Document:

EX-10.44

Exhibit 10.44

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

     This Amended and Restated Employment Agreement (this “Agreement”) is made and entered into as
of November 10, 2008 (the “Effective Date”) by and between GTx, Inc., located at 3 North Dunlap,
Memphis, Tennessee 38163 (the “Employer”), and Gregory A. Deener (the “Employee”), residing at 4897
Gwynne Road, Memphis, Tennessee 38117.

     WHEREAS, Employee has been employed by Employer since February 9, 2004, and as a result of
Employee becoming Vice President of Sales & Marketing of Employer, the Employer and Employee
entered into an Employment Agreement effective as of August 26, 2005 (the “Prior Employment
Agreement”); and

     WHEREAS, the Employer and Employee wish to amend and restate the Prior Employment Agreement as
set forth herein in order to comply with the parties’ intent that the Prior Employment Agreement be
interpreted, construed and administered in a manner that satisfies Section 409A of the Internal
Revenue Code of 1986, as amended from time to time (the “Code”);

     WHEREAS, during the course of Employee’s employment with the Employer, the Employer will train
and continue to train Employee and to impart to Employee proprietary, confidential, and/or trade
secret information, data and/or materials of the Employer; and

     WHEREAS, the Employer has a vital interest in maintaining its confidential information and
trade secrets, as well as rights to inventions, since doing so allows the Employer to compete
fairly and enhances the value of the Employer to shareholders and job security for employees; and

     WHEREAS, the Employer desires to procure the services of Employee and Employee is willing to
be employed and continue to be employed with the Employer upon the terms and subject to the
conditions set forth in this Agreement;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this
Agreement, the employment and continued employment of Employee in accordance with the terms and
conditions of this Agreement, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, agree and
covenant as follows:

     1. DEFINITIONS

     For the purposes of this Agreement, the following terms have the meanings specified or
referred to in this Section 1.

     “Agreement” has the meaning set forth in first paragraph of this Agreement.

     “Basic Compensation” means Salary and Benefits.

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     “Benefits” means as defined in Section 3.1(b).

     “Board of Directors” means the Board of Directors of the Employer.

     “CEO” has the meaning set forth in Section 2.2.

     “Change of Control” means any of the following events: (a) the sale or
other disposition of all or substantially all of the assets of Employer in a single transaction or
in a series of transactions (including, without limitation, any liquidation or dissolution of
Employer); (b) any Person or group becomes the beneficial owner, directly, or indirectly, of
securities of the Employer, other than J.R. Hyde, III and/or Mitchell S. Steiner and their
respective Affiliates, representing more than fifty percent (50%) of the combined voting power of
the Employer’s then outstanding securities other than by virtue of a merger, consolidation or
similar transaction; or (c) a merger or consolidation of Employer with or into any other entity, if
immediately after giving effect to such transaction more than fifty percent (50%) of the issued and
outstanding voting stock of the surviving entity of such transaction is held by persons who were
not holders (taking into account their individual and affiliated holdings) as of the Effective Date
of at least twenty percent (20%) of the voting stock of Employer. For such purposes, “voting stock”
shall mean the capital stock of Employer of any class or classes, the holders of which are
ordinarily, in the absence of contingencies, entitled to vote for the election of members of the
Board of Directors (or Persons performing similar functions) of Employer. A Change of Control shall
not include: (1) any transfer or issuance of stock of Employer to one or more of Employer’s lenders
(or to any agents or representatives thereof) in exchange for debt of Employer owed to any such
lenders; (2) any transfer of stock of Employer to or by any person or entity, including but not
limited to one or more of the Employer’s lenders (or to any agents or representatives thereof),
pursuant to the terms of any pledge of said stock as collateral for any loans or financial
accommodations to Employer and/or its subsidiaries; (3) any transfer or issuance to any person or
entity, including but not limited to one or more of Employer’s lenders (or to any agents or
representatives thereof), in connection with the workout or restructuring of Employer’s debts to
any one of Employer’s lenders, including but not limited to the issuance of new stock in exchange
for any equity contribution to Employer in connection with the workout or restructuring of such
debt; (4) any transfer of stock by a stockholder of Employer which is a partnership or corporation
to the partners or stockholders in such stockholder or any transfer of stock by a stockholder of
Employer to an entity affiliated with such stockholder or the immediate family of such stockholder
or a trust or similar entity for the benefit of such family members; or (5) any transfer or
issuance of stock in connection with an offering of the Employer’s stock in a registered public
transaction not involving a transaction described in Rule 145, promulgated under the Securities Act
of 1933, as amended, provided that the Employer’s officers and Board of Directors shall not
materially change as a result thereof.

     “Change of Control Termination” means (i) a Termination Without Cause of the
Employee’s employment by the Employer (other than for death or disability) within six (6) months
after a Change of Control or (ii) the Employee’s resignation for Good Reason within six (6) months
after a Change of Control.

     “Competing Business” means any individual or entity, other than the Employer, that is
engaging in, or proposes to engage in, the development, manufacture, distribution or sale of a

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Competing Product in North America, South America, Europe and Eastern Europe, and in the countries
of Russia, Australia, Japan, China, Taiwan, South Korea and India; provided however, that an entity
that develops, manufactures, distributes or sells a Competing Product in a separate business unit
than the business unit in which Employee is then employed shall not be deemed a Competing Business
unless Employee provides Confidential Information and/or Proprietary Information to the business
unit that is engaging in or proposes to engage in the development, manufacture, distribution or
sale of a Competing Product.

     “Competing Product” means any pharmaceutical or other compound,
composition, formulation, method, process, product or material that is competitive with any product
of Employer under development, manufacture, distribution or commercialization at any time from and
after the effective date of the Prior Employment Agreement through the date of termination of
Employee’s employment that has been tested or is then currently being tested in at least a Phase II
clinical trial in humans to determine both safety and efficacy, including, without limitation,
small molecules that target androgen, estrogen, glucocorticoid, and/or other hormone receptors for
purposes of treating, diagnosing, or imaging humans in health and disease, including treating
cancer, osteoporosis and bone loss and muscle loss.

