Document:

EX-10.4

 Exhibit 10.4 
 AMERIS BANK 
 SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT

 THIS SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT is adopted as of the 7th day of November, 2012 by and between AMERIS BANK, a bank duly
organized under the laws of the State of Georgia (the “Bank”), and CINDI H. LEWIS, an individual resident of the State of Georgia (the “Employee”). Certain capitalized terms used in this
Agreement have the meanings assigned to them in Article II hereof. 
 WHEREAS, the Bank wishes to retain the valuable services of its key
executives and management and other highly compensated employees by providing attractive and competitive supplemental retirement income and death and other benefit programs to such employees; 
 WHEREAS, the Bank recognizes that it is in the best interest of both the Bank and such select employees to provide attractive employer-sponsored programs to ensure that such employees have
sufficient retirement income for themselves and survivor income for their families and other dependents; 
 WHEREAS, tax-qualified
retirement plans, with the applicable limitations on benefits, and employer contributions under the Code may be inadequate or inappropriate, and an employer-sponsored supplemental income plan may best provide such select employees appropriate levels
of income continuation in the specific desired circumstances; and 
 WHEREAS, the Bank has determined that offering such a non-qualified
benefit plan to retain the services of such key executives and management, including the Employee, is in the Bank’s best business interest, and the Bank is willing to provide such a plan to the Employee in return for his current and future
services and wishes to provide the terms and conditions for such plan, which terms and conditions are set forth herein; 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements set forth herein, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE I  
 INTRODUCTION 
 1.1 Effective Date. The effective date of this
Agreement is November 7, 2012. 
 1.2 Purpose. The purpose of this Agreement is to provide the Employee with certain
supplemental benefits for retirement income and other income continuation needs for himself and his family and other dependents and to address limitations on total benefits payable under this Agreement, and to do so in such a manner as to retain the
services of the Employee for a significant period in order to claim these supplemental benefits. This Agreement is intended to constitute a non-qualified “top-hat” plan under applicable Code sections; this Agreement constitutes an unfunded
plan of deferred compensation maintained for a select group of management or highly compensated employees of the Bank pursuant to Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and an unfunded plan of deferred compensation under the Code.

 1.3 Interpretation. Wherever appropriate, pronouns of any gender shall be deemed synonymous,
as shall singular and plural pronouns. Headings of Articles and Sections are for convenience of reference only and are not to be considered in the construction or interpretation of this Agreement. References to Articles and Sections are to the
Articles and Sections of this Agreement unless otherwise specified. This Agreement shall be interpreted and administered so as to give effect to its purpose as expressed in Section 1.2 and to qualify as a non-qualified, unfunded plan of
deferred compensation in compliance with the requirements of Section 409A of the Code and the regulations promulgated thereunder, each as may be amended from time to time. 
 ARTICLE II  
 DEFINITIONS 

Certain words and phrases are defined when first used in later paragraphs of this Agreement. The following terms, when used in this Agreement, shall have
the following respective meanings: 
 2.1 “Accrued Liability” shall mean that portion of the Employee’s aggregate
Normal Retirement Benefit payments as provided for herein that has been accrued on the books of the Bank at any specified time. 
 2.2
“Administrator” shall mean the person or persons described in Article VI who are charged with the day-to-day administration, interpretation and operation of this Agreement. 

2.3 “Agreement” shall mean this Supplemental Executive Retirement Agreement, together with any and all amendments hereto.

 2.4 “Bank” shall mean Ameris Bank and its successors or assigns, unless otherwise provided herein. 

2.5 “Beneficiary” shall mean any person or trust, or combination, as last designated by the Employee during the Employee’s
lifetime upon a “Beneficiary Designation Form,” provided by the Bank and filed with the Administrator, who is specifically named to be a direct or contingent recipient of all or a portion of the Employee’s benefits under this
Agreement in the event of the Employee’s death. Such designation shall be revocable by the Employee at any time during the Employee’s lifetime without the consent of any Beneficiary, whether living or born thereafter. Unless expressly
provided by law, the Beneficiary may not be designated or revoked and changed by the Employee in any other way. No Beneficiary designation or Beneficiary change shall be effective until received in writing and acknowledged according to established
procedures and practices of the Bank. Should the Employee fail to designate the Beneficiary, the Beneficiary shall be the Employee’s estate. 
 2.6 “Board” shall mean the Board of Directors of the Bank as from time to time constituted. 
 2.7 “Claimant” has the meaning set forth in Section 6.7. 

  
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 2.8 “Cause” shall have the meaning given thereto in any employment agreement then in
effect between the Bank or the Holding Company and the Employee, or if no such agreement exists, “Cause” shall mean, as determined by the Board, the following: 

 

	 	A.	the commission of an act by the Employee involving gross negligence, willful misconduct or moral turpitude that is materially damaging to the business, customer
relations, operations or prospects of the Bank or the Holding Company or that brings the Bank or the Holding Company into public disrepute or disgrace; 

  

	 	B.	the commission of an act by the Employee constituting dishonesty or fraud against the Bank or the Holding Company; 

 

	 	C.	the Employee is convicted of, or pleads guilty or nolo contendere to, any crime involving breach of trust or moral turpitude or any felony; or 

 

	 	D.	a consistent pattern of failure by the Employee to follow the reasonable written instructions or policies of the Employee’s supervisor or the Board.

 2.9 “Code” shall mean the Internal Revenue Code of 1986 and the regulations promulgated thereunder,
each as may be amended from time to time. 
 2.10 “Disability” shall mean that the Employee is (A) unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or
(B) receiving income replacement benefits for a period of not less than three (3) months under an accident and health policy covering employees of the Bank, by reason of a medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. Medical determination of Disability may be made by either the Social Security Administration or by the provider of an accident
or health plan covering employees of the Bank. Upon the request of the Administrator, the Employee must submit proof to the Administrator of the Social Security Administration’s or the provider’s determination. 

2.11 “Effective Date” shall mean the date set forth in Section 1.1. 

2.12 “Employee” shall mean Cindi H. Lewis. For purposes of payment of survivor death benefits only, if any, the term
“Employee” shall also include a surviving Beneficiary. 
 2.13 “ERISA” shall mean the Employee Retirement
Income Security Act of 1974, as amended. 
 2.14 “Forfeiture” shall mean the loss of any portion of the Employee’s
benefit resulting from the Employee’s termination from employment prior to the time the Employee becomes fully vested in the Employee’s benefit. Such term shall also mean any amounts of the Employee’s benefit lost due to the
provisions of Section 4.2. All such Forfeiture amounts shall revert to the Bank and shall not be paid to or on account of the Employee or the Employee’s Beneficiary. 

  
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 2.15 “Good Reason” shall have the meaning given thereto in any employment agreement
then in effect between the Bank or the Holding Company and the Employee, or if no such agreement exists, “Good Reason” shall mean any of the following, provided that in such latter case, the Employee terminates the Employee’s
employment for Good Reason within ninety (90) days following the initial existence of the condition giving rise to Good Reason termination, provides at least thirty (30) days advance written notice to the Bank explaining the basis for Good
Reason and the Bank has not remedied such Good Reason within thirty (30) days following such notice: 
  

	 	A.	a material reduction in the Employee’s rate of regular compensation from the Bank; 

 

	 	B.	a relocation of the Employee’s principal place of employment by more than fifty (50) miles, other than to an office or location closer to the Employee’s
home residence and except for required travel on Bank business to an extent substantially consistent with the Employee’s business travel obligations as of the date of relocation; or 

 

	 	C.	a material reduction in the Employee’s authority, duties, title or responsibilities, other than any change resulting solely from a change in the publicly-traded
status of the Bank or the Holding Company. 

 2.16 “Holding Company” shall mean Ameris Bancorp, a
Georgia corporation, or its successors. 
 2.17 “Leave of Absence” shall mean a temporary period of time, not to
exceed six (6) consecutive calendar months, during which time the Employee shall not be an active employee of the Bank, but shall be treated for purposes of this Agreement as in continuous employment with the Bank, including for purposes of
vesting. A Leave of Absence may be either paid or unpaid, but must be agreed to in writing by both the Bank and the Employee. A Leave of Absence that continues beyond six (6) consecutive months shall be treated as a voluntary Termination of
Employment, subject to Section 3.3, as of the first date immediately following such six-month period for purposes of this Agreement. 

2.18 “Normal Retirement Benefit” has the meaning set forth in Section 3.1. 

2.19 “Plan Distribution” shall mean any distributions made to the Employee pursuant to this Agreement. 

2.20 “Plan Year” shall mean the twelve (12) consecutive month period constituting a calendar year, beginning on
January 1 and ending on December 31. However, in any partial year that does not begin on January 1, “Plan Year” shall also mean the period remaining in such partial year ending on December 31. 

2.21 “Prohibited Disclosure” shall mean a material breach of any nondisclosure provision in any employment agreement or
nondisclosure or similar restrictive covenant agreement then in effect between the Bank or the Holding Company and the Employee, or if no such agreement exists, “Prohibited Disclosure” means the actual disclosure of trade secrets, customer
information or any other confidential or proprietary information of the Bank or the Holding Company to another business or businesses, including, without limitation, known competitors or other organizations or entities that compete with the
Bank’s or the Holding Company’s business. 

