Document:

Option Agreement Dated November 11, 2004

 Exhibit 10.4 
  
 OPTION AGREEMENT 
  
 OPTION AGREEMENT entered into November 11, 2004 (this “Agreement”) and effective as of September 15, 2004 (the “Effective
Date”) by and between David Platt, an individual residing in Newton, Massachusetts (“Optionor”), and Pro-Pharmaceuticals, Inc., a Nevada corporation with a principal place of business in Newton, Massachusetts
(“Optionee”). 
  
 Recitals 
  
 A. Optionor owns that certain U.S. patent application no. 08/024,487,
including the invention described and claimed therein and resultant U.S. and foreign patents obtainable therefrom (the “Patent Application”), which is subject to that certain License Agreement dated January 7, 1994 (the
“1994 License”) between Optionor and International Gene Group, Inc. (the “Licensee”) in which Optionor has a payment interest and retained or reversionary rights in and to the Patent Application in the event (i) the
licensee under the 1994 Agreement abandons or takes other actions specified therein in connection with the Patent Application, or a patent based thereon, or (ii) the 1994 License is otherwise modified or terminated (collectively, the
“Optionor Rights”) ; and 
  
 B. Optionee desires
to procure an option to purchase an exclusive license (the “Option”) under (i) the Patent Application to the extent of Optionor’s right to grant such a license and (ii) any and all of the remaining Optionor Rights, and Optionor
is willing to grant such a license to Optionee upon the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the agreements herein below set forth, the receipt and sufficiency of which are hereby acknowledged, the parties
intending to be bound hereby, agree as follows: 
  
 1.    Grant of the Option. Optionor hereby grants to Optionee, for a term ending the tenth (10th) anniversary of the Effective Date (the “Term”), the Option in consideration of $5,000 which shall
be paid not later than sixty (60) days after the Effective Date. 
  
 2.    Exercise and Related Matters. 
  
 (a) Manner of Exercise. Optionee, in its sole discretion at any time during the Term, may exercise the Option by delivering to Optionor (i) a form of license agreement containing the terms set forth below (the
“License Agreement”) with a request that Optionor execute and deliver the License Agreement to Optionor within sixty (60) days thereafter, and (ii) a written document stating the operating profit projections, including detail as to
Optionor’s assumptions and calculations underlying such projections (the “Profit Projections”), that Optionor expects to receive from exploitation of the applicable Optionor Rights for a ten (10) year period, and the resultant
royalty payable therefor under the License Agreement. Unless Optionor objects to the form of License 
  

 1 

 Agreement or the Profit Projections and arbitration in connection with such objection is initiated within such 60-day
period (the “Review Period”), Optionee shall be deemed to have executed and delivered the License Agreement and Optionor shall be entitled to seek specific enforcement thereof. 
  
 (b) License Agreement. The License Agreement shall provide for an
irrevocable royalty-bearing, exclusive, worldwide license to Optionee, or its designated affiliate, to make, use, sell, offer to sell or import any product covered by the Optionor Rights, and to sub-license such rights, and to succeed to
Licensor’s payment interest, if any, within the meaning of Optionor Rights as defined above. The royalty rate under the License Agreement (other than for sublicense revenue described below) shall be based on the “25 Per Cent Rule,”
i.e., the royalty is a percentage of sales revenue derived from 25% of estimated (at the time of entering into a license agreement) operating profit of a licensee from gross revenue of sales of a product or services that embody the applicable
intellectual property. The License Agreement shall also provide that (i) any sub-licensing revenues received by Optionee shall be shared equally between Optionee and Optionor; (ii) any royalties payable thereunder shall be initially reduced
dollar-for-dollar in respect of all amounts expended by Optionee (in its sole discretion) prior to and after the Effective Date to perfect its title to the Optionor Rights (including, without limitation, expenses incurred for preparation, filing,
prosecutions, oppositions and interferences related thereto, and defense of the Optionor Rights under the License and for advancement of the Patent Application); (iii) Optionee shall acquire the prospective right to royalties and other payments due
to Optionor under the 1994 License if then in effect; (iv) Optionor shall cooperate with Optionee’s efforts to perfect, enforce and exploit its rights in the acquired property, as reasonably requested by Optionee, subject to reimbursement of
Optionor’s reasonable costs of compliance, and service compensation if Optionor is not then an employee or consultant of Optionee; and (v) other customary terms and conditions for an exclusive license of intellectual property with payments
calculated using the income method. 
  
