Document:

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                                                                    EXHIBIT 10.2

                              SECOND RENEWAL OF THE
                              EMPLOYMENT AGREEMENT
                              OF CARYL P. SHEPHERD

      THIS SECOND RENEWAL of that certain Employment Agreement, made effective
as of February 1, 2002, as previously renewed ("Original Agreement"), by and
between Global Preferred Holdings, Inc., a Delaware corporation (the "Company"),
and Caryl P. Shepherd ("You" or "Your", and together with the Company,
collectively referred to as the "Parties") is made effective as of the 1st day
of January, 2004 between the Parties.

                              W I T N E S S E T H:

      WHEREAS, the Parties each desire to renew the Original Agreement, as set
forth herein;

      NOW THEREFORE, in consideration of the mutual premises contained herein,
and for other good and valuable consideration, the receipt and adequacy of which
are acknowledged by the Parties hereto, the Parties, intending to be legally
bound, hereby agree as follows:

      1.    Defined Terms. All defined terms in the Original Agreement shall
have the same meaning herein unless the context requires otherwise or unless
redefined herein.

      2.    Renewal and Term of Employment. This Second Renewal shall serve as a
written renewal of the Original Agreement as required by Section 3 of that
Original Agreement in order to extend the term of Your employment. You shall
continue to serve as Chief Accounting Officer, Controller and a Vice President
of the Company and have those duties set forth in Section 1 of the Original
Agreement until December 31, 2004 (such additional term to be referred to as a
"Renewal Term" which shall be included in the definition of "Employment Period"
for the purposes of the Original Agreement), subject to the terms and conditions
regarding termination or expiration as described in the Original Agreement.

      3.    Choice of Law. This Second Renewal will be governed by the internal
law, and not the laws of conflicts, of the State of Georgia.

      4.    Remaining Provisions. All other terms and conditions of the Original
Agreement not modified by this Second Renewal shall remain as originally set
forth in the Original Agreement.

      5.    Counterparts. This Second Renewal may be executed in multiple
counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same
instrument.

                       SIGNATURES BEGIN ON THE NEXT PAGE.

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      IN WITNESS WHEREOF, the parties hereto have executed this Second Renewal
as of the date first set forth herein above.

                                                 GLOBAL PREFERRED HOLDINGS, INC.

                                                 By:     /s/ Edward F. McKernan
                                                     ---------------------------
                                                     Edward F. McKernan
                                                     Chief Executive Officer

                                                     /s/ Caryl P. Shepherd
                                                 -------------------------------
                                                 CARYL P. SHEPHERD<PAGE>

                                                                    EXHIBIT 10.3

                              SECOND RENEWAL OF THE
                              EMPLOYMENT AGREEMENT
                                 OF TOM BOBOWSKI

      THIS SECOND RENEWAL of that certain Employment Agreement, made effective
as of March 4, 2002, as previously renewed ("Original Agreement"), by and
between Global Preferred Holdings, Inc., a Delaware corporation (the "Company"),
and Tom Bobowski ("You" or "Your", and together with the Company, collectively
referred to as the "Parties") is made effective as of the 1st day of January,
2004 between the Parties.

                              W I T N E S S E T H:

      WHEREAS, the Parties each desire to renew the Original Agreement, as set
forth herein;

      NOW THEREFORE, in consideration of the mutual premises contained herein,
and for other good and valuable consideration, the receipt and adequacy of which
are acknowledged by the Parties hereto, the Parties, intending to be legally
bound, hereby agree as follows:

      1.    Defined Terms. All defined terms in the Original Agreement shall
have the same meaning herein unless the context requires otherwise or unless
redefined herein.

      2.    Renewal and Term of Employment. This Second Renewal shall serve as a
written renewal of the Original Agreement as required by Section 3 of that
Original Agreement in order to extend the term of Your employment. You shall
continue to serve as Vice President of Marketing of the Company and have those
duties set forth in Section 1 of the Original Agreement until December 31, 2004
(such additional term to be referred to as a "Renewal Term" which shall be
included in the definition of "Employment Period" for the purposes of the
Original Agreement), subject to the terms and conditions regarding termination
or expiration as described in the Original Agreement.

      3.    Choice of Law. The internal law, and not the laws of conflicts, of
the State of Georgia, will govern this Second Renewal.

      4.    Remaining Provisions. All other terms and conditions of the Original
Agreement not modified by this Second Renewal shall remain as originally set
forth in the Original Agreement.

      5.    Counterparts. This Second Renewal may be executed in multiple
counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same
instrument.

                       SIGNATURES BEGIN ON THE NEXT PAGE.

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      IN WITNESS WHEREOF, the parties hereto have executed this Second Renewal
as of the date first set forth herein above.

