Document:

Placement Agent Agreement

 Exhibit 10.2 
 

 
 February 12, 2008 
 CONFIDENTIAL 
 Anthony Squeglia 
 Chief
Financial Officer 
 Pro-Pharmaceuticals, Inc. 
 7 Wells Avenue

 Newton, MA 02459 
 Dear Mr. Squeglia: 
 This letter (the “Agreement”) constitutes the agreement between Maxim Group, LLC (“Maxim” or the “Placement
Agent”) and Pro-Pharmaceuticals, Inc. (the “Company”), that Maxim shall serve as the placement agent for the Company, on a “reasonable best efforts” basis, in connection with the proposed placement (the
“Placement”) of registered securities (the “Securities”) of the Company, including shares (the “Shares”) of the Company’s common stock (the “Common Stock”) and warrants to
purchase shares of Common Stock. The terms of such Placement and the Securities shall be mutually agreed upon by the Company and the purchasers (each, a “Purchaser” and collectively, the “Purchasers”) and nothing
herein constitutes that Maxim would have the power or authority to bind the Company or any Purchaser or an obligation for the Company to issue any Securities or complete the Placement. This Agreement and the documents executed and delivered by the
Company and the Purchasers in connection with the Placement shall be collectively referred to herein as the “Transaction Documents.” The date of the closing of the Placement shall be referred to herein as the “Closing
Date.” The Company expressly acknowledges and agrees that Maxim’s obligations hereunder are on a reasonable best efforts basis only and that the execution of this Agreement does not constitute a commitment by Maxim to purchase the
Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of Maxim with respect to securing any other financing on behalf of the Company. 
 SECTION 1. Compensation and other Fees. 
 As
compensation for the services provided by Maxim hereunder, the Company agrees to pay to Maxim: 
 (A) The fees set forth below with respect to
the Placement: 
 a) A cash fee payable immediately upon the closing of the Placement equal to 7% of the aggregate gross proceeds raised in
the Placement. 
 b) Warrants to purchase that number of shares of Common Stock equal to 4% of the aggregate number of Shares sold in the
Placement. Such warrants shall have the same terms as the long-term warrants (if any) issued to the Purchasers in the Placement except that such warrants shall not be transferable except as permitted by FINRA Rule 2710. 
  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 February 12, 2008 
  Page
 2
 
  

 (B) The Company also agrees to reimburse Maxim’s actual expenses (with supporting
invoices/receipts). The Company will reimburse Maxim in a timely manner for all expenses relating to the Placement, including, but not limited to, printing, road show, travel and other related expenses as well as the legal fees incurred by Maxim in
connection with the Placement, provided, however, that (i) any single expense item in excess of $2,000 (other than legal expenses) and (ii) all expenses in excess of $5,000 in any one month (other than legal expenses) must be approved in
advance by the Company. 
 SECTION 2. REGISTRATION STATEMENT. 
 The Company represents and warrants to, and agrees with, the Placement Agent that: 
 (A) The Company has
filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3 (Registration File No. 333- 148911) under the Securities Act of 1933, as amended (the “Securities Act”),
which became effective on February 5, 2008, for the registration under the Securities Act of the Shares. At the time of such filing, the Company met the requirements of Form S-3 under the Securities Act. Such registration statement meets the
requirements set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said Rule. The Company will file with the Commission pursuant to Rule 424(b) under the Securities Act, and the rules and regulations (the “Rules and
Regulations”) of the Commission promulgated thereunder, a supplement to the form of prospectus included in such registration statement relating to the placement of the Shares and the plan of distribution thereof and has advised the
Placement Agent of all further information (financial and other) with respect to the Company required to be set forth therein. Such registration statement, including the exhibits thereto, as amended at the date of this Agreement, is hereinafter
called the “Registration Statement”; such prospectus in the form in which it appears in the Registration Statement is hereinafter called the “Base Prospectus”; and the supplemented form of prospectus, in the form in
which it will be filed with the Commission pursuant to Rule 424(b) (including the Base Prospectus as so supplemented) is hereinafter called the “Prospectus Supplement.” Any reference in this Agreement to the Registration Statement,
the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents incorporated by reference therein (the “Incorporated Documents”) pursuant to Item 12 of Form S-3 which were filed under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or before the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this
Agreement to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the filing of any document
under the Exchange Act after the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by reference. All references in this Agreement to financial
statements and schedules and other information which is “contained,” “included,” “described,” “referenced,” “set forth” or “stated” in the Registration Statement, the Base Prospectus or the
Prospectus Supplement (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated by reference in the Registration
Statement, the Base Prospectus or the Prospectus Supplement, as the case may be. No stop order suspending the effectiveness of the Registration Statement or the use of the Base Prospectus or the Prospectus Supplement has been issued, and no
proceeding for any such purpose is pending or has been initiated or, to the Company’s knowledge, is threatened by the Commission. For purposes of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405
under the Securities Act and the “Time of Sale Prospectus” means the preliminary prospectus, if any, together with the free writing prospectuses, if any, used in connection with the Placement, including any documents incorporated by
reference therein. 
  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 February 12, 2008 
  Page
 3
 
  

 (B) The Registration Statement (and any further documents to be filed with the Commission) contains
all exhibits and schedules as required by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the Securities Act and the Exchange
Act and the applicable Rules and Regulations and did not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading. The Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement, each as of its respective date, comply in all material respects with the Securities Act and the Exchange Act and the
applicable Rules and Regulations. Each of the Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date thereof any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission, conformed in all
material respects to the requirements of the Exchange Act and the applicable Rules and Regulations, and none of such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a
material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference in the Base Prospectus or Prospectus Supplement), in light of the circumstances under which they were made not misleading; and
any further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus, if any, or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the
requirements of the Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change
in the information set forth therein is required to be filed with the Commission. There are no documents required to be filed with the Commission in connection with the transaction contemplated hereby that (x) have not been filed as required
pursuant to the Securities Act or (y) will not be filed within the requisite time period. There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale Prospectus, if any, or Prospectus Supplement,
or to be filed as exhibits or schedules to the Registration Statement, which have not been described or filed as required. 
 (C) The Company
is eligible to use free writing prospectuses in connection with the Placement pursuant to Rules 164 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act
has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required
to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or behalf of or used by the Company complies or will comply in all material respects with the requirements of the Securities Act and the applicable rules and
regulations of the Commission thereunder. The Company will not, without the prior consent of the Placement Agent, prepare, use or refer to, any free writing prospectus. 
 (D) The Company has delivered, or will as promptly as practicable deliver, to the Placement Agent complete conformed copies of the Registration Statement and of each consent and certificate of experts, as applicable,
filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), the Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement, as 

