Document:

Stock Option Agreement, dated as of June 30, 2011

 Exhibit 10.4 
 CARIB HOLDINGS, INC. 
 2010 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT, made as of this 30th day of June, 2011 (the “Date of Grant”), by and between Carib Holdings, Inc. (the “Company”) and the
grantee whose name appears on the signature page hereto (the “Participant”). 
 W I T N E S S E T H:

 WHEREAS, pursuant to the Carib Holdings, Inc. 2010 Equity Incentive Plan (the “Plan”), the
Company desires to afford the Participant the opportunity to acquire ownership of the Company’s non-voting Common Shares as an inducement to enter the Company’s employ and so that the Participant may have a direct proprietary interest in
the Company’s success. 
 NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties
hereto hereby agree as follows: 
 1. Grant of Option. Subject to the terms and conditions set forth herein and in
the Plan, the Company hereby grants to the Participant the right and option (the right to purchase any one Common Share hereunder being an “Option”) to purchase from the Company, non-voting Common Shares pursuant to the
Tranche A Options (“Tranche A Options”), Tranche B Options (“Tranche B Options”) and Tranche C Options (“Tranche C Options”) at a price per share (the “Option
Price”) and in the amounts set forth on the signature page hereto (the “Option Shares”). The Options granted hereunder shall expire ten (10) years following the Date of Grant. 

2. Vesting. 
 (a) General. Subject to the terms and conditions set forth herein and the Plan, the Participant will become vested in the Options as follows: (i) Tranche A Options will vest in equal
installments on each of the first five anniversaries of the Date of Grant, (ii) Tranche B Options will vest at such time as the Investor IRR equals or exceeds 25% based on cash proceeds received by the Investor, and (iii) Tranche C Options
will vest at such time as the Investor IRR equals or exceeds 30%; provided, that, the Participant is then employed by the Company or an Affiliate. 
 (b) Change in Control. In the event of a Change in Control, any Tranche A Options that have not become vested at the time of such Change in Control shall become vested on the first anniversary of
such Change in Control (or, if earlier, in accordance with their original vesting terms as set forth in Section 2(a) above); provided, that in the event the Participant’s employment with the Company is terminated by the Company
without Cause or by the Participant for Good Reason (as defined below) prior to such first anniversary date, such Tranche A Options shall automatically become vested prior to the date of such termination. Except to the extent Section 2(d) below
shall apply, any Tranche B Options and Tranche C Options that have 

  
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not vested prior to, or become vested at the time of, a Change in Control shall continue to be subject to vesting in accordance with the terms of this Agreement. 

For purposes of this Agreement, “Good Reason” shall have the meaning given to such term in the Employment Agreement between
EVERTEC, Inc. and the Participant dated as of June 30, 2011. For purposes of this Agreement, “Cause”, in addition to the definition given to such term under the Plan, shall mean the Participant’s willful failure to commence employment
on or about August 1, 2011. 
 (c) Initial Public Offering. In the event of an initial Public Offering, all Options shall
remain outstanding and continue to vest in accordance with their original vesting terms as set forth in Section 2(a) above. 
 (d) Complete Disposition of Investor Investment. Any Tranche B Options and Tranche C Options that have not vested prior to, or become vested at the time that, the Investor Investment has been fully
disposed of by all Investors shall be cancelled for no consideration. 
 3. Exercisability. 

(a) General. To the extent vested in accordance with Section 2 above, the Options shall only become exercisable from and after
the earlier of the occurrence of (i) a Change in Control and (ii) an initial Public Offering. 
 (b) Change in
Control: In the event of a Change in Control, the Options shall become exercisable, to the extent vested in accordance with Section 2 above, and the Company may provide that some or all of the Options be automatically exercised on a
cashless basis in connection with such Change in Control and the Participant shall be entitled to receive the excess of (i) the per share consideration to be paid in connection with such Change in Control transaction (whether in cash, stock or
otherwise) and (ii) the Option Price; provided, that any Option for which the Option Price exceeds the amount in clause (i) may be cancelled for no consideration. 

