Document:

Form of Notice to Clients of Stockholders who are Acting as Nominees

 Exhibit 4.6 
 [FORM OF NOTICE TO BENEFICIAL STOCKHOLDERS OF COMMON STOCK] 
 PRO-PHARMACEUTICALS, INC.

 NOTICE TO CLIENTS OF STOCKHOLDERS WHO ARE ACTING AS NOMINEES 
 Up to [            ] Shares of Common Stock and 
 Series C Common Stock Purchase Warrants to purchase 
 an additional
[            ] Shares of Common Stock Issuable Upon 
 Exercise of Rights to
Subscribe for Such Shares at $[            ] per Share 
 Enclosed for your
consideration is a prospectus, dated November [    ], 2008 (the “Prospectus”), relating to the offering by Pro-Pharmaceuticals, Inc. (the “Company”) of subscription rights (the “Rights
Offering”) to purchase (i) shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), and (ii) transferable Series C Common Stock purchase warrants to purchase additional shares
of the Common Stock (“Warrants”), by stockholders of record (“Record Date Stockholders”) as of 5:00 p.m., New York City time, on November [    ], 2008 (the “Record Date”).

 Pursuant to the offering, the Company is issuing Rights to subscribe for up to
[            ] shares of the Company’s Common Stock and [            ] Warrants, on the terms and subject to
the conditions described in the Prospectus. The Rights may be exercised at any time during the subscription period, which commences on November [    ], 2008 and ends at 5:00 p.m., New York City time, on
December [    ], 2008, unless extended by the Company in its sole discretion (as it may be extended, the “Expiration Date”). The Common Stock is presently traded on the NYSE Alternext US under the symbol
“PRW”. Neither the Rights nor the Warrants underlying the Rights will be listed for trading on any stock exchange or market or on the OTC Bulletin Board. The Warrants, but not the Rights, may be sold, transferred or assigned. The Company
expects the Rights and Warrants will be exercisable for shares of Common Stock listed on the NYSE Alternext US or the OTC Bulletin Board. In addition, the Warrants will be governed by a Warrant Agreement between the Company and Continental Stock
Transfer & Trust Company. 
 As described in the Prospectus, Record Date Stockholders will receive one (1) Right for each share
of Common Stock owned on the Record Date. 
 Each Right entitles the holder (the “Rights Holders”) to purchase: (i) one
share of Common Stock at the subscription price of $[            ] per share and (ii) one Warrant that entitles the Rights Holder to purchase one share of Common Stock (the
“Basic Subscription Right”). Each Warrant will be immediately exercisable following issuance through November [    ], 2009 to purchase one share of Common Stock at 125% of the price of the Basic Subscription
Right, or $[            ] per share. If during the term of the Warrant the closing price of the Common Stock is equal to or greater than 400% of the warrant exercise price, or
$[            ] per share, for at least ten consecutive trading days, the Company may call, or cancel any outstanding Warrants that are not exercised during the 15 trading day period
following the date the Company gives notice to the holders of the remaining unexercised warrants. 

 Rights Holders who fully exercise their Basic Subscription Rights will be entitled to subscribe for
additional shares and warrants that remain unsubscribed as a result of any unexercised Basic Subscription Rights (the “Over-Subscription Right” and together with the Basic Subscription Right, the “Rights”). Each
Over-Subscription Right entitles the holder to subscribe for an additional amount equal to up to 400% of the shares of Common Stock and Warrants for which such holder was otherwise entitled to subscribe (calculated prior to the exercise of any
rights). If sufficient remaining shares of Common Stock and Warrants are available, all over-subscription requests will be honored in full. If requests for shares of Common Stock and Warrants pursuant to the Over-Subscription Right exceed the
remaining shares of Common Stock and Warrants available, the remaining shares of Common Stock and Warrants will be allocated pro-rata among Rights Holders who over-subscribe based on the number of Rights then held. Rights may only be exercised for
whole numbers of shares; no fractional shares of Common Stock will be issued in the Rights Offering. 
 The Rights will be evidenced by
subscription certificates (the “Subscription Certificates”). 
 Enclosed are copies of the following documents: 