 (c) Arbitration.
Optionor at any time within the 60-day Review Period may object to the form of License Agreement or Profit Projections set forth in the documents delivered pursuant to clause (a) above (which objection shall be in writing stating the reasons
therefor), whereupon the parties shall attempt in good faith for up to sixty (60) days thereafter to reach agreement on the matters stated in such objection. If during such 60-day period the parties cannot reach agreement, Optionor in its discretion
by written notice may (i) elect to defer or abandon its exercise of the Option, or (ii) proceed with the exercise of the Option, subject to arbitration. In either case, a party may refer the matter to arbitration administered by the American
Arbitration Association (New England Region), such hearing to be held in Boston, Massachusetts, under the Patent Arbitration Rules of the AAA. Except as stated in subsection (c) below, each party shall pay its own costs. The determination of the
arbitrator(s) as to the disputed matters shall be binding and enforceable between the parties in any court of competent jurisdiction. 
  
 (d) Cancellation of Exercise. In the event the arbitration decision determines that (i) the License Agreement was in material nonconformity with
the provisions of 
  

 2 

 clause (b) above or otherwise does not reflect a good faith effort by Optionee, or (ii) the Profit Projections would
result in royalty payments less than half of what such projections would result in if they had been based on profit projections stated in the arbitration decision, Optionee (x) may elect within thirty (30) days thereafter to withdraw its exercise,
(y) go forward with the License Agreement based on the arbitration decision and (iii) shall in either event pay all of Optionor’s costs of arbitration (including reasonable attorneys’ and experts’ fees and disbursements), in each such
case without prejudice to Optionee’s right to exercise the Option later during the Term. 
  
 3.     Representations, Warranties and Covenants. 
  
 (a) Optionor represents and warrants that he has not granted any rights or other property interest in and to the Patent Application to any person or entity other than the
licensee under the IGG-License, and has not granted rights or other property interest in or to the Optionor Rights, and covenants not make any such grant during the Term. 
  
 (b) Optionee represents and warrants that it is duly organized and validly existing in its state of incorporation and that its has full
corporate power and authority to enter into this Agreement and carry out its provisions. 
  
 4.    Miscellaneous. 
  
 (a) Notices. Any notice required to be given or made under this Agreement by one of the parties hereto to the other shall be in writing, by personal delivery, registered United States mail or overnight courier,
addressed to such other party at its address indicated below, or to such other address as the addressee shall have last furnished in writing to the addressor and shall be effective upon the date received. 
  

			
	 If to Optionee:
	  	 Pro-Pharmaceuticals, Inc.
 189 Wells Avenue

Newton, MA 02459

		
	 If to Optionor:
	  	 Dr. David Platt
 12 Appleton Circle
 Newton, MA 02459

  
 (b) Entire
Agreement. This Agreement and the attachments hereto contain the entire understanding between the parties with respect to the subject matter hereof. This Agreement may be amended subsequent to the Effective Date if mutually agreed upon in
writing by the parties hereto. Any subsequent amendment shall not abrogate the Effective Date of this Agreement. All expressed or implied agreements and understandings, either oral or written, heretofore made are expressly merged in and made a part
of this Agreement. 
  

 3 

 (c) Applicable Law. This Agreement shall be governed by and construed in accordance with the laws
of the Commonwealth of Massachusetts, excluding its conflict of laws provision. Each party hereto shall comply with all applicable laws, rules, ordinances, guidelines, consent decrees and regulations of any federal, state or other governmental
authority. 
  
 (d) Assignment. Neither party may without
the written approval of the other assign this Agreement to any third party. 
  
 (e) Modification. This Agreement may only be modified by a writing signed by both parties hereto. 
  
 (f) Successors. The successors, heirs and assigns of the parties shall enjoy all rights and responsibilities of this agreement. This Agreement
shall be binding upon the successors, heirs and assigns of the parties hereto. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above, 
  

			
	OPTIONOR:	  	         OPTIONEE:
         Pro-Pharmaceuticals, Inc.

		
	 /s/ David
Platt                            
 David Platt
	  	 By: /s/ Maureen Foley            
 Maureen Foley
 Chief Operating
Officer

  

 4EX-10.73

 EXHIBIT 10.73

SEVERANCE AGREEMENT AND GENERAL RELEASE

This Severance Agreement and General Release (the “Agreement”) is between USEC Inc., a
Delaware corporation (“USEC” or the “Company”) and Timothy B. Hansen (the “Releasor”) (USEC and
Releasor being sometimes referred to herein individually as the “Party” and collectively as the
“Parties”).

