Document:

CUSTOMER AGREEMENT

 Exhibit 10.1 
 Global Futures and Options Department 
 Deutsche Bank Securities Inc. 

60 Wall Street 
 New York, New York 10019

 Telephone (212) 250-2034 

Telefax (212) 797-2042 

FUTURES AND OPTIONS AGREEMENT 
 FOR INSTITUTIONAL CUSTOMERS 
 In consideration of the acceptance by
Deutsche Bank Securities Inc. (which, together with its affiliates (“Affiliates”) is referred to as “DBSI” unless otherwise specified herein) of one or more accounts for the undersigned, PowerShares DB Multi-Sector
Commodity Trust, a Delaware Statutory Trust organized in series (the “Trust”) with respect to one of its series, PowerShares DB Silver Fund (“Customer”) (all accounts of the Customer with DBSI being collectively
referred to as the “Account”), Customer agrees that this Agreement shall govern all dealings between Customer and DBSI relating to transactions that DBSI may execute, clear and/or carry on Customer’s behalf for the purchase or sale of
futures contracts (“Futures Contracts”) or options thereon (“Option Contracts”; Futures Contracts and Option Contracts collectively being “Contracts”). 

 

 1. Relevant Law. 
 The Account and every Contract executed and/or cleared by DBSI on Customer’s behalf shall be subject to (a) this Agreement; (b) the Commodity Exchange Act, as amended (“CEA”) and
all rules, regulations and interpretations of the Commodity Futures Trading Commission (the “Commission”); (c) all rules, regulations and interpretations of the National Futures Association (“NFA”); and (d) the
constitution, by-laws, rules, interpretations and customs of each applicable exchange and clearing organization (each exchange and clearing house being collectively an “Exchange”) ((b) through (d), as in effect from time to time,
collectively being “Relevant Law”). 
 2. Margin. 
 (a) The Trust, on behalf of the Customer, agrees that it will deposit and maintain cash, acceptable securities or other assets (as defined in Section 2(d)), in order to satisfy initial and variation
margin requirements and make any premium payments in connection with each Contract, in the amount, at the times and in the manner required by DBSI or Relevant Law. DBSI has no obligation to set uniform margin requirements, commissions or other
charges and DBSI’s margin requirements may exceed Exchange requirements. After providing Customer with reasonable prior notice, DBSI, exercising reasonable discretion, may change the margin requirements for any Account or Contract.

 (b) DBSI will comply with all applicable provisions of the CEA and Commission regulations
relating to the segregation and handling of customer property with respect to property deposited by the Trust, on behalf of the Customer. Without limitation of the foregoing, DBSI will not pledge, rephypothecate, loan or invest any such property
except in connection with the margining of Contracts entered into by the Trust, on behalf of the Customer. Any property deposited by the Trust, on behalf of the Customer, may be transferred or pledged by DBSI to any Exchange or clearing broker to
satisfy obligations of customers of DBSI. 
 (c) DBSI agrees that it will pay Customer interest on cash margin deposited by
the Trust, on behalf of the Customer, at rates mutually agreed to from time to time. Customer will receive all interest or other distributions or income on securities Customer has deposited with DBSI. 

(d) For purposes of this Section, acceptable securities or other assets means securities or other assets acceptable (i) under the
rules of the relevant Exchange and (ii) to DBSI in its reasonable discretion. The value of acceptable securities or other assets deposited in Customer’s Accounts will be determined by DBSI in its reasonable judgment. 

(e) Customer will be entitled to or responsible for any profit, loss or risk, and any related costs, arising from currency conversions
or exposures incidental to 

 

 
Customer’s trading of Contracts (including those related to the margining of Contracts denominated in currencies other than those deposited by Customer). Any currency conversions will be
made at DBSI’s then current rates of exchange. 
 3. Other Payments To DBSI. 

The Trust, on behalf of the Customer, agrees to pay (i) commissions and brokerage charges for each Contract and Account as mutually
agreed by Customer and DBSI from time to time; (ii) all fees, charges, taxes, fines and penalties incurred by DBSI or imposed by any regulatory or self-regulatory organization (including any Exchange) with respect to such Contracts or Accounts;
(iii) any and all losses, debit balances or deficiencies in any Account; and (iv) any interest on any deficiencies or debit balance in such Account and on any funds advanced to or provided on behalf of Customer at a rate to be agreed upon
by the Trust, on behalf of the Customer, and DBSI. Such interest rate shall be confirmed to Customer in writing. 
 4. Option Exercise;
Delivery. 
 (a) The Trust, on behalf of the Customer, is required to give DBSI notice of any intention to make or take
delivery under any Futures Contract or to exercise any Option Contract, in accordance with DBSI’s instructions, and to satisfy any payment or delivery requirements in connection with its performance under such Futures or Option Contracts.

 (b) The Trust, on behalf of the Customer, understands that certain Option Contracts are subject to exercise at any time.
Upon the receipt of an exercise notice for this type of Option Contract, DBSI will allocate the notices in accordance with Relevant Law to customers who have open short positions in the Option Contract (including Customer). The assignment of any
exercise notice to Customer by DBSI will be final and binding upon Customer. DBSI will use reasonable efforts to notify Customer of any assignment of an exercise notice to Customer. 

(c) If the Trust, on behalf of the Customer, does not furnish DBSI with instructions regarding the disposition of a Contract within the
time specified by DBSI, DBSI will be entitled to take or refrain from taking any action it deems appropriate and will have no liability to Customer. These actions might include the exercise of, or failure to exercise, an Option Contract or the
liquidation of any Contract on any Exchange (including those Exchanges whose rules provide for automatic exercise).

 5. Position Limits. 
 (a) The Trust, on behalf of the Customer, agrees to comply with the position limits established by Relevant Law, to notify DBSI promptly if it is required to file any position report and, upon request,
promptly to provide copies of any such reports to DBSI. 
 (b) Upon reasonable notice to Customer, DBSI may limit the size and
number of open Contracts (net or gross) that Customer may execute, clear and/or carry with it. DBSI’s position limits may be more restrictive than the limits imposed under Relevant Law. The Trust, on behalf of the Customer, agrees that it will
not place any order, which, if filled, would cause Customer to exceed these limits. Further, DBSI may require Customer to liquidate any open positions carried in Customer’s Account, and may refuse to accept any order of Customer establishing a
new position in order to comply with such limits. 
 (c) DBSI may in its sole discretion select executing brokers, clearing
and non-clearing brokers and floor brokers, whether or not affiliated or related to DBSI, to execute, clear or carry Customer’s transactions hereunder. 
 6. Advice; No Warranty as to Information, Etc. 
 (a) The Trust, on behalf
of the Customer, acknowledges and agrees that: (i) Customer and any advisor of Customer have sole responsibility for all decisions for the Account; (ii) DBSI is not an advisor or fiduciary with respect to Customer, any Account or any
action of Customer in connection with an Account or Contract and DBSI assumes no responsibility for compliance with any law or regulation governing the conduct of any such fiduciary or advisor or for Customer’s compliance with any law or
regulation governing or affecting Customer; (iii) DBSI makes no representation, warranty or guarantee as to, and will not be liable or responsible for, the accuracy, completeness or reliability of any advice or recommendation, or any market
information, furnished to Customer; (iv) recommendations to Customer as to any particular transaction at any given time may differ among DBSI’s personnel and may vary from any recommendations made to others; and (v) any advice
provided by DBSI with respect to a Contract or Account is incidental to DBSI’s business as a futures commission merchant and will not serve as the primary basis for any decision by or on behalf of Customer. 