 

	 	1.	Prospectus, dated November [    ], 2008; and 

  

	 	2.	Beneficial Owner Election Form. 

 THE MATERIALS
ENCLOSED ARE BEING FORWARDED TO YOU AS THE BENEFICIAL OWNER OF COMMON STOCK CARRIED BY US IN YOUR ACCOUNT BUT NOT REGISTERED IN YOUR NAME. EXERCISES OF RIGHTS MAY ONLY BE MADE BY US AS THE RECORD OWNER AND PURSUANT TO YOUR INSTRUCTIONS.

 Accordingly, we request instructions as to whether you wish us to elect to subscribe for any shares of Common Stock and Warrants to
which you are entitled pursuant to the terms and subject to the conditions set forth in the enclosed Prospectus. However, we urge you to read the Prospectus carefully before instructing us to exercise any Rights. Your instructions to us should be
forwarded as promptly as possible in order to permit us to exercise the Rights on your behalf in accordance with the provisions of the offering. The Rights Offering will expire at 5:00 p.m., New York City time, on the Expiration Date. You will
have no right to rescind your subscription after receipt of your payment of the subscription price, except as described in the Prospectus. Rights not exercised at or prior to 5:00 p.m., New York City time, on the Expiration Date will expire.

 If you wish to have us, on your behalf, exercise your Rights for any shares of Common Stock and Warrants to which you are entitled, please
so instruct us by completing, executing and returning to us the Beneficial Owner Election Form included with this letter. 
 ANY QUESTIONS
OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD BE DIRECTED TO MACKENZIE PARTNERS, INC., THE INFORMATION AGENT, TOLL-FREE AT THE FOLLOWING TELEPHONE NUMBER: (800) 322-2885.Form of Beneficial Owner Election Form

 Exhibit 4.7 
 FORM OF BENEFICIAL OWNER ELECTION 
 The undersigned acknowledge(s) receipt of your letter and the
enclosed materials referred to therein relating to the offering by Pro-Pharmaceuticals, Inc., a Nevada corporation (the “Company”) of subscription rights (the “Rights”) to purchase (i) shares of the
Company’s common stock, par value $0.001 per share and (ii) transferable Series C Common Stock purchase warrants to purchase additional shares of the Common Stock (the “Rights Offering”). 
 With respect to any instructions to exercise (or not to exercise) the Rights, the undersigned acknowledges that this form must be completed and
returned such that it will actually be received by you by 5:00 p.m., New York City time, on December [    ], 2008, the last business day prior to the scheduled expiration date of the Rights Offering of December
[    ], 2008 (which may be extended by the Company in its sole discretion). 
 This will instruct you whether
to exercise Rights to purchase shares of the common stock and warrants distributed with respect to the shares of the common stock held by you for the account of the undersigned, pursuant to the terms and subject to the conditions set forth in the
Prospectus and the related Subscription Rights Certificates. 
 Box 1.  ̈ • Please DO NOT EXERCISE
RIGHTS for shares of common stock and warrants. 
 Box 2.  ̈ • Please EXERCISE RIGHTS for shares of
common stock and warrants as set forth below. 
 The number of Rights for which the undersigned gives instructions for exercise under the
Basic Subscription Rights should not exceed the number of Rights that the undersigned is entitled to exercise. 
  

