Document:

Exhibit
4.4

 

Description
of Securities

 

The
following description is intended as a summary and is qualified in its entirety by reference to our Restated Certificate of Incorporation,
as amended (the “Certificate of Incorporation”) and our Amended and Restated By-Laws (the “By-laws”) as currently
in effect, copies of which are filed as exhibits to this Amendment No. 1 to the Annual Report on Form 10-K and are incorporated by reference
herein.

 

Authorized
Capital Stock

 

As
of March 23, 2022, we have authorized 63,227,273 shares of capital stock, par value $0.001 per share, of which 62,393,940 are shares
of common stock and 833,333 are shares of “blank check” preferred stock, par value $0.01 per share, of which 50,000 are authorized
as Series B Junior Participating Preferred Stock and 8,240 are authorized as Series C 10.00% Convertible Preferred Stock. As of March
23, 2022, there were 38,801,442 shares of common stock issued and outstanding and 8,240 shares of Series C 10.00% Convertible Preferred
Stock issued and outstanding. We have reserved all of the shares of our Series B Junior Participating Preferred Stock for issuance upon
the exercise of the rights under our Shareholder Protection Rights Agreement described below. The authorized and unissued shares of common
stock and the authorized and undesignated shares of preferred stock are available for issuance without further action by our stockholders,
unless such action is required by applicable law or the rules of any stock exchange on which our securities may be listed. Unless approval
of our stockholders is so required, our board of directors does not intend to seek stockholder approval for the issuance and sale of
our common stock or preferred stock.

 

Common
Stock

 

Holders
of our common stock are entitled to one vote per share on matters on which our stockholders vote, including with respect to the election
of directors. Holders of common stock are entitled to receive dividends, if declared by our board of directors, out of funds that we
may legally use to pay dividends. If we liquidate or dissolve, holders of common stock are entitled to share ratably in our assets once
our debts and any liquidation preference owed to holders of any then-outstanding preferred stock are paid. All shares of common stock
that are outstanding as of the date of this report are fully-paid and nonassessable. Holders of our common stock have no preemptive,
conversion or subscription rights, and there are no redemption or sinking fund provisions with respect to our common stock. Our common
stock is listed on The OTC Market under the symbol “CYTR”.

 

Classified
Board of Directors

 

Pursuant
to our Certificate of Incorporation and By-laws, the members of our board of directors shall be divided into three classes, designated
as Classes I, II and III, with each class consisting as nearly as possible of one-third (1/3) of the total number of directors. One class
of directors is to be elected at each annual meeting of stockholders to serve for a term of three years. In the election of directors,
the directors shall be elected by a plurality of the votes cast by holders of each class of stock entitled to elect directors or a class
of directors.

 

Preferred
Stock

 

The
board of directors is authorized, subject to any limitations prescribed by law, without further vote or action by the stockholders, to
issue from time to time shares of preferred stock in one or more series. Each such series of preferred stock shall have such number of
shares, designations, preferences, voting powers, qualifications, and special or relative rights or privileges as shall be determined
by the board of directors, which may include, among others, dividend rights, voting rights, liquidation preferences, conversion rights
and preemptive rights. Issuance of preferred stock by our board of directors may result in such shares having dividend and/or liquidation
preferences senior to the rights of the holders of our common stock and could dilute the voting rights of the holders of our common stock.

 

    	 

    	 

    

 

Series
B Junior Participating Preferred Stock

 

Each
share of the Series B Junior Participating Preferred Stock is entitled to receive, when, as and if declared by the board of directors
out of funds legally available for that purpose, quarterly dividends payable in cash on the last day of February, May, August, and December
in each year (each such date being a “Quarterly Dividend Payment Date”), in an amount per share (rounded to the nearest cent)
equal to the greater of (a) $1.00 or (b) subject to certain adjustments, 1,000 times the aggregate per share amount of all cash dividends
declared on shares of the common stock since the immediately preceding Quarterly Dividend Payment Date, and, subject to certain adjustments,
quarterly distributions (payable in kind) on each Quarterly Dividend Payment Date in an amount per share equal to 1,000 times the aggregate
per share amount of all non-cash dividends or other distributions (other than a dividend payable in shares of common stock or a subdivision
of the outstanding shares of common stock, by reclassification or otherwise) declared on shares of common stock since the immediately
preceding Quarterly Dividend Payment Date. The terms of the Series B Junior Participating Preferred Stock were amended on November 12,
2020. The description herein reflects such amended terms.