(b) The Trust, on behalf of the Customer, agrees that DBSI, its officers, directors, stockholders, representatives or associated
persons may have certain conflicts of interest in connection with the services contemplated hereby, including but not limited to conflicts arising from positions established for their

 

  
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proprietary accounts in Contracts that are the subject of market recommendations furnished to Customer. Such positions or other actions of such persons may not be consistent with any
recommendations furnished to Customer by DBSI. 
 7. Trust and Customer Representations, Warranties and Agreements. 

The Trust, and to the extent applicable, the Trust on behalf of the Customer, represents and warrants to DBSI that as of the date of
this Agreement and on the date each transaction relating to a Contract or Account is entered into under this Agreement: 
 (a)
(i) The Trust is duly organized under the laws of the applicable jurisdiction and the execution, delivery and performance of this Agreement by the Trust, on behalf of the Customer, have been authorized by all necessary corporate or other action;
(ii) the Trust, on behalf of the Customer, has full power and authority to enter into this Agreement and to perform its obligations under this Agreement; (iii) this Agreement is valid and binding on the Trust, on behalf of the Customer, is
enforceable against it in accordance with its terms and neither this Agreement nor the trading of Contracts violate Relevant Law or any other law or regulation governing or affecting Customer’s activities under this Agreement or any order or
agreement applicable to Customer or Customer’s property; (iv) the Trust, on behalf of the Customer, has and will maintain in full force and effect any and all necessary governmental or other approvals or authorizations to execute and
deliver this Agreement, perform its obligations hereunder; (v) the Trust, on behalf of the Customer, and any other person involved in the management of Customer or its Account, are in compliance with all Relevant Law and any other law or
regulation governing or affecting Customer’s activities under this Agreement, including but not limited to all applicable registration requirements; and (vi) the Trust, on behalf of the Customer, is acting solely as principal and no person
other than Customer has any interest in or any control over any Account of Customer. 
 (b) Customer is not an employee,
partner, officer, director or owner of more than ten percent of the equity interest of a futures commission merchant, an introducing broker, Exchange or any self-regulatory organization nor is Customer an employee or commissioner of the Commission,
except as previously disclosed in writing to DBSI. 
 (c) If Customer is subject to the Financial Institution Reform, Recovery
and Enforcement Act of 1989, the certified resolutions set forth following this Agreement have been caused to be reflected in the minutes of Customer’s Board of Directors (or other comparable governing body) and this Agreement is and

 
shall be, continuously from the date hereof, an official record of Customer. 
 (d) If Customer is an insured depository subject to the Federal Deposit Insurance Act, Customer has taken all action and maintained such records required to be taken or maintained by it to effect and
maintain the enforceability of this Agreement pursuant to the Federal Deposit Insurance Act, and the person executing this Agreement on behalf of Customer is an authorized person with at least the rank of vice president. 

(e) Unless Customer notifies DBSI to the contrary, Customer is a “U.S. Person.” For purposes of this Section 7(e), a
“U.S. Person” is a Customer located in the United States, its territories or possessions, or if Customer is a foreign incorporated collective investment vehicle (a fund) whose place of business is outside of the United States, its
territories and possessions, such Customer will be deemed to be a “U.S. Person” if 10% or more of such Customer is beneficially owned by residents of the United States, its territories or possessions. 

(f) The Trust, on behalf of the Customer, agrees promptly to notify DBSI in writing if any of the warranties or representations
contained in this Section 7 becomes inaccurate or incomplete in any respect and to provide financial and other information to DBSI at any time upon its reasonable request, and represents that any such information will be accurate and complete
in every material respect. The Trust, on behalf of the Customer, shall also notify DBSI promptly of any material adverse change in the financial condition of Customer, regardless of whether Customer has previously furnished financial information to
DBSI. 
 8. Indemnification; Limitation of Liability. 
 (a) Customer shall indemnify, defend and hold harmless DBSI and its officers, employees and agents for any fine, penalty, tax, loss, liability or cost, including reasonable attorneys’ fees, incurred
by DBSI that directly or indirectly arises out of or is related to (i) Customer’s refusal or failure to comply with Relevant Law or any other law or regulation governing or affecting Customer’s activities under this Agreement or any
provision of this Agreement or (ii) Customer’s breach of any representation, warranty, covenant or obligation contained in this Agreement. In addition, the Trust, on behalf of the Customer, agrees to pay any attorneys’ fees and
expenses incurred by DBSI in collecting any amount due by Customer under this Agreement or in defending against any claim brought by Customer in any suit, arbitration or reparations proceeding in which DBSI is the prevailing party.

 

  
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 (b) The Trust, on behalf of the Customer, acknowledges that DBSI does not guarantee the
performance by any Exchange or other third party, including any third party clearing or intermediate broker, with respect to any Contract and, accordingly, the Trust, on behalf of the Customer, agrees that DBSI has no responsibility or liability to
Customer for any loss or cost sustained or incurred by Customer due to Customer’s, an Exchange’s or any other third party’s actions or omissions in connection with any Contract unless caused solely by DBSI’s gross negligence or
willful breach of this Agreement. 
 (c) DBSI shall not be liable for the non-performance of any obligation, or any fine,
sanction, penalty, expense, tax, loss, liability or cost, caused by any events outside the control of DBSI, including but not limited to any (i) action or order of any government, judicial institution, Exchange or other self regulatory
organization, (ii) temporary or permanent suspension or termination of trading for whatever reason, (iii) failure or malfunction of transmission or communication facilities, (iv) delay or failure by any Exchange to enforce its rules
or pay or return any amount owed with respect to any Contracts executed and/or cleared for Customer’s Accounts or (v) actions or omissions of third party brokers. 
 (d) NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL DBSI OR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS BE LIABLE UNDER ANY THEORY OF TORT, CONTRACT, STRICT LIABILITY
OR OTHER LEGAL OR EQUITABLE THEORY FOR LOST PROFITS, LOST REVENUES, LOST BUSINESS OPPORTUNITIES OR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR SIMILAR DAMAGES, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES,
REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER DBSI HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

