Document:

EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of September 22, 2016, by and among
Galectin Therapeutics, Inc., a Nevada corporation (the “Issuer”), 10X Fund, L.P., a Delaware limited partnership, or its registered successors and assigns (the “Holder”). 

WHEREAS, pursuant to the terms of a Securities Purchase Agreement, dated as of the date hereof, by and among the Issuer and the Holder (the
“Purchase Agreement”), the Issuer has agreed to issue to the Holder an aggregate of (a) 6,000,000 shares of unregistered Series B-3 Convertible Preferred Stock, par value $0.01 per share, of the Issuer (the “Series B-3
Preferred” or “Preferred Shares”), which are each convertible into a number of shares of the common stock, $0.001 par value per share (the “Common Stock”), of the Issuer on a basis set forth in the
certificate of designation for the Preferred Shares (the “Conversion Shares”); 
 WHEREAS, under certain circumstances, the
Issuer has the right to pay dividends that accrue on the Preferred Shares in shares of Common Stock (the “Dividend Shares”); 

WHEREAS, pursuant to the terms of the Purchase Agreement, Holder will also receive Class B-3 Warrants (the “B-3 Warrant”) to
purchase 0.75 shares of Common Stock; 
 WHEREAS, pursuant to a the Purchase Agreement and the Lock-Up Letter Agreement, the Holder is
entitled to receive warrants to purchase up to 2,000,000 shares of Common Stock (the “Lock-Up Warrants” and with the B-3 Warrants, the “Warrants”, and the shares of Common Stock issuable thereunder, the
“Warrant Shares”); 
 WHEREAS, it is a condition to the terms of the transactions contemplated by the Purchase Agreement,
the Lock-Up Agreement and the Warrants that the Issuer and the Holder execute this Agreement; 
 NOW, THEREFORE, the parties hereto agree as
follows: 
 Section 1. Definitions 
 As used in this Agreement:

 (a) “Person” shall mean an individual, partnership, corporation, limited liability company, association, trust, joint venture,
unincorporated organization or other entity, and any government, governmental department or agency or political subdivision thereof. 
 (b)
the terms “register,” “registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act (and any post-effective amendments filed or
required to be filed) and the declaration or ordering of effectiveness of such registration statement; 
 (c) the term “Registrable
Securities” means the Conversion Shares, the Dividend Shares and the Warrant Shares; 
 (d) “Registration Expenses” shall
mean all expenses incurred by the Issuer in compliance with Section 2 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Issuer, blue sky fees and expenses and the
expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Issuer, which shall be paid in any event by the Issuer), and reasonable fees and expenses of one counsel to
the Holders; 

  
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 (e) “Registration Statement” means a registration statement under the Securities Act,
on Form S-1 or such other form promulgated thereunder, together with such other registrations and filings under other securities laws that are customary with respect to a public offering of securities. 

(f) “Rule 144” means Rule 144 promulgated under the Securities Act or any successor rule thereto or any complementary rule thereto
(such as Rule 144A). 
 (g) “SEC” shall mean the Securities and Exchange Commission. 

(h) “Securities Act” shall mean the Securities Act of 1933, as amended. 

(i) “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale of the Registrable
Securities of the Holder and any fees and disbursements of counsel to the Holder which are not Registration Expenses. 
 Section 2. Registration 

Within six months following the Final Purchase Date (as defined in the Purchase Agreement), the Issuer shall use its commercially reasonable best efforts to
take all steps necessary to effect the registration of the Registrable Securities contemplated hereby including, without limitation: 
 (a)
prepare and file a Registration Statement with the SEC to register the Registrable Securities, and use commercially reasonable efforts, including filing any amendments to such registration statement in response to comments of the staff of the SEC,
to have such registration statement declared effective by the SEC as soon as reasonably possible and remain effective for a period of ninety (90) days or until all of the Registrable Securities have been disposed of; 

