Document:

Warrant 07/20/2002

  EXHIBIT 4.1
           THE WARRANT REPRESENTED BY THIS CERTIFICATE
AND THE OTHER SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR APPLICABLE STATE LAW, AND MAY NOT BE OFFERED OR SOLD EXCEPT (i) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT AND SUCH STATE LAW, (ii) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) UPON THE DELIVERY BY THE HOLDER
TO COMPANY OF AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO COUNSEL FOR COMPANY, STATING THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND STATE LAW IS AVAILABLE.
 THIS WARRANT
IS NONTRANSFERABLE, EXCEPT AS SET FORTH HEREIN
 Void after 5:00 p.m. California Time, on July 19, 2004.
 Warrant to Purchase
250,000 Shares of Common Stock
 WARRANT TO PURCHASE COMMON STOCK
 of
 CYTRX CORPORATION
           This is to Certify that, FOR VALUE RECEIVED, Corporate Consulting International Group or
registered assigns (“Holder”), is entitled to purchase, subject to the provisions of this Warrant, from CytRx Corporation, a Delaware corporation (“Company”), at any time on or after July 20, 2002, and not later than 5:00 p.m.,
California Time, on July 19, 2004, 250,000 shares of common stock, $0.01 par value, of Company (“Common Stock”) at a purchase price per share of U.S. $0.58.  The number of shares of Common Stock to be received upon the exercise
of this Warrant and the price to be paid for a share of Common Stock may be adjusted from time to time as hereinafter set forth.  The shares of Common Stock deliverable upon such exercise, and as adjusted from time to time, are hereinafter
sometimes referred to as “Warrant Stock” and the exercise price of a share of Common Stock in effect at any time and as adjusted from time to time is hereinafter sometimes referred to as the “Exercise Price.”
           This Warrant is issued to Holder in connection with the Consulting/Engagement Letter between Holder and the Company dated as of July 20, 2002. 

           1.          Exercise of Warrant.
           (a)         This Warrant may be exercised in whole or in part at any time or from time to time on or after July 20, 2002,
and not later than 5:00 p.m., California Time, on July 19, 2004, or if July 19, 2004, is a day on which banking institutions are authorized by law to close, then on the next succeeding day, which shall not be such a day, by presentation and
surrender hereof to Company or at the office of its stock transfer agent, if any, with the Purchase Form annexed hereto, duly endorsed and accompanied by payment in full of the Exercise Price for the number of shares specified in such form, together with all federal and state taxes applicable upon such exercise.
           (b)         Upon receipt by the Company of this Warrant at the office or agency of the Company, in proper form for
exercise, together with payment in full of the Exercise Price for the number of shares indicated in the Purchase Form, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding
that the stock transfer books of the Company shall then be closed or that certificates representing such shares of Common Stock shall not then be actually delivered to the Holder.
           (c)         Company hereby agrees that at all times there shall be reserved for issuance and delivery upon exercise of
this Warrant such number of shares of its Common Stock as shall be required for issuance or delivery upon exercise of this Warrant.
           2.
          Fractional Shares.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  With respect to any fraction of a share
called for upon any exercise hereof, Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current “Fair Market Value” of a share of Common Stock, determined as follows:
                        a.           If the Common Stock is
listed on a national securities exchange or the Nasdaq National Market, the current Fair Market Value shall be the last reported (as reported by Bloomberg’s Financial Service) sale price of the Common Stock on such exchange or the Nasdaq
National Market on the last business day prior to the date of exercise of this Warrant or if no such sale is made on such day, the average closing bid and asked prices for such day on such exchange or the Nasdaq National Market; or