(e) Notwithstanding anything to the contrary provided herein, DBSI agrees that, pursuant to Section 3804(a) of the Delaware
Statutory Trust Act, the liabilities of the Customer shall be limited such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement with respect to the Customer
shall be enforceable against the assets of the Customer only, and not against the assets of the Trust (other than those assets of the Trust that are the Customer’s assets) generally or the assets of any other series of the Trust and
(b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing

 
and relating to this Agreement with respect to the Trust generally and any other series of the Trust shall be enforceable against the assets of the Customer. DBSI further agrees that it shall not
seek satisfaction of any such obligation from the shareholders, any individual shareholder, officer, representative or agent of the Trust, or the Customer, nor shall DBSI seek satisfaction of any such obligation from DB Commodity Services LLC (the
managing owner of the Trust and the Customer), its members, managers, directors or officers. 
 9. Communication Between the Parties;
Confirmations Conclusive. 
 (a) The Trust, on behalf of the Customer, must specify in a written notice to DBSI the persons
authorized to place orders or give DBSI instructions on Customer’s behalf. Any additions or amendments to this notice must be communicated to DBSI and any oral communication of such an addition or amendment must be promptly confirmed by the
Trust, on behalf of the Customer, in writing. DBSI will not be bound by such amendments or additions until written confirmation is received. 
 (b) DBSI may rely on any order for the purchase or sale of Contracts, or any notice or other communications that are given by the Trust, on behalf of the Customer, or that DBSI reasonably believes to have
originated from the Trust, on behalf of the Customer, or from Customer’s duly authorized agent and the Trust, on behalf of the Customer, shall be bound by any such order, notice or communication and any action taken or not taken by DBSI in
reliance thereon. 
 (c) Confirmations of trades and any other similar notices, including but not limited to purchase and sale
statements, sent to the Trust, on behalf of the Customer, shall be conclusive and binding unless The Trust, on behalf of the Customer, or Customer’s agent notifies DBSI to the contrary, (i) where a report is made orally, orally at the time
received by the Trust, on behalf of the Customer, or its agent, or (ii) where a report or notice is in writing, in writing prior to the opening of trading on the next day following receipt of the report on which the relevant Exchange is open
for business. Monthly statements of the Account shall be conclusive and binding unless the Trust, on behalf of the Customer, or Customer’s agent notifies DBSI to the contrary within five business days of Customer’s receipt thereof.

 (d) DBSI shall transmit all communications to the Trust, on behalf of the Customer, at Customer’s address, 

telex, telefax or telephone number or to such other address as Customer may hereafter direct in writing. The Trust, on behalf of the Customer, shall
transmit all communications to DBSI to the address, 

 

  
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telex, telefax or telephone number at the beginning of this Agreement, Attention: Futures Administrator. All payments and deliveries to DBSI shall be wired, mailed or otherwise transmitted to
DBSI pursuant to DBSI’s instructions and shall be deemed received only when actually received by DBSI. 
 10. Security Interest.

 Subject to Section 8(e) above, all money, credit balances, Contracts and other property in which Customer has any
ownership interest, now or at any future time held in Customer’s Account or otherwise held by DBSI for Customer or any affiliate of Customer and any amount due to DBSI for Customer’s Account from any Exchange or clearing broker in
connection with any Contracts, and all proceeds thereof, is hereby pledged to DBSI and shall be subject to a general lien and first priority security interest and right of setoff in DBSI’s favor to secure any indebtedness of Customer to DBSI
arising under this Agreement or any transactions in Contracts hereunder. 
 11. DBSI’s Right to Liquidate Customer Positions.

 (a) In addition to all other rights of DBSI set forth in this Agreement, DBSI has the right, upon the occurrence of any
of the events specified in (i) through (viii) below, to take any or all of the actions specified in subdivision (b) of this Section: 
 (i) if DBSI is so directed or required by a regulatory or self-regulatory organization or Exchange having jurisdiction over DBSI or the Account; 

(ii) if the Trust, on behalf of the Customer, repudiates, violates, breaches or fails to perform on a timely basis any
obligation, term, covenant or condition required to be performed by the Trust, on behalf of the Customer, under this Agreement; 
 (iii) if the Trust, on behalf of the Customer, fails to post the initial or variation margin required by this Agreement, or fails to pay any required premium or make any other payments required under this
Agreement or in connection with any Contract; 
 (iv) if the Trust, on behalf of the Customer, is in material
breach of or in material default under any contract or agreement to which it is a party or by which it or any of its assets are bound; 
 (v) if any representation made by the Trust, or the Trust on behalf of the Customer, or by Customer’s Advisor, if any, is not accurate or complete, or ceases to be accurate or complete in any
material respect; 

 (vi) if a voluntary or involuntary case or other proceeding is
commenced by or against the Trust, with respect to the Customer, seeking liquidation, reorganization or other relief with respect to itself or any of its debts under any bankruptcy, insolvency or similar law, or seeking the appointment of a trustee,
receiver, liquidator, conservator, administrator, custodian or other similar official of it or any substantial part of its assets, or if the Trust, on behalf of the Customer, enters into or proposes to enter into any arrangement for the benefit of
any of its creditors, or if the Trust, on behalf of the Customer, or any or all of its property is or becomes subject to any agreement, order, judgment or decree that provides for Customer’s merger, consolidation, dissolution, winding-up,
liquidation, reorganization or appointment of a trustee, receiver, liquidator, conservator, custodian or similar officer for Customer or for Customer’s property, or if the Trust, on behalf of the Customer, takes any corporate action to
authorize any of the foregoing; 
 (vii) if the Account, any other account maintained by the Trust, on behalf
of the Customer, or an affiliate of Customer with DBSI or the property described in Section 10 becomes subject to any lien, warrant, attachment or similar order or encumbrance; or 

(viii) if, after allowing the Trust, on behalf of the Customer, an opportunity to provide assurances acceptable to
DBSI within a reasonable time period, DBSI reasonably determines such action is necessary for its protection. 
 (b) In each
such instance, DBSI may (1) satisfy any obligations due DBSI out of any of Customer’s property in DBSI’s custody or control, (2) liquidate any or all of Customer’s Contracts, (3) decline to execute any or all of
Customer’s outstanding orders, (4) make Customer’s obligations to DBSI immediately due and payable, (5) acting in a commercially reasonable manner, sell any or all of Customer’s property in DBSI’s custody or control and
set off and apply any such property or the proceeds of the sale of such property to satisfy any amounts owed by Customer to DBSI, (6) set off any obligations of DBSI under this Agreement against the obligations of Customer to DBSI hereunder,
(7) set off any cash, Contracts or property held for Customer by DBSI against amounts owed to DBSI by Customer hereunder, (8) purchase or borrow any securities or other property required to settle any outstanding transactions or positions
for the Account, and (9) settle any outstanding transactions or positions for the Account. 