  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 February 12, 2008 
  Page
 4
 
  

 
amended or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the Company nor any of its directors and
officers has distributed and none of them will distribute, prior to the Closing Date, any offering material in connection with the offering and sale of the Shares other than the Base Prospectus, the Time of Sale Prospectus, if any, the Prospectus
Supplement, the Registration Statement, copies of the documents incorporated by reference therein and any other materials permitted by the Securities Act. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES. 
 The Company makes to Maxim all of the representations and
warranties which the Company makes to the Purchasers in the Securities Purchase Agreement, and in addition makes the following two representations: 
 (a) Approvals. The issuance and listing on the American Stock Exchange of the Shares requires no further approvals, including but not limited to, the approval of shareholders. 
 (b) NASD Affiliations. There are no affiliations with any NASD member firm among the Company’s officers, directors or, to the knowledge of
the Company, any five percent (5%) or greater stockholder of the Company, except as set forth in the Base Prospectus. 
 SECTION 4.
INDEMNIFICATION. The Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the “Indemnification”) attached hereto as Addendum A, the provisions of which are incorporated
herein by reference and shall survive the termination or expiration of this Agreement. 
 SECTION 5. ENGAGEMENT TERM. Maxim’s engagement
hereunder will be until February 29, 2008. Notwithstanding anything to the contrary contained herein, the provisions concerning confidentiality, indemnification, contribution and the Company’s obligations to pay fees and reimburse expenses
contained herein and the Company’s obligations contained in the Indemnification Provisions will survive any expiration or termination of this Agreement. Maxim agrees not to use any confidential information concerning the Company provided to
them by the Company for any purposes other than those contemplated under this Agreement. 
 SECTION 6. MAXIM INFORMATION. The Company agrees
that any information or advice rendered by Maxim in connection with this engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required by law, the Company will not disclose or
otherwise refer to the advice or information in any manner without Maxim’s prior written consent. 
 SECTION 7. NO FIDUCIARY RELATIONSHIP.
This Agreement does not create, and shall not be construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges and
agrees that Maxim is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of Maxim
hereunder, all of which are hereby expressly waived. 
  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 February 12, 2008 
  Page
 5
 
  

 SECTION 8. CLOSING. The obligations of the Placement Agent and the closing of the sale of the
Securities hereunder are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company and its Subsidiaries contained herein, to the accuracy of the statements of the Company and its
Subsidiaries made in any certificates pursuant to the provisions hereof, to the performance by the Company and its Subsidiaries of their obligations hereunder, and to each of the following additional terms and conditions: 
 (A) No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been
initiated or threatened by the Commission, and any request for additional information on the part of the Commission (to be included in the Registration Statement, the Base Prospectus or the Prospectus Supplement or otherwise) shall have been
complied with to the reasonable satisfaction of the Placement Agent. Any filings required to be made by the Company in shall have been timely filed with the Commission. 
 (B) The Placement Agent shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement, the Base Prospectus or the Prospectus Supplement or any amendment or
supplement thereto contains an untrue statement of a fact which, in the opinion of counsel for the Placement Agent, is material or omits to state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is
necessary to make the statements therein not misleading. 
 (C) All corporate proceedings and other legal matters incident to the
authorization, form, execution, delivery and validity of each of this Agreement, the Securities, the Registration Statement, the Base Prospectus and the Prospectus Supplement and all other legal matters relating to this Agreement and the
transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Placement Agent, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to
enable them to pass upon such matters. 
 (D) The Placement Agent shall have received from outside counsel to the Company such counsel’s
written opinion, addressed to the Placement Agent and the Purchasers dated as of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent, substantially identical to that provided to the Purchasers. 
 (E) Neither the Company nor any of its Subsidiaries shall have sustained since the date of the latest audited financial statements included or
incorporated by reference in the Base Prospectus, any loss or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree, otherwise than as set forth in or contemplated by the Base Prospectus and (ii) since such date there shall not have been any change in the capital stock or long-term debt of the Company or any of its Subsidiaries or any
change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial position, stockholders’ equity, results of operations or prospects of the Company and its Subsidiaries, otherwise
than as set forth in or contemplated by the Base Prospectus, the effect of which, in any such case described in clause (i) or (ii), is, in the judgment of the Placement Agent, so material and adverse as to make it impracticable or inadvisable
to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement. 
 (F) The Common Stock is registered under the Exchange Act and, as of the Closing Date, the Shares shall be listed and admitted and authorized for trading
on the American Stock Exchange, and satisfactory evidence of such actions shall have been provided to the Placement Agent. The Company shall 

  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 February 12, 2008 
  Page
 6
 
  

 
have taken no action designed to, or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or
suspending from trading the Common Stock from the American Stock Exchange, nor has the Company received any information suggesting that the Commission or the American Stock Exchange is contemplating terminating such registration or listing.

 (G) Subsequent to the execution and delivery of this Agreement, there shall not have occurred any of the following: (i) trading in
securities generally on the New York Stock Exchange, the Nasdaq National Market or the American Stock Exchange or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter market, shall
have been suspended or minimum or Maximum prices or Maximum ranges for prices shall have been established on any such exchange or such market by the Commission, by such exchange or by any other regulatory body or governmental authority having
jurisdiction, (ii) a banking moratorium shall have been declared by federal or state authorities or a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States, (iii) the
United States shall have become engaged in hostilities in which it is not currently engaged, the subject of an act of terrorism, there shall have been an escalation in hostilities involving the United States, or there shall have been a declaration
of a national emergency or war by the United States, or (iv) there shall have occurred any other calamity or crisis or any change in general economic, political or financial conditions in the United States or elsewhere, if the effect of any
such event in clause (iii) or (iv) makes it, in the sole judgment of the Placement Agent, impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Base
Prospectus and the Prospectus Supplement. 
 (H) No action shall have been taken and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely affect the business or operations of
the Company; and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale of the Securities or
materially and adversely affect or potentially and adversely affect the business or operations of the Company. 
 (I) The Company shall have
prepared and filed with the Commission a Current Report on Form 8-K with respect to the Placement, including as an exhibit thereto this Agreement. 
 (J) The Company shall have entered into subscription agreements with each of the Purchasers and such agreements shall be in full force and effect and shall contain representations and warranties of the Company as agreed between the Company
and the Purchasers. 
 (K) FINRA hall have raised no objection to the fairness and reasonableness of the terms and arrangements of this
Agreement. In addition, the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s behalf, an Issuer Filing with the FINRA Corporate Financing Department pursuant to FINRA
Rule 2710 with respect to the Registration Statement and pay all filing fees required in connection therewith. 
 (L) Prior to the Closing
Date, the Company shall have furnished to the Placement Agent such further information, certificates and documents as the Placement Agent may reasonably request. 
 All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably
satisfactory to counsel for the Placement Agent. 
  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 February 12, 2008 
  Page
 7
 