  
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 2.22 “Retirement Age” shall mean the Employee’s attainment of age sixty-five
(65). 
 2.23 “Termination of Employment” shall mean the Employee’s “separation from service” with the
Bank within the meaning of Section 409A of the Code. 
 2.24 “Trust” shall mean one or more grantor trusts
(so-called “Rabbi Trusts”), if any, established pursuant to Sections 671 et. seq. of the Code and maintained by the Bank for its own administrative convenience in connection with the operation and administration of this Agreement and the
management of any of its general assets set aside to help cover its financial obligations under this Agreement. Such Trust, if any, shall be governed by a separate agreement between the Bank and the Trustee. Any such assets held in such a Trust
shall remain subject to the claims of the Bank’s general creditors. The Bank shall not be required to establish such a Trust, and may continue or discontinue such a Trust, if created, only subject to those limitations of termination and
amendment as may be contained in the Trust agreement. 
 2.25 “Trustee” shall mean the party or parties named under any
Trust agreement (and such successor and/or additional trustees) who shall possess such authority and discretion to hold, manage and control specified assets of the Bank in connection with the operation and administration of this Agreement as
provided under the agreement between the Trust and the Bank. 
 2.26 “Years of Plan Service” shall mean the number of
full calendar years the Employee has been employed by the Bank beginning on the Effective Date. 
 ARTICLE III 

 EMPLOYEE BENEFITS 
 3.1 Normal Retirement Benefit. Except as otherwise provided in Articles III and IV, upon achieving Retirement Age while employed by the Bank, the Employee shall be paid an annual benefit of
$100,000 (the “Normal Retirement Benefit”) for a period of ten (10) years. 
 3.2 Death Benefit for Death
Prior to Retirement Age. In the event of the Employee’s death while the Employee is employed by the Bank but prior to the Employee’s becoming entitled to receive Normal Retirement Benefit payments or other Plan Distributions, the
Employee’s Beneficiary shall receive the Normal Retirement Benefit for a period of ten (10) years, commencing within thirty (30) days after receipt by the Bank of the Employee’s death certificate (but in no event later than
ninety (90) days after the date of the Employee’s death). Such benefit shall be in lieu of and replacement for all other benefits provided for under this Agreement and shall be in full satisfaction of any and all benefits provided for
under this Agreement. 
 3.3 Voluntary Termination of Employment Other Than for Good Reason. In the event of the Employee
incurring a voluntary Termination of Employment prior to Retirement Age for any reason other than Good Reason (or as a result of the Employee’s death or Disability), the Bank shall pay the Employee the vested portion of the Accrued Liability
determined as of the date of such Termination of Employment, as provided in Section 4.1. Such benefit amount shall be paid out ratably over a period of ten (10) years, commencing at Retirement Age. Such benefit shall be in lieu of and
replacement for all other benefits provided for under this Agreement and shall be in full satisfaction of any and all benefits provided for under this Agreement. 

  
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 3.4 Involuntary Termination of Employment Other Than for Cause and Voluntary Termination for Good
Reason. In the event of the Employee incurring an involuntary Termination of Employment prior to Retirement Age for any reason other than Cause (or as a result of the Employee’s death or Disability), or a voluntary Termination of
Employment for Good Reason, the Bank shall pay the Employee the entire Accrued Liability determined as of the date of such Termination of Employment. Such benefit amount shall be paid out ratably over a period of ten (10) years, commencing at
Retirement Age. Such benefit shall be in lieu of and replacement for all other benefits provided for under this Agreement and shall be in full satisfaction of any and all benefits provided for under this Agreement. 

3.5 Plan Termination. Subject to the provisions of Section 409A of the Code, in the event the Bank terminates the Agreement while the
Employee is employed by the Bank but prior to the Employee’s becoming entitled to receive Normal Retirement Benefit payments or other Plan Distributions, the Bank shall pay the Employee the entire Accrued Liability determined as of the date of
the Agreement’s termination. Such benefit amount shall be paid out ratably over a period of ten (10) years, commencing at Retirement Age. If the Employee or the Employee’s Beneficiary is already receiving Plan Distributions hereunder
when the Agreement is terminated, then such termination shall have no impact on the continuation of such Plan Distributions pursuant to this Agreement. The payment of an Agreement termination benefit pursuant to this Section 3.5 shall be in
lieu of and replacement for all other benefits provided for under this Agreement and shall be in full satisfaction of any and all benefits provided for under this Agreement. 
 3.6 Disability Benefit. In the event of the Employee incurring a Disability while the Employee is employed by the Bank but prior to the Employee’s becoming entitled to receive Normal
Retirement Benefit payments, the Bank shall pay Employee the entire Accrued Liability in effect as of the date of Disability. Such benefit amount shall be paid out ratably over a period of five (5) years, commencing within sixty (60) days
after the date the Disability has been determined. The payment of such benefit shall be in lieu of and in replacement for all other benefits provided for under this Agreement and shall be in full satisfaction of any and all benefits provided for
under this Agreement. 
 ARTICLE IV  
 VESTING AND FORFEITURE 
 4.1 Vesting. In the event of the Employee
incurring a voluntary Termination of Employment prior to Retirement Age for any reason other than Good Reason (or as a result of the Employee’s death or Disability), the Employee’s Accrued Liability benefit shall be subject to the
following vesting schedule based on the Employee’s Years of Plan Service, and such benefit shall be adjusted, where appropriate, according to the level of vesting achieved as of the date of such termination: 

 

					
	 Years of Plan Service
	  	Vested Percentage	 
	 5 or less
	  	 	0	% 
	 Greater than 5
	  	 	100	% 

  
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 4.2 Forfeitures. 

 

	 	A.	Termination for Cause; Removal. If the Employee’s employment is terminated for Cause or the Employee becomes subject to a final removal or
prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act, then the Employee shall forfeit all benefits (or the remainder thereof, if any) under this Agreement. Such
forfeited amounts shall revert to the Bank and shall not be payable to, or for the benefit of, the Employee, any Beneficiary or any other person claiming benefits through such persons. 

 

	 	B.	Violation of Non-Competition and/or Nondisclosure Conditions. If the Employee (1) violates any non-competition, nondisclosure or similar restrictive
covenant agreement, or similar covenants set forth in any employment agreement, then in effect between the Bank or the Holding Company and the Employee and to which the Employee is then subject, or (2) if no such agreement exists, engages in
Prohibited Disclosure, whether before or after a Termination of Employment, then the Employee shall forfeit all unpaid benefits under this Agreement. The Employee’s compliance with the foregoing covenants and avoidance of Prohibited Disclosure
is a pre-condition to the receipt of Plan Distributions prior to Retirement Age and to the continuation of any benefit payments under this Agreement after Plan Distributions have commenced (if payable in installments). Such forfeited amounts shall
revert to the Bank and shall not be payable to, or for the benefit of, the Employee, any Beneficiary or any other person claiming benefits through such persons. 

 ARTICLE V  
 DISTRIBUTIONS 

5.1 Distributions. The Employee’s Plan Distributions shall be distributed only in accordance with the provisions of this Agreement and
Section 409A of the Code. 
 5.2 Method of Payment. All Plan Distributions shall be made in cash, in U.S. currency. The Bank
shall make all benefit payments to the Employee or the Employee’s Beneficiary directly, unless the Bank determines to create a Trust for its own administrative convenience. In such case, the Bank may direct the Trustee to make such payments
directly to the Employee or the Employee’s Beneficiary. The payment of any benefits from any Trust by a Trustee shall not be a representation to the Employee of any actual or implied beneficial interest in any assets in such Trust. The
Employee, the Employee’s Beneficiary and any other person claiming or receiving benefit payments hereunder remains a general unsecured creditor of the Bank as to such benefit payments. 
 5.3 Timing of Payment. With respect to payments of Plan Distributions to which the Employee or the Employee’s Beneficiary shall be entitled under Article III of this Agreement, the
following provisions shall apply: 

  
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	 	A.	Normal Retirement Benefit. Commencing the first day of the month following the Employee’s Retirement Age, the Bank shall pay the Employee the Normal
Retirement Benefit in twelve (12) equal monthly installments. Such benefit shall continue to be paid annually for the period set forth in Section 3.1. 

 

	 	B.	Death of the Employee. 

  

	 	1.	Death Prior to Retirement Age. In the event of the Employee’s death while the Employee is employed by the Bank but prior to the Employee’s
becoming entitled to receive Normal Retirement Benefit payments or other Plan Distributions, the Bank shall pay the Employee’s Beneficiary the Normal Retirement Benefit in twelve (12) equal monthly installments, commencing within thirty
(30) days after receipt by the Bank of the Employee’s death certificate (but in no event later than ninety (90) days after the date of the Employee’s death). Such benefit shall continue to be paid annually for the period set
forth in Section 3.2. 

  

	 	2.	Death Following Commencement of Plan Distributions. In the event of the Employee’s death after the commencement of Plan Distributions but before
receiving all such Plan Distributions, the Bank shall distribute to the Employee’s Beneficiary the remaining Plan Distributions at the same time and in the same amounts that such Plan Distributions would have been distributed to the Employee
had the Employee survived. 

  

	 	3.	Death Before Plan Distributions Commence. If the Employee is entitled to Plan Distributions under this Agreement but dies prior to the commencement of
such Plan Distributions, then the Bank shall distribute to the Employee’s Beneficiary the same Plan Distributions at the same time and in the same amounts that such Plan Distributions would have been distributed to the Employee had the Employee
survived. 

  

	 	C.	Voluntary Termination of Employment Other Than for Good Reason. In the event the Employee incurs a voluntary Termination of Employment prior to Retirement
Age for any reason other than Good Reason (or as a result of the Employee’s death or Disability), the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in Section 3.3 in twelve (12) equal
monthly installments, commencing upon the first day of the month following the Employee’s Retirement Age. Such benefit shall continue to be paid for the period set forth in Section 3.3. 

