Document:

EX-10.2

 Exhibit 10.2 

DEFERRED STOCK UNIT AGREEMENT 

UNDER THE GALECTIN THERAPEUTICS INC. 

2019 OMNIBUS EQUITY COMPENSATION PLAN 

August 31, 2020 
 Pursuant to the
terms of the Galectin Therapeutics Inc. 2019 Omnibus Equity Compensation Plan (the “Plan”), Galectin Therapeutics Inc., a Nevada corporation (the “Company”) will issue the number of shares of the Company’s
common stock equal to the number of Deferred Stock Units (“DSUs”) granted in accordance with the terms set forth in this agreement (the “Agreement”). 

Notwithstanding anything in this Agreement to the contrary, the grant of the DSUs pursuant to this Agreement and the issuance of shares of the Company’s
common stock in settlement of such DSUs shall be subject to, and governed by, all the terms and conditions of the Plan. To the extent there is any inconsistency between the terms of the Plan and of this Agreement, the terms of the Plan shall
control. 
 All capitalized terms used in this Agreement and not otherwise defined shall have the respective meanings given such terms in
the Plan. 
 1.    General. Each DSU represents a right to receive one share of the Company’s
common stock (a “Share”) in accordance with and subject to the terms and conditions of this Agreement and the Plan. By execution of this Award Agreement, the Grantee agrees to be bound by all of the terms and provisions of the Plan,
the rules and regulations under the Plan adopted from time to time, and the decisions and determinations of the Board made from time to time. 

2.    Number of DSU. Pursuant to the terms of the Grantee’s employment agreement with the
Company dated September 2, 2020 (the “Employment Agreement”), 80% of the Grantee’s base salary and annual performance bonus earned during the period beginning on September 2, 2020 and ending on December 31, 2022
shall be paid in the form of DSUs which will settle in accordance with the terms of this Agreement. 
 (a)    Base
Salary DSUs. The number of whole and fractional DSUs credited to the Grantee’s Account (as defined in Section 3 below) with respect to his base salary each payroll period shall equal the quotient obtained by dividing (i) 80% of the
gross amount of the Grantee’s base salary earned during such payroll period by (ii) the closing price of the Company’s Common Stock on the date he receives the cash portion of his base salary. 

(b)    Annual Performance Bonus DSUs. The number of whole and fractional DSUs credited to the Grantee’s
Account with respect to any annual performance bonus earned during any fiscal year ending on or after the date of this Agreement and on or before December 31, 2022 shall equal the quotient obtained by dividing (i) 80% of the gross amount of the
annual performance bonus earned by the Grantee for such fiscal year by (ii) the closing price of the Company’s Common Stock on the date he receives the cash portion of his annual performance bonus for such fiscal year. 

 3.    Account for Grantee. The Company shall maintain a
bookkeeping account for the Grantee (the “Account”) reflecting the number of whole and fractional DSUs credited to the Grantee pursuant to Section 2. 

4.    Nontransferability. The Grantee may not transfer DSUs or any rights hereunder to any third
party other than by will or the laws of descent and distribution. 
 5.    Vesting. The DSUs
credited to the Grantee’s Account as of any date shall be fully vested and nonforfeitable at all times. 