  

 SECTION 9. Governing Law. This Agreement will be governed by, and construed in accordance with, the
laws of the State of New York applicable to agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and
inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived.
Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in
respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by
delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of a Transaction Document, then
the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 
 SECTION 10. Entire Agreement/Misc. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding
between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not
affect such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by both
Maxim and the Company. The representations, warranties, agreements and covenants contained herein shall survive the closing of the Placement and delivery and/or exercise of the Securities, as applicable. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need
not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile signature page were an original thereof. 
 SECTION 11. Notices. Any and all
notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile number specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the business day following the
date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the
signature pages hereto. 
  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 February 12, 2008 
  Page
 8
 
  

 Please confirm that the foregoing correctly sets forth our agreement by signing and returning to Maxim the enclosed
copy of this Agreement. 
  

			
	 Very truly yours,

	
	 MAXIM GROUP, LLC

		
	 By:
	 	 /s/     Clifford A. Teller

	 Name:
	 	Clifford A. Teller
	 Title:
	 	Director of Investment Banking
	
	 Address for notice:

	 405 Lexington Avenue

	 New York, NY, 10174

  

			
	Accepted and Agreed to as of the date first written above:
	
	 Pro-Pharmaceuticals, Inc.

		
	 By:
	 	 /s/     Anthony Squeglia

	 Name:
	 	Anthony Squeglia
	 Title:
	 	Chief Financial Officer

 Address for notice: 
  
  
  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 Indemnification Provisions 
 February 12, 2008 
  

 ADDENDUM A 
 INDEMNIFICATION PROVISIONS 
 In connection with the engagement of Maxim Group, LLC
(“Maxim”) by Pro-Pharmaceuticals, Inc. (the “Company”) pursuant to a placement agreement dated February 12, 2008, between the Company and Maxim, as it may be amended from time to time in writing (the
“Agreement”), the Company hereby agrees as follows: 
  

	1.	To the extent permitted by law, the Company will indemnify Maxim and its affiliates, stockholders, directors, officers, employees and controlling persons (within the meaning of
Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange Act of 1934) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including the reasonable fees and expenses
of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement, except to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found in a final judgment (not
subject to appeal) by a court of law to have resulted primarily and directly from Maxim’s willful misconduct or gross negligence in performing the services described herein. 

  

	2.	Promptly after receipt by Maxim of notice of any claim or the commencement of any action or proceeding with respect to which Maxim is entitled to indemnity hereunder, Maxim will
notify the Company in writing of such claim or of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding and will employ counsel reasonably satisfactory to Maxim and will pay the fees and
expenses of such counsel. Notwithstanding the preceding sentence, Maxim will be entitled to employ counsel separate from counsel for the Company and from any other party in such action if counsel for Maxim reasonably determines that it would be
inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company and Maxim. In such event, the reasonable fees and disbursements of no more than one such separate counsel will be paid by the
Company. The Company will have the exclusive right to settle the claim or proceeding provided that the Company will not settle any such claim, action or proceeding without the prior written consent of Maxim, which will not be unreasonably withheld.

  

	3.	The Company agrees to notify Maxim promptly of the assertion against it or any other person of any claim or the commencement of any action or proceeding relating to a transaction
contemplated by the Agreement. 

  

	4.	If for any reason the foregoing indemnity is unavailable to Maxim or insufficient to hold Maxim harmless, then the Company shall contribute to the amount paid or payable by Maxim as
a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and Maxim on the other, but also the relative fault of the Company on the
one hand and Maxim on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations. The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to
above shall be deemed to include any legal or other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding the provisions hereof, Maxim’s share of the liability hereunder shall not be in
excess of the amount of fees actually received, or to be received, by Maxim under the Agreement (excluding any amounts received as reimbursement of expenses incurred by Maxim). 

  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MD 

 Pro-Pharmaceuticals, Inc. 
 Indemnification Provisions 
 February 12, 2008 
  

	5.	These Indemnification Provisions shall remain in full force and effect whether or not the transaction contemplated by the Agreement is completed and shall survive the termination of
the Agreement, and shall be in addition to any liability that the Company might otherwise have to any indemnified party under the Agreement or otherwise. 

  

			
	 MAXIM GROUP, LLC

		
	 By:
	 	 /s/     Clifford A. Teller

	 Name:
	 	Clifford A. Teller
	 Title:
	 	Director of Investment Banking

  

			
	Accepted and Agreed to as of the date first written above:
	
	 Pro-Pharmaceuticals, Inc.