 

	 	D.	Involuntary Termination of Employment Other Than for Cause and Voluntary Termination for Good Reason. In the event the Employee incurs an involuntary
Termination of Employment prior to Retirement Age for any reason other than Cause (or as a result of the Employee’s death or Disability), or a voluntary Termination of Employment for Good Reason, the Bank shall pay the Employee each annual
portion of the aggregate benefit amount set forth in Section 3.4 in twelve (12) equal monthly installments, commencing upon the first day of the month following the Employee’s Retirement Age. Such benefit shall continue to be paid for
the period set forth in Section 3.4. 

  
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	 	E.	Plan Termination. Subject to the provisions of Section 409A of the Code, in the event the Bank terminates the Agreement while the Employee is
employed by the Bank but prior to the Employee’s becoming entitled to receive Normal Retirement Benefit payments or other Plan Distributions, the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in
Section 3.5 in twelve (12) equal monthly installments, commencing upon the first day of the month following the Employee’s Retirement Age. Such benefit shall continue to be paid for the period set forth in Section 3.5. If the
Employee or the Employee’s Beneficiary is already receiving Plan Distributions when the Agreement is terminated, then such termination shall have no impact on the continuation of such benefits pursuant to this Agreement nor shall it result in
any incremental benefits being paid to the Employee over and above the then existing Plan Distributions. 

  

	 	F.	Disability. In the event of the Employee incurring a Disability while the Employee is employed by the Bank but prior to the Employee’s becoming
entitled to receive Normal Retirement Benefit payments, the Bank shall pay the Employee each annual portion of the aggregate benefit amount set forth in Section 3.6 in twelve (12) equal monthly installments, commencing within sixty
(60) days after the date of Disability. Such benefit shall continue to be paid for the period set forth in Section 3.6. 

5.4 Acceleration or Deferral. Acceleration or deferral of the time or schedule of any payment under the Agreement is not permitted except
as may be provided by Section 409A of the Code and approved by the Bank and the Employee. 
 ARTICLE VI 

 ADMINISTRATION AND CLAIMS PROCEDURE 
 6.1 Duties of the Administrator. This Agreement shall be administered by an Administrator that shall consist of the Board or such committee or person(s) as the Board shall appoint. The
Administrator shall administer this Agreement according to its express terms and shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this
Agreement and (ii) decide or resolve any and all questions, including interpretations, of this Agreement as may arise in connection with the Agreement to the extent the exercise of such discretion and authority does not conflict with
Section 409A of the Code and regulations thereunder. The Administrator shall be the “Plan Administrator” and “Named Fiduciary,” but only to the extent required by ERISA for “top-hat” plans. 

6.2 Agents. In the administration of this Agreement, the Administrator may employ agents and delegate to them such administrative duties as
it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to the Bank. 

  
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 6.3 Binding Effect of Decisions. The decision or action of the Administrator with respect to
any question arising out of or in connection with the administration, interpretation and application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest
in this Agreement. 
 6.4 Indemnity of the Administrator. The Bank shall indemnify and hold harmless the members of the
Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Administrator or any of its members.

 6.5 Bank Information. To enable the Administrator to perform its functions, the Bank shall supply full and timely information
to the Administrator on all matters relating to the date and circumstances of the retirement, Disability, death or Termination of Employment of the Employee, and such other pertinent information as the Administrator may reasonably require.

 6.6 Costs of the Plan. All the costs and expenses for administering and operating this Agreement shall be borne by the Bank.
The Bank shall also bear the expense of any federal or state employment taxes in connection with this Agreement. 
 6.7 Claims
Procedure. 
  

	 	A.	Claim. Benefits shall be paid in accordance with the terms of this Agreement. The Employee, any Beneficiary or any person who believes that he or she is
being denied a benefit to which he or she is entitled under this Agreement (a “Claimant”) may file a written request for such benefit with the Bank, setting forth his or her claim. 

 

	 	B.	Claim Decision. Upon the receipt of a claim, the Administrator shall advise the Claimant that a reply will be forthcoming within ninety (90) days and
shall, in fact, deliver such reply within such period. However, the Administrator may extend the reply period for an additional ninety (90) days for reasonable cause. Any claim not granted or denied within such time period shall be deemed to
have been denied. If the claim is denied in whole or in part, then the Administrator shall provide written notice to the Claimant, setting forth: 

  

	 	1.	The reason or reasons for such denial; 

  

	 	2.	The reference to pertinent provisions of this Agreement on which such denial is based; 

 

	 	3.	A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation of why such material or such
information is necessary; 

  

	 	4.	Steps to be taken if the Claimant wishes to submit the claim for review; and 

 

	 	5.	The time limits for requesting a review under subsequent provisions of this Section 6.7. 

  
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	 	C.	Request for Review. Within sixty (60) days after the receipt by the Claimant of the Administrator’s written notice described above, the Claimant
may request in writing that the Administrator review its prior determination. The Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the
Administrator. If the Claimant does not request a review of the Administrator’s determination within such sixty (60) day period, then such Claimant shall be barred and estopped from challenging the Administrator’s determination.

  

	 	D.	Review of Decision. Within sixty (60) days after the Administrator’s receipt of a request for review, the Administrator shall review its prior
determination. After considering all materials presented by the Claimant, the Administrator will render a written decision setting forth the reasons for the decision and containing references to the pertinent provisions of this Agreement on which
the decision is based. If special circumstances require that the sixty (60) day time period be extended, then the Administrator will so notify the Claimant and shall render the decision as soon as possible, but no later than one hundred twenty
(120) days after receipt of the request for review. Any claim not granted or denied within such time period will be deemed to have been denied. 

 ARTICLE VII  
 AMENDMENT AND MERGER 

7.1 Amendment. This Agreement may be amended only by a written agreement signed by the Bank and the Employee. Notwithstanding the
foregoing, the Bank may unilaterally amend this Agreement to comply with tax law, including, without limitation, Section 409A of the Code and any and all regulations and guidance promulgated thereunder. The foregoing authorization also includes
such amendment as may be necessary to ensure that the Agreement is treated as a non-qualified plan under the Code and ERISA, or other laws applicable to a non-qualified plan, including, without limitation, the right to amend this Agreement so that
any Trust, if applicable, created in conjunction with the Agreement will be treated as a grantor trust under Sections 671 through 679 of the Code, and to otherwise conform the Agreement’s provisions and such Trust, if applicable, to the
requirements of any applicable law. 
 7.2 Consolidation/Merger/Reorganization. The Bank shall not enter into any consolidation,
merger or reorganization transaction without the Bank obtaining from the successor-in-interest organization an agreement to an assignment and assumption of the obligations of the Bank under this Agreement by its successor-in-interest or surviving
company or companies. Should such consolidation, merger or reorganization occur with such an assignment and assumption of the obligations hereunder, the term “Bank” as defined and used in this Agreement shall refer to the
successor-in-interest or surviving company or companies, as the case may be. 

  
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 ARTICLE VIII  

GENERAL PROVISIONS 

8.1 Applicable Law. Except insofar as the law has been superseded by applicable federal law, Georgia law shall govern the construction,
validity and administration of this Agreement. This Agreement is intended be a non-qualified unfunded plan of deferred compensation and any ambiguities in its construction shall be resolved in favor of an interpretation which will affect this
intention. 
 8.2 Benefits Not Transferable or Assignable. 

 

	 	A.	Benefits under this Agreement shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, nor shall any such benefits
be in any way liable for or subject to the debts, contracts, liabilities, engagements or torts of any person entitled to them. Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge such benefits shall be void. This
Section 8.2.A. shall also apply to the creation, assignment or recognition of a right to any benefit payable with respect to the Employee pursuant to a domestic relations order, including a qualified domestic relations order under
Section 414(p) of the Code. 

  

	 	B.	The Bank may bring an action for a declaratory judgment if the Employee’s Beneficiary or any Beneficiary’s benefits hereunder are threatened to be attached by
an order from any court. The Bank may seek such declaratory judgment in a court of competent jurisdiction to: 

  

	 	1.	Determine the proper recipient or recipients of the benefits to be paid under the Agreement; 

 

	 	2.	Protect the operation and consequences of the Agreement for the Bank and the Employee; and 

 

	 	3.	Request any other equitable relief the Bank in its sole judgment may feel appropriate. 

Benefits which may become payable during the pendency of such an action shall, at the sole discretion of the Bank, either be Paid into the
court as they become payable or held in a separate account subject to the court’s final distribution order. Any such delay shall comply in all respects with Section 409A of the Code. 

8.3 Not an Employment Contract. This Agreement is not and shall not be deemed to constitute a contract between the Bank and the Employee
for, or to be a consideration for, an inducement to, or a condition of, the employment of the Employee. Nothing contained in this Agreement shall give or be deemed to give the Employee the right to remain in the employment of the Bank or to
interfere with the right of the Bank to discharge the Employee at any time. It is expressly understood by the parties that this Agreement relates to the payment of deferred compensation for the Employee’s services and is not intended to be an
employment contract. 

  
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 8.4 Notices. 
  

	 	A.	Any notices required or permitted hereunder shall be in writing and shall be deemed to be sufficiently given at the time when delivered personally or when mailed by
certified or registered first class mail, postage prepaid, addressed to either party hereto as follows: 

 If to
the Bank: 
 Ameris Bank 
 310 First Street SE 
 Moultrie, GA 31768 

or such other address as communicated by the Bank to the Employee in future notices hereunder. 

If to the Employee, at his last known address, as indicated by the records of the Bank, or to such changed address as the Employee may
have fixed by notice hereunder. 
  

	 	B.	Any communication, benefit payment, statement of notice addressed to the Employee or any Beneficiary at the last post office address as shown on the Bank’s records
shall be binding on the Employee or such Beneficiary for all purposes of this Agreement. The Bank, and a Trustee, if applicable, shall not be obligated to search for any Employee or any Beneficiary beyond sending a registered letter to such last
known address. 