6.    Settlement - Delivery of Shares. The Company shall issue the Shares underlying the outstanding whole
number of DSUs credited to the Grantee’s Account (along with any cash credited to the Grantee’s Account) as follows: twenty five (25%) percent shall be issued and/or paid on March 1, 2023, twenty five (25%) percent shall be issued
and/or paid on September 1, 2023, and fifty (50%) percent shall be issued and/or paid on March 1, 2024; provided however, that all remaining whole Shares underlying the DSUs credited to the Grantee’s Account (and any remaining cash
credited to the Grantee’s Account) will be distributed to the Grantee on the earlier of (i) the first business day of the seventh (7th) month following the Grantee’s Separation from
Service, and (ii) the date of the Grantee’s death. Each date on which the Grantee is schedule to receive Shares and cash in an installment payment or in a lump sum is referred to herein as a “Settlement Date.” The Fair Market
Value of any fractional DSU determined as of the applicable Settlement Date, along with any other cash credited to the Grantee’s Account pursuant to the following paragraph shall be paid to the Grantee in cash on or as soon as reasonably
practicable after the Settlement Date. 
 In the event a Change in Control of the Company occurs prior to the Settlement Date, the
Grantee’s Account will be credited with the consideration payable in such Change in Control with respect to the Shares subject to the DSUs then credited to the Grantee’s Account immediately prior to such Change in Control. If the
Grantee’s employment with the Company continues after a Change in Control, the Grantee’s Account will be credited with the cash value of the portion of his base salary and annual performance bonus that would have been credited in the form
of DSUs but for the Change in Control. The portion of the Grantee’s Account denominated in cash pursuant to the preceding sentence (i.e., the amount attributable to base salary and annual performance bonuses credited to the Grantee’s
Account after the Change in Control) shall be credited with interest at three (3%) percent compounded annually. For avoidance of doubt, a Change in Control shall not result in acceleration of the settlement of the Grantee’s Account and the
payment of all amounts or other property credited to the Grantee’s Account in connection with the Change in Control shall be paid or delivered to the Grantee on as soon as reasonably practicable after the Settlement Date. 

7.    Miscellaneous. 

(a)    Change and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any
oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee. Any amendment or modification to Section 2 of this Agreement will become
effective with respect to the Grantee’s base salary and annual performance bonus earned in the calendar year following the calendar year in which such amendment is executed. 

  
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 (b)    Tax Withholding. The Grantee agrees to make appropriate
arrangements with the Company for the satisfaction of all applicable Federal, state and local income tax withholding requirements, if any, arising in connection with the delivery of Shares or other property and payment of any cash to the Grantee in
accordance with this Agreement. 
 (c)    Notices. All notices, requests, consents and other communications
shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Grantee shall be addressed
as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(d)    Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above
written. 
  

			
	GALECTIN THERAPEUTICS INC.
		
	By:	 	 /s/ Kevin D. Freeman

	Name:	 	Kevin D. Freeman
	Title:	 	Vice-Chairman and Authorized Director
	
	Address:
		
		 	 4960 Peachtree Industrial

Boulevard

		 	Suite 240
		 	Norcross, GA 30071

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan and understands that the DSUs granted
herein are subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions thereof and of the Plan hereby agreed to, by the undersigned as of the date first above written. 

 

			
	GRANTEE:
		
	 	 	 /s/ Joel Lewis

	Name: Joel Lewis

 DESIGNATION OF BENEFICIARY:    [*] 

  
 -3-EX-10.3

 Exhibit 10.3 

RETIREMENT AGREEMENT 

This Retirement Agreement (the “Retirement Agreement”) is entered into as of August 31, 2020, by and between Harold
H. Shlevin, Ph.D. ( “Executive”), an individual residing in the State of Florida, and Galectin Therapeutics, Inc. (the “Company”), a Nevada corporation, effective on the date of Executive’s signature
below (the “Effective Date”). 
 WHEREAS, Executive has been employed by the Company pursuant to an Amended and Restated
Employment Agreement dated December 11, 2014, as amended by First Amendment to Employment Agreement dated June 8, 2018 (the “Employment Agreement”); 

WHEREAS, pursuant to the Employment Agreement Executive has served as the Company’s President and Chief Executive Officer; 

WHEREAS, Executive has advised the Company of his wish to retire from full time work on behalf of the Company; 

WHEREAS, the Company has identified a successor Chief Executive Officer whose employment agreement is being executed contemporaneously
herewith and whose employment will commence not later than the Effective Date (as hereinafter defined). 
 WHEREAS, the Executive has agreed
to remain a member of the Board of Directors of the Company and has agreed to provide certain services to the Company, as an independent contractor, pursuant to a separate Consulting Agreement (the “Consulting Agreement”); and 

WHEREAS, Executive and the Company wish to memorialize in writing the terms upon which the employment relationship is ending; 

THEREFORE, in consideration of the mutual promises herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Executive and the Company agree as follows: 
 1.    Date of Separation.
Executive’s employment with the Company shall end as September 2, 2020 the (“Separation Date”). 