4. Post-Termination Exercisability. 
 (a) Any Termination. Except as provided with respect to Tranche A Options in connection with a termination without Cause or for Good Reason within one year following a Change in Control, unvested
Options shall be cancelled for no consideration upon a termination for any reason. 
 (b) For Cause. Upon a termination
for Cause, all Options terminate, including vested Options. 
 (c) Vested and Exercisable. To the extent the Options were
vested and exercisable at the time of the Participant’s termination of employment, the Options shall remain exercisable during the following post-termination periods: 
 (i) Death/Disability: Earlier of (A) one (1) year following such termination and (B) the expiration of the Option Term. 

  
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 (ii) All Other Terminations: Earlier of (A) ninety (90) days following
such termination and (B) the expiration of the Option Term. 
 (d) Vested and Not Exercisable. To the extent the
Options were vested but were not exercisable at the time of the Participant’s termination of employment, the Options shall be eligible to become exercisable and remain exercisable during the following post-termination periods: 

(i) Death/Disability: Later of (A) one (1) year following such termination and (B) thirty (30) days following
the occurrence of a Change in Control or an initial Public Offering but, in each case, no event later than the day prior to the expiration of the Option Term. 
 (ii) All Other Terminations: Later of (A) ninety (90) days following such termination and (B) thirty (30) days following the occurrence of a Change in Control or an initial
Public Offering but, in each case, no event later than the day prior to the expiration of the Option Term. 
 (iii) If a Change
in Control or an initial Public Offering has not occurred prior to the expiration of the Option Term, the Options shall expire without becoming exercisable. 
 5. Method of Exercising Option. 
 (a) Payment of Option Price.
Options, to the extent vested, may be exercised, in whole or in part, by giving written notice of exercise to the Company specifying the number of Common Shares to be purchased. Such notice shall be accompanied by the payment in full of the
aggregate Option Price. Such payment shall be made: (i) in cash or by check, bank draft or money order payable to the order of the Company, (ii) through a cashless exercise whereby the Company reduces the number of Common Shares issuable
upon exercise with a value equal to the aggregate Option Price and withholding obligation, (iii) solely to the extent permitted by applicable law, if the Common Shares are then traded on an established securities exchange or system in the
United States, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the aggregate Option Price or (iv) on such
other terms and conditions as the Committee may permit, in its sole discretion. 
 (b) Tax Withholding. At the time of
exercise, the Participant shall pay to the Company such amount as the Company deems necessary to satisfy its obligation, if any, to withhold federal, state or local income or other taxes incurred by reason of the exercise of Options granted
hereunder. Such payment shall be made: (i) in cash, (ii) by having the Company withhold from the delivery of Common Shares for which the Option was exercised that number of Common Shares having a Fair Market Value equal to the minimum
withholding obligation, (iii) by delivering Common Shares owned by the holder of the Option that are Mature Shares, or (iv) by a combination of any such methods. For purposes hereof, Common Shares shall be valued at Fair Market Value.

  
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 6. Issuance of Shares. Except as otherwise provided in the Plan, as promptly
as practical after receipt of such written notification of exercise and full payment of the Option Price and any required income tax withholding, the Company shall issue or transfer to the Participant the number of Option Shares with respect to
which Options have been so exercised (less shares withheld for payment of the Option Price and/or in satisfaction of tax withholding obligations, if any), and shall deliver to the Participant a certificate or certificates therefor, registered in the
Participant’s name. 
 7. Repurchase. 