 8.5 Severability. This Agreement as contained in this document constitutes the entire agreement
with the Employee as to the subject matter set forth herein. If any provision of this Agreement shall for any reason be invalid or unenforceable, the remaining provisions of this Agreement shall be carried into effect, unless the effect thereof
would be to materially alter or defeat the purposes of this Agreement. 
 8.6 Employee is General Creditor with No Rights to
Assets. 
  

	 	A.	The payments to the Employee or the Employee’s Beneficiary hereunder shall be made from assets that shall continue, for all purposes, to be a part of the general,
unrestricted assets of the Bank, and no person shall have any interest in any such assets by virtue of the provisions of this Agreement. The Bank’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To
the extent that any person acquires a right to receive a benefit from the Bank under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Bank, and no such person shall have nor acquire any
legal or equitable right, or claim in or to any property or assets of the Bank. The Bank shall not be obligated under any circumstances to fund obligations under this Agreement. 

  
 13 

	 	B.	The Bank, in its sole discretion, may acquire and/or set aside assets or funds to support its financial obligations under this Agreement. No such acquisition or
set-aside shall impair or derogate from the Bank’s direct obligation to the Employee or any Beneficiary under this Agreement. However, no Employee or Beneficiary shall be entitled to receive duplicate payments of any benefits provided hereunder
because of the existence of such assets or funds. 

  

	 	C.	In the event that, in its discretion, the Bank purchases an asset(s) or insurance policy or policies insuring the life of the Employee to allow the Bank to recover the
cost of providing benefits, in whole or in part hereunder, neither the Employee nor any Beneficiary shall have any rights whatsoever in such assets or insurance policies or in the proceeds therefrom. The Bank shall be the sole owner and beneficiary
of any such assets or insurance policies and shall possess and may exercise all incidents of ownership therein. No such asset or policy, policies or other property shall be held in any trust either for the Employee or any other person nor as
collateral security for any obligation of the Bank hereunder. The Employee’s participation in the acquisition of such assets or policy or policies shall not be a representation to the Employee or any Beneficiary of any beneficial interest or
ownership in such assets, policy or policies. 

 8.7 No Trust Relationship Created. Nothing contained in this
Agreement shall be deemed to create a trust of any kind or create any fiduciary relationship between the Bank and the Employee, any Beneficiary, any other Beneficiaries of the Employee, or any other person claiming benefits through any such persons.
Funds allocated hereunder shall continue for all purposes to be part of the general assets and funds of the Bank, and no person other than the Bank shall have, by virtue of the provisions of this Agreement, any beneficial interest in such assets and
funds. The creation of a grantor trust under the Code to hold such assets or funds for the administrative convenience of the Bank shall in no way represent to the Employee or Beneficiary a property or beneficial ownership interest in such assets.

 8.8 Agreement between the Bank and Employee Only. This Agreement is solely between the Bank and the Employee. The Employee, the
Employee’s Beneficiary or estate or any other person claiming through the Employee, shall only have recourse against the Bank for enforcement of the terms of this Agreement. This Agreement shall be binding upon and inure to the benefit of each
the Bank and its successors and assigns and the Employee and his or her heirs, executors, administrators and Beneficiaries. 
 8.9
Independence of Benefits. The benefits payable under this Agreement are for services already rendered or to be rendered and shall be independent of, and in addition to, any other benefits or compensation, whether by salary, bonus or
otherwise, payable to the Employee under any compensation and/or benefit arrangements or plans, incentive cash compensations and stock plans and other retirement or welfare benefit plans, that now exist or may hereafter exist from time to time.

 8.10 Unclaimed Property. Except as may be required by law, the Bank may take of any the following actions if it gives notice to
the Employee or any Beneficiary of an entitlement to a benefit under this Agreement, and the Employee or Beneficiary fails to claim such benefit or fails to provide its location to the Bank within three (3) calendar years of such notice:

  
 14 

	 	A.	Direct distribution of such benefits, in such proportions as the Bank may determine, to one or more or all, of the Employee’s next of kin, if the Bank knows their
location; or 

  

	 	B.	Deem this benefit to be forfeited and paid to the Bank if the location of the Employee’s next of kin is not known. However, the Bank shall pay the benefit,
unadjusted for gains or losses from the date of such forfeiture, to the Employee or Beneficiary who subsequently makes proper claim to the benefit. 

 The Bank and any Trustee, if applicable, shall not be liable to any person for payment made in accordance pursuant to applicable state unclaimed property laws. 

8.11 Named Beneficiary. As long as this Agreement is in force, the Employee shall be entitled to specify or revoke and change the
Beneficiary or Beneficiaries of a survivor benefit, if any, to be paid at the time of the Employee’s death according to procedures set out by the Bank. 
 8.12 Required Tax Withholding and Reporting. The Bank shall withhold and report federal, state and local income and other tax amounts in connection with this Agreement as may be required by
law from time to time. 
 8.13 Discrepancies between this Agreement and Any Other Understanding. In the event of any discrepancies
or ambiguities between the terms of this Agreement and any other understanding between the Bank and the Employee, the terms of this Agreement shall control. 
 8.14 Compliance with Section 409A of the Code.  
  

	 	A.	This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either
exempt from or compliant with the requirements Section 409A of the Code. Nevertheless, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed, and neither the Bank nor its directors, officers, employees
or advisers shall be held liable for any taxes, interest, penalties or other amounts owed by the Employee as a result of the application of Section 409A of the Code. 

 

	 	B.	For purposes of Section 409A of the Code, (i) all payments to be made upon a termination of employment under this Agreement may only be made upon a
“separation from service” within the meaning of such term under Section 409A of the Code, (ii) each payment made under this Agreement shall be treated as a separate payment and (iii) the right to a series of installment
payments under this Agreement is to be treated as a right to a series of separate payments. In no event shall the Employee, directly or indirectly, designate the calendar year of payment. 

 

	 	C.	 Notwithstanding any provision in this Agreement to the contrary, if, at the time of the Employee’s separation from service with the Bank, the
Employee is a “specified employee” (as defined in Section 409A of the Code) and it is necessary to postpone the commencement of any severance payments otherwise payable pursuant to this Agreement as a result of such separation from
service to prevent any accelerated or additional taxes, interest, penalties or other amounts under 

  
 15 

	 	
Section 409A of the Code, then the Bank will postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits
ultimately paid or provided to the Employee) that are not otherwise exempt from Section 409A of the Code until the Bank’s first payroll date that is six (6) months following the Employee’s separation from service with the Bank.
If any payments are postponed pursuant to this Section 8.14, then such postponed amounts will be paid in a lump sum to the Employee on the Bank’s first payroll date that occurs after the date that is six (6) months following the
Employee’s separation from service. If the Employee dies during the postponement period prior to the payment of any postponed amount, then such amount shall be paid as provided herein within sixty (60) days after the date of the
Employee’s death. 

 [Signature page follows.] 

  
 16 

 IN WITNESS WHEREOF, the Bank and the Employee have executed, or caused to be
executed, this Agreement as of the date first set forth above. 
  

			
	BANK:
	
	AMERIS BANK
		
	 By:
	 	 /s/ Edwin W. Hortman, Jr.

	 Name:
	 	Edwin W. Hortman, Jr.
	 Title:
	 	Chief Executive Officer
	
	EMPLOYEE:
	
	 /s/ CINDI H. LEWIS

	CINDI H. LEWIS

  
 17EMPLOYMENT AGREEMENT

 Exhibit 10.3 
 EXECUTION VERSION 
 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made this 27th day of August, 2012, by and between Galectin Therapeutics
Inc., a Nevada corporation (the “Company”), and Harold Shlevin, an individual residing in the State of Georgia (“Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Company desires to employ Executive and Executive desires to be employed by the Company, all in accordance with the terms hereof. 

NOW, THEREFORE, in consideration of the terms, conditions, and mutual covenants hereinafter contained, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows: 

1. Employment. The Company hereby employs Executive and Executive hereby accepts employment by the Company upon the terms
and conditions hereinafter stated. 
 2. Term. Unless sooner terminated as provided herein, Executive’s term
of employment hereunder shall commence on September 20, 2012 (the “Commencement Date”) and continue until December 31, 2014 (the “Initial Term”). Unless either party provides written notice of non-renewal
at least sixty (60) days prior to the expiration of the Initial Term or any Renewal Term, as defined below, this Agreement shall automatically renew for a period of twelve (12) months and shall automatically be renewed thereafter for
subsequent terms of twelve (12) months (each, a “Renewal Term”; the Initial Term and any Renewal Terms are referred to herein collectively as the “Term”). 

