Document:

3rd Amended Employment Agreement, Jeffrey Allred

 EXHIBIT 10.4 
  
 PTEK HOLDINGS, INC. 
 THIRD AMENDED AND RESTATED 
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS THIRD AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT is made
and entered into by and among PTEK HOLDINGS, INC., a Georgia corporation, f/k/a Premiere Technologies, Inc. (the “Company”), and JEFFREY A. ALLRED (the “Executive”), effective as of June 26, 2003. 
  
 BACKGROUND STATEMENT 
  
 The Company and the Executive entered into that certain Second Amended and
Restated Executive Employment Agreement dated as of January 1, 2002 (the “Original PTEK Agreement”). The Company and the Executive desire to amend and restate the Original PTEK Agreement as set forth herein. 
  
 THEREFORE, in consideration of and reliance upon the foregoing
Background Statement and the representations and warranties contained in this Agreement, and other good and valuable consideration, the Company and the Executive amend and restate the Original PTEK Agreement as follows: 
  
 TERMS 
  
 Section 1. Duties. 
  
 The Company will continue to employ the Executive as its President and Chief Operating Officer. The Executive will have the powers, duties and
responsibilities set forth in the Company’s Bylaws and as from time to time assigned to him by the Company’s board of directors (the “Board”) or its Chief Executive Officer consistent with such position, and the Executive will
report directly to the Chief Executive Officer. During the term of his employment under this Agreement, the Executive will devote substantially all of his business time to faithfully and industriously perform his duties and promote the business and
best interests of the Company; provided, however, that the Executive is not prohibited from serving on the board of directors of other companies and may participate in personal, civic and charitable activities. 
  
 Section 2. Compensation. 
  
 Section 2.1. Base Salary. Commencing January 1, 2002, the Company
will pay the Executive a base salary at the annual rate of $551,250, payable in accordance with the Company’s standard payroll practices. At the beginning of each calendar year after 2002 during the term of this Agreement, the Executive will be
entitled to an increase in his base salary equal to five percent (5%) of the previous year’s base salary. The Executive will also be entitled to any additional compensation provided for by resolution of the Company’s Compensation
Committee. 
  
 Section 2.2. Bonus Compensation. 
  
 (i) In addition to his base salary, the Executive will be
entitled to earn an annual bonus for each calendar year during the term of this Agreement in an amount determined under 

 Section 2.2(ii) based on the Company achieving its quarterly and annual targets for revenue
(“Revenue”) and for earnings before interest, taxes, depreciation and amortization (“EBITDA”). Revenue and EBITDA targets and actual Revenue and EBITDA shall be determined by the Company in the same manner as under the
Company’s Bonus Plan for Corporate Associates. 
  
 (ii) The Executive’s target bonus for each calendar year will be equal to 100% of his base salary for such year, subject to the sliding scale adjusters described below, with 80% of the target bonus allocated to achievement of
cumulative quarterly targets (i.e., 20% per quarter) and 20% allocated to the achievement of annual targets. The bonus will be based two-thirds ( 2/3) on the achievement of EBITDA targets and one-third ( 1/3) on
achievement of Revenue targets. The amount of bonus earned each quarter and calendar year shall be determined based on the following: 
  

	 Percentage of Target

	  	 Percentage of Bonus Earned

	 90% – 94.99%
	  	  70%
	 95% – 99.99%
	  	  85%
	 100% – 104.99%
	  	100%
	 105% – 109.99%
	  	125%
	 110% or more
	  	150%

  
 (iii)
For example, if the Executive’s base salary was $500,000 and EBITDA was 105% of target for the first quarter and Revenue was 98% of target, the Executive’s earned bonus for the first quarter would be calculated as follows: 
  

	 	  	 Target

	  	% Earned

	 	 	 Bonus
 Earned

	  	  	 
	 Target bonus for Q1
	  	 	 	  	 	 	 	 	 
	 (20% of $500,000)
	  	= $	100,000   	  	 	 	 	 	 
	  2/3 based on EBITDA
	  	= $	66,667 x	  	125	% =	 	$	83,334
	  1/3 based on Revenue
	  	= $	33,333 x	  	85	% =	 	 	28,333
	 	  	 	 	  	 	 	 	
	

	 Earned bonus for Q1
	  	 	 	  	 	 	 	$	111,667
	 	  	 	 	  	 	 	 	
	

  
 (iv)
The earned quarterly bonuses for the first three quarters of a calendar year will be paid to the Executive within forty-five (45) days following the end of the relevant quarter, and the earned fourth quarter and annual bonus for a calendar year will
be paid to the Executive by March 15 following the end of such calendar year. 
  
 (v) The Executive will also be entitled to any additional bonus compensation provided for by resolution of the Company’s Compensation Committee. 
  
 (vi) The Executive has agreed to reduce his base salary for 2002 from $551,250 to $500,000, and to reduce
his target bonus for 2002 from $551,250 to $150,000, in exchange for a grant of 100,750 shares of common stock of the Company pursuant to that certain Restricted Stock Award Agreement by and between the Company and the Executive dated November 27,
2001. The reduced bonus will continue to be earned 20% per quarter and 20% for the year as provided in Section 2.2(ii) hereof. The foregoing notwithstanding, for all other purposes of this Agreement, including, without limitation, Sections 2.5, 2.10
and 5, the Executive’s base salary and target bonus for 2002 shall each be deemed to be $551,250. In addition, unless the Executive 
  

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 and the Company otherwise agree, the Executive’s base salary and target bonus for 2003 shall each be
deemed to be $578,813. 
  
