Document:

Form of June 2007 Warrant

 Exhibit 4.2 
 WARRANT 
 AMARIN CORPORATION PLC 

WARRANT TO PURCHASE ORDINARY SHARES 
  

			
	No. W–[    ]	 	June 1, 2007

 Void After
May 31, 2012 
 THIS CERTIFIES THAT, for value
received,                     , with its principal office
at                     , or assigns (the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined
below) from Amarin Corporation plc, a public limited company organized under the laws of England and Wales, with its principal office at 7 Curzon Street, London, WIJ 5HG, United Kingdom (the “Company”), up
to                      ordinary shares, par value £0.05 per share, of the Company (the “Ordinary Shares”), each
Ordinary Share represented by one American Depositary Share (an “ADS”), evidenced by one American Depositary Receipt (an “ADR”), of the Company, subject to adjustment as provided herein. This warrant (the “Warrant”) is
being issued pursuant to the terms of the Purchase Agreement, dated as of June 1, 2007, by and between the Holder and the Company (the “Purchase Agreement”). Capitalized terms not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Purchase Agreement. 
 1. DEFINITIONS. As used herein, the following terms shall have the
following respective meanings: 
 (a) “Exercise Period” shall mean the period commencing on the date
hereof and ending on May 31, 2012, unless sooner terminated as provided below. 
 (b) “Exercise
Price” shall mean U.S.$0.72 per Ordinary Share, subject to adjustment as provided in Section 4 below. 

(c) “Exercise Shares” shall mean the Ordinary Shares, each Ordinary Share represented by one ADS, evidenced by
one ADR, of the Company, issued upon exercise of this Warrant, subject to adjustment and limitation pursuant to the terms herein, including but not limited to Sections 4 and 5 below. 

(d) “VWAP” shall mean, for any date, the price determined by the first of the following clauses that applies:
(i) if the Ordinary Shares in the form of ADSs are then listed on The Nasdaq Stock Market or another national securities exchange (a “Trading Market”), the daily volume weighted average price of the ADSs for such date (or the nearest
preceding trading date) on the Trading Market on which the ADSs are then listed, as reported by Bloomberg Financial LP; (b) if the ADSs are not then listed on a Trading Market and if prices for the ADSs are then quoted on the OTC Bulletin
Board, the volume weighted average price of the ADSs for such date (or the nearest preceding trading date) on the OTC Bulletin Board; and (c) if the ADSs are not then listed on the OTC Bulletin Board and if prices for the ADSs are then reported
on the “Pink Sheets” published by the Pink Sheets LLC (or similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the ADSs so reported; or (d) in all other cases, the
fair market value of an ADS as determined by an independent appraiser selected in good faith by the Company. 
 2. EXERCISE OF
WARRANT. 
 2.1 Method of Exercise. The rights represented by this Warrant may be exercised in whole or, subject to
Section 2.2 hereof, in part at any time during the Exercise Period, by delivery at least ten (10) days prior to the date of exercise of the following to the Company at its address set forth above (or at such other address as it may
designate by notice in writing to the Holder): 
 (a) An executed Notice of Exercise in the form attached hereto;

  
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 (b) Payment of the Exercise Price by wire transfer of immediately available
funds; and 
 (c) This Warrant (together with each duly completed Assignment Form in respect of each assignment
of this Warrant, if any, subsequent to the date hereof). 
 Upon the exercise of the rights represented by this Warrant, ADRs
shall be issued for the Exercise Shares so purchased, and shall be registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, reasonably promptly after the rights represented by this Warrant shall have
been so exercised and shall be issued and delivered to the Holder through the book-entry facilities of The Depository Trust Company, unless the Holder specifies otherwise. The issuance of Exercise Shares upon exercise of this Warrant shall be made
without charge to the Holder for any stamp duty or stamp duty reserve tax with respect thereto or any other cost incurred by the Company in connection with the exercise of this Warrant and the related issuance of Exercise Shares. 

2.2 Partial Exercise. This Warrant may be exercised in part; provided that no exercise of this Warrant may be in respect of less than
10,000 Exercise Shares; provided, however, that if this Warrant is, upon issuance, exercisable for less than 10,000 Exercise Shares, this Warrant may be exercised in whole but not in part. If this Warrant is exercised in part only, the Company
shall, upon surrender of this Warrant, execute and deliver, within 10 days after the date of exercise, a new Warrant evidencing the rights of the Holder, or such other person as shall be designated in the Notice of Exercise, to purchase the balance
of the Exercise Shares purchasable hereunder. In no event shall this Warrant be exercised in part if, after giving effect to such exercise, the remaining number of Exercise Shares in respect of such new Warrant would be less than 10,000. In no event
shall this Warrant be exercised for a fractional Exercise Share, and the Company shall not distribute a Warrant exercisable for a fractional Exercise Share. Fractional Exercise Shares shall be treated as provided in Section 5 hereof.

 2.3 Call Right. 
 (a) Subject to the provisions of this Section 2.3, if at any time the VWAP of the ADSs on the Company’s Trading Market is equal to or above U.S.$1.80, as adjusted for any stock splits, stock
combinations, stock dividends and other similar events (the “Threshold Price”), for each of any twenty consecutive Trading Day period, then the Company at any time thereafter shall have the right, but not the obligation (the “Call
Right”), on 20 days’ prior written notice to the Holder, to cancel all, but not less than all, of the unexercised portion of this Warrant for which a Notice of Exercise has not yet been delivered prior to the Cancellation Date (as defined
below). 
 (b) To exercise the Call Right, the Company shall deliver to the Holder an irrevocable written notice
thereof (a “Call Notice”). The date that the Company delivers the Call Notice to the Holder shall be referred to as the “Call Date”. Within 20 days after receipt of the Call Notice, the Holder may exercise this Warrant in whole
or in part, subject to the terms hereof, as set forth in herein. Any portion of this Warrant that is not exercised by 5:30 p.m. (New York City time) on the 20th day following the date of receipt of the Call Notice (the “Cancellation Date”)
shall be cancelled. 
 (c) Notwithstanding anything to the contrary set forth in this Warrant, unless waived in
writing by the Holder, the Company may not deliver a Call Notice or require the cancellation of any unexercised portion of this Warrant (and any Call Notice will be void) unless from the Call Date through the Cancellation Date (the “Call
Period”) the Registration Statement shall be effective as to the issuance of all of the Exercise Shares to be issued to the Holder upon exercise of the Warrant. 
 3. COVENANTS OF THE COMPANY. 
 3.1 Covenants as to Exercise Shares. The Company
covenants and agrees that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid, non-assessable and free from all preemptive or similar
rights, taxes, liens and charges with respect to the issuance thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period, have sufficient authorized share capital to provide for the exercise of
the rights 

  
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represented by this Warrant. If at any time during the Exercise Period the authorized share capital shall not be sufficient to permit exercise of this Warrant, the Company will take such
corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued share capital (or other securities as provided herein) to such amount as shall be sufficient for such purposes. 