(b) furnish, at least five business days before filing a Registration Statement that registers such Registrable Securities, a prospectus
relating thereto and any amendments or supplements relating to such Registration Statement or prospectus, to counsel selected by the Holder (the “Holder’s Counsel”), copies of all such documents proposed to be
filed (it being understood that such five-business-day period need not apply to successive drafts of the same document proposed to be filed so long as such successive drafts are supplied to the Holder’s Counsel in advance of the proposed filing
by a period of time that is customary and reasonable under the circumstances); 
 (c) notify Holder’s Counsel in writing (i) of the
receipt by the Company of any notification with respect to any comments by the SEC with respect to such Registration Statement or prospectus or any amendment or supplement thereto or any request by the SEC for the amending or supplementing thereof
or for additional information with respect thereto, (ii) of the receipt by the Company of any notification with respect to the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or prospectus or any
amendment or supplement thereto or the initiation or threatening of any proceeding for that purpose and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of such Registrable Securities for
sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes; 
 (d) use its commercially reasonable best
efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as the Holder reasonably request and do any and all other acts and things which may be reasonably necessary or advisable to
enable 

  
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the Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by the Holder; provided, however, that the Company will not be required to qualify generally to
do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required to do so but for this paragraph (e) or to provide any material undertaking or make any changes in
its By-laws or Articles of Incorporation which the Company’s Board of Directors determines to be contrary to the best interests of the Company or to modify any of its contractual relationships then existing; 

(e) furnish to the Holder such number of copies of a summary prospectus, if any, or other prospectus, including a preliminary prospectus, in
conformity with the requirements of the Securities Act, and such other documents as the Holder may reasonably request in order to facilitate the public sale or other disposition of such Registrable Securities; 

(f) without limiting subsection (d) above, use its commercially reasonable best efforts to cause such Registrable Securities to be registered
with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Holder to consummate the disposition of the Registrable Securities; 

(g) notify the Holder on a timely basis at any time when a prospectus relating to the Registrable Securities is required to be delivered under
the Securities Act within the appropriate period mentioned in subsection (a) above, of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and, at the request of the Holder, prepare and furnish to the Holder
a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the offerees of such shares, such prospectus shall not include 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 not misleading in light of the circumstances then existing; 

(h) subject to the execution of confidentiality agreements in form and substance satisfactory to the Company, make available upon reasonable
notice and during normal business hours, for inspection by the Holder any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by the Holder or underwriter
(collectively, the “Inspectors”), all pertinent financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them
to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information (together with the Records, the “Information”) reasonably requested by any such Inspector in
connection with such Registration Statement. Any of the Information which the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, shall not be disclosed by the Inspectors unless (i)
the disclosure of such Information is necessary to avoid or correct a misstatement or omission in the Registration Statement, (ii) the release of such Information is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction or (iii) such Information has been made generally available to the public; the Holder agrees that it will, upon learning that disclosure of such Information is sought in a court of competent jurisdiction, give notice to the Company and
allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the Information deemed confidential. 

(i) use its commercially reasonable best efforts to obtain from (i) its independent certified public accountants, “cold comfort”
letters, and (ii) its counsel, an opinion or opinions, each in customary form and at customary times; 

  
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 (j) list such Registrable Securities on any national securities exchange on which any shares of
the Common Stock are listed or, if the Common Stock is not listed on a national securities exchange, use its best efforts to qualify such Registrable Securities for quotation on the automated quotation system of the NASDAQ, National Market System or
such other national securities exchange as the Holder shall reasonably request; and 
 (k) otherwise use its commercially reasonable best
efforts to comply with all applicable rules and regulations of the SEC and make available to the Holder, as soon as reasonably practicable, earnings statements (which need not be audited) covering a period of 12 months beginning within three months
after the effective date of the Registration Statement, which earnings statements shall satisfy the provisions of Section 11(a) of the Securities Act. 

The Holder must timely deliver to the Issuer a duly completed and signed Selling Securityholder Notice and Questionnaire in the form of Annex A hereto. 

Section 3. Expenses of Registration 
 All Registration Expenses
incurred in connection with any registration, qualification or compliance pursuant to this Agreement shall be borne by the Issuer, and any and all Selling Expenses of the Holder shall be borne by the Holder. 

