cause a Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the
applicable Effectiveness Date, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities covered by such Registration Statement (i) have
been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and 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 and the affected Holders (the “Effectiveness Period”). The
Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration
Statement on the same Trading 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. Eastern Time on the
Trading 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 one (1) Trading Day of such notification of effectiveness or
failure to file a final Prospectus as foresaid shall be deemed an Event under Section 2(d). 
 (b) Notwithstanding the
registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single
registration statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number
of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(e); with respect
to filing on Form S-3 or other appropriate form, and subject to the provisions of Section 2(d) with respect to the payment of liquidated damages; provided, however, that prior to filing such amendment, the Company shall be
obligated to 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, Compliance and Disclosure Interpretation 612.09. 

  
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 (c) Notwithstanding any other provision of this Agreement and subject to the
payment of liquidated damages pursuant to Section 2(d), if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary
offering (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 as follows: 
  

	 	a.	First, the Company shall reduce or eliminate any securities to be included other than Registrable Securities; and 

  

	 	b.	Second, the Company shall reduce 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 five (5) Trading Days prior written notice along with the calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement in accordance with the foregoing, the Company will use its best
efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form S-3 or such other form available to register
for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended. 

(d) If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the
Initial Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein, the Company shall be deemed to have not satisfied this clause (i)), 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 Trading 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 ten (10) 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 

  
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effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness Date of the Initial
Registration Statement, or (v) 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 ten (10) consecutive calendar days or more than an aggregate of fifteen (15) 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) and (iv), the date on which such Event occurs, and for purpose of clause
(ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such ten (10) calendar day period is exceeded, and for purpose of clause (v) the date on which such ten
(10) or fifteen (15) 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 cash, as partial liquidated damages and
not as a penalty, equal to the product of 2.0% multiplied by the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within
seven days after the date payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial
liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. 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. 
 (e) If Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the
Company shall (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3 as soon as such form is available, provided that the Company shall
maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission. 

(f) Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder or
affiliate of a Holder as any Underwriter without the prior written consent of such Holder. 
 3. Registration Procedures. 

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

  
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 (a) Not less than five (5) Trading Days prior to the filing of each
Registration Statement and not less than one (1) Trading Day prior to the filing of any amendment or prospectus thereto (provided if the selling stockholder section or plan of distribution sections have changed in such amendments or prospectus,
such period shall be three (3) Trading Days), the Company shall (i) furnish to each Holder 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. 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 five (5) Trading Days after the Holders have been so furnished copies of a Registration Statement or
one (1) Trading Day after the Holders have been so furnished copies of any related amendments thereto (provided if the selling stockholder section or plan of distribution sections have changed in such amendments or prospectus, such period shall
be three (3) Trading Days). Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex C (a “Selling Stockholder Questionnaire”) on a date that is not less than
two (2) Trading Days prior to the Filing Date or by the end of the fourth (4th) Trading Day following the date on which such Holder receives draft materials in accordance with this
Section. 
 (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 shall excise
any information contained therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable 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 

  
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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. 
 (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 (1) Trading Day prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one (1) Trading 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, however, in no 

  
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event shall any such notice contain any information which would constitute material, non-public information regarding the Company or any of its Subsidiaries. 

(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 (or successor thereto) 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). 
 (h) 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. 

(i) If requested by a Holder, cooperate with such Holder 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. 

  
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 (j) 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(j) to suspend the availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period not to exceed
60 calendar days (which need not be consecutive days) in any 12-month period. 
 (k) Otherwise use commercially reasonable
efforts to comply with all applicable rules and regulations of the Commission under the Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or
amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act, promptly inform the Holders in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a
result thereof, the Holders are required to deliver a Prospectus in connection with any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities
hereunder. 
 (l) The Company shall use its best efforts to maintain eligibility for use of Form S-3 (or any successor form
thereto) for the registration of the resale of Registrable Securities. 
 (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 

  
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with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three Trading 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 (in the
event such information is not delivered on a timely basis, the Company may exclude such Holder’s Registrable Securities from the Registration Statement until such time as it is provided). 

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, and (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), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) 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. 
 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 

  
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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 or alleged 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 or alleged 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, defective or otherwise unavailable Prospectus after the
Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). 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. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h). 

(b) Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company,
its directors, officers, 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), 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 (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 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

  
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upon: any untrue or alleged 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 (in the case of any Prospectus or supplement thereto, in light of the
circumstances under which they were made) 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 expressly for
inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates to such Holder’s information provided in the Selling Stockholder Questionnaire or the 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. In no event shall the liability of a selling Holder be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to
this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission) received by such Holder upon the sale of the Registrable Securities included in the Registration
Statement 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 materially and adversely 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 

  
 13 

 
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. 

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 Trading 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 finally
determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) 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. 

  
 14 

 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. In no event shall the
contribution obligation of a Holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any
damages such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation. 

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.
Each of the Company and each Holder agrees 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) No Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Except as set forth on Schedule 6(b)
attached hereto, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the Registrable Securities. The Company
shall not file any other registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission, provided that this Section 6(b) shall not prohibit the Company
from filing amendments to registration statements filed prior to the date of this Agreement. 
 (c) [Reserved] 

(d) 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. 