2.    Compensation and Benefits. 

(a)    Base Compensation. Executive shall continue to receive Executive’s current base salary through the
Separation Date, in accordance with the Company’s normal payroll practices. On the Separation Date, the Company will pay, as W-2 income to Executive the sum of $3,787.88 which constitutes all salary and
wages earned by Executive through the Separation Date. 
 (b)    Bonus. Except as provided in Section 2(c)
below, in lieu of any other bonus to which he may be entitled under the Employment Agreement or any policy of the Company or that may otherwise have accrued or be earned in connection with his employment or his retirement, within thirty
(30) days of the date of this Retirement Agreement Company shall pay Executive, as W-2 income, the sum of $210,000, less normal payroll deductions. 

 (c)    Partnership Bonus. If during the term of the Consulting
Agreement or any renewal thereof, employees of the Company earn a “pharma deal achievement bonus” as established by the Board of Directors of the Company on May 22, 2018, then Executive shall also be entitled to receive a “pharma
deal achievement bonus”, and for such purposes the Executive’s bonus shall computed by reference to the consulting fees paid by the Company to the Executive in the twelve (12) calendar months immediately preceding the date that
employees of the Company earned the pharma deal achievement bonus, rather than by reference to base salary. 

(d)    Vacation. Within 30 days after the Separation Date, the Company will pay, as
W-2 income to Executive, the sum of $41,345.36 which constitutes payment in full for all unused vacation time accrued and, if applicable, unused and accrued personal time off to the Effective Date. The payment
of the vacation pay will have normal payroll deductions 
 (e)    Stock Option Vesting. Executive was granted
stock options in January 2019 and in January 2020, each grant vesting over a two year period. The stock options will continue to vest as scheduled so long as Executive remains either a consultant to the Company or a member of the Board of Directors
of the Company. The stock option grants provide that the options must be exercised within ninety days after the service of the Executive to the Company has ended. For such purposes, the service of the Executive to the Company will not end so long as
he is either a consultant to the Company or a member of the Board of Directors of the Company. 
 (f)    Employee
Benefits. 
 (i)    Group Health Insurance Coverage. Executive’s group health insurance shall continue
through the Separation Date. Thereafter, Executive may elect to continue group health insurance pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) and in accordance with the group health insurance plan, and the
Company will reimburse Executive for all premiums during the term of the Consulting Agreement as provided in the Consulting Agreement. Additional information about continuation coverage under COBRA will be provided to Executive separately. A
portion of the cost of Executive’s health insurance will be paid to Executive under the Consulting Agreement, as more specifically provided therein. 

(ii)    Qualified Retirement Plan. Executive shall be eligible for distribution of any vested account balance under
any qualified retirement plan (such as a 401(k) plan) sponsored by the Company, pursuant to the terms and conditions of such plan documents. 

(iii)    Life and Disability Insurance. The Company shall cooperate in assigning any individual life and disability
insurance policies held on Executive so long as Executive assumes liability for paying all premiums thereon at and after the Separation Date. 

(iv)    Other benefits. Except as otherwise expressly stated herein or as otherwise required by law, as of
the Separation Date, Executive shall cease to participate in all employee benefits, plans, policies and practices provided by the Company. 

  
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 3.    Cessation of Authority and Continuing Duties. 

