Document:

exv10w20

 

Exhibit 10.20

Form of

RESTRICTED STOCK UNIT GRANT AGREEMENT

This Agreement, dated ___, ___, is between CHEVRON CORPORATION (“Company”) and [Employee].

The Management Compensation Committee (the “Committee”) has selected you to receive a special
Restricted Stock Unit award under Section 8 of the Chevron Corporation Long-Term Incentive Plan.
Capitalized terms not defined in this Agreement shall have the same meaning as the defined terms in
the Chevron Corporation Long-Term Incentive Plan, as amended from time to time (the “Plan”). This
award is governed by the Plan and is subject to the following special terms:

     1. You have been awarded ___Restricted Stock Units on ___, ___. (The Restricted
Stock Units were subsequently adjusted to reflect the 2 for 1 stock split for shares on record as
of August 19, 2004.) The restrictions on the Restricted Stock Units shall lapse and you shall be
vested as follows: 50% on the fourth anniversary of the grant date (___, ___) and 50% of the
eighth anniversary of the grant date (___, ___). Social Security taxes are due when the
grant vests and is payable. Currently, with a valid deferral election, Restricted Stock Units are
taxable as ordinary income upon distribution only, not upon vesting.

No certificate for shares of stock shall be issued at the time the grant is made and you shall have
no right to or interest in shares of stock of the Company as the result of this grant agreement.

     2. In order to receive full payment of this award you must remain in the employ of the Company
through ___, ___(the “Full Vesting Date”); provided, however, that if your employment with
the Company terminates at least 180 days following the date of grant but prior to the Full Vesting
Date because of your death or disability, you or your beneficiary will be entitled to receive a
portion of any unvested award determined by multiplying the total number of Restricted Stock Units
(adjusted as provided in paragraph 3 below) by a fraction, the numerator of which is the number of
whole months elapsed from ___, ___up to the date of termination of your employment, and the
denominator of which is ninety-six (96). In the event of your death or disability, any vested
Restricted Stock Units will be distributed to you or your beneficiary in the next insider trading
window following the date of your death or disability. For this purpose, “disability” shall have
the meaning set forth in Section 2(g) of the Plan. The vesting provisions of this paragraph 2 will
apply to this Restricted Stock Unit agreement only, and will supercede the vesting provisions of
the Chevron Long-Term Incentive Plan related to non-qualified stock option and performance share
vesting provisions.

     3. During the period prior to Distribution of all or part of your award, the Restricted Stock
Units will be subject to adjustment as if they represented shares of the Chevron Corporation common
stock which were held in the Chevron Stock Fund of the Chevron Deferred Compensation Plan for
Management Employees or any successor plan thereto (the “DCP”). Dividend equivalent payments
shall be made with respect to the Restricted Stock Units and converted into additional Chevron
stock units as of the dividend payment date. Distribution of accumulated dividend equivalents will
be in the form of additional shares of Chevron common stock, and paid as described in paragraph 4
below.

     4. If you satisfy the vesting requirements set forth in paragraph 1 or 2 above, you will be
entitled to receive payment of the Restricted Stock Units (as adjusted pursuant to paragraph 3
above) in the next insider trading window following the date you satisfy the vesting requirements,
except as provided in 5 below. Stock equal to the number of the full Restricted Stock Units (after
adjustment), net of any taxes, shall be deposited at Mellon Investor Services, Chevron’s stock
transfer agent and registrar, in book-entry form (uncertificated, electronic registration).
Thereafter, you may sell your shares, elect automatic dividend reinvestment, elect to receive a
certificate, or transfer the shares to a broker of your choice. The amount representing any
fractional Restricted Stock Unit shall be valued based the trading price of the Chevron stock fund
in the DCP on the date of vesting, and paid in cash. The payment shall be net of any required tax
withholding.

     5. The provisions of paragraph 4 above to the contrary notwithstanding, you may elect to defer
payment of the vested portion of this award by completing and filing the proper form with the
Committee. If no form is filed, you will be deemed to have made no deferral election. If you
timely file a deferral election it shall be irrevocable on the date it is filed. The portion of
your special Restricted Stock Unit award that is subject to an irrevocable deferral election is
governed by the terms and conditions of the DCP. Diversification out of Restricted Stock Units is
not allowed.