WHEREAS, Releasor has been employed by USEC in the capacity of Senior Vice President, General
Counsel and Secretary;

WHEREAS, Releasor will resign from employment effective December 1, 2004 (the “Resignation
Date”), and to reduce the impact of the resignation, the Company hereby offers Releasor a severance
payment in exchange for, among other things, Releasor’s full release of claims against the Company
and the other covenants and agreements contained herein;

NOW THEREFORE, IT IS HEREBY AGREED by and between Releasor and USEC as follows:

1. SEVERANCE PAYMENT. 

(a) In full consideration of Releasor’s execution of this Agreement, and his agreement to be
legally bound by its terms, the Company agrees to pay to Releasor as severance pay the gross sum of
One Million Two Hundred Fifteen Thousand, Six Hundred Eighty-Four Dollars ($1,215,684.00)
(representing two years of Releasor’s base salary and bonus pay, Releasor’s 2004 bonus prorated at
target, and Releasor’s 2004-2007 RSU award prorated at target) (the “Severance Payment”) in two
installments. The first installment in the amount of Seven Hundred Fifteen Thousand Six Hundred
Eighty-Four Dollars ($715,684,000), minus withholdings for federal and state payroll taxes, shall
be payable to Releasor upon either the next regularly scheduled pay day after the 8 day following
either Releasor’s execution of this Agreement, or the next regularly scheduled pay day after the
Resignation Date, whichever is later. The second installment in the amount of Five Hundred Thousand
Dollars ($500,000), minus withholdings for federal and state payroll taxes, shall be payable to
Releasor on January 3, 2005.

(b) In further consideration of the promises made in this Agreement, the Company agrees that
(i) it shall continue Releasor’s participation in the Company’s group health, dental, and life
insurance programs and executive benefits programs, at the Company’s expense, for a period of two
years beyond the Resignation Date; (ii) Releasor’s unvested restricted stock shall be deemed fully
vested upon the Resignation Date; (iii) Releasor’s unvested stock options shall immediately vest
and shall be subject to a one year exercise period; and (iv) the Company shall provide Releasor
with outplacement assistance up to a maximum of Twenty Thousand Dollars ($20,000), for a period up
to one year following the Resignation Date (“Additional Severance Terms”).

(c) Releasor acknowledges and agrees that the Severance Payment and Additional Severance Terms
provided in Sections 1(a) and 1(b) constitute consideration beyond the severance benefits to which
Releasor is entitled and that, but for the mutual covenants set forth in this Agreement, the
Company otherwise would not be obligated to provide to the Releasor, and that the Company is under
no obligation whatsoever to make, any other severance payment to the Releasor.

2. GENERAL RELEASE. Releasor, for and in consideration of the undertakings of the
Company set forth herein, and intending to be legally bound, does hereby remise, release, and
forever discharge USEC and its parents, subsidiaries, affiliates, and its and their officers,
directors, shareholders, employees and agents, its and their respective successors and assigns,
heirs, executors, and administrators (herein referred to collectively as “Releasees”) of and from
any and all actions and causes of actions, suits, debts, claims and demands whatsoever in law or in
equity, which he ever had, now has, or which his heirs, executors or administrators may have, by
reason of any matter, cause or thing whatsoever, from the beginning of his employment with USEC up
to and including the Resignation Date, and particularly, but without limitation, any claims arising
from or relating in any way to his employment relationship or the termination of his employment
relationship with USEC, including, but not limited to, any claims which have been asserted, could
have been asserted or could be asserted now or in the future, including any claims under any
federal, state or local laws, including, but not limited to, the United States Constitution, the
Maryland Constitution, Title VII of the Civil Rights Act of 1964, as amended,
Section 806 of the Corporate and Criminal Fraud Accountability Act of 2002, the Age
Discrimination in Employment Act of 1967, as amended, the Americans with
Disabilities Act of 1990, as amended, the Fair Labor Standards Act, as
amended, the National Labor Relations Act, as amended, the Labor-Management
Relations Act, as amended, the Workers Retraining and Notification Act of 1988, as
amended, the Rehabilitation Act of 1973, as amended, the Employee
Retirement Income Security Act of 1974, as amended, Section 211 of the Energy
Reorganization Act of 1974, as amended, and the Maryland Human Rights Act,
as amended or any other Maryland Statute or Regulation. The Parties agree that this
Release does not cover any future claim for enforcement of this Agreement, nor does it cover any
claim regarding Releasor’s pension benefits which were vested as of the date of this Agreement.