(a)    Cessation of Authority. As of the Separation Date, Executive resigns as a corporate officer of the Company
and of all affiliates of the Company; provided however that under the terms of the Consulting Agreement, Executive will remain as a manager of Galectin Sciences for a period to be mutually agreed. Following the Separation Date, Executive’s
consulting services for the Company shall be governed by the Consulting Agreement. Executive’s service as a member of the board of directors shall be subject to the bylaws of the Company following the Separation Date, Executive will receive the
same cash and equity benefits that are awarded to non-employee directors based on the policies established by the Company from time to time. At the current time this consists of cash payments for board service
commencing on the Separation Date and annual stock option grants at or about the time of the 2020 annual meeting of stockholders. 

(b)    Transition. Executive shall assist and support the Company’s efforts to effectuate a smooth transition
of Executive’s role from an employed CEO to a consultant. Such transitional efforts shall include (i) cooperating with internal and external communications regarding the transition, and (ii) cooperating with any consulting or advisory
teams designated or engaged by the Company to assist with communications with shareholders, the public market and potential acquiring or partnering companies. 

(c)    Cooperation. As further consideration for the covenants set forth herein, Executive hereby agrees to
cooperate in a commercially reasonable manner with any lawyer, law firm, or consultant that the Company designates with respect to any litigation, deposition, hearing, arbitration, or other proceeding (including, but not limited to, any general
liability-related lawsuits, employment-related lawsuits or claims concerning which Executive has knowledge or audits, investigations, lawsuits, complaints or proceedings by government entities of state or
federal law compliance) where the legal or financial interests of the Company or any of its affiliates are at issue (such assistance to be provided upon reasonable advance notice and at reasonable times and places). Executive further covenants that
Executive will contact the Company promptly in the event that Executive is served with or notified of any subpoena, notice or other instruction directing Executive to appear in any legal proceeding involving the Company or any of its affiliates. If
any cooperation duties under this paragraph are requested by the Company, the Company shall pay Executive at the rate of $400 per hour for any time spent in compliance with the obligations in this paragraph. If during such cooperation Executive
reasonably determines that his legal interests are sufficiently different from the Company such that he should obtain separate legal representation, then Executive shall be entitled to hire a personal attorney and will be reimbursed for the
reasonable legal expenses so incurred up to $10,000. The Company shall reimburse Executive for reasonable travel expenses and other reasonable out-of-pocket expenses
associated with Executive’s compliance with the obligations in this paragraph. Notwithstanding the foregoing, Executive will be excused from any travel requirements during the COID-19 pandemic as
Executive is in an at-risk group. 
 (d)    Return of Property. During
the time that Executive is continuing to perform consulting services to the Company pursuant to the Consulting Agreement, Executive may continue to utilize his existing computer equipment, documents and other property belonging

  
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to the Company in carrying out his consulting services for the Company. At the conclusion of his consulting services, Executive shall return to the Company all property belonging to the Company
at the Company’s expense, including but not limited to computer equipment, documents, and data files, retaining no copies. 

4.    Restrictive Covenants. The covenants and obligations contained in Sections 9 through 12 of the Employment
Agreement shall remain in full force and effect according to their terms. 
 5.    Representations. The parties
acknowledge and agree as follows: 
 (a)    The Executive Parties have not filed any litigation or other proceeding
against the Company Parties; no person or entity other than Executive has or has had any interest in the matters released herein; Executive has the sole right, capacity, and exclusive authority to execute this Retirement Agreement; and Executive has
not sold, assigned, transferred, conveyed or otherwise disposed of any of the claims, demands, obligations, or causes of action released herein. 

(b)    By entering into this Retirement Agreement, Executive does not waive rights or claims that may arise before or
after the date this Retirement Agreement is executed. 
 (c)    Executive has consulted an attorney prior to entering
into this Retirement Agreement. 
 (d)    The parties have been given a reasonable period of time within which to
consider the terms of this Retirement Agreement. 
 6.    No Other Representations. The parties represent and
acknowledge that in executing this Retirement Agreement they do not rely, and have not relied, upon any representation or statement not set forth herein made by any party or other person or entity (including the parties’ respective agents,
representatives, or attorneys) with regard to the subject matter, basis, or effect of this Retirement Agreement or otherwise. 