 Section 2.3. Employee Benefits.
During the term of his employment under this Agreement, the Executive will be entitled to participate in all employee benefit programs, including any pension, profit-sharing, or deferred compensation plans, any medical, health, dental, disability
and other insurance programs and any fringe benefits, such as club dues, professional dues, the cost of an annual medical examination and the cost of professional fees associated with tax planning and the preparation of tax returns, on a basis at
least equal to the other senior executives of the Company. In addition to such benefits, the Company will maintain a $1,000,000 term life insurance policy on the life of and in the name of the Executive, and such other insurance as the Board or the
Compensation Committee of the Board may determine. The Executive or his designee will be the owner of such insurance policy and will have all rights pursuant thereto, including, without limitation, the right to transfer ownership and designate
beneficiaries. Upon termination of the Executive’s employment hereunder or the expiration of the term of his employment pursuant to Section 4 hereof, the Executive will be entitled to participate, for the longer of (a) eighteen (18) months
after the date of termination or expiration or (b) the remaining term of this Agreement as provided in Section 4 hereof as if such termination had not occurred (the “Benefits Period”), in any medical, health, dental, disability, life or
similar programs in which he participated immediately before this Agreement terminated or expired and to receive the fringe benefits provided for herein, in each of the foregoing cases on the same basis as during his employment (including payment by
the Company of the costs and expenses associated with such programs and fringe benefits on the same terms as during the time the Executive was employed with the Company), and in meeting its obligations under this provision the Company will take all
actions which may be necessary or appropriate to comply with criteria set forth by the Company’s insurance carriers and other program providers (including the continued employment of the Executive in some nominal capacity if necessary);
provided, however, that upon termination of the Executive’s employment where he is entitled to payments pursuant to Section 2.5 or 2.10, then the Executive will be entitled to participate in any medical or health plan in which he participated
immediately before his employment terminated on the same basis described above for sixty (60) months after the date of termination (the “Extended Health Benefits Period”). With respect to continued coverage under any such medical or health
plan, if the Executive becomes eligible for health benefits through any arrangement sponsored by or paid for by a subsequent employer of the Executive during the Extended Health Benefits Period, then continued coverage under any arrangement provided
by the Company will be made secondary to, and coordinated with, such other coverage in which the Executive is eligible. 
  
 Section 2.4. Reimbursement of Expenditures. The Company will reimburse the Executive for all reasonable expenditures incurred by the Executive in
the course of his employment or in promoting the interests of the Company, including expenditures for (i) transportation, lodging and meals during overnight business trips, (ii) business meals and entertainment, (iii) supplies and business
equipment, (iv) long-distance telephone calls and (v) membership dues of business associations. Notwithstanding the foregoing, the Company will have no obligation to pay reimbursements under this Section 2.4 unless the Executive submits timely
reports of his expenditures to the Company in the manner prescribed by the Company and the rules and regulations underlying Section 162 of the Internal Revenue Code (the “Code”). 
  
 Section 2.5. Severance Pay. If the Company terminates the
Executive’s employment under this Agreement for any reason other than Cause (other than by expiration of the term of the Executive’s employment pursuant to Section 4 hereof) either (i) before a Change in Control of the Company (as defined
in Section 2.10 (ii) hereof), or (ii) after the twenty-four (24) month period following a Change in 
  

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 Control of the Company, then in addition to any other rights and remedies the Executive may have, the Executive will be
entitled to receive severance pay (the “Severance Amount”) equal to 2.99 times the greater of (a) the sum of the Executive’s annual base salary in effect at the date of termination plus his target bonus under Section 2.2 hereof for
the year in which the date of termination occurs and (b) the sum of the highest annual base salary and annual cash bonus paid to the Executive for any of the three (3) calendar years prior to the date of termination. Such amount will be payable in
substantially equal installments in accordance with the Company’s standard payroll practices over the twelve (12) month period following the date of termination. 
  
 Section 2.6. Disability of Executive. If during the term of the Executive’s employment under this Agreement the
Executive, in the opinion of a majority of the Board (excluding the Executive), as confirmed by competent medical evidence, becomes physically or mentally unable to perform his duties for a continuous period (“Disabled”), then for the
first year of his Disability the Executive will receive his full base salary and for the next six months of his Disability he will receive one-half of his base salary. (The Company may satisfy this obligation in whole or in part by payments to the
Executive provided through disability insurance.) The Company will not, however, be obligated to pay any salary to the Executive under this Section 2.6 beyond expiration of his term of employment hereunder. Nor will the Company be obligated to pay
bonus compensation or an automobile allowance with respect to the period of Disability. Bonus compensation in this circumstance will be a pro rata portion of the bonus the Executive would have earned absent the period of Disability based upon the
number of days during the fiscal year the Executive was not Disabled. When the Executive is again able to perform his duties he will be entitled to resume his full position and salary. If the Executive’s Disability endures for a continuous
period of eighteen (18) months, then the Company may terminate the Executive’s employment under this Agreement after delivery of ten (10) days written notice. The Executive hereby agrees to submit himself for appropriate medical examination by
a physician selected by the Company for the purposes of this Section 2.6. 
  
 Section 2.7. Death of Executive. Within forty-five (45) days after the Executive’s death during the term of this Agreement, the Company will pay to the Executive’s estate, or his heirs, the amount of
any accrued and unpaid base salary (determined as of the date of death) and accrued and unpaid bonus compensation determined as if the Company’s fiscal year ended at the date of death. In addition, the Company will pay to the Executive’s
spouse (or if she is not alive, to his estate or heirs) a death benefit of $5,000. 
  
 Section 2.8. Automobile Allowance. During the term of his employment under this Agreement, the Company will pay the Executive a monthly automobile allowance of $1,000. 
  
 Section 2.9. Vacation. The Executive will be entitled to three (3)
weeks paid vacation annually. Unused vacation time will accumulate and carryover to subsequent years. Any unused vacation at the date of termination of this Agreement (for any reason) will be paid to the Executive promptly following the date of
termination. 
  
 Section 2.10. Change in Control. 

  
 (i) If, during the twenty-four (24) month
period following a Change in Control of the Company, the Executive’s employment with the Company is terminated (1) by the Executive for any reason or (2) by the Company for any reason other than Cause (as defined in Section 5.1 hereof), then in
addition to any other rights or remedies the Executive may have, the Executive will be entitled to receive the Severance Amount payable in a lump sum upon the effective date 
  

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 of such termination and discounted to the present value thereof as though the Severance Amount were paid
in twelve (12) equal monthly installments and such installments were discounted based on an interest rate equal to the Applicable Federal Rate as announced by the Internal Revenue Service (“IRS”) in effect on the date of such termination.

