Document:

Exhibit 4.2

 

EXTENSION AGREEMENT

 

This
Agreement made as of this       th day of March,
2010 between Callisto Pharmaceuticals, Inc., a Delaware corporation (the “Company”)
having a principal place of business at 420 Lexington Avenue, Suite 1609,
New York, New York 10170, and the holders of the Company’s outstanding 6%
Secured Promissory Notes due April 15, 2010 (the “Notes”) that has
executed this Agreement on Schedule I hereto. 
Each such holder is referred to herein as the “Lender” and.,
collectively the “Lenders.”

 

WHEREAS,
the Company issued and the Lenders purchased $603,163.02 of the principal of
the Notes;

 

WHEREAS,
the Notes are due April 15, 2010,

 

WHEREAS,
the Company has requested that the Lenders approve an amendment to the Notes
extending the due date to April 30, 2011 in order, among other things,
facilitate the audit of the financial statements of the Company as of and for
the year ended December 31, 2009; and

 

WHEREAS,
each Lender signing this Agreement deems it in its best interest to enter into
this Agreement extending the due date of the Notes upon the terms and
conditions set forth herein;

 

NOW
THEREFORE, in consideration of the terms, conditions and agreements contained
in this Agreement, the parties agree as follows:

 

1.                                      EXTENSION,
FORBEARANCE AND WAIVER.

 

(a)                                 Extension.  The Lender hereby agrees to amend the Notes
to extend the “Maturity Date” defined in the Notes to April 30, 2011 (the “Extension”).  Such amendment will be effective upon the
execution of this Agreement by the holders of $422,215 of the principal amount
of the Notes.

 

(b)                                 Waiver.  The Lender agrees to waive any and all prior
defaults on the Notes.

 

2.                                      ISSUANCE OF
SECURITIES.

 

(a)                                 In exchange for
the Extension, the Company agrees to issue that number of restricted shares of
the Company’s common stock (“Shares”) to each Lender determined by
multiplying the principal and interest of the Note due to each Lender as
of  March 31, 2010 by 0.15 and
dividing the result by $0.3770 (the average closing price for Shares reported
by OTCBB for the 20 consecutive trading days ending March 8, 2010).

 

In
order to receive the Shares, the Lender must surrender the original Note to the
Company so that the Company can endorse the Note with the amended due
date.  The Company

 

1

 

agrees
to issue certificates representing the Shares and a return the endorsed Note
within five business days after receiving the Notes, properly endorsed for
transfer to the Company.

 

(b)                                 Certificates, representing the Shares, in
due and proper form, representing the shares will be registered in the name of
the Lender and bear a legend substantially in the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933.  THE SHARES HAVE
BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THESE SHARES UNDER
THE SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT”.

 

3.                                      LENDER’S
REPRESENTATIONS AND WARRANTIES.

 

The
Lender hereby acknowledges, represents and warrants to, and agrees with,
the  Company as follows:

 

(a)                                 The Lender has
the authority and power, corporate and otherwise, is acquiring the shares for
his own account as principal, for investment purposes only, and not with a view
to, or for, resale, distribution or fractionalization thereof, in whole or in
part, and no other person has a direct or indirect beneficial interest in such
shares.

 

(b)                                 The Lender
acknowledges its understanding that the exchange of Shares for an extension of
Notes is intended to be exempt from 
registration under the Act by virtue of Sections 3(a)(10) and 4(2) of
the Securities Act of 1933, as amended (the “Act”) and the provisions of
Regulation D thereunder.

 

(c)                                  The Lender has the financial ability to
bear the economic risk of his investment, has adequate means for providing for
his current needs and personal contingencies and  has no need for liquidity with respect to his
investment in the Company.

 

(d)                                 The Lender is
an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D under the Act (17 C.F.R. 230.501(a)).

 

(e)                                  The Lender has made an independent
investigation of the Company’s business.

 

(f)                                   The Lender
represents, warrants and agrees that it will not sell or otherwise transfer the
Shares unless registered under the Act or in reliance upon an exemption  therefrom, and fully understands and agrees
that he must bear the economic risk of accepting Shares in pursuant to this
Agreement for an indefinite period of time because, among other reasons, the
shares or underlying securities have not been registered under the Act or under
the

 

2

 

securities
laws of certain states and, therefore, cannot be resold, pledged, assigned or
otherwise disposed of unless they are subsequently registered under the Act and
under the applicable securities laws  of
such states or an exemption from such registration is available.  The Lender further understands that sales or
transfers of the Securities or shares of Common Stock underlying the Warrants
are restricted by the provisions of state securities laws.