                       b.          If the
Common Stock is not so listed, the current Fair Market Value shall be the mean of the last reported bid and asked prices reported by the National Association of Securities Dealers Quotation System (or, if not so quoted on NASDAQ, by the National
Quotation Bureau, Inc.) on the last business day prior to the date of the exercise of this Warrant; or
                        c.          If the Common Stock is not
so listed and bid and asked prices are not so reported, the current Fair Market Value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the Board of Directors of the Company, such
determination to be final and binding on the Holder.
           3.          Exchange Assignment
or Loss of Warrant.  This Warrant is exchangeable, without expense, at the option of the Holder, upon presentation and surrender hereof to Company or at the office of its stock transfer agent, if any, for other Warrants of different
denominations entitling the holder thereof to purchase in the aggregate the same number of shares of Common Stock purchasable hereunder.  This Warrant may not be sold, transferred, assigned or hypothecated, except that it may be transferred by
operation of law as a result of the death of Holder or his lawful successors.  Any such assignment shall be made by surrender of this Warrant to the Company or at the office of its stock transfer agent, if any, with the Assignment Form annexed
hereto duly executed and funds sufficient to pay any transfer tax; whereupon the
 2
 

  Company shall, without charge, execute and deliver a new Warrant in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be
canceled.  This Warrant may be divided or combined with other Warrants which carry the same rights upon presentation hereof at the office of the Company or at the office of its stock transfer agent, if any, together with a written notice
specifying the names and denominations in which new Warrants are to be issued and signed by the Holder hereof.  The term “Warrant” as used herein includes any Warrants issued in substitution for or replacement of this Warrant, or into
which this Warrant may be divided or exchanged. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction, or mutilation of this Warrant, and (in the case of loss, theft or destruction) of reasonably satisfied
indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and deliver a new Warrant of like tenor and date.  Any such new Warrant executed and delivered shall constitute an additional
contractual obligation on the part of the Company, whether or not this Warrant so lost, stolen, destroyed, or mutilated shall be at any time enforceable by anyone.
           4.          Rights of the Holder.  The Holder shall not, by virtue hereof, be entitled to any rights of
a shareholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in the Warrant and are not enforceable against Company except to the extent set forth herein.
           5.          Anti-Dilution Provisions.
                        a.          Adjustment of Exercise
Price.  Anything in this Section 5 to the contrary notwithstanding, in case the Company shall at any time issue Common Stock or Convertible Securities by way of dividend or other distribution on any stock of the Company or subdivide or
combine the outstanding shares of Common Stock, the Exercise Price shall be proportionately decreased in the case of such issuance (on the day following the date fixed for determining shareholders entitled to receive such dividend or other
distribution) or decreased in the cases of such subdivision or increased in the case of such combination (on the date that such subdivision or combination shall become effective).
                        b.          No Adjustment for Small
Amounts.  Anything in this Section 5 to the contrary notwithstanding, the Company shall not be required to give effect to any adjustment in the Exercise Price unless and until the net effect of one or more adjustments, determined as
above provided, shall have required a change of the Exercise Price by at least one cent, but when the cumulative net effect of more than one adjustment so determined shall be to change the actual Exercise Price by at least one cent, such change in
the Exercise Price shall thereupon be given effect.
                        c.          Number of Shares
Adjusted.  Upon any adjustment of the Exercise Price pursuant to Section 5(a), the Holder of this Warrant shall thereafter (until another such adjustment) be entitled to purchase, at the new Exercise Price, the number of shares, calculated
to the nearest full share, obtained by multiplying the number of shares of Common Stock initially issuable upon exercise of this Warrant by the original Exercise Price and dividing the product so obtained by the new Exercise Price.
 3
 

            6.          Officer’s Certificate.  Whenever the
Exercise Price shall be adjusted as required by the provisions of Section 5 hereof, the Company shall forthwith file in the custody of its Secretary or an Assistant Secretary at its principal office, and with its stock transfer agent, if any,
an officer’s certificate showing the adjusted Exercise Price determined as herein provided and setting forth in reasonable detail the facts requiring such adjustment.  Each such officer’s certificate shall be made available at all
reasonable times for inspection by the Holder and the Company shall, forthwith after each such adjustment, deliver a copy of such certificate to the Holder. Such certificate shall be conclusive as to the correctness of such adjustment.