  
 (ii) For the purposes of this Agreement, a
“Change in Control” shall mean the occurrence of any of the following events: 
  
 (a) An acquisition (other than directly from the Company) of any voting securities of the Company (“Voting Securities”) by any
“Person” (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “1934 Act”)) immediately after which such Person has “Beneficial Ownership” (within the meaning of
Rule 13d-3 promulgated under the 1934 Act) of 25% or more of the combined voting power of the Company’s then outstanding Voting Securities; provided, however, that in determining whether a Change in Control has occurred, Voting Securities that
are acquired in an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other person of which a majority of its voting power or its equity securities or equity
interests are owned directly or indirectly by the Company (a “Subsidiary”), or (ii) the Company or any Subsidiary, or (iii) any Person in connection with a “Non-Control Transaction” (as hereinafter defined), shall not constitute
an acquisition for purposes for this clause (a); or 
  
 (b) The individuals who, as of the date of this Agreement, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least 60% of the Board; provided, however, that if the election, or nomination for
election by the Company’s shareholders, of any new director was approved by a vote of at least 80% of the Incumbent Board, such new director shall for purposes of this Agreement, be considered as a member of the Incumbent Board; provided,
further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated
under the 1934 Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest; or 
  
 (c) Approval by
the shareholders of the Company of: 
  
 (i) a
merger, consolidation or reorganization involving the Company, unless: 
  
 (A) the shareholders of the Company, immediately before such merger, consolidation or reorganization, own, directly or indirectly, immediately following such a merger, consolidation or reorganization, at least
two-thirds ( 2/3) of the combined voting power of the outstanding voting securities of the corporation resulting
from such merger, consolidation or reorganization (the “Surviving Corporation”) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization, and

  

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 (B) the individuals who were members of the Incumbent Board immediately prior to the
execution of the agreement providing for such merger, consolidation or reorganization constitute at least 80% of the members of the board of directors of the Surviving Corporation. (A transaction in which both of clauses (A) and (B) above shall be
applicable is hereinafter referred to as a “Non-Control Transaction.”) 
  
 (ii) A complete liquidation or dissolution of the Company; or 
  
 (iii) An agreement for the sale or other disposition of all or substantially all of the assets of the
Company to any Person (other than a transfer to a Subsidiary). 
  
 Section 3.
Certain Additional Payments by the Company. 
  
 Section
3.1. Amount of Additional Payment. Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event the IRS or any other governmental agency claims that, or a determination is made under Section 3.2 that,
any benefit or payment or distribution by the Company or its affiliates to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without
regard to any additional payments required under this Section 3) (a “Payment”) is, or should be, subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such
excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Executive shall be entitled to receive from the Company an additional payment, or more than
one additional payment (each a “Gross-Up Payment”), in an amount determined under Section 3.2 such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including,
without limitation, any income taxes, social security and other employment taxes, and Excise Tax imposed upon any Gross-Up Payment (and any interest and penalties imposed with respect thereto), the Executive retains an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payments. 
  
 Section
3.2. Determinations. Subject to the provisions of Section 3.3, all determinations required to be made under this Section 3, including whether and when any Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by PricewaterhouseCoopers LLP or such other certified public accounting firm as may be designated by the Executive (the “Accounting Firm”), which shall provide detailed
supporting calculations both to the Company and the Executive within fifteen (15) business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by the Company. In the event that the
Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 3, shall be paid by the
Company to the Executive within five (5) days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. As a result of the uncertainty in the application
of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, the Company acknowledges and 
  

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 agrees that it is possible that the Company may be required under this Section 3.2 to make more than one Gross-Up
Payment. 
  
 Section 3.3. Contest of Claims. The Executive
shall notify the Company in writing of any claim by the IRS that, if successful, would require the payment by the Company of any Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after
the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the thirty (30)
day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Executive in writing prior to the
expiration of such period that it desires to contest such claim, the Executive shall: 
  
 (i) give the Company any information reasonably requested by the Company relating to such claim, 
  
 (ii) take such action (other than waiving his right to any
Payments) in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by
the Company, 
  
 (iii) cooperate with the Company
in good faith in order effectively to contest such claim, and 
  
 (iv) permit the Company to participate in any proceedings relating to such claim; 
  
 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such
contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income or other tax or other sanctions (including interest and penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses on the same basis as a Payment. Without limitation of the foregoing provisions of this Section 3.3, the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or
forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine;
provided, however, that if the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive (unless otherwise prohibited by law, in which event the parties shall agree
upon a mutually acceptable alternative), on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with
respect to such advance or with respect to any imputed income with respect to such advance on the same basis as a Payment; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of the
Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would
be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  

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 Section 3.4. Refunds. If, after the receipt by the Executive of an amount advanced by the Company
pursuant to Section 3.3, the Executive receives any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements of Section 3.3) promptly pay to the Company the amount of such refund (together
with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 3.3, a determination is made that the Executive shall not be entitled to any
refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and
shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 Section 4. Term of Employment. 
  
 The Executive’s term of employment under this Agreement will expire on January 1, 2005. The term of employment will automatically renew for an
additional one-year period upon the foregoing expiration, and thereafter upon the expiration of any renewal term provided by this Section 4, unless the Company or the Executive provides written notice to the other party at least thirty (30) days
prior to expiration that such party does not want to renew this Agreement. 
  
 Section 5. Termination of Employment. 
  
 Section 5.1. Termination by the Company. The Company may terminate the Executive’s employment under this Agreement only for “Cause” amounting to gross, continuing and willful malconduct, misconduct or nonperformance,
having a substantial, adverse effect upon the Company, or for Disability, as described in Section 2.6 hereof. No act or failure to act by the Executive will be considered “willful” unless done or not done in bad faith and without
reasonable belief that the Executive’s action or omission was in the best interests of the Company. Termination for Cause will not be effective unless the Company delivers to the Executive thirty (30) days advance written notice setting forth
in reasonable detail the allegations of Cause, and the Executive does not correct the acts or omissions documented in such notice within such 30-day period. For purposes of this Agreement, any significant change to the Executive’s title, his
powers, duties or responsibilities, or his employee benefits or working conditions, or any relocation of his workplace outside of Atlanta, Georgia, will, at the option of the Executive, constitute a termination of his employment by the Company
without Cause. Notwithstanding anything else contained in this Agreement, if, for any reason whatsoever, the Company terminates the Executive’s employment, then the Company will reimburse the Executive for all reasonable costs and expenses
incurred by him (including attorneys’ fees, court costs and the costs of paralegal and other legal or investigative support personnel) connected with investigating, preparing, defending or appealing any litigation, arbitration, mediation or
similar proceeding arising out of this Agreement, whether commenced or threatened. Such reimbursements will be paid in advance of the final disposition of such litigation, arbitration, mediation or similar proceeding within ten (10) days after the
Executive submits requests for reimbursement along with supporting invoices. 
  