     “Confidential Information and/or Proprietary Information” means any and all:

     (a) information disclosed to Employee or known by Employee as a consequence of, or through,
Employee’s employment with the Employer since his date of employment on February 9, 2004 (including
information conceived, originated, discovered, or developed in whole or in part by Employee), not
generally known in the relevant trade or industry, about the Employer’s business, products,
processes, and services; and trade secrets concerning the business and affairs of the Employer,
product specifications, data, know-how, formulae, compositions, research, processes, designs,
sketches, photographs, graphs, drawings, samples, inventions and ideas, past, current, and planned
research and development, current and planned manufacturing or distribution methods and processes,
customer lists, current and anticipated customer requirements, price lists, market studies,
business plans, computer software and programs (including object code and source code), computer
software and database technologies, systems, structures, and architectures (and related formulae,
compositions, processes, improvements, devices, know-how, inventions, discoveries, concepts, ideas,
designs, methods and information); and any other information, however documented, that is a trade
secret within the meaning of Tenn. Code §39-14-138; and

     (b) information concerning the business and affairs of the Employer (which includes historical
financial statements, financial projections and budgets, historical and projected sales, capital
spending budgets and plans, the names and backgrounds of key personnel, personnel training and
techniques and materials), however documented; and

     (c) intellectual property, inventions, methods, processes, techniques, computer programs,
devices, products, services, compounds, gene therapy products, pharmaceuticals, substances,
vectors, enzymes, genes, concepts, discoveries, improvements, and designs, whether or not
patentable in the United States or foreign countries, any trade secrets, information,
procedures, technologies, data, results, conclusions, know-how or show-how and business
information; and

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     (d) notes, analysis, compilations, studies, summaries, and other material prepared by or for
the Employer containing or based, in whole or in part, on any information included in the
foregoing.

     “Delayed Initial Payment Date” has the meaning stated in Section 9.2 of this
Agreement.

     “Effective Date” means the date stated in the first paragraph of the Agreement.

     “Employee” has the meaning stated in the first paragraph of this Agreement.

     “Employee Invention” means any idea, invention, technique, modification, process,
improvement (whether patentable or not), industrial design (whether registerable or not), work of
authorship (whether or not copyright protection may be obtained for it), design, copyrightable
work, discovery, trademark, copyright, trade secret, formula, device, method, compound, gene,
prodrug, pharmaceutical, structure, product concept, marketing plan, strategy, customer list,
technique, blueprint, sketch, record, note, drawing, know-how, data, patent application,
continuation application, continuation-in-part application, file wrapper continuation application
or divisional application, created, conceived, or developed by the Employee, either solely or in
conjunction with others, during the Employee’s employment, or a period that includes a portion of
the Employee’s employment, that relates in any way to, or is useful in any manner in, the business
then being conducted or proposed to be conducted by the Employer, and any such item created by the
Employee, either solely or in conjunction with others, following termination of the Employee’s
employment with the Employer, that is based upon or uses Confidential Information and/or
Proprietary Information.

     “Employer” means GTx, Inc., its successors and assigns, and any of its current or
future subsidiaries, or organizations controlled by, controlling, or under common control with it.

     “Expenses”
has the meaning stated in Section 4.1 of this Agreement.

     “Good Reason” for termination means that Employee voluntarily resigns from all
positions he then holds with Employer if and only if:

     (a) one of the following actions have been taken without Employee’s express written consent:

               (i) following a Change of Control, an adverse change in the Employee’s authority, duties or
responsibilities (including reporting responsibilities) which, without Employee’s consent,
represents a material reduction in or a material demotion of the Employee’s authority, duties or
responsibilities as in effect immediately prior to a Change of Control or the assignment to the
Employee of any duties or responsibilities which are materially inconsistent with and materially
adverse to such authority, duties or responsibilities;

               (ii) following a Change of Control, a material reduction in the then current Salary of
Employee;

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               (iii) following a Change of Control, the relocation of the Employer’s principal Employee
offices to a location that increases Employee’s one-way commute by more than twenty (20) miles; or

               (iv) following a Change of Control, the failure of the Employer to obtain an agreement
reasonably satisfactory to Employee from any successor or assign of the Employer to assume and
agree to perform this Agreement in all material respects; or

               (v) Employer materially breaches its obligations under this Agreement or any other
then-effective agreement with Employee (including any agreement or arrangement providing for
incentive compensation or employee benefits, including the Benefits provided in this Agreement).

     (b) Employee provides written notice to the Employer’s Board within the thirty (30) day period
immediately following such action; and

     (c) Such action is not remedied by the Employer within thirty (30) days following the
Employer’s receipt of such written notice; and

     (d) Employee’s resignation is effective not later than sixty (60) days after the expiration of
such thirty (30)-day cure period.

     “Person” means any individual, corporation (including any non-profit corporation),
general or limited partnership, limited liability company, joint venture, estate, trust,
association, organization, or governmental body.

     “Proprietary Items” means any Proprietary and/or Confidential Information embodied in
any document, record, recording, electronic media, formulae, notebook, plan, model, component,
device, or computer software or code, whether embodied in a disk or in any other form.

     “Release” means a general release of claims, which shall specifically relate to all of
Employee’s rights and claims in existence at the time of such execution and shall confirm
Employee’s continuing obligations to the Employer (including but not limited to obligations under
Section 7 and Section 8 of this Agreement and any other confidentiality and/or non-competition
agreement with the Employer).

     “Salary” has the meaning stated in Section 3.1(a) of this Agreement.

     “Section 409A”
has the meaning stated in Section 9.2 of this Agreement.

     “Termination Date” has the meaning stated in Section 6.3 of this Agreement.

     “Termination With Cause” means the termination of the Employee’s employment for any of
the following reasons:

     (a) the Employee’s conviction for a felony;

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     (b) the Employee’s theft, embezzlement, misappropriation of or intentional infliction of
material damage to the Employer’s property or business opportunities;

     (c) the Employee’s breach of the provisions contained in Section 7 or Section 8 of this
Agreement; or

     (d) the Employee’s ongoing willful neglect of or failure to perform his duties hereunder or
his ongoing willful failure or refusal to follow any reasonable, unambiguous duly adopted written
direction of the CEO that is not inconsistent with the description of the Employee’s duties set
forth in Section 2.3, if such willful neglect or failure is materially damaging or materially
detrimental to the business and operations of the Employer; provided that Employee shall have
received written notice of such failure and shall have continued to engage in such failure after 30
days following receipt of such notice from the CEO, which notice specifically identifies the manner
in which the CEO believes that Employee has engaged in such failure. For purposes of this
subsection, no act, or failure to act, shall be deemed “willful” unless done, or omitted to be
done, by Employee not in good faith, and without reasonable belief that such action or omission was
in the best interest of the Employer.

     “Termination Without Cause” means the termination of the Employee’s employment by the
Employer for any reason other than (i) Termination With Cause, or (ii) a termination by the
Employer due to Employee’s death or disability.

     2. EMPLOYMENT TERMS AND DUTIES

          2.1 Employment

          The Employer hereby continues the employment of the Employee, and the Employee hereby accepts
continued employment by the Employer, upon the terms and conditions set forth in this Agreement.

          2.2 Term

          Either the Employee or the Employer may terminate this Agreement and the Employee’s employment
and compensation with or without Cause or notice, at any time, at either the Employer’s or the
Employee’s option. No company officer or manager has the authority to enter into any other
agreement for employment for a specified period of time, or to modify or to make any agreement
contrary to the foregoing, except by written amendment to this Agreement, dated and signed by the
Chief Executive Officer (“CEO”) or the Chief Operating Officer and President (“President”) of the
Employer.