 

(g)                                  The foregoing
representations, warranties and agreements shall survive the delivery of the
shares under the Agreement.

 

4.                                      COMPANY
REPRESENTATIONS AND WARRANTIES.

 

The
Company hereby acknowledges, represents and warrants to, and agrees with the
Lenders as follows:

 

(a)                                 The Company has
been duly organized, validly exists and is in good standing under the laws of
the State of Delaware.  The Company has
full corporate power and authority to enter into this Agreement and this
Agreement has been duly and validly authorized, executed and delivered by the
Company and is a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as such enforcement
may be limited by the United States Bankruptcy Code and laws effecting
creditors rights, generally.

 

(b)                                 Subject to the
performance by the Lender of its obligations under this Agreement and the
accuracy of the representations and warranties of the Lender, the offering and
sale of the shares will be exempt from the registration requirements of the
Act.

 

(c)                                  The execution
and delivery by the Company of, and the performance by the Company of its
obligations under this Agreement in accordance with the terms of this Agreement
will not contravene any provision of applicable law or the charter documents of
the Company or any agreement or other instrument binding upon the Company, or
any judgment, order or decree of any governmental body, agency or court having
jurisdiction over the Company, and no consent, approval, authorization or order
of, or qualification with, any governmental body or agency is required for the
performance by the Company of its obligations under this Agreement in
accordance with the terms of this Agreement.

 

(d)                                 The foregoing representations, warranties
and agreements shall survive the Closing.

 

5.                                      OBLIGATION
IRREVOCABLY AND SEVERAL.

 

                                                The Lenders’
obligations under this Agreement are several and not joint and will be
effective and irrevocable upon the receipt of an executed counterpart of this
Agreement signed by each Lender.

 

3

 

6.                                      MISCELLANEOUS.

 

(a)                                 Modification.       Neither this Agreement nor any provisions
hereof shall be modified, discharged or terminated except by an instrument in
writing signed by the party against whom any waiver, change, discharge or  termination is sought.

 

(b)                                 Notices.   Any notice, demand or other communication
which any party hereto may be required, or may elect, to give to anyone  interested hereunder shall be sufficiently
given if (a) deposited, postage 
prepaid, in a United States mail letter box, registered or certified
mail,  return receipt requested,
addressed to such address as may be given herein, or  (b) delivered personally at such
address.

 

(c)                                  Counterparts.       This Agreement may be executed through the use of separate
signature pages or in any number of counterparts, and  each of such counterparts shall, for all
purposes, constitute one agreement 
binding on all the parties, notwithstanding that all parties are not
signatories  to the same counterpart.

 

(d)                                 Binding Effect.   Except as otherwise provided herein, this
Agreement shall be binding upon and inure to the benefit of the  parties and their heirs, executors,
administrators, successors, legal representatives and assigns.  If the undersigned is more than one person,
the obligation of the Investor shall be joint and several, and the
agreements,  representations, warranties
and acknowledgments herein contained shall be deemed  to be made by and be binding upon each such
person and his heirs, executors, 
administrators and successors.

 

(e)                                  Entire
Agreement.   This
instrument contains the entire agreement of the parties, and there are no
representations, covenants or other 
agreements except as stated or referred to herein.

 

(f)                                   Applicable Law.   This Agreement shall be governed and
construed under the laws of the State of New York.

 

IN
WITNESS WHEREOF, the Company and Lenders have caused this Agreement to be
executed and delivered by their respective officers, thereunto duly authorized.

 

 

	
   

  	
  CALLISTO
  PHARMACEUTICALS, INC. 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Gary
  S. Jacob, CEO

  

 

[LENDER SIGNATURE PAGES FOLLOW]

 

4

 

SCHEDULE I

 

EXTENSION AGREEMENT

 

IN WITNESS WHEREOF, the undersigned holder of the
Company’s 6% Convertible Subordinated Notes due April 15, 2010 has caused
this Agreement to be duly executed this       
day of March,  2010.