                                                 GLOBAL PREFERRED HOLDINGS, INC.

                                                 By:     /s/ Edward F. McKernan
                                                     ---------------------------
                                                     Edward F. McKernan
                                                     Chief Executive Officer

                                                     /s/ Tom Bobowski
                                                 -------------------------------
                                                 TOM BOBOWSKI<PAGE>
                                                                     Exhibit 4.8

        THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT"), OR APPLICABLE STATE LAW, AND MAY NOT BE OFFERED OR SOLD
EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND
SUCH STATE LAW, (ii) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144 UNDER SUCH
ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF
SECURITIES), OR (iii) UPON THE DELIVERY BY THE HOLDER TO COMPANY OF AN OPINION
OF COUNSEL, REASONABLY SATISFACTORY TO COUNSEL FOR COMPANY, STATING THAT AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND STATE LAW IS AVAILABLE.

           Void after 5:00 P.M. California Time, on November 30, 2007

               Warrant to Purchase 600,000 Shares of Common Stock

                        WARRANT TO PURCHASE COMMON STOCK

                                       of

                                CYTRX CORPORATION

        This is to certify that, FOR VALUE RECEIVED, MBN Consulting, LLC, a
Florida limited liability company, or its assigns ("Holder"), is entitled to
purchase, subject to the provisions of this Warrant, from CytRx Corporation, a
Delaware corporation ("Company"), at any time on or after December 1, 2003, and
not later than 5:00 P.M., California time, on November 30, 2007, 600,000 shares
of common stock, $0.01 par value, of Company ("Common Stock") at a purchase
price per share of U.S. $2.25. The number of shares of Common Stock to be
received upon the exercise of this Warrant and the price to be paid for a share
of Common Stock may be adjusted from time to time as hereinafter set forth. The
shares of Common Stock deliverable upon such exercise, and as adjusted from time
to time, are hereinafter sometimes referred to as "Warrant Stock" and the
exercise price of a share of Common Stock in effect at any time and as adjusted
from time to time is hereinafter sometimes referred to as the "Exercise Price."

        This Warrant is being issued to Holder in connection with the Consulting
Agreement between Holder and the Company, effective as of December 1, 2003 (the
"Consulting Agreement").

        1. Vesting; Termination.

               This Warrant shall be vested and exercisable as to 100,000 shares
of Common Stock covered hereby immediately upon the execution and delivery by
Company of this Warrant. This Warrant shall vest and become exercisable as to
the balance of 500,000 shares of Common Stock covered hereby only upon Company's
meeting all of the requirements for the listing of Common Stock on the NASDAQ
National Market on or before June 30, 2004 (or by such

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extended date as specifically provided for by Section 4 of the Consulting
Agreement), and the Company shall have received official notification that all
of such listing requirements have been met. This Warrant shall remain vested and
exercisable (to the extent not previously exercised as provided herein) with
respect to 100,000 shares and shall terminate as to the balance of 500,000
shares covered hereby if the Company does not satisfy all of the foregoing
NASDAQ National Market requirements by the foregoing deadline.

        2. Exercise of Warrant.

               (a) This Warrant, to the extent then vested as provided in
Section 1, may be exercised in whole or in part at any time or from time to time
on or after December 1, 2003, and not later than 5:00 p.m., California Time, on
November 30, 2007, or if November 30, 2007 is a day on which banking
institutions are authorized by law to close, then on the next succeeding day,
which shall not be such a day, by presentation and surrender hereof to Company
or at the office of its stock transfer agent, if any, with the Purchase Form
annexed hereto, duly endorsed and accompanied by payment in full of the Exercise
Price for the number of shares specified in such form, together with all federal
and state taxes applicable upon such exercise.

               (b) Upon receipt by the Company of this Warrant at the office or
agency of the Company, in proper form for exercise, together with payment in
full of the Exercise Price for the number of shares indicated in the Purchase
Form, the Holder shall be deemed to be the holder of record of the shares of
Common Stock issuable upon such exercise, notwithstanding that the stock
transfer books of the Company shall then be closed or that certificates
representing such shares of Common Stock shall not then be actually delivered to
the Holder.

               (c) Company hereby agrees that at all times there shall be
reserved for issuance and delivery upon exercise of this Warrant such number of
shares of its Common Stock as shall be required for issuance or delivery upon
exercise of this Warrant.