 Section 5.2. Termination by the Executive. The Executive may terminate his employment under this Agreement thirty (30) days after giving written notice to the Company. If the Executive terminates his employment
under this Agreement, then he will be entitled to pro rata portions of his base salary and bonus compensation with respect to the fiscal year in which the termination occurs (based on the number of days the Executive is employed by the Company
during such fiscal year) as well as any accrued but unpaid compensation. 
  

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 Section 6. Restrictive Covenants. 
  
 Section 6.1. Prohibited Activities. During the term of his employment under this Agreement and for a period of one
(1) year thereafter, the Executive will not, as a shareholder, owner, operator, employee, partner, independent contractor, consultant, lender, financier, officer or director, within any portion of the United States in which the Company conducts
business on the effective date of this Agreement (the “Territory”), which the parties acknowledge is the same territory in which the Executive is deemed to be performing his services on behalf of the Company: 
  
 (i) participate in the ownership of management of or provide
services of substantially the same nature or character as those provided to the Company by the Executive to any business that directly or indirectly competes with the Company in the Territory with respect to conferencing (audio conferencing and
Web-based collaboration), or multimedia messaging (high-volume actionable communications, including e-mail, wireless messaging, voice message delivery and fax); provided, that nothing in this Agreement shall restrict the Executive from maintaining a
passive investment of less than three percent (3%) of any class of equity securities of a corporation whose shares are listed on the New York Stock Exchange or on NASDAQ; or 
  
 (ii) solicit or induce any person who is an employee, officer, agent, affiliate, supplier, client or
customer of the Company to terminate such relationship or refuse to do business with the Company or reduce the amount of products or services purchased from the Company; provided, however, that for purposes of this clause (ii), clients and customers
shall be limited to actual clients or customers or actively–sought clients or customers of the Company with whom the Executive has had material contact during the term of this Agreement. 
  
 Section 6.2. Trade Secrets. The Executive acknowledges and recognizes
that during his employment with the Company he may acquire (or may have acquired during his prior employment with the Company) secret or confidential information, knowledge, or data with respect to the business or products of the Company which may
provide advantage to the Company over others not having such information (“Confidential Information”). During his employment hereunder and for a period of one (1) year thereafter, the Executive will not communicate, disclose, divulge or
use any such secret or confidential information to the detriment of the Company. Following the termination of the Executive’s employment hereunder, the provisions of this Section 6.2 shall not apply to any information that (a) was known to the
Executive prior to his employment by the Company or (b) becomes generally available to the telecommunications industry other than as a result of disclosure by the Executive. Any Confidential Information that also constitutes a “trade
secret” under applicable law shall be subject to any additional protections afforded by law and the duration of the foregoing nondisclosre and nonuse obligations shall extend for as long as the underlying Confidential Information continues to
meet the definition of a “trade secret.” 
  
 Section
6.3. Property of the Company. The Executive acknowledges that all confidential information relating to computer software or hardware currently utilized by the Company or incorporated into its products and all such information the Company
currently plans to utilize or incorporate into its products is the exclusive property of the Company. Furthermore, the Executive agrees that all discoveries, inventions, creations and designs of the Executive during the course of his employment
pursuant to this Agreement or predecessor agreements will be the exclusive property of the Company. 
  

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 Section 6.4. Remedies. In the event the Executive violates or threatens to violate the provisions
of this Section 6, damages at law will be an insufficient remedy and the Company will be entitled to equitable relief in addition to any other remedies or rights available to the Company and no bond or security will be required in connection with
such equitable relief. 
  
 Section 6.5. Counterclaims. The
existence of any claim or cause of action the Executive may have against the Company will not at any time constitute a defense to the enforcement by the Company of the restrictions or rights provided by this Section 6. 
  
 Section 6.6. Company. For purposes of this Section 6,
“Company” shall include the Company and all of its direct and indirect subsidiaries, parents, and affiliates and any predecessors and successors of the Company. 
  
 Section 7. Service as a Director. 
  
 During the term of this Agreement, the Executive agrees to be nominated to serve as a director of the Company when his then current term expires and,
subject to his election by the shareholders of the Company, to serve as a director of the Company. 
  
 Section 8. Indemnification. 
  
 Section 8.1. Non-Derivative Actions. The Company will indemnify the Executive if he becomes a party to any proceeding (other than an action by, or in the right of, the Company), by reason of the fact that he is or was a director,
officer, employee, or agent of the Company or is or was serving at the request of the Company as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against liability incurred in
connection with such proceeding, including any appeal, provided he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, had
no reasonable cause to believe his conduct was unlawful. The termination of any proceeding by judgment, order, settlement, or conviction or upon a plea of nolo contendere or its equivalent will not, of itself, create a presumption that the Executive
did not act in good faith and in a manner which he reasonably believed to be in, and not opposed to, the best interests of the Company or, with respect to any criminal proceeding, had reasonable cause to believe that his conduct was unlawful.

  
 Section 8.2. Derivative Actions. The Company will
indemnify the Executive if he becomes a party to any proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee, or agent of the Company or is or was serving
at the request of the Company as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, against expenses and amounts paid in settlement not exceeding, in the judgment of the Board, the
estimated expense of litigating the proceeding to conclusion, actually and reasonably incurred in connection with the defense or settlement of such proceeding, including any appeal; provided that he acted in good faith and in a manner he reasonably
believed to be in, or not opposed to, the best interests of the Company. 
  
 Section 8.3. Advancement of Expenses. Expenses incurred by the Executive in defending a civil or criminal proceeding described in this Section 8 will be paid by the Company in advance of the final disposition
of the proceeding within ten (10) days after the Executive submits a request for payment; provided, however, that the Executive has undertaken in writing to repay such amounts if he is ultimately found not to be entitled to indemnification by the
Company. 
  

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 Section 8.4. Non-Exclusivity; Continuity. The indemnification provided for by this Agreement will
not be exclusive and the Company may make any other indemnification allowed by law. The indemnification provided for by this Agreement will continue after the Executive has ceased to be a director, officer, employee, or agent of the Company or
ceases to serve at the request of the Company as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, and will inure to the Executive’s heirs, executors, and administrators.