 

  
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 (c) Before exercising any rights under Section 11(b), DBSI will send a notice to the
Trust, on behalf of the Customer, of the action that it intends to take provided that DBSI will be entitled to take any such action regardless of whether such notice is received by the Trust, on behalf of the Customer. Any prior demand or
notice by DBSI shall not be a waiver of any right of DBSI to take any action authorized by this Agreement or Relevant Law. 

(d) At all times, Customer will be liable for the payment of any debit balance or deficiency in the Account, together with interest on
such amounts and all costs relating to any liquidation or collection, including reasonable attorneys’ fees. 
 12. Payment Netting and
Setoff. 
 The Trust, on behalf of the Customer, acknowledges and agrees that DBSI has the right to setoff and apply any
amounts, fees or charges due to it hereunder against amounts held in any Accounts of Customer subject to this Agreement provided that any Account subject to setoff under this Section is owned solely by the same Customer. 

13. Termination. 
 A
party wishing to terminate this Agreement must provide the other party with written notice of termination sent by certified mail specifying the effective date of such termination. Any termination under this Section will not affect any transactions
entered into prior to the effective date of such termination or any liability or obligation incurred prior to such date. Upon termination under this Section, DBSI will either transfer all open positions in Customer’s Account to another futures
commission merchant of Customer’s choice, if so instructed by the Trust, on behalf of the Customer, or liquidate all such positions. DBSI will not transfer any of Customer’s property or Contracts held or controlled by it until the Trust,
on behalf of the Customer, satisfies all obligations to DBSI arising under this Agreement, including the payment of any fees for the transfer of Contracts to another futures commission merchant upon termination of this Agreement.

 14. Governing Law; Consent to Jurisdiction. 

(a) In case of a dispute between Customer and DBSI arising out of or related to this Agreement or any transaction hereunder,
(i) except with respect to Section 8(e) above, which shall be construed, interpreted, and enforced in accordance with and governed by the laws of the State of Delaware, the construction, validity, performance and enforcement of
this Agreement will be governed by the laws of the State of New York in all respects (without giving effect to principles of conflict of laws), and (ii) the Trust, on behalf of the Customer, and DBSI each agrees to bring any legal
proceeding against the other party exclusively in, and each such party consents in any legal proceeding brought by the other party in connection with or related to this Agreement or breach thereof, the Account or any transactions entered into
hereunder to the jurisdiction of, any state or federal court located within the City of New York. 
 (b) The Trust, on behalf
of the Customer, and DBSI each expressly waives (i) all objections it may at any time have as to the jurisdiction of any court described in Section 14(a) above in which any such legal proceedings may be commenced and (ii) any defense
of sovereign immunity or other immunity from suit or enforcement, whether before or after judgment. The Trust, on behalf of the Customer, and DBSI each also agrees that any service of process mailed to it at any address provided by the receiving
party shall be deemed a proper service. 
 15. Miscellaneous. 
 (a) Available Funds. The Trust, on behalf of the Customer, agrees that all payments of cash by it to DBSI shall be made in immediately available funds in such currency and to such bank account as
DBSI may from time to time specify. If the Trust, on behalf of the Customer, is required by law to make any deduction or withholding, Customer will pay such amount to DBSI as will result in DBSI’s receiving an amount equal to the full amount
which would have been received had no such deduction or withholding been required. 
 (b) Consent to Recording. The
Trust, on behalf of the Customer, and DBSI each consents to the electronic recording of any or all telephone conversations with the other party (without automatic tone warning device), the use of same as evidence by either party in any action or
proceeding arising out of the Agreement and the recording party’s erasure, at its sole discretion, of any recording as part of its regular procedure for handling of recordings. 

(c) Authority to Disclose Information. The Trust, on behalf of the Customer, hereby authorizes DBSI to

 

  
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disclose any financial, credit or business information it has obtained concerning Customer to any Affiliate of DBSI, and authorizes any such Affiliate to disclose like information to DBSI, in
either case solely for the purpose of permitting DBSI to perform its obligations, or enforce its rights, under this Agreement. Any such information will be kept confidential according to the internal policies of DBSI and its Affiliates. 

(d) Modification. This Agreement may only be modified or amended by mutual written consent of DBSI and the Trust, on behalf of
the Customer. Any modification, amendment, alteration or waiver of this Agreement will not affect any outstanding orders or transactions or any legal rights or obligations that may have already arisen between DBSI and Customer. 

(e) Cumulative Rights; No Waiver. The rights and remedies conferred upon DBSI will be cumulative, and its forbearance to
exercise any right or remedy under this Agreement will not waive its right to take such action at any later time, nor shall such forbearance constitute a modification of this Agreement. 

(f) Successors and Assigns. This Agreement will inure to the benefit of DBSI, its permitted successors and assigns, and will be
binding upon Customer and Customer’s successors and assigns, provided, however, that this Agreement may not be assigned or delegated by either party without the prior written consent of the other party hereto and any purported assignment
or delegation without such consent shall be void. 
 (g) Severability. If any term or provision of this Agreement or
the application thereof to any persons or circumstances is found to be inconsistent with any Relevant Law or otherwise to be invalid or unenforceable, such inconsistent, invalid or unenforceable provision will be deemed to be superseded or modified
to conform to such Relevant Law, but the remainder of this Agreement and/or the application of such term or provision to persons or circumstances other than those as to which it is contrary, invalid or unenforceable, will not be affected thereby.

 (h) Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and
delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 (i) Entire
Agreement. This Agreement, together with any Annexes hereto entered into between DBSI and the Trust, on behalf of the Customer, constitutes the entire agreement between the Trust, on behalf of the Customer, and DBSI with respect to the subject
matter hereof and supersedes any prior agreements between the parties with respect to such subject matter.

 (j) Multiple Customers. If the signatory of this Agreement has the authority to
enter into the Agreement on behalf of more than one Customer (each such Customer being identified on the attached Schedule I), the execution of the Agreement by such signatory shall be sufficient to bind each such Customer to the terms of the
Agreement to the same extent and with the same force and effect as if each Customer had executed a separate Agreement. 

 

  
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 16. Acknowledgment of Receipt of Disclosure Statements; Hedging Election. 

(a) Customer acknowledges and agrees that it has received from DBSI and has read and understood the following document: 

(Please check box to so acknowledge) 
 x Risk Disclosure Statement For Futures and Options pursuant to Appendix A to CFTC Regulation 1.55(c). 
 (b) Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that, in the unlikely event of DBSI’s bankruptcy, it prefers that the
bankruptcy trustee (check appropriate box): 
  ̈ Election A - Liquidate all
open contracts without first seeking instructions either from or on behalf of Customer. 

x Election B - Attempt to obtain instructions with respect to the disposition of all
open contracts. 
 (If neither box is checked, Customer shall be deemed to have elected A.) 