Any distribution made pursuant to this paragraph 5 will be net of any required tax withholding.

1

 

Exhibit 10.20

Any election made under this paragraph 5 shall (a) be made no later than the insider window that is
at least 12 months prior to payment date, and in no event later than December 31, 2006 and (b) be
subject to any special administrative rules imposed by the Committee including rules intended to
Comply with Section 409A of the Code and IRS Notice 2005-1, A-19. No election under this paragraph
5 shall change the payment date of any distribution otherwise scheduled to be paid in 2006 or cause
a payment to be paid in 2006.

Notwithstanding any other provision of this Agreement to the contrary, no distribution will be made
pursuant to this Agreement that would constitute an impermissible acceleration of payment as
defined in Section 409A(a)(3) of the Code and the regulations promulgated thereunder.

     6. The deferred portion of your award shall be distributed, in accordance with the terms and
conditions of the DCP, in the form of a book entry on the books and records of the Company for the
number of shares of Chevron Corporation common stock equal to the number of the full Restricted
Stock Units (as adjusted) at such time. If a distribution is to be made in installments, the
amount of each annual installment (shares of Chevron Corporation common stock) shall be determined
by dividing the balance of the deferred portion of your award by the number of annual payments
remaining to be made.

     7. The Restricted Stock Units representing this award shall be subject to adjustment in the
manner provided in Section 10 of the Plan, Recapitalization.

     8. The provisions of paragraph 4 above will be further restricted if you have not satisfied
the stock ownership guidelines approved by the Committee for your position. Distribution will be
limited to no more than 50% of the vested portion of the award, net of any taxes, and the remaining
units will be assigned to the DCP and distributed in accordance with the terms and conditions of
the DCP upon your Separation from Service (as defined in the DCP).

     9. Prior to distribution of your Restricted Stock Units, if you engage in or have engaged in
during the course of your employment: fraud, material dishonesty, deleterious conduct in violation
of the policy of the Company or its subsidiaries and affiliates, or, at any time, conduct adverse
to the best interests of the Company or its subsidiaries and affiliates, the awards shall be
canceled unless the Committee, in its sole discretion, elects not to cancel such awards.

     10. Notwithstanding any other provision of this Agreement, in the event there is a Change of
Control, all awards shall become fully vested. Non-deferred awards shall be immediately
distributed, and deferred awards shall be distributed in accordance with the distribution election
made under the DCP. The restrictions shall be deemed satisfied as of the day immediately prior to
a Change of Control.

     11. Awards under this Agreement may not be transferred by you during your lifetime and may not
be assigned, pledged or otherwise transferred except by the laws of descent and distribution.

     12. This Agreement shall not confer on you the right to continued employment by the Company,
nor shall this award interfere in any way with the right of the Company to terminate your
employment at any time.

     13. For a period of two years following termination of employment from the Company or its
subsidiaries and affiliates, outstanding award as a result of this Agreement, whether vested or
unvested, shall be cancelled and any financial gain as a result of this Agreement must be repaid to
the Company if you engage in or perform any services, whether on a full-time or part-time or on a
consulting or advisory basis, for a) any of the 100 largest oil and/or gas companies, ranked by
assets, as determined by the annual Oil and Gas Journal listing of the largest oil and gas
producing companies for the preceding year, b) any of the 100 leading non-U.S. oil and gas
companies ranked by assets, as determined by the annual Oil and Gas Journal listing of the largest
oil and gas producing companies for the preceding year, c) any agency, instrumentality or
corporation controlled or owned by a foreign government, which agency, instrumentality or
corporation is primarily in the business of exploring for, producing, refining, marketing or
transporting oil and gas or the primary products thereof, or d) any organization which alone, or in
concert with others, is subject to the reporting and disclosure requirements of the Securities
Exchange Act of 1934, as amended, as a result of the acquisition of the Company’s Common Stock.