							
	 	 	 Number of Shares
	 	 Per Share
 Subscription Price
	 	 Payment

				
	 Basic Subscription Rights
	 	[            ] X	 	$[            ] =	 	$             (Line 1)
				
	 Over-Subscription Rights
	 	[            ] X	 	$[            ] =	 	$             (Line 2)
				
		 	Total Payment Required	 		 	$            
		 		 		 	(Sum of Lines 1 and 2 must equal total of amounts in Boxes 3 and 4)

 Box 3.  ̈ • Payment in the following amount is enclosed
$            . 
 Box 4.  ̈ •
Please deduct payment from the following account maintained by you as follows: 
  

	
	 Type of Account:
                                         
                           

	 Account No.:
                                         
                                  

	 Amount to be deducted:            $                     
                        

  

	
	 Signature:
                                         
                                       

	 Name:
                                         
                                         
    

	 Title:
                                         
                                         
      

	 Date:
                    ,2008Form of Subscription Agent Agreement

 Exhibit 10.24 
 FORM OF SUBSCRIPTION AGENT AGREEMENT 
 THIS SUBSCRIPTION AGENT AGREEMENT
(“Agreement”) between Pro-Pharmaceuticals, Inc., a Nevada corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (“Continental”), is dated as of
[            ], 2008. 
 1. Appointment. 
 (a) The Company is making an offer (the “Rights Offering”) to its stockholders of record at the close of business on
November [    ], 2008 (the “Record Date”), of non-transferable subscription rights (the “Rights”) to purchase up to an aggregate of
[            ] shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) and transferable
[            ] Series C common stock purchase warrants to purchase an additional [            ] shares of Common Stock (the
“Warrants”) at a purchase price of $[            ] per Right (the “Subscription Price”). The term “Subscribed” shall mean submitted for
purchase from the Company by a stockholder in accordance with the terms of the Rights Offering, and the term “Subscription” shall mean any such submission. The Warrants will be governed by a Warrant Agreement between the Company and
Continental, as Warrant Agent. 
 (b) The Rights Offering will expire on December [    ], 2008 at 5:00
p.m. New York City Time (the “Expiration Time”), unless the Company shall have extended the period of time for which the Rights Offering is open, in its sole discretion for up to 45 days, in which event the term “Expiration
Time” shall mean the latest time and date at which the Rights Offering, as so extended by the Company from time to time, shall expire. 
 (c) The Company filed a Registration Statement on Form S-1 (File No. 333-            ) relating to the Rights Offering with the United States Securities and
Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, on November [    ], 2008 (the “Registration Statement”). The terms of the Rights Offer are more fully described in
the Prospectus (the “Prospectus”) forming part of the Registration Statement as such Registration Statement may be declared effective by the SEC. A copy of the Prospectus is attached hereto as Exhibit 1. All terms used and
not defined herein shall have the same meaning as in the Prospectus. Promptly after the Record Date, the Company will provide Continental with a list of holders of Common Stock as of the Record Date (the “Record Stockholders List”)

 (d) The Company hereby appoints Continental to act as subscription agent (the “Subscription Agent”) for
the Rights Offering in accordance with and subject to the following terms and conditions. 
 2. Subscription of Rights. 
 (a) The Rights are evidenced by subscription rights certificates (the “Certificates”), a copy of the form of which is
attached hereto as Exhibit 2. The Certificates entitle the holders to subscribe, upon payment of the Subscription Price, for (i) shares of Common Stock at the rate of one share per Right evidenced by a Certificate and (ii) Warrants
at a rate of one Warrant per Right evidenced by a Certificate (the “Basic Subscription Right”). No fractional shares will be issued. 

 (b) The Rights Offering includes an over-subscription right entitling the subscribing
stockholders who exercise their Basic Subscription Right in full to subscribe and pay the Subscription Price for additional Rights representing up to an additional amount equal to up to 400% of the shares and warrants for which such holder was
otherwise entitled to subscribe (the “Over-Subscription Right”). Reference is made to the Prospectus for a complete description of the Basic Subscription Right and the Over-Subscription Right and the allocation thereof. 