3.2 No Impairment. Except and to the extent as waived or consented to by the Holder in writing or otherwise in accordance with
Section 11 hereof, the Company will not, by amendment of its Memorandum and Articles of Association (as such may be amended from time to time), or through any means, avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all commercially reasonable actions as may be necessary in order to protect the
exercise rights of the Holder against impairment. 
 3.3 Notices of Record Date. In the event of any taking by the Company of a
record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, the Company shall mail to the Holder, where practicable, at least ten (10) days
prior to the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution; provided that the failure to mail such notice or any defect therein or in the mailing thereof
shall not adversely affect the validity of the dividend or distribution required to be specified in such notice. 
 4.
ADJUSTMENT OF EXERCISE PRICE. In the event of changes in the outstanding Ordinary Shares of the Company, on or after the date hereof, by reason of a stock dividend, subdivision, split-up, or combination of shares, the number of shares purchasable
under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number of shares as the Holder would have owned had the
Warrant been exercised prior to the event requiring adjustment and had the Holder continued to hold such shares until after such event. The form of this Warrant need not be changed because of any adjustment in the Exercise Price and/or number of
shares subject to this Warrant. The Company shall promptly provide a certificate from the Company notifying the Holder in writing of any adjustment in the Exercise Price and/or the total number of shares issuable upon exercise of this Warrant, which
certificate shall describe the event giving rise to the adjustment and specify the Exercise Price and number of shares purchasable under this Warrant after giving effect to such adjustment. 

If, for any reason, prior to the exercise of the Warrant in full, the Company spins off or otherwise divests itself of a part of its
business or operations or disposes all or a part of its assets (the “Spin Off’), in each case in a transaction in which the Company does not receive compensation for such business, operations or assets, but causes securities of another
entity (the “Spin Off Securities”) to be issued to security holders of the Company, then the Exercise Price of the Outstanding Warrant shall be adjusted immediately after consummation of the Spin Off by multiplying the Exercise Price in
effect immediately prior to the Spin Off by a fraction (if, but only if, such fraction is less than 1.0), the numerator of which is the average closing bid price of the ADSs for the five trading days immediately following the fifth trading day after
the record date (the “Record Date”) for determining the amount and number of Spin Off Securities to be issued to security holders of the Company, and the denominator of which is the average closing bid price of the ADSs for the five
trading days immediately preceding the Record Date; and such adjusted Exercise Price shall be deemed to be the Exercise Price with respect to the Outstanding Warrant after the consummation of the Spin Off. 

5. FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant
hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. 

If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any
fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share by such fraction. 

  
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 6. CERTAIN EVENTS. In the event of, at any time during the Exercise Period, any capital
reorganization, or any reclassification of the capital stock of the Company (other than a change in par value or from par value to no par value or no par value to par value or as a result of a stock dividend, subdivision, split-up or combination of
shares), or the consolidation or merger of the Company with or into another corporation (other than a merger solely to effect a reincorporation of the Company into another state), in each case, in which the shareholders of the Company immediately
prior to such capital reorganization, reclassification, consolidation or merger, will hold less than a majority of the outstanding shares of the Company or resulting corporation immediately after such capital reorganization, reclassification,
consolidation or merger, or the sale or other disposition of all or substantially all of the properties and assets of the Company and its Subsidiaries, taken as a whole, in its entirety to any other person, other than sales or other dispositions
that do not require shareholder approval (each, an “Event”), the Company shall provide to the Holder ten (10) days’ advance written notice of the Event, and the Holder shall have the option, in its sole discretion, to allow any
unexercised portion of the Warrant to be deemed automatically exercised. This Warrant will be binding upon the successors and assigns of the Company upon an Event. 
 7. NO SHAREHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a shareholder of the Company. 

8. TRANSFER OF WARRANT. This Warrant and all rights hereunder are transferable by the Holder in person or by duly authorized attorney,
upon delivery of this Warrant and the duly completed Assignment Form attached hereto to any authorized transferee designated by the Holder with a copy to the Company. 
 9. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which
shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual
obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 
 10. MODIFICATION OR WAIVER. Unless otherwise provided herein, this Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the Company
and the Holder. 
 11. NOTICES, ETC. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications shall be sent to the Company at the address listed on the signature page and to the Holders at the addresses on the Company records, or at such other address as the Company or Holder may designate by ten days’
advance written notice to the other party hereto. 
 12. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein and in the Purchase Agreement. 
 13. GOVERNING
LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of England and Wales without regard to the principles of conflict of laws. 

14. DESCRIPTIVE HEADINGS. The descriptive headings of the several paragraphs of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard to which party drafted this Warrant. 
 15. SEVERABILITY. The invalidity or unenforceability of any provision of this Warrant in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction, or
affect any other provision of this Warrant, which shall remain in full force and effect. 

  
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 16. ENTIRE AGREEMENT. This Warrant constitutes the entire agreement between the parties
pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the parties, whether oral or written, with respect to such subject matter. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly
authorized officer as of June 1, 2007. 
  

			
	AMARIN CORPORATION PLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Address:	 	7 Curzon Street
		 	London, Greater LondonW1J 5HG
		 	 United Kingdom
 Attention:
Chief Financial Officer
 Facsimile: 44 20 7499 9004

  
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 NOTICE OF EXERCISE 

 

	TO:	AMARIN CORPORATION PLC 

 (1) The
undersigned hereby elects to purchase                      ordinary shares (“Ordinary Shares”) of Amarin Corporation plc (the
“Company”) in the form of American Depositary Shares (“ADSs”) pursuant to the terms of the attached warrant (the “Warrant”), and tenders herewith payment of the exercise price in full for such ADSs, together with all
applicable transfer taxes, if any. 
 (2) Please issue ADRs evidencing ADSs representing said Ordinary Shares in the name of the
undersigned or in such other name as is specified below: 
  

			
	  
	 	
	(Name)	 	
	  
	 	
		
	  
	 	
	(Address)	 	

  

					
		 	 Name of DTC Participant acting for
 undersigned:
	 	
		 	 DTC Participant Account No.:
	 	
		 	 Account No. for undersigned at DTC
 Participant (f/b/o information):
	 	
		 	 Onward Delivery Instructions of
 undersigned:
	 	
		 	 Contact person at DTC Participant:
	 	
		 	 Daytime telephone number of contact
 person at DTC Participant:
	 	

  
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	(Date)	 	

  

	
	  

	
	  

	(Signature)
	  

	
	  

	(Holder’s Name)
	  

	
	  

	(Authorized Signature)
	  

	
	  

	(Title)
	  

	(Tax ID Number)
	  

	(Telephone)

 NOTE: SIGNATURE MUST CONFORM IN ALL
RESPECTS TO THE NAME OF HOLDER AS SPECIFIED ON THE FACE OF THE WARRANT. 