        3. Fractional Shares. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. With
respect to any fraction of a share called for upon any exercise hereof, Company
shall pay to the Holder an amount in cash equal to such fraction multiplied by
the current "Fair Market Value" of a share of Common Stock, determined as
follows:

               (a) If the Common Stock is listed on a national securities
exchange or the Nasdaq National Market, the current Fair Market Value shall be
the last reported (as reported by Bloomberg's Financial Service) sale price of
the Common Stock on such exchange or the Nasdaq National Market on the last
business day prior to the date of exercise of this Warrant or if no such sale is
made on such day, the average closing bid and asked prices for such day on such
exchange or the Nasdaq National Market; or

               (b) If the Common Stock is not so listed, the current Fair Market
Value shall be the mean of the last reported bid and asked prices reported by
the National Association of Securities Dealers Quotation System (or, if not so
quoted on NASDAQ, by the National Quotation Bureau, Inc.) on the last business
day prior to the date of the exercise of this Warrant; or

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               (c) If the Common Stock is not so listed and bid and asked prices
are not so reported, the current Fair Market Value shall be an amount, not less
than book value, determined in such reasonable manner as may be prescribed by
the Board of Directors of the Company, such determination to be final and
binding on the Holder.

        4. Exchange Assignment or Loss of Warrant. This Warrant is exchangeable,
without expense, at the option of the Holder, upon presentation and surrender
hereof to Company or at the office of its stock transfer agent, if any, for
other Warrants of different denominations entitling the holder thereof to
purchase in the aggregate the same number of shares of Common Stock purchasable
hereunder. This Warrant may not be sold, transferred, assigned or hypothecated
without the prior written consent of Company, except that it may be transferred
by operation of law as a result of the death of Holder or his lawful successors.
Any such assignment shall be made by surrender of this Warrant to the Company or
at the office of its stock transfer agent, if any, with the Assignment Form
annexed hereto duly executed and funds sufficient to pay any transfer tax;
whereupon the Company shall, without charge, execute and deliver a new Warrant
in the name of the assignee named in such instrument of assignment and this
Warrant shall promptly be canceled. This Warrant may be divided or combined with
other Warrants which carry the same rights upon presentation hereof at the
office of the Company or at the office of its stock transfer agent, if any,
together with a written notice specifying the names and denominations in which
new Warrants are to be issued and signed by the Holder hereof. The term
"Warrant" as used herein includes any Warrants issued in substitution for or
replacement of this Warrant, or into which this Warrant may be divided or
exchanged. Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction, or mutilation of this Warrant, and (in the case of
loss, theft or destruction) of reasonably satisfied indemnification, and upon
surrender and cancellation of this Warrant, if mutilated, the Company will
execute and deliver a new Warrant of like tenor and date. Any such new Warrant
executed and delivered shall constitute an additional contractual obligation on
the part of the Company, whether or not this Warrant so lost, stolen, destroyed,
or mutilated shall be at any time enforceable by anyone.

        5. Rights of the Holder. The Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder in the Company, either at law or equity,
and the rights of the Holder are limited to those expressed in the Warrant and
are not enforceable against Company except to the extent set forth herein.

        6. Anti-Dilution Provisions.

               (a) Adjustment of Exercise Price. Anything in this Section 5 to
the contrary notwithstanding, in case the Company shall at any time issue shares
of Common Stock or Convertible Securities by way of dividend or other
distribution on the Common Stock or subdivide or combine the outstanding shares
of Common Stock, the Exercise Price shall be proportionately decreased in the
case of such issuance (on the day following the date fixed for determining
shareholders entitled to receive such dividend or other distribution) or
decreased in the cases of such subdivision or increased in the case of such
combination (on the date that such subdivision or combination shall become
effective).

               (b) No Adjustment for Small Amounts. Anything in this Section 5
to the contrary notwithstanding, the Company shall not be required to give
effect to any adjustment in

                                       3
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the Exercise Price unless and until the net effect of one or more adjustments,
determined as above provided, shall have required a change of the Exercise Price
by at least one cent, but when the cumulative net effect of more than one
adjustment so determined shall be to change the actual Exercise Price by at
least one cent, such change in the Exercise Price shall thereupon be given
effect.

               (c) Number of Shares Adjusted. Upon any adjustment of the
Exercise Price pursuant to Section 5(a), the Holder of this Warrant shall
thereafter (until another such adjustment) be entitled to purchase, at the new
Exercise Price, the number of shares, calculated to the nearest full share,
obtained by multiplying the number of shares of Common Stock initially issuable
upon exercise of this Warrant by the original Exercise Price and dividing the
product so obtained by the new Exercise Price.