 

Original Principal

 

	
  Amount of Note: $

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Signature:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title
  (if applicable):

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
  ,
  2010

  	
  Telephone
  No.:

  	
   

  
												

 

THE
OFFER IS SUBJECTED TO ACCEPTANCE BY THE COMPANY, AS EVIDENCED BY ITS EXECUTION
OF A COUNTERPART SIGNATURE PAGE. THE OFFER MAY BE MODIFIED OR
WITHDRAWN AT THE COMPANY’S SOLE DISCRETION.

 

5Exhibit 10.1

 

Stock Incentive Plan

              Performance
Share Award Agreement

 

Corn Products
International, Inc.

 

              , 20     

 

 

	
  Contents

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Article 1.
  Performance Period

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Article 2. Value
  of Performance Shares

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Article 3.
  Performance Shares and Achievement of Relative Total Shareholder Return

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Article 4.
  Termination Provisions

  	
   

  	
  3

  
	
   

  	
   

  	
   

  
	
  Article 5.
  Dividends

  	
   

  	
  4

  
	
   

  	
   

  	
   

  
	
  Article 6.
  Form and Timing of Payment of Performance Shares

  	
   

  	
  4

  
	
   

  	
   

  	
   

  
	
  Article 7.
  Nontransferability

  	
   

  	
  5

  
	
   

  	
   

  	
   

  
	
  Article 8.
  Administration

  	
   

  	
  5

  
	
   

  	
   

  	
   

  
	
  Article 9. Miscellaneous

  	
   

  	
  5

  

 

 

Corn Products International, Inc.

Stock Incentive Plan

20       Performance Share Award Agreement

 

You have been selected to be a participant in the Corn
Products International, Inc. 

Stock Incentive Plan (the “Plan”), as specified below:

 

	
  Participant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Target Performance Share Award:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Performance Period:

  	
   

  	
                 , 20     to
  December 31, 20     

  
	
   

  	
   

  	
   

  
	
  Performance Measure:

  	
   

  	
  Relative Total Shareholder Return (“TSR”) — 100%

  

 

THIS AGREEMENT (the “Agreement”) effective as of               ,
20    , represents the grant of Performance Shares
by Corn Products International, Inc., a Delaware corporation (the “Company”),
to the Participant named above, pursuant to the provisions of the Plan.

 

If there is any inconsistency
between the terms of this Agreement and the terms of the Plan, the Plan’s terms
shall completely supersede and replace the conflicting terms of this
Agreement.  All capitalized terms shall
have the meanings ascribed to them in the Plan, unless specifically set forth
otherwise herein.  The parties hereto
agree as follows:

 

Article 1.
Performance Period

 

The Performance Period commences
on                 ,
20     and ends on                 ,
20    .

 

Article 2. Value
of Performance Shares

 

Each Performance Share shall
represent and have a value equal to one share of common stock of the Company as
detailed herein.

 

Article 3.
Performance Shares and Achievement of Relative Total Shareholder Return

 

(a)         The number of Performance Shares
to be earned under this Agreement shall be based upon the achievement of
preestablished TSR percentile ranking performance as approved by the
Compensation Committee of the Company’s Board of Directors (the “Committee”)
for the Performance Period, based on the following chart:

 

1

 

Total Shareholder Return

 

	
  TSR Percentile

  Ranking Goal

  	
   

  	
  Percent of Target

  Performance Share

  Award Earned

  
	
   

  	
   

  	
   

  
	
  >___th

  	
   

  	
   

  	
  200

  	
  % (maximum)

  
	
  ___th

  	
   

  	
   

  	
  150

  	
  %

  
	
  ___th

  	
   

  	
   

  	
  100

  	
  % (target)

  
	
  ___th

  	
   

  	
   

  	
  75

  	
  %

  
	
  ___th

  	
   

  	
   

  	
  50

  	
  % (threshold)

  
	
  <___th

  	
   

  	
   

  	
  0

  	
  %

  

 

Interpolation shall be used to determine the
percentile rank in the event the Company’s TSR Percentile Rank does not fall
directly on one of the ranks listed in the above chart.