          7.          Notices to Warrant Holder.  So long as this Warrant shall be outstanding and
unexercised (i) if Company shall pay any dividend or make any distribution upon the Common Stock or (ii) if Company shall offer to the holders of Common Stock for subscription or purchase by them any shares of stock of any class or any
other rights or (iii) if any capital reorganization of the Company, reclassification of the capital stock of the Company, consolidation or merger of the Company with or into another corporation, sale, lease or transfer of all or substantially
all of the property and assets of the Company to another corporation, or voluntary or involuntary dissolution, liquidation or winding up of the Company shall be effected, then in any such case, the Company shall cause to be delivered to the Holder,
at least ten days prior to the date specified in (x) or (y) below, as the case may be, a notice containing a brief description of the proposed action and stating the date on which (x) a record is to be taken for the purpose of such dividend,
distribution or rights, or (y) such reclassification, reorganization, consolidation, merger, conveyance, lease, dissolution, liquidation or winding up is to take place and the date, if any, is to be fixed, as of which the holders of Common Stock of
record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reclassification, reorganization, consolidation, merger, conveyance, dissolution, liquidation or winding up.
           8.          Reclassification, Reorganization or Merger.  In case of any reclassification, capital
reorganization or other change of outstanding shares of Common Stock of the Company (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of an issuance of Common Stock by way of
dividend or other distribution or of a subdivision or combination), or in case of any consolidation or merger of the Company with or into another corporation (other than a merger with a subsidiary in which merger the Company is the continuing
corporation and which does not result in any reclassification, capital reorganization or other change of outstanding shares of Common Stock of the class issuable upon exercise of this Warrant) or in case of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as an entirety, the Company shall cause effective provision to be made so that the holder shall have the right thereafter, by exercising this Warrant, to purchase the kind
and amount of shares of stock and other securities and property receivable upon such reclassification, capital reorganization or other change, consolidation, merger, sale or conveyance.  Any such provision shall include provision for
adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Warrant.  The foregoing provisions of this Section (i) shall similarly apply to successive reclassifications, capital
reorganizations and changes of shares of Common Stock and to successive consolidations, mergers, sales or conveyances.  In the event that in any such capital reorganization or reclassification, consolidation, merger, sale or conveyance,
additional shares of Common Stock shall be issued in exchange, conversion, substitution or payment, in whole or in
 4
 

  part, for or of a security of the Company other than Common Stock, any such issue shall be treated as an issue of Common Stock covered by the provisions of subsection (f)(i)
hereof with the amount of the consideration received upon the issue thereof being determined by the Board of Directors of the Company, such determination to be final and binding on the Holder.
           9.          Spin-Offs.  In the event the Company spins-off a subsidiary by distributing to the
shareholders of the Company as a dividend or otherwise the stock of the subsidiary, the Company shall reserve for the life of the Warrant shares of the subsidiary to be delivered to the Holder of this Warrant upon exercise to the same extent as if
such Holder were an owner of record of the Warrant Stock on the record date for payment of the shares of the subsidiary.
           10.         Notices.  Any notices or certificates by the Company to Holder shall be deemed delivered if in
writing and delivered personally or sent by either certified mail or overnight mail (e.g., Federal Express or similar carrier) to Holder at the address for Holder registered on the Company’s books, and by Holder to Company by notice in writing
to the Company addressed to it at 11726 San Vicente Blvd., Suite 650, Los Angeles, CA 90049, to the attention of Steven A. Kriegsman, or such other address of which the Company shall give notice.  The Company may change its address by written
notice to the Holder registered as the owner on the Company’s books and Holder may change its address by written notice to the Company.
           11.         Transfer Restrictions.  This Warrant may not be assigned, transferred, sold or otherwise disposed of,
except by intestate succession or by will.
           12.         The Company may cause the following legend
to be set forth on each certificate representing Warrant Stock or any other security issued or issuable upon exercise of this Warrant, unless counsel for the Company is of the opinion as to any such certificate that such legend is
unnecessary:

	  
 	 THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT MADE UNDER THE
SECURITIES ACT OF 1933 (THE “ACT”) AND APPLICABLE STATE LAW, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND SUCH STATE LAW.
 	  