The undersigned has read, understands and agrees to all of the provisions of this Agreement.

 

  
 December 31, 2010 

Dated 
  

													
	Customer Name:	 		 	
	PowerShares DB Multi-Sector Commodity Trust with respect to PowerShares DB Silver Fund	 		 	
	By:	 	DB Commodity Services LLC, the Managing Owner of PowerShares DB Silver Fund	 		 	
					
	By:	 	/s/ Alex N. Depetris	 		 	By:	 	/s/ Michael Gilligan
		 		 	Authorized Signature	 		 		 		 	Authorized Signature
		 	Name:	 	Alex N. Depetris	 		 		 	Name:	 	Michael Gilligan
		 	Title:	 	Vice President	 		 		 	Title:	 	Principal Financial Officer

 60 Wall Street 

Address 
 New York, New York 

City, State 
 10005 

Zip Code 
  

					
	 	 		 	 
	Telephone	 		 	Telefax

  
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 Schedule I—Independent Customers Deemed to Have Entered Into Separate Agreements
HereunderAmended Employment Agreement

 Exhibit 10.1 
 PRO-PHARMACEUTICALS, INC. 
 AMENDED EMPLOYMENT AGREEMENT 

This Amended Employment Agreement (“Agreement”) is entered into this 8th day of March 2011 (the “Effective Date”) by
and between PRO-PHARMACEUTICALS, INC., a Nevada corporation, having its principal executive office at 7 Wells Avenue, Suite 34, Newton, Massachusetts (the “Company”), and ANTHONY D. SQUEGLIA, an individual residing at 20 Spyglass Point
Circle, Bedford, New Hampshire (the “Executive”). 
 WHEREAS, the Executive is currently the Chief Financial Officer
(“CFO”) of the Company under a certain written Amended and Restated Employment Agreement effective as of January 19, 2009 (the “Prior Employment Agreement”); 

WHEREAS, pursuant to said Prior Employment Agreement, the Executive was employed on an “at will” basis permitting the Company
to terminate his employment with the Company with or without cause; 
 WHEREAS, the Executive and the Company desire ongoing
employment of the Executive for a specific duration rather than on a strictly “at will” basis; 
 WHEREAS, the Company
is not required to offer the Executive employment of a specific duration and the Executive is not required to accept an offer of employment for specific duration and either may terminate the Executive’s employment at any time with or without
cause; and 
 WHEREAS, the Company and the Executive have come to an agreement for the Executive to be employed for specific
duration, unless terminated earlier for reasons set forth herein. 
 NOW THEREFORE, in consideration of the mutual covenants and
agreements contained herein, and other good and valuable consideration the receipt of which is hereby acknowledged, the parties mutually agree as follows: 
 Section 1. Term and Scope of Employment. The Company Employer agrees to employ the Executive and the Executive agrees to be employed by Company for a period of one (1) year,
commencing on March 7, 2011 and ending at the close of business on March 6, 2012, unless terminated earlier by the Company for cause or by the Executive for good cause or without cause, as described and provided for in Section 5
below, whichever shall first occur. 
 The Executive agrees to devote his full time and effort to the business and affairs of
the Company and that, to the best of the Executive’s ability and experience, the Executive will, at all times, conscientiously perform all of the duties and obligations as may be assigned to the Executive by the President and Chief Executive
Officer (“CEO”) of the Company. 

 Section 2. Compensation. 

(a) Salary. In consideration of all of the services rendered by the Executive under the terms of this Agreement, the
Company shall pay to the Executive a base salary at the annualized rate of One Hundred Fifty Thousand Dollars ($150,000.00) per annum (“Base Salary”), less required withholdings, payable in equal amounts in accordance with the
Company’s payroll practices from time to time in effect. 
 (b) Reimbursement of Expenses. The Company shall
reimburse the Executive, in accordance with the Company’s policies and practices in effect from time to time, for all out-of-pocket expenses reasonably incurred by the Executive in performance of the Executive’s duties under this
Agreement. The Executive is responsible for proper substantiation and reporting of all such expenses. Executive shall consult a tax advisor of his own choosing to determine the taxability of any reimbursements made hereunder and the record keeping
requirements therefor. 
 Section 3. Benefits. 

The Executive will be entitled to participate in all incentive, retirement, profit-sharing, life, medical, disability and other benefit
plans and programs (collectively “Benefit Plans”) as are from time to time generally available to other executives of the Company with comparable responsibilities, subject to the provisions of those programs. Without limiting the
generality of the foregoing, the Company will provide the Executive with basic health and medical benefits on the terms that such benefits are provided to other executives of the Company with comparable responsibilities. The Executive will also be
entitled to holidays, sick leave and vacation in accordance with the Company’s policies as they may change from time to time. During the term of this Agreement, Executive shall accrue vacation time at the rate of 1 and 2/3 of a day per month
(four weeks total should the Executive remain employed for the full year). Vacation leave shall accrue on the last day of each month. 
 To the extent that the Company obtains insurance with respect to (i) directors’ and officers’ liability, (ii) errors and omissions and/or (iii) general liability insurance, the
Executive shall be, to the extent permissible by law and under the terms of the applicable policy, covered by such insurance to the same extent as other senior executives of the Company. 

Section 4. Compliance with Company Policy. 
 During Executive’s employment with the Company, Executive shall observe all Company rules and policies in effect from time to time, including, without limitation, such policies as are contained in
the Company policy and procedures manual as may be amended or superseded from time to time. 

  
 2 

 Section 5. Termination of Employment. 

Unless terminated earlier pursuant to the provisions of this Section 5, this Agreement and the Executive’s employment with the
Company shall terminate at the close of business on March 6, 2012. At such time, except as provided for in Section Six, the Executive shall be entitled to no further salary or benefits other than those earned or accrued but unpaid as of that
date. 
 Executive’s employment with the Company may be terminated prior to the close of business on March 6, 2012 for
the following reasons: 
 (a) By The Company For Cause. The Company shall have the right, upon written notice
thereof to the Executive, to terminate Executive’s employment “For Cause” prior to the close of business on March 6, 2012 in the following circumstances: 
 (i) The Executive 
 (a) Subject to notice and the opportunity to
cure set forth in Section 5(a)(ii), fails or refuses in any material respect to perform any duties, consistent with his position, assigned to him by the President or CEO; 
 (b) Subject to notice and the opportunity to cure set forth in Section 5(a)(ii), is grossly negligent in the performance of his duties hereunder; 

(c) Commits of any act of fraud, misappropriation of funds, or embezzlement with respect to the Company; 

(d) Is convicted of a felony or other criminal violation, which, in the reasonable judgment of the Company, could materially
impair the Company from substantially meeting its business objectives; or 
 (ii) With respect to matters referred to in
(i)(a) and (b) above, should the Executive not cure the cause within (30) days of receipt of written notice thereof (the “Cure Period”), the Executive’s employment shall terminate at the close of business on the last day of
the Cure Period. During said Cure Period, the Executive’s salary and benefits shall continue. Except as provided in Section 6, following a termination for Cause the Executive shall not be entitled to any further salary or benefits other
than those previously accrued but unpaid. 
 (b) By The Company Without Cause. 