  
 15 

 
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(d). 

(e) 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(e) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the
Commission pursuant to the Securities Act or that are the subject of a then effective Registration Statement that is available for resales or other dispositions by such Holder. 

(f) 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 51% or more of the then outstanding Registrable Securities (for
purposes of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security), provided that, if any amendment, modification or waiver disproportionately and adversely impacts a Holder (or group of
Holders), the consent of such disproportionately impacted Holder (or group of Holders) shall be required. 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 only 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(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this
Agreement unless the same consideration also is offered to all of the parties to this Agreement. 

  
 16 

 (g) 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. 
 (h) 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 Section 5.7 of the Purchase
Agreement. 
 (i) 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(i), 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. 
 (j) 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. 

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

  
 17 

 
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. 

(n) 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. 
 (o) 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
group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company acknowledges
that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions. 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. The use of a single agreement with respect to the obligations of the
Company contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly
understood and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders. 

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

(Signature Pages Follow) 

  
 18 

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

			
	GALECTIN THERAPUETICS INC.
		
	 By:
	 	  

		 	 Name:

Title:

 [SIGNATURE PAGE OF HOLDERS FOLLOWS] 

 Annex A 

Plan of Distribution 

Each Selling Stockholder (the “Selling Stockholders”) of the securities and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market or trading facility on which the securities 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 securities: 
  

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

 

	 	•	 	block trades in which the broker-dealer will attempt to sell the securities 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; 

  

	 	•	 	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;

  

	 	•	 	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
securities 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 securities, 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 Rule 2440; and in the case of a
principal transaction a markup or markdown in compliance with FINRA IM-2440. 
 In connection with the sale of the securities 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 securities in the course of hedging the positions they assume. The Selling
Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities 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 create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus,
which securities 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 securities 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 securities 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
securities. 
 The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the
securities. The Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. 

We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities 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 securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities 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 securities covered hereby 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. 
 Under applicable
rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted

  
 2 

 
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 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). 

  
 3 

 SELLING SHAREHOLDERS 

The common stock being offered by the selling shareholders are those previously issued to the selling shareholders, and those issuable to the
selling shareholders, upon exercise of the warrants. For additional information regarding the issuances of those shares of common stock and warrants, see “Private Placement of Common Shares and Warrants” above. We are registering the
shares of common stock in order to permit the selling shareholders to offer the shares for resale from time to time. 
 The table below
lists the selling shareholders and other information regarding the beneficial ownership of the shares of common stock by each of the selling shareholders. The second column lists the number of shares of common stock beneficially owned by each
selling shareholder, based on its ownership of the shares of common stock and warrants, as of             , 2015, assuming exercise of the warrants held by the selling shareholders on that
date, without regard to any limitations on exercises. 
 The third column lists the shares of common stock being offered by this prospectus
by the selling shareholders. 
 In accordance with the terms of a registration rights agreement with the selling shareholders, this
prospectus generally covers the resale of the maximum number of shares of common stock issuable upon exercise of the warrants, determined as if the outstanding warrants were exercised in full as of the trading day immediately preceding the date this
registration statement was initially filed with the SEC, each as of the trading day immediately preceding the applicable date of determination and all subject to adjustment as provided in the registration right agreement, without regard to any
limitations on the exercise of the warrants. The fourth column assumes the sale of all of the shares offered by the selling shareholders pursuant to this prospectus. 

Under the terms of the warrants, a selling shareholder may not exercise the warrants to the extent such exercise would cause such selling
shareholder, together with its affiliates, to beneficially own a number of shares of common stock which would exceed [4.99]% of our then outstanding common stock following such exercise, excluding for purposes of such determination shares of common
stock issuable upon exercise of the warrants which have not been exercised. The number of shares in the second column does not reflect this limitation. The selling shareholders may sell all, some or none of their shares in this offering. See
“Plan of Distribution.” 

  
 4 

							
	 Name of Selling Shareholder
	  	Number of shares of
Common Stock Owned
Prior to Offering	  	Maximum Number of
shares of Common Stock
to be Sold Pursuant to this
Prospectus	  	Number of shares of
Common Stock Owned
After Offering
		  		  		  	
		  		  		  	

  
 5 

 Annex C 

GALECTIN THERAPEUTICS, INC. 

Selling Stockholder Notice and Questionnaire 

The undersigned beneficial owner of common stock (the “Registrable Securities”) of Galectin Therapeutics, Inc., a Nevada
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. 

 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.

  
 2 

					
			
		 	(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: 

  

			
		  	  

		
		  	  

  
 3 

	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 material 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; provided, that the undersigned shall not be required to notify the Company of any changes to the number of
securities held or owned by the undersigned or its affiliates. 
 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 and any amendments or supplements thereto. 

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 (OR EMAIL A .PDF COPY) OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO: 

  
 4Exhibit 10.1 

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”), is made and entered into as of the 18th day of November 2015, between
Emclaire Financial Corp., a Pennsylvania-chartered bank holding company (the “Corporation”), The Farmers National Bank
of Emlenton, a national banking association (the “Bank”) and William C. Marsh (the “Executive”).