  
 -8-Employment Agreement

 Exhibit 10.1 
 GALECTIN THERAPEUTICS INC. 
 EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is entered into as of this 26th day of May 2011 (the “Effective Date”) by and between
GALECTIN THERAPEUTICS INC., a Nevada corporation, having its principal Executive office at 7 Wells Avenue, Suite 34, Newton, Massachusetts 02459 (the “Company”), and PETER G. TRABER, M.D., an individual residing at 828 E. Flamingo Road,
Apartment 207, Las Vegas, NV 89119 (the “Executive”). 
 WHEREAS, the Company is engaged in the business of
biotechnology drug development and the Executive has extensive knowledge, training and experience in the science, know-how and bringing of new drugs to market; 
 WHEREAS, the Executive is currently employed as the acting President, Chief Executive Officer (“CEO”) of the Company; 
 WHEREAS, the Executive is Chief Medical Officer (“CMO”) under a consulting agreement (the “CMO Consulting Agreement”); and 

WHEREAS, the parties hereto wish to formalize Executive’s position as President, CEO and CMO of the Company and commit to writing
the terms of his employment. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and
other good and valuable consideration the receipt of which is hereby acknowledged, the parties mutually agree as follows: 

Section 1. Term and Scope of Employment. 
 The Company agrees to employ the Executive and the Executive agrees to be employed by Company with the title of President, CEO and CMO for an initial term of three (3) years, commencing on
March 17, 2011 and ending at the close of business on March 18, 2014 (“Initial Term”), unless extended one or two times thereafter for one-year additional terms (each referred to herein as a “Successive Term”) as
provided in Section 8 below or unless terminated earlier during any term by the Company for cause or without cause, as described and provided for in Section 7 below. 
 Section 2. Devotion of Full Time and Effort. 
 The Executive agrees to
devote his full time and effort to the business and affairs of the Company and that, to the best of the Executive’s ability and experience, the Executive will, at all times, faithfully, industriously and conscientiously perform, to the
Company’s reasonable satisfaction, all of the duties and obligations of the President, CEO and CMO of the Company which shall include, but not be limited to, overall responsibility of managing the Company, all operational and strategic matters,
subject to general oversight by the Board of Directors (the 

 
“Board”), the hiring and dismissal of executives, salary and compensation for all executives and consultants, approval of all finance, licensing, partnerships, and other corporate
activities such as press releases, mergers, acquisitions and/or divestitures and all other duties as are customarily performed by the President, CEO and/or CMO in a similar position as well as such other unrelated services and duties of an executive
character as may reasonably be assigned to the Executive from time to time by the Board and/or any Executive Committee approved by the Board and delegated authority by the Board. 

Subject to Section 4(e) below, Executive shall perform his duties primarily at the principal offices of the Company in Newton,
Massachusetts and at such other place(s) as the need, business, or opportunities of the Company may reasonably require from time to time. 
 Executive hereby agrees not to accept or to continue in any appointment to any employment, consultancy, management or board position with any other profit or non-profit company without the prior approval
of the Board or the Executive Chairman of the Company, which approval will not be unreasonably withheld or delayed. This notwithstanding, nothing herein shall prohibit the Executive from being an investor in another company such as a member of a
limited liability company, a limited partner of a limited partnership or a stockholder of a corporation, unless (i) the Executive holds a general partner, manager, employee, consultant or associated Board position in such entity or
(ii) such ownership would violate the Executive’s non-compete covenant in Section 10 below. 
 Section 3.
Compensation. 
 (a) Salary. In consideration of all of the services rendered by the Executive under the terms of
this Agreement, the Company shall pay to the Executive a base salary during the first year of his employment under the terms of this Agreement at the annualized rate of One Hundred Ninety-Five Thousand Dollars ($195,000.00) per annum (“Base
Salary”), less required withholdings, payable in equal amounts in accordance with the Company’s payroll practices in effect from time to time. The Company agrees that, during the first year of Executive’s employment under the terms of
this Agreement, and in each year thereafter, the Company shall conduct or cause to be conducted a survey to determine the compensation of Presidents/CEOs of comparable companies, i.e., companies of comparable size and position. Should the Board in
its sole discretion determine that the survey indicates that other Presidents/CEOs of comparable companies are being paid more than Executive and that the Company, in the Board’s sole and unfettered discretion, can afford the increase, the
Board shall raise Executive’s Base Salary to a level which seems appropriate based on the salaries of Presidents/CEOs of comparable companies commencing in year two of this Agreement, provided that the Executive is still in the Company’s
employ. This notwithstanding, provided that the Executive is still in the Company’s employ, Executive’s Base Salary during the second year of his employment under the terms of this Agreement and subsequent years shall be, at a minimum, at
the annualized rate of Three Hundred Thousand Dollars ($300,000.00) per annum, less required withholdings, payable in equal amounts in accordance with the Company’s payroll practices in effect from time to time. 

(b) Reimbursement of Expenses. The Company shall reimburse the Executive, in accordance with the Company’s policies and
practices in effect from time to time, for all out-of-pocket 

  
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expenses reasonably incurred by the Executive in performance of the Executive’s duties under this Agreement. The Executive is responsible for proper substantiation and reporting of all such
expenses in accordance with Company rules, regulations, policies and practices in effect from time to time. Executive shall consult a tax advisor of his own choosing to determine the taxability of any reimbursements made hereunder and the record
keeping requirements therefor. 
 Section 4. Benefits. 

(a) The Executive will be entitled to participate in all incentive, retirement, profit-sharing, life, medical, disability and other
benefit plans and programs (collectively “Benefit Plans”) as are from time to time generally available to other senior executives of the Company, subject to the provisions of those programs. Without limiting the generality of the
foregoing, the Company will provide the Executive and his qualifying dependents with basic medical benefits on the terms that such benefits are provided to other senior executives of the Company. For the avoidance of doubt, whenever used in this
Agreement, the Executive’s qualifying dependents shall include his two children by a previous marriage, his domestic partner and his daughter by his domestic partner, provided that the Company’s health care insurer will permit this
designation for these persons. 
 (b) The Executive will also be entitled to holidays, sick leave and vacation in accordance
with the Company’s policies as they may be in effect from time to time and which are subject to change at any time at the Company’s sole discretion. This notwithstanding, during Executive’s employment with the Company, Executive shall
accrue paid vacation time at the rate of not less than 1 and 2/3 of a day per month (four weeks total should the Executive remain employed for the full year). Vacation leave shall accrue on the last day of each month. 

(c) Should Executive’s employment be terminated by the Company without cause prior to the end of his initial three-year term or
properly terminated by the Executive pursuant to Section 7(c) or 7(d) below, the Company agrees that, during the two-year period immediately following his termination or until the Executive and his qualifying dependents, are provided with
medical coverage by another employer, whichever shall first occur, it will continue to provide the Executive with medical insurance coverage to the same extent and under the same conditions as provided to other senior executives of the Company.