          2.3 Duties

          The Employee will continue to have such duties as are assigned or delegated to the Employee by
the CEO or President, and currently is serving as Vice President, Sales & Marketing for the
Employer. The Employee will devote his full time, attention, skill and energy to the business of
the Employer, will use his best efforts to promote the success of the
Employer’s business, and will cooperate fully with the CEO in the advancement of the best

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interest of the Employer. Employee agrees to abide by all bylaws, policies, practices, procedures
or rules of Employer. Employee may be reassigned or transferred to another management position, as
designated by the CEO and/or the President, which may or may not provide the same level of
responsibility as the initial assignment, in accordance with the terms and conditions of this
Agreement.

     3. COMPENSATION

          3.1 Basic Compensation

               (a) Salary. The Employee will be paid for each of the twenty-six pay periods
approximately $9,450, which is the equivalent of $245,700 per calendar year (the “Salary”).
Employee’s Salary may be adjusted from time to time by the CEO and/or the President.

               (b) Benefits. The Employee will, during his employment, be permitted to participate
in such life insurance, hospitalization, major medical, short term disability, long term
disability, 401K plan and other employee benefit plans of the Employer that may be in effect from
time to time, to the extent the Employee is eligible under the terms of those plans (collectively,
the “Benefits”).

               (c) The Employer may withhold from any salary or benefits payable to Employee all federal,
state, local, and other taxes and other amounts as permitted or required pursuant to law, rules or
regulations.

     4. FACILITIES AND EXPENSES

          4.1 General

          The Employer will furnish the Employee office space, equipment, supplies, and such other
facilities and personnel as the Employer deems necessary or appropriate for the performance of the
Employee’s duties under this Agreement. The Employer will pay the Employee’s dues in such
professional societies and organizations as the President deems appropriate, and will pay on behalf
of the Employee (or reimburse the Employee for) reasonable expenses incurred by the Employee at the
request of, or on behalf of, the Employer in the performance of the Employee’s duties pursuant to
this Agreement, and in accordance with the Employer’s employment policies, including reasonable
expenses incurred by the Employee in attending conventions, seminars, and other business meetings,
in appropriate business entertainment activities, and for promotional expenses (the “Expenses”).
To the extent that any reimbursements payable pursuant to this Agreement are subject to the
provisions of Section 409A of the Code, any such reimbursements payable pursuant to this Agreement
shall be paid no later than December 31 of the year following the year in which the expense was
incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for
reimbursement in any subsequent year, and the right to reimbursement under this Agreement will not
be subject to liquidation or exchange for another benefit. The Employee must file expense reports
with respect to such expenses in accordance with the Employer’s policies.

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     5. VACATIONS AND HOLIDAYS

     The Employee will be entitled initially to three (3) weeks paid vacation each year in
accordance with the vacation policies of the Employer in effect from time to time. Vacation must
be taken by the Employee at such time or times as approved by the President. The Employee will
also be entitled to the paid holidays set forth in the Employer’s policies. Under Employer’s
current policies, vacation days and holidays during any year that are not used by the Employee
during such year may not be used in any subsequent year.

     6. TERMINATION

          6.1 At-Will Employment. Employee’s employment is at-will, which means that either the
Employee or Employer may terminate this Employment Agreement (with the exception of the provisions
of Section 7 and 8 which shall survive termination of this Agreement and Employee’s employment)
with or without Cause or notice, at any time at either the Employee’s or the Employer’s option.
Except as otherwise specifically set forth herein, or as provided in any plan documents governing
any compensatory equity awards that have been or may be granted to Employee from time to time in
the sole discretion of the Employer or an affiliate, upon termination of Employee’s employment the
Employer shall be released from any and all further obligations under this Agreement, except the
Employer shall be obligated to pay Employee his accrued but unpaid Basic Compensation and Expenses
owing to Employee through the day on which Employee’s employment is terminated (the “Termination
Date”). Employee’s obligation under Sections 7 and 8 shall continue pursuant to the terms and
conditions of this Agreement.

          6.2 Termination Upon Death. The employment of Employee shall terminate on the date of
the Employee’s death, in which event Employee’s accrued but unpaid Basic Compensation and Expenses,
owing to Employee through the date of Employee’s death shall be paid to his estate. Employee’s
estate will not be entitled to any other compensation under this Agreement.

          6.3 Termination Related to a Change of Control. As additional consideration for the
covenants in Section 7 and Section 8, in the event of a Change of Control Termination, and provided
that such termination constitutes a “separation from service” (within the meaning of Treasury
Regulation Section 1.409A-1(h)), and further provided Employee signs and allows to become effective
a Release within the time period provided therein (but not later than the 60th day
following the Termination Date), Employee shall receive as severance one (1) year of his Salary,
payable in accordance with Employer’s then current payroll schedule over the one (1) year period
following the Termination Date, less deductions required by law. Notwithstanding the foregoing
payment schedule, no severance will be paid prior to the effective date of the Release. On the
first regular payroll pay day following the effective date of the Release, the Company will pay the
Employee the severance that the Employee would otherwise have received on or prior to such date but
for the delay in payment related to the effectiveness of the Release, with the balance of the
severance being paid as originally scheduled.

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     7. NON-DISCLOSURE COVENANT; EMPLOYEE INVENTIONS

          7.1 Acknowledgements by the Employee

          The Employee acknowledges and agrees that (a) during the course of his employment and as a
part of his employment, the Employee will be afforded access to Confidential Information and/or
Proprietary Information; (b) public disclosure of such Confidential Information and/or Proprietary
Information could have an adverse effect on the Employer and its business; (c) because the
Employee possesses substantial technical expertise and skill with respect to the Employer’s
business, the Employer desires to obtain exclusive ownership of each Employee Invention, and the
Employer will be at a substantial competitive disadvantage if it fails to acquire exclusive
ownership of each Employee Invention; and (d) the provisions of this Section 7 are reasonable and
necessary to prevent the improper use or disclosure of Confidential Information and/or Proprietary
Information and to provide the Employer with exclusive ownership of all Employee Inventions.

          7.2 Agreements of the Employee

          In consideration of the compensation and benefits to be paid or provided to the Employee by
the Employer under this Agreement and otherwise, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Employee covenants and agrees as
follows:

               (a) Confidentiality.

                    (i) That all of such Confidential Information and/or Proprietary Information is a unique asset
of the business of Employer, the disclosure of which would be damaging to Employer.