3. Duties. During the Term, Executive agrees to serve as, and the Company hereby employs Executive as, the Chief Operating Officer
of the Company. Executive will report to the Chief Executive Officer of the Company (the “Reporting Officer”). Executive agrees to perform such duties, subject to the reasonable direction of the Reporting Officer, as are customarily
performed by chief operating officers in companies of similar size and scope in industries similar to the industry in which the Company operates, including, but not limited to, executive management and supervisory duties, responsibilities, and
authority in connection with the Company’s operations. 
 4. Compensation. As compensation for services rendered by
Executive pursuant to this Agreement, the Company agrees to pay Executive the following as compensation: 
 (a) Base
Salary. An initial base salary of Two Hundred Thousand and No/100 Dollars ($200,000.00) per year from the Commencement Date through December 31, 2013 (“Base Salary”). The Compensation Committee of the Board of Directors of
the Company (“Compensation Committee”) shall review the Base Salary at least annually during the Term for the purpose of determining whether the Base Salary should be adjusted based on a review of market conditions applicable to
base compensation for executives of comparable companies and positions comparable to Executive; provided, however, that Base Salary shall in no event be less than Two Hundred Thousand and No/100 Dollars ($200,000.00) per year. The
Compensation Committee shall make a recommendation to the Board of Directors for any adjustment to Base Salary; and 
 (b)
Annual Performance Bonus. An annual bonus, based on the performance of Executive and/or the Company, as applicable, in accordance with Exhibit A attached hereto (“Performance Bonus”). Subject to the following sentence,
the Company shall be obligated to pay to Executive, for 

 
calendar year 2013, a minimum portion of the Performance Bonus equal to Twenty Thousand and No/100 Dollars ($20,000.00), even if not earned by Executive in accordance with the terms of Exhibit
A attached hereto (the “Guaranteed Performance Bonus”). Notwithstanding anything contained herein to the contrary, the Company shall not be obligated to make any payment of the Guaranteed Performance Bonus or the Performance
Bonus in the event that Executive is terminated for Cause (as defined below) by the later of: (i) the end of the applicable calendar year or (ii) the date after the end of the calendar year that it is determined that Cause for such
termination did exist, so long as the process for termination for Cause was initiated in accordance with Section 6(b) below prior to the end of the applicable calendar year; and 

(c) Signing Bonus. A one-time signing bonus in the amount of Twenty-Five Thousand and No/100 Dollars ($25,000.00)
(“Signing Bonus”), such Signing Bonus to be due and payable by the Company to Executive within thirty (30) days of the Commencement Date. 
 Base Salary shall be payable in accordance with the Company’s customary payroll practices and each of Base Salary, the Signing Bonus and any Performance Bonus shall be subject to normal withholding
and payroll deductions and subject to periodic review by the Compensation Committee. 
 5. Other Compensation. In
addition to his Base Salary and Performance Bonus, the Company shall provide to Executive such other benefits as are customarily provided to other similarly situated employees at the Company, subject to eligibility as provided in each such benefit
plan or program. By way of example, Executive shall: 
 (a) be eligible to participate in employee fringe
benefits and pension and/or profit-sharing plans that may be provided by the Company to its employees in accordance with the provisions of any such benefit plans, as the same may be in effect from time to time, including without limitation, the
Company’s 401(k) profit-sharing plan and matching of Executive’s contributions thereunder by the Company; the Company and Executive acknowledge and agree that (i) as of the date hereof, the Company will match three percent
(3%) of Executive’s contributions for the first three percent (3%) of Executive’s salary that Executive contributes to the 401(k) profit-sharing plan, and (ii) such level of matching may be revised as mutually agreed upon by
the Company and Executive from time to time; 
 (b) be eligible to receive any term life insurance benefits that
may be provided by the Company to its employees in accordance with the provisions of any such plans, as the same may be in effect from time to time; 
 (c) be granted options to purchase 250,000 shares (the “Option”) of the Company’s common stock under the terms and conditions of the Stock Option Agreement attached hereto as
Exhibit B (“Stock Option Agreement”) and Pro-Pharmaceuticals, Inc. Amended and Restated 2009 Incentive Compensation Plan (“Stock Option Plan”). The Stock Option Agreement shall provide for the Option to vest
as follows: 50,000 shares upon execution of this Agreement by Executive and the Company, 50,000 shares on December 31, 2012, 75,000 shares on December 31, 2013, and 75,000 shares on December 31, 2014. In addition, the Stock Option
Agreement shall provide that all of the Option not already vested shall vest one hundred percent (100%) upon the occurrence of a Change of Control (as defined below) and for Executive to have the right to a cashless exercise of the Option, in
whole or in part; 
 (d) be eligible to participate in employee incentive stock option plans that may be provided
by the Company to its employees in accordance with the provisions of the Stock Option Plan and any other such plans, as the same may be in effect from time to time; 

 (e) be eligible to participate in any medical, pharmacy benefit and other
health plans (the policies covering both Executive and his spouse being the “Health Insurance”) or other employee welfare benefit plans that may be provided by the Company to its employees in accordance with the provisions of any
such plans, as the same may be in effect from time to time (and the Company covenants to provide Health Insurance at all times); provided, however, that fifteen percent (15%) of the cost of participating in any such medical and
health plans shall be paid by Executive; 
 (f) during each twelve (12) month period commencing on the date
hereof, be entitled to twenty (20) business days as paid vacation days (all of which accrue on the first day of each such period and shall be pro rated for 2012), which must be used during each twelve (12) month period or shall be deemed
forfeited, in addition to all paid holidays given by the Company to its employees; 
 (g) be entitled to sick
leave, sick pay and disability benefits in accordance with any Company policy that may be applicable to similarly situated employees from time to time; and 
 (h) be entitled to reimbursement for all reasonable and necessary out-of-pocket business expenses incurred by Executive in the performance of his duties hereunder, in accordance with the Company’s
normal policies in effect from time to time, which in any event shall include one mobile phone. 
 Executive shall not be entitled to receive
any additional benefits or compensation other than as set forth in Section 4 above and this Section 5. For purposes of this Agreement, a “business day” is a day on which the Company is open for business and
shall not include a Saturday, Sunday or legal holiday. 
 6. Termination. 

(a) In the event of Executive’s death or disability, all obligations of the Company under this Agreement shall terminate except with
respect to (i) payment of Base Salary accruing prior to such death or disability, (ii) payment of a portion of the amount of the Performance Bonus equal to the maximum amount of the Performance Bonus multiplied by a fraction, (A) the
numerator of which shall be the number of days elapsed from the beginning of the calendar year in which such death or disability occurs and (B) the denominator of which shall be the total number of days in the calendar year in which such death
or disability occurs (being 365 in a full year and 102 in 2012), (iii) continuation of medical and other insurance benefits in accordance with the benefit programs provided to Executive, and (iv) in the case of disability, payment of such
disability benefits as Executive is entitled to receive in accordance with the applicable plan or program. As used herein, “disability” means the inability of Executive to perform those duties and responsibilities that are the essential
functions of Executive’s position due to illness, accident or any other physical or mental incapacity after a period of reasonable accommodation for such disability, and as determined in accordance with the applicable disability insurance
policy. 
 (b) During the Term, the Company may terminate Executive’s employment for Cause, and in such event, upon written
notice of termination to Executive (such termination to be effective after compliance with the notice and cure and other procedures set forth below in this subsection, as applicable), which notice shall specify Cause in reasonable detail. As used
herein, “Cause” shall mean: (i) a good faith finding by the Company of Executive’s failure to perform his material duties hereunder; (ii) Executive’s violation of the Company’s code of conduct;
(iii) Executive’s act(s) or omission(s) amounting to willful misconduct or gross negligence in the performance of his duties hereunder to the detriment of the Company; (iv) Executive’s fraud or embezzlement against the Company,
its suppliers or customers; (v) 

 
Executive’s conviction of or pleading guilty to any felony under applicable law; or (vi) Executive’s failure to observe or perform any covenant, condition or provision of
Sections 9 through 12, inclusive, of this Agreement. Except as to the immediately preceding clauses (iv), (v) or (vi) and with respect to those Causes that are not capable of being cured, Executive will have thirty (30) days
from the date he receives written notice from the Company specifying in reasonable detail the events or circumstances constituting Cause to cure such Cause, and upon such timely cure, such Cause shall be deemed not to have occurred; provided,
however, the Company shall be obligated to give Executive notice (and an opportunity to cure) only once in any twelve (12) consecutive month period with respect to similar acts or omissions giving rise to such Cause. 

(e) Executive may voluntarily resign Executive’s position with the Company for Good Reason, at any time on thirty
(30) days’ written notice to the Reporting Officer (after compliance with the cure and other procedures set forth below in this subsection, as applicable). Executive will be deemed to have resigned for “Good Reason” if
Executive voluntarily terminates Executive’s employment with the Company within sixty (60) days after the occurrence of one or more of the following circumstances: (i) the Company’s material breach of this Agreement;
(ii)-Executive’s position and/or duties are changed from those contemplated herein such that Executive’s duties are no longer consistent with the position of a chief operating officer of a company comparable to the Company; or
(iii) in the event that the Executive is required to spend an average of fifty percent (50%) or more of his time spent on the business of the Company outside of the Atlanta metropolitan area, regardless of the location of the
Company’s headquarters. For purposes of this Agreement, Good Reason based on clause (iii) above shall be determined by taking the average time that Executive spends on the business of the Company outside of the Atlanta metropolitan area
during any one hundred twenty (120) day period during the Term. Notwithstanding anything contained in this Subsection (c), with respect to any claim of Good Reason by Executive, the Company shall be provided with written notice of the specific
circumstance giving rise to Good Reason and, with respect to clauses (i) and (ii) above, thirty (30) days from receipt of written notice in which to cure such circumstance or, with respect to clause (iii) above, thirty
(30) days within which to provide assurances reasonably acceptable to Executive that the time requirement for Executive outside of the Atlanta metropolitan area thereafter will be less than the threshold specified in clause (iii).

 7. Obligations of the Company Upon Termination. 

(a) Notwithstanding anything to the contrary in this Agreement, regardless of the nature of any termination of Executive’s
employment, the Company agrees it will maintain and continue to pay 85% of the cost of the Health Insurance through December 31, 2014; provided that if the terms of the Company’s group policy do not permit such continued coverage, the
Company will obtain replacement, individual health insurance policies for Executive and his spouse with substantially the same coverage as the Health Insurance and pay 85% of the premiums on such policy. Executive acknowledges and agrees that if the
Company utilizes an employee leasing service for the period through December 31, 2014 and the Health Insurance is available to Executive post-termination as required pursuant to this Agreement and the Company pays 85% of the premiums, the
requirement of the Company provided for in this Section 7(a) shall be deemed satisfied for all purposes thereof. 
 (b) If
either (i) the Company terminates Executive’s employment for Cause during the Term, or (ii) Executive terminates his employment during the Term for any reason other than Good Reason, then this Agreement shall terminate without further
obligations on the part of the Company to Executive under Sections 4 and 5 of this Agreement, other than for payment of Executive’s Base Salary accrued through the date of termination, to the extent not theretofore paid and reimbursement
of any unreimbursed expenses. 