In the event the Executive is terminated by the Company for any reason other than as stated in Section 5(a)(i), any such termination
deemed for the purpose hereof to be “without 

  
 3 

 
cause,” Executive shall be entitled to all Compensation and Benefits pursuant to Sections 2 and 3 through the end of the term of this Agreement, i.e., through March 6, 2012. Such
Compensation and Benefits shall continue to be paid and provided as if Executive remained employed through close of business on March 6, 2012. In the event that Executive dies after his employment is terminated by the Company without cause the
Company shall continue to make the salary payments to Executive’s estate through March 6, 2012. 
 (c) By The
Executive For Good Reason. 
 The Executive may terminate his employment with the Company for “Good Reason”
(as defined herein), if the Company shall have failed to cure an event or circumstance constituting “Good Reason” within thirty (30) days after receipt of written notice thereof from the Executive (which period may be extended by the
parties). For purposes of this paragraph, “Good Reason” shall mean the occurrence of any of the following without Executive’s consent or approval: 
 (i) The assignment to the Executive of duties inconsistent with this Agreement; 
 (ii) Change in Executive’s title or significant and material change in Executive’s authority; 
 (iii) Material breach by the Company of the terms of this Agreement or any other written agreement between Executive and the Company; or 

(iv) Any failure of the Company to obtain the assumption of this Agreement by any successor or assign of the Company during
Executive’s employment with the Company. 
 In the event that Executive terminates his employment for Good Reason pursuant
to the terms hereof, Executive shall be entitled to all Compensation and Benefits pursuant to Sections 2 and 3 through the end of the term of this Agreement, i.e., through March 6, 2012. Such Compensation and Benefits shall continue to be paid
and provided as if Executive remained employed through close of business on March 6, 2012. In the event that Executive dies after his employment is terminated by Executive for “Good Reason” the Company shall continue to make the
salary payments to Executive’s estate through March 6, 2012. 
 (d) By Executive Without Cause.

 In the event the Executive terminates his employment without Good Reason prior to the end of his then current term of
employment, i.e., either through March 6, 2012 or the end of the month in which he is then employed thereafter, then Executive will have been considered to have terminated his employment Without Cause. In such case, the Executive shall be
considered to have resigned effective immediately and except as provided in Section 6, shall be entitled to no further salary or benefits other than those previously accrued but unpaid through the date of termination. 

  
 4 

 Section 6. Additional Compensation. 

(a) Upon the death of Executive, termination of Executive’s employment by the Company or Executive under Section 5 for
any reason or the expiration of the term of this Agreement on March 6, 2012 Executive or Executive’s estate, as the case may be, shall be paid a lump sum severance payment equal to six (6) months of Executive’s then current Base
Salary. In the event of a termination pursuant to Sections 5(b) or 5(c) or expiration of the term of this Agreement Executive shall also continue to receive Benefits during the six month period immediately following March 6, 2012 equivalent to
the Benefits to which he was entitled pursuant to Section 3 hereof while he was employed by the Company. 
 (b)
Executive shall receive a lump sum bonus payment of $50,000. Such bonus payment will be made on or before January 15, 2012 and will be paid even if Executive’s employment is terminated for any reason or Executive dies prior to
January 15, 2012. 
 (c) Executive shall also receive a transition bonus payment of $25,000. Such transition bonus
payment will be made on or before March 6, 2012 and will be paid even if Executive’s employment is terminated for any reason or Executive dies prior to March 6, 2012. 

Section 7. Survival of Obligations. 
 The obligations of the Executive as set forth in Sections 8 through 13 below shall survive the termination of Executive’s employment hereunder regardless of the reason or cause therefor. 

Section 8. Non-Competition and Conflicting Employment. 

(a) During the term of this Agreement, the Executive shall not, directly or indirectly, either as an Executive, Employer,
Executive, Consultant, Agent, Principal, Partner, Corporate Officer, Director, Shareholder, Member, Investor or in any other individual or representative capacity, engage or participate in any business or business related activity of any kind that
is in competition in any manner whatever with the business of the Company or any business activity related to the business in which the Company is now involved or becomes involved during the Executive’s employment. For these purposes, the
current business of the Company is biotechnology drug development and related business. The Executive also agrees that, during his employment with the Company, she will not engage in any other activities that conflict with his obligations to the
Company. 

  
 5 

 (b) As a material inducement to the Company to continue the employment of the
Executive, and in order to protect the Company’s Confidential Information and good will, the Executive agrees that: 

(i) For a period of twelve (12) months following termination of the Executive’s employment with the Company or its
affiliates for any reason, Executive will not directly or indirectly solicit or divert or accept business relating in any manner to Competing Products or to products, processes or services of the Company, from any of the customers or accounts of the
Company with which the Executive had any contact as a result of Executive’s employment with the Company; and 
 (ii)
For a period of six (6) months after termination of Executive’s employment with the Company or its affiliates for any reason, Executive will not (A) render services directly or indirectly, as an Executive, consultant or otherwise, to
any Competing Organization in connection with research on or the acquisition, development, production, distribution, marketing or providing of any Competing Product, or (B) own any interest in any Competing Organization. 

(c) For purposes of this Section: 
 (i) “Competing Product” means any product, process, or service of any person or organization other than the Company, in existence or under development (a) which is identical to,
substantially the same as, or an adequate substitute for any product, process or service of the Company in existence or under development, based on any patent or patent application (provisional or otherwise) naming Executive as inventor thereunder
and which Executive has assigned or licensed to the Company, or other intellectual property of the Company about which the Executive acquires Confidential Information, and (b) which is (or could reasonably be anticipated to be) marketed or
distributed in such a manner and in such a geographic area as to actually compete with such product, process or service of the Company; and 
 (ii) “Competing Organization” means any person or organization, including the Executive, engaged in, or about to become engaged in, research on or the acquisition, development,
production, distribution, marketing or providing of a Competing Product. 
 (d) The parties agree that the Company is
entitled to protection of its interests in these areas. The parties further agree that the limitations as to time, geographical area, and scope of activity to be restrained do not impose a greater restraint upon Executive than is necessary to
protect the goodwill or other business interest of the Company. The parties further agree that in the event of a violation of this Covenant Not To Compete, that the Company shall be entitled to the recovery of damages from Executive and injunctive
relief against Executive for the breach or violation or continued breach or violation of this Covenant. The Executive agrees that if a court of competent jurisdiction determines that the length of time or any other restriction, or portion thereof,
set forth in this Section 8 is overly restrictive and unenforceable, the court may reduce or modify such restrictions to those which it deems reasonable and enforceable under the 

  
 6 

 
circumstances, and as so reduced or modified, the parties hereto agree that the restrictions of this Section 8 shall remain in full force and effect. The Executive further agrees that if a
court of competent jurisdiction determines that any provision of this Section 8 is invalid or against public policy, the remaining provisions of this Section 8 and the remainder of this Agreement shall not be affected thereby, and shall
remain in full force and effect. 