 

           13.          Applicable Law.  This Warrant shall be governed by, and construed in accordance with, the
internal laws of the State of California.
 Dated: July 20, 2002

	 By:
 	 /s/ STEVEN A. KRIEGSMAN
 	  
 
	  
 	 
 	  
 
	   
 	 Steven A. Kriegsman
 	   
 

 5
 

  PURCHASE FORM
 Date ___________, 200_
           o          The undersigned hereby irrevocably elects to exercise the within Warrant to
the extent of purchasing _____ shares of Common Stock and hereby makes payment of $___________ in payment of the actual exercise price thereof.
 INSTRUCTIONS FOR REGISTRATION OF
STOCK

	  
 	 NAME:________________________________________________
 
	  
 	   
 	  
 	 (Please type or print in block letters)
 
	  
 	  
 
	  
 	 NAME: ________________________________________________
 
	  
 	  
 
	  
 	 ADDRESS: _____________________________________________
 
	  
 	  
 
	  
 	 SIGNATURE: ___________________________________________
 
	  
 	  
 
	  
	 ASSIGNMENT FORM
 
	  
 	  
 
	  
 	 FOR VALUE RECEIVED, _________________________________
 
	  
 	  
 
	 hereby sells, assigns and transfers unto:
 
	  
 	  
 
	  
 	 NAME: ________________________________________________
 
	  
 	  
 	  
 	 (Please type or print in block letters)
 
	  
 	  
 
	  
 	 ADDRESS: _____________________________________________
 

 the right to purchase Common Stock
represented by this Warrant to the extent of_____ shares as to which such right is exercisable and does hereby irrevocably constitute and appoint ______________________________________, attorney, to transfer the same on the books of the Company with
fill power of substitution in the premises.
 Date:_______________, 200__

	  
 	 By:
 	  
 
	  
 	  
 	 
 
	  
 	 Name:
 	  
 

 6Employment Agreement

 EXHIBIT 10.1 
  
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
  
 This Amended and Restated Employment
Agreement (this “Agreement”) is made and entered into this              day of May, 2002, and is effective as of the Effective Time (as defined in Section 4 hereof), by and
between CytRx Corporation, a Delaware corporation (“Employer”) and Steven A. Kriegsman, an individual and resident of the State of California (“Employee”), and this Agreement hereby replaces and supersedes the Employment
Agreement dated as of February 11, 2002 between Employer and Employee. 
  
 A.    In connection
with that certain Agreement and Plan of Merger dated as of February 11, 2002, as amended by that certain First Amendment to Agreement and Plan of Merger dated as of the date hereof (the “Merger Agreement”) among Employer, Global Genomics
Capital, Inc. (“GGC”) and GGC Merger Corporation, Employee has agreed to enter into this Agreement and serve as Chief Executive Officer of Employer in accordance with the terms hereof. 
  

B.    Employer believes that Employee will be an integral part of its management and is and will become more knowledgeable of, and be responsible
for developing, its business. 
  
 C.    Employee possesses extensive knowledge regarding
Employer’s business, including confidential and proprietary information concerning marketing plans and strategy, business plans, projections, and the formulae and models pertaining thereto, customer needs and peculiarities, finances,
operations, billing methods, customer lists and trade secrets (the “Trade Secrets”). 
  
 D.    Employer desires that, effective as of the Effective Time, Employee be employed as Chief Executive Officer of Employer. 
  
 NOW, THEREFORE, upon the above premises, and in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows. 
  
 1.    Employment.    Effective as of the Effective Time, Employer hereby hires Employee as
Employer’s Chief Executive Officer, and Employee hereby accepts such employment and position with Employer, on the terms and conditions set forth herein. Employer understands that his duties as Chief Executive Officer may change from time to
time over the Term hereof in the discretion of Employer’s Board of Directors. 
  
 2.    Duties.    Employee shall perform all duties assigned to him by the Employer’s Board of Directors in a professional business-like manner and to the best of his ability . Such
duties include, without limitation, the overseeing and implementation of the business plan adopted by the Board of Directors (as may be revised from time to time by the Board of Directors). Employee will truthfully and accurately maintain all
records, preserve all such records, and make such reports as Employer may require. Employee will fully and truthfully account for all money and property of Employer of which he may be given custody, and 

 Employee will pay over and deliver to Employer all such money and property as he may be directed. 
  
 3.    Time and Efforts.    Employee shall devote such time, efforts, attention, and
energies to Employer’s Business as are reasonably necessary to implement the business plan and discharge his duties hereunder. 
  