     14. This Agreement is not subject to any provisions of the Employee Retirement Income Security
Act (ERISA) of 1974.

2

 

Exhibit 10.20

This award is subject to your signing the enclosed copy of this letter and returning it in the
envelope provided. By accepting this award, you agree to keep this agreement and all of its
provisions confidential and not to disclose any parts thereof to third parties, except that
information relating to this agreement may be divulged (i) to the extent required by any court
order, (ii) to any public authority such as the IRS, (iii) in connection with any tax filing or
(iv) to any financial advisors or tax consultants. Please retain the original of this Agreement
with your important papers.

	 	 	 
	Accepted:

	 	Date:
	 

	 	 
	 

	 	 

3exv10w1

 

Exhibit 10.1

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     This Second Amended and Restated Employment Agreement (this “Agreement”) is made and
entered into as of June 16, 2006 by and between CytRx Corporation, a Delaware corporation
(“Employer”), and Jack Barber, an individual and resident of the State of California
(“Employee”).

     WHEREAS, Employer and Employee previously entered into an Amended and Restated Employment
Agreement dated May 17, 2005 (the “Original Employment Agreement”), under which Employee
has served as Senior Vice President-Drug Development of Employer, and Employer and Employee have
agreed that the terms of the Original Employment Agreement will expire on June 30, 2006.

     WHEREAS, Employer and Employee desire to enter into a new employment agreement under which
Employee shall serve on a full-time basis as Employer’s Senior Vice President-Drug Development on
the terms set forth in this Agreement, with the term of this new employment agreement to commence
on July 1, 2006 (the “Effective Date”).

     NOW, THEREFORE, upon the above premises, and in consideration of the mutual covenants and
agreements hereinafter contained, the parties hereto agree as follows.

     1. Continuation and Expiration of Original Employment Agreement. Employer and
Employee agree that Employee shall continue to be employed as Employer’s Senior Vice President-Drug
Development under the terms of the Original Employment Agreement through June 30, 2006.

     2. New Employment Agreement. Effective as of the Effective Date, Employer shall
employ Employee, and Employee shall serve, as Employer’s Senior Vice President-Drug Development on
the terms set forth in Sections 2 through 19 hereof, which shall constitute Employee’s new
employment agreement with Employer (the “New Employment Agreement”).

     3. Duties; Place of Employment. Employee shall perform in a professional and
business-like manner, and to the best of his ability, the duties described on Schedule 1 to this
Agreement and such other duties as are assigned to him from time to time by Employer’s Chief
Executive Officer. Employee understands and agrees that his duties, title and authority may be
changed from time to time in the discretion of Employer’s Chief Executive Officer. Employee’s
services hereunder shall be rendered at Employer’s principal executive offices, except for travel
when and as required in the performance of Employee’s duties hereunder. Notwithstanding the
foregoing, Employer understands and agrees that, so long as he resides in San Diego County,
Employee shall be entitled in his discretion to render his services hereunder from his home on
Friday of each week except as required by Employer in extraordinary circumstances.

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

S2-1

 

 

     5. Term. The term (the “Term”) of Employee’s employment under the New
Employment Agreement shall commence on the Effective Date and shall expire on December 31, 2007,
unless sooner terminated in accordance with Section 7. Neither Employer nor Employee shall have
any obligation to extend or renew the New Employment Agreement. In the event the New Employment
Agreement shall not be extended or renewed by Employer beyond the Term, Employer shall continue to
pay Employee his salary as provided for in Section 6.1 during the period commencing on the date on
which the Term ends and ending on (a) March 31, 2008 or (b) the date of Employee’s re-employment
with another employer, whichever is earlier.

     6. Compensation. As the total consideration for Employee’s services rendered under
the New Employment Agreement, Employer shall pay or provide Employee the following compensation and
benefits:

          6.1. Salary. Employee shall be entitled to receive an annual salary of Two Hundred
Seventy-Five Thousand Dollars ($275,000), payable in 24 semi-monthly installments on the
15th day and the last day of each calendar month during the Term, with the first such
installment due on July 15, 2006.