3. Duties of Subscription Agent. As Subscription Agent, Continental is authorized and directed to: 
 (a) Issue the Certificates in accordance with this Agreement in the names of the holders of the Common Stock of record or other nominees
on the Record Date, keep such records as are necessary for the purpose of recording such issuance, and furnish a copy of such records to the Company. The Certificates may be signed on behalf of the Subscription Agent by the manual or facsimile
signature of a Vice President or Assistant Vice President of the Subscription Agent, or by the manual signature of any of its other authorized officers. 
 (b) Promptly after Continental receives the Record Stockholders List, Continental shall: 
 (i) mail or cause to be mailed, by first class mail, or deliver (which delivery may be done electronically through the facilities of the Depository Trust Company (“DTC”) or otherwise) to each holder of Common Stock of
record on the Record Date whose address of record is within the United States and Canada, (i) a Certificate evidencing the Rights to which such stockholder is entitled under the Rights Offering, (ii) a copy of the Prospectus and
(iii) a return envelope addressed to the Subscription Agent; and 
 (ii) mail or cause to be mailed, by air mail, to each
holder of Common Stock of record on the Record Date whose address of record is outside the United States and Canada, or is an A.P.O. or F.P.O. address, a copy of the Prospectus. Continental shall refrain from mailing Certificates issuable to any
holder of Common Stock of record on the Record Date whose address of record is outside the United States and Canada, or is an A.P.O. or F.P.O. address, and hold such Certificates for the account of such stockholder subject to such stockholder making
satisfactory arrangements with the Subscription Agent for the exercise of the Rights evidenced thereby, and follow the instructions of such stockholder for the exercise of such Rights if such instructions are received at or before 11:00 a.m., New
York City Time, on                         . 
 (c) Mail or deliver (which delivery may be done electronically through the facilities of DTC or otherwise) a copy of the Prospectus with
certificates for shares of Common Stock and Warrants when such are issued to persons other than the registered holder of the Certificate. 
 (d) Accept Subscriptions upon the due exercise (including payment of the Subscription Price) on or prior to the Expiration Time of Rights in accordance with the terms of the Certificates and the Prospectus.

 (e) Subject to the next sentence, accept Subscriptions from stockholders whose Certificates are alleged to have been lost,
stolen or destroyed upon receipt by Continental 

  

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of an affidavit of theft, loss or destruction and a bond of indemnity in form and substance reasonably satisfactory to Continental, accompanied by payment of
the Subscription Price for the total number of Rights Subscribed for. Upon receipt of such affidavit and bond of indemnity and compliance with any other applicable requirements, stop orders shall be placed on said Certificates and Continental shall
withhold delivery of the Rights Subscribed for until after the Certificates have expired and it has been determined that the Rights evidenced by the Certificates have not otherwise been purported to have been exercised or otherwise surrendered.

 (f) Accept Subscriptions, without further authorization or direction from the Company, without procuring supporting legal
papers or other proof of authority to sign (including without limitation proof of appointment of a fiduciary or other person acting in a representative capacity), and without signatures of co-fiduciaries, co-representatives or any other person:

 (i) if the Certificate is registered in the name of a fiduciary and is executed by, and the Rights are to be issued in the
name of, such fiduciary; 
 (ii) if the Certificate is registered in the name of joint tenants and is executed by one of the
joint tenants, provided the certificate representing the Rights is issued in the names of, and is to be delivered to, such joint tenants; 
 (iii) if the Certificate is registered in the name of a corporation and is executed by a person in a manner which appears or purports to be done in the capacity of an officer, or agent thereof, provided the Rights are
to be issued in the name of such corporation; or 
 (iv) if the Certificate is registered in the name of an individual and is
executed by a person purporting to act as such individual’s executor, administrator or personal representative, provided, the Rights are to be registered in the name of the subscriber as executor or administrator of the estate of the deceased
registered holder and there is no evidence indicating the subscriber is not the duly authorized representative that he purports to be. 
 (g) Accept Subscriptions not accompanied by Certificates if submitted by a firm having membership in the New York Stock Exchange or another national securities exchange or by a commercial bank or trust company having
an office in the United States and accompanied by proper payment for the total number of Rights Subscribed for. 
 (h) Refer
to the Company, for specific instructions as to acceptance or rejection, Subscriptions received after the Expiration Time, Subscriptions not authorized to be accepted, and Subscriptions otherwise failing to comply with the requirements of the
Prospectus and the terms and conditions of the Certificates. 
 4. Acceptance of Subscriptions. Upon acceptance of a Subscription,
Continental shall from time to time during the offering: 
 (a) Hold all monies received in a dedicated, non-interest bearing
account for the benefit of the Company. Promptly following the Expiration Time, Continental shall distribute to the Company the funds from exercise of the Basic Subscription Rights and Over-Subscription Rights in such account and following the
Expiration Date issue (in physical form or electronically through the facilities of DTC, in each case in a manner approved by the Company) certificates for shares of Common Stock and 