 

In
the event of our liquidation or winding up of affairs, no distribution shall be made to the holders of shares of stock junior to Series
B Junior Participating Preferred Stock, including common stock, unless the holders of shares of Series B Junior Participating Preferred
Stock shall have received, the greater of either (a) $1.00 per share plus an amount equal to accrued and unpaid dividends and distributions
thereon, whether or not declared, to the date of such payment, or (b) the amount equal to 1,000 times the aggregate per share amount
to be distributed to holders of shares of common stock, or to the holders of shares ranking pari passu with the Series B Preferred
Stock, unless simultaneously therewith distributions are made ratably on shares of Series B Junior Participating Preferred Stock and
all other shares of such pari passu shares in proportion to the total amounts to which the holders of shares of Series B Junior
Participating Preferred Stock are entitled under clause (a) of this sentence and to which the holders of such pari passu shares
are entitled, in each case upon such liquidation, dissolution or winding up.

 

If
at any time dividends on any shares of Series B Junior Participating Preferred Stock are in arrears in an amount equal to six quarterly
dividends, then the number of directors constituting the board of directors shall automatically be increased by two, and during the period
(a “default period”) from such time until the time when all accrued and unpaid dividends for all previous quarterly dividend
periods and for the current quarterly dividend period on all shares of Series B Junior Participating Preferred Stock have been declared
and paid, the holders of the outstanding shares of Series B Junior Participating Preferred Stock, together with the holders of outstanding
shares of any one or more other series of preferred stock entitled to like voting rights (voting together as a single class), shall have
the right to elect two directors to the board of directors at our next annual meeting of stockholders, and may elect a successor to each
of the two directors so long as such default period continues.

 

Options,
Warrants and Convertible Securities

 

As
of March 23, 2022, the Company had 2,827,820 shares of common stock issuable upon exercise of outstanding options, 4,167 shares of common
stock issuable upon the exercise of warrants, 11,363,637 shares of common stock issuable upon the exercise of the preferred investment
option and 9,363,637 shares of common stock issuable upon conversion of our preferred stock. There are no other outstanding warrants,
options or restricted stock units at this time.

 

Anti-Takeover
Law and Provisions of our Certificate of Incorporation and By-laws

 

Section
203 of the Delaware General Corporation Law is applicable to takeovers of certain Delaware corporations, including us. Subject to exceptions
enumerated in Section 203, Section 203 provides that a corporation shall not engage in any business combination with any “interested
stockholder” for a three-year period following the date that the stockholder becomes an interested stockholder unless:

 

	 	●	prior
    to that date, the board of directors of the corporation approved either the business combination or the transaction that resulted
    in the stockholder becoming an interested stockholder;
	 	 	 
	 	●	upon
    consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned
    at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, though some shares may be
    excluded from the calculation; or
	 	 	 
	  	●	on
    or subsequent to that date, the business combination is approved by the board of directors of the corporation and by the affirmative
    votes of holders of at least two-thirds of the outstanding voting stock that is not owned by the interested stockholder.

 

    	 

    	 

    

 

The
term “business combination” is defined to include, among other transactions between an interested stockholder and a corporation
or any direct or indirect majority owned subsidiary thereof: a merger or consolidation; a sale, lease, exchange, mortgage, pledge, transfer
or other disposition (including as part of a dissolution) of assets having an aggregate market value equal to 10% or more of either the
aggregate market value of all assets of the corporation on a consolidated basis or the aggregate market value of all the outstanding
stock of the corporation; certain transactions that would result in the issuance or transfer by the corporation of any of its stock to
the interested stockholder; certain transactions that would increase the interested stockholder’s proportionate share ownership
of the stock of any class or series of the corporation or such subsidiary; and any receipt by the interested stockholder of the benefit
of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation or any such subsidiary.

 

Except
as specified in Section 203, an interested stockholder is generally defined to include any person who, together with any affiliates or
associates of that person, beneficially owns, directly or indirectly, 15% or more of the outstanding voting stock of the corporation,
or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation,
any time within three years immediately prior to the relevant date. Under certain circumstances, Section 203 makes it more difficult
for an interested stockholder to effect various business combinations with a corporation for a three-year period, although the stockholders
may elect not to be governed by this section, by adopting an amendment to the Certificate of Incorporation or the By-laws, effective
12 months after adoption. Our Certificate of Incorporation and By-laws do not opt out from the restrictions imposed under Section 203.
We anticipate that the provisions of Section 203 may encourage companies interested in acquiring us to negotiate in advance with the
board of directors because the stockholder approval requirement would be avoided if a majority of the directors then in office excluding
an interested stockholder approve either the business combination or the transaction that resulted in the stockholder becoming an interested
stockholder. These provisions may have the effect of deterring hostile takeovers or delaying changes in control, which could depress
the market price of our common stock and deprive stockholders of opportunities to realize a premium on shares of common stock held by
them.