		
	 By:
	 	 /s/     Anthony Squeglia

	 Name:
	 	Anthony Squeglia
	 Title:
	 	Chief Financial Officer

  

 Members NASD & SIPC 
 405 Lexington Ave. * New York, NY 10174 * Tel (212) 895-3500 * (800) 724-0761 * fax (212) 895-3783 * www.maximgrp.com 
 New York, NY * Long Island, NY * Chicago, IL * Red Bank, NJ * Baltimore, MDEmployment Agreement, dated as of February 14, 2008

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 eLoyalty Corporation (the “Company”), and
Christopher B. Min, an individual (“Employee”), enter into this Employment Agreement (“Agreement”) as of February 14, 2008. 
 WHEREAS, the Company desires to employ Employee to provide personal services to the Company and to provide Employee with certain compensation and benefits in return for his
services; and 
 WHEREAS, Employee wishes to be employed by the Company and to provide personal services
to the Company in return for certain compensation and benefits. 
 NOW, THEREFORE, in
consideration of the mutual promises and covenants contained herein, it is hereby agreed by and between the parties hereto as follows: 
 1. Duties. The Company shall employ Employee as its Vice President and Chief Financial Officer, and Employee accepts such employment upon the terms and conditions herein. Employee shall have such responsibilities, duties and
authority in all material respects as are currently assigned to Employee and such other responsibilities, duties and authority as the President & Chief Executive Officer may reasonably designate and are customarily associated with his
position. During the term of his employment with the Company, Employee shall perform faithfully the duties assigned to him to the best of his ability, and Employee shall devote his full and undivided business time and attention to the transaction of
the Company’s business. 
 2. Outside Activities. 
 (a) Non-Company Activities. Except in conformity with the requirements with the Company’s then-effective Code of Ethical Business Conduct, Employee will not during the term of this Agreement undertake or
engage (other than as a passive investor) in any other employment, occupation or business enterprise, whether as an agent, partner, proprietor, officer, director, employee, consultant, contractor or otherwise, whether during or outside the business
hours of the Company. Employee may engage in civic and not-for-profit activities so long as such activities do not interfere with the performance of his duties hereunder. 
 (b) No Adverse Interests. Except as permitted by Paragraph 2(c), during his employment Employee agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest
which is known or should be known by him to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise. 
 (c) Non-Competition. During the term of his employment by the Company, except on behalf of the Company, Employee will not directly or indirectly, whether as a stockholder, agent, partner, proprietor, officer, director, employee,
consultant, contractor, or in any capacity whatsoever, engage in, become financially interested in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever known by him to
compete directly with the Company, anywhere throughout the world, in any line of business engaged in (or planned to be engaged in) by the Company; provided, however, that anything above to the contrary 

 
notwithstanding, Employee may own, as a passive investor, public securities of any competitor corporation, so long as his direct holdings in any one such
corporation shall not in the aggregate constitute more than one percent (1%) of the voting stock of such corporation. 
 3. Term Of
Employment; Termination. 
 (a) At-Will Relationship. Employee’s employment relationship is at-will. Either Employee or the
Company may terminate the employment relationship at any time, for any reason or no reason, with or without Cause or advance notice. 
 (b) Termination By The Company Without Cause; Termination By Employee With Good Reason. 
 (i) Cause Definition. For
purposes of this Agreement, “Cause” shall mean any of the following: (A) conviction, including a plea of guilty or no contest, of any felony or any crime involving moral turpitude or dishonesty; (B) fraud upon the Company (or an
affiliate), embezzlement or misappropriation of corporate funds; (C) willful acts of dishonesty materially harmful to the Company; (D) activities materially harmful to the Company’s reputation; (E) Employee’s willful
misconduct, willful refusal to perform his duties, or substantial willful disregard of his duties, provided that the Company first provides Employee with written notice of such conduct and thirty (30) days to cure such conduct, if such
conduct is reasonably susceptible to cure; or (E) material breach causing material harm to the Company of this Agreement, any other agreement with the Company, any policy of the Company, or any statutory duty or common law duty of loyalty owed
to the Company; provided, no act or omission on Employee’s part shall be considered “willful” unless it is done by the Employee without reasonable belief that the Employee’s action was in the best interests of the Company.

 (ii) Good Reason Definition. For the purposes of this Agreement, “Good Reason” shall mean: (A) a reduction of
Employee’s base salary below the amount set forth in Paragraph 4 of this Agreement, or a reduction in the “Target Bonus” defined in Paragraph 5 of this Agreement, unless such reduction is shared proportionally by the three most
highly-salaried officers of the Company in addition to Employee ; (B) an involuntary relocation of Employee’s place of work to any location outside of the metropolitan area in which his primary office is located immediately prior to the
relocation, excluding temporary periods of thirty (30) days or less and ordinary course business travel; (C) a significant diminution by the Company in Employee’s position (including offices, titles and reporting relationships),
authority, duties or responsibilities, excluding diminutions resulting in the ordinary course from the Company becoming pursuant to a Change of Control of (x) part of a larger organization in which Employee directly reports to the Chief
Executive Officer of such organization; or (y) a subsidiary or equivalent separate functional business unit of a larger organization; (D) a material breach by the Company of this Agreement; or (E) failure by the Company to assign this
Agreement to a successor upon a Change of Control. No Good Reason shall exist where: (1) Employee consents to the event that forms the basis for the Good Reason resignation; (2) Employee does not provide the Company’s President and
Chief Executive Officer with written notice describing in detail the Good Reason within thirty (30) days of its occurrence; or (3) the Company cures the Good Reason within thirty (30) days of its receipt of such notice, if such
conduct is reasonably susceptible to cure. 
  

 2 

 (iii) Severance Benefits. In the event that Employee’s employment is terminated without Cause
by the Company or terminated by Employee with Good Reason, Employee shall receive the following as his sole and exclusive severance benefits (collectively, the “Severance Benefits”): 
 (1) Severance Pay. Employee will receive a lump sum payment, within seven (7) days following the effective date of termination, equal to
twelve (12) months of his then current base salary, less standard payroll deductions and withholdings. 
 (2) Severance Bonus.
Employee will be paid a bonus (the “Severance Bonus”), within seven (7) days following the effective date of termination, equal to 100% of the average of (A) the annual bonus he was paid for year immediately preceding the
termination and (B) his Target Bonus under the Company’s then-current bonus plan if any, less standard payroll deductions and withholdings. 
 (3) Severance Health Premium Reimbursements. If Employee timely elects to continue his Company-provided group health insurance coverage pursuant to the federal COBRA law, the Company will reimburse Employee for
the cost of such COBRA premiums to continue health insurance coverage at the same level of coverage for Employee and his dependents (if applicable) in effect as of the termination date, through the end of twelve (12) months or until such time
as Employee qualifies for health insurance benefits through a new employer, whichever occurs first (“Severance Health Premium Benefits”). Employee shall notify the Company in writing of such new employment not later than five
(5) business days after securing it. 
 (4) Severance Vesting. The vesting of Employee’s restricted stock, stock option and
other equity grants that Employee previously has then received or may in the future receive from the Company, shall be accelerated so that, as of the date of the termination, such restricted stock and stock option grants shall vest as to the number
of shares that would have vested had Employee provided an additional twelve (12) months of continuous service to the Company, provided, however, that if Employee is terminated without cause within six (6) months following a Change in
Control, Employee terminates his employment for Good Reason within six (6) months following a Change in Control, or Employee terminates his employment for the Good Reason described in clause (E) of Section 3(b)(ii), then such
restricted stock and stock option grants shall vest as to the number of shares that would have vested had Employee provided an additional twenty-four (24) months of continuous service to the Company. 
 (iv) Severance Conditions. As a condition of and prior to the receipt of all or any of the Severance Benefits, Employee must execute and allow to
become effective a general release of claims in the form attached hereto as Exhibit A within sixty (60) days of termination and to comply with the terms of this Agreement (the “Severance Conditions”). Upon any termination of
Employee’s employment by the Company without Cause or by Employee for Good Reason, the Company and its affiliates (by and through their respective directors and senior executive officers) and Executive agree not to disparage the other party.