  
 Section 8.5. No Subrogation. The indemnification
provided for by this Agreement will be personal in nature and the Company will not have any liability under this Section 8 to any insurer or any person, corporation, partnership, trust or association or other entity (other than heirs, executors or
administrators) by reason of subrogation, assignment, or succession by any other means to the claim of the Executive. 
  
 Section 9. Compliance With Other Agreements. 
  
 The Executive represents and warrants to the Company that he is free to enter into this Agreement and that the execution of this Agreement and the
performance of the obligations under this Agreement will not, as of the date of this Agreement or with the passage of time, conflict with, cause a breach of or constitute a default under any agreement to which the Executive is a party or may be
bound. 
  
 Section 10. Severability. 
  
 Every provision of this Agreement is intended to be severable. If any
provision or portion of a provision is illegal or invalid, then the remainder of this Agreement will not be affected. Moreover, any provision of this Agreement which is determined to be unreasonable, arbitrary or against public policy will be
modified as necessary so that it is not unreasonable, arbitrary or against public policy. 
  
 Section 11. Waivers. 
  
 A
waiver by a party to this Agreement of any breach of this Agreement by the other party will not operate or be construed as a waiver of any other breach or of the same breach on a future occasion. No delay or omission by either party to enforce any
rights it may have under this Agreement will operate or be construed as a waiver. 
  
 Section 12. Modification. 
  
 This Agreement may
not be modified or amended except by a writing signed by the Company and the Executive. 
  
 Section 13. Headings. 
  
 The various headings
contained in this Agreement are inserted only as a matter of convenience and in no way define, limit or extend the scope or intent of any of the provisions of this Agreement. 
  
 Section 14. Counterparts. 
  
 This Agreement may be executed in several counterparts, each of which will be deemed an original, but all of which taken together will constitute one and
the same instrument. 
  

 11 

 Section 15. Number and Pronouns. 
  
 Wherever from the context it appears appropriate, each term stated in either the singular or the plural will include the
singular and the plural and pronouns stated in the masculine, feminine or neuter gender will include the masculine, feminine and neuter genders. 
  
 Section 16. Survival of Representations and Warranties. 
  
 The respective representations and warranties of the parties to this Agreement will survive the execution of this Agreement and continue without
limitation. 
  
 Section 17. Assignment; Binding Effect. 
  
 Neither this Agreement nor any right or interest hereunder shall be
assignable by either the Executive or the Company without the other party’s prior written consent; provided, however, that nothing in this Section 17 shall preclude (i) the Executive from designating a beneficiary to receive any benefits
payable hereunder upon his death, or (ii) the executors, administrators or other legal representatives of the Executive or his estate from assigning any rights hereunder to the person or persons entitled thereto. 
  
 In addition, at the request of the Executive, the Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business, assets or stock of the Company, by agreement in form and substance satisfactory to the Executive, to expressly
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness
of any such succession will be a breach of this Agreement and will entitle the Executive to compensation from the Company in the same amount and on the same terms as he would be entitled to hereunder if his employment was terminated by the Company
without Cause pursuant to Section 2.10 (i) as of the effectiveness of any such succession. 
  
 Except as otherwise provided herein, this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, administrators, executors, successors and assigns.

  
 Section 18. Waiver of Jury. 
  
 With respect to any dispute which may arise in connection with this
Agreement, each party to this Agreement hereby irrevocably waives all rights to demand a jury trial. 
  
 Section 19. Entire Agreement. 
  
 With respect to its subject matter, this Agreement constitutes the entire understanding of the parties superseding all prior agreements, understandings, negotiations and discussions between them, whether written or oral, and there are no
other understandings, representations, warranties or commitments with respect thereto. 
  

 12 

 Section 20. Governing Law; Venue. 
  
 This Agreement will be governed by and interpreted in accordance with the substantive laws of the State of Georgia without
reference to conflicts of law. Venue for the purposes of any litigation in connection with this Agreement will lie solely in the state court in and for Fulton County, Georgia or the United States District Court in and for the Northern District of
Georgia. 
  
 Section 21. Notices. 
  
 Any notices or other communications required or permitted under this
Agreement shall be in writing and shall be deemed to have been duly given and delivered when delivered in person, two (2) days after being mailed postage prepaid by certified or registered mail with return receipt requested, or when delivered by
overnight delivery service or by facsimile to the recipient at the following address or facsimile number, or to such other address or facsimile number as to which the other party subsequently shall have been notified in writing by such recipient:

  
 If to the Company: 
  
 PTEK Holdings, Inc. 
 3399 Peachtree Road 
 The Lenox Building

 Suite 700 
 Atlanta, GA 30326

 Attn: Chief Legal Officer 
  
 If to the Executive: 
  
 Jeffrey A. Allred 
 100 Inman Circle

 Atlanta, Georgia 30309 
  
 Section 22. Original PTEK Agreement Superseded. 
  
 The Original PTEK Agreement has been amended and restated by this Agreement, and the Original PTEK Agreement shall be of no further force or effect after
the effective date of this Agreement. 
  

 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement. 
  

	 	 	 	 	PTEK HOLDINGS, INC.
			
	 ATTEST:
	 	 	 	 
				
	 	 	 	 	By:	 	 /s/    BOLAND T.
JONES        

	 	 	 	 	 	 	Boland T. Jones
	 /s/    PATRICK G.
JONES        

 Patrick G. Jones
 Secretary
	 	 	 	 
			
	 	 	 	 	THE EXECUTIVE
			
	 	 	 	 	 /s/    JEFFREY A.
ALLRED        

	 	 	 	 	 Jeffrey A. Allred

  

 14EMPLOYMENT AGREEMENT

 Exhibit 10.6 
 PRO-PHARMACEUTICALS, INC. 
  
 EMPLOYMENT AGREEMENT 
  
 EMPLOYMENT AGREEMENT, made this eighteenth day of March 2003 (this “Agreement”), with an effective date as hereinafter set forth, between Pro-Pharmaceuticals, Inc., a Nevada corporation having an
address of 189 Wells Avenue, Suite 200, Newton, Massachusetts 02459 (the “Company”), and David A. Christopher, an individual residing at 28 Spring Hill Road, Bedford, New Hampshire 03110 (the “Employee”).