 

WITNESSETH

 

WHEREAS, the Executive
is currently employed as Chairman of the Board, President and Chief Executive Officer of each of the Bank and the Corporation (the
Corporation and the Bank are referred to together herein as the “Employers”);

 

WHEREAS, the Executive
and the Employers previously entered into an employment agreement dated as of July 1, 2007, which was amended and restated as of
November 16, 2011 (the “Prior Agreement”);

 

WHEREAS, the Executive
and the Employers now desire to amend and restate the Prior Agreement to provide that the restrictive covenants in Section 7 shall
be applicable if the Executive’s employment is terminated in connection with or following a Change in Control and to make
certain other changes;

 

WHEREAS, the Employers
desire to be ensured of the Executive’s continued active participation in the business of the Employers; and

 

WHEREAS, the Executive
is willing to serve the Employers on the terms and conditions hereinafter set forth;

 

NOW THEREFORE, in consideration
of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the Employers and the
Executive hereby agree as follows:

 

1.          Definitions.
The following words and terms shall have the meanings set forth below for the purposes of this Agreement:

 

(a)          Average
Annual Compensation. The Executive’s “Average Annual Compensation” for purposes of this Agreement shall be
deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most
recent five taxable years preceding the year in which the Date of Termination occurs (or such shorter period as the Executive was
employed) and included in the Executive’s gross income for tax purposes and any income earned and deferred by the Executive
pursuant to any plan or arrangement of the Employers.

 

(b)          Base
Salary. “Base Salary” shall have the meaning set forth in Section 3(a) hereof.

 

     

     

    

 

(c)          Cause.
“Cause” means any of the following acts or circumstances: gross negligence or gross neglect of duties to the Employers;
conviction of a felony or of a gross misdemeanor involving moral turpitude in connection with the Executive’s employment
with the Employers; or fraud, disloyalty, dishonesty or willful violation of any law or significant Employer policy committed in
connection with the Executive’s employment and resulting in a material adverse effect on the Employers; or the Executive
becoming subject to any final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section
8(e) of the Federal Deposit Insurance Act.

 

(d)          Change
in Control. “Change in Control” shall mean a change in the ownership of the Corporation or the Bank, a change in
the effective control of the Corporation or the Bank or a change in the ownership of a substantial portion of the assets of the
Corporation or the Bank, in each case as provided under Section 409A of the Code and the regulations thereunder.

 

(e)          Code.
“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(f)          Date
of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated for Cause,
the date on which the Notice of Termination is given, and (ii) if the Executive’s employment is terminated for any other
reason, the date specified in such Notice of Termination.

 

(g)          Disability.
“Disability” shall mean the Executive (i) 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 12 months, or (ii) is, 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 12 months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering employees of
the Employers.

 

(h)          Good
Reason. Termination by the Executive of the Executive’s employment for “Good Reason” shall mean termination
by the Executive following a Change in Control based on:

 

(i)          any
material breach of this Agreement by the Employers, including without limitation any of the following: (A) a material diminution
in the Executive’s base compensation, (B) a material diminution in the Executive’s authority, duties or responsibilities,
or (C) any requirement that the Executive report to a corporate officer or employee of the Employers instead of reporting directly
to the Board of Directors of the Employers, or

 

(ii)         any
material change in the geographic location at which the Executive must perform his services under this Agreement;

 

    	 	2	 

     

    

 

provided, however, that prior to any termination
of employment for Good Reason, the Executive must first provide written notice to the Employers within ninety (90) days of the
initial existence of the condition, describing the existence of such condition, and the Employers shall thereafter have the right
to remedy the condition within thirty (30) days of the date the Employers received the written notice from the Executive. If the
Employers remedy the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect
to such condition. If the Employers do not remedy the condition within such thirty (30) day cure period, then the Executive may
deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.

 

(i)          Notice
of Termination. Any purported termination of the Executive’s employment by the Employers for any reason, including without
limitation for Cause, Disability or Retirement, or by the Executive for any reason, including without limitation for Good Reason,
shall be communicated by a written “Notice of Termination” to the other party hereto. For purposes of this Agreement,
a “Notice of Termination” shall mean a dated notice which (i) indicates the specific termination provision in this
Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provision so indicated, (iii) specifies a Date of Termination, which shall be not
less than thirty (30) nor more than ninety (90) days after such Notice of Termination is given, except in the case of the termination
of the Executive’s employment for Cause or death, which shall be effective immediately, and (iv) is given in the manner specified
in Section 11 hereof.

 

(j)          Retirement.
“Retirement” shall mean the Executive’s voluntary or involuntary termination of employment, as applicable, upon
reaching at least age 65, but shall not include an involuntary termination for Cause.