          6.2. Discretionary Bonus. Employee may be eligible for a periodic bonus for his
services during the Term. Employee’s eligibility to receive a bonus, any determination to award
Employee such a bonus and, if awarded, the amount thereof shall be in Employer’s sole discretion.

          6.3. Stock Options. Employer shall grant Employee as of the date hereof a
nonqualified stock option under Employer’s 2000 Long-Term Incentive Plan (the “Plan”) to
purchase 100,000 shares of Employer’s common stock (the “Option”). The Option shall vest
and become exercisable in 36 equal monthly installments beginning on the one-month anniversary of
the date of grant, provided, in each case, that Employee remains in the continuous employ of
Employer through such anniversary date. The Option shall (a) be exercisable at an exercise price
equal to $1.38 per share, (b) have a term of ten years, and (c) be on such other terms as shall be
determined by Employer’s Board of Directors (or the Compensation Committee of the Board) and set
forth in a customary form of stock option agreement under the Plan evidencing the Option.
Notwithstanding anything to the contrary in Section 7.2 or other provision of this Agreement or of
the stock option agreement evidencing the Option, upon the occurrence of a “Change in Control” (as
defined in the Plan), the Option shall thereupon vest and become exercisable as to all of the
shares covered thereby in accordance with the terms of the Plan.

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

          6.5. Vacation. Employee shall be entitled to fifteen business days of vacation each
year during the Term in accordance with California law.

 

 

          6.6. Employee Benefits. Employee shall be eligible to participate in any medical
insurance and other employee benefits made available by Employer to all of its employees under its
group plans and employment policies in effect during the Term. Schedule 2 hereto sets
forth a summary of such plans and policies as currently in effect. Employee acknowledges and
agrees that, any such plans and policies now or hereafter in effect may be modified or terminated
by Employer at any time in its discretion.

          6.7. Payroll Taxes. Employer shall have the right to deduct from the compensation and
benefits due to Employee hereunder any and all sums required for social security and withholding
taxes and for any other federal, state, or local tax or charge which may be in effect or hereafter
enacted or required as a charge on the compensation or benefits of Employee.

     7. Termination. The New Employment Agreement may be terminated as set forth in this
Section 7.

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

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

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

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

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

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

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

 

 

     Upon termination of Employee’s employment by Employer for Cause, all compensation and benefits
to Employee hereunder shall cease and Employee shall be entitled only to payment, not later than
three days after the date of termination, of any accrued but unpaid salary and unused vacation as
provided in Sections 6.1 and 6.5 as of the date of such termination and any unpaid bonus that may
have been previously awarded Employee as provided in Section 6.2 prior to such date.

          7.2. Termination by Employer without Cause. Employer may also terminate Employee’s
employment without Cause upon five days notice to Employee. Upon termination of Employee’s
employment by Employer without Cause, all compensation and benefits to Employee hereunder shall
cease and Employee shall be entitled to payment of (a) any accrued but unpaid salary and unused
vacation as of the date of such termination as required by California law, which shall be due and
payable upon the effective date of such termination, and (b) an amount (the “Severance
Amount”), which shall be due and payable within ten days following the effective date of such
termination, equal to three months’ salary as provided in Section 6.1.

          7.3. Death or Disability. Employee’s employment will terminate automatically in the
event of Employee’s death or upon notice from Employer in event of his permanent disability.
Employee’s “permanent disability” shall have the meaning ascribed to such term in any
policy of disability insurance maintained by Employer (or Employee, as the case may be) with
respect to Employee, or if no such policy is then in effect, shall mean Employee’s inability to
fully perform his duties hereunder for any period of at least 75 consecutive days or for a total of
90 days, whether or not consecutive. Upon termination of Employee’s employment as aforesaid, all
compensation and benefits to Employee hereunder shall cease and Employer shall pay to the
Employee’s heirs or personal representatives, not later than ten days after the date of
termination, any accrued but unpaid salary and unused vacation as of the date of such termination
as required by California law.