 

(b)         For this purpose, TSR shall be determined
as follows:

 

	
  TSR

  	
  =

  	
  Change in Stock
  Price + Dividends Paid

  Beginning Stock
  Price

  

 

(i)            Beginning Stock Price shall mean the
average of the Daily Averages for each of the twenty (20) trading days
immediately prior to the first day of the Performance Period;

 

(ii)           Ending Stock Price shall mean the average
of Daily Averages for each of the last twenty (20) trading days of the
Performance Period;

 

(iii)          Change in Stock Price shall mean the
difference between the Beginning Stock Price and the Ending Stock Price; and

 

(iv)          Dividends Paid shall mean the total of
all dividends paid on one (1) share of stock during the applicable
calendar quarter(s) during the Performance Period, provided that dividends
shall be treated as though they are reinvested at the end of each calendar
quarter based on the stock price at the end of each calendar quarter.

 

(v)           Daily Average shall mean the average of
the high and low stock price on the applicable stock exchange of one share of
stock for a particular trading day.

 

(c)          Following the TSR determination, the
Company’s Percentile Rank against the “Peer Group” shall be determined.  Once the Company’s Percentile Rank is
determined, the 

 

2

 

Performance Shares to be awarded shall then be
determined based on the chart in Section 3(a).

 

(d)                            “Peer Group” shall mean the companies
listed below, categorized by industry. If two companies in the Peer Group
merge, or one is acquired, the new company will be included in the Peer Group.
If a company merges with a company not in the Peer Group, the company will be
removed and its TSR will not be included as part of the Peer Group.

 

	
  Agricultural
  Processing

  	
  Paper/Timber

  
	
  Archer
  Daniels Midland Company

  	
  Buckeye
  Technologies Corporation

  
	
  Bunge Limited

  	
  Deltic
  Timber Corp.

  
	
  Gruma, S.A. de C.V.

  	
  MeadWestvaco
  Corporation

  
	
  MGP
  Ingredients, Inc.

  	
  Potlatch
  Corporation

  
	
  Penford
  Corp.

  	
  Wausau
  Paper Corporation

  
	
  Tate &
  Lyle — ADR

  	
   

  
	
   

  	
   

  
	
  Agricultural
  Production/Farm Production

  	
   

  
	
  Alico
  Inc.

  	
   

  
	
  Alliance
  One International

  	
   

  
	
  Universal
  Corporation

  	
   

  
	
   

  	
   

  
	
  Agricultural
  Chemicals

  	
   

  
	
  Agrium
  Inc.

  	
   

  
	
  Monsanto
  Company

  	
   

  
	
  Potash
  Corporation of Saskatchewan Inc.

  	
   

  
	
  Syngenta AG-ADR

  	
   

  
	
  Terra Industries Inc.

  	
   

  
	
  Terra Nitrogen Co.-LP

  	
   

  

 

Article 4.
Termination Provisions

 

Except as provided below, the
Participant shall be eligible for payment of awarded Performance Shares, as
determined in Section 3, only if the Participant’s employment with the
Company continues through the end of the Performance Period.

 

If the Participant’s employment
with the Company terminates prior to the end of the Performance Period by
reason of death, retirement on or after age 55 (with a minimum of 10 years of
employment or service with the Company) [FOR CEO, age 62, with 5 years] or the
occurrence of such Participant’s Disability Date, subject to the Committee’s
approval, a pro-rated payment will be provided at the end of the Performance
Period of all or any portion of the Performance Award which would have been
paid to such Participant for such Performance Period as long as the termination
of employment occurred in years two or three of the Performance Period.

 

Upon termination of employment
under any other circumstances, the Committee, in its sole discretion and taking
into consideration the performance of the Participant and the performance of
the Company during the Performance Period, may authorize the payment to the
Participant (or his legal representative) at the end of the Performance Period
of all or any portion of the Performance Share Award which would have been paid
to the Participant for such Performance Period.

 

3

 

If the Participant’s employment
with the Company terminates for any other reason prior to the end of the
Performance Period, then the award which is subject to such Performance Period
on the effective date of the Participant’s termination of employment shall be
forfeited to and cancelled by the Company.

 

Article 5. Dividends

 

The Participant shall have no
right to any dividends which may be paid with respect to shares of Company
common stock until any such shares are paid to the Participant following the
completion of the Performance Period.