Section 4. Indemnification 
 (a) The Issuer will
indemnify each Holder and each of its officers and directors, as applicable, with respect to each registration which has been effected pursuant to this Agreement, and each underwriter, if any, and each person who controls any underwriter, against
all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus, offering circular or other document (including
any related registration statement, notification or the like) incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, or any violation by the Issuer of the Securities Act or any rule or regulation thereunder applicable to the Issuer and relating to action or inaction required of the Issuer in connection with any such
registration, qualification or compliance, and will reimburse each Holder and its directors and officers, as applicable, for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss,
damage, liability or action; provided that the Issuer will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission based upon written
information furnished to the Issuer by a Holder or underwriter or any person who controls any underwriter. 
 (b) Each Holder will, if
Registrable Securities held by it are included in the securities as to which such registration, qualification or compliance is being effected, indemnify the Issuer, each of its directors and officers and each underwriter, if any, of the
Issuer’s securities covered by such a registration statement, each person who controls the Issuer or such underwriter, each other stockholder of the Issuer participating in such registration, and each of their respective officers, directors,
and partners, and each person controlling such other stockholder, in each case, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a
material fact contained in any such registration statement, prospectus, offering circular or other document made by such Holder, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to
make the statements by such Holder therein not misleading, and will reimburse the Issuer and such other Holder, directors, officers, members, partners,

  
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persons, underwriters or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action,
in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon
and in conformity with written information furnished to the Issuer by such Holder. 
 (c) Each party entitled to indemnification under this
Section 4 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any
litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld) and the Indemnified Party may participate in such defense at such party’s expense (unless the Indemnified Party shall
have reasonably concluded that there may be a conflict of interest between the Indemnifying Party and the Indemnified Party in such action, in which case the fees and expenses of counsel shall be at the expense of the Indemnifying Party), and
provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Agreement unless the Indemnifying Party is materially prejudiced thereby. No
Indemnifying Party, in the defense of any such claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying
Party may reasonably request in writing and as shall be reasonably required in connection with the defense of such claim and litigation resulting therefrom. 

(d) If the indemnification provided for in this Section 4 is held by a court of competent jurisdiction to be unavailable to an Indemnified
Party with respect to any loss, liability, claim, damage or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party
as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or
omissions which resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among
other things, whether the untrue (or alleged untrue) statement of a material fact or the omission (or alleged omission) to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (e)
Notwithstanding the foregoing and subject to Section 4(g) hereof, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into by, inter alia, the Holder in connection with any
underwritten public offering contemplated by this Agreement are in conflict with the foregoing provisions, the provisions in such underwriting agreement shall be controlling. 

(f) The foregoing indemnity agreement of the Issuer and the Holder is subject to the condition that, insofar as they relate to any loss,
claim, liability or damage made in a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the SEC at the time the registration statement in question becomes effective or the amended prospectus filed with the SEC
pursuant to SEC 

  
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Rule 424(b) (the “Final Prospectus”), such indemnity agreement shall not inure to the benefit of any underwriter if a copy of the Final Prospectus was furnished to the
underwriter and was not furnished to the person asserting the loss, liability, claim or damage at or prior to the time such action is required by the Securities Act. 

(g) Notwithstanding any provision of this Agreement or in any underwriting agreement contemplated hereby, in accordance with Section 17(i) if
the Investment Company Act of 1940, as amended, any provision in an underwriting agreement to be entered into in connection with the registration of Shares pursuant to this Agreement which protects or purports to protect the underwriter or
underwriters against any liability to the Issuer or its security Holder to which such underwriter(s) would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of their duties or by reason of such
underwriter(s) reckless disregard of their obligations and duties under the underwriting agreement shall be expressly made inapplicable to the Issuer. 

Section 5. Information by the Holder 
 Each Holder shall furnish
to the Issuer such information regarding such Holder and the distribution proposed by such Holder as the Issuer may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification or compliance
referred to in this Agreement. 
 Section 6. Rule 144 Reporting 

With a view to making available the benefits of certain rules and regulations of the SEC which may permit the sale of restricted securities to the public
without registration, the Issuer agrees to, in addition to any and all of its other obligations under this Agreement: 
 (a) make and keep
public information available as those terms are understood and defined in Rule 144 at all times; 
 (b) use its commercially reasonable
efforts to file with the SEC in a timely manner all reports and other documents required of the Issuer under the Securities Act and the Exchange Act; and 

(c) so long as the Holder owns any Registrable Securities, furnish to the Holder upon request a written statement by the Issuer as to its
compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Issuer, and such other reports and documents so filed as the Holder may reasonably
request and as is necessary for the Holder to avail itself of any rule or regulation of the SEC allowing the Holder to sell any of such securities without registration. 