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

 

 

     9. Equitable Remedies; Injunctive Relief. Employee hereby acknowledges and agrees
that monetary damages are inadequate to fully compensate Employer for the damages that would result
from a breach or threatened breach of Section 8 of the New Employment Agreement and, accordingly,
that Employer shall be entitled to equitable remedies, including, without limitation, specific
performance, temporary restraining orders, and preliminary injunctions and permanent injunctions,
to enforce such Section without the necessity of proving actual damages in connection therewith.
This provision shall not, however, diminish Employer’s right to claim and recover damages or
enforce any other of its legal or equitable rights or defenses.

     10. Indemnification; Insurance. Employer and Employee acknowledge that, as the Senior
Vice President-Drug Development of the Employer, Employee shall be a corporate officer of Employer
and, as such, Employee shall be entitled to indemnification to the full extent mandated by Employer
to its officers, directors and agents under the Employer’s Certificate or Articles of Incorporation
and Bylaws as in effect as of the date of the New Employment Agreement. Subject to his
insurability thereunder, Employer shall maintain Employee as an additional insured under its
current policy of directors and officers liability insurance and shall use commercially reasonable
efforts to continue to insure Employee thereunder, or under any replacement policies in effect from
time to time, during the Term.

     11. Severable Provisions. The provisions of the New Employment Agreement are
severable and if any one or more provisions is determined to be illegal or otherwise unenforceable,
in whole or in part, the remaining provisions, and any partially unenforceable provisions to the
extent enforceable, shall nevertheless be binding and enforceable.

     12. Successors and Assigns. The New Employment Agreement shall inure to the benefit
of and shall be binding upon Employer, its successors and assigns and Employee and his heirs and
representatives; provided, however, that neither party may assign this Agreement without the prior
written consent of the other party.

     13. Entire Agreement. The New Employment Agreement, together with the Original
Employment Agreement, contains the entire agreement of the parties relating to the subject matter
hereof, and the parties hereto have made no agreements, representations or warranties relating to
the subject matter of this Agreement that are not set forth otherwise therein or herein. The New
Employment Agreement supersedes any and all prior or contemporaneous agreements, written or oral,
between Employee and Employer relating to the subject matter hereof. Any such prior or
contemporaneous agreements are hereby terminated and of no further effect, and Employee, by the
execution hereof, agrees that any compensation provided for under any such agreements is
specifically superseded and replaced by the provisions of the New Employment Agreement.

     14. Amendment. No modification of the New Employment Agreement shall be valid unless
made in writing, approved by the Compensation Committee and signed by the parties hereto and unless
such writing is made by an executive officer of Employer

 

 

(other than Employee). The parties hereto agree that in no event shall an oral modification
of the New Employment Agreement be enforceable or valid.

     15. Governing Law. The New Employment Agreement is and shall be governed and
construed in accordance with the laws of the State of California without giving effect to
California’s choice-of-law rules.

     16. Notice. All notices and other communications under the New Employment Agreement
shall be in writing and mailed, telecopied (in case of notice to Employer only) or delivered by
hand or by a nationally recognized courier service guaranteeing overnight delivery to a party at
the following address (or to such other address as such party may have specified by notice given to
the other party pursuant to this provision):

If to Employer:

CytRx Corporation

11726 San Vicente Boulevard, Suite 650

Los Angeles, California 90049

Facsimile: (310) 826-5529

Attention: Chief Executive Officer

If to Employee:

Mr. Jack Barber

____________________________

____________________________

____________________________

     17. Survival. Sections 8 through 17 shall survive the expiration or termination of
the New Employment Agreement.

     18. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed to be an original and all of which together shall be deemed to be one and the same
agreement.

 

 

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

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

	 	 	 	 	 	 	 
	 	 	“EMPLOYER”
	 
	 	 	 	 	 	 
	 	 	CytRx Corporation
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ STEVEN A. KRIEGSMAN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Steven A. Kriegsman	 	 
	 

	 	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	“EMPLOYEE”
	 
	 	 	 	 	 	 
	 	 	/s/ JACK BARBER	 	 
	 	 	 	 	 
	 	 	Jack Barber

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