  

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Warrants issuable with respect to Subscriptions that have been accepted. Continental will not be obligated to calculate or pay interest to any holder or any
other party claiming through a holder or otherwise. It is hereby agreed immediately following the effective date of the Subscription, immediately available funds, represented by certified check, money order, or wire transfer but not personal check,
will be deposited with Continental. 
 (b) Advise the Company daily by facsimile transmission and confirm by letter to the
attention of [Anthony Squeglia] (the “Company Representative”) as to the total number of shares of Common Stock and Warrants Subscribed for, the total number of Rights partially Subscribed for and the amount of funds received, with
cumulative totals for each; and in addition advise the Company Representative, by telephone at (617) 559-0033, confirmed by facsimile transmission, of the amount of funds received identified in accordance with (a) above, deposited,
available or transferred in accordance with (a) above, with cumulative totals; and 
 (c) As promptly as possible but in
any event on or before 3:30 p.m., New York City Time, on the first full business day following the Expiration Time, advise the Company Representative in accordance with (b) above of the number of shares Subscribed for and the number of shares
of Common Stock and Warrants unsubscribed for. 
 5. Completion of Rights Offering. Upon completion of the Rights Offering:

 (a) Continental shall issue (in physical form or electronically through the facilities of DTC, in each case in a manner
approved by the Company) certificates for the Common Stock and Warrants for which Subscriptions have been received. 
 (b) The
Certificates may be physical certificates but may, as instructed by the Company be issued electronically through the facilities of DTC. The Company shall appoint and have in office at all times a Transfer Agent and Registrar for the Certificates,
which may be Continental and which shall keep books and records of the registration and transfers and exchanges of Certificates (such books and records are hereinafter called the “Certificate Register”). The Company shall promptly
notify the Transfer Agent and Registrar of the exercise of any Certificates. The Company shall promptly notify Continental of any change in the Transfer Agent and Registrar of the Certificates. 
 (c) All Certificates issued upon any registration of transfer or exchange of Certificates shall be the valid obligations of the Company,
evidencing the same obligations, and entitled to the same benefits under this Agreement, as the Certificates surrendered for such registration of transfer or exchange. 
 (d) For so long as this Agreement shall be in effect, the Company will reserve for issuance and keep available free from preemptive rights
a sufficient number of shares of Common Stock to permit the exercise in full of all Rights and Warrants issued pursuant to the Rights Offering. Subject to the terms and conditions of this Agreement, Continental will request the Transfer Agent for
the Common Stock and Warrants to issue (in physical form or electronically through the facilities of DTC, in each case in a manner approved by the Company) certificates evidencing the appropriate number of shares of Common Stock and Warrants as
required from time to time in order to effectuate the Subscriptions. 
 (e) The Company shall take any and all action,
including without limitation obtaining the authorization, consent, lack of objection, registration or approval of any governmental authority, or the taking of any other action under the laws of the United States of 

  