Section 7. Market Stand-off Agreement 
 The Holder agrees, if
requested by the Issuer and an underwriter of the Common Stock (or other securities) of the Issuer, not to sell or otherwise transfer or dispose of any Common Stock (or other securities of the Issuer) held by the Holder during the 90-day period
following the effective date of a registration statement of the Issuer filed under the Securities Act; provided, however, that the Issuer shall not make such a request unless all similarly situated selling securityholders (regardless of the number
of shares owned) are to be restricted in the same manner (including duration and nature of transfer restrictions) without discrimination and the Issuer accompanies such request with an officer’s certificate identifying the other securityholders
to be bound by such an agreement. If requested by the underwriters, the Holder shall execute a separate agreement to the foregoing effect. The Issuer may impose stop-transfer instructions with respect to the shares (or securities) subject to the
foregoing restriction until the 

  
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end of said 90-day period. The provisions of this Section 7 shall be binding upon any transferee who acquires Registrable Securities, whether or not such transferee is entitled to the
registration rights provided hereunder. 
 Section 8. Miscellaneous 

(a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed entirely within such State without regard to principles of conflicts of law. 
 (b) Paragraph and Section
Headings. The descriptive headings of the several sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

(c) Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent to the recipient by telecopy (receipt electronically confirmed by sender’s telecopy machine) if during normal business
hours of the recipient, otherwise on the next business day, (iii) one business day after the date when sent to the recipient by reputable express courier service (charges prepaid), or (iv) seven business days after the date when mailed to the
recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to the Holder and to the Issuer at the addresses indicated below: 

 

			
	If to the Holder:	  	 10X Fund, L.P.
 c/o 10X Capital Management,
LLC
 1230 Peachtree Street, N.E., Suite 2445
 Atlanta,
GA 30309
 Attn: James Czirr

		
	 With a copy to:
 (which shall

not constitute
 notice)
	  	Investment Law Group of Gillett, Mottern & Walker, LLP
	  	1230 Peachtree Street, N.E., Suite 2445
	  	Atlanta, GA 30309
	  	Attention: Robert J. Mottern, Esq.
	  	Fax: (404-607-6933
		
	If to the Issuer:	  	Galectin Therapeutics, Inc.
	  	4960 Peachtree Industrial Blvd. #240
	  	Norcross, GA 30071
	  	Attn: Jack W. Callicutt, Chief Financial Officer
	  	Fax.: (770) 864-1327

  
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	 With a copy to:
 (which shall

not constitute
 notice)
	  	Dentons US LLP
	  	303 Peachtree Street, NE., Suite 5300
	  	Atlanta, GA 30308
	  	Attention: Robert E. Tritt, Esq.
	  	Fax: (404) 527-4198

 or to such other address as a party hereto may, from time to time, designate in writing delivered pursuant to the terms of
this Section. 
 (d) Amendments. The terms, provisions and conditions of this Agreement may not be changed, modified or amended in any
manner except by an instrument in writing duly executed by each of the parties hereto. 
 (e) Assignment. Neither this Agreement nor any of
the rights, duties, or obligations of any party hereunder may be assigned or delegated (by operation of law or otherwise) by either party hereto except with the prior written consent of the other party hereto; provided, however, that the Holder may
assign or delegate its rights, duties and obligations hereunder to any transferee of the Holder’s Registrable Securities who agrees in writing to become bound by the terms and conditions of this Agreement, so long as such assignment or
delegation is not in violation of any applicable law or regulation. 
 (f) Counterparts. For the convenience of the parties, any number of
counterparts of this Agreement may be executed by any one or more parties hereto, and each such executed counterpart shall be, and shall be deemed to be, an original, but all of which shall constitute, and shall be deemed to constitute, in the
aggregate but one and the same instrument. 
 (g) Entire Agreement. This Agreement embodies the entire agreement and understanding of the
parties hereto in respect of the subject matter hereof. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Registration Rights Agreement to
be executed on its behalf by its officers thereunto duly authorized, all as of the day and year first above mentioned. 
  