  
 WHEREAS, the Company desires to hire the Employee, and
Employee desires to be employed by the Company, on the terms and conditions set forth in this Agreement; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the parties agree as follows: 
  
 1. Employment. 
  
 The Company shall employ the Employee on an “at will” basis, and Employee agrees to be so employed, with the title
of Chief Financial Officer, and report to the Chief Executive Officer of the Company (the “CEO”) or such other officer as the CEO may designate. The Employee acknowledges that Employee’s employment by the Company will commence on
April 1, 2003 (the “Effective Date”). The Employee agrees that, to the best of the Employee’s ability and experience, Employee will at all times conscientiously perform all of the duties and obligations assigned to the Employee under
this Agreement. 
  
 2. Salary; Reimbursement of Expenses.

  
 (a) Salary. The Employee’s salary for the
period commencing on the Effective Date will be $10,833.33 per month, less required withholdings, payable on the Company’s regular payroll dates. The Employee’s salary shall be reviewed at least annually and is subject to adjustment in
connection therewith. Such salary as in effect from time to time is herein referred to as the “Base Salary”. 
  
 (b) Reimbursement of Expenses. The Company shall reimburse the Employee for all reasonable and appropriate or necessary out-of-pocket expenses
incurred in connection with the Employee’s carrying out the Employee’s duties under this Agreement, in conformity with such procedures as the Company may establish from time to time. 
  
 3. Benefits; Vacation. 
  
 The Employee will be entitled to (i) health and dental insurance coverage for
himself and his family, to be paid in full by the Company, (ii) three (3) weeks vacation in each year, pro-rated on a monthly basis, and customary holidays, and (iii) other benefits commensurate with the Employee’s position in accordance with
the Company’s standard employee benefits policies as in effect from time to time. 
  

 -1- 

 To the extent the Company obtains insurance with respect to (i) directors’ and officers’
liability, (ii) errors and omissions and (iii) general liability insurance, the Employee shall be covered by such insurance to the same extent as other senior executives and directors of the Company. 
  
 4. Conflicting Employment. The Employee while employed by the Company will not
engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved, nor will the Employee engage in any other activities that conflict with the
Employee’s obligations to Company. 
  
 5. Compliance with Company
Policy. During this agreement, the Employee shall observe all Company rules and policies, including such policies as are contained in the Company policy and procedures manual as from time to time adopted or amended. 
  
 6. Termination of Employment.  
  
 (a) For Cause. The Company shall have the right, upon written
notice thereof to the Employee, to terminate the Employee’s employment hereunder immediately if 
  
 (i) the Employee 
  
 (A) fails or refuses in any material respect to perform any duties consistent with the terms hereof communicated to the Employee in
writing by the CEO. 
  
 (B) is grossly negligent
in the performance of the Employee’s duties hereunder, 
  
 (C) is convicted of a felony or other violation which in the reasonable judgment of the CEO could materially impair the Company from substantially meeting its business objectives, or 
  
 (D) is found to have committed any act of fraud,
misappropriation of funds or embezzlement with respect to the Company; and 
  
 (ii) except as to the matters referred to in clauses (C) or (D), within thirty (30) days (the “Cure Period”) after delivery of written notice from the CEO or the Board of Directors of the Company (the
“Board”) stating with specificity the nature of the reason for an anticipated for-cause termination, the Employee fails to cure, or if the matter is not curable within the Cure Period, the Employee fails in the judgment of the CEO within
the Cure Period to undertake diligently to cure such, failure, refusal or negligence. 
  
 In the event of termination pursuant to this Section 6(a), the Employee shall be entitled to the payments and benefits set forth in
Sections 2 and 3 hereof through the end of the Cure Period with respect to termination pursuant to Section 6(a)(A) or (B) and as of the date of termination with respect to termination pursuant to Section 6(a)(C) or (D). 
  

 -2- 

 (b) Without Cause. Each of the Company or the Employee may terminate this Agreement at any time
without cause upon thirty (30) days prior written notice. In the event the employment of the Employee is terminated by the Company under this Section 6(b), in that event: 
  
 (i) if termination occurs within six (6) months after the Effective Date, the Employee shall be paid as
severance in an amount equal to Base Salary for one month, or 
  
 (ii) if the termination occurs later than six (6) months after the Effective Date, the Employee shall be paid a severance equal to Base Salary for two (2) months plus, with respect to each full year of service to the
Company, one (1) month, the aggregate of such severance in any event not to exceed six (6) months of Base Salary; and 
  
 (iii) the Employee shall be reimbursed for all expenses pursuant to Section 2 incurred through the date of termination; and 
  
 (iv) the Employee shall be entitled to receive following the
date of termination two (2) months of benefits, to the extent permitted by law, to which he was entitled pursuant to Section 3 hereof while he was employed by the Company,. 
  
 (c) Survival of Obligations. The obligations of the Corporation and the Employee set forth in Section 2(b)
(reimbursement of expenses), in this Section 6, Section 7 (confidentiality), Section 8 (assignment of inventions), Section 10 (non-solicitation), Section 11 (non-competition) and Section 12 (publications) will survive the termination of
Employee’s employment hereunder, regardless of cause. 
  
 7.
Confidential Information. 
  
 (a) Company
Information. The Employee agrees at all times during the term of the Employee’s employment or other involvement with the Company and thereafter to hold in strictest confidence, and not to use, except for the benefit of the Company, or to
disclose to, or permit the use by, any person, firm or corporation without written authorization of its Board of Directors, any Confidential Information of the Company. The Employee understands that “Confidential Information” means
any Company proprietary information, technical data, trade secrets or know-how or other business information disclosed to the Employee by the Company, either directly or indirectly in writing, orally or by drawings or inspection of parts or
equipment, including, but not limited to: 
  
 (i)
medical and drug research and testing results and information, research and development techniques, processes, methods, formulas, trade secrets, patents, patent applications, computer programs, software, electronic codes, mask works, inventions,
machines, innovations, ideas, designs, creations, writings, books and other works of authorship, discoveries, improvements, data, formats, projects and research projects; 
  
 (ii) information about costs, profits, markets, sales, contracts and lists of customers, and distributors,
business, marketing, and strategic plans, forecasts, 

  

 -3- 

 
unpublished financial information, budgets, projections, and customer identities, characteristics and agreements as well as all business opportunities,
conceived, designed, devised, developed, perfected or made by the Employee, whether alone or in conjunction with others, and related in any manner to the actual or anticipated business of the Company or to actual or anticipated areas of research and
development; and 
  
 (iii) employee personnel
files and compensation information. 
  