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America or any political subdivision thereof, to insure that all shares of Common Stock and Warrants issuable upon the exercise of the Certificates at the
time of delivery of the certificates therefor (subject to payment of the Subscription Price) will be duly and validly issued and fully paid and non-assessable shares of Common Stock and Warrants, free from all preemptive rights and taxes, liens,
charges and security interests created by or imposed upon the Company with respect thereto. 
 (f) The Company shall from time
to time take all action necessary or appropriate to obtain and keep effective all registrations, permits, consents and approvals of the SEC and any other governmental agency or authority and make such filings under Federal and state laws which may
be necessary or appropriate in connection with the issuance and delivery of Certificates or the issuance, sale, transfer and delivery of Common Stock and Warrants issued upon exercise of Certificates. 
 6. Procedure for Discrepancies. Continental shall follow its regular procedures to attempt to reconcile any discrepancies between the number of
shares of Common Stock and Warrants that any Certificate may indicate are to be issued to a stockholder and the number that the Record Stockholders List indicates may be issued to such stockholder. In any instance where Continental cannot reconcile
such discrepancies by following such procedures, Continental will consult with the Company for instructions as to the number of shares of Common Stock and Warrants, if any, it is authorized to issue. In the absence of such instructions, Continental
is authorized not to issue any shares of Common Stock and Warrants to such stockholder. 
 7. Procedure for Deficient Items.
Continental shall examine the Certificates received by it as Subscription Agent to ascertain whether they appear to have been properly completed and executed. In the event Continental determines that any Certificate does not appear to have been
properly completed or executed, or where the Certificates do not appear to be in proper form for Subscription, or any other irregularity in connection with the Subscription appears to exist, Continental shall follow, where possible, its regular
procedures to attempt to cause such irregularity to be corrected. Continental is not authorized to waive any irregularity in connection with the Subscription, unless Continental shall have received from the Company the Certificate which was
delivered, duly dated and signed by an authorized officer of the Company, indicating that any irregularity in such Certificate has been cured or waived and that such Certificate has been accepted by the Company. If any such irregularity is neither
corrected nor waived, Continental will return to the subscribing stockholder (at its option by either first class mail under a blanket surety bond or insurance protecting Continental and the Company from losses or liabilities arising out of the
non-receipt or nondelivery of Certificates or by registered mail insured separately for the value of such Certificates) to such stockholder’s address as set forth in the Subscription any Certificates surrendered in connection therewith and any
other documents received with such Certificates, and a letter of notice to be furnished by the Company explaining the reasons for the return of the Certificates and other documents. 
 8. Date/Time Stamp. Each document received by Continental relating to its duties hereunder shall be dated and time stamped when received.

 9. Transfer Procedures. If certificates representing shares of Common Stock or Warrants are to be delivered by Continental to a
person other than the person in whose name a 
  

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surrendered Certificate is registered, Continental shall issue no certificate for Common Stock or Warrants until the Certificate so surrendered has been
properly endorsed (or otherwise put in proper form for transfer). 
 10. Tax Reporting. Should any issue arise regarding federal
income tax reporting or withholding, Continental shall take such action as the Company reasonably instructs in writing. 
 11.
Termination. The Company may terminate this Agreement at any time by so notifying Continental in writing. Continental may terminate this Agreement upon 60 days’ prior written notice to the Company. Upon any such termination, Continental
shall be relieved and discharged of any further responsibilities with respect to its duties hereunder. Upon payment of all Continental’s outstanding fees and expenses, Continental shall forward to the Company or its designee promptly any
Certificate or other document relating to Continental’s duties hereunder that Continental may receive after its appointment has so terminated. Sections 12, 13, 14 and 19 of this Agreement shall survive any termination of this Agreement.

 12. Authorizations and Protections. As agent for the Company, Continental: 
 (a) shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by
Continental and the Company; 
 (b) shall have no obligation to issue any shares of Common Stock or Warrants unless the
Company shall have provided a sufficient number of certificates for such Common Stock or Warrants; 
 (c) shall be regarded as
making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness of any Certificates surrendered to Continental hereunder or shares of Common Stock or Warrants issued in exchange therefor, and will not
be required to or be responsible for and will make no representations as to, the validity, sufficiency, value or genuineness of the Rights Offering; 
 (d) shall not be obligated to take any legal action hereunder; if, however, Continental determines to take any legal action hereunder, and where the taking of such action might, in Continental’s judgment, subject
or expose it to any expense or liability, Continental shall not be required to act unless it shall have been furnished with an indemnity reasonably satisfactory to it; 
 (e) may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission or other document or security delivered to Continental and believed by it to be genuine and to have been signed by the proper party or parties; 
 (f) shall not be liable or responsible for any recital or statement contained in the Prospectus or any other documents relating thereto;