                    (ii) That the Employee will not at any time, whether during or after termination or cessation
of the Employee’s employment, except as authorized by Employer and for its benefit, use, divulge or
disclose (or enable anyone else to use, divulge or disclose) to any person, association or entity
any Confidential Information and/or Proprietary Information which the Employee presently possesses
or which the Employee may obtain during the course of the Employee’s employment with respect to the
business, finances, customers or affairs of Employer or trade secrets, developments, methods or
other information and data pertaining to the Employer’s business. The Employee shall keep strictly
confidential all matters and information entrusted to the Employee and shall not use or attempt to
use any such Confidential Information and/or Proprietary Information in any manner which may injure
or cause loss or may be calculated to injure or cause loss, whether directly or indirectly, to
Employer.

                    (iii) That during the course of this Agreement or at any time after termination, Employee will
keep in strictest confidence and will not disclose or make accessible to any other person without
the prior written consent of Employer, the Confidential Information and/or Proprietary Information;
Employee agrees: (a) not to use any such

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Confidential Information and/or Proprietary Information for himself or others; and (b) not to
take any such material or reproductions thereof from the Employer’s facilities at any time during
his employment except, in each case, as required in connection with the Employee’s duties to the
Employer.

                    (iv) Employee agrees to hold in confidence, and not to distribute or disseminate to any person
or entity for any reason, any Confidential Information and/or Proprietary Information of Employer
under this Agreement, or information relating to experiments or results obtained based on the
duties of Employee, except for information which: (a) is in or which becomes a part of the public
domain not as a result of a breach of this Agreement, (b) information lawfully received from a
third party who had the right to disclose such information or (c) is required by legal process
before a court of proper jurisdiction (by oral questions, deposition, interrogatories, requests for
information or documents, subpoena, civil investigative domain or other similar process) to
disclose all or any part of any Confidential Information and/or Proprietary Information, provided
that Employee will provide Employer with prompt notice of such request or requirement, as well as
notice of the terms and circumstances surrounding such request or requirements, so that Employer
may seek an appropriate protective order or waive compliance with the provisions of this Agreement.
In such case, the parties will consult with each other on the advisability of pursuing any such
order or other legal action or available step to resist or narrow such request or requirement. If,
failing the entry of a protective order or the receipt of a waiver hereunder, Employee is, in the
opinion of counsel reasonably acceptable to Employer, legally compelled to disclose Confidential
Information and/or Proprietary Information, Employee may disclose that portion of such information
which counsel advises him to disclose to satisfy the legal process.

                    (v) Upon written notice by Employer, Employee shall promptly redeliver to Employer, or, if
requested by Employer, promptly destroy all written Confidential Information and/or Proprietary
Information and any other written material containing any information included in the Confidential
Information and/or Proprietary Information (whether prepared by Employer, Employee, or a third
party), and will not retain any copies, extracts or other reproductions in whole or in part of such
written Confidential Information and/or Proprietary Information (and upon request certify such
redelivery of destruction to Employer in a written instrument reasonably acceptable to Employer and
its counsel).

                    (vi) This Agreement and the terms and conditions recited herein are confidential and
non-public, except as may be expressly permitted by the Employer. The Employee agrees not to
disclose the contents of this Agreement to any person or entity, including, but not limited to the
press, other media, any public body, or any competitor of Employer, except to the Employee’s legal
counsel or as may be required by law.

                    (vii) Any trade secrets of the Employer will be entitled to all of the protections and
benefits of State of Tennessee law and any other applicable law. If any information that the
Employer deems to be a trade secret is found by a court of competent jurisdiction not be to a trade
secret for purposes of this Agreement, such information will, nevertheless, be considered
Confidential Information and/or Proprietary Information for

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purposes of this Agreement. The Employee hereby waives any requirement that the Employer
submits proof of the economic value of any trade secret or post a bond or other security.

                    (viii) None of the foregoing obligations and restrictions applies to any part of the
Confidential Information and/or Proprietary Information that the Employee demonstrates was or
became generally available to the public other than as a result of a disclosure by the Employee.

                    (ix) The Employee will not remove from the Employer’s premises (except to the extent such
removal is for purposes of the performance of the Employee’s duties at home or while traveling, or
except as otherwise specifically authorized by the Employer) any Proprietary Items. The Employee
recognizes that, as between the Employer and the Employee, all of the Proprietary Items, whether or
not developed by the Employee, are the exclusive property of the Employer. Upon termination of
this Agreement by either party, or upon the request of the Employer during the employment of
Employee, the Employee will return to the Employer all of the Proprietary Items in the Employee’s
possession or subject to the Employee’s control, and the Employee shall not retain any copies,
abstracts, sketches, or other physical or electronic embodiment of any of the Proprietary Items.

               (b) Employee Inventions.

                    (i) Each Employee Invention will belong exclusively to the Employer. Employee agrees that
Employer shall have sole and exclusive ownership rights in any conception, invention, trade
secrets, information, ideas, improvement, substance, know-how, whether or not patentable, arising
out of, resulting from, or derivative of: (1) the work or services of Employee, or (2) within the
scope of the duties of Employee, or (3) using any materials, compounds, devices, or monies of
Employer. Any resulting or derivative rights, including patent rights, shall become the exclusive
property of Employer, and Employer shall be entitled to the entire right, title and interest with
respect hereto. Employee agrees, without additional compensation, to convey, assign the entire
right, title, and interest in and to any inventions for the United States and all foreign
jurisdictions to Employer arising out of, resulting from, or derivative of: (1) the work or
services of Employee, or (2) within the scope of the duties of Employee, or (3) using any
materials, compounds, devices, or monies.

                    (ii) Employer shall retain the entire right, title and interest in and to any and all
Confidential Information and/or Proprietary Information provided by Employer to Employee and to any
methods, compounds, improvements, substances, and compositions using or incorporating such
Confidential Information and/or Proprietary Information.

                    (iii) Employee agrees that Confidential Information and/or Proprietary Information provided to
the Employee by Employer shall be used for work purposes only and shall not be used for any other
uses, studies, experiments or tests.

                    (iv) Employee agrees that he will promptly disclose to Employer, or any persons designated by
Employer, all Employee Inventions, made or conceived or reduced to practice or learned by him,
either alone or jointly with others, during the

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employment of the Employee. The Employee further agrees to assist Employer in every proper
way (but at Employer’s expense) to obtain and from time to time enforce patents, copyrights or
other rights on Employee Inventions in any and all countries, and to that end Employee will execute
all documents necessary: (a) to apply for, obtain and vest in the name of Employer alone (unless
Employer otherwise directs) letters patent, copyrights or other analogues protection in any country
throughout the world and when so obtained or vested to renew and restore the same; and (b) to
defend (including the giving of testimony and rendering any other assistance) any opposition
proceedings in respect of such applications and any opposition proceedings or petitions or
applications for revocation of such letters patent, copyright or other analogous protection.
Employee’s obligation to assist Employer in obtaining and enforcing patents and copyrights for
Employee Inventions in any and all countries shall continue beyond and after the termination of
Employee.