 4.    Term.    Employee’s employment hereunder shall commence at the Effective Time and shall continue until the first anniversary thereof, unless sooner terminated in
accordance with Section 6 (the “Initial Term”). Upon expiration of the Initial Term, Employee’s employment hereunder shall automatically renew for one additional one year period (the “Additional Term”), unless either
Employee or Employer provides written notice to the other at least thirty (30) days prior to the expiration of the Initial Term that such party does not intend to renew this Agreement for the Additional Term. For purposes of this Agreement, (i)
“Effective Time” shall have the meaning ascribed to such term in the Merger Agreement and (ii) “Term” shall mean the Initial Term, and if this Agreement is renewed for the Additional Term, the Additional Term. 

 
 5.    Compensation.    As the total consideration for Employee’s services
rendered hereunder, Employer shall pay Employee the following compensation: 
  
 5.1.    Salary.    Employer shall pay Employee an annual salary of Two Hundred Forty Thousand Dollars ($240,000) per year (“Salary”), in equal installments, twice monthly, on
those days when Employer normally pays its employees. If the Employee’s employment is renewed for the Additional Term, this Salary shall be reviewed by Employer’s Board of Directors or Compensation Committee and may be subject to an upward
adjustment or no adjustment in their sole discretion. 
  
 5.2.    Bonus
Compensation.    Employee shall be eligible to receive a bonus based upon goals and objectives set by Employer’s Board of Directors or Compensation Committee. 
  
 5.3    Stock Options.    Employee will be eligible to receive grants of options to purchase Employer’s
Common Stock. The terms of those options, including the vesting schedule, will be determined by the Board of Directors (or Compensation Committee) in its sole discretion and set forth in the agreements evidencing the options. 

 
 5.4    Expense Reimbursement.    Employer shall reimburse
Employee for reasonable and necessary business and entertainment expenses incurred by Employee in connection with the performance of Employee’s duties. In the event that any federal, state or local government taxing agency or authority
determines to disallow any such expenses which are reimbursed to Employee, Employee agrees upon Employer’s request, to repay Employer any such disallowed expenses. 
  
 5.5    Vacation.    Employee shall be entitled to three (3) weeks vacation time each year without loss of
compensation. Employee may be absent from his employment only at 

 
 2 

 such times as Employer shall determine from time to time. Employee’s vacation shall be governed by Employer’s usual policies
applicable to all employees. 
  
 5.6    Insurance
Benefits.    Employee shall be eligible to participate in all insurance and other benefits made available by Employer to all of its employees under its group plans. In addition to the extent Employee is insurable and the
annual premium does not exceed Five Thousand Dollars ($5,000), Employer will purchase a life insurance policy on Employee’s life with a death benefit of not less than One Million Dollars ($1,000,000). Employee shall have the right to name the
beneficiary of the life insurance policy. Employer’s liability under this section 5.6 shall be limited to payment of the policy premium. In the event Employer does not obtain the insurance for any reason, other than the non-payment of a
required premium (as long as such premium is not more than $5,000 per year), Employer shall have no liability to Employee under this section 5.6. 
  
 5.7    Tax Withholding.    Employer shall have the right to deduct from the compensation due to Employee hereunder any and all sums required for social
security and withholding taxes and for any other federal, state, or local tax or charge which may be in effect or hereafter enacted or required as a charge on the compensation of Employee. 
  
 6.    Expiration and Termination.    This Agreement will expire at the conclusion of its Term and may be terminated earlier
in the following events or in accordance with Section 17: 
  
 6.1    Termination for Cause.    Upon notice to Employee, Employer may terminate this Agreement effective immediately for material breach by Employee of the terms hereof or for Cause as
defined in this section 6.1. “Cause” shall mean only: (1) Employee’s failure or inability to comply with a lawful instruction of the Board of Directors; or (2) Employee’s act or acts of personal dishonesty that are intended to
result in personal enrichment of Employee at the expense of the Employer; or (3) Employee’s conviction of any felony or any crime involving an act of moral turpitude. In such event, Employee shall not be entitled to any severance, or any
proration of any bonus calculated under section 5.2 on account of any part year. 
  