(a) In the event of the termination of the Participant’s employment by the Company for Cause, the Company shall have the right, but
not the obligation, to repurchase any or all Common Shares acquired by the Participant upon exercise of the Options at a price per Common Share equal to the lesser of (i) the Option Price or (ii) the per share Fair Market Value as of the
time of such repurchase. 
 (b) In the event of the termination for any other reason prior to an initial Public Offering, the
Company shall have the right, but not the obligation, to repurchase any or all Common Shares acquired by the Participant upon exercise of the Options that have been held by the Participant for at least six months at the time of such repurchase at a
price per Common Share equal to the per share Fair Market Value. 
 8. Shareholder Agreement. Notwithstanding
anything herein to the contrary, in no event will Common Shares be delivered upon exercise of the Options unless and until the Participant executes an Adoption Agreement pursuant to which Participant will become bound by the terms and conditions set
forth in that certain Stockholder Agreement, dated September 30, 2010, by and among the Company and the stockholders of the Company, as amended or modified from time to time, including those terms and conditions applicable to Management Holders
(as defined therein), which in all events shall be within thirty (30) days following exercise of the Options. 
 9.
Non-Transferability. Except as otherwise permitted in accordance with Section 15(b) of the Plan, the Options are not transferable by the Participant otherwise than to a designated beneficiary upon death or by will or the laws of
descent and distribution, and are exercisable during the Participant’s lifetime only by him/her (or his or her legal representative in the event of incapacity). No assignment or transfer of the Options, or of the rights represented thereby,
whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws of descent and distribution), shall vest in the assignee or transferee any interest or right herein whatsoever,
but immediately upon such assignment or transfer the Options shall terminate and become of no further effect. 
 10.
Rights as Shareholder. The Participant or a transferee of the Options shall have no rights as shareholder with respect to any Option Shares until he shall have become the holder of record of such shares, and no adjustment shall be made
for dividends or distributions or other rights in respect of such Option Shares for which the date on which shareholders of record are determined for purposes of paying cash dividends on Common Shares is prior to the date upon which he/she shall
become the holder of record thereof. 

  
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 11. Adjustments. In the event of any adjustment pursuant to Section 12 of
the Plan that would adversely affect the value of the Options granted hereunder or cause such Options to become subject to Section 409A of the Code, such adjustment may only be made with the Participant’s written consent, which consent
shall not be unreasonably withheld. 
 12. Compliance with Law. Notwithstanding any of the provisions hereof, the
Participant hereby agrees that he/she will not exercise the Options, and that the Company will not be obligated to issue or transfer any shares to the Participant hereunder, if the exercise hereof or the issuance or transfer of such shares shall
constitute a violation by the Participant or the Company of any provisions of any law or regulation of any governmental authority. Any determination in this connection by the Committee shall be final, binding and conclusive. 

13. Notice. Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or
delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided, that, unless and until some other address be
so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices or communications by the Company to the Participant may be given to the
Participant personally or may be mailed to him at his address as recorded in the records of the Company. 
 14.
Non-Qualified Stock Options. The Options granted hereunder are not intended to be Incentive Stock Options or Qualified Stock Options. 
 15. Binding Effect. Subject to Section 9 hereof, this Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto. 

16. Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the Commonwealth of
Puerto Rico without regard to its conflict of law principles. 
 17. Plan. The terms and provisions of the Plan
are incorporated herein by reference, and the Participant hereby acknowledges receiving a copy of the Plan. In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Agreement, this Agreement
shall govern and control. All capitalized terms not defined herein shall have the meaning ascribed to them as set forth in the Plan. 
 18. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such a
dispute by the Committee shall be binding on the Company and the Participant. 
 19. No Right to Continued
Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of the Company to terminate the Participant’s employment. 

20. Severability. Every provision of this Agreement is intended to be severable and any illegal or invalid term shall not
affect the validity or legality of the remaining terms. 

  
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 21. Headings. The headings of the Sections hereof are provided for convenience
only and are not to serve as a basis for interpretation of construction, and shall not constitute a part of this Agreement. 

22. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be deemed an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument 
 [signature page follows]

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	CARIB HOLDINGS, INC.
		
	By:	 	 /s/ Félix M. Villamil

	Name:	 	Félix M. Villamil
	Title:	 	President & CEO
	
	PARTICIPANT
		
	By:	 	 /s/ Jose Juan Roma - Jimenez

	Name:	 	Jose Juan Roma - Jimenez

  

					
	  	 	 Number of
Options
  
	 	
Option Price

 

	
Tranche A Options

 
	 	65,000	 	$10.00
	
Tranche B Options

 
	 	65,000	 	$10.00
	
Tranche C Options

 
	 	65,000	 	$10.00

  
 7Non-Qualified Stock Option Agreement for Peter G. Traber, M.D.