 

Certificate
of Incorporation and By-Law Provisions

 

In
addition to the board of directors’ ability to issue shares of preferred stock, our Certificate of Incorporation and By-laws contain
the following provisions that may have the effect of discouraging unsolicited acquisition proposals:

 

	 	●	our
    By-laws classify the board of directors into three classes with staggered three-year terms;
	 	 	 
	 	●	under
    our By-laws, our board of directors may enlarge the size of the board and fill the vacancies;
	 	 	 
	 	●	our
    By-laws provide that a stockholder may not nominate candidates for the board of directors at any annual or special meeting unless
    that stockholder notifies us of its intention a specified period in advance and provides us with certain required information;
	 	 	 
	 	●	stockholders
    who wish to bring business before the stockholders at our annual meeting must provide advance notice;
	 	 	 
	 	●	our
    By-laws provide that stockholders may only act by written consent in lieu of a meeting if such consent is unanimous; and
	 	 	 
	 	●	our
    By-laws provide that special meetings of stockholders may only be called by our board of directors or by an officer so instructed
    by our board.

 

    	 

    	 

    

 

Our
By-laws also provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State
of Delaware will be the sole and exclusive forum for:

 

	 	●	any
    derivative action or proceeding brought on our behalf;
	 	 	 
	 	●	any
    action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the company to us or our
    stockholders;
	 	 	 
	 	●	any
    action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law; or
	 	 	 
	 	●	any
    action asserting a claim governed by the internal affairs doctrine.

 

Our
By-laws further provide that any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the company
is deemed to have notice of and consented to the foregoing provision.

 

Shareholder
Protection Rights Agreement

 

On
December 13, 2019, our board of directors, authorized and declared a dividend of one right (a “Right”) for each of our issued
and outstanding shares of common stock. The dividend was paid to the stockholders of record at the close of business on December 23,
2019. Each Right entitled the registered holder, subject to the terms of the Original Rights Agreement (as defined below), to purchase
from us one one-thousandth of a share of our Series B Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred
Stock”), at a price of $5.00 (the “Purchase Price”), subject to certain adjustments. The description and terms of the
Rights were set forth in the Rights Agreement, dated as of December 13, 2019 (the “Original Rights Agreement”), by and between
us and American Stock Transfer & Trust Company, LLC, as Rights Agent (the “Rights Agent”).

 

On
November 12, 2020, the board of directors approved an amendment and restatement of the Original Rights Agreement (as amended and restated,
the “Amended and Restated Rights Agreement”) to effect certain changes to the Original Rights Agreement, including (i) reducing
the duration to a term of three years, subject to certain earlier expiration as described in more detail below, and (ii) lowering the
beneficial ownership threshold at which a person or group of persons becomes an Acquiring Person (as defined below) to 4.95% or more
of our outstanding shares of common stock, subject to certain exceptions. The Amended and Restated Rights Agreement is designed to discourage
(i) any person or group of persons from acquiring beneficial ownership of more than 4.95% of our shares of common stock and (ii) any
existing stockholder currently beneficially holding 4.95% or more of our shares of common stock from acquiring additional shares of our
common stock.

 

The
purpose of the Amended and Restated Rights Agreement is to protect value by preserving the Company’s ability to utilize its net
operating losses and certain other tax attributes (collectively, the “Tax Benefits”) to offset potential future income tax
obligations. Our ability to use our Tax Benefits would be substantially limited if it experiences an “ownership change,”
as such term is defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Tax Code”). A corporation generally
will experience an ownership change if the percentage of the corporation’s stock owned by its “5-percent shareholders,”
as defined in Section 382 of the Tax Code, increases by more than 50 percentage points over their lowest ownership percentage within
a rolling three-year period. The Amended and Restated Rights Agreement is intended to reduce the likelihood we would experience an ownership
change under Section 382 of the Tax Code. The rights are only exercisable upon the occurrence of certain triggering events described
in the Amended and Restated Rights Agreement.

 

Transfer
Agent

 

The
transfer agent for our common stock is American Stock Transfer & Trust Co. The transfer agent’s address is 40 Wall Street,
New York, New York 10005.Exhibit
10.8

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”) is made and entered into this 16th day of December, 2021,
with an effective date of January 1, 2022 (the “Effective Date”) by and between CytRx Corporation, a Delaware corporation
(“Employer”), and John Caloz, an individual and resident of the State of California (“Executive”).

 

WHEREAS,
Employer desires to continue to employ Executive, and Executive is willing to continue to be employed by Employer, on the terms set forth
in this Agreement.

 

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 Date, Employer shall continue to employ Executive, and Executive shall serve, as Employer’s
Chief Financial Officer and Senior Vice President on the terms set forth herein.