 (d) The Company further agrees to provide Executive with life insurance at Company’s sole expense with a benefit amount
of $2,000,000 and with long-term disability insurance at Company’s sole expense during the Executive’s employment with the Company. These benefits shall terminate upon Executive’s termination from employment with the Company for any
reason, except that the Company shall cooperate in assigning any life insurance policy held on the Executive’s life to the Executive upon termination of his employment so long as the Executive assumes liability for paying all premiums thereon
for the period from and after said termination date. 
 (e) It is anticipated that during the Executive’s employment with
the Company, Executive will be residing in another state and will commute roundtrip from his residence or wherever his family is then staying to Boston, Massachusetts and then on to Newton, 

  
 3 

 
Massachusetts so that he will be working in the Company’s offices in Newton. The Company agrees that during the Executive’s employment with the Company, Company will, a maximum of once
per week, pay for Executive’s round-trip air travel between his out-of-state residence, or other place where his family is then staying within the 48 contiguous United States, and Boston, Massachusetts via coach class airfare without stay-over
in any third location. This notwithstanding, should the Company require Executive to travel to and from his residence, or such other place as his family is then staying, to Boston more frequently than once per week, the Company shall pay for such
additional air travel. The Company shall provide a car for Executive’s use and shall also permit Executive, the exclusive use of the apartment owned or rented by the Company at 137 Fox Road, Apartment 411, Waltham, MA (or any other apartment
located in the Greater Boston area hereafter purchased or rented by the Company for this purpose). Furthermore, if the Company’s principal office is changed to a location more than 50 miles from Newton, MA, then this provision shall be modified
to provide the same benefits in the new location. 
 (f) During Executive’s employment with the Company, the Company shall
maintain the insurance it currently has with respect to (i) directors’ and officers’ liability, (ii) errors and omissions and (iii) general liability insurance providing coverage to Executive to the same extent as other
senior executives and directors of the Company. Executive’s coverage under such insurance shall terminate upon Executive’s leaving of the Company’s employ for any reason. 

(g) Other than as specifically provided for herein, all benefits shall cease upon Executive’s termination from employment with the
Company for any reason. 
 Section 5. Stock Options/Warrants. 

As incentive to enter into and undertake employment pursuant to this Agreement and to achieve certain Company milestones, Executive shall
receive the following: 
 (a) Any of the 600,000 warrants granted Executive under his CMO Consulting Agreement, which have not
previously vested, shall vest immediately upon execution of this Agreement by Executive and the Company. 
 (b) By a separate
Non-Qualified Stock Option Agreement (the “Option Grant”) dated March 7, 2011 (the “Grant Date”), the Company has granted to Executive additional stock options, exercisable for ten (10) years, to purchase an aggregate
of up to Five Million (5,000,000) shares of the Company’s common stock at an exercise price of $1.16 per share which options may be exercised by the Executive with respect to the number of Shares granted as indicated beside the Vesting
Date below, provided that the Continuous Service (as defined in the Option Grant) of the Executive continues through and on the applicable Vesting Date: 
  

			
	 Number of Shares
	  	 Vesting Date

	 750,000
	  	Grant Date
	 additional 625,000
	  	First anniversary of Grant Date
	 additional 625,000
	  	Second anniversary of Grant Date
	 additional 500,000
	  	Third anniversary of Grant Date
	 additional 500,000
	  	Fourth anniversary of Grant Date
	 additional 1,000,000
	  	Fifth anniversary of Grant Date

  
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 (c) The Option Grant also provides that, notwithstanding the vesting schedule described in
subparagraph (b) above, the options shall vest and become exercisable with respect to 1,750,000 of the 4,000,000 shares referenced in subsection (b) above upon the occurrence of the following milestone events, provided that the Executive
has maintained Continuous Service through the date the milestone event is satisfied: : 
  

	 	(i)	250,000 shares as of the date the Company’s quarterly financial statements for any four consecutive calendar quarters completed during the term of this Agreement
show combined gross revenues of at least fifty million dollars ($50,000,000) for such 12-month period; 

  

	 	(ii)	250,000 shares as of the date of written approval from the U.S. Food and Drug Administration (“FDA”) for each of up to two investigational drug applications,
or INDs, filed by the Company for commencement of human clinical trials (which the Company and Executive agree will include the commencement of Phase I clinical trials using any using any Company compound that has previously received an IND for
testing in combination with a cancer vaccine by the Company or another collaborating company in any country outside of the United States); 

  

	 	(iii)	250,000 shares as of the date of written approval from the FDA for each of up to two new drug applications, or NDAs, filed by the Company for any drug or drug delivery
candidate; 

  

	 	(iv)	500,000 shares as of the date on which the non-affiliate market capitalization of the Company (i.e., public float or “Market Capitalization”) equals or
exceeds one billion dollars ($1,000,000,000) on any ten (10) trading days within a twenty (20) consecutive trading day period by reference to the closing price of the Company’s common stock as listed or quoted on any national
securities exchange, OTC Bulletin Board or other well-recognized public trading market, as reported by Bloomberg L.P. or other widely-used service (the “Public Float Test”). 

Any options that vest under this Section 5(c) shall be applied first to the 1,000,000 options scheduled to vest under
Section 5(b) on the fifth anniversary of the Grant Date; and then, if more than 1,000,000 options vest under this Section 5(c), said excess over 1,000,000 shall be applied to the 500,000 options scheduled to vest under Section 5(b) on
the fourth anniversary of the Grant Date; and then, if more than 1,500,000 options vest under this Section 5(c), said excess shall be then applied to the 500,000 options scheduled to vest under Section 5(b) on the third anniversary of the
Grant Date. 

  
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 (d) The Option Grant further provides that the remaining 1,000,000 of the 5,000,000 shares
covered by the option will have the following vesting dates: 
  

	 	(i)	500,000 Shares as of the date the Public Float Test demonstrates that the Market Capitalization equals or exceeds five billion dollars ($5,000,000,000), and

  

	 	(ii)	An additional 500,000 Shares over and above the shares vesting under clause (i) above, as of the date the Public Float Test demonstrates that the Market
Capitalization equals or exceeds ten billion dollars ($10,000,000,000). 

 (e) The above notwithstanding, the
maximum number of options which shall vest in accordance with Sections 5(b) and 5(c) above shall not exceed 5,000,000 options at any time, including in the event of an acceleration of the vesting schedule as set forth in Section 9 of the Option
Grant, notwithstanding any language therein to the contrary. 
 (f) In addition to the options referred to in subsection
(b) above, Executive shall, subject to approval and formal action by the Board of Directors, receive fully vested options, exercisable for ten (10) years, to purchase Five Hundred Thousand (500,000) additional shares of the
Company’s common stock, at an exercise price equal to the closing market price of the Company’s common stock on the last trading date prior to execution of this Agreement by the Executive and the Company. 