 The Employee further
understands that Confidential Information does not include any of the foregoing items which (A) has become publicly known or made generally available to the public through no wrongful act of the Employee, (B) has been disclosed to the Employee by a
third party having no duty to keep Company matters confidential, (C) has been developed by the Employee independently of employment by the Company, (D) has been disclosed by the Company to a third party without restrictions on disclosure, or (E) has
been disclosed with the Company’s written consent. The Employee further agrees that all Confidential Information shall at all times remain the property of the Company. 
  
 (b) Former Employer Information. The Employee agrees that the Employee will not improperly use or disclose any
proprietary information or trade secrets of any former employer or other person or entity with which the Employee has an agreement or duty to keep in confidence information acquired by the Employee and that the Employee will not bring onto the
premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity. 
  
 (c) Future Third Party Information. The Employee recognizes that the
Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain
limited purposes. The Employee agrees to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out the Employee’s
work for the Company consistent with the Company’s agreement with such third party. 
  
 (d) Prior Actions and Knowledge. The Employee represents and warrants that from the time of the Employee’s first contact with the Company, the Employee has held in strict confidence all Confidential
Information and has not disclosed any Confidential Information, directly or indirectly, to anyone outside the Company, or used, copied, published, or summarized any Confidential Information, except to the extent otherwise permitted in this
Agreement. 
  
 (e) Third Parties. The Employee will not
disclose to the Company or use on its behalf any confidential information belonging to others, and the Employee will not bring onto the premises of the Company any confidential information belonging to any such party unless consented to in writing
by such party. 
  
 8. Inventions. 
  
 (a) Inventions Retained and Licensed. Attached hereto, as Exhibit A,
is a list describing all ideas, processes, trademarks, service marks, inventions, designs, technologies, computer 

  

 -4- 

 
hardware or software, original works of authorship, formulas, discoveries, patents, copyrights, copyrightable works, products, marketing and business ideas,
and all improvements, know-how, data, rights, and claims related to the foregoing, whether or not patentable, registrable or copyrightable, which were conceived, developed or created by the Employee prior to Employee’s employment or first
contact with the Company (collectively referred to as “Prior Inventions”), (A) which belong to the Employee, (B) which relate to the Company’s current or contemplated business, products or research and development, and (C)
which are not assigned to the Company hereunder. If there is no Exhibit A or no items thereon, the Employee represents that there are no such Prior Inventions. If in the course of Employee’s employment with the Company, the Employee
incorporates or embodies into a Company product, service or process a Prior Invention owned by the Employee or in which the Employee has an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual,
worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product, service or process. 
  
 (b) Assignment of Intellectual Property Items. The Employee agrees that Employee will promptly make full written disclosure to the Company and will
hold in trust for the sole right and benefit of the Company, and the Employee hereby assigns to the Company, or its designee, all of the Employee’s right, title and interest in and to any and all ideas, processes, trademarks, service marks,
inventions, designs, technologies, computer hardware or software, original works of authorship, formulas, discoveries, patents, copyrights, copyrightable works, products, marketing and business ideas, and all improvements, know-how, data, rights,
and claims related to the foregoing, whether or not patentable, registrable or copyrightable, which the Employee may, on or after the Effective Date, solely or jointly with others conceive or develop or reduce to practice, or cause to be conceived
or developed or reduced to practice, during the period of time the Employee is in the employ of the Company (collectively referred to as “Intellectual Property Items”); and the Employee further agrees that the foregoing shall also
apply to Intellectual Property Items which relate to the business of the Company or to the Company’s anticipated business as of the end of the Employee’s employment and which are conceived, developed, or reduced to practice during a period
of one year after the end of such employment. Without limiting the foregoing, the Employee further acknowledges that all original works of authorship which are made by the Employee (solely or jointly with others) within the scope of the
Employee’s employment and which are protectable by copyright are works made for hire as that term is defined in the United States Copyright Act. 
  
 (c) Maintenance of Records. The Employee agrees to keep and maintain adequate and current written records of all Intellectual Property Items made
by the Employee (solely or jointly with others) during the term of the Employee’s employment with the Company. The records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records
will be available to, and remain the sole property of, the Company at all times. 
  
 (d) Patent and Copyright Registrations. The Employee agrees to assist the Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s rights in the Intellectual
Property Items and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto and the
execution of all applications, 

  

 -5- 

 
specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order
to assign and convey to the Company, its successors, assigns and nominees the sole and exclusive rights, title and interest in and to such Intellectual Property Items, and any copyrights, patents, mask work rights or other intellectual property
rights relating thereto. 
  
 (e) No Use of Name. The
Employee shall not at any time use the Company’s name or any of the Company trademark(s) or trade name(s) in any advertising or publicity without the prior written consent of the Company. 
  
 9. Return of Company Property. The Employee agrees that, at any time upon
request of the Company, and in any event at the time of leaving the employ of the Company, Employee will deliver to the Company (and will not keep in the Employee’s possession or deliver to anyone else) any and all devices, records, data,
notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any of the aforementioned items, containing Confidential Information or
otherwise belonging to the Company, its successors or assigns, whether prepared by the Employee or supplied to the Employee by the Company. 
  
 10. Non-Solicitation. The Employee agrees that Employee shall not during the Employee’s employment or other involvement with the Company and for
a period of twelve (12) months immediately following the termination of the Employee’s employment with the Company for any reason, whether with or without cause, (i) either directly or indirectly solicit or take away, or attempt to solicit or
take away employees of the Company, either for the Employee’s own business or for any other person or entity, or (ii) either directly or indirectly recruit, solicit or otherwise induce or influence any proprietor, partner, stockholder, lender,
director, officer, employee, sales agent, joint venturer, investor, lessor, supplier, customer, agent, representative or any other person which has a business relationship with the Company to discontinue, reduce or modify such employment, agency or
business relationship with the Company. 
  