 

2.
Duties; Place of Employment. Executive shall perform in a professional and business-like manner, and to the best of his ability,
the duties described on Schedule 1 to this Agreement and such other duties as are assigned to him from time to time by the Employer’s
Board of Directors. Executive understands and agrees that his duties, title and authority may be changed from time to time in the discretion
of Employer’s Board of Directors. Executive’s services hereunder shall be rendered from his home.

 

3.
Time and Efforts. Executive shall devote all of his business time, efforts, attention and energies to Employer’s business
and to discharge his duties hereunder.

 

4.
Term. The term (the “Term”) of Executive’s employment hereunder shall commence on the Effective Date
and shall expire on December 31, 2022 unless sooner terminated in accordance with Section 6 or otherwise extended or renewed by mutual
agreement of the parties. Neither Employer nor Executive shall have any obligation to extend or renew this Agreement. In the event that
Executive’s employment has not theretofore been terminated and Employer has not offered to extend or renew Executive’s employment
under this Agreement, upon expiration of the Term Employer shall continue to pay Executive his salary as provided for in Section 5.1
during the period commencing on the final date of the Term and ending on (a) June 30, 2023 or (b) the date of Executive’s re-employment
with another employer, whichever is earlier; provided that, as a condition to Employer’s obligations under this sentence, Executive
shall have executed and delivered to Employer a General Release of All Claims in the form attached hereto as Exhibit A. Executive
shall notify Employer immediately in the event Executive accepts such employment with another employer.

 

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5.
Compensation. As the total consideration for Executive’s services rendered hereunder, Employer shall pay or provide Executive
the following compensation and benefits:

 

5.1.
Salary. Executive shall be entitled to receive an annual salary of Four Hundred Thousand Dollars ($400,000), payable in accordance
with Employer’s normal payroll policies and procedures.

 

5.2.
Bonus. Executive also shall be eligible for a bonus for his services during the Term in Employer’s discretion, but not less
than ONE HUNDRED THOUSAND DOLLARS ($100,000.00). Any bonus payable to Executive shall be paid no later than the last regular payroll
of 2022.

 

5.3.
Expense Reimbursement. Employer shall reimburse Employee for reasonable and necessary business expenses incurred by Executive
in connection with the performance of Executive’s duties in accordance with Employer’s usual practices and policies in effect
from time to time.

 

5.4.
Vacation. Executive shall continue to accrue vacation days without loss of compensation in accordance with Employer’s usual
policies applicable to all employees at a rate of four weeks’ vacation time for each 12-month period during the Term.

 

5.5.
Employee Benefits. Executive shall be eligible to participate in all employee benefit plans and programs (including reimbursement
of all Medicare and related premiums), fringe benefits and perquisites as in effect generally with respect to other senior officers of
Employer, which will include no less than Medical, Dental, Vision, and Life Insurance plans.

 

5.6.
Payroll Taxes. Employer shall have the right to deduct from the compensation and benefits due to Executive 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 or benefits of Executive.

 

6.
Termination. This Agreement may be terminated as set forth in this Section 6.

 

6.1.
Termination by Employer for Cause. Employer may terminate Executive’s employment hereunder for “Cause” upon
notice to Executive. “Cause” for this purpose shall mean any of the following:

 

(a)
Executive’s breach of any material term of this Agreement; provided that the first occasion of any particular breach shall not
constitute such Cause unless Executive shall have previously received written notice from Employer stating the nature of such breach
and affording Executive at least ten days to correct such breach;

 

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(b)
Executive’s conviction of, or plea of guilty or nolo contendere to, any misdemeanor, felony or other crime of moral turpitude;

 

(c)
Executive’s act of fraud or dishonesty injurious to Employer or its reputation;

 

(d)
Executive’s continual failure or refusal to perform his material duties as required under this Agreement after written notice from
Employer stating the nature of such failure or refusal and affording Executive at least ten days to correct the same;

 

(e)
Executive’s act or omission that, in the reasonable determination of Employer’s Board of Directors (or a Committee of the
Board), indicates alcohol or drug abuse by Executive; or

 

(f)
Executive’s act or personal conduct that, in the judgment of Employer’s Board of Directors (or a Committee of the Board),
gives rise to a material risk of liability of Executive or Employer under federal or applicable state law for discrimination, or sexual
or other forms of harassment, or other similar liabilities to subordinate employees.

 

Upon
termination of Executive’s employment by Employer for Cause, all compensation and benefits to Executive hereunder shall cease and
Executive shall be entitled only to payment upon the effective date of termination of any accrued but unpaid salary and unused vacation
as provided in Sections 5.1 and 5.4 as of the date of such termination and any unpaid bonus that may have been awarded Executive as provided
in Section 5.2 prior to such date.