3. NON SUIT. Releasor agrees and covenants that neither he, nor any person,
organization or other entity on his behalf, will file, charge, claim, sue or cause to permit to be
filed, charged or claimed, any civil action, suit, arbitration or legal proceeding for personal
relief (including any action for damages, injunctive, declaratory, monetary or other relief)
against the Releasees involving any matter occurring at any time in the past up to and including
the Resignation Date. Releasor further agrees that if any person, organization, or other entity
should bring a claim against the Releasees involving any such matter, he will not accept any
personal relief in such action. The Parties agree that this Paragraph does not bar Releasor from
taking legal action to enforce this Agreement, nor does it restrict Releasor from seeking to
enforce his rights to vested pension benefits under the terms of the Employee Retirement Income
Security Act of 1974, as amended. 

4. NO DISPARAGEMENTS. The Parties agree that neither shall make any oral or written,
public or private statements that are disparaging of the other.

5. CONSULTING. 

(a) In partial consideration for the promises made by the Company under this Agreement,
Releasor agrees that he shall make himself reasonably available to the Company as an unpaid
consultant, if requested by the Company, to assist in the transition of responsibilities in the
General Counsel’s office for a maximum period of six months from the effective date of this
Agreement.

(b) All reports, findings, recommendations, data, memoranda or documents, arising out of and
relating to such consulting services are (and shall continue to be after the expiration of this
Agreement) the property of USEC or its assigns, and USEC shall have the exclusive rights to such
materials. The use of these materials in any manner by USEC or its assigns shall not result in any
additional claim for compensation by the Releasor. The Releasor, who is an attorney, shall hold
confidential all information developed by or communicated to the Releasor in the performance of
such consulting services, consistent with the requirements of the Attorney Client Privilege and the
Rules of Professional Responsibility, unless disclosure of any protected communication or
information is specifically authorized by the Company in writing.

(c) If the services to be performed by the Releasor includes access to classified material or
areas, the Releasor shall comply with all applicable security laws, regulations, orders and
requirements. The Releasor shall submit a confidential report to USEC immediately whenever for any
cause it has reason to believe that there is either (a) an active danger of espionage or sabotage
affecting any work under such government contracts, or (b) a violation or threatened violation of
any applicable security law, regulation, order or requirement concerning the classified material or
areas.

(d) The Releasor hereby releases USEC from any and all liability for damage to property or
loss thereof, personal injury or death sustained by the Releasor as a result of performing the
services under this Agreement or arising out of the performance of such services; provided,
however, that the foregoing release shall not apply to the extent such damage, loss, injury
or death is caused by or results from the gross negligence of USEC, its agents or employees.

(e) The Releasor may not assign his consulting duties under this Agreement, nor may the
Releasor delegate or subcontract the performance or obligations imposed hereunder without the
consent of USEC.

(f) The Releasor has no authority whatever, express or implied, by virtue of this Agreement to
commit USEC in any way to perform in any manner or to pay money for services or material.

6. RETURN OF COMPANY’S DOCUMENTS AND PROPERTY. Except to the extent authorized by the
Company in connection with the performance of consulting duties under Paragraph 5 of this
Agreement, Releasor agrees to return all records, documents, proposals, notes, lists, files and
any and all other materials including, without limitation, computerized an/or electronic
information that refers, relates or otherwise pertains to the Company, or any and all of the
Company’s parents, subsidiaries or affiliates, or any of their respective officers, directors,
shareholders, agents, Releasors, and successors or assigns, and any and all business dealings of
said persons and entities. In addition, Releasor shall return to the Company all property or
equipment that the Releasor has been issued during the course of the Releasor’s employment or which
the Releasor otherwise currently possesses. Releasor shall deliver to the Company on or before the
Resignation Date at Releasor’s expense all of the Company’s records, document, proposals, notes,
lists, files, materials, property and equipment that are in the Releasor’s possession. Releasor is
not authorized to retain any copies of any such records, documents, proposals, notes, lists, files
or materials. Nor is the Releasor authorized to retain any other of the Company’s property or
equipment.

7. NON-COMPETITION. Releasor shall not engage or become interested as an owner (other
than as an owner of less than 5% of the stock of a publicly owned company), stockholder, partner,
director, officer, employee (whether or not in an executive capacity) or otherwise in any business
that is competitive with any business conducted by the Company or any of its affiliated companies
during the Employment Period or as of the Resignation Date, as applicable, for a period of two
years from the Resignation Date.

