<SUBMISSION>
<ACCESSION-NUMBER>0001193125-09-120398
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20090521
<ITEMS>5.02
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20090528
<DATE-OF-FILING-DATE-CHANGE>20090528
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PRO PHARMACEUTICALS INC
<CIK>0001133416
<ASSIGNED-SIC>2834
<IRS-NUMBER>043562325
<STATE-OF-INCORPORATION>NV
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-31791
<FILM-NUMBER>09857698
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>189 WELLS ST
<STREET2>STE 200
<CITY>NEWTON
<STATE>MA
<ZIP>02459
<PHONE>6175590033
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>189 WELLS ST
<STREET2>STE 200
<CITY>NEWTON
<STATE>MA
<ZIP>02459
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:3px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities
Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>May&nbsp;21, 2009 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Date of Report (Date of earliest event reported) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>PRO-PHARMACEUTICALS, INC.
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact Name of Registrant as Specified in Charter) </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>NEVADA</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>000-32877</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>04-3562325</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>7 WELLS AVENUE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>NEWTON, MASSACHUSETTS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>02459 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices) (Zip Code) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(617) 559-0033
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Registrant&#146;s telephone number, including area code) </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below):
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">In a Current Report filed with the Commission on
February&nbsp;18, 2009, Pro-Pharmaceuticals, Inc. (the &#147;Company&#148;) reported that it had engaged Theodore D. Zucconi, Ph.D. (&#147;Zucconi&#148;), as President and Chief Executive Officer of the Company as of February&nbsp;12, 2009. On
May&nbsp;21, 2009, the Company and Zucconi entered into an Employment Agreement (the &#147;Agreement&#148;) which shall be in effect until May&nbsp;31, 2011. The Agreement provides for an annual salary of $260,000, retroactive to February&nbsp;12,
2009, which may be adjusted proportionately to the adjustments for other executives, provided that any reductions of 2009 compensation shall be paid no later than the first calendar quarter of 2010. As additional incentives, Zucconi is entitled to
grants of up to 2,000,000 stock options, which at his election may be incentive stock options or non-qualified stock options, to purchase shares of the Company&#146;s common stock as follows: (i)&nbsp;400,000 as of the effective date of the
Agreement, (ii)&nbsp;150,000 with a vesting date of December&nbsp;31, 2009; (iii)&nbsp;200,000 with a vesting date of December&nbsp;31, 2010; and upon achieving the following milestones: (a)&nbsp;100,000 after the effective date of an
investigational new drug application by the U.S. Food and Drug Administration (&#147;FDA&#148;), e.g., for fibrosis or anti-hypoxia, filed by the Company, a partner, an agent or subsidiary; (b)&nbsp;300,000 for any FDA approval of marketing and
sales of DAVANAT<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT>; (c)&nbsp;100,000 for each of first three agreements to sell/distribute a product; (d)&nbsp;150,000 for the initiation of sales of DAVANAT<FONT FACE="Times New Roman"
SIZE="1"><SUP>&reg;</SUP></FONT> anywhere in the world; (e)&nbsp;150,000 for the initiation of sales of DAVANAT<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> specifically in the United States; and (f)&nbsp;250,000 following the first
calendar quarter in which the Company achieves profitability. The stock options are exercisable for seven years whether or not Zucconi is then employed by the Company, are priced on the date of approval of this agreement, shall vest as indicated and
contain a &#147;cashless&#148; exercise provision. Zucconi may elect to take stock instead of stock options. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Agreement provides that Zucconi shall be
entitled to cash bonus payments as follows: (i)&nbsp;$100,000 of which $20,000 is paid when an additional $1 million is raised and $40,000 when each additional $1 million is received until the total is paid; (ii)&nbsp;2% of financing introduced from
sources identified by Zucconi and not from sources, or their successors, previously identified by the Company or 10X Capital Management; and (iii)&nbsp;1% of the upfront fees and milestone payments in the event a partnership or joint venture is
formed to sell or distribute a Company drug or reached with another company with upfront fees and milestone payments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Agreement entitles Zucconi to:
(i)&nbsp;an automobile allowance of $500 per month; (ii)&nbsp;use of an apartment within reasonable commuting distance of the Company&#146;s principal offices, and up to $20,000 per year additional temporary living costs; (iii)&nbsp;fourteen round
trip single passenger airline tickets (by coach) per year between Massachusetts and Phoenix, Arizona; (iv)&nbsp;participation in the Company&#146;s 401(k) plan with an employer match; and (v)&nbsp;medical insurance through the Company or
reimbursement for premiums paid by Zucconi. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Agreement provides for (i)&nbsp;severance compensation in the event Zucconi&#146;s employment is
terminated without cause; (ii)&nbsp;payments and eligibility for continuation of benefits to his spouse and eligible dependents in the event of his death; (iii)&nbsp;continued compensation and eligibility of his spouse and dependents for benefits in
the event of his termination by reason of disability; and (iv)&nbsp;rights to indemnification if Zucconi is made a party or threatened to be made a party to a proceeding by virtue of his capacity as a director or employee of the Company. The
Agreement contains covenants binding on Zucconi with respect to, among others, assignment of inventions, confidentiality, non-solicitation, and non-competition. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Agreement in certain events obligates the Company with respect to certain payments and other coverages for the
benefit of Zucconi&#146;s spouse and eligible dependents upon written certification from the Board of Directors of the Company that the Company&#146;s financial condition can support such expense, which shall be revisited at each meeting until the