 

6.2.
Termination by Employer without Cause or by Executive for Good Reason. Employer may also terminate Executive’s employment
without Cause upon ten days’ notice to Executive. Upon termination of Executive’s employment by Employer without Cause, all
compensation and benefits to Executive hereunder shall cease and Executive shall be entitled to (1) any accrued but unpaid salary and
unused vacation as of the date of such termination as required by California law, which shall be due and payable upon the effective date
of such termination, (2) any unpaid bonus that may have been awarded to Executive under Section 5.2 prior to such date, which shall be
due and payable in accordance with Employer’s normal payroll practices or as otherwise required by California law, (3) all of Executive’s
vested stock options and other equity awards as of the date of termination of Executive’s employment shall remain exercisable for
their full term, (4) retain and have full ownership of all electronic devices provided to Executive (including, without limitation, a
computer, telephone, tablet and printer), provided that all Employer confidential information shall be deleted by Employer from such
devices before releasing them to Executive, (5) an amount, which shall be due and payable within ten days following the effective date
of such termination, equal to six months’ salary as provided in Section 5.1., provided, that if such termination occurs following
a Change of Control (as hereinafter defined), then the amount described in this clause (5) shall be equal to 12 months’ salary
as provided in Section 5.1, any amount due under Section 5.2, and (6) continued participation, at Employer’s cost and expense,
of Executive and his dependents for a period of six months following such termination (12 months if such termination occurs following
a Change of Control) in any Employer-sponsored group benefit plans (including reimbursement of all Medicare and related premiums) in
which Executive was participating as of the date of termination. Executive’s right to the compensation and benefits provided for
in clauses (5) and (6) of this Section 6.2 shall be conditioned upon Executive having executed and delivered to Employer a General Release
of All Claims in the form attached hereto as Exhibit A. For purposes of this Section 6.2:

 

(a)
“Change of Control” shall have the meaning ascribed to the term “Corporate Transaction” in Employer’s
2019 Stock Incentive Plan, as such Plan may be amended from time to time and, to the extent required to comply with Section 409A of the
Code, shall mean a change in control within the meaning of Section 409A of the Code.

 

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(b)
“Good Reason” shall mean any material breach by Employer of the terms hereof that is not corrected by Employer within
five (5) days after written notice by Executive to Employer, including, without limitation, (i) the assignment to Executive of any duties
inconsistent in any respect with his position as Chief Financial Officer (including status, offices, titles, reporting requirements,
authority, duties or responsibilities); or (ii) any failure by Employer to comply with its compensation obligations under this Agreement,
inclusive of Executive Benefits afforded in Section 5.5. If Executive terminates his employment for Good Reason, subject to Employer’s
right to cure as set forth above, the termination shall take effect on the effective date (determined under Section 15) of the written
notice to Employer. Notwithstanding the foregoing, in the event Executive does not terminate his employment for Good Reason within thirty
(30) days after the Employer’s failure to cure as provided herein, such condition giving rise to a “Good Reason” shall
no longer constitute Good Reason for Executive to terminate his employment.

 

6.3
Death or Disability. In the event of Executive’s death or “Disability” (as defined below) during the Term, the
Executive’s employment shall automatically cease and terminate as of the date of Executive’s death or the effective date
of Employer’s written notice to Executive of its decision to terminate his employment by reason of his Disability, as the case
may be, and Executive or his heirs or personal representative shall be entitled to the same payments and benefits, at the same times,
as described in Section 6.2 for a termination of employment by Employer without Cause and all of Employee’s stock options and any
other equity awards based on Employer securities held by Executive at the time of his death or Disability shall immediately vest in full
and shall remain exercisable thereafter for their full term. In addition, Executive or his heirs or personal representative shall be
entitled to retain and have full ownership of all electronic devices provided to Executive (including, without limitation, a computer,
telephone and tablet); provided that all Employer confidential information shall be deleted by Employer from such devices before releasing
them to Executive or such heirs or personal representatives. Notwithstanding the foregoing or any provision of Section 6.2, Employer’s
obligation to pay Executive the salary called for in Section 6.2 for the Severance Period following termination of his employment by
reason of his Disability shall be subject to offset and shall be reduced by any and all amounts paid to Executive under any disability
insurance policy paid or provided for by Employer as provided in Section 5.6 or otherwise. Executive’s “Disability”
shall have the meaning ascribed to such term in any policy of disability insurance maintained by Employer (or by Executive, as the case
may be) with respect to Executive or, if no such policy is then in effect, shall mean Executive’s inability to fully perform his
duties hereunder for any period of at least 75 consecutive days or for a total of 90 days, whether or not consecutive.