8. REMEDIES. Releasor acknowledges that a violation or attempted violation on the
Releasor’s part of Section 7 of this Agreement will cause irreparable damage to the Company, and
Releasor therefore agrees that the Company shall be entitled as a matter of right to an injunction,
out of any court of competent jurisdiction, restraining any violation or further violation of such
promises by Releasor. Releasor agrees that such right to an injunction is cumulative and in
addition to whatever other remedies the Company may have under law or equity. Releasor agrees to
pay the Company its reasonable attorneys’ fees and expenses in any action arising from or relating
to the enforcement of Section 7 of this Agreement in which a court of competent jurisdiction issues
a final judgment that Releasor violated Section 7 of this Agreement.

9. NON-ADMISSION OF LIABILITY. Nothing in this Agreement shall be construed as an
admission of liability or violation of federal, state or local statute or regulation, or of any
duty owed by Releasor or the Releasees; rather, Releasor and the Releasees are resolving all
matters arising out of their employer-Releasor relationship with all other relationships between
Releasor and the Releasees, as to each of which each of the Releasees and Releasors deny any
liability.

10. NUCLEAR, WORKPLACE, PUBLIC SAFETY AND SARBANES-OXLEY CONCERNS. Releasor
understands and acknowledges that nothing in this Agreement prohibits, penalizes, or otherwise
discourages him from reporting, providing testimony regarding, or otherwise communicating any
nuclear safety concern, workplace safety concern, public safety concern, or concern of any sort, to
the U.S. Nuclear Regulatory Commission, the U.S. Department of Labor, or any federal or state
government agency. Releasor further understands and acknowledges that nothing in the provisions of
this Agreement conditions or restricts his communication with, or full cooperation in proceedings
or investigations by, any federal or state agency. Releasor also understands and acknowledges that
nothing in this Agreement shall be construed to prohibit him from engaging in any activity
protected by the Corporate and Criminal Fraud Accountability Act of 2002, 18 U.S.C. § 1514A.

11. REVIEW AND REVOCATION PERIOD.

(a) Releasor hereby certifies that he has read the terms of this Agreement, that he has been
informed by the Company, through this document, that he should discuss this Agreement with an
attorney of his own choice, and that he understands its terms and effects. Releasor further
certifies that he has the intention of releasing all claims recited herein in exchange for the
consideration described herein, which he acknowledges as adequate and satisfactory to him.

(b) Releasor hereby certifies that he is signing and entering into this Agreement as a free
and voluntary act without duress or undue pressure of influence of any kind or nature whatsoever
and has not relied on any promises, representations or warranties regarding the subject matter
hereof other than as set forth in this Agreement.

(c) Releasor acknowledges that he has been given the right to consider this Agreement for a
period of at least twenty-one (21) days prior to entering into the Agreement. Releasor further
acknowledges that he has the right to revoke this Agreement within seven (7) days of its execution
by giving written notice of such revocation by hand delivery or fax the Company, Attention Richard
Rowland (fax no. 301-564-3203).

12. SEVERABILITY. While the provisions contained in this Agreement are considered by
the Parties to be reasonable in all circumstances, it is recognized that some provisions may fail
for technical reasons. Accordingly, it is hereby agreed and declared that if one or more of such
provisions shall, either by itself or themselves or taken with others, be adjudged to be invalid as
exceeding what is reasonable in all circumstance for the protection of the interests of the
Company, but would be valid if any particular restrictions or provisions were deleted or restricted
or limited in a particular manner, then the said provisions shall apply with any such deletions,
restrictions, limitations, reductions, curtailments, or modifications as may be necessary to make
them valid and effective and the remaining provisions shall be unaffected thereby.

13. ENTIRE AGREEMENT; MODIFICATION. This Agreement constitute the entire understanding
of the Parties regarding the subject matter hereof, and may not be modified without the express
written consent of the Parties.

14. GOVERNING LAW; CONSENT TO JURISTICTION. This Agreement and any disputes arising
therefrom shall be governed by the laws of the State of Maryland and Releasor hereby agrees to
submit to jurisdiction of the courts of the State of Maryland for any claims arising under this
Agreement.

IN WITNESS WHEREOF, and intending to be legally bound hereby, the Parties have executed the
foregoing Severance Agreement and General Release this 15th day of November,
2004.

	 	 	 
	USEC Inc.

	 	RELEASOR:
	 
	 	 
	By: /s/ W. Lance Wright

	 	/s/ Timothy B. Hansen
	 

	 	 
	
 
	 	Timothy B. Hansen, Esq.
	 
	 	 
	Title: Vice President Human Resources

	 	SSN:
	 

	 	

	& Administration

	 	

	 

	 	

	 
	 	 
	Date:11-15-04

	 	Date: 11-15-04

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]