certification is made. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the
Agreement, a copy of which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On May&nbsp;21,
2009, in a resolution of the Compensation Committee of the Board of Directors (the &#147;Board&#148;), the Company agreed to pay James C. Czirr, Chairman of the Board, for service as a director of the Company, $10,000 per month, retroactive to
February&nbsp;12, 2009, and an office allowance of $2,000 to cover his reasonable expenses. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;5.03 Amendment to Articles of Incorporation or
Bylaws; Change in Fiscal Year </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">At the Annual Meeting of Stockholders of the Company held on May&nbsp;21, 2009, the Company&#146;s stockholders approved
amendments to the Company&#146;s Articles of Incorporation increasing the number of authorized shares of common stock, $0.001 par value per share, from 200,000 to 300,000 and the number of authorized undesignated shares, $0.01 par value per share,
from 10,000,000 to 20,000,000. The Certificate of Amendment to Articles of Incorporation reflecting these increases was filed with the Secretary of State of the State of Nevada and became effective on May&nbsp;27, 2009. The Certificate of Amendment
is attached as Exhibit 3.1 to this Current Report. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) <I>Financial Statements of Businesses Acquired</I>. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) <I>Pro Forma Financial Information</I>. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) <I>Shell Company Transactions</I>. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:6%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Not applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) <I>Exhibits</I>. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="83%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">3.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certificate of Amendment to Articles of Incorporation of Pro-Pharmaceuticals, as filed with the Secretary of State of the State of Nevada on May 27, 2009.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Employment Agreement between Pro-Pharmaceuticals, Inc. and Theodore D. Zucconi, Ph.D., dated May&nbsp;21, 2009</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">PRO-PHARMACEUTICALS, INC.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Anthony D. Squeglia</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Anthony D. Squeglia</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Chief Financial
Officer</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Date: May&nbsp;28, 2009 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">3.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Certificate of Amendment to Articles of Incorporation of Pro-Pharmaceuticals, as filed with the Secretary of State of the State of Nevada on May 27, 2009.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Employment Agreement between Theodore D. Zucconi and Pro-Pharmaceuticals, Inc. dated May 21, 2009.</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>dex31.htm
<DESCRIPTION>CERTIFICATE OF AMENDMENT TO ARTICLES OF INCORPORATION OF PRO-PHARMACEUTICALS
<TEXT>
<HTML><HEAD>
<TITLE>Certificate of Amendment to Articles of Incorporation of Pro-Pharmaceuticals</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT 3.1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">ROSS MILLER </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Secretary of State </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">204 North Carson
Street, Suite 1 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Carson City, Nevada 89701-4520 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">(775) 684 5708
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Website: www.nvsos.gov </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>Certificate of
Amendment to Articles of Incorporation </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>for Nevada Profit Corporations </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(Pursuant to NRS 78.385 and 78.390&#151;After Issuance of Stock) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name of corporation: Pro-Pharmaceuticals, Inc. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The articles have been amended as follows (provide article numbers, if available): </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Article III of the Articles of Incorporation of Pro-Pharmaceuticals, Inc. has been amended to increase the number of authorized common voting shares to 300,000,000 and the number of authorized undesignated shares from
10,000,000 to 20,000,000, and shall read in its entirety as follows (replacing Article III of the May&nbsp;29, 2008 Certificate of Amendment): </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>ARTICLE III </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>Authorized Shares </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">The corporation shall have authority to issue an aggregate of 300,000,000 shares, which shall be common voting shares having a par value of $0.001 per share, and 20,000,000 undesignated shares having a par value of $0.01 per share. The
Board of Directors may, from time to time, prescribe by resolution different classes or series of the undesignated shares, the number of shares of such class or series within the limit of the authorized undesignated shares and the voting powers,
designations, rights, preferences, restrictions and the relative rights of said shares in each such class or series. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The vote by which the stockholders holding shares in the corporation entitling them to exercise at least a majority of the voting power, or such greater proportion of the voting
power as may be required in the case of a vote by classes or series, or as may be required by the provisions of the articles of incorporation* have voted in favor of the amendment to increase the number of authorized common voting shares is
40,688,506 and in favor of the amendment to increase the number of authorized undesignated shares is 41,037,366. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Effective date of filing (optional):
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:34%"><FONT FACE="Times New Roman" SIZE="2">(must not be later than 90 days
after the certificate is filed) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Signature (Required): </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>/s/ Maureen E.
