EX-4.11 2 ef20015363_ex4-11.htm EXHIBIT 4.11
Exhibit 4.11

September 22, 2023

10X Fund L.P.
545 Dutch Valley Road, N.E., Suite A
Atlanta, Georgia 30324
Attn: Jim Czirr
Re:
Amendment and Restatement of 5,732,253 Common Stock Purchase Warrants held by 10X Fund L.P. or 10X Capital Management LLC
 
Dear Jim:
 
This letter agreement (this “Letter Agreement”) confirms the agreement between Galectin Therapeutics, Inc. (the “Company”) and 10X Fund L.P. and 10X Capital Management LLC (collectively referred to as “10X”) regarding certain amendments with respect to an aggregate of 5,732,253 Common Stock Purchase Warrants (the “Series B Warrants”) held by 10X, which are listed on Schedule  A.
 
The Company has agreed to extend the maturity date of the Series B Warrants upon certain terms and conditions.  Without giving effect to the extensions, the expiration date of each of the Warrants is set forth on Schedule A.  The extensions and  the other terms and conditions that have been agreed to are set forth in amended and restated warrant agreements, executed contemporaneously herewith and which are listed on Schedule B (collectively, the “Amended and Restated Warrants”).
 
1.        Amendment and Restatement of Series B Warrants.  The following summarizes the amendments to the Series B Warrants contained in the Amended and Restated Warrants:
 

 i.
Revise the exercise period of the Series B Warrants until the earliest of (a) September 30, 2026, (b) thirty days after 10X fails to vote all of the shares of common stock in the Company then owned by it in the manner recommended by the board of directors of the Company in any vote of the stockholders of the Company; or (c) thirty days after the shares of common stock of the Company have a closing price of $6.00 or greater for 10 consecutive trading days;
 
  ii.
Delete the cashless exercise option that is in certain of the Series B Warrants;
 

 iii.
Add a Beneficial Ownership Limitation provision in the Series B Warrants, which would have the effect of decreasing 10X Fund’s beneficial ownership to 9.99% and would bar the voluntary exercise of any warrants that would result in 10X Fund’s ownership beyond 9.99% without at least 61 days’ prior notice from 10X Fund; and
 

 iv.
Delete the Board Nomination right in section 6.1 of certain of the Series B Warrants.
 
10X and the Company have executed and delivered the Amended and Restated Warrants.  To the extent of a conflict between this paragraph 1 and the terms of the Amended and Restated Series B Warrants, the terms of the Amended and Restated Series B Warrants shall control.
 
2.         Beneficial Ownership. In conjunction with the addition of the Beneficial Ownership Limitation provision to the Series B Warrants, the Company shall also use commercially reasonable efforts to cause Richard E. Uihlein to exercise an aggregate of 2,231,204 common stock purchase warrants, which would result in the Company’s aggregate number of issued and outstanding shares of common stock to be 61,813,457 immediately following the exercise of such warrants.
 
3.         Registration Rights.  Nothing in this Letter Agreement shall limit, modify or terminate any obligation of the Company to register the resell of the common shares issuable upon exercise of the Series B Warrants, including under that Registration Rights Agreement dated February 12, 2009 and that Registration Rights Agreement dated September 22, 2016.
 
4.          Successors and Assigns; Third Party Rights.  This Letter Agreement may not be assigned by any party hereto without the prior written consent of the other parties hereto, and any purported assignment in violation of this section shall be void ab initio.  Except as otherwise provided herein, the terms and conditions of this Letter Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties hereto.
 
5.         Acknowledgment. 10X agrees and acknowledges that following the execution of the Amended and Restated Warrants, 10X does not have any right to nominate, designate or appoint any person to serve on the Company’s board of directors.
 
6.          Severability.  The invalidity or unenforceability of any particular provision of this Letter Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted.
 
7.         Counterparts.  This Letter Agreement may be executed in counterparts, all of which shall be deemed to be one and the same instrument, and it shall be sufficient for each party to have executed at least one, but not necessarily the same counterpart.  Executed counterpart signature pages hereto may be delivered by facsimile, pdf or other form of electronic transmission and shall have the same force and effect as originals.
 
8.         Governing Law.  This Letter Agreement is governed by and shall be construed in accordance with the law of the State of Delaware, excluding any conflict of laws rule or principle that might refer the governance or the construction of this Letter Agreement to the law of another jurisdiction.
 
 
Very truly yours,
   
 
Galectin Therapeutics, Inc
   
 
/s/ Joel Lewis
 
By:
 Joel Lewis
 
Its:
 president and CEO

ACCEPTED AND AGREED TO:
  
   
10X CAPITAL MANAGEMENT, LLC, a Florida limited liability company
  
   
/s/ James C. Czirr
  
By:
James C. Czirr  
Its:
Managing Member  
   
10X FUND, L.P., a Delaware limited partnership
  
   
By: 10X CAPITAL MANAGEMENT, LLC, a Florida limited liability company
  
   
/s/ James C. Czirr
  
By:
James C. Czirr  
Its:
General Partner Managing Member  

Schedule A – Series B Warrants to be Amended and Restated
Warrant No.
Holder
Number of warrants
Expiration date
       