 (g) shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and
obligations relating to the Rights Offering, including without limitation obligations under applicable securities laws; 
  

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 (h) may rely on and shall be fully authorized and protected in acting or failing to act
upon the written, telephonic or oral instructions of officers of the Company with respect to any matter relating to Continental acting as Subscription Agent covered by this Agreement (or supplementing or qualifying any such actions); 
 (i) may consult with counsel satisfactory to Continental, including internal counsel, and the advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered, or omitted by Continental hereunder in good faith and in reliance upon the advice of such counsel; and 
 (j) are not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person. 
 13. Indemnification. The Company agrees to indemnify Continental for, and hold it harmless from and against, any loss, liability, claim or expense
(“Loss”) arising out of or in connection with Continental’s performance of its duties under this Agreement or this appointment, including the costs and expenses of defending itself against any Loss or enforcing this Agreement,
except to the extent that such Loss shall have been determined by a court of competent jurisdiction to be a result of Continental’s negligence or intentional misconduct. 
 14. Limitation of Liability. 
 (a) In the absence of negligence or intentional misconduct on its part, Continental shall not be liable for any action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this
Agreement. Anything in this agreement to the contrary notwithstanding, in no event shall Continental be liable for special, indirect, incidental or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even
if Continental has been advised of the likelihood of such damages and regardless of the form of action. Any liability of Continental will be limited to the amount of fees paid by the Company hereunder. 
 (b) In the event any question or dispute arises with respect to the proper interpretation of this Agreement or Continental’s duties
hereunder or the rights of the Company or of any holders surrendering certificates for shares of Common Stock or Warrants pursuant to the Rights Offering, Continental shall not be required to act and shall not be held liable or responsible for
refusing to act until the question or dispute has been judicially settled (and Continental may, if it deems it advisable, but shall not be obligated to, file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment
rendered by a court of competent jurisdiction, binding on all stockholders and parties interested in the matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to Continental and
executed by the Company and each such stockholder and party. In addition, Continental may require for such purpose, but shall not be obligated to require, the execution of such written settlement by all the stockholders and all other parties that
may have an interest in the settlement. 
 15. Representations, Warranties and Covenants. The Company represents, warrants and
covenants that (a) it is duly incorporated, validly existing and in good standing under the 
  

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laws of its jurisdiction of incorporation, (b) the making and consummation of the Rights Offering and the execution, delivery and performance of all
transactions contemplated thereby (including without limitation this Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute a default under the articles of incorporation or bylaws of
the Company or any indenture, agreement or instrument to which either is a party or is bound, (c) this Agreement has been duly executed and delivered by the Company and constitutes a legal, valid, binding obligation of the Company, enforceable
against the Company in accordance with its terms, (d) the Rights Offering will comply in all material respects with all applicable requirements of law, and (e) to the best of their knowledge, there is no litigation pending or threatened as
of the date hereof in connection with the Rights Offering. 
 16. Notices. All notices, demands and other communications given
pursuant to the terms and provisions hereof shall be in writing, shall (except as provided for in Section 18 hereof) be deemed effective on the date of receipt, and may be sent by facsimile, overnight delivery services, or by certified or registered
mail, return receipt requested to: 
 If to the Company: 
 Pro-Pharmaceuticals, Inc. 
 7 Wells Avenue 
 Newton, Massachusetts 02459 
 Telephone: (617) 559-0033 
 Facsimile: (617) 928-3450 
 Attn: Anthony Squeglia 
 with a copy to: 
 Jonathan Guest 
 Greenberg Traurig, LLP 
 One International Place 
 Boston, Massachusetts 02110 
 Telephone: (617) 310-6000 
 Facsimile: (617) 310-6001 
 If to Continental: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place, 8th Floor 
 New York, NY 10004 
 Telephone: (212) 845-3287 
 Facsimile: (212) 616-7616 
 Attn: Compliance Department 
 17. Specimen Signatures. Set forth in Exhibit 3 hereto is a list
of the names and specimen signatures of the persons authorized to act for the Company under this Agreement. The Secretary of the Company shall, from time to time, certify to Continental the names and signatures of any other persons authorized to act
for the Company, as the case may be, under this Agreement. 
  