Foley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Signature of Officer </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">*If any proposed amendment would alter or change any
preference or any relative or other right given to any class or series of outstanding shares, then the amendment must be approved by the vote, in addition to the affirmative vote otherwise required, of the holders of shares representing a majority
of the voting power of each class or series affected by the amendment regardless to limitations or restrictions on the voting power thereof. </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>dex101.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT BETWEEN PRO-PHARMACEUTICALS, INC. AND THEODORE D. ZUCCONI
<TEXT>
<HTML><HEAD>
<TITLE>Employment Agreement between Pro-Pharmaceuticals, Inc. and Theodore D. Zucconi</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>EMPLOYMENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This Employment Agreement (this &#147;Agreement&#148;) entered into as of
May&nbsp;21, 2009 (the &#147;Effective Date&#148;), is by and between Pro-Pharmaceuticals (&#147;Pro-Pharmaceuticals&#148;) or (&#147;Company&#148;), a Nevada corporation with a principal place of business at 7 Wells Avenue, Suite 34, Newton,
Massachusetts, 02459 and Theodore D. Zucconi, Ph.D. (&#147;Zucconi&#148; or &#147;Executive&#148;), having a residence at 3006 E. Dry Creek Road, Phoenix, Arizona, 85048. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A. Pro-Pharmaceuticals is engaged in the business of biotechnology drug development </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">B. Pro-Pharmaceuticals desires to have the services of Zucconi. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">C. Zucconi is willing to be employed by Pro-Pharmaceuticals. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Therefore, the parties agree as follows:<B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>1. EMPLOYMENT.</B> Zucconi agrees to be employed by Pro-Pharmaceuticals
as Chief Executive Officer<B> (&#147;</B>CEO<B>&#148;)</B> and President and, when and as elected by Company security holders entitled to vote thereon, to serve as a member of the Board of Directors (the &#147;Board&#148;). Zucconi will provide to
Pro-Pharmaceuticals the following services: the duties of the CEO, including overall responsibility of managing the company, all operational and strategic matters, subject to general oversight of the Board; the general duties of a President,
including but not limited to: hiring and dismissal of executives, salary and compensation for all executives and consultants; approval of all finance, licensing, partnerships, and other corporate activities such as press releases, mergers,
acquisitions and/or divestitures. Zucconi will also perform (i)&nbsp;such other duties as are customarily performed by a CEO/President in a similar position, and (ii)&nbsp;such other and unrelated services and duties as may be assigned to Zucconi
from time to time by the Board<B>.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Zucconi will provide Pro-Pharmaceuticals with all information, suggestions, and recommendations
regarding Pro-Pharmaceuticals&#146; business, of which Zucconi has knowledge that will be of benefit to Pro-Pharmaceuticals.<B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>2. BEST EFFORTS OF
EXECUTIVE.</B> Zucconi agrees to perform faithfully, industriously, and to the best of his ability, experience, and talents, all of the duties that may be required by the express and implicit terms of this Agreement, to the reasonable satisfaction
of Pro-Pharmaceuticals. Such duties shall be provided primarily at the principal offices of the Company in Newton, Massachusetts, and at such other place(s) as the needs, business, or opportunities of Pro-Pharmaceuticals may require from time to
time. Zucconi shall observe all Company rules and policies, including such policies as amended from time to time. He will devote a majority of his business time to the work of the Company but may serve on one outside charitable Board and two outside
for-profit Boards approved in advance by the Board of Pro-Pharmaceuticals.<B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>3. COMPENSATION OF EXECUTIVE</B>. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) As compensation for the services under this Agreement, Pro-Pharmaceuticals will pay Zucconi an annual salary of $260,000, retroactive to
February&nbsp;12, 2009, payable in accordance with Pro-Pharmaceuticals&#146; usual payroll procedures. Zucconi&#146;s salary will be adjusted proportionately to the adjustments for other executives. All temporary reductions to employee salary to
conserve cash will be made up when possible by mutual agreement, and such reductions in connection with 2009 compensation shall be paid no later than the first calendar quarter of 2010. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b). Zucconi shall be entitled to the following additional benefits: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Use of a Company apartment within reasonable commuting distance of the Company&#146;s principal offices, maintained by Zucconi, which will also be available for the use of visiting
Board members; and up to $20,000 per year additional temporary living costs; </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">(ii)&nbsp;Fourteen (14)&nbsp;round trip single
passenger airline tickets (by coach) per year between Massachusetts and Phoenix, Arizona which may be used by either Zucconi or a family member; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman"
SIZE="2">(iii)&nbsp;As incentives to enter into and undertake employment pursuant to this Agreement, and to meet certain Company milestones, Zucconi shall be granted stock options exercisable for seven years to purchase an aggregate of up to
2,000,000 shares of Pro-Pharmaceuticals common, as follows: (i)&nbsp;400,000 as of the Effective Date, (ii)&nbsp;150,000 with a vesting date of December&nbsp;31, 2009; (iii)&nbsp;200,000 with a vesting date of December&nbsp;31, 2010; and upon
achieving the following milestones<B>:</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:17%"><FONT FACE="Times New Roman" SIZE="2">a. 100,000 after the Effective Date of an investigational new drug application by the U.S. Food