			
	ISSUER:
	
	GALECTIN THERAPEUTICS, INC., a Nevada corporation

  

			
	By:	 	 /S/ Jack W. Callicutt

	Name:	 	Jack W. Callicutt
	Title:	 	Chief Financial Officer

  

			
	HOLDER:
	
	10X FUND, L.P., a Delaware limited partnership
	
	By: 10X Capital Management, LLC, a Florida limited liability company, its general partner

 

			
	By:	 	 /S/ James Czirr

	Name:	 	James Czirr
	Title:	 	Managing Member

  
 9EX-10.3

 Exhibit 10.3 

LOCK-UP LETTER AGREEMENT 

September 22, 2016 
 Galectin Therapeutics Inc.

 4960 Peachtree Industrial Boulevard 
 Suite 240 

Norcross, GA 30071 
 Ladies and Gentlemen: 

This Agreement contains restrictions related to the common stock (“Common Stock”) and preferred stock (“Preferred
Stock”) of Galectin Therapeutics, Inc. (the “Company”). In consideration of the warrants described herein (the “Lock-Up Warrants”) to be issued by the Company to 10X Fund, L.P. (“10X Fund”)
to purchase up to 1,000,000 shares of Common Stock and the Lock Up Warrant as described in the 2016 Securities Purchase Agreement (as hereinafter defined), and for other good and valuable consideration, 10X Fund hereby irrevocably agrees that, for a
period commencing on the date hereof and ending on the eighteen (18) month anniversary of the date hereof (such 18 month period, the “Lock-Up Period”), without the prior written consent of the Company, 10X Fund will not, directly or
indirectly, except as otherwise specified herein, (1) offer for sale, sell, contract to sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any
person at any time in the future of), directly or indirectly, any Lock-Up Securities (as hereinafter defined), (2) enter into any swap, hedge or other derivatives transaction that transfers to another, in whole or in part, any of the economic
benefits or risks of ownership of shares of Lock-Up Securities, (3) enter into any “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act, whether any such transaction described in clause (1), (2) or (3) above is to
be settled by delivery of Common Stock or other securities, in cash or otherwise, or (4) publicly disclose the intention to do any of the foregoing, except as set forth herein. 

The term “Lock-Up Securities” shall mean any shares of Preferred Stock or Common Stock acquired by 10X Fund under that
Securities Purchase Agreement between the Company and 10X Fund dated February 12, 2009 (the “2009 Purchase Agreement”) or under that Securities Purchase Agreement between the Company and 10X Fund dated September 22, 2016 (the
“2016 Purchase Agreement” and with the 2009 Purchase Agreement, the “Purchase Agreements”), including without limitation any shares of Common Stock acquired as a result of dividends paid on Preferred Stock, upon
conversion of Preferred Stock or upon exercise of warrants acquired under either Purchase Agreement; provided, however, that Lock-Up Securities shall not include any other securities of the Company of which 10X Fund may be deemed to be the
beneficial owner with the Rules and Regulations of the Securities Exchange Act of 1934, as amended. 
 Notwithstanding the foregoing, (i) if
during the last 17 days of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company occurs or prior to the expiration of the Lock-Up Period the Company announces that it will release
earnings results during the 16-day period beginning on the last day of the Lock-Up Period, then the restrictions imposed by this Lock-Up Letter Agreement shall continue to apply 

  
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until the expiration of the 18-day period beginning on the issuance of the earnings release or the announcement of the material news or the occurrence of the material event, unless the Company
waives such extension in writing. 
 No provision in this Lock-Up Letter Agreement shall be deemed to restrict or prohibit 

 

	 	(1)	the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into shares of Common Stock, as applicable; provided that any Common Stock received upon
exercise of options or warrants granted to the undersigned will also be subject to this Lock-Up Letter Agreement; 

  

	 	(2)	transfers of shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock to a charity or educational institution; provided any such transfer shall not involve a
disposition for value; 

  

