Document:

Third Amendment to Revolving Line of Credit Agreement

 Exhibit 10.1 
 THIRD AMENDMENT TO 
 REVOLVING LINE OF CREDIT AGREEMENT 
 This Third Amendment (this “Amendment”) is made as of November 14, 2008 to that certain Revolving Line of Credit Agreement dated March 16,
2007, as amended May 15, 2007 and December 3, 2007 (the “Loan Agreement”) by and among SOVEREIGN BANK (the “Bank”) and MEDICAL SOLUTIONS MANAGEMENT, INC., a Nevada corporation, having its principal place of business at
237 Cedar Hill Street, Marlborough, Massachusetts 01752 (the “Borrower”). Capitalized terms used and not defined in this Amendment shall have the meanings ascribed to them in the Loan Agreement. 
 RECITALS 
 The Borrower and the Bank have mutually agreed to
amend the Loan Agreement to extend the Maturity Date of the Revolving Credit Facility and to change the effective Interest Rate of the Note. The Bank is willing to so amend the Revolving Credit Facility on the additional terms and conditions set
forth in this Amendment. 
 AGREEMENT 
 In
consideration of the foregoing, of the undertakings of the Borrower and the Bank herein, and for other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

1. The second paragraph of Section 1.1 of the Loan Agreement shall be amended to read as follows: 
 “1.1 (a) Maturity of Loan. The Borrower’s right to request Loans under the Credit Agreement shall terminate on December 14,
2008 (the “Maturity Date”). All Loans shall be due and payable in full on said Maturity Date. 
 2. Section 1.2 of the Loan Agreement shall be
deleted in its entirety and replaced with the following text: 
 “1.2 Payments; Interest, Application of Payments. The Loans made in
connection with the Credit and all repayments thereof shall be evidenced by a Revolving Line of Credit Note of the Borrower of even date herewith (the “Note”) payable to the order of the Bank substantially in the form of Exhibit A annexed
hereto. The Note shall bear interest on the principal balance from time to time outstanding, payable on each Interest Payment Date (as defined in Rider A to the note) at Sovereign Bank’s Prime Rate, as it may exist from time to time. Interest
shall be calculated on the basis of a 360-day year for the actual number of days elapsed. Payments of principal may be made from time to time by the Borrower in its discretion, provided that all principal, interest, and unpaid costs shall be due and
payable on the Maturity Date or on Demand of the Bank during the occurrence of an Event of Default. The Borrower shall have the right to prepay ay amount outstanding under this Agreement at any time, without penalty or premium.” 

 3. The Borrower confirms that the outstanding principal balance under the line of credit is $3,000,000.00 as of
November 14, 2008. 
 4. The Borrower represents and warrants to the Bank that all of the representations and warranties made by the Borrower in the
Loan Agreement and other Loan Documents are and continue to be true and correct on the date hereof, except for any representation or warranty which expressly refers to an earlier date, and that it is in compliance with the covenants and agreements
contained in the Loan Agreement. 
 5. The Borrower further represents and warrants that this Amendment is a valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms, except as may be affected by bankruptcy and other similar laws of general application affecting the rights and remedies of creditors. 
 6. Except as otherwise expressly provided in this Amendment, nothing in this Amendment shall extend to or affect in any way any of the Obligations or any of the rights
and remedies of the Bank arising under the Loan Agreement and other Loan Documents, and the Bank shall not be deemed to have waived any or all of such rights and remedies with respect to any Event of Default or event or condition which, with notice
or the lapse of time, would become an Event of a Default and which, upon the Borrower’s execution and delivery of this Amendment, might otherwise exist or which might hereafter occur. 
 7. By execution of this Amendment, the Borrower acknowledges and confirms that it does not, as of the date of this Amendment, have any offsets, defenses or claims
against the Bank, or any of its officers, agents, directors or employees whether asserted or unasserted to payment and performance when due of the Obligations. 
 8. The Borrower acknowledges and agrees that it shall immediately pay to the Bank for reimbursement the full amount of all reasonable out-of-pocket costs and expenses of the Bank incurred by the Bank in preparation and documentation of this
Amendment and all documents ancillary hereto or incurred by the Bank after the date of this Amendment in connection with administration of the Obligations or enforcement of any rights of the Bank under the Loan Agreement and other Loan Documents or
otherwise in respect of any of the Obligations. 
 9. If any clause or provision of this Amendment is determined to be illegal, invalid or unenforceable
under any present or future law by the final judgment of a court of competent jurisdiction, the remainder of this Amendment will not be affected thereby. It is the intention of the parties that if any such provision is held to be invalid, illegal or
unenforceable, there will be added in lieu thereof an enforceable provision as similar in terms to such provision as is possible, and that such added provision will be legal, valid and enforceable. 
 10. This Amendment is delivered to the Bank in the Commonwealth of Massachusetts and it is the desire and intention of the parties that this Amendment and the Loan
Documents be in all respects interpreted according to the laws of the Commonwealth of Massachusetts. The 

  

 2 

 
Borrower specifically and irrevocably consents to the personal and subject matter, jurisdiction and venue of the federal and state courts of the Commonwealth
of Massachusetts with respect to all matters concerning this Amendment or the Loan Documents or the enforcement of any of the foregoing. 
 Executed and
delivered as of November 14, 2008. 
  