7.    No Admission of Liability. This Retirement Agreement shall not be construed as an admission of liability by
the Company or an admission that the Company has acted in any way wrongfully towards Executive. This Retirement Agreement shall not be construed as an admission of liability by Executive or an admission that Executive has acted in any way wrongfully
towards the Company. The parties specifically deny and disclaim any such liability or wrongful conduct. 

8.    Knowledgeable Decision. The parties represent and warrant that they have read all the terms of this
Retirement Agreement. The parties are voluntarily signing and delivering this Retirement Agreement of their own free will in exchange for the parties’ mutual agreement to execute this Retirement Agreement and the Consulting Agreement, which the
parties acknowledge and agree are adequate and satisfactory. 

  
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 9.    Severability. In the event any portion or clause of this
Retirement Agreement is deemed invalid or unenforceable in a court of law, the remainder of the Agreement shall be severed from the invalid or unenforceable portion. 

10.    Entire Agreement. This Retirement Agreement expresses the entire agreement of the parties with respect to
its subject matter. Any prior agreement (whether written or oral) between the parties with respect to the subject matter of this Retirement Agreement is null and void. This Retirement Agreement may only be modified in a writing signed by both
parties. 
 11.    Assignment. This Retirement Agreement shall accrue to the benefit of the Company and its
successors and assigns, and shall be freely assignable to any entity with which the Company may merge or otherwise combine, or to which the Company may transfer substantial assets. This Retirement Agreement is personal to the Executive and may not
be assigned by Executive. 
 12.    Notices. Any notices or other communications provided for hereunder may be
made by hand, by certified or registered mail, postage prepaid, return receipt requested, or by nationally recognized express courier services provided that the same are addressed to the party required to be notified. If the notice is to the
Company, it shall be addressed to the Company’s Chief Executive Officer or Chief Financial Officer at the Company’s headquarters. If the notice is to Executive it shall be addressed to Executive at his home address as set forth in the
records of the Company. Notice shall be considered accomplished on the date delivered, three days after being mailed or one day after deposit with the express courier, as applicable. Notwithstanding the foregoing, in the event the parties adopt a
course of dealing pursuant to which notices are provided electronically (e.g., using electronic mail), then such electronic notice shall be considered valid hereunder.    . 

13.    Governing Law and Dispute Resolution. This Retirement Agreement shall be construed in accordance with, and
governed by, the laws of the State of Georgia. Any disputes arising out of or relating to this Retirement Agreement or the Employment Agreement shall be resolved by means of binding arbitration conducted through the American Arbitration Association
(unless an alternative arbitration forum is agreed upon by the Company and Executive at the time of such dispute). The arbitration proceeding shall be conducted by a single arbitrator and shall be held in Atlanta, Georgia. The Company agrees to
reimburse Executive for all reasonable travel, lodging and meal expenses incurred to attend the arbitration. The award of the arbitrator shall be final and shall be enforceable by any court of competent jurisdiction. 

[Signature Page Follows] 

  
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 NOTICE: THIS RETIREMENT AGREEMENT CONTAINS A WAIVER OF LEGAL RIGHTS. YOU SHOULD READ IT
CAREFULLY AND CONSIDER SEEKING THE ADVICE OF AN ATTORNEY (AT YOUR OWN EXPENSE) BEFORE SIGNING IT. 
 IN WITNESS WHEREOF, the parties
have executed this Retirement Agreement, which shall be deemed effective as of the Effective Date. 
  

			
	Galectin Therapeutics Inc.
		
	By:	 	 /s/ Kevin D. Freeman

		
	Printed Name:	 	     Kevin D. Freeman

		
	Title:	 	     Vice Chairman and Authorized Signatory

	
	 /s/ Harold H. Shlevin, Ph.D.

	Harold H. Shlevin, Ph.D.
	
	         August 31, 2020

	Date of Signature

  
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