(g) Each option referred to under the provisions of this Section 5 shall contain or be amended to contain the following provision:

 This Option/Warrant may, at the Executive’s option in his sole discretion, be exercised by means of a “cashless
exercise” in which the Executive shall be entitled to receive a certificate for the number of shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
 (A) = the average of the high and low trading prices per share of Common Stock on the Trading Day preceding the date of such election; 

(B) = the Exercise Price of the Option/Warrant; and 
 (X) = the number of shares issuable upon exercise of the Option/Warrant in accordance with the terms of this Option/Warrant. 
 (h) The parties agree that in the event of a conflict between the terms of this Agreement and the Option Grant with respect to the options described in subparagraph (b) herein, the terms of this
Agreement shall prevail. Any terms used in this Section 5 that are not otherwise defined herein shall have the same meaning that they are defined to have in the Option Grant. 

  
 6 

 (i) The Company agrees, at its expense, to register the shares of common stock into which
the options granted under Sections 5(b)-(f) above are exercisable under the Securities Act of 1933, to the extent the Company is eligible to do so on Form S-8. Additionally, the shares underlying said options shall be granted piggyback
registration rights, and at the Executive’s request will be included with subsequent registration filings at no cost to the Executive; provided, however that such registration rights shall cease as soon as such Form S-8 becomes effective and as
long it remains effective. 
 (j) Notwithstanding anything to the contrary set forth above, in the event the Company terminates
Executive’s employment Without Cause or the Executive appropriately terminates this Agreement for Good Reason or following a Change of Control as provided in Section 7 (“Termination Event”): 

Should a Termination Event occur during the first three years of this Agreement, then all options listed in the schedule in
Section 5(b) that are to have vested through the Third Anniversary of the Grant Date shall immediately vest; provided that the Executive is employed by the Company immediately prior to such Termination Event; 

Should a Termination Event occur during the First Successive Term of this Agreement, if any, then all options listed in the schedule in
Section 5(b) that are to have vested through the Fourth Anniversary of the Grant Date shall immediately vest; provided that the Executive is employed by the Company immediately prior to such Termination Event; or 

Should a Termination Event occur during the Second Successive Term of this Agreement, if any, then all options listed in the schedule in
Section 5(b) that are to have vested through the Fifth Anniversary of the Grant Date shall immediately vest; provided that the Executive is employed by the Company immediately prior to such Termination Event. 

(k) Sale of Shares 
 Executive hereby agrees that he will not sell any securities in the Company until after the date that Executive is no longer required to report the sale of the shares in a filing with the Securities and
Exchange Commission (“Reporting Termination Date”), including without limitation under Sections 13 or 16 of the Securities Exchange Act of 1934. 
 Executive further agrees that, until the Reporting Termination Date, he will not loan or pledge any securities of the Company owned by him as collateral for any indebtedness, including margin
indebtedness. In addition, Executive agrees that, currently and for a period of five years from the date of termination of this Agreement, he will not short the company’s shares nor loan any securities of the Company owned by him to a short
seller, or permit any custodian of such securities to loan them to a short seller. 

  
 7 

 Section 6. Compliance with Company Policy. 

During Executive’s employment with the Company, Executive shall observe all Company rules, regulations, policies, procedures and
practices in effect from time to time, including, without limitation, such policies and procedures as are contained in the Company policy and procedures manual, as may be amended or superseded from time to time. 

Section 7. Termination of Employment. 
 Unless terminated earlier pursuant to the provisions of this Section 7 or unless extended pursuant to the provisions of Section 8 below, this Agreement and the Executive’s employment with
the Company shall terminate at the close of business on March 18, 2014. At such time, the Executive shall be entitled to no further salary or benefits other than those earned or accrued but unpaid as of that date, except as specifically set
forth herein. 
 Executive’s employment with the Company may be terminated prior to the close of business on March 18,
2014 or during any Successive Term of this Agreement for any of the following reasons: 
  

	 	(a)	By The Company For Cause. 

(i) The Company may, at its sole discretion, upon following the procedures in clauses (ii) and (iii) below, terminate the
employment of the Executive For Cause prior to the expiration of the Initial Term or any Successive Term if the Executive during the term of this Agreement. For purposes of this Section 7(a), the term “For Cause” means the Executive:

 (a) Fails or refuses in any material respect to perform any duties, consistent with his position or those of an executive
character which may reasonably be assigned to him by the Board or materially violates company policy or procedure; 
 (b) Is
grossly negligent in the performance of his duties hereunder; 
 (c) Commits of any act of fraud, willful misappropriation of
funds, embezzlement or material dishonesty with respect to the Company; 
 (d) Is convicted of a felony or other criminal
violation, which, in the reasonable judgment of the Company, could materially impair the Company from substantially meeting its business objectives; 
 (e) Engages in any other intentional misconduct adversely affecting the business or affairs of the Company in a material manner. The term “intentional misconduct adversely affecting the business or
affairs of the 

  
 8 

 
Company” shall mean such misconduct that is detrimental to the business or the reputation of the Company as it is perceived both by the general public and the biotechnology industry; or

 (f) Dies or is disabled for four consecutive months in any calendar year to such an extent that the Executive is unable to
perform substantially all of his essential duties for that time. 
 (ii) With respect to matters referred to in
Section 7(a)(i)(a) and (b) above, the Executive shall not be terminated unless the Company has given the Executive written notice of and opportunity to cure the alleged cause for termination and the Executive has not fully cured the cause
within (30) days of receipt of such written notice thereof (the “Cure Period”). Should Executive fail to fully cure within thirty (30) days of receipt of such written notice, the Executive’s employment shall terminate at the
close of business on the last day of the Cure Period. Furthermore, there shall not be cause for termination under Sections 7(a)(i)(a), if the Executive unintentionally fails in any material respect to perform any duties, consistent with his position
or those which may reasonably be assigned to him by the Board because of the Executive’s physical or mental disability. In such case, the provisions of Section 7(a)(i)(f) would control. During said Cure Period, the Executive’s salary
and benefits shall continue. Following termination, however, the Executive shall not be entitled to any further salary or benefits other than those previously accrued but unpaid through the date of termination. With respect to matters referred to in
(a)(i)(c) through (f) above, the Executive may be terminated immediately without an opportunity to cure and shall not be entitled to payment of any further salary or benefits other than those previously accrued but unpaid through the date of
termination. 
 (iii) The Company may only take action to terminate the Executive for cause under this Section 7(a) if
(A) the Executive has been given reasonable notice of the allegations upon which cause is deemed to exist, (B) the Executive has been given an opportunity to appear at a meeting of the Board and to present an explanation of his actions
alleged to constitute cause for termination, and (C) the Company’s Board of Directors has voted to terminate this Agreement For Cause. 
 (iv) Should the Company terminate Executive’s employment For Cause prior to the end of the Initial Term or any Successive Term of this Agreement, the Executive shall be entitled to no further salary
or benefits other than those earned or accrued but unpaid as of that date; provided, however, that the Executive shall have whatever rights he may then have, if any, to continued medical insurance coverage pursuant to the provisions of the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). 