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

        8. Notices to Warrant Holder. So long as this Warrant shall be
outstanding and unexercised (i) if Company shall pay any dividend or make any
distribution upon the Common Stock or (ii) if Company shall offer to the holders
of Common Stock for subscription or purchase by them any shares of stock of any
class or any other rights or (iii) if any capital reorganization of the Company,
reclassification of the capital stock of the Company, consolidation or merger of
the Company with or into another corporation, sale, lease or transfer of all or
substantially all of the property and assets of the Company to another
corporation, or voluntary or involuntary dissolution, liquidation or winding up
of the Company shall be effected, then in any such case, the Company shall cause
to be delivered to the Holder, at least ten days prior to the date specified in
(x) or (y) below, as the case may be, a notice containing a brief description of
the proposed action and stating the date on which (x) a record is to be taken
for the purpose of such dividend, distribution or rights, or (y) such
reclassification, reorganization, consolidation, merger, conveyance, lease,
dissolution, liquidation or winding up is to take place and the date, if any, is
to be fixed, as of which the holders of Common Stock of record shall be entitled
to exchange their shares of Common Stock for securities or other property
deliverable upon such reclassification, reorganization, consolidation, merger,
conveyance, dissolution, liquidation or winding up.

        9. Reclassification, Reorganization or Merger. In case of any
reclassification, capital reorganization or other change of outstanding shares
of Common Stock of the Company (other than a change in par value, or from par
value to no par value, or from no par value to par value, or as a result of an
issuance of Common Stock by way of dividend or other distribution or of a
subdivision or combination), or in case of any consolidation or merger of the
Company with or into another corporation (other than a merger with a subsidiary
in which merger the Company is the continuing corporation and which does not
result in any reclassification, capital

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reorganization or other change of outstanding shares of Common Stock of the
class issuable upon exercise of this Warrant) or in case of any sale or
conveyance to another corporation of the property of the Company as an entirety
or substantially as an entirety, the Company shall cause effective provision to
be made so that the holder shall have the right thereafter, by exercising this
Warrant, to purchase the kind and amount of shares of stock and other securities
and property receivable upon such reclassification, capital reorganization or
other change, consolidation, merger, sale or conveyance. Any such provision
shall include provision for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Warrant. The
foregoing provisions of this Section 8 shall similarly apply to successive
reclassifications, capital reorganizations and changes of shares of Common Stock
and to successive consolidations, mergers, sales or conveyances.

        10. Spin-Offs. In the event the Company spins-off a subsidiary by
distributing to the shareholders of the Company as a dividend or otherwise the
stock of the subsidiary, the Company shall reserve for the life of the Warrant
shares of the subsidiary to be delivered to the Holder of this Warrant upon
exercise to the same extent as if such Holder were an owner of record of the
Warrant Stock on the record date for payment of the shares of the subsidiary.

        11. Notices. Any notices or certificates by the Company to Holder shall
be deemed delivered if in writing and delivered personally or sent by either
certified mail or overnight mail (e.g., Federal Express or similar carrier) to
Holder at the address for Holder registered on the Company's books, and by
Holder to Company by notice in writing to the Company addressed to it at 11726
San Vicente Blvd., Suite 650, Los Angeles, CA 90049, to the attention of Steven
A. Kriegsman, or such other address of which the Company shall give notice. The
Company may change its address by written notice to the Holder registered as the
owner on the Company's books and Holder may change its address by written notice
to the Company.

        12. Transfer. Subject to Section 12, this Warrant may be assigned,
transferred, sold or otherwise disposed of, in whole or in part, by the Holder;
provided, however, that no such assignment, transfer, sale or other disposition
shall be effective unless and until the Holder shall have notified the Company
of the name and address of the proposed transferee or transferees.

        13. Restrictive Legend. The Company may cause the following legend to be
set forth on each certificate representing Warrant Stock or any other security
issued or issuable upon exercise of this Warrant, unless counsel for the Company
is of the opinion as to any such certificate that such legend is unnecessary:

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

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        14. Applicable Law. This Warrant shall be governed by, and construed in
accordance with, the internal laws of the State of California.

Dated: as of December 1, 2003            CYTRX CORPORATION

                                         By: /s/Steven A. Kriegsman
                                             -----------------------------------
                                             Steven A. Kriegsman

                                       6
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                                  PURCHASE FORM

                                                          Date ___________, 200_

     [ ] The undersigned hereby irrevocably elects to exercise the within
Warrant to the extent of purchasing _____ shares of Common Stock and hereby
makes payment of $___________ in payment of the actual exercise price thereof.

                     INSTRUCTIONS FOR REGISTRATION OF STOCK

        NAME:
               -----------------------------------------------------------------
                       (Please type or print in block letters)

        NAME:
               -----------------------------------------------------------------

        ADDRESS:
               -----------------------------------------------------------------

        TAX I.D. NO.:
                     -----------------------------------------------------------

        SIGNATURE:
                  --------------------------------------------------------------

                                 ASSIGNMENT FORM

        FOR VALUE RECEIVED,
                           -----------------------------------------------------
hereby sells, assigns and transfers unto:

        NAME:
              ------------------------------------------------------------------
                       (Please type or print in block letters)

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

Date:_______________, 200__

                                         By:
                                            ------------------------------------
                                         Name:

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