                    (v) Any copyrightable work whether published or unpublished created by Employee in connection
with or during the performance of services below shall be considered a work made for hire, to the
fullest extent permitted by law and all right, title and interest therein, including the worldwide
copyrights, shall be the property of Employer as the employer and party specially commissioning
such work. In the event that any such copyrightable work or portion thereof shall not be legally
qualified as a work made for hire, or shall subsequently be so held, Employee agrees to properly
convey to Employer, without additional compensation, the entire right, title and interest in and to
such work or portion thereof, including but not limited to the worldwide copyrights, extensions of
such copyrights, and renewal copyrights therein, and further including all rights to reproduce the
copyrighted work in copies or phonorecords, to prepare derivative works based on the copyrighted
work, to distribute copies of the copyrighted work, to perform the copyrighted work publicly, to
display the copyrighted work publicly, and to register the claim of copyright therein and to
execute any and all documents with respect hereto.

                    (vi) Employee may not publish or disclose any Confidential Information and/or Proprietary
Information relating to, arising from, derivative of, or as a result of his employment pursuant to
this Agreement including but not limited to: information, improvements, results, experiments, data,
or methods, that makes reference to any of the Confidential Information and/or Proprietary
Information. Any work performed under, or arising from, or a result of his employment with
Employer shall not be published or disclosed in written, electronic, or oral form without the
express written permission of Employer.

          7.3 Disputes or Controversies

          The Employee recognizes that should a dispute or controversy arising from or relating to this
Agreement be submitted for adjudication to any court, arbitration panel, or other third party, the
preservation of the secrecy of Confidential Information and/or Proprietary Information may be
jeopardized. All pleadings, documents, testimony, and records relating to any such adjudication
will be maintained in secrecy and will be available for inspection by the Employer, the Employee,
and their respective attorneys and experts, who will agree, in advance and in writing, to receive
and maintain all such information in secrecy, except as may be limited by them in writing.

12.

 

     8. NON-COMPETITION

          8.1 Acknowledgments by the Employee

          Except for circumstance involving a Change of Control as described in Section 8.4 below,
Employee understands and recognizes that the Employee’s services provided to Employer are special,
unique, unusual, extraordinary and intellectual in character, and Employee agrees that, during the
employment of Employee and for a period of two (2) years from the date of termination of the
Employee’s employment with Employer, he will not in any manner, directly or indirectly, on behalf
of himself or any Person, firm, partnership, joint venture, corporation or other business entity,
engage or invest in, own, manage, operate, finance, control or participate in the ownership,
management, operation, financing, or control of, be employed by, associated with, or in any manner
connected with, lend the Employee’s name or similar name to, lend Employee’s credit to or render
services or advice to, enter into or engage in any Competing Business; provided, however, that
Employee may purchase or otherwise acquire up to (but not more than) one percent of any class of
securities of any enterprise (but without otherwise participating in the activities of such
enterprise) if such securities are listed on any national or regional securities exchange or have
been registered under Section 12(g) of the Securities Exchange Act of 1934.

          8.2 Except for circumstances involving a Change of Control as described in Section 8.4 below,
in consideration of the acknowledgements by the Employee, and in consideration of the compensation
and benefits to be paid or provided to the Employee by the Employer, the Employee covenants that he
will not, directly or indirectly, whether for the Employee’s own account or the account of any
other person (i) at any time during the employment of Employee and for a period of two (2) years
from the termination of the Employee’s employment with Employer, solicit, employ, or otherwise
engage as an employee, independent contractor, or otherwise, any person who is or was an employee
of the Employer at any time during the Employee’s employment with Employer or in any manner induce
or attempt to induce any employee of the Employer to terminate his employment with the Employer; or
(ii) at any time during the employment of Employee with Employer and for two (2) years from the
termination of Employee’s employment with Employer, interfere with the Employer’s relationship with
any person, including any person who at any time during the Employee’s employment with Employer was
an employee, contractor, supplier, or customer of the Employer.

          8.3 In further consideration of these premises, Employee agrees that he will not at any time
during or after Employee’s employment with Employer, disparage the Employer or any of its
shareholders, directors, officers, employees, or agents.

          8.4 Change of Control. In the event of a Change of Control Termination, Employee’s
obligations under Sections 8.1 and 8.2 above shall expire one (1) year from the date of termination
of his employment with Employer (or any entity acquiring Employer as a result of a Change of
Control).

13.

 

          8.5 If any covenant in Section 8 is held to be unreasonable, arbitrary, or against public
policy, such covenant will be considered to be divisible with respect to scope, time, and
geographic area, and such lesser scope, time, or geographic area, or all of them, as a court of
competent jurisdiction may determine to be reasonable, not arbitrary, and not against public
policy, will be effective, binding, and enforceable against the Employee.

          The period of time applicable to any covenant in Section 8 will be extended by the duration
of any violation by the Employee of such covenant.

          The Employee will, while the covenants under Section 8 are in effect, give notice to the
Employer, within ten days after accepting any other employment, of the identity of the Employee’s
employer. The Employer may notify such employer that the Employee is bound by this Agreement and,
at the Employer’s election, furnish such employer with a copy of this Agreement or relevant
portions thereof.

14.

 

     9. TAX MATTERS

          9.1 Responsibility for Tax Obligations. Employee agrees that he is responsible for
any applicable taxes of any nature (including any penalties or interest that may apply to such
taxes) that the Employer reasonably determines apply to any payment or equity award made to the
Employee hereunder (or any arrangement contemplated hereunder), that the Employee’s receipt of any
payment or benefit hereunder is conditioned on the Employee’s satisfaction of any applicable
withholding or similar obligations that apply to such payment or benefit, and that any cash payment
owed to the Employee hereunder will be reduced to satisfy any such withholding or similar
obligations that may apply thereto.

          9.2 Compliance with Section 409A. It is intended that each installment of the
payments and benefits provided for in this Agreement is a separate “payment” for purposes of
Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, it is intended that
payments of the amounts set forth in this Agreement satisfy, to the greatest extent possible, the
exemptions from the application of Section 409A of the Code (Section 409A of the Code, together,
with any state law of similar effect, “Section 409A”) provided under Treasury Regulations
1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Employer determines that the
payments and benefits provided under this Agreement constitute “deferred compensation” under
Section 409A and Employee is, on the Termination Date, a “specified employee” of the Company or any
successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then,
solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences
under Section 409A, the timing of any payments that are deferred compensation that are otherwise
payable on the separation from service shall be delayed as follows: on the earlier to occur of (i)
the date that is six months and one day after Employee’s “separation from service” or (ii) the date
of Employee’s death (such earlier date, the “Delayed Initial Payment Date”), the Employer shall (A)
pay to the Employee a lump sum amount equal to the sum of the payments that the Employee would
otherwise have received through the Delayed Initial Payment Date if the commencement of the payment
of the payments had not been so delayed pursuant to this Section 9.2 and (B) commence paying the
balance of the payments in accordance with the applicable payment schedules set forth in this
Agreement.