Series B 1 & 2
      
       
W-2009-B-02H
10X Capital Management LLC
                     108,452
5/13/2024
W-2009-B-03F
10X Capital Management LLC
                       56,547
6/30/2024
W-2009-B-04F
10X Capital Management LLC
                       33,928
8/12/2024
W-2009-B-05H
10X Capital Management LLC
                       69,256
9/30/2024
W-2009-B-06I
10X Capital Management LLC
                         2,871
11/3/2024
W-2009-B-07L
10X Capital Management LLC
                         1,204
12/8/2024
W-2009-B-08H
10X Capital Management LLC
                       25,138
1/29/2025
W-2009-B-09H
10X Capital Management LLC
                       41,798
3/8/2025
W-2009-B-010H
10X Capital Management LLC
                     118,689
4/30/2025
W-2009-B-011J
10X Capital Management LLC
                       32,298
5/10/2025
W-2009-B-01B
10X Fund LP
                   1,200,000
2/10/2024
W-2009-B-02I
10X Fund LP
                     416,667
5/13/2024
W-2009-B-03D
10X Fund LP
                     250,000
6/30/2024
W-2009-B-04D
10X Fund LP
                     150,000
8/12/2024
W-2009-B-05I
10X Fund LP
                     126,666
9/30/2024
W-2009-B-06J
10X Fund LP
                       82,592
11/3/2024
W-2009-B-07J
10X Fund LP
                     109,715
12/8/2024
W-2009-B-08I
10X Fund LP
                     173,526
1/29/2025
W-2009-B-09I
10X Fund LP
                     142,334
3/8/2025
W-2009-B-010I
10X Fund LP
                       62,000
4/30/2025
W-2009-B-011K
10X Fund LP
                       80,333
5/10/2025
       
Series B 3  warrants
      
       
W-2016-B-3-1
10X Fund LP
                     104,408
9/22/2023
W-2016-B-3-2
10X Fund LP
                     564,850
9/29/2023
W-2016-B-3-3
10X Fund LP
                     672,747
12/23/2023
       
Series B 3 lockup warrants
    
       
W-2016-B-3/LU-1
10X Fund LP
                     500,000
9/22/2023
W-2016-B-3/LU-2A
10X Fund LP
                       13,165
9/22/2023
W-2016-B-3/LU-2B
10X Capital Management LLC
                         2,499
9/22/2023
W-2016-B-3/LU-3
10X Fund LP
                       62,500
9/22/2023
W-2016-B-3/LU-5A
10X Fund LP
                       90,559
9/29/2023
W-2016-B-3/LU-5B
10X Capital Management LLC
                           442
9/29/2023
W-2016-B-3/LU-4
10X Fund LP
                     187,500
9/29/2023
W-2016-B-3/LU-7A
10X Fund LP
                       81,141
12/23/2023
W-2016-B-3/LU-7B
10X Capital Management LLC
                           395
12/23/2023
W-2016-B-3/LU-6
10X Fund LP
                     168,033
12/23/2023
       
 
TOTAL
                5,732,253
  

Schedule B – Series B Warrants as Amended and Restated
Warrant No.
Holder
Number of warrants
Expiration date
       
Series B 1 & 2
      
       
W-2009-B-02HH
10X Capital Management LLC
                     108,452
9/30/2026
W-2009-B-03FF
10X Capital Management LLC
                       56,547
9/30/2026
W-2009-B-04FF
10X Capital Management LLC
                       33,928
9/30/2026
W-2009-B-05HH
10X Capital Management LLC
                       69,256
9/30/2026
W-2009-B-06II
10X Capital Management LLC
                         2,871
9/30/2026
W-2009-B-07LL
10X Capital Management LLC
                         1,204
9/30/2026
W-2009-B-08HH
10X Capital Management LLC
                       25,138
9/30/2026
W-2009-B-09HH
10X Capital Management LLC
                       41,798
9/30/2026
W-2009-B-010HH
10X Capital Management LLC
                     118,689
9/30/2026
W-2009-B-011JJ
10X Capital Management LLC
                       32,298
9/30/2026
W-2009-B-01BB
10X Fund LP
                   1,200,000
9/30/2026
W-2009-B-02II
10X Fund LP
                     416,667
9/30/2026
W-2009-B-03DD
10X Fund LP
                     250,000
9/30/2026
W-2009-B-04DD
10X Fund LP
                     150,000
9/30/2026
W-2009-B-05II
10X Fund LP
                     126,666
9/30/2026
W-2009-B-06JJ
10X Fund LP
                       82,592
9/30/2026
W-2009-B-07JJ
10X Fund LP
                     109,715
9/30/2026
W-2009-B-08II
10X Fund LP
                     173,526
9/30/2026
W-2009-B-09II
10X Fund LP
                     142,334
9/30/2026
W-2009-B-010II
10X Fund LP
                       62,000
9/30/2026
W-2009-B-011KK
10X Fund LP
                       80,333
9/30/2026
       
Series B 3  warrants
      
       
W-2016-B-3-1A
10X Fund LP
                     104,408
9/30/2026
W-2016-B-3-2A
10X Fund LP
                     564,850
9/30/2026
W-2016-B-3-3A
10X Fund LP
                     672,747
9/30/2026
       
Series B 3 lockup warrants
    
       
W-2016-B-3/LU-1A
10X Fund LP
                     500,000
9/30/2026
W-2016-B-3/LU-2AA
10X Fund LP
                       13,165
9/30/2026
W-2016-B-3/LU-2BB
10X Capital Management LLC
                         2,499
9/30/2026
W-2016-B-3/LU-3A
10X Fund LP
                       62,500
9/30/2026
W-2016-B-3/LU-5AA
10X Fund LP
                       90,559
9/30/2026
W-2016-B-3/LU-5BB
10X Capital Management LLC
                           442
9/30/2026
W-2016-B-3/LU-4A
10X Fund LP
                     187,500
9/30/2026
W-2016-B-3/LU-7AA
10X Fund LP
                       81,141
9/30/2026
W-2016-B-3/LU-7BB
10X Capital Management LLC
                           395
9/30/2026
W-2016-B-3/LU-6A
10X Fund LP
                     168,033
9/30/2026
       
 
TOTAL
                5,732,253