  

 3 

 (c) Termination for Cause; Voluntary or Mutual Termination. 
 (i) No Severance. In the event Employee’s employment is terminated by the Company at any time for Cause, or Employee terminates his employment
without Good Reason, or the parties mutually terminate their employment relationship, Employee will not be entitled to any Severance Benefits, pay in lieu of notice, or any other severance, compensation, benefits, equity, acceleration, or any other
amounts, with the exception of any benefit to which Employee has a vested right under a written benefit plan. 
 (ii) Resignation.
Employee may voluntarily terminate his employment with the Company at any time, without liability therefore. Employee agrees to use good faith to give the Company reasonable notice of any such voluntary termination. Upon receipt of any termination
notice from Employee, the Company, at its election, may require Employee to resign his employment prior to the occurrence of any requested termination date. 
 (d) Termination for Death or Disability. 
 (i) Termination. Employee’s employment will
terminate upon his death or Disability. 
 (ii) Disability Definition. For the purposes of this Agreement, “Disability”
shall have the meaning set forth in the Company’s then current long term disability benefit program or, if no such program is then in effect, shall mean a permanent disability rendering Employee unable to perform his duties for the Company for
ninety (90) consecutive days or one hundred eighty (180) days in any twelve (12) month period, which determination shall be made after the period of disability, unless an earlier determination can be made, by an independent physician
appointed by the Board. 
 (iii) Death or Disability Benefit. Following the death or Disability of Employee while employed by the
Company, the Company will within 30 days provide Employee (or, in the case of death, Employee’s estate) a lump sum amount equal to: (A) Employee’s salary for twelve (12) months; (B) an amount equal to 100% of the average of
(x) the annual bonus he was paid for the year immediately preceding the termination and (y) his Target Bonus under the Company’s then-current bonus plan if any, less standard payroll deductions and withholdings; plus (C) the cost
of such COBRA premiums to continue health insurance coverage at the same level of coverage for Employee and his dependents (if applicable) in effect as of the termination date, through the end of twelve (12) months. All restricted stock and
stock option grants that Employee has then received from the Company, or may in the future receive from the Company shall be vested as to half of the unvested shares (or such greater amount, if any, as is provided for in the agreement for the
applicable grant), and all such stock options shall, notwithstanding any lesser period, if any, provided for in the agreement for the applicable grant, be exercisable for one (1) year following such termination (but not exceeding the term of
such option). 
 (iv) Severance Conditions. As a condition of and prior to the receipt of all or any of the Severance provided for
death or Disability, Employee (or, in the case of death, Employee’s estate) must execute and allow to become effective a general release of claims in the form attached hereto as Exhibit A within sixty (60) days of termination and to
comply with the terms of this Agreement (the “Severance Conditions”). Upon any termination of Employee’s employment for death or Disability, the Company and 

  

 4 

 
its affiliates (by and through their respective directors and senior executive officers) and Executive (or, in the case of death, Employee’s estate)
agree not to disparage the other party. 
 (e) No Mitigation. In no event shall Employee be obligated to seek other employment or take
any other action by way of mitigation of the severance amounts payable to the Employee under Paragraph 3 of this Agreement, and such amounts (other than as provided at Paragraph 3(b)(iii)(3)) shall not be reduced whether or not the Employee obtains
other employment. 
 (f) Accrued Obligations. Not later than ten (10) days after termination of Employee’s employment, the
Company shall pay Employee (“Accrued Obligations”): (i) his accrued and unpaid base salary at the rate in effect at the time of notice of termination; (ii) any previous year’s earned but unpaid bonus and other earned and
unpaid incentive cash compensation; and (iii) accrued and unused vacation time, unpaid expense reimbursements and other unpaid cash entitlements earned by Employee as of the date of termination pursuant to the terms of the applicable Company
plan or program. 
 4. Salary. For services rendered hereunder, the Company shall pay Employee a base salary at the per annum rate of
$250,000, less standard payroll deductions and withholdings, and payable in accordance with the Company’s regular payroll schedule. Employee’s base salary (as well as his eligibility for incentive equity grants) shall be subject to annual
review and his base salary may, at the discretion of the Company’s Board of Directors, be increased from time to time. 
 5.
Bonuses. The Company shall pay to Employee a guaranteed bonus of $150,000, less standard payroll deductions and withholdings, in respect of his performance in the 2008 bonus year, on such date as the Company would pay other executive
bonuses for such period. Such bonus shall be payable in cash or unrestricted Company common stock at the Company’s sole discretion. Subject to the requirements set forth below, the Company may elect to pay Employee additional bonuses
in its sole discretion. In addition, after the 2008 bonus year, Employee will be offered the opportunity to participate in the Company’s then-current bonus plan, and, subject to and in accordance with the terms and conditions of
such plan and this paragraph, upon achievement of all Target Bonus objectives set by the Board of Directors and/or the Chief Executive Officer for the Company and for Employee, shall receive a cash bonus equal to $150,000 (“Target Bonus”),
less standard payroll deductions and withholding as are applicable to similarly situated employees. The Company shall have the sole discretion to change or eliminate bonus plans or programs at any time (provided, however, that after the bonus
plan and target objectives have been established by the Board and/or the Chief Executive Officer for a given year, neither the Board nor the Chief Executive Officer shall later materially change the bonus plan or target objectives for such year to
Employee’s detriment without Employee’s consent), to determine whether performance criteria set forth pursuant to the bonus plan for a year have been achieved, and to determine (in accordance with this paragraph and such performance
criteria and bonus plan) the amount of any bonus earned by Employee, if any. Bonuses are intended to retain valuable Company employees, and if Employee is not employed, for any reason on the last day of the bonus year, he will not have earned
the bonus and, except as expressly provided herein with respect to the Severance Bonus, no partial or pro-rata bonus will be paid. Any bonus paid pursuant to this Paragraph 5 shall be paid net of standard payroll deductions and
withholdings. The target payment date for any bonus measured on the basis of a calendar year shall be between January 1 and March 15 of the calendar year following the end of the performance period. The payment date for any bonus
measured on the basis of a performance period other than the calendar year. 
  