 

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7.
Confidentiality. While this Agreement is in effect and for a period of five years thereafter, Executive shall hold and keep secret
and confidential all “trade secrets” (within the meaning of applicable law) and other confidential or proprietary information
of Employer and shall use such information only in the course of performing Executive’s duties hereunder; provided, however, that
with respect to trade secrets, Executive shall hold and keep secret and confidential such trade secrets for so long as they remain trade
secrets under applicable law. Executive shall maintain in trust all such trade secrets or other confidential or proprietary information,
as Employer’s property, including, but not limited to, all documents concerning Employer’s business, including Executive’s
work papers, telephone directories, customer information and notes, and any and all copies thereof in Executive’s possession or
under Executive’s control. Upon the expiration or earlier termination of Executive’s employment with Employer, or upon request
by Employer, Executive shall deliver to Employer all such documents belonging to Employer, including any and all copies in Executive’s
possession or under Executive’s control.

 

8.
Equitable Remedies; Injunctive Relief. Executive 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 Section 7 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 Section 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.

 

9.
Indemnification; Insurance. Employer and Executive acknowledge that, as the Chief Financial Officer of the Employer, Executive
shall be a corporate officer of Employer and, as such, Executive shall be entitled to indemnification to the full extent provided by
Employer to its officers, directors and agents under the Employer’s Certificate of Incorporation and Bylaws as in effect as of
the date of this Agreement. Employer shall maintain Executive as an additional insured under its current policy of directors and officers
liability insurance and shall use commercially reasonable efforts to continue to insure Executive thereunder, or under any replacement
policies in effect from time to time, during the Term.

 

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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.
Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding upon Employer, its successors and assigns
and Executive and his heirs and representatives; provided, that this Agreement may be assigned by Employer to a successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Employer.

 

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 or contemporaneous agreements, written or oral, between Executive and Employer
relating to the subject matter hereof. Any such prior or contemporaneous agreements are hereby terminated and of no further effect, and
Executive, by the execution hereof, agrees that any compensation provided for under any such agreements is specifically superseded and
replaced by the provisions of this Agreement.

 

13.
Amendment. 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 Executive). The parties hereto agree that in no event shall an oral
modification of this Agreement be enforceable or valid.

 

14.
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.

 

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15.
Notice. All notices and other communications under this Agreement shall be in writing and mailed, telecopied (in case of notice
to Employer only) 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

11726
San Vicente Boulevard, Suite 650

Los
Angeles, California 90049

Facsimile:
(310) 826-5529

Attention:
Chairman of the Board

 

If
to Executive:

 

John
Caloz

9901
Washington Blvd, Ste 512

Culver
City, California 90232

 

16.
Survival. Sections 7 through 16, 18 and 19 shall survive the expiration or termination of this Agreement.

 

17.
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. A counterpart executed and transmitted by facsimile shall have the same force
and effect as an originally executed counterpart.

 

18.
Attorney’s Fees. In any action or proceeding to construe or enforce any provision of this Agreement the prevailing party
shall be entitled to recover its or his reasonable attorneys’ fees and other costs of suit (up to a maximum of $15,000) in addition
to any other recoveries.

 

19.
Section 409A of the Code. The intent of the parties is that the payments and benefits under this Agreement comply with or be exempt
from Section 409A of the Code, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance
therewith. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that
is designated under this Agreement as payable upon the Executive’s termination of employment shall be payable only upon the Executive’s
“separation from service” with Employer within the meaning of Section 409A of the Code. To the extent necessary to comply
with Section 409A of the Code, if the period during which the Executive has discretion to execute or to revoke the release of claims
straddles two of the Executive’s taxable years, then Employer will provide benefits starting in the second of such taxable years,
regardless of in which taxable year the Executive actually delivers the executed release to Employer. Further, to the extent that any
post-termination payments to which Executive becomes entitled under this Agreement constitute deferred compensation subject to Section
409A of the Code, and Executive is deemed at the time of such termination to be a “specified employee” under Section 409A
of the Code, then such payment will not be made or commence until the earliest of (i) the expiration of the six (6) month period measured
from the date of Executive’s “separation from service” and (ii) the date of Executive’s death following such
“separation from service”. Upon the expiration of the applicable deferral period, any payments which would have otherwise
been made during that period (whether in a single sum or installments) in the absence of this Section 19 will be paid to Executive or
Executive’s beneficiary in one lump sum.