     10. GENERAL PROVISIONS

          10.1 Injunctive Relief and Additional Remedy

          The Employee acknowledges that the injury that would be suffered by the Employer as a result
of a breach of the provisions of this Agreement (including any provision of Sections 7 and 8) would
be irreparable and that an award of monetary damages to the Employer for such a breach would be an
inadequate remedy. Consequently, the Employer will have the right, in addition to any other rights
it may have, to obtain injunctive relief to restrain any breach or threatened breach or otherwise
to specifically enforce any provision of this Agreement, and the Employer will not be obligated to
post bond or other security in seeking such relief. Without limiting the Employer’s rights under
this Section 10 or any other remedies of the Employer, if the Employee breaches any of the
provisions of Section 7 or 8, the Employer will have the right to cease making any payments
otherwise due to the Employee under this Agreement.

15.

 

          10.2 Covenants of Sections 7 and 8 are Essential and Independent Covenants

          The covenants by the Employee in Sections 7 and 8 are essential elements of this Agreement,
and without the Employee’s agreement to comply with such covenants the Employer would not have
entered into this Agreement or employed or continued the employment of the Employee. The Employer
and the Employee have independently consulted their respective counsel and have been advised in all
respects concerning the reasonableness and propriety of such covenants, with specific regard to the
nature of the business conducted by the Employer.

          The Employee’s covenants in Sections 7 and 8 are independent covenants and the existence of
any claim by the Employee against the Employer under this Agreement or otherwise will not excuse
the Employee’s breach of any covenant in Section 7 or 8.

          If the Employee’s employment hereunder is terminated by either party, this Agreement will
continue in full force and effect as is necessary or appropriate to enforce the covenants and
agreements of the Employee in Sections 7 and 8.

          10.3 Representations and Warranties by the Employee

          The Employee represents and warrants to the Employer that the execution and delivery by the
Employee of this Agreement do not, and the performance by the Employee of the Employee’s
obligations hereunder will not, with or without the giving of notice or the passage of time, or
both: (a) violate any judgment, writ, injunction, or order of any court, arbitrator, or
governmental agency applicable to the Employee; or (b) conflict with, result in the breach of any
provisions of or the termination of, or constitute a default under, any agreement to which the
Employee is a party or by which the Employee is or may be bound.

          10.4 Waiver

          The rights and remedies of the parties to this Agreement are cumulative and not alternative.
Neither the failure nor any delay by either party in exercising any right, power, or privilege
under this Agreement will operate as a waiver of such right, power, or privilege, and no single or
partial exercise of any such right, power, or privilege will preclude any other or further exercise
of such right, power, or privilege or the exercise of any other right, power, or privilege. To the
maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement can
be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right
unless in writing signed by the other party; (b) no waiver that may be given by a party will be
applicable except in the specific instance for which it is given; and (c) no notice to or demand on
one party will be deemed to be a waiver of any obligation of such party or of the right of the
party giving such notice or demand to take further action without notice or demand as provided in
this Agreement.

          10.5 Binding Effect; Delegation of Duties Prohibited

          This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto
and their respective successors, assigns, heirs, and legal representatives, including any entity
with which the Employer may merge or consolidate or to which all or substantially all

16.

 

of its assets may be transferred. The duties and covenants of the Employee under this
Agreement, being personal, may not be delegated.

          10.6 Notices

          All notices, consents, waivers, and other communications under this Agreement must be in
writing and will be deemed to have been duly given when (a) delivered by hand (with written
confirmation of receipt), (b) sent by facsimile (with written confirmation of receipt), provided
that a copy is mailed by registered mail, return receipt requested, or (c) when received by the
addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in
each case to the appropriate addresses and facsimile numbers set forth below (or to such other
addresses and facsimile numbers as a party may designate by notice to the other parties):

	 	 	 	 	 
	 

	 	If to Employer:
	 	GTx, Inc

3 N. Dunlap Ave, 3rd Floor

Memphis, Tennessee 38163

Attention: Vice President, General Counsel

Facsimile No.: 901-844-8075
	 
	 	 	 	 
	 

	 	If to the Employee:
	 	Gregory A. Deener

4897 Gwynne Road

Memphis, Tennessee 38117

     Employee shall notify Employer in writing of any change of his address. Otherwise, Employer
shall send all notices to Employee’s address herein.

          10.7 Entire Agreement; Amendments

          This Agreement contains the entire agreement between the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral or written, between the
parties hereto with respect to the subject matter hereof. Employer and Employee further
acknowledge and agree that the provisions of this Agreement amend and supersede the Prior
Employment Agreement, which shall be of no further force and effect. This Agreement may not be
amended orally, but only by an agreement in writing signed by the parties hereto.

          10.8 Governing Law

          This Agreement will be governed by the laws of the State of Tennessee without regard to
conflicts of laws principles.

          10.9 Jurisdiction

          Any action or proceeding seeking to enforce any provision of, or based on any right arising
out of, this Agreement shall be brought against either of the parties in the courts of the State of
Tennessee, County of Shelby, or, if it has or can acquire jurisdiction, in the United

17.

 

States District Court for the Western District of Tennessee, and each of the parties consents
to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or
proceeding and waives any objection to venue laid therein. Process in any action or proceeding
referred to in the preceding sentence may be served on either party anywhere in the world.

          10.10 Section Headings, Construction

          The headings of Sections in this Agreement are provided for convenience only and will not
affect its construction or interpretation. All references to “Section” or “Sections”
refer to the corresponding Section or Sections of this Agreement unless otherwise specified. All
words used in this Agreement will be construed to be of such gender or number as the circumstances
require. Unless otherwise expressly provided, the word “including” does not limit the preceding
words or terms.

          10.11 Severability

          If any provision of this Agreement is held invalid or unenforceable by any court of competent
jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any
provision of this Agreement held invalid or unenforceable only in part or degree will remain in
full force and effect to the extent not held invalid or unenforceable.

          10.12 Counterparts

          This Agreement may be executed in one or more counterparts, each of which will be deemed to be
an original copy of this Agreement and all of which, when taken together, will be deemed to
constitute one and the same agreement.

          10.13 Waiver of Jury Trial

          THE PARTIES HERETO HEREBY WAIVE A JURY TRIAL IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT,
OR ARISING OUT OF OR CONCERNING EMPLOYEE’S EMPLOYMENT WITH EMPLOYER OR TERMINATION THEREOF.

18.

 

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
above first written above.