 5 

 6. Sign-On Bonus. The Company shall pay to Employee a one-time “sign-on” bonus in the
amount of $52,500, net of applicable taxes. Such bonus will be paid to Employee on February 28, 2008, provided that Employee remains actively employed by Company as of that date. Employee agrees to repay the bonus in the event that Employee
voluntarily resigns his employment or is terminated for Cause before February 28, 2009. 
 7. Relocation Assistance. The Company
shall reimburse Employee for certain eligible expenses that Employee incurs in relation to the relocation of his primary residence to the Chicago metropolitan area, to a maximum reimbursable amount of $110,000. Such expenses include
(i) shipment of household goods, to exclude extraordinary items such as a boat or camper; (ii) storage of household goods for a maximum of 60 days; (iii) shipment of two automobiles; (iv) reasonable and customary closing costs in
relation to the purchase and/or sale of Employee’s primary residence, to exclude loan points; (v) reasonable and customary realtor’s fees upon the sale of Employee’s primary residence; (vi) expenses for Employee and his
immediate family that are incurred in relation to house hunting trips to the Chicago area, to a maximum of 10 days; (vii) one-time travel and living expenses for Employee and his immediate family in connection with Employee’s physical move
to Chicago; and (viii) interim living for Employee and his immediate family upon Employee’s relocation to the Chicago area, to a maximum of 60 days. The Company agrees to consider, in good faith, reimbursement of any amounts above
$110,000, provided that they are reasonable and customary and further subject to approval by eLoyalty in its discretion. Any request for reimbursement of eligible expenses under this paragraph must comply with Company’s ordinary expense
reporting procedures, to include compliance with Company’s travel and living policies and submission of original receipts (to include real estate settlement statements, as applicable) within 60 days of the date an expense is incurred. Any
expenses reimbursed hereunder will be reported as income to the extent that they are nondeductible under Internal Revenue Service regulations, provided that, in the event that any amount is considered income, such amount will be “grossed
up” to the extent necessary to ensure that Employee does not experience any adverse tax consequence. 
 8. Employee Benefits.
Employee shall be entitled to participate in such employee benefit plans, including the Company’s 401(k) plan, life insurance, and medical benefits plans, and shall receive all other fringe benefits, as the Company may make available generally
to its senior executive employees generally, for which Employee is eligible under the terms and conditions of such plans, in each case subject to the requirements, rules and regulations from time to time applicable thereto. Details about these
benefits are set forth in summary plan descriptions and other materials. 
 9. Restricted Stock Award. Subject to and following
approval by the Company’s Board of Directors, the Company shall grant to Employee an award of 55,000 shares of restricted Company common stock (the “Restricted Stock Award”). The Restricted Stock Award will be granted on the next
regular vesting date following the later of (i) commencement of Employee’s employment and (ii) approval by the Board of Directors. Regular vesting dates are the last day of November, February, May and August of each year. These shares
will vest over a four-year period, with 25% vesting as of the next regular vesting date following the first anniversary of Employee’s employment and the remainder vesting 6.25% each quarter thereafter until fully vested. In addition, Employee
may be eligible for other future awards under any Company equity incentive plan as may be approved by the Board of Directors and in effect from time to time. The specific terms and conditions of any grant made pursuant to this Paragraph 9 shall be
governed by any applicable plan document and any such grant agreement as Employee may be required to sign as a condition of grant. 
  

 6 

 10. Change of Control. A Change in Control shall have the meaning set forth in Section 6.8(b)
of the Company’s 1999 Stock Incentive Plan. 
 11. Parachute Tax. Notwithstanding anything in the foregoing to the contrary, if
any of the payments to Employee (prior to any reduction below) provided for in this Agreement, together with any other payments which Employee has the right to receive from the Company or any corporation which is a member of an “affiliated
group” as defined in Section 1504(a) of the Internal Revenue Code of 1986, as amended (“Code”), without regard to Section 1504(b) of the Code, of which the Company is a member (the “Payments”) would constitute a
“parachute payment” (as defined in Section 280G(b)(2) of the Code), and if the Safe Harbor Amount is greater than the Taxed Amount, then the total amount of such Payments shall be reduced to the Safe Harbor Amount. The “Safe
Harbor Amount” is the largest portion of the Payments that would result in no portion of the Payments being subject to the excise tax set forth at Section 4999 of the Code (“Excise Tax”). The “Taxed Amount” is the total
amount of the Payments (prior to any reduction, above) notwithstanding that all or some portion of the Payments may be subject to the Excise Tax. Solely for the purpose of comparing which of the Safe Harbor Amount and the Taxed Amount is
greater, the determination of each such amount, shall be made on an after-tax basis, taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all of which shall be computed at the highest
applicable marginal rate). If a reduction of the Payments to the Safe Harbor Amount is necessary, then the reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction of
employee benefits. In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of the Employee’s participant’s stock
awards. 
 12. Business Expenses. The Company shall reimburse Employee for all reasonable and necessary business expenses incurred by
Employee in performing Employee’s duties that are submitted in compliance with the Company’s then-current policy on such business expense reimbursement. Employee shall provide the Company with supporting documentation sufficient to satisfy
reporting requirements of such policy and the Internal Revenue Service. The Company’s determinations as to reasonableness and necessity shall be final. 
 13. Proprietary Information and Inventions; Non-Competition and Non-Solicitation. Employee acknowledges that the successful development, marketing, sale and performance of the Company’s professional
services and products require substantial time and expense. Such efforts generate for the Company valuable private, confidential, and proprietary information of the Company and its clients (whether current, former, or prospective), business
partners, vendors, suppliers, and licensors (“Confidential Information”), including without limitation any and all (a) trade secrets, (b) financial information and pricing, (c) business strategies, plans, and proposals,
(d) information relating to clients, including the terms of the Company’s agreements with clients, the discussions, negotiations, and proposals related to any such agreement, and the names of clients or prospective clients, (e) human
resources information, including employee lists and personal employee information, and (f) technical information, including research and development, methodologies, training materials, software, documents, models, source code, designs,
flowcharts and listings and any and all notes, analyses, compilations, studies, in each case in whatever form, whether oral, written, graphic, recorded, photographic, machine readable or otherwise, and whether or not marked or otherwise labeled
“confidential” or specifically indicated as being confidential and/or proprietary in nature. The term “Confidential Information” also includes all notes, analyses, compilations, studies, 