 

20.
No Interpretation of Ambiguities Against Drafting Party. This Agreement has been negotiated at arm’s length between persons
knowledgeable in the matters dealt with herein. In addition, each party has been represented by experienced and knowledgeable legal counsel.
Accordingly, the parties agree that any rule of law, including, but not limited to, California Civil Code Section 1654 or any other statutes,
legal decisions, or common law principles of similar effect, that would require interpretation of any ambiguities in this Agreement against
the party that has drafted it, is of no application and is hereby expressly waived. The provisions of this Agreement shall be interpreted
in a reasonable manner to effect the intentions of the parties hereto.

 

[Signature
Page Follows]

 

    	Page 7 of 13

    	 

    

 

IN
WITNESS WHEREOF, this Agreement is executed as of the day and year first above written.

 

	 	“EMPLOYER”
	 	 	 
	 	CytRx
    Corporation
	 	 	 
	 	By:	
	 	 	Steven
    A. Kriegsman
	 	 	Chairman
    of the Board
	 	 	 
	 	“EXECUTIVE”
	 	 	 
	 	 
	 	 	John
    Caloz

 

    	Page 8 of 13

    	 

    

 

EXHIBIT
A

 

GENERAL
RELEASE OF ALL CLAIMS

 

This
General Release of All Claims is made as of _________, 20__ (“General Release”), by and between John Caloz (“Executive”)
and CytRx Corporation, a Delaware corporation (the “Company”), with reference to the following facts:

 

WHEREAS,
this General Release is provided for in, and is in furtherance of, the Employment Agreement, dated as of December 16, 2022, between the
Company and Executive (the “Employment Agreement”);

 

WHEREAS,
Executive desires to execute and deliver to the Company this General Release in consideration of the Company’s providing Executive
with certain severance benefits pursuant to Section 4 or Section 6.2, as applicable, of the Employment Agreement; and

 

WHEREAS,
Executive and the Company intend that this General Release shall be in full satisfaction of any and all obligations described in this
General Release owed to Executive by the Company, except as expressly provided in this General Release.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants and agreements herein contained, Executive and the Company agree
as follows:

 

1.
Executive, for himself, his spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other persons
claiming through Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge
the Company and each of its agents, subsidiaries, parents, affiliates, related organizations, employees, officers, directors, attorneys,
successors, and assigns (collectively, the “Releasees”) from, and does fully waive any obligations of Releasees to
Releasers for, any and all liability, actions, charges, causes of action, obligations, demands, damages, or claims for relief, remuneration,
sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent
or absolute, which heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Releasers in consequence
of, arising out of, or in any way relating to: (a) Executive’s employment with and services to the Company or any of its affiliates;
(b) the termination of Executive’s employment with and services to the Company and any of its affiliates; or (c) any event whatsoever
occurring on or prior to the date of this General Release. The foregoing release and discharge, waiver and covenant not to sue includes,
but is not limited to, all claims and any obligations or causes of action arising from such claims, under common law including, but not
limited to, wrongful or retaliatory discharge, breach of contract (including but not limited to any claims under any employment agreement
between Executive, on the one hand, and the Company or its affiliates, on the other hand) and any action arising in tort including, but
not limited to, libel, slander, defamation or intentional infliction of emotional distress, and claims under any federal, state or local
statute including the Age Discrimination in Employment Act (“ADEA”), Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1866 and 1871 (42 U.S.C. § 1981), the National Labor Relations Act, the Fair Labor Standards Act, the Employee
Retirement Income Security Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973, the California Fair Employment
and Housing Act, the Family and Medical Leave Act, the California Family Rights Act or the discrimination or employment laws of any state
or municipality, and any claims under any express or implied contract which Releasers may claim existed with Releasees. This also includes,
but is not limited to, a release of any claims for wrongful discharge and all claims for alleged physical or personal injury, emotional
distress relating to or arising out of Executive’s employment with or services to the Company or any of its affiliates or the termination
of that employment or those services; and any claims under the Worker Adjustment and Retraining Notification Act, California Labor Code
Section 1400 et seq. or any similar law, which requires, among other things, that advance notice be given of certain work force
reductions. This release and waiver does not apply to: (i) the Executive’s rights to receive the compensation and benefits provided
for in Section 4 or Section 6.2, as applicable, of the Employment Agreement: or (ii) Executive’s rights under any stock option
agreement between Executive and the Company.

 

    	Page 9 of 13

    	 

    

 

2.
Executive understands and agrees that he is expressly waiving all rights afforded by Section 1542 of the Civil Code of the State of California
(“Section 1542”) with respect to the Releasees. Section 1542 states as follows:

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

 

Notwithstanding
the provisions of Section 1542, and for the purpose of implementing a full and complete release, Executive understands and agrees that
this General Release is intended to include all claims, if any, which Executive may have and which he does not now know or suspect to
exist in his favor against the Releasees and Executive understands and agrees that this Agreement extinguishes those claims.