 11. Covenants Against
Competition.  
  
 (a) Definitions. For the purposes
of this Section: 
  
 (i) “Competing
Product” means any product, process, or service of any person or organization other than the Company, in existence or under development (A) which is identical to, substantially the same as, or an adequate substitute for any product, process, or
service of the Company, in existence or under development, based on any patent or patent application (provisional or otherwise) naming Employee as inventor thereunder and which Employee has assigned or licensed to the Company, or other intellectual
property of the Company about which the Employee acquires Confidential Information, and (B) which is (or could reasonably be anticipated to be) marketed or distributed in such a manner and in such a geographic area as to actually compete with such
product, process or service of the Company. 
  

 -6- 

 (ii) “Competing Organization” means any person or organization, including the
Employee, engaged in, or about to become engaged in, research on or the acquisition, development, production, distribution, marketing, or providing of a Competing Product. 
  
 (b) Non-Competition. As a material inducement to the Company to employ or continue the employment of the Employee,
and in order to protect the Company’s Confidential Information and good will, the Employee agrees to the following stipulations: 
  
 (i) For a period of twelve (12) months after termination of the Employee’s employment with the Company or its affiliates for any
reason, whether with or without cause, the Employee will not directly or indirectly solicit or divert or accept business relating in any manner to Competing Products or to products, processes or services of the Company, from any of the customers or
accounts of the Company with which the Employee had any contact as a result of the Employee’s employment. 
  
 (ii) For a period of six (6) months after termination of the Employee’s employment with the Company for any reason, whether with or
without cause, the Employee will not (A) render services directly or indirectly, as an employee, consultant or otherwise, to any Competing Organization in connection with research on or the acquisition, development, production, distribution,
marketing or providing of any Competing Product, or (B) own any interest in any Competing Organization. 
  
 (c) Modification of Restrictions. The Employee agrees that the restrictions set forth in this Section are fair and reasonable and are reasonably
required for the protection of the interests of the Company. However, should an arbitrator or court nonetheless determine at a later date that such restrictions are unreasonable in light of the circumstances as they then exist, then the Employee
agrees that this Section shall be construed in such a manner as to impose on the Employee such restrictions as may then be reasonable and sufficient to assure Company of the intended benefits of this Section. 
  
 12. Publications. The Employee agrees that Employee will in advance of
publication provide the Company with copies of all writings and materials which Employee proposes to publish during the term of the Employee’s employment and for one year thereafter. The Employee also agrees that Employee will, at the
Company’s request, cause to be deleted from such writings and materials any information disclosing Confidential Information. The Company’s good faith judgment in these matters will be final. At the Company’s sole discretion, the
Employee will also, at the Company’s request, cause to be deleted any reference whatsoever to the Company from such writings and materials. 
  
 13. Equitable Remedies. The Employee agrees that it would be impossible or inadequate to measure and calculate the Company’s damages from any
breach of the covenants set forth in Sections 7, 8, 9, 10, 11 and 12 herein. Accordingly, at the sole discretion of the Company, the Employee agrees that if Employee breaches any of such Sections, the Company will have, in addition to any other
right or remedy available, the right to obtain an injunction from a court of competent jurisdiction restraining such breach or threatened breach and to specific performance of any such provision of this Agreement and, if it prevails in such a
proceeding, the right to recover from the Employee the costs and expenses thereof, including reasonable attorneys’ fees. 
  

 -7- 

 14. Representations and Warranties of Employee. The Employee represents and warrants as follows: (i) that
the Employee has no obligations, legal or otherwise, inconsistent with the terms of this Agreement or with the Employee’s undertaking a relationship with the Company; and (ii) that Employee has not entered into, nor will Employee enter into,
any agreement (whether oral or written) in conflict with this Agreement. 
  
 15. Miscellaneous. 
  
 (a) Entire
Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter. It may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change,
modification, extension or discharge is sought. 
  
 (b) No
Waiver. The failure of either party to insist on strict compliance with the terms of this agreement in any instance or instances will not be deemed a waiver of any such term of this Agreement or of that party’s right to require strict
compliance with the terms of this Agreement in any other instance. 
  
 (c) Successors and Assigns. This Agreement shall be binding on and inure to the benefit of the successors in interest of the parties, including, in the case of the Employee, the Employee’s heirs, executors and estate. The
Employee may not assign the Employee’s obligations under this Agreement. The Company may not assign its obligations under this Agreement, except with the prior written consent of the Employee. 
  
 (d) Notices. Any notices or other communications provided for
hereunder may be made by telecopier, first class mail or express courier services provided that the same are addressed to the party required to be notified at its address first written above, or such other address as may hereafter be established for
notices, and any notices or other communications sent by first class mail shall be considered to have been made when posted. The parties telecopier numbers are as follows: Company – (617) 928-3450; Employee – (603) 488-9600 (must call
before fax is sent). 
  
 (e) Severability. If any term or
condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and each
and every term and condition of this Agreement shall be valid and enforceable to the fullest extent and in the broadest application permitted by law. 
  
 (f) Captions; Gender. Captions of sections herein are for convenience only and are not intended to cover all matters therein. Any pronoun or other
gender-linked term shall in each case refer, as applicable, to the masculine, feminine or neuter. Any defined term shall include it singular or plural form or other part of speech. 
  
 (g) Governing Law. This Agreement shall be construed and enforced in accordance with the laws of The Commonwealth of
Massachusetts without giving effect to its principles on conflict of laws. 
  

 -8- 

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

 -9- 

	PRO-PHARMACEUTICALS, INC.
		
	 By:
	 	 /s/    David Platt        

	 	 	 Name:    David Platt
 Title:    Chief Executive Officer

  

		
	 By:
	 	 /s/    David A.
Christopher        

	 	 	 Name:    David A. Christopher
 Title:    Chief Financial Officer

  
  

 -10- 

 Exhibit A 
  

List of Prior Inventions 
 and Original
Works of Authorship 
  

	 Title

	 	 Date

	 	 Identifying
 Number or
 Brief Description

	 -----NONE-----  
	 	 	 	 

  

 -11- 

		
	 By:
	 	 /s/    David A.
Christopher        

	 	 	 Name:    David A. Christopher
 Title:    Chief Financial Officer

  

 -12-

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