and Drug Administration (&#147;FDA&#148;)<B>,</B> e.g., for fibrosis or anti-hypoxia, filed by the Company, a partner, an agent or subsidiary; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:17%"><FONT FACE="Times New Roman"
SIZE="2">b. 300,000 for any FDA approval of marketing and sales of DAVANAT; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:17%"><FONT FACE="Times New Roman" SIZE="2">c. 100,000 for each of first three agreements to
sell/distribute a product; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:17%"><FONT FACE="Times New Roman" SIZE="2">d. 150,000 for the initiation of sales of DAVANAT anywhere in the world; </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:17%"><FONT FACE="Times New Roman" SIZE="2">e. 150,000 for the initiation of sales of DAVANAT specifically in the United States; and </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:17%"><FONT FACE="Times New Roman" SIZE="2">f. 250,000 following the first fiscal quarter in which the Company achieves profitability. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">The options at each grant (i)&nbsp;at Zucconi&#146;s election may be incentive stock options, as defined in the Internal Revenue Code of 1986, or
non-qualified stock options, or a combination of both; and (ii)&nbsp;shall contain a &#147;cashless&#148; exercise feature. All options will be priced on date of approval of this agreement and shall vest as indicated. </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">A bonus of $100,000 payable as follows; $20,000 when an additional $1 million is raised and $40,000 when each additional million is received until the total is paid. In return
Zucconi will waive all compensation owed from Zucconi&#146;s previous contract. Zucconi will receive a cash bonus equivalent to 2% of financing introduced from sources identified by Zucconi and not from sources, or their successors, previously
identified by Pro-Pharmaceuticals or 10X&nbsp;Capital Management. This shall be payable within twenty (20)&nbsp;business days of receipt by Pro-Pharmaceuticals of the funds. </FONT></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(v)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pro-Pharmaceuticals shall pay a cash bonus to Zucconi in the event a partnership or joint venture is formed to sell or distribute a Pro-Pharmaceuticals drug or reached with another
company with upfront fees and milestone payments. The amount of the cash bonus payable to Zucconi shall equal 1% of the upfront fees and milestone payments which shall be payable within twenty (20)&nbsp;business days of receipt by
Pro-Pharmaceuticals of the upfront fees and milestone payments; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(vi.)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The stock options granted to Zucconi herein shall (a)&nbsp;be fully vested per the schedule (b)&nbsp;expire on the seventh anniversary of the date of grant, and (c)&nbsp;be
exercisable during the 7-year term whether or not Zucconi is then employed by Pro-Pharmaceuticals or this agreement has terminated. Zucconi may elect to take stock instead of options. All options will fully vest in the event of Zucconi&#146;s death.
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(vii.)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">An automobile allowance of $500 per month; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(ix)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">A bonus based on annual goals set by the Board of Directors, in an amount to be determined by the compensation committee. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>4. PERSONAL TIME OFF.</B> Zucconi shall be entitled to four (4)&nbsp;weeks of paid Personal Time Off (PTO). Such PTO must be taken at a time mutually convenient to
Pro-Pharmaceuticals and Zucconi. Accrued vacation will be paid in accordance with MA state law and Pro-Pharmaceuticals customary procedures. Up to three weeks can be carried over to the following year. Unpaid time off will be by mutual agreement.<B>
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>5. BENEFITS.</B> Zucconi will be entitled (i)&nbsp;to insurance and other benefits commensurate with Zucconi&#146;s position and in accordance with
the Company&#146;s standard Executive benefits policies as in effect from time to time; (ii)&nbsp;to participate in the Company&#146;s 401(k) plan with an employer match percentage as in effect from time to time; (iii)&nbsp;customary Massachusetts
holidays; and (iv)&nbsp;Medical insurance through the company or reimbursement for premiums paid by Zucconi. If Zucconi performs his duties and completes the term of this contract he will be eligible for health benefits for himself and his spouse
until their death; however, this provision shall take effect only upon written certification by the Board of Directors that the Company&#146;s financial condition can support such expense. Should the Board vote not to certify this financial
condition at its last meeting prior to Zucconi&#146;s cessation of employment, the Board shall revisit the issue at each and every subsequent meeting thereafter until it does make such certification. Upon reaching eligibility Zucconi will apply for
Medicare insurance and the insurance from the Company will be secondary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Company shall maintain insurance with respect to (i)&nbsp;directors&#146; and
officers&#146; liability, (ii)&nbsp;errors and omissions and (iii)&nbsp;general liability insurance; Zucconi shall be covered by such insurance to the same extent as other senior executives and directors of the Company. Zucconi shall be indemnified
against any liability the company incurred before the initiation of this contract.<B> </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>6. EXPENSE REIMBURSEMENT. </B>Pro-Pharmaceuticals will reimburse Zucconi for expenses incurred by Zucconi to conduct
company business. This will be in accordance with Pro-Pharmaceuticals policies in effect. Zucconi will be reimbursed for expense accounts and rent held to conserve cash from 2008 and 2009. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>7. TERM/TERMINATION.</B> Zucconi&#146;s employment under this Agreement shall be in effect until May&nbsp;31, 2011. This Agreement may be amended or superseded by
