FIRST AMENDMENT TO LINE OF CREDIT LETTER AGREEMENT
THIS FIRST AMENDMENT TO LINE OF CREDIT LETTER AGREEMENT (this First Amendment), dated as of December 20, 2018 (the Amendment Date), is entered into by and between Richard E. Uihlein, an individual resident of the State of Illinois (Uihlein), and Galectin Therapeutics, Inc., a Nevada corporation (the Company). Uihlein and the Company shall each be referred to herein individually as a Party and, collectively, as the Parties.
WHEREAS, the Parties entered into a Line of Credit Letter Agreement, dated as of December 19, 2017 (the Line of Credit); and
WHEREAS, the Parties wish to amend the Line of Credit to reflect certain changes as set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
1. Amendment to the Second Paragraph of the Line of Credit. The second paragraph of the Line of Credit is hereby amended by:
(a) deleting the words
may be drawn upon through December 31, 2018... and inserting the following in lieu thereof:
may be drawn upon through December 31, 2019...; and
(b) deleting the words
payable on or before December 31, 2019
and inserting the following in lieu thereof:
payable on or before December 31, 2020
2. Amendment to Exhibit A of the Line of Credit. Exhibit A of the Line of Credit is hereby deleted in its entirety and replaced by Exhibit A attached hereto.
3. Miscellaneous. Except as amended by this First Amendment, the Line of Credit remains in full force and effect in accordance with its terms. This First Amendment shall be governed by and interpreted in accordance with the laws of the State of Georgia, excluding its choice of law rules. If any provision of this First Amendment or part thereof is rendered void, illegal or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This First Amendment may only be amended in the same manner as the Line of Credit. Capitalized terms used herein without specific definition have the respective meanings given to them in the Line of Credit. This First Amendment may be executed in counterparts, each of which shall be deemed to be an original; provided, however, that such counterparts shall together constitute only one instrument. A signed copy of this First Amendment transmitted by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this First Amendment for all purposes.
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