  
 7 

 Section 9. Confidentiality. 

(a) Executive recognizes and acknowledges that she will have access to certain information of members of the Company Group (as
defined below) and that such information is confidential and constitutes valuable, special and unique property of such members of the Company Group. The parties agree that the Company has a legitimate interest in protecting the Confidential
Information, as defined below. The parties agree that the Company is entitled to protection of its interests in the Confidential Information. The Executive shall not at any time, either during or subsequent to his employment with the Company,
disclose to others, use, copy or permit to be copied, except in pursuance of his duties for an on behalf of the Company, its successors, assigns or nominees, any Confidential Information of any member of the Company Group (regardless of whether
developed by the Executive) without the prior written consent of the Company. Executive acknowledges that the use or disclosure of the Confidential Information to anyone or any third party could cause monetary loss and damages to the Company as well
as irreparable harm. The parties further agree that in the event of a violation of this covenant against non-use and non-disclosure of Confidential Information, that the Company shall be entitled to a recovery of damages from Executive and/or to
obtain an injunction against Executive for the breach or violation, continued breach, threatened breach or violation of this covenant. 
 (b) As used herein, “Company Group” means the Company, and any entity that directly or indirectly controls, is controlled by, or is under common control with, the Company, and for
purposes of this definition “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through the ownership of voting securities, by
contract or otherwise. 
 (c) As used herein, the term “Confidential Information” with respect to any person
means any secret or confidential information or know-how and shall include, but shall not be limited to, plans, financial and operating information, customers, supplier arrangements, contracts, costs, prices, uses, and applications of products and
services, results of investigations, studies or experiments owned or used by such person, and all apparatus, products, processes, compositions, samples, formulas, computer programs, computer hardware designs, computer firmware designs, and
servicing, marketing or manufacturing methods and techniques at any time used, developed, investigated, made or sold by such person, before or during the term of this Agreement, that are not readily available to the public or that are maintained as
confidential by such person. The Executive shall maintain in confidence any Confidential Information of third parties received as a result of his employment with the Company in accordance with the Company’s obligations to such third parties and
the policies established by the Company. 

  
 8 

 (d) As used herein, “Confidential Information” also means any Company
proprietary information, technical data, trade secrets, know-how or other business information disclosed to the Executive by the Company either directly or indirectly in writing, orally or by drawings or inspection or unintended view of parts,
equipment, data, documents or the like, including, without limitation: 
 (i) Medical and drug research and testing
results and information, research and development techniques, processes, methods, formulas, trade secrets, patents, patent applications, computer programs, software, electronic codes, mask works, inventions, machines, improvements, data, formats,
projects and research projects; 
 (ii) Information about costs, profits, markets, sales, pricing, contracts and lists of
customers and/or distributors, business, marketing and strategic plans; 
 (iii) Forecasts, unpublished financial
information, budgets, projections, and customer identities, characteristics and agreements as well as all business opportunities, conceived, designed, devised, developed, perfected or made by the Executive whether alone or in conjunction with
others, and related in any manner to the actual or anticipated business of the Company or to actual or anticipated areas of research and development; and 
 (iv) Executive personnel files and compensation information. 
 (e)
Executive further understands that Confidential Information does not include any of the foregoing items which (a) has become publicly known or made generally available to the public through no wrongful act of Executive; (b) has been
disclosed to Executive by a third party having no duty to keep Company matter confidential; (c) has been developed by Executive independently of employment with the company; (d) has been disclosed by the Company to a third party without
restriction on disclosure; or (e) has been disclosed with the Company’s written consent. 
 (f) Executive
hereby acknowledges and agrees that all Confidential Information shall at all times remain the property of the Company. 

(g) Executive agrees that he will not improperly use or disclose any Confidential Information, proprietary information or trade
secrets of any former employer or other person or entity or entity with which Executive has an agreement or duty to keep in confidence information acquired by Executive and that Executive will not bring onto Company premises any unpublished document
or proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity. 
 (h) Executive recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part
to maintain the confidentiality of such information and to use it only for certain limited purposes. Executive agrees to hold all such confidential or proprietary information in the strictest of confidence and not to disclose it to any person, firm
or entity or to use it except as necessary in carrying out Executive’s work for the Company consistent with Company’s agreement with such third party. 

  
 9 

 (i) Executive represents and warrants that from the time of the Executive’s
first contact with the Company, Executive has held in strict confidence all Confidential Information and has not disclosed any Confidential Information directly or indirectly to anyone outside the Company, or used, copied, published or summarized
any Confidential Information, except to the extent otherwise permitted under the terms of this Agreement. 
 (j)
Executive will not disclose to the Company or sue on its behalf any confidential information belonging to others and Executive will not bring onto the premises of the Company any confidential information belonging to any such party unless consented
to in writing by such party. 
 Section 10. Inventions. 

(a) Attached hereto as Exhibit A is a list describing all ideas, processes, trademarks, service marks, inventions, designs,
technologies, computer hardware or software, original works of authorship, formulas, discoveries, patents, copyrights, copyrightable works, products, marketing and business ideas, and all improvements, know-how, data rights, and claims related to
the foregoing, whether or not patentable, registrable or copyrightable, which were conceived, developed or created by Executive prior to Executive’s employment or first contact with Company (collectively referred to herein as “Prior
Inventions”), (A) which belong to Executive, (B) which relate to the Company’s current or contemplated business, products or research and development, and (C) which are not assigned to the Company hereunder. If there is no
Exhibit A or no items thereon, the Executive represents that there are no such Prior Inventions. If in the course of Executive’s employment with the Company, the Executive incorporates or embodies into a Company product, service or process a
Prior Invention owned by the Executive or in which the Executive has an interest, the Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, world-wide license to make, have made, modify, use and sell such
Prior Invention as part of or in connection with such product, service or process. 
 (b) Executive agrees that Executive
will promptly make full, written disclosure to the Company and will hold in trust for the sole right and benefit of the Company, and the Executive hereby assigns to the Company, or its designee, all of the Executive’s right, title and interest
in and to any and all ideas, process, trademarks, service marks, inventions, designs, technologies, computer hardware or software, original works of authorship, formulas, discoveries, patents, copyrights, copyrightable works, products, marketing and
business ideas, and all improvements, know-how, data, rights and claims related to the foregoing, whether or not patentable, registrable or copyrightable, which Executive may, on or after Effective Date of this Agreement, solely or jointly with
others conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the period of time the Executive is in the employ of the Company (collectively referred to herein as “Intellectual Property
items”); and the Executive 

  
 10 

 
further agrees that the foregoing shall also apply to Intellectual Property Items which relate to the business of the Company or to the Company’s anticipated business as of the end of the
Executive’s employment and which are conceived, developed or reduced to practice during a period of one year after the end of such employment. Without limiting the foregoing, the Executive further acknowledges that all original works of
authorship which are made by Executive (solely or jointly with others) within the scope of Executive’ employment and which are protectable by copyright are works made for hire as that term is defined in the United Stated Copyright Act.