written agreement of both of the parties hereto. Upon termination of this Agreement, payments under this paragraph shall cease, provided, however, that Zucconi shall be entitled to deferred payments, if any, for the contract and performance bonuses
that occurred during employment and for which Zucconi has not yet been paid, unless Zucconi is in violation of this Agreement. The compensation paid under this Agreement shall be Zucconi&#146;s exclusive remedy. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(a) In the event the employment of Zucconi is terminated by the Company &#147;without cause&#148; Zucconi shall be entitled to severance as follows:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(i) Full compensation and benefits of this contract; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) Zucconi shall be reimbursed for all expenses pursuant to Section&nbsp;6 incurred through the date of employment termination and two
months thereafter; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Death. If Zucconi&#146;s employment is terminated by reason of his death, the Executive&#146;s estate shall be
entitled to prompt payment for the Base Salary pro-rated through the event of death and a pro-rated bonus payment. Zucconi&#146;s spouse will be paid 50% of the salary for a period of eighteen months after the event of death, and the
Executive&#146;s spouse and eligible dependents shall be eligible for benefits to which Zucconi and his spouse were eligible. Nevertheless, this provision shall take effect only upon written certification by the Board of Directors that the
Company&#146;s financial condition can support such expense. Should the Board vote not to certify this financial condition at its last meeting prior to Zucconi&#146;s cessation of employment, the Board shall revisit the issue at each and every
subsequent meeting thereafter until it does make such certification. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(c)&nbsp;<U>Disability</U>. If, as a result of Zucconi incapacity due
to physical or mental illness as determined by a physician selected by Zucconi, and reasonably acceptable to the Board, Zucconi shall have been substantially unable to perform his duties hereunder for 90 days within any 180&#150;day period, the
Company shall have the right to terminate Zucconi&#146;s employment hereunder for &#147;disability&#148;. If Executive&#146;s employment is terminated by reason of his disability, Zucconi shall be entitled to prompt payment for the Base Salary
pro-rated through the termination date and a pro-rated bonus payment, based on the highest bonus paid to Zucconi in any prior year. The Company shall also provide Zucconi with the excess, if any, of his full Base Salary over the amount of any
long-term disability benefits that he receives through the Company plans for a period of two years, payable in accordance with the normal payroll practices of the Company. In addition, for a period of eighteen (18)&nbsp;months after the date of
termination, Zucconi and Zucconi&#146;s spouse shall be eligible for continued participation in the benefits to which Zucconi and his eligible spouse and dependents were entitled hereof while Zucconi was employed by the Company. Nevertheless, this
provision shall take effect only upon written certification by the Board of Directors that the Company&#146;s financial condition can support such expense. Should the Board vote not to certify this financial condition at its last meeting prior to
Zucconi&#146;s cessation of employment, the Board shall revisit the issue at each and every subsequent meeting thereafter until it does make such certification.<U> </U></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U>(d) For Cause</U>. The Company shall have the right, upon written notice thereof to Zucconi, to
terminate Zucconi&#146;s employment hereunder if Zucconi </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(i) in the determination of the Board by a vote of two-thirds of its members has
engaged in gross negligence or willful gross misconduct in the performance of Zucconi&#146;s duties hereunder and such conduct results in material and quantifiable damage to the Company; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) is convicted of a felony or other violation which in the reasonable judgment of by the Board could materially impair the Company from substantially
meeting its business objectives; or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(iii) is found by the primary auditor of the Company or other auditor engaged by the Audit Committee of
the Board to have committed any act of fraud, misappropriation of funds or embezzlement with respect to the Company; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(iv) except as to
the matters referred to in clauses (ii)&nbsp;or (iii), within ninety (90)&nbsp;days (the &#147;Cure Period&#148;) after delivery of written notice from the Board stating with specificity the nature of the reason for an anticipated for-cause
termination, Zucconi fails to cure, or if the matter is not curable within the Cure Period Zucconi fails, in the judgment of the Board, within the Cure Period to undertake diligently to cure such failure, refusal or negligence. In the event of
termination pursuant to this Section, Zucconi shall be entitled to the payments and benefits set forth in Sections 3 and 4 hereof through the end of the Cure Period. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>8. <U>Indemnification</U>. </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) The Company agrees that if Zucconi is made a party, or is threatened
to be made a party, to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a &#147;Proceeding&#148;), by reason of the fact that he is or was a director, officer or employee of the Company or is or was serving
at the request of the Company as a director, officer, member, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether or not the basis of such
Proceeding is Zucconi&#146;s alleged action in an official capacity while serving as a director, officer, member, employee or agent, Zucconi shall be indemnified and held harmless by the Company to the fullest extent legally permitted or authorized