 (c) If either (i) Executive terminates this Agreement for Good Reason or (ii) the
Company terminates this Agreement without Cause, then the Company shall pay to Executive (1) Executive’s Base Salary accrued through the date of termination, to the extent not theretofore paid, (2)(A) if such termination occurs within
six (6) months after the Commencement Date, an amount equal to six (6) months of Executive’s Base Salary, or (B) if such termination occurs after the period specified in (A) above, an amount equal to nine (9) months of
Executive’s Base Salary, in either case payable within thirty (30) days after the date of such termination, (3) reimbursement of any unreimbursed expenses and (4) payment of a portion of the amount of the Performance Bonus equal
to the maximum amount of the Performance Bonus multiplied by a fraction, (A) the numerator of which shall be the number of days elapsed from the beginning of the calendar year in which such termination occurs and (B) the denominator of
which shall be the total number of days in the calendar year in which such termination occurs (being 365 in a full year and 102 in 2012). In exchange for any such payments, Executive shall execute, within thirty (30) days following such
termination, a full release of the Company and its affiliates from all obligations other than as set forth in this Section 7(c) or from any usual and customary indemnification obligations of the Company to Executive as an officer
thereof, in form and substance acceptable to the Company in its sole discretion. Notwithstanding the foregoing, the Company shall not be obligated to make any payments pursuant to this Section 7(c) until it has received such release,
fully executed by Executive. For avoidance of doubt, nonrenewal of this Agreement pursuant to Section 2 hereof shall not constitute a termination by the Company without Cause hereunder and shall not entitle Executive to receive any
payments pursuant to this Section 7(c). 
 (d) The parties hereto agree that Executive may designate, by written
notice to the Company, a beneficiary to receive the payments described in Sections 6 and 7 in the event of his death. The designation of any such beneficiary may be changed by Executive from time to time by written notice to the Company. In
the event Executive fails to designate a beneficiary as herein provided, any payments which are otherwise to be made to a designated beneficiary under Sections 6 and 7 shall be made to the legal representative of Executive’s estate.

 8. Change of Control. 
 (a) For purposes of this Agreement, unless the Board of Directors of the Company determines otherwise, a “Change of Control” of the Company shall be deemed to have occurred at such time
as: 
 (i) any “person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Company representing more than 50% of the
Company’s outstanding voting securities or rights to acquire such securities, except for any voting securities issued or purchased under any employee benefit plan of the Company or its subsidiaries; 

(ii) a plan of reorganization, merger, consolidation, sale of all or substantially all of the assets of the Company or similar
transaction is approved or occurs or is effectuated pursuant to which the Company is not the resulting or surviving entity; provided, however, that such an event listed above will be deemed to have occurred or to have been effectuated
only upon receipt of all required regulatory approvals not including the lapse of any required waiting periods; or 
 (iii) a
plan of liquidation of the Company is adopted and completed or an agreement for the sale or liquidation of the Company is approved and completed. 

 (b) If, within the period ending twelve (12) months after the date of a Change of
Control (the “Change Period”), Executive’s employment with the Company is (i) terminated without Cause by the Company (or by the acquiring or successor business entity following a Change of Control), or
(ii) terminated for Good Reason by Executive, the Company shall pay to Executive (A) Executive’s Base Salary accrued through the date of termination, to the extent not theretofore paid, (B) reimbursement of any unreimbursed
expenses, (C) a portion of the amount of the Performance Bonus equal to the maximum amount of the Performance Bonus multiplied by a fraction, (A) the numerator of which shall be the number of days elapsed from the beginning of the calendar
year in which such termination occurs and (B) the denominator of which shall be the total number of days in the calendar year in which such termination occurs (being 365 in a full year and 102 in 2012) and (D) an amount equal to
twenty-four (24) months of Executive’s Base Salary, payable in a lump sum no later than thirty (30) days following such termination. Upon any such Change of Control, Executive’s unvested options to purchase shares of the
Company’s common stock shall be one hundred percent (100%) vested, but shall otherwise continue to be governed by the terms and conditions of the Stock Option Agreement attached hereto as Exhibit B and any related stock option plan.

 (c) Notwithstanding the foregoing, if, in connection with a transaction that technically meets, or may meet, the definition
of Change of Control as set forth in Section 8(a) above, Executive’s employment by the Company or a successor to the Company is terminated, but Executive is immediately re-hired as an employee of a successor to the Company or
surviving company in such a transaction in a comparable position, with the same or greater total annual cash compensation, including bonus potential, and with an employment agreement containing substantially equivalent provisions as this Agreement
with respect to termination of the Executive and severance, no benefits shall be payable to Executive under Section 8(b). 
 9. Definitions. The following defined terms shall have the meanings ascribed below. All other terms shall be given their normal and common usage. 

(a) “Company Business” shall mean the research and development of therapeutic agents whose primary pharmacological mechanisms
of action modify galectins and are applicable in the treatment of fibrosis, cancer and related diseases. 
 (b) “Competing
Business” shall mean any person or entity that engages in a commercial business that is the same or substantially similar to the Company Business. 
 (c) “Confidential Information” shall mean data and information: (i) relating to the Company Business, regardless of whether the data or information constitutes a trade secret as that term
is defined in the Georgia Trade Secrets Act or any other applicable trade secrets law; (ii) disclosed to Executive or of which Executive became aware as a consequence of Executive’s relationship with the Company; (iii) having value to
the Company; (iv) not generally known to competitors of the Company; and (v) which includes trade secrets, methods of operation, names of customers, price lists, financial information and projections, route books, personnel data, and
similar information; provided, however, that such term shall not mean data or information (A) which has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by Executive
without authorization from the Company; (B) which has been independently developed and disclosed by others; or (C) which has otherwise entered the public domain through lawful means. 

 (d) “Key Employee” shall mean an employee who, by reason of the Company’s
investment of time, training, money, trust, exposure to the public, or exposure to customers, vendors, or other business relationships during the course of the employee’s employment with the Company, has gained a high level of notoriety, fame,
reputation, or public persona as the Company’s representative or spokesperson or has gained a high level of influence or credibility with the Company’s customers, vendors, or other business relationships or is intimately involved in the
planning for or direction of the Company Business or a defined unit of the Company Business. Such term shall also mean an employee in possession of selective or specialized skills, learning, or abilities or customer contacts or customer information
who has obtained such skills, learning, abilities, contacts, or information by reason of having worked for the Company. 
 (e)
“Material Contact” shall mean the contact between Executive and each customer or potential customer of the Company: (i) with whom or which Executive dealt on behalf of the Company; (ii) whose dealings with the Company were
coordinated or supervised by Executive; (iii) about whom Executive obtained Confidential Information in the ordinary course of business as a result of Executive’s association with the Company; or (iv) who receives products and
services authorized by the Company, the sale or provision of which results or resulted in compensation, commissions, or earnings for Executive within two (2) years prior to the date of the separation of Executive’s employment with the
Company. 
 (f) “Professional” shall mean an employee who has as a primary duty the performance of work requiring
knowledge of an advanced type in a field of science or learning customarily acquired by a prolonged course of specialized intellectual instruction or requiring invention, imagination, originality, or talent in a recognized field of artistic or
creative endeavor. Such term shall not include employees performing technician work using knowledge acquired through on-the-job and classroom training, rather than by acquiring the knowledge through prolonged academic study, such as might be
performed, without limitation, by a mechanic, a manual laborer, or a ministerial employee. 
 (g) “Territory” shall
mean the geographic area where Executive is working at the time of the separation of Executive’s employment with the Company. 
 10. Representations by Executive. 
 (a) Executive hereby represents and
warrants that he will take the time to fully understand the scope of the Company Business as soon as reasonably possible after the Commencement Date. 
 (b) Executive represents and warrants that Executive will engage in at least one of the following activities or sets of activities on behalf of the Company: (i) customarily and regularly solicits for
the Company customers or prospective customers; (ii) customarily and regularly engages in making sales or obtaining orders or contracts for products or services to be performed by others; (iii) performs the following duties: (A) has a
primary duty of managing the enterprise in which Executive is employed or of a customarily recognized department or subdivision thereof, (B) customarily and regularly directs the work of two or more employees, and (C) has the authority to
hire or fire other employees or has particular weight given to suggestions and recommendations as to the hiring, firing, advancement, promotion, or any other change of status of other employees; or (iv) performs the duties of a Key Employee or
of a Professional. 
 (c) Executive represents and warrants that the limited covenants contained in Section 11
below: (i) are fair and reasonable in that they are required for the protection of the legitimate business interests of the Company, including its customer relationships and Confidential Information; (ii) are not greater than are necessary
for the protection of the Company in light of the substantial harm that the 