	 	 	 	 	 
	 	Gregory A. Deener

 	 
	 	/s/ Gregory A. Deener
 	 
	 
	 	 	 
	 	GTx, Inc.

 	 
	 	By:  	/s/ Henry P. Doggrell
 	 
	 	 	Name:  	Henry P. Doggrell 	 
	 	 	Title:  	Vice President, General Counsel 	 
	 

19.EX-10.47

Exhibit 10.47

FIRST AMENDMENT TO

CONSOLIDATED, AMENDED, AND RESTATED LICENSE AGREEMENT

     This First Amendment to Consolidated, Amended, and Restated License Agreement (the
“Amendment”) is entered into as of December 29, 2008 (the “Amendment Date”) by and between GTx,
Inc., a Delaware corporation, located at 3 N. Dunlap Street, Memphis, Tennessee 38163 (“GTx”), and
University of Tennessee Research Foundation, a Tennessee corporation, having an office at
UT Conference Center, Suite 211, 600 Henley Street, Knoxville, Tennessee 37996-4122 (“UTRF”), for
the purpose of amending that certain Consolidated, Amended and Restated License Agreement, dated
July 24, 2007, between GTx and UTRF (the “Original Agreement”).

     Capitalized terms used but not defined herein shall have the respective meanings ascribed to
such terms in the Original Agreement.

RECITALS

     Whereas, GTx has entered into that certain Exclusive License and Collaboration
Agreement with Merck & Co., Inc., (“Merck”) dated as of November 5, 2007 (the “Merck Sublicense”),
pursuant to which Merck has become GTx’s exclusive Sublicensee of certain SARM technology licensed
to GTx under the Original Agreement;

     Whereas, a dispute arose between the Parties with respect to the amount of Sublicense
Royalties payable to UTRF under the Original Agreement on account of certain payments received by
GTx in connection with the Merck Sublicense; and

     Whereas, the Parties desire to amend the Original Agreement to clarify GTx’s payment
obligations to UTRF for consideration received by GTx from its Sublicensees.

     Now, Therefore, in consideration of the foregoing and the covenants and promises
contained in this Amendment and other good and valuable consideration, the Parties agree as
follows:

	1.	 	Amendment of “Sublicense Revenue” Definition. Section 1.47 of the Original Agreement is
hereby amended and restated to read in its entirety as follows:
	 
	 	 	“1.47 “Sublicense Revenue” shall mean all payments actually received by GTx
pursuant to and in connection with each Sublicense, including, without limitation, up-front
license fees, milestone payments, license maintenance fees, election fees, and all other
fees and payments received by GTx under each such Sublicense agreement, subject to the
following:

	 	A.	 	Deductions. There shall be deducted from Sublicense
Revenue payments received by GTx as reimbursement for actual, otherwise
unreimbursed, out-of-pocket expenses as set out in the applicable Sublicense
agreement,

 

 

	 	 	 	provided that only reimbursements for expenses incurred in the development
of one or more Licensed Products covered by such Sublicense agreement may be
deducted from Sublicense Revenue and then only to the extent of expenses
incurred from and after the date of the Sublicense agreement for
pre-clinical or clinical research and development, including development of
the formulation and manufacturing process, manufacturing of preclinical and
clinical supplies and analytical and stability testing as required by the
Food and Drug Administration to support a New Drug Application (“NDA”)
filing for the Licensed Product and any NDA Third Party preparation costs
and filing fees. No part of the research funding payable by Merck to GTx
pursuant to Section 8.1 of the Merck Sublicense as reimbursement for basic
research and medicinal chemistry activities or any other reimbursements
which GTx may receive for activities in support of Development Programs (as
defined in the Merck Sublicense) under Section 4.5 of the Merck Sublicense
will be considered Sublicense Revenue. Additionally, Sublicense Revenue
will not include any payments made to Third Parties by or on behalf of a
Sublicensee for conducting clinical trials, filing new drug applications,
commercially launching a product and/or marketing and selling a product,
since these are not payments received by GTx from a Sublicensee on account
of the Sublicense.

	 	B.	 	Exclusions. Sublicense Revenue will not include:

	 	(a)	 	running royalties received by GTx that are
calculated as a percentage of Sublicensee’s Net Sales;
	 
	 	(b)	 	consideration paid to GTx in exchange for
securities of GTx up to the “fair market value” (as hereinafter
defined) of such securities;
	 
	 	(c)	 	any milestone payments and royalty payments
received by GTx from Merck under Sections 8.4 and 8.5 of the Merck
Sublicense, but only to the extent such payments are on account of
Products (as defined in the Merck Sublicense) which are not Licensed
Products hereunder;
	 
	 	(d)	 	in the event the Sublicense of Licensed Subject
Matter is granted in conjunction with a license of distinct GTx
technology that is not Licensed Subject Matter (“Other Technology”),
amounts allocable to such Other Technology as reasonably established by
GTx and the Sublicensee and set out in the Sublicense agreement;
provided that if no such allocation is made in the Sublicense
agreement, then the prorated portion of any fees or payments (not
otherwise excluded or deducted pursuant to this Section 1.47) made to
GTx under such Sublicense agreement in consideration for such Other
Technology shall be excluded; and

2

 

	 	(e)	 	up-front fees received by GTx from Ortho
Biotech Products L.P. pursuant to the Joint Collaboration and License
Agreement entered into with GTx effective as of March 16, 2004.

For purposes of this Section 1.47B., “fair market value” shall mean (1) with respect
to the Common Stock of GTx, the closing price of the Common Stock as quoted or
traded on the NASDAQ Global Market (or other applicable exchange or public market)
on the day of closing of such stock sale, or if the closing of such stock sale does
not take place on a trading day, the closing price on the last trading day prior to
the day of closing of such stock sale; and (2) with respect to any other security of
GTx other than Common Stock, the parties shall seek in good faith to agree on the
fair market value of such security and in the event the parties cannot mutually
agree on such value, the determination of fair market value shall be submitted to
dispute resolution pursuant to Section 11.1. For clarity, all up-front fees already
received by GTx from Merck pursuant to the Merck Sublicense and reported to UTRF
prior to the Amendment Date (including without limitation, the license fee paid
pursuant to Section 8.2 of the Merck Sublicense and the equity investment made
pursuant to Section 8.3 of the Merck Sublicense) and all up-front fees already
received by GTx from Ortho Biotech Products L.P. pursuant to the Joint Collaboration
and License Agreement entered into with GTx effective as of March 16, 2004 shall not
be considered Sublicense Revenue hereunder. Also for clarity, in the case of the
purchase of securities of GTx by a Sublicensee or an Affiliate of Sublicensee, (i)
if such securities are acquired in connection with the receipt of rights under
Licensed Subject matter, then any amounts paid in excess of the fair market value of
such securities shall be included as an element of Sublicense Revenue, (ii) if such
securities are acquired by a Sublicensee in a transaction not in connection with the
grant of rights (or the grant of further rights) under Licensed Subject Matter, then
no portion of the purchase price of such securities shall constitute Sublicense
Revenue, regardless of the relationship between purchase price and fair market
value, and (iii) if GTx were to be acquired by a Sublicensee or an Affiliate of a
Sublicensee, no portion of the purchase price in any form shall be Sublicense
Revenue.”