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 18. Instructions. Any instructions given to Continental orally, as permitted by any provision of
this Agreement, shall, upon the request of Continental, be confirmed in writing by the Company (which for these purposes only may be undertaken by e-mail transmission) as soon as practicable. Continental shall not be liable or responsible and shall
be fully authorized and protected for acting, or failing to act, in accordance with any oral instructions which do not conform with the written confirmation received in accordance with this Section. 
 19. Fees. Whether or not any Certificates are surrendered to Continental, for its services as Subscription Agent hereunder, the Company shall pay
to Continental a fee of Ten Thousand and no/100 Dollars ($10,000.00), together with reimbursement for reasonable out-of-pocket expenses. All amounts owed to Continental hereunder are due upon receipt of the invoice. 
 20. Force Majeure. Continental shall not be liable for any failure or delay arising out of conditions beyond its reasonable control including, but
not limited to, work stoppages, fires, civil disobedience, riots, rebellions, storms, electrical, mechanical, computer or communications facilities failures, acts of God or similar occurrences. 
 21. Miscellaneous. 
  
 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to
conflict of laws, rules or principles. 
 (b) No provision of this Agreement may be amended, modified or waived, except in
writing signed by all of the parties hereto. 
 (c) Except as expressly set forth elsewhere in this Agreement, all notices,
instructions and communications under this Agreement shall be in writing, shall be effective upon receipt and shall be addressed as provided in Section 16 to such other address as a party hereto shall notify the other parties in writing.

 (d) In the event that any claim of inconsistency between this Agreement and the terms of the Rights Offering arise, as they
may from time to time be amended, the terms of the Rights Offering shall control, except with respect to Continental’s duties, liabilities and rights, including without limitation compensation and indemnification, which shall be controlled by
the terms of this Agreement. 
 (e) If any provision of this Agreement shall be held illegal, invalid, or unenforceable by any
court, this Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement among the parties hereto to the full extent permitted by applicable law. 
 (f) This Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the respective successors and assigns of the
parties hereto. 
 (g) This Agreement may not be assigned by any party without the prior written consent of all parties.

  

 9 

 (h) Sections 12, 13, 14 and 19 hereof shall survive termination of this Agreement.

 (i) This Agreement may be executed in counterparts, each of which, when taken together, shall constitute one and the same
agreement, and each of which may be delivered by the parties by facsimile or other electronic transmission, which shall not impair the validity of such counterparts. 
 (Signature page follows) 
  

 10 

 Signature Page 
 to 
 Subscription Agent Agreement 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers as of the day and year above written. 

 

	
	 PRO-PHARMACEUTICALS, INC.

	
	 By:                                       
                                         
                

	 Name:

	 Title:

	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Subscription Agent
	
	 By:                                       
                                         
                

	 Name:

	 Title:

 Exhibit 1    Prospectus 
 Exhibit 2    Form of Subscription Rights Certificate 
 Exhibit 3    List of
Authorized Representatives 
  

 11 

 Exhibit 1 
 to 
 Subscription Agent Agreement 
 Prospectus 
  

 12 

 Exhibit 2 
 to 
 Subscription Agent Agreement 
 Form of Subscription Rights Certificate 
  

 13 

 Exhibit 3 
 to 
 Subscription Agent Agreement 
 List of Authorized Representatives 
  

			
	 Authorized

 Representative
	 	 Specimen Signature

		
		 	/s/
		 	 
		
		 	/s/
		 	 

  

 14

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