  

 7 

 
interpretations or other materials to the extent such materials contain or are based on other Confidential Information. Employee acknowledges that
during his employment, he will obtain knowledge of such Confidential Information. Employee agrees to undertake the following obligations, which he acknowledges to be reasonably designed to protect the Company’s legitimate business
interests (including its Confidential Information and its relationships with customers and other third parties) without unnecessarily or unreasonably restricting Employee’s post-employment opportunities: 
 (a) Confidentiality. During the term of employment and at all times thereafter, Employee (i) shall treat all Confidential Information as
highly confidential, (ii) shall not access or attempt to access any Confidential Information or use any Confidential Information except as is necessary to carry out Employee’s duties as an employee of the Company, (iii) shall not make
copies of documents containing Confidential Information except as is necessary to carry out Employee’s duties as an employee of the Company, (iv) shall not reverse engineer, disassemble, decompile, translate, or attempt to discover any
software, algorithms, or underlying ideas which embody Confidential Information, (v) shall not disclose, and will take all reasonable and necessary steps to prevent the disclosure of, any Confidential Information to any third party, or any
other employee, agent, or representative of the Company, as applicable, except as is necessary to carry out Employee’s duties as an employee of the Company, and (vi) shall not use any Confidential information in any manner that may cause
injury or loss, or may be calculated to cause injury or loss, whether directly or indirectly, to the Company or its clients, business partners, vendors, suppliers, and licensors. 
 (b) Proprietary Information. During the term of employment with the Company, Employee shall disclose immediately to the Company all ideas,
inventions, and business plans that Employee makes, conceives, discovers, develops, or reduces to practice at any time during the course of Employee’s employment with the Company, either alone or jointly with others, including but not limited
to any including, but not limited to, any inventions, ideas, improvements, discoveries, methods, developments, designs, software, processes, products, and procedures (whether or not protectable upon application by patent, copyright, trademark, trade
secret, or other proprietary rights) (collectively, “Work Product”), that (i) relate directly or indirectly to the Company’s business or the business of any client or supplier of the Company or any of the products or services
being developed, manufactured, sold, or otherwise provided by the Company or that may be used in relation therewith, or (ii) result from any tasks assigned to Employee by the Company, or (iii) result from the use of the premises or
personal property (whether tangible or intangible) owned, leased, licensed, or otherwise contracted for by the Company. Employee agrees that any Work Product shall be the exclusive property of the Company and, if subject to copyright, shall be
“work made for hire” under the meaning of the U.S. Copyright Act of 1976, as amended (the “Act”). If and to the extent the Work Product is found as a matter of law not to be “work made for hire” within the meaning of
the Act, Employee hereby expressly assigns to the Company or its subsidiaries, as appropriate, its successors, assign, or nominees, Employee’s entire right, title, and interest in and to any Work Product, and all copies thereof and all
intellectual property rights therein without further consideration, free from any claim, lien for balance due, or rights of retention thereto on the part of Employee. Employee shall communicate promptly and disclose to the Company, in such form as
the Company requests, all information, details, and data pertaining to the Work Product. Whether during the term of this Agreement or after, Employee will, at the Company’s request and expense (including reimbursement of Employee’s
expenses and, if Employee is no longer in the employ of the Company, reasonable per diem compensation to Employee), fully cooperate with the Company and its authorized agents in securing, enforcing, and otherwise protecting throughout the
world the Company’s interests in such Work Product, 

  

 8 

 
including, without limitation, by (A) executing such documents evidencing the Company’s ownership and Employee’s assignment of the foregoing
rights, as may be deemed necessary by the Company to grant or evidence such ownership and rights and (B) assisting in defending any opposition proceedings, petitions for revocation, or applications for similar revocation in respect of any such
rights. 
 (c) Non-Competition. Without limiting the obligations of Paragraph 13(a), without the prior written consent of the
President and Chief Executive Officer or the authorized designee thereof, Employee shall not in any capacity, whether for himself or as an officer, director, partner, employee, agent of independent contractor of any person, firm, corporation or
other entity: (i) for a period of twelve (12) months following termination of his employment with the Company and all affiliates for any reason performed services of the type performed by Employee during the term of employment, or any
services substantially similar thereto, for any Prohibited Client (as defined below) in any country in which the Company has performed services (whether or not such services were performed in such country for the Prohibited Client) or sold products
during the preceding three (3) years. The term “Prohibited Client” shall mean any client or prospective client of the Company to or for whom Employee directly or indirectly performed services, or prospect to whom Employee submitted,
or assisted or participated in any way in the submission, of a proposal, during the two (2) year period preceding termination of Employee’s employment with the Company. 
 (d) Non-Solicitation. While employed by the Company and during the twelve (12) month period immediately following Employee’s termination
of employment for any reason, Employee shall not directly or indirectly hire, solicit, encourage, or otherwise induce or assist in the inducement away from the Company of any Company customer, client, contractor, consultant, or other person or party
with whom the Company has a contractual relationship, any Prohibited Client, or any Company employee (either away from the Company’s employ or from the faithful discharge of such employee’s contractual, statutory and fiduciary obligations
to serve the Company’s interests with undivided loyalty). 
 (e) Return Of Materials. Upon termination of the term of
employment for any reason or upon the Company’s earlier request, Employee shall deliver to the Company all Confidential Information and other materials in his/her possession or delivered to him by the Company, including but not limited to
computer programs, files, notes, records, memoranda, reports, lists, drawings, sketches, specifications, data, charts, and other documents, materials and things (“Materials”), whether or not containing Confidential Information, it being
agreed that all Materials shall be and remain the sole and exclusive property of the Company. After return, Employee shall keep no copies, in any form of media, of any Materials or Confidential Information. 
 (f) Reasonable Alteration. In the event that a court or other adjudicative body should decline to enforce the provisions of any part of this
Paragraph 13, whether because of scope, duration or otherwise, Employee and the Company agree that the provisions shall be modified to restrict Employee’s competition with the Company to the maximum extent enforceable under applicable law.