by the Company&#146;s certificate of incorporation or bylaws or resolutions of the Board or, if greater, by the laws of The Commonwealth of Massachusetts, against all cost, expense, liability and loss (including, without limitation, reasonable
attorneys&#146; fees and disbursements, judgments, fines, ERISA excise taxes or other liabilities or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by Zucconi in connection therewith, and such indemnification
shall continue as to Zucconi even if he has ceased to be a director, member, employee or agent of the Company or other entity, with respect to acts or omissions which occurred prior to his cessation of employment with the Company, and shall inure to
the benefit of Zucconi&#146;s heirs, executors and administrators. The Company shall advance to Zucconi all reasonable costs and expenses incurred by him in connection with a Proceeding within 20 business days after receipt by the Company of a
written request for such advance. Such request shall include an undertaking by Zucconi to repay the amount of such advance if it shall ultimately be determined that he is not entitled to be indemnified against such costs and expenses. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) Neither the failure of the Company (including its Board, independent legal counsel or stockholders)
to have made a determination prior to the commencement of any Proceeding concerning payment of amounts claimed by Zucconi under Section&nbsp;8(a) above that indemnification of Zucconi is proper because he has met the applicable standard of conduct,
nor a determination by the Company (including its board of directors, independent legal counsel or stockholders) that Zucconi has not met such applicable standard of conduct, shall create a presumption that Zucconi has not met the applicable
standard of conduct. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>9. CONFLICTING EMPLOYMENT. </B>Zucconi agrees that, during the term of Zucconi&#146;s employment with the Company, Executive will
not engage in other employment, occupation, consulting, or other business activity related to any biotech or pharmaceutical company business in which the Company is now involved (i.e., biotechnology drug development).<B> </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>10. CONFIDENTIALITY.</B> Zucconi recognizes that Pro-Pharmaceuticals has and will have information regarding the following: drug development, FDA trials, and other
vital information items (collectively, &#147;Information&#148;), which are valuable, special and unique assets of Pro-Pharmaceuticals. Zucconi will protect the Information and treat it as strictly confidential as acknowledged in the Confidentiality
Agreement executed by Zucconi and Pro-Pharmaceuticals, July&nbsp;11, 2007. The confidentiality provisions of this Agreement shall remain in full force and effect for three (3)&nbsp;years following the conclusion of Zucconi&#146;s employment. <B>
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>11. COMPLIANCE WITH EMPLOYER&#146;S RULES.</B> Zucconi agrees to comply with all of the rules and regulations of Pro-Pharmaceuticals and as amended
from time to time.<B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>12. RETURN OF PROPERTY. </B>Upon termination of this Agreement and at the time of leaving the employ of the Company, Zucconi
shall deliver to Pro-Pharmaceuticals (and will not keep in Zucconi&#146;s possession or deliver to anyone else) all devices, records, data, notes, reports, proposals, lists, correspondence, keys, specifications, drawings, blueprints, sketches,
materials, equipment, other documents or property, or reproductions of any of the aforementioned items, containing Confidential Information or otherwise belonging to the Company, its successors or assigns, whether prepared by Zucconi or supplied to
Zucconi by the Company. <B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>13. <U>INVENTIONS</U>.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(a) <U>Inventions Retained and Licensed</U>. Attached hereto, as <U>Exhibit A</U>, is a list describing all ideas, processes, trademarks, service marks, inventions, designs, technologies, computer hardware or
software, original works of authorship, formulas, discoveries, patents, copyrights, copyrightable works, products, marketing and business ideas, and all improvements, know-how, data, rights, and claims related to the foregoing, whether or not
patentable, registrable or copyrightable, which were conceived, developed or created by Zucconi prior to Executive&#146;s employment or first contact with the Company (collectively referred to as &#147;<U>Prior Inventions</U>&#148;), (A)&nbsp;which
belong to Zucconi, (B)&nbsp;which relate to the Company&#146;s current or contemplated business, products or research and development, and (C)&nbsp;which are not assigned to the Company hereunder. If there is no <U>Exhibit A</U> or no items thereon,
Zucconi represents that there are no such Prior Inventions. If in the course of Executive&#146;s employment with the Company, Zucconi incorporates or embodies into a Company product, service or process a Prior Invention owned by Zucconi or in which
Zucconi has an interest, the Company is hereby granted and shall have a nonexclusive, royaltyfree, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product,
service or process. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Assignment of Intellectual Property Items</U>. Zucconi agrees that Executive will promptly make
full written disclosure to the Company and will hold in trust for the sole right and benefit of the Company, and Zucconi hereby assigns to the Company, or its designee, all of Zucconi&#146;s right, title and interest in and to any and all ideas,
processes, trademarks, service marks, inventions, designs, technologies, computer hardware or software, original works of authorship, formulas, discoveries, patents, copyrights, copyrightable works, products, marketing and business ideas, and all
improvements, know-how, data, rights, and claims related to the foregoing, whether or not patentable, registrable or copyrightable, which Zucconi may on or after the Effective Date, solely or jointly with others conceive or develop or reduce to
practice, or cause to be conceived or developed or reduced to practice, during the period of time Zucconi is in the employ of the Company (collectively referred to as &#147;<U>Intellectual Property Items</U>&#148;); and Zucconi further agrees that