 6.2    Termination by Employer Without Cause.    Employer may terminate this Agreement without cause any time upon thirty (30) days’ written notice. If Employer terminates Employee
without cause at any time during the Initial Term, Employee will be entitled to his Salary for the remainder of the Initial Term and for a period of six months after the expiration of the Initial Term. If Employer terminates Employee without cause
at any time after the expiration of the Initial Term, Employee will be entitled to his Salary through the effective date of his termination and for a period of six months thereafter. 
  
 6.3    Termination by Employee Without Cause.    Employee may terminate this Agreement without cause upon
thirty (30) days’ written notice to Employer. In such event, at Employer’s request, Employee shall continue to render his services up to the effective date of his termination. In the event of a termination under this section 6.3, Employee
shall be entitled to 

 
 3 

 his Salary through the effective date of his termination. 
  
 6.4    Termination upon Replacement CEO.    Employee and Employer acknowledge and agree that after the
Effective Time, both will search for a full-time Chief Executive Officer to replace Employee. Upon the finding of such a replacement, Employee shall resign his employment hereunder, which shall be deemed to be a termination without Cause by Employer
hereunder. 
  
 7.    First Offer.    Employee acknowledges and agrees
that a material inducement to Employer to enter into the Merger Agreement and this Agreement and to consummate the transactions contemplated by the Merger Agreement is the Employee’s expertise in, knowledge of and ability to identify
acquisition candidates within, the biotech, pharmaceutical and health care industries. Accordingly, Employee agrees that Employee will provide the Board of Directors with the first opportunity to conduct or take action with respect to any
acquisition opportunity or any other potential transaction identified by Employee within the biotech, pharmaceutical or health care industries and that is within the scope of the business plan adopted by the Board of Directors to Employer’s
Board of Directors. Employee’s obligations under this Section 7 shall commence at the Effective Time and shall continue until for the longer of (i) the first annual anniversary of the Effective Time or (ii) the period during which Employee is
entitled to payments under Sections 6.1, 6.2, 6.3 or 6.4. 
  
 8.    Confidentiality.    During the Term of this Agreement and for a period of five years thereafter, Employee shall hold and keep secret and confidential all Trade Secrets and other
confidential or proprietary information of Employer and shall use such information only in the course of performing Employee’s duties hereunder; provided, however, that with respect to “trade secrets” (as defined under applicable
law), Employee shall hold and keep secret and confidential such “trade secrets” for so long as they remain “trade secrets” under applicable law. Employee shall maintain in trust all such Trade Secret or other confidential or
proprietary information, as Employer’s property, including, but not limited to, all documents concerning Employer’s business, including Employee’s work papers, telephone directories, customer information and notes, and any and all
copies thereof in Employee’s possession or under Employee’s control. Upon expiration or earlier termination of Employee’s employment with Employer, for any reason, or upon request by Employer, Employee shall deliver to Employer all
such documents belonging to Employer, including any and all copies in Employee’s possession or under Employee’s control. 
  
 9.    Equitable Remedies; Injunctive Relief.    Employee hereby acknowledges and agrees that monetary damages are inadequate to fully compensate Employer for the damages that
would result from a breach or threatened breach of Sections 7 or 8 of this Agreement and, accordingly, that Employer shall be entitled to equitable remedies, including, without limitation, specific performance, temporary restraining orders, and
preliminary injunctions and permanent injunctions, to enforce such Sections without the necessity of proving actual damages in connection therewith. This provision shall not, however, diminish Employer’s right to claim and recover damages or
enforce any other of its legal or equitable rights or defenses. 

 
 4 

 10. Severable Provisions. The provisions of this Agreement are severable and if any one or more provisions is
determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provisions to the extent enforceable, shall nevertheless be binding and enforceable. 
  
 11. Binding Agreement. This Agreement shall inure to the benefit of and shall be binding upon Employer, its successors and assigns
and Employee and his heirs and representatives. Neither party may assign this Agreement without the prior written consent of the other party. 
  
 12. Entire Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made no agreements, representations or
warranties relating to the subject matter of this Agreement that are not set forth otherwise herein. This Agreement supersedes any and all prior agreements, written or oral, between Employee and Employer relating to the subject matter hereof. Any
such prior agreements are hereby terminated and of no further effect and Employee, by the execution hereof, agrees that any compensation provided for under any such prior agreements is specifically superseded and replaced by the provision of this
Agreement. No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto and unless such writing is made by an executive officer of Employer (other than Employee). The parties hereto agree that in no event
shall an oral modification of this Agreement be enforceable or valid. 
  