 

Article 6. Form and
Timing of Payment of Performance Shares

 

(a)                            The payment of the
Performance Share Awards shall be paid to the Participant no later than two and
one-half months after the end of the Performance Period.  Payment of the Performance Shares awarded
shall be made subject to the following:

 

(i)            The Participant
shall have no right with respect to any Award until such award shall be paid to
such Participant.

 

(ii)           If the Committee
determines, in its sole discretion, that the Participant at any time has
willfully engaged in any activity that the Committee determines was or is harmful
to the Company, any unpaid Award will be forfeited by the Participant.

 

(b)                            Performance Shares
awarded, if any, will only be paid out in shares of Company stock.

 

(c)                             The Participant may
defer receipt of all or any portion of the Performance Shares awarded
hereunder, upon such terms and conditions stated in the deferral election form
by filing such written election with the Vice President of Human Resources  no later than six months prior to the termination of the Performance
Period, provided such election is made in a manner which complies with the
requirements of Code Section 409A. Deferrals may only be made into the
Corn Products International, Inc. phantom unit investment option under the
Corn Products International, Inc. Supplemental Executive Retirement Plan
or a successor to that investment option.

 

4

 

Article 7. Nontransferability

 

Performance Shares may not be
sold, transferred, pledged, assigned, or otherwise alienated or hypothecated,
other than by will or by the laws of descent and distribution.  Further, except as otherwise provided in a
Participant’s Award Agreement, the Participant’s rights under the Plan shall be
exercisable during the Participant’s lifetime only by the Participant or the
Participant’s legal representative.

 

Article 8.
Administration

 

This Agreement and the rights of
the Participant hereunder are subject to all the terms and conditions of the
Plan, as the same may be amended from time to time, as well as to such rules and
regulations as the Committee may adopt for administration of the Plan.  It is expressly understood that the Committee
is authorized to administer, construe, and make all determinations necessary or
appropriate to the administration of the Plan and this Agreement, all of which
shall be binding upon the Participant. Any inconsistency between the Agreement
and the Plan shall be resolved in favor of the Plan.

 

Article 9.
Miscellaneous

 

(a)                           The selection of any employee for
participation in the Plan and this Agreement shall not give such Participant
any right to be retained in the employ of the Company. The right and power of
the Company to dismiss or discharge the Participant is specifically reserved.
The Participant or any person claiming under or through the Participant shall
not have any right or interest in the 
Plan or any Award thereunder, unless and until all terms, conditions,
and provisions of the Plan that affect the Participant have been complied with
as specified herein.

 

(b)                           With the approval of the Board, the
Committee may terminate, amend, or modify this Agreement; provided, however,
that no such termination, amendment, or modification of this Agreement may in
any way adversely affect the Participant’s rights under this Agreement without
the Participant’s written consent.

 

(c)                            This Agreement shall be subject
to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

 

(d)                           Notwithstanding any other
provision of this Agreement or the Plan to the contrary, the Board of Directors
may amend the Plan or this Agreement, to take effect retroactively or
otherwise, as deemed necessary or advisable for the purpose of conforming the
Plan or Agreement to any present or future law relating to plans of this or
similar nature (including, but not limited to, Code Section 409A), and to
the administrative regulations and rulings promulgated thereunder.

 

5

 

(e)                            To the extent not preempted by
federal law, this Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware.

 

(e)                            The Company shall have the power
and right to deduct or withhold, or require the Participant to remit to
Company, the minimum statutory amount to satisfy federal, state, and local
taxes, domestic or foreign, required by law or regulation to be withheld with
respect to any taxable event arising under this Agreement.

 

(f)                             With respect to withholdings
required upon payment of Company stock in satisfaction of all of the
Performance Shares awarded, the Company will withhold Company stock having an
aggregate Fair Market Value on the date the tax is to be determined equal to
the minimum statutory total tax that could be imposed on the transaction.

 

(g)                            In the event of a Change in
Control, the Performance Period will be deemed to have ended, and the
Performance Shares will be considered earned and the Target Performance Share
Award amount will be paid out in accordance with the Plan. Such deemed earned
Performance Shares shall be paid out as soon as practicable.

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed effective as of                                       ,
20   .

 

 

	
   

  	
  Corn
  Products International, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Chairman,
  President, and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE NAME

  

 

6

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