  
 9 

	 	(b)	By The Company Without Cause. 

 The parties hereto agree that the Company may, in its sole discretion, terminate the Executive’s employment with the Company prior to the expiration of the Initial Term or any Successive Term of this
Agreement without notice and without cause (“Without Cause”), but only if said termination has been approved by a vote of the Company’s Board of Directors. 

 

	 	(c)	By The Executive For Good Reason. 

 The Executive may, in his sole discretion, upon following the procedures below, at any time prior to the expiration of the Initial Term or any Successive Term of this Agreement terminate the
Executive’s employment with the Company for Good Reason. For purposes of this Section 7(c), the term “Good Reason” means: 
  

	 	(i)	Any removal of the Executive from his position as President and CEO of the Company without his being appointed to a comparable or higher position in the Company;

  

	 	(ii)	The assignment to the Executive of duties materially inconsistent with the status of President, CEO or CMO (Chief Medical Officer) of the Company, and the Company fails
to rescind such assignment within thirty (30) days following receipt of written notice to the Board of Directors of the Company from Executive that informs the Board of Directors (A) which assignment of duties is materially inconsistent
with such status and why and (B) that absent rescission, of such assignment of duties, Executive intends to terminate his employment for Good Reason pursuant to this Section 7(c); 

 

	 	(iii)	Any failure to elect the Executive as a member of the Board of Directors of the Company (or any successor thereto) or the Executive’s removal from membership
thereof; or 

  

	 	(iv)	Any reduction in the Executive’s base salary that is not part of a company plan applying generally to management to deal with financial exigencies that Board may
approve from time to time. 

  

	 	(v)	Relocation of the Company’s principal office to a new location more than 50 miles from its present location and outside the states of Georgia, Florida and Texas,
and the Executive determines in good faith that such a move is against his and/or his family’s best interests. 

 With respect to matters referred to in Section 7(c)(i) through Secrtion 7(c)(iii) above, the Executive shall not terminate this Agreement for Good Reason unless the Executive has given the Company
written notice of and opportunity to cure the alleged Good Reason and the Company has not fully cured the Good Reason within (30) days of receipt of such written notice thereof (the “Cure Period”). 

  
 10 

	 	(d)	By The Executive Following a Change in Control. 

 The Executive may, in his sole discretion, terminate this Agreement by not less than 60 days prior written notice at any time within twelve months following a Change of Control of the Company. For
purposes of this Section 7(d), the term “Change of Control” means: 
  

	 	(i)	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the then outstanding Shares of voting stock of the Company (the “Voting Stock”) by a person or
entity other than 10 X Capital Management, LLC, the 10 X Fund, LP, or any of their members, partners or other investors; or 

  

	 	(ii)	The consummation of (1) a reorganization, merger or consolidation (any of the foregoing, a “Merger”), in each case, with respect to which all or
substantially all of the individuals and entities who were the beneficial owners of the Voting Stock immediately prior to such Merger do not, following such Merger, beneficially own, directly or indirectly, more than 50% of the then outstanding
shares of the corporation resulting from Merger, (2) a complete liquidation or dissolution of the Company or (3) the sale or other disposition of all or substantially all of the assets of the Company, excluding a sale or other disposition
of assets to a subsidiary of the Company. 

  

	 	(e)	Right to Severance. 

 In
the event the Company terminates Executive’s employment Without Cause or the Executive appropriately terminates this Agreement for Good Reason as provided in Section 7(c)(i) through 7(c)(v) or the Executive terminates this Agreement
following a Change of Control as provided in Section 7(d): 
 (i) The Executive shall be entitled to severance pay equal to
one year of his then Base Salary payable in equal amounts in accordance with the Company’s payroll practices in effect from time to time; 
 (ii) For two years following his termination or until Executive is provided with medical coverage by another employer or entity, whichever shall first occur, the Company, at its own expense, shall
continue to provide medical insurance coverage for the Executive and his qualifying dependents to the same extent and under the same conditions as provided to other senior executives of the Company. Thereafter, Executive shall have whatever rights
he may then have, if any, to continued medical insurance coverage pursuant to the provisions of COBRA. 

  
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 (iii) Certain options issued to the Executive that have not then vested shall immediately
vest to the extent provided in Section 5(j) above; and 
 (iv) Except as provided above in this Section 7(e), the
Executive shall receive no further compensation or benefits of any kind other than any salary or benefits earned or accrued but unpaid as of that date. 
 Section 8. Successive Terms Of This Agreement. 
 Should
Executive’s employment not be terminated prior to the close of business on March 18, 2014, as provided for in Section 7 above, then Executive’s employment shall continue for up to two successive one-year terms upon the same terms
and conditions applicable to the Initial Term (or such other terms and conditions as may be agreed by the Executive and the Company) unless, at least six (6) months prior to the expiration of the Initial Term or any Successive Term of this
Agreement, either party hereto notifies the other in writing of its/his intention not to continue this Agreement for a first or second Successive Term. This notwithstanding, this Agreement, or any Successive Term hereof, shall terminate at the very
latest on March 18, 2016. 
 In the event that neither the Company nor the Executive notifies the other
at least six (6) months prior to the expiration of the Initial Term or any Successive Term of this Agreement of its/his intention not to continue this Agreement for a first or second Successive Term, then the parties agree to negotiate the
salary to be paid to the Executive during the Successive Term, and if they fail to reach agreement on the salary to be paid the Executive during the Successive Term prior to the commencement thereof, this Agreement shall, if not earlier terminated
in accordance with Section 7 above, terminate at the close of business on the last day of the then effective term, i.e., March 18th of the year the Agreement is set to terminate and this Agreement will not renew of a Successive Term. Again, nothing
in this paragraph shall be interpreted to extend this Agreement beyond March 18, 2016. 
 Section 9. Survival of
Obligations. 
 The obligations of the Executive as set forth in Sections 10 through 18 below shall survive the term of this
Agreement and the termination of Executive’s employment hereunder regardless of the reason(s) therefor. 
 Section 10.
Non-Competition and Conflicting Employment. 
 (a) During the term of this Agreement, the Executive shall not, directly or
indirectly, either as an Executive, Employer, Employee, Consultant, Agent, Principal, Partner, Corporate Officer, Director, Shareholder, Member, Investor or in any other individual or representative capacity, engage or participate in any business or
business related activity of any kind that is in competition in any manner whatever with the business of the Company or any business activity related to the business in which the Company is now involved or becomes involved during the
Executive’s employment, except that nothing herein shall limit the Executive’s right, directly or 