 (c) Executive agrees to keep and maintain adequate and current written records of all Intellectual Property Items made
by Executive (solely or jointly with others) during the term of Executive’s employment with the Company. The records will be in the form of notes, sketches, drawings and any other format that may be specified by the Company. The records will be
available to, and remain the sole property of, the Company at all times. 
 (d) Executive shall not at any time sue the
Company’s name or any of the Company trademark(s) or trade name(s) in any advertising or publicity without the prior written consent of the Company. 
 Section 11. Return of Company Property. 
 Executive agrees
that, at any time upon request of the Company, and, in any event, at the time of leaving the Company’s employ, Executive will deliver to the Company (and will not keep originals or copies in Executive’s possession or deliver them to anyone
else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, material, equipment or other documents or property, or reproduction of any of the aforementioned items,
containing Confidential Information or otherwise belonging to the Company, its successors or assigns, whether prepared by the Executive or supplied to the Executive by the Company. 

Section 12. Non-Solicitation. 
 Executive agrees that she shall not, during his employment or other involvement with the Company and for a period of twelve (12) months immediately following the termination of the Executive’s
employment with the Company, for any reason, whether with or without cause, (i)either directly or indirectly solicit or take away, or attempt to solicit or take away executives of the Company, either for the Executive’s own business or for any
other person or entity or (ii) either directly or indirectly recruit, solicit or otherwise induce or influence any investor, lessor, supplier, customer, agent, representative or any other person which has a business relationship with the
Company to discontinue, reduce or modify such employment, agency or business relationship with the Company. 

  
 11 

 Section 13. Publications. 

Executive agrees that she will, in advance of publication, provide the Company with copies of all writings and materials which Executive
proposes to publish during the term of Executive’s employment and for two years thereafter. Executive also agrees that Executive will, at the Company’s request and sole discretion, cause to be deleted from such writings and materials any
information the Company believes discloses or will disclose Confidential Information. The Company’s good faith judgment in these matters will be final. At the Company’s sole discretion, the Executive will also, at the company’
request, cause to be deleted any reference whatsoever to the Company from such writings and materials. 
 Section 14.
Equitable Remedies. 
 Executive agrees that any damages awarded the Company for any breach of Sections 8-13 of this
Agreement by Executive would be inadequate. Accordingly, in addition to any damages and other rights or remedies available to the Company, the Company shall be entitled to obtain injunctive relief from a court of competent jurisdiction temporarily,
preliminarily and permanently restraining and enjoining any such breach or threatened breach and to specific performance of any such provision of this Agreement, and, if it prevails in such proceeding, the Company shall be entitled to recover from
the Executive all costs and expenses incurred to enforce the terms of this Agreement and/or recover from Executive for any breach(es) thereof including reasonable attorneys’ fees. 

Section 15. Representations and Warranties of Executive. 

Executive represents and warrants as follows: (i) Executive has no obligations, legal or otherwise, inconsistent with the terms of
this Agreement or with the Executive’s undertaking a relationship with the Company; and (ii) that Executive has not entered into, nor will Executive enter into, any agreement (whether oral or written) in conflict with this Agreement.

 Section 16. Miscellaneous. 
 (a) Entire Agreement. This Agreement and the exhibit attached hereto supersedes the Prior Employment Agreement. 

(b) Section Headings. The section headings herein are for the purpose of convenience only and are not intended to
define or limit the contents of any section. 
 (c) Severability. If any provision of this Agreement shall
be declared to be invalid or unenforceable, in whole or in part, the remainder of this Agreement shall be amended to provide the parties with the equivalent of the same rights and obligations as provided in the original provisions of this Agreement.

 (d) No Oral Modification, Waiver Or Discharge. No provisions of this Agreement may be modified, waived
or discharged orally, but only by a waiver, modification or discharge in writing signed by the Employee and such officer as may be designated by the Board of Directors 

  
 12 

 
of the Company to execute such a waiver, modification or discharge. No waiver by either party hereto at any time of any breach by the other party hereto of, or failure to be in compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the time or at any prior or subsequent time. 

(e) Invalid Provisions. Should any portion of this Agreement be adjudged or held to be invalid, unenforceable or
void, such holding shall not have the effect of invalidating or voiding the remainder of this Agreement and the parties hereby agree that the portion so held invalid, unenforceable or void shall, if possible, be deemed amended or reduced in scope,
or otherwise be stricken from this Agreement to the extent required for the purposes of validity and enforcement thereof. 

(f) Execution In Counterparts. The parties may sign this Agreement in counterparts, all of which shall be considered
one and the same instrument. 
 (g) Governing Law And Performance. This Agreement shall be governed by the
laws of the Commonwealth of Massachusetts without giving effect to its principles on conflicts of laws. 
 (h)
Successor and Assigns. This Agreement shall be binding on and inure to the benefit of the benefit the successors in interest of the parties, including, in the case of the Executive, the Executive’s heirs, executors and estate. The
Executive may not assign Executive’s obligations under this Agreement. 
 (i) Notices. Any notices or
other communications provided for hereunder may be made by hand, fax, email, first class mail or express courier services provided that the same are addressed to the party required to be notified at its address first written above, or such other
address as may hereafter be established by a party by written notice to the other party. Notice shall be considered accomplished on the date delivered, faxed, emailed, first class mailed or express couriered. 

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement under seal as of the date and year first above written.

  

									
		 	Company,	 		 	Executive,
		 	Pro-Pharmaceuticals, Inc.,
				
	By:	 	 /s/ Theodore D. Zucconi
	 		 	 /s/ Anthony D. Squeglia

		 	Name: Theodore D. Zucconi	 		 	Anthony D. Squeglia
		 	Title: President and Chief Executive Officer	 		 	

  
 13 

 Exhibit A 
 Lists of Prior Inventions and 
 Original Works of Authorship 

None 

  
 14

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