 Exhibit 4.3 
 NON-QUALIFIED STOCK OPTION AGREEMENT FOR PETER G. TRABER, M.D., EFFECTIVE MAY 26, 2011 
 GALECTIN THERAPEUTICS INC. 
 NON-QUALIFIED STOCK OPTION AGREEMENT

 FOR 
 PETER G. TRABER, M.D. 
 1. Grant of Option. Galectin Therapeutics Inc., a Nevada
corporation (the “Company”), hereby grants, as of May 26, 2011 (the “Grant,” and such date, the “Grant Date”), to Peter G. Traber, M.D. (the “Optionee”) an option (the
“Option”) to purchase up to 500,000 shares of the Company’s common stock, $0.001 par value per share (the “Shares”), at an exercise price per share equal to $1.26 (the “Exercise Price”). The
Option shall be subject to the terms and conditions set forth herein. The Optionee hereby agrees to be bound by all of the terms and conditions hereof and all applicable laws and regulations. 
 2. Status of Shares. The Optionee hereby acknowledges that upon exercise of this Option the Shares shall constitute “restricted securities” within the meaning of Rule 144 under the
Securities Act of 1933 (the “Act”) and may not be offered and sold unless registered under the Act or pursuant to an applicable exemption from the registration requirements of the Act and applicable state law. 

3. Exercise Schedule. Except as otherwise provided in Sections 6 of this Agreement, the Option is fully exercisable on the Grant Date. The Option
may be exercised by the Optionee, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein. 
 4. Method of Exercise. This Option shall be exercisable in whole or in part by written notice which shall state the election to exercise the Option, the number of Shares in respect of which the
Option is being exercised, and such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be reasonably required by the Company. Such written notice shall be signed by the Optionee and
shall be delivered in person or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised after both (a) receipt by the Company of
such written notice accompanied by the Exercise Price and (b) arrangements that are satisfactory to the Committee (defined below) in its sole discretion have been made for Optionee’s payment to the Company of the amount, if any, that is
necessary to be withheld in accordance with applicable Federal or state withholding requirements. No Shares shall be issued pursuant to the Option unless and until such issuance and such exercise shall comply with all relevant provisions of
applicable law, including the requirements of any stock exchange upon which the Shares then may be traded. 
 5. Method of Payment.
Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee: (a) cash; (b) check; or (c) to the extent permitted by the Committee, with Shares owned by the Optionee, or the
withholding of Shares that otherwise would be delivered to the Optionee as a result of the exercise of the Option or (d) pursuant to a “cashless exercise” procedure, by delivery

 
of a properly executed exercise notice together with such other documentation, and subject to such guidelines, as the Committee shall require to effect an exercise of the Option and delivery to
the Company by a licensed broker acceptable to the Company of proceeds from the sale of Shares, or (e) such other consideration or in such other manner as may be determined by the Committee in its absolute discretion. The foregoing
notwithstanding, this Option 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; and 

(X) = the number of shares issuable upon exercise of the Option in accordance with the terms of this Option. 

6. Termination of Option. 
 (a) General. Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time of the earliest to occur of the following:

 (i) unless the Committee determines in writing in its sole discretion, nine months after the date the
Optionee’s employment terminates that is other than (A) by the Company “For Cause” or “Without Cause,” as defined in the Employment Agreement between the Company and the Optionee dated May 26, 2011 (the
“Employment Agreement”); (B) by the Optionee for “Good Reason” or following a “Change in Control,” as defined in the Employment Agreement; or (C) the death of the Optionee; 

(ii) immediately upon termination of the Optionee’s employment For Cause; 

(iii) twelve months after the date on which the Optionee’s employment is terminated (A) by the Company Without
Cause, (B) by the Optionee for Good Reason, (C) by the Optionee in connection with a Change of Control, or (D) by reason of disability as determined by a medical doctor satisfactory to the Committee; or 