 

		2.	Term of Employment.

 

(a)          The
Employers hereby employ the Executive as Chairman of the Board, President and Chief Executive Officer of each of the Bank and the
Corporation and the Executive hereby accepts said employment and agrees to render such services to the Employers on the terms and
conditions set forth in this Agreement. The initial term of employment under this Agreement shall expire on December 31, 2018,
subject to earlier termination as provided herein. Upon approval of the Board of Directors of each of the Corporation and
the Bank, the term of this Agreement shall be extended for one additional year on January 1, 2017 and on January 1st
of each subsequent calendar year such that at any time after January 1, 2017 the remaining term of this Agreement shall be from
two to three years, absent notice of non-renewal as set forth below. Prior to January 1, 2017 and each January 1st thereafter,
the Board of Directors of each of the Corporation and the Bank shall consider and review (with appropriate corporate documentation
thereof, and after taking into account all relevant factors, including the Executive’s performance hereunder) an extension
of the term of this Agreement, and the term shall continue to extend each year if the Boards of Directors approve such extension
unless the Executive gives written notice to the Employers of the Executive’s election not to extend the term, with such
written notice to be given not less than thirty (30) days prior to any such January 1st. If either Board of Directors
elects not to extend the term, it shall give written notice of such decision to the Executive not less than thirty (30) days prior
to any such January 1st. If any party gives timely notice that the term will not be extended as of January 1st
of any year, then this Agreement shall terminate at the conclusion of its remaining term. References herein to the term of this
Agreement shall refer both to the initial term and successive terms.

 

    	 	3	 

     

    

 

(b)          During
the term of this Agreement, the Executive shall perform such executive services for the Corporation and the Bank as may be consistent
with his titles and from time to time assigned to him by the Corporation’s and the Bank’s Board of Directors.

 

(c)          During
the term of this Agreement, the Executive shall also be nominated or re-nominated to be a member of the Board of Directors of each
of the Corporation and the Bank, as long as the Executive has not materially violated any of the terms and provisions of this Agreement.

 

		3.	Compensation and Benefits.

 

(a)          The
Employers shall compensate and pay the Executive for his services during the term of this Agreement at a minimum base salary of
$304,622 per year (“Base Salary”), which may be increased from time to time in such amounts as may be determined by
the Boards of Directors of the Employers and may not be decreased without the Executive’s express written consent. In addition
to his Base Salary, the Executive shall be entitled to receive during the term of this Agreement such bonus payments as may be
determined by the Boards of Directors of the Employers.

 

(b)          During
the term of this Agreement, the Executive shall be entitled to participate in and receive the benefits of any pension or other
retirement benefit plan, profit sharing, stock option, employee stock ownership, or other plans, benefits and privileges given
to employees and executives of the Employers, to the extent commensurate with his then duties and responsibilities, as fixed by
the Boards of Directors of the Employers. The Employers shall not make any changes in such plans, benefits or privileges which
would adversely affect the Executive’s rights or benefits thereunder, unless such change occurs pursuant to a program applicable
to all executive officers of the Employers and does not result in a proportionately greater adverse change in the rights of or
benefits to the Executive as compared with any other executive officer of the Employers. Nothing paid to the Executive under any
plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary payable to
the Executive pursuant to Section 3(a) hereof.

 

(c)          During
the term of this Agreement, the Executive shall be entitled to paid annual vacation in accordance with the policies as established
from time to time by the Boards of Directors of the Employers, which shall in no event be less than five weeks per annum. The Executive
shall not be entitled to receive any additional compensation from the Employers for failure to take a vacation, nor shall the Executive
be able to accumulate unused vacation time from one year to the next, except to the extent authorized by the Boards of Directors
of the Employers.

 

(d)          In
the event the Executive’s employment is terminated due to Disability or Retirement, the Employers shall provide continued
life, medical and dental coverage substantially identical to the coverage maintained by the Employers for the Executive immediately
prior to his termination, in each case subject to Section 3(f) below. Such coverage shall be provided for the period otherwise
remaining in the term of this Agreement but for such Disability or Retirement and thereafter shall continue if, and to the extent,
provided by the Employers’ policies in existence at such time, provided that such coverage shall cease on the date the date
the Executive becomes entitled to receive substantially similar benefits from a subsequent employer. Any insurance premiums payable
by the Employers or any successors pursuant to this Section 3(d) shall be payable at such times and in such amounts as if the Executive
was still an employee of the Employers, subject to any increases in such amounts imposed by the insurance company or COBRA, and
the amount of insurance premiums required to be paid by the Employers in any taxable year shall not affect the amount of insurance
premiums required to be paid by the Employers in any other taxable year.

 

    	 	4	 

     

    

 

(e)          In
the event of the Executive’s death during the term of this Agreement, the Employers shall provide to the Executive’s
spouse for the remaining term of this Agreement continued medical and dental coverage substantially identical to the coverage maintained
by the Employers for the Executive immediately prior to his death, in each case subject to Section 3(f) below. Any insurance premiums
payable by the Employers or any successors pursuant to this Section 3(e) shall be payable at such times and in such amounts as
if the Executive was still an employee of the Employers, subject to any increases in such amounts imposed by the insurance company
or COBRA, and the amount of insurance premiums required to be paid by the Employers in any taxable year shall not affect the amount
of insurance premiums required to be paid by the Employers in any other taxable year.