 
Company will suffer should Executive breach any of the provisions of said covenants or agreements; (iii) form material consideration for this Agreement; and (iv) do not prohibit
Executive from engaging in his business, trade or profession, or from becoming gainfully employed in such a way as to provide a standard of living for himself, the members of his family, and those dependent upon him, to which he and they have become
accustomed and may expect. 
 (d) After consulting with an attorney or freely choosing not to consult with an attorney,
Executive hereby represents and warrants as to the reasonableness of each of the covenants set forth in Section 11 below, and agrees that he will not, in any action, suit or other proceeding, deny the reasonableness of, or assert the
unreasonableness of, the purpose, consideration for or scope of any or all of the covenants set forth in Section 11 below. 
 (e) Executive acknowledges the duty and responsibility to maintain and safeguard all Company property issued and/or provided to Executive, which includes all Confidential Information in any medium.
Executive further acknowledges that such property is and shall always remain the property of the Company and is to be returned to the Company promptly, upon request, and immediately upon the separation of Executive’s employment with the Company
at the Company’s expense and in a manner approved by the Company. If the event that Executive does not return such property to the Company upon the separation of Executive’s employment, Executive understands and hereby expressly consents
that the Company, at its sole election, may debit against any monies owed to Executive the full replacement cost of such property, subject to any and all applicable law. 
 11. Covenants Necessary to the Company’s Business. 
 (a)
Restrictions on Competition During Employment. Executive hereby covenants and agrees that, at any and all times during the term of Executive’s employment with the Company, Executive will not, on behalf of any Competing Business, engage
in any act of competition against the interests of the Company or any of its affiliates, assigns or successors, as applicable, in any geographic territory wherein the Company engages in the Company Business, regardless of the capacity in which
Executive is acting on behalf of the Competing Business. With respect to this covenant restricting Executive’s behavior during the Term of Executive’s employment only, prohibited acts of competition include, without limitation, the
following: (i) performing any services for a Competing Business; (ii) soliciting or recruiting any customer or prospective customer of the Company for a Competing Business; and/or (iii) hiring, recruiting or soliciting any employee of
the Company for a Competing Business. For purposes of this Agreement, references to “affiliates” of the Company shall mean any party that controls, is under common control with, or is controlled by, the Company. 

(b) Non-Solicitation of Customers Following Employment. Executive covenants and agrees that, for a period of eighteen
(18) months following the separation of Executive’s employment with the Company, regardless of the reason for separation, Executive will not, either directly or indirectly, in competition with the Company Business, solicit, entice or
recruit for a Competing Business, attempt to solicit, entice or recruit for a Competing Business, or attempt to divert or appropriate to a Competing Business, any actual or prospective customer of the Company with whom Executive had Material Contact
on behalf of the Company; provided that this Section 11(b) shall terminate thirty (30) days after termination of Executive’s employment unless the Company provides a written list of actual or prospective customers of the
Company with which it believes Executive had Material Contact; provided further, that Executive shall review such list of actual or prospective customers and, within ten (10) days after delivery thereof to Executive, confirm in writing to the
Company that such list is accurate and complete or, if Executive does not agree with such list, advise the Company as to any such disagreement. Executive and the Company agree to use their good faith best efforts to resolve any disagreement as to
the contents of the list specified herein. 

 (c) Non-Competition Following Employment. Executive covenants and agrees that, for a
period of eighteen (18)months following the separation of Executive’s employment with the Company, regardless of the reason for separation, Executive shall not, within the Territory and on behalf of a Competing Business, either directly or
indirectly (whether through affiliates, subsidiaries or otherwise), perform any duties that are the same or similar to those that he performed for the Company within two (2) years prior to the separation of Executive’s employment.
Executive further covenants and agrees that, for a period of eighteen (18)months following the separation of Executive’s employment with the Company, he shall not, either directly or indirectly (whether through affiliates, subsidiaries or
otherwise), perform any duties that are the same or similar to those that he performed for the Company within two (2) years prior to the separation of Executive’s employment on behalf of the entities engaged in a Competing Business.
Notwithstanding the foregoing, nothing contained in this Subsection (c) shall be deemed or interpreted to prevent Executive from accepting a position with an employer that is engaged in business that includes, but is not limited to, a Competing
Business so long as Executive’s duties, responsibilities and/or activities for such employer during the time period specified herein do not include, directly or indirectly, duties, responsibilities or activities involving the Competing Business
portion of such employer’s business. 
 (d) Non-Solicitation of Employees Following Employment. Executive covenants
and agrees that, for a period of eighteen (18)months following the separation of Executive’s employment with the Company, regardless of the reason for separation, Executive will not, either directly or indirectly, solicit, entice, encourage,
cause, or recruit any person employed by the Company and with whom Executive had contact during Executive’s employment with the Company to leave such person’s employment with the Company to join a Competing Business; provided that general
solicitations of employment through media of general circulation and not directly targeting the Company’s employees shall not be a breach of this provision. 
 (e) Protection of Confidential Information. Executive recognizes the interest of the Company in maintaining the confidential nature of its Confidential Information. Accordingly, and in addition to
the covenants described in subparagraphs (a) through (d) above, Executive covenants and agrees that Executive will not, at any time, other than in the performance of Executive’s duties for the Company, both during and after
Executive’s employment with the Company, communicate or disclose to any person or entity, or use for Executive’s benefit, or for the benefit of any other person or entity, including any Competing Business, either directly or indirectly,
any of the Company’s Confidential Information. 
 12. Legal Remedies. Executive acknowledges and agrees that by
virtue of the duties and responsibilities attendant to Executive’s employment with the Company and Executive’s access to Confidential Information, the Company will suffer irreparable loss and damage if Executive should breach or violate
any of the covenants and agreements contained in Section 11 of this Agreement. Executive therefore agrees and consents that, in addition to any other remedies available to the Company, the Company shall be entitled to a temporary
restraining order, preliminary injunction and/or permanent injunction, without any bond or other security being required, to prevent a breach or contemplated breach by Executive and by any person or entity to whom Executive provides or proposes to
provide any services in violation of any of the covenants or agreements contained in Section 11 of this Agreement. Any rights created by this Agreement shall be in addition to, and not in lieu of, any other remedies that may exist under
any applicable law or in equity. 
 13. Governing Law. The laws of the state of Georgia, including without limitation
those contained in O.C.G.A. §§ 13-8-50 et seq., shall govern the validity, interpretation, construction, performance and enforcement of this Agreement. 

 14. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. 
 15.
Waiver. The waiver by one party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach of the same or any other provision by the other party. The failure of a
party at any time to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same. 
 16. Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held invalid, unenforceable or otherwise illegal, the remainder of
this Agreement and the application of such provision to any other person or circumstance shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to the extent)
necessary to make it valid, enforceable and legal; provided, however, if the provision so held to be invalid, unenforceable or otherwise illegal cannot be reformed so as to be valid and enforceable, then it shall be severed from, and
shall not affect the enforceability of, the remaining provisions of the Agreement. 
 17. Construction. The parties
acknowledge that they have fully read, understood and unconditionally accepted this Agreement, after having the opportunity to consult with an attorney, and acknowledge that this Agreement is mutual and binding upon all parties hereto. 

18. Notices. All notices, requests, demands, claims or other communications hereunder will be in writing and shall be deemed duly
given if personally delivered, sent by telefax, “pdf” or sent by a recognized overnight delivery service which guarantees next day delivery (“Overnight Delivery”), or mailed registered or certified mail, return receipt
requested, postage prepaid, transmitted or addressed to the intended recipient as set forth below: 
  

			
	 in the case of
 the Company
to:
	 	 Galectin Therapeutics Inc.
 c/o
Arnall Golden Gregory LLP
 171 17th Street NW, Suite 2100
 Atlanta, GA 30363
 Facsimile: 404-873-8629
 Attn: Adam S. Skorecki, Esq.

		
	with a copy to:	 	 Arnall Golden Gregory LLP
 171
17th Street NW, Suite 2100

Atlanta, GA 30363
 Facsimile:
404-873-8629
 Attn: Adam S. Skorecki, Esq.

		
	and in the case of Executive to:	 	 Harold Shlevin
 1827 Durand
Mill Drive NE
 Atlanta, GA 30307-1171

Facsimile:             

		
	with a copy to:	 	 Wyrick Robbins Yates & Ponton LLP
 4101 Lake Boone Trail, Suite 300
 Raleigh, NC 27607

Facsimile: 919-781-4865
 Attn: W. David
Mannheim

 or at such other addresses as any party hereto notifies the other parties hereof in writing in accordance
with this Section. The parties hereto agree that notices or other communications that are sent in accordance herewith (a) by personal delivery, telefax or “pdf”, will be deemed received on the day sent or on the first business day
thereafter if not sent on a business day, (b) by Overnight Delivery, will be deemed received on the first business day immediately following the date sent, and (c) by U.S. mail, will be deemed received three (3) business days
immediately following the date sent. 
 19. Benefit. This Agreement is not assignable or delegable, in whole or in part,
by Executive without the prior written consent of the Company. Notwithstanding the foregoing, the covenants of Executive contained in this Agreement shall be binding upon Executive’s heirs and legal representatives and shall survive the
termination of this Agreement. The rights and obligations of the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. Furthermore, the Company shall have the right to
assign this Agreement to its successors and assigns, and all covenants herein shall inure to the benefit of, and be enforceable by, said successors and assigns. 
 20. Modification. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and may be amended or superseded only by an agreement in writing signed by
the parties hereto. No action or course of conduct shall constitute a waiver of any of the terms and conditions hereof, unless such waiver is specified in writing and, in the case of such action by the Company, approved by the Reporting Officer, and
then only to the extent so specified. 
 21. Headings. The headings in this Agreement are intended solely for convenience
of reference and shall be given no effect in the construction or interpretation of this Agreement. 
 22. Litigation
Assistance. Executive agrees that following the termination of his employment hereunder, regardless of the reason for or manner of such termination, other than death or a disability that prevents his cooperation, he shall, upon reasonable
notice, furnish such information and give such assistance to the Company in any controversy or matter involving litigation as may reasonably be requested by the Company. The Company shall compensate Executive for all reasonable out-of-pocket
expenses incurred while so assisting the Company and shall pay Executive a per diem equal to the Executive’s last Base Salary under this Agreement divided by two hundred twenty three (223). Executive is not obligated to assist in any
controversy or litigation between the Company and Executive. 
 23. Interpretation. Should any provision of this
Agreement require a judicial interpretation, it is agreed that the judicial body interpreting or construing this Agreement shall not apply the assumption that the terms of this Agreement shall be more strictly construed against one party by reason
of the rule of legal construction that an instrument is to be construed more strictly against the party which itself or through its agents prepared the agreement. The parties acknowledge and agree that they and their agents have each had the
opportunity to participate equally in the negotiations and preparation of this Agreement, and Executive acknowledges that he has had the opportunity to consult legal counsel regarding the terms hereof. 