 

3.
Excluded from this General Release and waiver are any claims which cannot be waived by law, including but not limited to the right to
participate in an investigation conducted by certain government agencies. Executive, however, waives Executive’s right to any monetary
recovery should any agency (such as the Equal Employment Opportunity Commission or the California Department of Fair Employment and Housing)
pursue any claims on Executive’s behalf. Executive represents and warrants that Executive has not filed any complaint, charge or
lawsuit against the Releasees with any government agency or any court.

 

4.
Executive agrees never to seek personal recovery from Releasees in any forum for any claim covered by the above waiver and release language,
except that Executive may bring a claim under the ADEA to challenge this General Release. Nothing in this General Release is intended
to reflect any party’s belief that Executive’s waiver of claims under ADEA is invalid or unenforceable, it being the intent
of the parties that such claims are waived.

 

    	Page 10 of 13

    	 

    

 

5.
Executive acknowledges and recites that:

 

(a)
Executive has executed this General Release knowingly and voluntarily;

 

(b)
Executive has read and understands this General Release in its entirety;

 

(c)
Executive acknowledges that he has been advised by his own legal counsel and has sought such other advice as he wishes with respect to
the terms of this General Release before executing it;

 

(d)
Executive’s execution of this General Release has not been forced by any employee or agent of the Company, and Executive has had
an opportunity to negotiate about the terms of this General Release; and

 

(e)
Executive has not sold, assigned, transferred or conveyed any claim, demand, right, action, suit, cause of action or other interest that
is the subject matter of this General Release.

 

6.
This General Release shall be governed by the internal laws (and not the choice of laws) of the State of California, except for the application
of preemptive Federal law.

 

7.
Executive acknowledges that he is waiving his rights under the ADEA and the Older Worker’s Benefit Protection Act and therefore,
in compliance with those statutes, acknowledges the following:

 

Executive
acknowledges that he has been provided a minimum of twenty-one (21) calendar days after receipt of this Agreement to consider whether
to sign it;

 

Executive
acknowledges that he shall have seven days from the date he executes this General Release to revoke his waiver and release of any ADEA
claims only (but not his waiver or release hereunder of other claims) by providing written notice of the revocation to the Company, and
that, in the event of such revocation, the provisions of Section 4 or clauses (3) through (5) of Section 6.2, as applicable, of the Employment
Agreement shall thereupon become null and void and the Company shall be entitled to a return from Executive of all payments to Executive
pursuant to such clauses;

 

Executive
acknowledges that this waiver and release does not apply to any rights or claims that may arise under ADEA after the effective date of
this Agreement; and

 

Executive
acknowledges that the consideration given in exchange for this waiver and release Agreement is in addition to anything of value to which
he was already entitled.

 

PLEASE
READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

	 	 
	Dated:
    December 16, 2022	

    John
    Caloz

 

    	Page 11 of 13

    	 

    

 

Schedule
1

 

Description
of Duties

 

The
duties of the Chief Financial Officer and Senior Vice President of CytRx Corporation (the “Company”) shall include, but not
be limited to, the following:

 

	 	●	Accounting
    and finance departments
	 	 	 
	 	●	Budgeting
	 	 	 
	 	●	Cash
    management
	 	 	 
	 	●	Accounts
    payable and aging
	 	 	 
	 	●	Accounts
    receivable and aging
	 	 	 
	 	●	Posting
    of recurring accounting entries
	 	 	 
	 	●	Bank
    reconciliations
	 	 	 
	 	●	Vendor
    reconciliations
	 	 	 
	 	●	Monthly
    closings of company books of account
	 	 	 
	 	●	Monthly,
    quarterly and annual comparisons of actual vs. budgeted results of operations
	 	 	 
	 	●	Assisting
    in preparation of press releases regarding financial matters
	 	 	 
	 	●	Assisting
    in capital-raising and other financing transactions
	 	 	 
	 	●	Assisting
    in in-licensing, business acquisitions and other corporation transactions
	 	 	 
	 	●	Coding
    of income and expenditures
	 	 	 
	 	●	Payroll
	 	 	 
	 	●	Assisting
    in establishing and maintaining internal controls and procedures, including financial controls, and complying with the requirements
    of the Sarbanes-Oxley Act
	 	 	 
	 	●	Primary
    responsibility for audits of the company’s financial statements and accounting-related disclosure in the company’s SEC
    filings

 

    	Page 12 of 13

    	 

    

 

Schedule
2

 

Summary
of Group Plans

 

1.
See CytRx Corporation Employee Handbook, Part II dated January 2020, which is incorporated herein by reference.

 

    	Page 13 of 13

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