 

(f)          In
the event that the continued participation of the Executive and/or his spouse or other dependents in any group insurance plan as
provided in Section 3(d) or 3(e) is barred or would trigger the payment of an excise tax under Section 4980D of the Code, or during
the period set forth in Section 3(d) or 3(e) any such group insurance plan is discontinued, then the Employers shall at their election
either (i) arrange to provide the Executive (or his spouse in the case of coverage under Section 3(e)) with alternative benefits
substantially similar to those which the Executive (or his spouse in the case of coverage under Section 3(e)) was entitled to receive
under such group insurance plans immediately prior to the Date of Termination, provided that the alternative benefits do not trigger
the payment of an excise tax under Section 4980D of the Code, or (ii) pay to the Executive (or his spouse in the case of coverage
under Section 3(e)) within 10 business days following the Date of Termination (or within 10 business days following the discontinuation
of the benefits if later) a lump sum cash amount equal to the projected cost to the Employers of providing continued coverage to
the Executive (or his spouse in the case of coverage under Section 3(e) until the expiration of the remaining term of this Agreement
but for such Disability, retirement or death with the projected cost to be based on the costs being incurred immediately prior
to the Date of Termination (or the discontinuation of the benefits if later), as increased by 10% each year. If the time period
for making the lump sum cash payment under this Section 3(f) commences in one calendar year and ends in the succeeding calendar
year, then the payment shall not be paid until the succeeding calendar year.

 

4.          Expenses.
The Employers shall reimburse the Executive or otherwise provide for or pay for all reasonable expenses incurred by the Executive
in furtherance of or in connection with the business of the Employers, including, but not by way of limitation, traveling expenses,
and all reasonable entertainment expenses (whether incurred at the Executive’s residence, while traveling or otherwise),
subject to such reasonable documentation and other limitations as may be established by the Boards of Directors of the Employers.
If such expenses are paid in the first instance by the Executive, the Employers shall reimburse the Executive therefor. Such reimbursement
shall be paid promptly by the Employers and in any event no later than March 15 of the year immediately following the year in which
such expenses were incurred.

 

    	 	5	 

     

    

 

		5.	Termination.

 

(a)          The
Employers shall have the right, at any time upon prior Notice of Termination, to terminate the Executive’s employment hereunder
for any reason, including, without limitation, termination for Cause, Disability or Retirement, and the Executive shall have the
right, upon prior Notice of Termination, to terminate his employment hereunder for any reason.

 

(b)          In
the event that (i) the Executive’s employment is terminated by the Employers for Cause or (ii) the Executive terminates his
employment hereunder other than for Disability, Retirement, death or Good Reason, the Executive shall have no right pursuant to
this Agreement to compensation or other benefits for any period after the applicable Date of Termination.

 

(c)          In
the event that the Executive’s employment is terminated as a result of Disability, Retirement or the Executive’s death
during the term of this Agreement, the Executive shall have no right pursuant to this Agreement to compensation or other benefits
for any period after the applicable Date of Termination, except as provided for in Sections 3(d) and 3(e) hereof.

 

(d)          In
the event that (i) the Executive’s employment is terminated by the Employers for other than Cause, Disability, Retirement
or the Executive’s death or (ii) such employment is terminated by the Executive for Good Reason, then the Employers shall,
subject to the provisions of Sections 5(e) and 6 hereof, if applicable,

 

(A)         pay
to the Executive, in a lump sum as of the Date of Termination, a cash amount equal to three (3) times the Executive’s Average
Annual Compensation, with a portion of such cash payment to be ascribed in accordance with Section 7 of this Agreement to the value
of the restrictive covenants imposed upon the Executive by Section 7 hereof,

 

(B)         maintain
and provide for a period ending at the earlier of (i) thirty-six (36) months after the Date of Termination or (ii) the date of
the Executive’s full-time employment by another employer (provided that the Executive is entitled under the terms of such
employment to benefits substantially similar to those described in this subparagraph (B)), at no premium cost to the Executive,
the Executive’s continued participation in all group insurance, life insurance, health and accident and disability insurance
coverage offered by the Employers in which the Executive was entitled to participate immediately prior to the Date of Termination,
subject to subparagraphs (1), (2) and (3) below;

 

(1)         in
the event that the Executive's participation in any plan, program or arrangement as provided in subparagraph (B) of this Section
5(d) is barred or would trigger the payment of an excise tax under Section 4980D of the Code, or during such period any such plan,
program or arrangement is discontinued or the benefits thereunder are materially reduced, then the Employers shall arrange to provide
the Executive with benefits substantially similar to those which the Executive was entitled to receive under such plans, programs
and arrangements immediately prior to the Date of Termination, except that subparagraph (2) below shall be applicable if the alternative
benefits would still trigger the payment of an excise tax under Section 4980D of the Code,

 

    	 	6	 

     

    

 

(2)         in
the event that the continuation of any insurance coverage pursuant to Section 5(d)(B)(1) above would trigger the payment of an
excise tax under Section 4980D of the Code or in the event such continued coverage is unable to be provided by the Employers, then
in lieu of providing such coverage, the Employers shall pay to the Executive within 10 business days following the Date of Termination
(or within 10 business days following the discontinuation of the benefits if later) a lump sum cash amount equal to the projected
cost to the Employers of providing such coverage to the Executive, with the projected cost to be based on the costs being incurred
immediately prior to the Date of Termination (or the discontinuation of the benefits if later), as increased by 10% each year,
and

 

(3)         any
insurance premiums payable by the Employers or any successors pursuant to Section 5(d)(B) or (B)(1) shall be payable at such times
and in such amounts as if the Executive was still an employee of the Employers (with the Employers paying any employee portion
of the premiums), subject to any increases in such amounts imposed by the insurance company or COBRA, and the amount of insurance
premiums required to be paid by the Employers in any taxable year shall not affect the amount of insurance premiums required to
be paid by the Employers in any other taxable year.