24. No Limitation. Notwithstanding anything to the contrary, nothing in this Agreement shall be construed to limit the common law
rights of the Company and/or its affiliates with respect to their Confidential Information. 
 25. Intentionally Omitted.

 26. Survival. Sections 9 through 26 hereof shall survive the termination of this Agreement. 

 [Signatures begin on following page] 

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

			
	COMPANY:
	
	GALECTIN THERAPEUTICS INC.
		
	By:	 	 /s/ Peter G. Traber

	Name:	 	 Peter G. Traber, MD

	Title:	 	 President, CEO and CMO

	
	EXECUTIVE:
	
	 /s/ Harold Shlevin

	Harold Shlevin

 [Signature page to Employment Agreement] 

 EXHIBIT A 

Annual Performance Bonus 
 First Full Calendar Year of Initial Term (2013) 
 Executive shall be entitled to receive up
to a total amount of Forty Thousand and No/100 Dollars ($40,000.00) during calendar year 2013, as follows: (a) the Guaranteed Performance Bonus, payable in quarterly installments within thirty (30) days after the end of each calendar
quarter during calendar year 2013, plus (b) up to an additional Twenty Thousand and No/100 Dollars ($20,000.00), payable within thirty (30) days of the end of calendar year 2013, based on the achievement of individual performance
goals determined by the Compensation Committee of the Board of Directors of the Company, in its sole and absolute discretion. Such goals shall be developed and put in place by December 31, 2012. 

Second Full Calendar Year of Initial Term (2014) 
 Executive shall be entitled to receive up to a total amount of Fifty Thousand and No/100 Dollars ($50,000.00) during calendar year 2014, as follows: (a) up to Twenty-Five Thousand and No/100
Dollars ($25,000.00), payable within thirty (30) days of the end of calendar year 2014, based on the achievement of Company performance goals determined by the Compensation Committee of the Board of Directors of the Company, in its sole and
absolute discretion, plus, (b) up to Twenty-Five Thousand and No/100 Dollars ($25,000.00), payable within thirty (30) days of the end of the calendar year 2014, based on the achievement of individual performance goals determined by
the Compensation Committee of the Board of Directors of the Company, in its sole and absolute discretion. Such goals shall be developed and put in place by December 31, 2013. 
 Renewal Terms 
 Following the Initial Term, the amount of the Annual Performance
Bonus, and the performance goals Executive and/or the Company must achieve in order for Executive to earn all or any portion of such Performance Bonus, shall be determined jointly by the CEO, Executive and the Compensation Committee of
the Board of Directors of the Company; provided, however, that in no event shall the amount of the Annual Performance Bonus be less than twenty-five percent (25%) of the Base Salary for the year to which the Annual Performance Bonus relates.

 EXHIBIT B 

Stock Option Agreement 
 [See attached.] 

 STOCK OPTION AGREEMENT 

GALECTIN THERAPEUTICS INC. 
 INCENTIVE STOCK OPTION AGREEMENT 
 FOR 

HAROLD SHLEVIN 
 AGREEMENT 
 1. Grant of Option. Galectin Therapeutics Inc., a Nevada
corporation (the “Company”) hereby grants, as of August 27, 2012 (“Date of Grant”), to Harold Shlevin (the “Optionee”) an option (the “Option”) to purchase up to two hundred fifty thousand
(250,000) shares of the Company’s common stock, $0.01 par value per share (the “Shares”), at an exercise price per share equal to $2.32 (the “Exercise Price”). The Option shall be subject to the terms and conditions set
forth herein. The Option is being issued pursuant to the Company’s 2009 Incentive Compensation Plan (the “Plan”), which is incorporated herein for all purposes. The Option is an Incentive Stock Option and not a Non-Qualified Stock
Option. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and conditions hereof and thereof and all applicable laws and regulations. 
 2. Definitions. Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined herein shall have the meanings attributed thereto in the Plan. 

3. Exercise Schedule. Except as otherwise provided in Sections 6 or 9 of this Agreement, or in the Plan, the Option is exercisable in
installments as provided below, which shall be cumulative. To the extent that the Option has become exercisable with respect to a specified number of Shares as provided below, the Option may thereafter 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. The following table indicates each date (the “Vesting Date”) upon which the Optionee shall be entitled to exercise the Option with respect to
the number of Shares granted as indicated beside the date, provided that the Continuous Service of the Optionee continues through and on the applicable Vesting Date: 
  

					
	Number
of
Shares	 	  	 Vesting Date

		
	 	50,000	  	  	Upon execution of Employment Agreement by Optionee and the Company
		
	 	50,000	  	  	December 31, 2012
		
	 	75,000	  	  	December 31, 2013
		
	 	75,000	  	  	December 31, 2014

 For the avoidance of doubt, in the event the Optionee’s employment ends on
December 31, 2014 other than termination for Cause (as defined in that certain Employment Agreement between the Company and Optionee, dated August 27, 2012), Optionee shall be deemed to have satisfied the Continuous Service requirement
through such date and this Option shall be fully vested. 
 Except as otherwise specifically provided herein, there shall be no
proportionate or partial vesting in the periods prior to each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date. Except as otherwise specifically provided herein, upon the termination of the Optionee’s Continuous
Service, any unvested portion of the Option shall terminate and be null and void. 
 4. Method of Exercise. The vested portion of
this Option shall be exercisable in whole or in part in accordance with the exercise schedule set forth in Section 3 hereof 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 required by the Company pursuant to the provisions of the Plan. 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 as determined pursuant to Section 5 hereof. 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 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) 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. 
 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 otherwise determines in writing in its sole discretion (see Attachment A), three (3) months
after the date on which the Optionee’s Continuous Service is terminated other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determined by a medical doctor satisfactory to the
Committee, or (C) the death of the Optionee; 
 (ii) immediately upon the termination of the Optionee’s Continuous
Service by the Company or a Related Entity for Cause; 
 (iii) twelve (12) months after the date on which the
Optionee’s Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory to the Committee; 
 (iv) twelve (12) months after the date of termination of the Optionee’s Continuous Service by reason of the death of the Optionee; 

(v) the tenth (10th) anniversary of the date as of which the Option is granted. 

(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 pursuant to Section 10(c)(ii) of
the Plan, 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, 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. Acceleration of Exercisability of
Option. 
 (a) Acceleration Upon Certain Terminations or Cancellations of Option. So long as this Option
has not terminated pursuant to Section 6(a) hereof, this Option shall become immediately fully exercisable immediately prior to the occurrence of any event that would result in (i) the Option being terminated pursuant to
Section 6(b)(i) hereof, or (ii) the Company exercising its discretion to provide a cancellation notice with respect to the Option pursuant to Section 6(b)(ii) hereof. 

(b) Acceleration Upon Change in Control. Subject to Section 9(a) above and so long as this Option has not terminated
pursuant to Section 6(a) hereof, this Option shall become immediately fully exercisable immediately prior to the occurrence of any event that qualifies as a “Change in Control”, as defined in Section 9(b) of the Plan. 

10. 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. 
 11. Law Governing. This Agreement shall be governed in accordance with and governed by
the internal laws of the State of Massachusetts. 
 12. Incentive Stock Option Treatment. The terms of this Option shall be
interpreted in a manner consistent with the intent of the Company and the Optionee that the Option qualify as an Incentive Stock Option under Section 422 of the Code. If any provision of the Plan or this Agreement shall be impermissible in
order for the Option to qualify as an Incentive Stock Option, then the Option shall be construed and enforced as if such provision had never been included in the Plan or the Option. If and to the extent that the number of Options granted pursuant to
this Agreement exceeds the limitations contained in Section 422 of the Code on the value of Shares with respect to which this Option may qualify as an Incentive Stock Option, this Option shall be a Non-Qualified Stock Option. 

 13. Interpretation / Provisions of Plan Control. This Agreement is subject to all the terms,
conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted by the Committee as may be in effect from time to time. If and to
the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Optionee accepts the Option subject to all
of the terms and provisions of the Plan and this Agreement. The undersigned Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan and this Agreement,
unless shown to have been made in an arbitrary and capricious manner. 
 14. 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
                                         , 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. 
 15. 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 Date of Grant, (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 as of the
27 August 2012. 
  

			
	COMPANY:
	
	GALECTIN THERAPEUTICS INC., a Nevada corporation
		
	By:	 	 /s/ Peter G. Traber

		
	Name:	 	Peter G. Traber, MD
		
	Title:	 	President, CEO and CMO

 The Optionee acknowledges receipt of a copy of the Plan and represents that he has reviewed the
provisions of the Plan and this Option Agreement in their entirety, is familiar with and understands their terms and provisions, and hereby accepts this Option subject to all of the terms and provisions of the Plan and the Option Agreement. The
Optionee further represents that he has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement. 
  

											
	Dated:	 	 27 August 2012
	 		 	OPTIONEE:
						
		 		 		 		 	By:	 	 /s/ Harold Shlevin

						
		 		 		 		 		 	Harold Shlevin

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