	 	(3)	transfers of Common Stock, Preferred Stock or warrants by 10X Fund to its limited partners who do not consent to the LP Lock-Up or are not otherwise bound by the LP Lock-Up, provided that it may do so at the time of the
transfer under the terms of the Insider Trading Policy of the Company in effect at such time; and 

  

	 	(4)	provided that 10X Fund may otherwise do so under the Insider Trading Policy of the Company in effect at that time, 10X Fund may sell Common Stock (1) as necessary to pay 10X Fund’s legal, accounting and
administrative expenses (the “Expenses”) and (2) pursuant to 10X Fund’s Quarterly Liquidity Program (as such term is defined in 10X Fund’s limited partnership agreement, as amended); provided, however, that 10X Fund may
not sell any Common Stock under the Quarterly Liquidity Program while the 10X Fund is offering its limited partnership interests to investors. 

10X Fund hereby further agrees that, (a) simultaneous with engaging in any transaction or taking any other action that is subject to the terms
of this Lock-Up Letter Agreement during the period from the date of this Lock-Up Letter Agreement to and including the expiration of the Lock-Up Period (as such may have been extended pursuant to the third paragraph herein), it will give notice
thereof to the Company and shall use reasonable best efforts not to complete the transaction if Company believes that the consummation of such transaction is not permitted by the prior paragraph; (b) it will provide in its governing documents that
all limited partners in 10X Fund who contribute capital to fund the purchase of Lock-Up Securities under the 2016 Purchase Agreement are subject to lock-up terms at least as restrictive as those contained in this Lock-Up Letter Agreement, and (c) it
will use its best efforts to obtain the consent of limited partners in 10X Fund who contributed capital to fund the purchase of Lock-Up Securities under the 2009 Purchase Agreement to agree not to withdraw their capital from the 10X Fund for the
Lock-Up Period, except as permitted by the Quarterly Liquidity Program. The Company shall be a third party beneficiary of the agreements contemplated by clauses (b) and (c) above, which shall be referred to herein as the “LP
Lock-Up.” 
 In furtherance of the foregoing, the Company and its transfer agent are hereby authorized to decline to make any
transfer of securities if such transfer would constitute a violation or breach of this Lock-Up Letter Agreement. 

  
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 In consideration for the agreements of 10X Fund contained herein, the Company shall issue to 10X
Fund the Lock-Up Warrants, which shall be in substantially the form attached hereto as Exhibit A. The Lock-Up Warrants shall be issued as follows: 
  

	 	1.	A Lock-Up Warrant to purchase 500,000 shares of Common Stock upon execution of this Agreement; and 

  

	 	2.	Additional Lock-Up Warrants upon the closing of each sale (a “Series B Sale”) of Series B-3 Convertible Preferred Stock on or after the date hereof by the Company to 10X Fund pursuant to the 2016
Purchase Agreement, each time to purchase that number of shares of Common Stock equal to the product of 500,000 shares multiplied by a fraction, the numerator of which is the aggregate purchase price paid to the Company in the Series B Sale and the
denominator of which is $6,000,000; provided, that in no event shall the Company be obligated to issue more than 1,000,000 Lock-Up Warrants. 

The exercise price of the Lock-Up Warrants shall be equal to $3 per share, or such lesser price per share as is contained in the warrants
issued under the 2016 Purchase Agreement. The form of the Lock-Up Warrants shall be the same as the form used for the warrants issued under the 2016 Purchase Agreement. 

This agreement is irrevocable and shall be binding upon the undersigned and the assigns of the undersigned. 

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Letter Agreement
and that, upon request, the undersigned will execute any additional documents necessary in connection with the enforcement hereof. Any obligations of the undersigned shall be binding upon the heirs, personal representatives, successors and
assigns of the undersigned. 
  

					
	Very truly yours,
	
	10X Fund, L.P.
		
	By:	 	10X Capital Management, LLC, General Partner
			
		 	By:	 	 /S/ James C. Czirr

		 	Name:	 	James C. Czirr
		 	Title:	 	Managing Member

  

			
	Accepted and Agreed:
	Galectin Therapeutics, Inc.
		
	By:	 	 /S/ Peter G. Traber, M.D.

		 	Peter G. Traber, M.D., Chief Executive Officer
	
	Dated: September 22, 2016

  
 3

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