							
	WITNESS	 		 	BORROWER
			
		 		 	MEDICAL SOLUTIONS MANAGEMENT, INC.
				
	 /s/ Mark A. Bock
	 		 	By:	 	 /s/ Lowell Fisher

	Mark A. Bock	 		 		 	Lowell Fisher, Chief Executive Officer
			
		 		 	BANK
			
		 		 	SOVEREIGN BANK
				
		 		 	By:	 	 /s/ illegible

		 		 		 	Senior Vice President

  

 3Specimen Certificate for Shares of Common Stock of Registrant

 Exhibit 4.1 
 Pro-Pharmaceuticals, Inc. 
 INCORPORATED UNDER THE LAWS OF THE STATE OF NEVADA 
  

			
	NUMBER	 	TOTAL SHARES

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 COMMON STOCK 
 This certifies that:
                                         
                                         
                   
 is the owner of:
                                         
                            
 FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF $.001 PAR VALUE EACH OF 
 PRO-PHARMACEUTICALS, INC.

 transferable on the books of the Corporation in person or by attorney upon surrender of this certificate duly endorsed or assigned.

 This certificate and the shares represented hereby are subject to the laws of the State of Nevada, and to the Articles of Incorporation and
Bylaws of the Corporation, as now or hereafter amended. This certificate is not valid until countersigned by the Transfer Agent. 
 Witness
the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 
  

					
	 Dated:
	 		  	      Countersigned:
		 		  	Continental Stock Transfer & Trust Company
		 		  	Jersey City, NJ
		 		  	Transfer Agent

  

					
	 	 		  	 
	Secretary	 		  	President

 The following abbreviations, when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

									
	 TEN COM
	  	as tenants in common	  	UNIF GIFT MIN ACT -                      Custodian
                    
					
	 TEN ENT
	  	as tenants by the entireties	  	(Cust)          	  		 	(Minor)
			
	 JT TEN
	  	as joint tenants with right of survivorship and not as tenants in common	  	 under Uniform Gifts to Minors Act
 _________________________

					
		  		  		  	(State)	 	

 Additional Abbreviations may also be used though not in the above list. 
  

					
	 For value received, _________________________________________ hereby sell, assign and transfer
unto
  

		 	 PLEASE INSERT SOCIAL
 SECURITY OR OTHER
 IDENTIFYING
 NUMBER OF ASSIGNEE
  
	 	
		 	 	 	

  
  

			
	 (PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)
  

	
	  

	
	 	  	Shares
	  
 of the capital stock represented by
the within Certificate, and do hereby irrevocably constitute and appoint
	  	
	 	  	Attorney
	  
 to transfer the said stock on the
books of the within named Corporation will full power of substitution in the premises.
	  	

  

							
		 		 	
				
	Dated__________________	 		 	By:	 	 
		 		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or
any change whatsoever.
		 		 		 	

  

	
	THE SIGNATURE TO THE ASSIGNMENT MUST CORRESPOND TO THE NAME AS WRITTEN UPON THE FACE OF THIS CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST
BE GUARANTEED BY COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF A NATIONAL OR REGIONAL OR OTHER RECOGNIZED STOCK EXCHANGE IN CONFORMANCE WITH A SIGNATURE GUARANTEE MEDALLION PROGRAM.Form of Subscription Rights Certificate to Purchase Rights for Common Stock

 Exhibit 4.3 
  

			
	RIGHTS CERTIFICATE #:	 	NUMBER OF RIGHTS

 THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY’S PROSPECTUS

 DATED             , 2008 (THE “PROSPECTUS”) AND ARE
INCORPORATED HEREIN BY REFERENCE. COPIES OF 
 THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM MACKENZIE PARTNERS, INC., THE INFORMATION AGENT.

 Pro-Pharmaceuticals, Inc. 
 Incorporated under the laws of the State of Nevada 
 SUBSCRIPTION RIGHTS CERTIFICATE 
 Evidencing Subscription Rights to Purchase Shares of Common Stock and Series C Warrants of Pro-Pharmaceuticals, Inc. 
 Subscription Price: $[            ] per Share 
 THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER [    ], 2008, UNLESS
EXTENDED BY THE COMPANY 
 REGISTERED 
         OWNER: 
  

			
	THIS CERTIFIES THAT the registered owner whose name is inscribed hereon is the owner of the number of subscription rights (“Rights”) set forth above. Each whole Right entitles the
holder thereof to subscribe for and purchase one share of Common Stock, with a par value of $0.001 per share, of Pro-Pharmaceuticals, Inc., a Nevada corporation, and one Series C Warrant to purchase an additional share of common stock, at a
subscription price of $[            ] per share (the “Basic Subscription Right”), pursuant to a rights offering (the “Rights Offering”), on the terms and subject
to the conditions set forth in the Prospectus. Holders who fully exercise their Basic Subscription Rights are entitled to subscribe	 	for additional shares of common stock and warrants that remain unsubscribed for as a result of any unexercised Basic Subscription Rights pursuant to the terms and conditions of the Rights
Offering, subject to proration, as described in the Prospectus (the “Over-Subscription Right”). The Rights represented by this Subscription Rights Certificate may be exercised by completing Form 1 and any other appropriate forms on the
reverse side hereof and by returning the full payment of the subscription price for each share of Common Stock and each Warrant.

