Document:

Exhibit 10.3

    

  

    
    First Amendment to

    Employment Agreement by and Between

    Galectin Therapeutics Inc.

    and Joel Lewis

     

      

    The Employment Agreement by and between Galectin Therapeutics Inc. (the “Company”)

      and Joel Lewis (“Executive”) dated August 31, 2020 (the “Employment
        Agreement”) is hereby amended effective July 25, 2022 as set forth herein (the “First Amendment”). Capitalized terms not otherwise defined herein shall have the same meaning set forth in the Employment Agreement.

     

    

    RECITALS

     

    

    WHEREAS, the Company and the Executive hereby wish
        to amend the Employment Agreement (i) to extend the term of the Employment Agreement, (ii) provide for the payment of 80% of Executive’s base salary earned in calendar year 2023 in the form of DSUs pursuant to the terms of a new DSU agreement to be
        entered into concurrently with the execution of this First Amendment and (iii) to clarify the circumstances pursuant to which the Executive will be entitled to receive severance pay and benefits as a result of the Company’s issuance of a notice of
        nonrenewal of the Employment Agreement.

     

      

    AMENDMENT

     

    

    NOW, THEREFORE, the Company and the Grantee hereby agree as follows:

     

      

    I

     

    

    Section 2 of the Employment Agreement is hereby amended to read as follows:

     

    

    2.            Term.  Unless sooner terminated as provided herein, Executive’s term of continued employment hereunder shall commence on September 2, 2020 and continue until
        December 31, 2024. (the “Initial Term”).  Unless either party provides written notice of non-renewal at least sixty (60) days prior to the expiration of the Initial Term or any Renewal
        Term, as defined below, this Agreement shall automatically renew for a period of twelve (12) months and shall automatically be renewed thereafter for subsequent terms of twelve (12) months (each, a “Renewal

            Term”; the Initial Term and any Renewal Terms are referred to herein collectively as the “Term”).

     

      

    II

     

    

    Section 4(a) of the Employment Agreement is hereby amended effective for periods commencing on and after January 1, 2023 to read as follows:

     

    

     (i)            One-fifth (1/5th) of Executive’s Base Salary earned in calendar year 2023 shall be paid in cash in accordance with the Company’s customary payroll practices.

     

      

     (ii)           Four-fifths (4/5ths) of Executive’s Base Salary earned in calendar year 2023 will be delivered to Executive in the form of deferred stock units (“DSUs”)
        granted under the Company’s 2019 Omnibus Equity Incentive Plan (the “Equity Plan”) in accordance with the terms of the Deferred Stock Unit Agreement attached hereto as Exhibit A (the “2023
        DSU Award Agreement”).  The DSUs credited to Executive’s account under the 2023 DSU Award Agreement grant will be subject to the terms and conditions set forth in the 2023 DSU Award Agreement and the Equity Plan.

     

      

    
      
        

    

    All Base Salary earned by Executive after December 31, 2023 will be paid in cash in accordance with the Company’s customary
      payroll practices.  For avoidance of doubt, all Base Salary for periods prior to January 1, 2023 shall be paid under the Employment Agreement without consideration of this Section II of this First Amendment.  The DSU Award Agreement under the
      Agreement shall hereinafter referred to as the 2020 DSU Award Agreement  and the 2020 DSU Award Agreement, the 2023 DSU Award Agreement and any subsequent DSU award agreements entered into by Company and Executive are collectively the “DSU Award
      Agreements”.  Executive’s Base Salary shall be subject to periodic review and adjustment by the Compensation Committee of the Company’s Board of Directors in its sole discretion.

     

    

    III

     

    

    Section 7(c) of the Employment Agreement is hereby amended to read as follows:

     

    

    (c)           If either (i) Executive terminates his employment for Good Reason (ii) the Company terminates Executive’s employment without Cause, or if this Employment Agreement expires as a result of the Company giving written
        notice of non-renewal in accordance with Section 2, then the Company shall pay to Executive (1) the Accrued Benefits, (2) a lump sum amount equal to twelve (12) months of Executive’s Base Salary payable within thirty (30) days after the date of
        such termination, and (3) the Performance Bonus, if any, for the year in which termination occurs, based on actual individual and Company performance results and multiplied by a fraction, (A) the numerator of which shall be the number of days
        elapsed from the beginning of the fiscal year in which such termination occurs and (B) the denominator of which shall be 365, payable in accordance with Section 4(b); provided, however, that the portion of the Performance Bonus payable in the form
        of DSUs, will be paid in accordance with the terms of the DSU Award Agreements.  Notwithstanding the foregoing, the payments described in clauses (2) and (3) above are expressly conditioned upon Executive executing returning a full release of the
        Company and its affiliates and from all obligations (other than the obligations set forth in this Section 7(c))  and any usual and customary indemnification obligations of the Company to Executive as an officer thereof), in substantially the form
        attached hereto as Exhibit B (the “General Release”), and such General Release becoming final, binding and irrevocable no later than sixty (60) days after Executive’s employment termination date.  The Company shall not be obligated to make any
        payments pursuant to this Section 7(c) (except for the Accrued Benefits) until it has received the General Release and such General Release has become final, binding and irrevocable.

     

      

    IV

     

    

    Except as set forth herein, the Employment Agreement shall remain in full force and effect.

     

    

    [Signatures on the following page]

     

    

    
      
        

    

    IN WITNESS WHEREOF, the Parties
        hereto executed this Amendment as of the date first written above.

    	

          	
            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

          

     

    

    	

          	
            EXECUTIVE:

          
	

          	

          
	

          	
            /s/ Joel Lewis

          
	

          	
            Name:  Joel LewisExhibit 10.4

    

  

    
    2023 Deferred Stock Unit Agreement

    under the Galectin Therapeutics Inc.

    2019 Omnibus Equity Compensation Plan

    

    

    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 (this “Agreement”).  This Agreement is entered into effective
      as of July 25, 2022.

    

    

    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 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, as amended on July 25, 2022 (the “Employment Agreement”), 80% of the Grantee’s base salary earned during the 2023 calendar year shall be paid in the form of DSUs that will settle in accordance with the terms of this Agreement.  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 for each payroll period during calendar year 2023 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.

    

    

    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:  fifty (50%) percent shall be issued and/or paid on March 1, 2025 and fifty (50%) percent shall be issued and/or paid on January 5, 2026; 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 as a lump sum payment (each of which shall be deemed to constitute a separate
        payment for purposes of Section 409A) 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.

    

    

    (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.

    

    

    
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    (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:    Beth J. Lewis

     

    

     

    

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