	2.	 	Amendment to Dispute Resolution. Section 11.1 of the Original Agreement is hereby amended
and restated to read in its entirety as follows:
	 
	 	 	“11.1 Except for the right of either party to apply to a court of competent jurisdiction
for a temporary restraining order, a preliminary injunction, or other equitable relief to
preserve the status quo or to prevent irreparable harm, any and all claims, disputes or
controversies arising under, out of, or in connection with this Agreement, including without
limitation any dispute with respect to the scope of this Section 11, shall be resolved upon
thirty (30) days written notice of either party to the other by final and binding
arbitration in Knoxville, Tennessee (or other site acceptable to both Parties) under the
Commercial Arbitration Rules of the American Arbitration Association, or the

3

 

	 	 	Patent Arbitration Rules if applicable, then in effect. The arbitrator(s) shall have no
power to add to, subtract from or modify any of the terms or conditions of this Agreement,
nor to award punitive damages. The prevailing party in any such arbitration shall, in
addition to recovering reasonable out-of-pocket costs of the arbitration, be entitled to an
award of reasonable attorneys fees incurred in connection with the arbitration and any
action necessary to perfect the arbitration award as a judgment, and for any collection
action required to secure payment of any arbitration award. Any award rendered in such
arbitration may be entered and enforced by either party in either the courts of the State of
Tennessee or in the United States District Court for the Eastern District of Tennessee, to
whose jurisdiction for such purposes UTRF and GTx each hereby irrevocably consents and
submits, or in any other United States court having jurisdiction.”

	3.	 	Amendment to Assignability. Section 13.1 of the Original Agreement is hereby amended and
restated to read in its entirety as follows:
	 
	 	 	“13.1 This Agreement shall be binding upon and shall inure to the benefit of UTRF and its
assigns and successors, and shall be binding upon and shall inure to the benefit of GTx and
its assigns provided that prior written approval by UTRF is first obtained, which approval
shall not be unreasonably withheld. Notwithstanding the foregoing, no prior written
approval from UTRF shall be required for any assignment by GTx to (i) an Affiliate of GTx
(or any entity into which GTx shall have been merged or consolidated, provided that at least
51% of such merged or consolidated entity is owed by shareholders holding at least 51% of
GTx immediately prior to such merger or consolidation) or (ii) a Third Party which acquires
all or substantially all of GTx’s assets or a Controlling interest in the business to which
this Agreement relates if, but only if, the Third Party can reasonably demonstrate prior to
such transaction, either: (I) a financial net worth or market cap equal to or greater than
the financial net worth of GTx existing prior to the acquisition, but not less than a net
worth of One Hundred Million Dollars ($100,000,000); or (II) a market cap of Five Hundred
Million Dollars ($500,000,000). No assignment shall be deemed effective unless such
assignee has agreed in writing to be bound by the terms and provisions of this Agreement.
Any attempt to assign or assignment made in violation of this Section 13.1 shall be void ab
initio. GTx shall give notice to UTRF of any assignment of this Agreement within thirty
(30) days thereafter, such notice to include a copy of assignee’s written agreement to be
bound by the terms and provisions of this Agreement. For the avoidance of doubt, any
consideration received by GTx from a permitted assignee in consideration of an assignment
pursuant to this Section 13.1 shall not be deemed Sublicense Revenue.”

	4.	 	Clarification of the Treatment of Other Payments Under the Merck Sublicense. For the
avoidance of doubt, the Parties desire to confirm the treatment of payment received to date
and which may be received in the future under the Merck Sublicense as follows:

	 	(a)	 	Merck Opt-In. Fifty percent (50%) of any payment received by GTx from Merck
pursuant to Section 3.4.3(ii) of the Merck Sublicense made in

4

 

	 	 	 	consideration of the Merck Opt-In shall not be treated as Sublicense Revenue under
the Agreement, but one hundred percent (100%) of any payment received on account of
milestones under Section 3.4.3(iii) will be considered Sublicense Revenue.

	 	(b)	 	Royalty Payments Under Merck Sublicense. UTRF shall be paid Running Royalties
on Merck’s receipts from sales of Product (as defined in the Merck Sublicense) solely
to the extent that such Product is a Licensed Product under the Agreement.
	 
	 	(c)	 	Intellectual Property. Any payment received by GTx from Merck pursuant to
Article 12 of the Merck Sublicense for shared costs and expenses of patent prosecution,
maintenance, enforcement and defense shall not be treated as Sublicense Revenue under
the Agreement, provided that such costs and expenses are incurred after the Effective
Date of the Merck Sublicense.
	 
	 	(d)	 	Indemnification. Any payment received by GTx from Merck pursuant to Article 11
of the Merck Sublicense shall not be treated as Sublicense Revenue under the Agreement.
	 
	 	(e)	 	Effect of Termination. The treatment of any payments received by GTx from
Merck pursuant to Merck’s continuing payment obligations under Article 14 of the Merck
Sublicense shall be based on whether or not such payments would have constituted
Sublicense Revenue if they had been paid prior to the date of termination of the Merck
Sublicense.

	5.	 	Governing Law; Jurisdiction. This Amendment shall be governed by and construed in accordance
with the laws of Tennessee, without regard to conflicts of laws provisions.

	6.	 	Entire Agreement. This Amendment and the Original Agreement (except to the extent expressly
amended by this Amendment) collectively embody the entire, final and complete agreement and
understanding between the parties and replace and supersede all prior discussions and
agreements between the parties with respect to the subject matter hereof of thereof. The
Agreement, as hereby amended, remains in full force and effect.

	7.	 	Counterparts. This Amendment may be executed in two counterparts (which may be delivered by
facsimile or PDF), each of which shall be an original and both of which together shall
constitute the same document.

[Signature Page Follows].

5

 

     In Witness Whereof, the Parties hereto have duly executed this Amendment as of the
Amendment Date.

	 	 	 	 	 	 	 	 	 
	GTx, Inc.	 	University of Tennessee Research Foundation	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Henry P. Doggrell
 

	 	By:
	 	/s/ Fred D. Tompkins
 

	 	 
	 
	 	 	 	 	 	 	 	 
	Name:

	 	Henry P. Doggrell
	 	Name:
	 	Fred D. Tompkins	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Title:

	 	VP, General Counsel
	 	Title:
	 	President	 	 
	 

	 	 
	 	 	 	 	 	 

6

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