  
 12 

 
indirectly, to own up to 5% of the shares of any corporation whose securities are listed on a national securities exchange or registered under the Securities Exchange Act of 1934. For these
purposes, the current business of the Company is biotechnology drug development and related business. The Executive also agrees that, during his employment with the Company, he will not engage in any other activities that conflict with his
obligations to the Company. 
 (b) As a material inducement to the Company to continue the employment of the Executive, and in
order to protect the Company’s Confidential Information and good will, the Executive agrees that: 
 (i) For a period of
twelve (12) months following termination of the Executive’s employment with the Company or its affiliates for any reason, Executive 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 Executive had any contact as a result of Executive’s employment with the Company; and 

(ii) For a period of six (6) months after termination of Executive’s employment with the Company or its affiliates for any
reason, Executive will not (A) render services directly or indirectly, as an Executive, 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, except that nothing herein shall limit the Executive’s right, directly or indirectly, to own up to 5% of the shares of any corporation whose
securities are listed on a national securities exchange or registered under the Securities Act of 1934. 
 (c) For purposes of
this Section: 
 (i) “Competing Products” 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), or other intellectual property of the Company about which the Executive 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; and 

(ii) “Competing Organization” means any person or organization, including the Executive, engaged in, or about to become engaged
in, research on or the acquisition, development, production, distribution, marketing or providing of a Competing Product. 

  
 13 

 (d) The parties agree that the Company is entitled to protection of its interests in these
areas. The parties further agree that the limitations as to time, geographical area, and scope of activity to be restrained do not impose a greater restraint upon Executive than is necessary to protect the goodwill or other business interest of the
Company. The parties further agree that in the event of a violation of this Covenant Not To Compete, that the Company shall be entitled to the recovery of damages from Executive and injunctive relief against Executive for the breach or violation or
continued breach or violation of this Covenant. The Executive agrees that if a court of competent jurisdiction determines that the length of time or any other restriction, or portion thereof, set forth in this Section 10 is overly restrictive
and unenforceable, the court may reduce or modify such restrictions to those which it deems reasonable and enforceable under the circumstances, and as so reduced or modified, the parties hereto agree that the restrictions of this Section 10
shall remain in full force and effect. The Executive further agrees that if a court of competent jurisdiction determines that any provision of this Section 10 is invalid or against public policy, the remaining provisions of this Section 10
and the remainder of this Agreement shall not be affected thereby, and shall remain in full force and effect. 

Section 11. Confidentiality. 
 (a) Executive recognizes and acknowledges that he will have access to certain information of members of the Company Group (as defined below) and that such information is confidential and constitutes
valuable, special and unique property of such members of the Company Group. The parties agree that the Company has a legitimate interest in protecting the Confidential Information, as defined below. The parties agree that the Company is entitled to
protection of its interests in the Confidential Information. The Executive shall not at any time, either during his employment and for two years after the termination of his employment with the Company for any reason, or indefinitely to the extent
the Confidential Information constitutes a trade secret under applicable law, disclose to others, use, copy or permit to be copied, except in pursuance of his duties for and on behalf of the Company, its successors, assigns or nominees, any
Confidential Information of any member of the Company Group (regardless of whether developed by the Executive) without the prior written consent of the Company. Executive acknowledges that the use or disclosure of the Confidential Information to
anyone or any third party could cause monetary loss and damages to the Company as well as irreparable harm. The parties further agree that in the event of a violation of this covenant against non-use and non-disclosure of Confidential Information,
that the Company shall be entitled to a recovery of damages from Executive and/or to obtain an injunction against Executive for the breach or violation, continued breach, threatened breach or violation of this covenant. 

(b) As used herein, “Company Group” means the Company, and any entity that directly or indirectly controls, is controlled by,
or is under common control with, the Company, and for purposes of this definition “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether
through the ownership of voting securities, by contract or otherwise. 
 (c) As used herein, the term “Confidential
Information” with respect to any person means any secret or confidential information or know-how and shall include, but shall not be limited to, plans, financial and operating information, customers, supplier arrangements,

  
 14 

 
contracts, costs, prices, uses, and applications of products and services, results of investigations, studies or experiments owned or used by such person, and all apparatus, products, processes,
compositions, samples, formulas, computer programs, computer hardware designs, computer firmware designs, and servicing, marketing or manufacturing methods and techniques at any time used, developed, investigated, made or sold by such person, before
or during the term of this Agreement, that are not readily available to the public or that are maintained as confidential by such person. The Executive shall maintain in confidence any Confidential Information of third parties received as a result
of his employment with the Company in accordance with the Company’s obligations to such third parties and the policies established by the Company. 
 (d) As used herein, “Confidential Information” with respect to the Company means any Company proprietary information, technical data, trade secrets, know-how or other business information
disclosed to the Executive by the Company either directly or indirectly in writing, orally or by drawings or inspection or unintended view of parts, equipment, data, documents or the like, including, without limitation: 

(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, improvements, data, formats, projects and research projects; 

(ii) Information about costs, profits, markets, sales, pricing, contracts and lists of customers, distributors and/or vendors and
business, marketing and/or strategic plans; 
 (iii) Forecasts, 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 Executive 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 
 (iv)
Executive personnel files and compensation information. 
 (e) Notwithstanding the foregoing, Confidential Information as
defined in Sections 11(c) and (d) does not include any of the foregoing items which (i) has become publicly known or made generally available to the public through no wrongful act of Executive; (ii) has been disclosed to Executive by
a third party having no duty to keep Company matter confidential; (iii) has been developed by Executive independently of employment with the company; (iv) has been disclosed by the Company to a third party without restriction on
disclosure; or (v) has been disclosed with the Company’s written consent. 
 (f) Executive hereby acknowledges and
agrees that all Confidential Information shall at all times remain the property of the Company. 

  
 15 

 (g) Executive agrees that Executive will not improperly use or disclose any Confidential
Information, proprietary information or trade secrets of any former employer or other person or entity or entity with which Executive has an agreement or duty to keep in confidence information acquired by Executive and that Executive will not bring
onto Company premises 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. 

(h) Executive 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. Executive agrees to hold all such confidential or proprietary information in
the strictest of confidence and not to disclose it to any person, firm or entity or to use it except as necessary in carrying out Executive’s work for the Company consistent with Company’s agreement with such third party. 

(i) Executive represents and warrants that from the time of the Executive’s first contact with the Company, Executive 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 under the terms of this Agreement. 
 (j) Executive will not disclose to the Company or use on its behalf
any confidential information belonging to others and Executive 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. 

Section 12. Inventions. 
 (a) Attached hereto as Exhibit A is a list describing 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
were conceived, developed or created by Executive prior to Executive’s employment or first contact with Company (collectively referred to herein as “Prior Inventions”), (A) which belong to Executive, (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 Executive represents that there are no such Prior
Inventions. If in the course of Executive’s employment with the Company, the Executive incorporates or embodies into a Company product, service or process a Prior Invention owned by the Executive or in which the Executive has an interest, the
Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, world-wide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product, service or process.