 

(C)         pay
to the Executive, in a lump sum within ten (10) business days after the Date of Termination, a cash amount equal to the projected
cost to the Employers of providing benefits to the Executive for a period of thirty-six (36) months pursuant to any other employee
benefit plan, program or arrangement offered by the Employers in which the Executive was entitled to participate immediately prior
to the Date of Termination (other than cash bonus plans, retirement plans or stock compensation plans of the Employers), with the
projected cost to the Employers to be based on the costs incurred for the year in which the Date of Termination occurs as determined
on an annualized basis and with any automobile-related costs to exclude any depreciation on bank-owned automobiles.

 

(e)          Notwithstanding
any other provision contained in this Agreement, if either (i) the time period for making any cash payment under Section 5(d) commences
in one calendar year and ends in the succeeding calendar year or (ii) in the event any payment under this Section 5 is made contingent
upon the execution of a general release and the time period that the Executive has to consider the terms of such general release
(including any revocation period under such release) commences in one calendar year and ends in the succeeding calendar year, then
the payment shall not be paid until the succeeding calendar year.

 

    	 	7	 

     

    

 

6.          Limitation
of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 5 hereof, either alone or together
with other payments and benefits which the Executive has the right to receive from the Employers, would constitute a “parachute
payment” under Section 280G of the Code, then the payments and benefits payable by the Employers pursuant to Section 5 hereof
shall be reduced by the minimum amount necessary to result in no portion of the payments and benefits payable by the Employers
under Section 5 being non-deductible to either of the Employers pursuant to Section 280G of the Code and subject to the excise
tax imposed under Section 4999 of the Code. If the payments and benefits under Section 5 are required to be reduced, then the
cash severance shall be reduced first, followed by a reduction in the fringe benefits. The determination of any reduction in the
payments and benefits to be made pursuant to Section 5 shall be based upon the opinion of independent tax counsel selected by
the Employers and paid for by the Employers. Such counsel shall promptly prepare the foregoing opinion, but in no event later
than ten (10) days from the Date of Termination, and may use such actuaries as such counsel deems necessary or advisable for the
purpose. Nothing contained herein shall result in a reduction of any payments or benefits to which the Executive may be entitled
upon termination of employment under any circumstances other than as specified in this Section 6, or a reduction in the payments
and benefits specified in Section 5 below zero.

 

		7.	Restrictive Covenants

 

(a)        Trade Secrets.
The Executive acknowledges that he has had, and will have, access to confidential information of the Employers (including, but
not limited to, current and prospective confidential know-how, customer lists, marketing plans, business plans, financial and
pricing information, and information regarding acquisitions, mergers and/or joint ventures) concerning the business, customers,
contacts, prospects, and assets of the Employers that is unique, valuable and not generally known outside the Employers, and that
was obtained from the Employers or which was learned as a result of the performance of services by the Executive on behalf of
the Employers (“Trade Secrets”). Trade Secrets shall not include any information that: (i) is now, or hereafter becomes,
through no act or failure to act on the part of the Executive that constitutes a breach of this Section 7, generally known or
available to the public; (ii) is known to the Executive at the time such information was obtained from the Employers; (iii) is
hereafter furnished without restriction on disclosure to the Executive by a third party, other than an employee or agent of the
Employers, who is not under any obligation of confidentiality to the Employers or an Affiliate; (iv) is disclosed with the written
approval of the Employers; or (v) is required to be disclosed or provided by law, court order, order of any regulatory agency
having jurisdiction or similar compulsion, including pursuant to or in connection with any legal proceeding involving the parties
hereto; provided however, that such disclosure shall be limited to the extent so required or compelled; and provided further,
however, that if the Executive is required to disclose such confidential information, he shall give the Employers notice of such
disclosure and cooperate in seeking suitable protections. Other than in the course of performing services for the Employers, the
Executive will not, at any time, directly or indirectly use, divulge, furnish or make accessible to any person any Trade Secrets,
but instead will keep all Trade Secrets strictly and absolutely confidential. The Executive will deliver promptly to the Employers,
at the termination of his employment or at any other time at the request of the Employers, without retaining any copies, all documents
and other materials in his possession relating, directly or indirectly, to any Trade Secrets.