 14. Remedies. Employee recognizes and agrees that a breach of any or all of the provisions of Paragraph 13 will constitute
immediate and irreparable harm to the Company’s business advantage, including but not limited to the Company’s valuable business relations, for which damages cannot be readily calculated and for which damages are an inadequate remedy.
Accordingly, Employee acknowledges that the Company shall 

  

 9 

 
therefore be entitled to an order enjoining any further breaches by the Employee, without the necessity of posting a bond. 
 15. Assistance in Litigation. Employee shall upon reasonable notice and without compulsion of law (e.g., subpoena), furnish accurate and complete
information and other assistance to the Company as the Company may reasonably require in connection with any litigation, proceeding or dispute to which the Company is, or may become, a party, or in which it may otherwise become involved, either
during or after Employee’s employment; provided, if such assistance shall occur after termination of Employee’s employment, the Company shall reimburse Employee for his reasonable expenses incurred in connection with such
assistance, including, without limitation, as relevant transportation, meals and lodging, and shall also pay Employee a consulting fee of $200 per hour, as compensation for his inconvenience and the disruption of his other endeavors. 
 16. Indemnification. Employee’s rights to indemnification will be as provided in the Indemnification Agreement between Employee and the
Company, effective as of the effective date hereof. 
 17. Successors and Assigns. This Agreement is intended to bind and inure to the
benefit of, and be enforceable by, Employee and the Company, and their respective successors, assigns, heirs, executors and administrators. Employee acknowledges that the services to be rendered pursuant to this Agreement are unique and personal.
Accordingly, Employee may not assign any of his rights or delegate any of his duties or obligations under this Agreement. The Company may assign its rights, duties or obligations under this Agreement to a subsidiary or affiliated company of the
Company or purchaser or transferee of a majority of the Company’s outstanding capital stock or a purchaser of all, or substantially all, of the assets of the Company; provided, however, that such assignee shall be adequately capitalized and
able to fulfill its financial obligations hereunder. 
 18. Notices. All notices required by this Agreement shall be in writing.
Notices intended for the Company shall be sent by certified mail or nationally recognized overnight courier service, addressed to it at 150 Field Drive, Suite 250, Lake Forest, Illinois 60045, or its current principal office, and notices intended
for Employee shall be either delivered personally to Employee or sent by certified mail or nationally recognized overnight courier service addressed to Employee at his address as listed on the Company’s payroll. Notices sent by certified mail
in accordance with the foregoing shall be deemed given three (3) business days following delivery to the United States Postal Service, postage prepaid, and notices sent by overnight courier service in accordance with the foregoing shall be
deemed given one (1) business day following delivery to such courier, delivery fees for overnight delivery prepaid. 
 19. Entire
Agreement. This Agreement constitutes the complete, final, and exclusive embodiment of the entire agreement between Employee and the Company with regard to the subject matter hereof and supersedes all prior agreements or understandings whether
written or oral, between Employee and the Company. It is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in a written instrument signed by
Employee and a duly authorized officer or director of the Company. 
 20. Waiver. If either party should waive any breach of any
provisions of this Agreement, he or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
  

 10 

 21. Applicable Law. This Agreement, and all questions concerning the construction, validity and
interpretation of this Agreement, shall be governed by and construed in accordance with the laws of the State of Illinois as applied to contracts made and to be performed entirely within the State of Illinois. 
 22. Waiver Of Trial By Jury. THE PARTIES HERETO, AFTER CONSULTING (OR HAVING HAD AN OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE,
KNOWINGLY AND VOLUNTARILY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, INCLUDING ANY LITIGATION REGARDING THE ENFORCEMENT OF THIS AGREEMENT OR ANY RELATED AGREEMENT. 
 23. Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited by or invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not
affect any other provision or any other jurisdiction, and such invalid, illegal or unenforceable provision will be reformed, construed and enforced in such jurisdiction so as to render it valid, legal, and enforceable consistent with the general
intent of the parties insofar as possible. 
 24. Right To Work. As required by law, this Agreement is subject to satisfactory proof
of Employee’s right to work in the United States. 
 25. Section 409A. The provisions of this Agreement are intended either
(i) to be exempt from Section 409A of the Code under the short-term deferral exception, the separation pay exception, or such other exceptions that may be available under Section 409A of the Code and applicable authority or guidance
promulgated thereunder or (ii) to comply with Section 409A of the Code, and shall be administered in a manner consistent with such intent. Notwithstanding any provision to the contrary, to the extent Employee is considered a specified
employee under Section 409A of the Code and would be entitled during the six (6) month period beginning on his date of termination to a payment that is not otherwise excluded under Section 409A of the Code, such payment will not be
made to Employee until the earlier of the six (6) month anniversary of his date of termination or his death. For purposes of Section 409A, each payment under this Agreement (including, but not limited to, those in Section 3(b)) shall
be considered a separate payment. 
  

 11 

 26. Attorneys’ Fees. If the Company refuses to provide the Severance Benefits described in
Paragraph 3(b)(iii) after a written demand by Employee and Employee substantially prevails in any dispute involving such Severance Benefits, then the Company shall pay or reimburse Employee for all reasonable legal fees and expenses incurred in such
dispute. 
 EMPLOYEE ACKNOWLEDGES THAT HE HAS READ,
UNDERSTOOD AND ACCEPTS THE PROVISIONS OF THIS AGREEMENT. 
  

									
	eLoyalty Corporation (“Company”)	 		 	Christopher B. Min (“Employee”)
					
	By:	 	 /s/ KELLY D. CONWAY
	 		 	By:	 	 /s/ CHRISTOPHER B. MIN

		 	Kelly D. Conway	 		 		 	Christopher B. Min
	Title:	 	President and CEO	 		 	Title:	 	
	Date:	 	February 14, 2008	 		 	Date:	 	February 14, 2008

  

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]