  
 16 

 (b) Executive agrees that Executive 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 Executive hereby assigns to the Company, or its designee, all of the Executive’s right, title and interest in and to any and all ideas, process, 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 Executive may, on or after the Effective Date of this Agreement, 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 Executive is in the employ of the Company (collectively referred to herein as “Intellectual Property Items”); and the Executive 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 Executive’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 Executive further acknowledges that all original works of authorship which are made by Executive (solely or jointly with others)
within the scope of Executive’ employment and which are protectable by copyright are works made for hire as that term is defined in the United Stated Copyright Act. 
 (c) Executive agrees to keep and maintain adequate and current written records of all Intellectual Property Items made by Executive (solely or jointly with others) during the term of Executive’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.

 Section 13. Return of Company Property. 
 Executive agrees that, at any time upon request of the Company, and, in any event, at the time of leaving the Company’s employ, Executive will deliver to the Company (and will not keep originals or
copies in Executive’s possession or deliver them to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, material, equipment or other documents or
property, or reproduction of any of the aforementioned items, containing Confidential Information or otherwise belonging to the Company, its successors or assigns, whether prepared by the Executive or supplied to the Executive by the Company.

 Section 14. Non-Solicitation. 
 Executive agrees that Executive shall not, during Executive’s employment or other involvement with the Company and for a period of twelve (12) months immediately following the termination of the
Executive’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 executives of the Company, either for the Executive’s
own business or for any other person or entity and/or (ii) either directly or indirectly recruit, solicit or otherwise induce or influence any 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. 

  
 17 

 Section 15. Publications. 

Executive agrees that Executive will, in advance of publication, provide the Company with copies of all writings and materials which
Executive proposes to publish during the term of Executive’s employment and for eighteen (12) months thereafter. Executive also agrees that Executive will, at the Company’s request and sole discretion, cause to be deleted from such
writings and materials any information the Company believes discloses or will disclose Confidential Information. The Company’s good faith judgment in these matters will be final. The Executive will also, at the Company’ request and in its
sole discretion, cause to be deleted any reference whatsoever to the Company from such writings and materials. 

Section 16. Equitable Remedies. 
 Executive agrees that any damages awarded the Company for any breach of Sections 10 through 14 of this Agreement by Executive would be inadequate. Accordingly, in addition to any damages and other rights
or remedies available to the Company, the Company shall be entitled to obtain injunctive relief from a court of competent jurisdiction temporarily, preliminarily and permanently restraining and enjoining any such breach or threatened breach and to
specific performance of any such provision of this Agreement. In the event that either party commences litigation against the other under this Agreement the prevailing party in said litigation shall be entitled to recover from the other all costs
and expenses incurred to enforce the terms of this Agreement and/or recover damages for any breaches thereof, including without limitation reasonable attorneys’ fees. 
 Section 17. Representations and Warranties. 
 (a) Executive represents
and warrants as follows that: (i) Executive has no obligations, legal or otherwise, inconsistent with the terms of this Agreement or with the Executive’s undertaking a relationship with the Company; and (ii) Executive has not entered
into, nor will Executive enter into, any agreement (whether oral or written) in conflict with this Agreement. 
 (b) The Company
represents and warrants to the Executive that this Agreement and the Option Grant have been duly authorized by the Company’s Board of Directors and are the valid and binding obligations of the Company, enforceable in accordance with their
respective terms. 
 Section 18. Miscellaneous. 

(a) Entire Agreement. This Agreement, the exhibit attached hereto, the Option Grant dated as of March 7, 2011 and the option
granted concurrently herewith under Section 5(e) hereof, contain the entire understanding of the parties and supersede all previous contracts, arrangements or understandings, express or implied, between the Executive and the Company

  
 18 

 
with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which
are not expressly set forth in this Agreement or in the attached exhibit. 
 (b) Section Headings. The section headings
herein are for the purpose of convenience only and are not intended to define or limit the contents of any section. 
 (c)
Severability. If any provision of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, the remainder of this Agreement shall be amended to provide the parties with the equivalent of the same rights and
obligations as provided in the original provisions of this Agreement. 
 (d) No Oral Modification, Waiver Or Discharge.
No provisions of this Agreement may be modified, waived or discharged orally, but only by a waiver, modification or discharge in writing signed by the Executive and such officer as may be designated by the Board of Directors of the Company to
execute such a waiver, modification or discharge. No waiver by either party hereto at any time of any breach by the other party hereto of, or failure to be in compliance with, any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the time or at any prior or subsequent time. 
 (e) Invalid Provisions. Should any portion of this Agreement be adjudged or held to be invalid, unenforceable or void, such holding shall not have the effect of invalidating or voiding the
remainder of this Agreement and the parties hereby agree that the portion so held invalid, unenforceable or void shall, if possible, be deemed amended or reduced in scope, or otherwise be stricken from this Agreement to the extent required for the
purposes of validity and enforcement thereof. 
 (f) Execution In Counterparts. The parties may sign this Agreement in
counterparts, all of which shall be considered one and the same instrument. Facsimile transmissions, or electronic transmissions in .pdf format, of any executed original document and/or retransmission of any executed facsimile or .pdf transmission
shall be deemed to be the same as the delivery of an executed original of this Agreement. 
 (g) Governing Law And
Performance. This Agreement shall be governed by the laws of the Commonwealth of Massachusetts without giving effect to its principles on conflicts of laws. 
 (h) Successor 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 Executive, the
Executive’s heirs, executors and estate. The Executive may not assign Executive’s obligations under this Agreement. 

(i) Notices. Any notices or other communications provided for hereunder may be made by hand, by certified or registered mail,
postage prepaid, return receipt requested, or by nationally recognized express courier services provided that the same are addressed to the party 

  
 19 

 
required to be notified at its address first written above, or such other address as may hereafter be established by a party by written notice to the other party. Notice shall be considered
accomplished on the date delivered, three days after being mailed or one day after deposit with the express courier, as applicable. 
 (j) Attorneys’ Fees. The Company shall promptly reimburse the Executive for any and all attorneys’ fees he incurs in connection with the negotiation and execution of this Agreement and
the options issued in connection herewith; provided, however, that the Company shall in no event be required to pay the Executive more than Five Thousand Dollars ($5,000) as reimbursement of attorneys’ fees hereunder. 

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

  

							
	Company:	 		 	Executive:
			
	Galectin Therapeutics Inc.,	 		 	
				
	By:	 	 /s/ Maureen Foley
	 		 	 /s/ Peter G. Traber

		 	Maureen Foley	 		 	Peter G. Traber, M.D.
		 	Title: Chief Operating Officer	 		 	

  
 20 

 Exhibit A 
 Lists of Prior Inventions and 
 Original Works of Authorship 

None 

  
 21

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