the foregoing shall also apply to Intellectual Property Items which relate to the business of the Company or to the Company&#146;s anticipated business as of the end of Zucconi&#146;s employment and which are conceived, developed, or reduced to
practice during a period of one year after the end of such employment. Without limiting the foregoing, Zucconi further acknowledges that all original works of authorship which are made by Zucconi (solely or jointly with others) within the scope of
Zucconi&#146;s employment and which are protectable by copyright are works made for hire as that term is defined in the United States Copyright Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(c) <U>Maintenance of Records</U>. Zucconi agrees to keep and maintain adequate and current written records of all Intellectual Property Items made by Zucconi (solely or jointly with others) during the term of
Zucconi&#146;s employment with the Company. The records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records will be available to, and remain the sole property of, the Company at
all times. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(d) <U>Patent and Copyright Registrations</U>. Zucconi agrees to assist the Company, or its designee, at the Company&#146;s
expense, in every proper way to secure the Company&#146;s rights in the Intellectual Property Items and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including the
disclosure to the Company of all pertinent information and data with respect thereto and the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary in order to apply for and
obtain such rights and in order to assign and convey to the Company, its successors, assigns and nominees the sole and exclusive rights, title and interest in and to such Intellectual Property Items, and any copyrights, patents, mask work rights or
other intellectual property rights relating thereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(e) <U>No Use of Name</U>. Zucconi shall not at any time use the Company&#146;s name
or any of the Company trademark(s) or trade name(s) in any advertising or publicity without the prior written consent of the Company.<B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>14. NON-SOLICITATION.</B> Zucconi agrees that Executive shall not during Zucconi&#146;s employment or other involvement with the Company and for a period of twelve (12)&nbsp;months immediately following the termination of Zucconi&#146;s
employment with the Company for any reason, whether with or without cause, (i)&nbsp;either directly or indirectly solicit or take away, or attempt to solicit or take away Executives of the Company, either for Zucconi&#146;s own business or for any
other person or entity, or (ii)&nbsp;either directly or indirectly recruit, solicit or otherwise induce or influence any proprietor, partner, stockholder, lender, director, officer, Executive, sales agent, joint venturer, investor, lessor, supplier,
customer, agent, representative or any other person who has a business relationship with the Company to discontinue, reduce or modify such employment, agency or business relationship with the Company. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>15. COVENANTS AGAINST COMPETITION. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">(a)&nbsp;<U>Definitions</U>. For the purposes of this Section: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) &#147;<U>Competing
Product</U>&#148; means any product, process, or service of any person or organization other than the Company, in existence or under development (A)&nbsp;which is identical to, substantially the same as, or an adequate substitute for any product,
process, or service of the Company, in existence or under development, based on any patent or patent application (provisional or otherwise) which is owned by or licensed to the Company, or other intellectual property of the Company about which
Zucconi acquires Confidential Information, and (B)&nbsp;which is (or could reasonably be anticipated to be) marketed or distributed in such a manner and in such a geographic area as to actually compete with such product, process or service of the
Company. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(ii) &#147;<U>Competing Organization</U>&#148; means any person or organization, including Zucconi, engaged in, or
about to become engaged in, research on or the acquisition, development, production, distribution, marketing, or providing of a Competing Product. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) <U>Non-Competition</U>. As a material inducement to the Company to employ or continue the employment of Zucconi, and in order to protect the Company&#146;s Confidential Information and good will, Zucconi agrees to the following
stipulations: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(i) For a period of twelve (12)&nbsp;months after termination of Zucconi&#146;s employment with the Company
or its affiliates for any reason, whether with or without cause, Zucconi will not directly or indirectly solicit or divert or accept business relating in any manner to Competing Products or to products, processes or services of the Company, from any
of the customers or accounts of the Company with which Zucconi had any contact as a result of Zucconi&#146;s employment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(ii) For a period of six (6)&nbsp;months after termination of Zucconi&#146;s employment with the Company for any reason, whether with or without cause, Zucconi will not (A)&nbsp;render services directly or indirectly, as an Executive,
consultant or otherwise, to any Competing Organization in connection with research on or the acquisition, development, production, distribution, marketing or providing of any Competing Product, or (B)&nbsp;own any interest in any Competing
Organization, other than less than 2% of the equity securities of a Competing Organization which is publicly traded. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(c) <U>Modification of
Restrictions</U>. Zucconi agrees that the restrictions set forth in this Section are fair and reasonable and are reasonably required for the protection of the interests of the Company. However, should an arbitrator or court nonetheless determine at