 

    	 	8	 

     

    

 

(b)          Non-Competition.
For a period of eighteen (18) months after termination of the Executive’s employment prior to a Change in Control and for
a period of twelve (12) months after termination of the Executive’s employment in connection with or following a Change in
Control (the “Restricted Period”), the Executive will not, directly or indirectly, (i) become a director, officer,
employee, principal, agent, consultant or independent contractor of any insured depository institution, trust company or parent
holding company of any such institution or company which has an office in any county in the Commonwealth of Pennsylvania in which
the Bank also maintains an office. Notwithstanding the foregoing, nothing in this Agreement shall prevent the Executive from owning
for passive investment purposes not intended to circumvent this Agreement, less than five percent (5%) of the publicly traded voting
securities of any company engaged in the banking, financial services, insurance, brokerage or other business similar to or competitive
with the Employers (so long as the Executive has no power to manage, operate, advise, consult with or control the competing enterprise
and no power, alone or in conjunction with other affiliated parties, to select a director, manager, general partner, or similar
governing official of the competing enterprise other than in connection with the normal and customary voting powers afforded the
Executive in connection with any permissible equity ownership).

 

(c)          Non-Solicitation
of Employees. During the Restricted Period, the Executive shall not, directly or indirectly, solicit, induce or hire, or attempt
to solicit, induce or hire, any current employee of the Employers (excluding those employees whose employment is terminated by
the Employers), or any individual who becomes an employee during the Restricted Period, to leave his or her employment with the
Employers or join or become affiliated with any other business or entity, or in any way interfere with the employment relationship
between any employee and the Employers.

 

(d)          Non-Solicitation
of Customers. During the Restricted Period, the Executive shall not, directly or indirectly, solicit or induce, or attempt
to solicit or induce (whether by mail, telephone, personal meeting or any other means, excluding general solicitations of the public
that are not based in whole or in part on any list of customers of the Employers or any of their subsidiaries or successors), any
customer, lender, supplier, licensee, licensor or other business relation of the Employers to terminate its relationship or contract
with the Employers, to cease doing business with the Employers, or in any way interfere with the relationship between any such
customer, lender, supplier, licensee or business relation and the Employers (including making any negative or derogatory statements
or communications concerning the Employers or their directors, officers or employees).

 

(e)          Value
of Restrictive Covenants. For tax and accounting purposes, the Employers shall ascribe a value to the restrictive covenants
imposed upon the Executive pursuant to this Section 7, with such value to not exceed one times the Executive’s annual compensation
as of the Date of Termination for each 12-month period included in the Restricted Period, with the value for partial years included
within the Restricted Period to be pro-rated.

 

(f)          Irreparable
Harm. The Executive acknowledges that: (i) the Executive’s compliance with Section 7 of this Agreement is necessary to
preserve and protect the proprietary rights, Trade Secrets, and the goodwill of the Employers as going concerns, and (ii) any failure
by the Executive to comply with the provisions of this Agreement will result in irreparable and continuing injury for which there
will be no adequate remedy at law, notwithstanding the value assigned to such restrictive covenants by Section 7(e) above. In the
event that the Executive fails to comply with the provisions of this Section 7, the Employers shall be entitled, in addition to
other relief that may be proper, to all types of equitable relief (including, but not limited to, the issuance of an injunction
and/or temporary restraining order) that may be necessary to cause the Executive to comply with this Agreement, as well as to the
recoupment of the value ascribed to such covenants pursuant to Section 7(e) above.

 

    	 	9	 

     

    

 

(g)          Survival.
The provisions set forth in this Section 7 shall survive termination of this Agreement.

 

(h)          Scope
Limitations. If the scope, period of time or area of restriction specified in this Section 7 are or would be judged to be unreasonable
in any court proceeding, then the period of time, scope or area of restriction will be reduced or limited in the manner and to
the extent necessary to make the restriction reasonable, so that the restriction may be enforced in those areas, during the period
of time and in the scope that are or would be judged to be reasonable. The covenants in Section 7 of this Agreement with respect
to the counties in which the Bank has an office shall be deemed to be separate covenants with respect to each county, and should
any court of competent jurisdiction conclude or find that this Agreement or any portion is not enforceable with respect to a county,
such conclusion or finding shall in no way render invalid or unenforceable the covenants herein with respect to any other county.

 

		8.	Mitigation; Exclusivity of Benefits.

 

(a)          The
Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor
shall the amount of any such benefits be reduced by any compensation earned by the Executive as a result of employment by another
employer after the Date of Termination or otherwise, except as set forth in Section 5(d)(B)(ii) above.

 

(b)          The
specific arrangements referred to herein are not intended to exclude any other benefits which may be available to the Executive
upon a termination of employment with the Employers pursuant to employee benefit plans of the Employers or otherwise.

 

9.          Withholding.
All payments required to be made by the Employers hereunder to the Executive shall be subject to the withholding of such amounts,
if any, relating to tax and other payroll deductions as the Employers may reasonably determine should be withheld pursuant to any
applicable law or regulation.

 

10.         Assignability.
The Corporation and the Bank may assign this Agreement and their rights and obligations hereunder in whole, but not in part, to
any corporation, bank or other entity with or into which the Corporation or the Bank may hereafter merge or consolidate or to which
the Corporation or the Bank may transfer all or substantially all of its assets, if in any such case said corporation, bank or
other entity shall by operation of law or expressly in writing assume all obligations of the Employers hereunder as fully as if
it had been originally made a party hereto, but may not otherwise assign this Agreement or their rights and obligations hereunder.
The Executive may not assign or transfer this Agreement or any rights or obligations hereunder.