 13. Governing Law. This Agreement is
and shall be governed and construed in accordance with the laws of the State of California without giving effect to California’s choice of law rules. 
  
 14. Notice. All notices and other communications under this Agreement shall be in writing and mailed, telecopied or delivered by hand or by a nationally recognized courier service guaranteeing
overnight delivery to a party at the following address (or to such other address as such party may have specified by notice given to the other party pursuant to this provision): 
  
 If to Employer: 
 CytRx Corporation

 154 Technology Parkway 
 Norcross, Georgia 30092 
 Facsimile: (770) 448-3357 
 Attention: President 
  
 With a copy to:

 
 5 

 Facsimile: 
  
 If to Employee: 
  
 Steve Kriegsman 
  
 15. Attorneys’ Fees. In the event that any party shall bring any
lawsuit, arbitration or proceeding in connection with the performance, breach or interpretation hereof, then the prevailing party in such action shall be entitled to recover from the losing party in such action, all reasonable costs and expenses,
including reasonable attorneys’ fees, court costs, costs of investigation and other costs reasonably related to such proceeding. 
  
 16. Arbitration. The parties agree if any controversy or claim shall arise out of this Agreement or the breach hereof (other than claims (1) for equitable relief, including specific performance, injunctive relief or
temporary restraining orders or (2) enforcing this Section 16 or an arbitration award granted in accordance herewith), and either party shall request that the matter be settled by arbitration the matter shall be settled exclusively by final and
binding arbitration before JAMS (or its successor pursuant to the United States Arbitration Act, 9 U.S.C. Section 1 et seq.) in accordance with the provisions of JAMS’ Streamlined Arbitration Rules and Procedures in effect at such time, by a
single arbitrator, if the parties shall agree upon one, or by one arbitrator appointee by each party and a third arbitrator appointed by the other arbitrators. In case of any failure of a party to make an appointment referred to above within two (2)
weeks after written notice of controversy, such appointment shall be made by JAMS. All arbitration proceedings shall be held in the City of Los Angeles, and each party agrees to comply in all respects with any award made in such proceeding and to
the entry of a judgment in any jurisdiction upon any award rendered in such proceeding. All costs and expenses of arbitration (including costs of preparation therefor and reasonable attorneys’ fees incurred in connection therewith) of the party
prevailing in such arbitration shall be borne by the losing party to such arbitration, unless otherwise directed by the arbitrators. 
  
 17. Death or Disability. In the event of Employee’s death during his employment with Employer, Employer’s obligations under this Agreement shall automatically terminate; provided, however, that within
fifteen (15) days thereafter Employer shall pay to the Employee’s heirs or personal representatives Employee’s accrued but unpaid Salary, bonus and vacation, and his remaining unvested Options shall vest. In the event of Employee’s
total disability (defined as the complete inability to perform his duties hereunder) for any period of at least three (3) consecutive months, Employer shall have the right, which may be exercised at its sole discretion, to terminate Employee.
Employer shall have no obligation to Employee (or his heirs or personal representatives) upon Employee’s termination under this Section 17, other than for unpaid Salary accrued prior to the effective date of his termination. 

 
 6 

 18. Survival. In the event this Agreement expires after its term or is terminated, the provisions of sections 5.7
and 7 through 18 shall survive. 
  
 19. Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. 
  
 IN WITNESS WHEREOF, this Agreement is executed as of the day and year first above written. 
  
 
	 “EMPLOYER”
 
	 
	 CYTRX CORPORATION
 
	 a Delaware corporation
 
	 
	 /s/    H. MCDADE, JR.
 By:                                     
                                        
                   
 
	     Name:      H. McDade, Jr.
 
	     Title:         Chairman of Compensation
Committee
 
	 
	 “EMPLOYEE”
 
	 
	 /s/    STEVEN A.
KRIEGSMAN        
 

	 Steven A. Kriegsman
 

 

 
 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]