 This Subscription Rights Certificate is not valid unless countersigned by the subscription agent and registered by
the registrar. 
 Witness the seal of Pro-Pharmaceuticals, Inc. and the signatures of its duly authorized officers. 
 Date: 
  

					
	  
	 		 	  

	 [Chief Executive Officer
 and Principal Executive Officer]
	 		 	[Executive Vice President]

 DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS CERTIFICATE 
 Delivery other than in the manner or to the addresses listed below will not constitute valid delivery. 
 If delivering by Hand/Mail/Overnight Courier: 
 Continental Stock Transfer & Trust Company 
 Attn: Reorganization Department 
 17 Battery Place, 8th Floor 
 New York, New York 10004 
 PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY. 
  

			
	FORM 1-EXERCISE OF SUBSCRIPTION RIGHTS
	
	To subscribe for shares and warrants pursuant to your Basic Subscription Right, please complete lines (a) and (c) and sign under Form 4 below. To subscribe for shares and
warrants pursuant to your Over-Subscription Right, please also complete line (b) and sign under Form 4 below. To the extent you subscribe for more shares and warrants than you are entitled under either the Basic Subscription Right or the
Over-Subscription Right, you will be deemed to have elected to purchase the maximum number of shares and warrants for which you are entitled to subscribe under the Basic Subscription Right or Over-Subscription Right, as applicable.
	
	(a) EXERCISE OF BASIC SUBSCRIPTION RIGHT:
	
	I apply for              shares x $
[            ]        = $            
	  (no. of new shares)    (subscription price)    (amount enclosed)
	
	(b) EXERCISE OF OVER-SUBSCRIPTION RIGHT
	
	If you have exercised your Basic Subscription Right in full and wish to subscribe for additional shares in an amount equal to up to 400% of the shares of Common Stock for which you
are otherwise entitled to subscribe pursuant to your Over-Subscription Right:
	
	I apply for              shares x $
[            ]        = $            
	  (no. of new shares)    (subscription price)    (amount enclosed)
	
	(c) Total Amount of Payment Enclosed = $            
	
	METHOD OF PAYMENT (CHECK ONE)
		
	 ̈	  	Check or bank draft drawn on a U.S. bank, or postal telegraphic or express.
		
	 ̈	  	Money order payable to “Continental Stock Transfer & Trust Company, as Subscription Agent.” Funds paid by an uncertified check may take at least five business days to clear.

		
	 ̈	  	Wire transfer of immediately available funds directly to the account maintained by Continental Stock Transfer & Trust Company, as Subscription Agent, for purposes of accepting
subscriptions in this Rights Offering at [            Bank], [Address], ABA #[            ], Account #
[            ] [Continental Stock Transfer & Trust Company FBO Pro-Pharmaceuticals, Inc.], with reference to the rights holder’s name.

			
	FORM 2-DELIVERY TO DIFFERENT ADDRESS
	
	If you wish for the Common Stock underlying your subscription rights, a certificate representing unexercised subscription rights or the proceeds of any sale of subscription rights to
be delivered to an address different from that shown on the face of this Subscription Rights Certificate, please enter the alternate address below, sign under Form 3 and have your signature guaranteed under Form 4.
	  

	  

	  

	
	FORM 3-SIGNATURE
	
	TO SUBSCRIBE: I acknowledge that I have received the Prospectus for this Rights Offering and I hereby irrevocably subscribe for the number of shares indicated above on the terms and
conditions specified in the Prospectus.
		
	Signature(s):	 	  

			
	
	IMPORTANT: The signature(s) must correspond with the name(s) as printed on the reverse of this Subscription Rights Certificate in every particular, without alteration or
enlargement, or any other change whatsoever.
	
	FORM 4-SIGNATURE GUARANTEE
	
	This form must be completed if you have completed any portion of Form 2.
		
	Signature Guaranteed:	 	  

	 (Name of Bank or Firm)

			
		
	By: 	 	  

	(Signature of Officer)
	
	IMPORTANT: The signature(s) should be guaranteed by an eligible guarantor institution (bank, stock broker, savings & loan association or credit union) with membership in
an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

  
 FOR INSTRUCTIONS ON THE
USE OF PRO-PHARMACEUTICALS, INC. SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT MACKENZIE PARTNERS, INC., THE INFORMATION AGENT, AT (800) 322-2885.

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