(iv) the tenth anniversary of the Grant Date. 
 (b) Cancellation. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or
(B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor
or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right, and (ii) the Committee in its sole discretion may by written notice (“cancellation
notice”) cancel, effective upon the consummation of any transaction that constitutes a Change in Control (defined below), the Option (or portion thereof) that remains unexercised on such date. The Committee shall give written notice of any
proposed transaction referred to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may
have a reasonable period of time prior to the closing date of such 

 
transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such
transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred to in this Section 6(b). 
 7. Transferability. Unless otherwise determined by the Committee, the Option granted hereby is not transferable otherwise than by will or under the applicable laws of descent and
distribution, and during the lifetime of the Optionee the Option shall be exercisable only by the Optionee, or the Optionee’s guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated
in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy
upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs,
successors and assigns of the Optionee. 
 8. No Rights of Stockholders. Neither the Optionee nor any personal representative (or
beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the Company with respect to any Shares purchasable or issuable upon the exercise of the Option, in whole or in part, prior to the date on which the Shares are
issued. 
 9. No Right to Continued Employment. Neither the Option nor this Agreement shall confer upon the Optionee any right to
continued employment or service with the Company. 
 10. Law Governing. This Agreement shall be governed in accordance with and
governed by the internal laws of the Commonwealth of Massachusetts. 
 11. Administration; Interpretation. The Option shall be
administered by the Board or s committee designated by the Board (the “Committee”) to administer stock option or equity incentive plans adopted by the Company from time to time. The Optionee hereby accepts as binding, conclusive and
final all decisions or interpretations of the Committee upon any questions arising under this Agreement, unless shown to have been made in an arbitrary and capricious manner. 
 12. Notices. Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited in the United States mail,
registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Secretary at 7 Wells Avenue, Newton, Massachusetts 02459 Attn: Chief Financial Officer or Chief Operating Officer, or if the Company should move its
principal office, to such principal office, and, in the case of the Optionee, to the Optionee’s last permanent address as shown on the Company’s records, subject to the right of either party to designate some other address at any time
hereafter in a notice satisfying the requirements of this Section. 
 13. Section 409A. 

(a) It is intended that the Option awarded pursuant to this Agreement be exempt from Section 409A of the Code (“Section
409A”) because it is believed that (i) the Exercise Price may never be less than the fair market value of a Share on the Grant Date and the number of shares subject to the Option is fixed on the original Grant Date, (ii) the
transfer or exercise of the Option is subject to taxation under Section 83 of the Code and Treas. Reg. 1.83-7, and (iii) the Option does not include any feature for the deferral of compensation other

 
than the deferral of recognition of income until the exercise of the Option. The provisions of this Agreement shall be interpreted in a manner consistent with this intention, and the provisions
of this Agreement may not be amended, adjusted, assumed or substituted for, converted or otherwise modified without the Optionee’s prior written consent if and to the extent that the Company believes or reasonably should believe that such
amendment, adjustment, assumption or substitution, conversion or modification would cause the award to violate the requirements of Section 409A. In the event that either the Company or the Optionee believes, at any time, that any benefit or
right under this Agreement is subject to Section 409A, then the Committee may (acting alone and without any required consent of the Optionee) amend this Agreement in such manner as the Committee deems necessary or appropriate to be exempt from
or otherwise comply with the requirements of Section 409A (including without limitation, amending the Agreement to increase the Exercise Price to such amount as may be required in order for the Option to be exempt from Section 409A).

 (b) Notwithstanding the foregoing, the Company does not make any representation to the Optionee that the Option awarded
pursuant to this Agreement is exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Optionee or any Beneficiary for any tax, additional tax,
interest or penalties that the Optionee or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto, that either is consented to by the
Optionee or that the Company reasonably believes should not result in a violation of Section 409A, is deemed to violate any of the requirements of Section 409A. 
 IN WITNESS WHEREOF, the undersigned have executed this Agreement intending it to be effective as of the 26th day of May, 2011. 

 

			
	COMPANY:
	
	GALECTIN THERAPEUTICS INC.,
a Nevada corporation
		
	By:	 	/s/ Anthony D. Squeglia
	Name: Anthony D. Squeglia
	Title:   Chief Financial Officer

 The Optionee represents that he or she has reviewed the provisions this Agreement, is familiar with
and understands its terms and provisions, and hereby accepts this Option subject to all of the terms and provisions of the Agreement. The Optionee further represents that he or she has had an opportunity to obtain the advice of counsel prior to
executing this Agreement. 
 Effective Date: May 26, 2011  

			
	OPTIONEE:
		
	By:	 	/s/ Peter G. Traber, M.D.
		 	Peter G. Traber, M.D.

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