 

11.         Notice.
For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage
prepaid, addressed to the respective addresses set forth below:

 

    	 	10	 

     

    

 

	To the Bank:	Secretary
	 	The Farmers National Bank of Emlenton
	 	612 Main Street
	 	Emlenton, Pennsylvania 16373
	 	 
	To the Corporation:	Secretary
	 	Emclaire Financial Corp.
	 	612 Main Street
	 	Emlenton, Pennsylvania 16373
	 	 
	To the Executive:	William C. Marsh
	 	At the address last appearing on
	 	the personnel records of the Employers

 

12.         Amendment;
Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge
is agreed to in writing signed by the Executive and such officer or officers as may be specifically designated by the Boards of
Directors of the Employers to sign on their behalf. No waiver by any party hereto at any time of any breach by any other party
hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. In addition, notwithstanding
anything in this Agreement to the contrary, the Employers may amend in good faith any terms of this Agreement, including retroactively,
in order to comply with Section 409A of the Code.

 

13.         Governing
Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the United
States where applicable and otherwise by the substantive laws of the Commonwealth of Pennsylvania.

 

14.         Nature
of Obligations. Nothing contained herein shall create or require the Employers to create a trust of any kind to fund any benefits
which may be payable hereunder, and to the extent that the Executive acquires a right to receive benefits from the Employers hereunder,
such right shall be no greater than the right of any unsecured general creditor of the Employers.

 

15.         Headings.
The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

16.         Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement, which shall remain in full force and effect.

 

17.         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together
will constitute one and the same instrument.

 

    	 	11	 

     

    

 

18.         Regulatory
Actions. The following provisions shall be applicable to the parties or any successor thereto, and shall be controlling in
the event of a conflict with any other provision of this Agreement, including without limitation Section 5 hereof.

 

(a)          If
the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs
pursuant to notice served under Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”)(12
U.S.C. §§1818(e)(3) and 1818(g)(1)), the Bank’s obligations under this Agreement shall be suspended as of the date
of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may, in its discretion:
(i) pay the Executive all or part of the compensation withheld while its obligations under this Agreement were suspended, and (ii)
reinstate (in whole or in part) any of its obligations which were suspended.

 

(b)          If
the Executive is removed from office and/or permanently prohibited from participating in the conduct of the Bank’s affairs
by an order issued under Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C. §§1818(e)(4) and (g)(1)), all obligations
of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the Executive and
the Bank as of the date of termination shall not be affected.

 

(c)          If
the Bank is in default, as defined in Section 3(x)(1) of the FDIA (12 U.S.C. §1813(x)(1)), all obligations under this Agreement
shall terminate as of the date of default, but vested rights of the Executive and the Bank as of the date of termination shall
not be affected.

 

19.         Regulatory
Prohibition. Notwithstanding any other provision of this Agreement to the contrary, any renewal of this Agreement and any payments
made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with Section
18(k) of the FDIA (12 U.S.C. §1828(k)) and 12 C.F.R. Part 359.

 

20.         Payment
of Costs and Legal Fees and Reinstatement of Benefits. In the event any dispute or controversy arising under or in connection
with the Executive’s termination is resolved in favor of the Executive, whether by judgment, arbitration or settlement, the
Executive shall be entitled to the payment of (a) all legal fees incurred by the Executive in resolving such dispute or controversy,
and (b) any back-pay, including Base Salary, bonuses and any other cash compensation, fringe benefits and any compensation
and benefits due to the Executive under this Agreement.

 

21.         Arbitration.
Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration
in accordance with the rules then in effect of the district office of the American Arbitration Association (“AAA”)
nearest to the home office of the Bank, and judgment upon the award rendered may be entered in any court having jurisdiction thereof,
except to the extent that the parties may otherwise reach a mutual settlement of such issue. The Employers shall incur the cost
of all fees and expenses associated with filing a request for arbitration with the AAA, whether such filing is made on behalf of
the Employers or the Executive, and the costs and administrative fees associated with employing the arbitrator and related administrative
expenses assessed by the AAA.

 

22.         Entire
Agreement. This Agreement embodies the entire agreement between the Employers and the Executive with respect to the matters
agreed to herein. All prior agreements between the Employers and the Executive, including without limitation the Prior Agreement,
with respect to the matters agreed to herein are hereby superseded and shall have no force or effect.

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been executed as of the date first written above.

 

	 	EMCLAIRE FINANCIAL CORP.
	 	 	 
	 	By:	/s/Robert L. Hunter
	 	 	Robert L. Hunter
	 	 	Chairman, Human Resources Committee
	 	 	 
	 	THE FARMERS NATIONAL BANK OF EMLENTON
	 	 	 
	 	By:	/s/Robert L. Hunter
	 	 	Robert L. Hunter
	 	 	Chairman, Human Resources Committee
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	By:	/s/William C. Marsh
	 	 	William C. Marsh

 

    	 	13

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