a later date that such restrictions are unreasonable in light of the circumstances as they then exist, then Zucconi agrees that this Section shall be construed in such a manner as to impose on Zucconi such restrictions as may then be reasonable and
sufficient to assure Company of the intended benefits of this Section. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>16. PUBLICATIONS.</B> Zucconi agrees that Executive will in advance of
publication provide the Company with copies of all writings and materials which Executive proposes to publish during the term of Zucconi&#146;s employment and for two years thereafter. Zucconi also agrees that Executive will, at the Company&#146;s
request, cause to be deleted from such writings and materials any information disclosing Confidential Information. The Company&#146;s good faith judgment in these matters will be final. At the Company&#146;s sole discretion, Zucconi will also, at
the Company&#146;s request, cause to be deleted any reference whatsoever to the Company from such writings and materials.<B> </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>17. EQUITABLE REMEDIES.</B> Zucconi agrees that it would be impossible or inadequate to measure and calculate the
Company&#146;s damages from any breach of the covenants set forth in herein. Accordingly, at the sole discretion of the Company, Zucconi agrees that if Executive breaches any of such Sections, the Company will have, in addition to any other right or
remedy available, the right to obtain an injunction from a court of competent jurisdiction restraining such breach or threatened breach and to specific performance of any such provision of this Agreement and, if it prevails in such a proceeding, the
right to recover from Zucconi the costs and expenses thereof, including reasonable attorneys&#146; fees.<B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>18. REPRESENTATIONS AND WARRANTIES OF
EXECUTIVE.</B> Zucconi represents and warrants as follows: (i)&nbsp;that Zucconi has no obligations, legal or otherwise, inconsistent with the terms of this Agreement or with Zucconi&#146;s undertaking a relationship with the Company; and
(ii)&nbsp;that Executive has not entered into, nor will Executive enter into, any agreement (whether oral or written) in conflict with this Agreement.<B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>19. <U>MISCELLANEOUS</U>.</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>Entire Agreement</U>. This Agreement contains the entire understanding of the parties with
respect to the subject matter. It may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>No Waiver</U>. The failure of either party to insist on strict compliance with the terms of this agreement in any instance or instances will not be
deemed a waiver of any such term of this Agreement or of that party&#146;s right to require strict compliance with the terms of this Agreement in any other instance. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">(c) <U>Successors and Assigns</U>. This Agreement shall be binding on and inure to the benefit of the successors in interest of the parties, including, in the case of Zucconi, Zucconi&#146;s heirs, executors and
estate. Zucconi may not assign Zucconi&#146;s obligations under this Agreement. The Company may not assign its obligations under this Agreement, except with the prior written consent of Zucconi. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(d) <U>Notices</U>. Any notices or other communications provided for hereunder may be made by fax, first class mail or express courier services provided
that the same are addressed to the party required to be notified at its address first written above, or such other address as may hereafter be established for notices, and any notices or other communications sent by first class mail shall be
considered to have been made when posted. The parties fax numbers are as follows: Company&#151;(617) 928-3450; Executive &#150; 480-706-3701. Either party may change such addresses from time to time by providing written notice in the manner set
forth above. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(e) Severability. If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any
application, then the remainder of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and each and every term and condition of this Agreement shall be valid and enforceable to the
fullest extent and in the broadest application permitted by law. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(f) <U>Captions; Gender</U> Captions of Sections herein are for convenience only and are not intended to
cover all matters therein. Any pronoun or other gender-linked term shall in each case refer, as applicable, to the masculine, feminine or neuter. Any defined term shall include it singular or plural form or other part of speech. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">(g) <U>Governing Law</U>. This Agreement shall be construed and enforced in accordance with the laws of The Commonwealth of Massachusetts without giving
effect to its principles on conflict of laws. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="85%" BORDER="0">

<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>EMPLOYER:</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B>PRO-PHARMACEUTICALS, INC.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">James Czirr</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Chairman of the Board</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="85%" BORDER="0">

<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>AGREED TO AND ACCEPTED</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B>EXECUTIVE:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD COLSPAN="3" VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Theodore D. Zucconi, Ph.D.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">List of Prior Inventions <U> </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>and Original Works of Authorship </U></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="49%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="49%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:15pt"><FONT FACE="Times New Roman" SIZE="1"><B>Title</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Identifying<BR>Number or<BR>Brief&nbsp;Description</B></FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
