Document:

Extension of Financial advisory agreement

  CAPPELLO CAPITAL CORP.
Investment Bankers
 EXHIBIT 10.2
 

 
 
 
 
 
 Confidential

January 1, 2002
 Mr. Jack J. Luchese
 President and Chief Executive Officer
 CytRx Corporation
 154 Technology Parkway
 Technology Park
 Atlanta,
Georgia 30092
 Dear Mr. Luchese,
 This letter shall confirm the extension of the Engagement Agreement (the “Agreement”) dated as of December
12, 2000 (the “Agreement”), by and between Cappello Capital Corp. (“Advisor”) and CytRx Corporation (“Company”).  The amendments are as follows:

	  
 	 1.)          The Term of the Agreement, as defined therein, shall run from the date of receipt by Advisor of the
Company’s signed acceptance of this letter until twelve months thereafter, and may be further extended by mutual consent of the parties (“Term”).
 
	  
 	  
 	  
 
	  
 	 2.)          The Company agrees to pay the Advisor a monthly retainer of $10,000 per month for a period of six (6)
months, payable on the first day of each month, commencing as of January 1, 2002, and ending as of June 30, 2002.
 

 All other terms and provisions of the Agreement shall otherwise
remain unchanged. 
 If this meets with your approval, please indicate your acceptance of the above by signing where indicated below and returning this letter by facsimile and mail to the
undersigned.  Thank you for the opportunity to be of service.
 Sincerely,

	 /s/ GERARD K. CAPPELLO
 	  
 	  
 
	 
 	  
 	  
 
	 Gerard K. Cappello
 President and CEO
 Cappello Capital Corp.
 	   
 	   
 

 1299 Ocean Avenue , Suite 306, Santa Monica, California 90401
 Telephone
310.393.663 2 Fax 310.393.4838 
 NASD - SIPC
 

   

	 CytRx Corporation -- Cappello Capital Corp.
 	 Confidential
 
	 Engagement Extension – January 1, 2002 – Page 2
 	  
 

 AGREED AND ACCEPTED:
 The foregoing accurately sets forth our understanding and
agreement with respect to the matters set forth herein.

	 CYTRX CORPORATION
 
	  
 
	 By:
 	 /s/ JACK J. LUCHESE
 	  
 	  
 
	  
 	 
 	  
 	  
 
	 Title:
 	 President & CEO
 	   
 	   
 
	 Date:
 	 February 11, 2002Agreement(Kriegsman)

  EXHIBIT 10.3
 [CYTRX CORPORATION LETTERHEAD]
 February 11, 2002
 Kriegsman Capital Group, LLC
 11726 San Vicente Boulevard, Suite 650
 Los Angeles, CA 90049
 Attention: Steven A. Kriegsman
           Re:          Office Space
 Dear Steve:
 This letter reflects the agreement between Kriegsman Capital Group, LLC (“KCG”) and CytRx Corporation (“CytRx”) with respect to the payment of rent for office space and other related expenses in
connection with your employment as CytRx’s Chief Executive Officer after the closing of the acquisition of Global Genomics Capital, Inc. (“GGC”) by CytRx via a merger of GGC Merger Corporation (“Merger Sub”) with and into
GGC pursuant to that certain Agreement and Plan of Merger of even date herewith (the “Merger Agreement”) among CytRx, GGC and Merger Sub.  
 Effective as of the Effective Time (as
defined in the Merger Agreement), CytRx shall pay KCG a reasonable monthly amount for office space and other expenses related to your employment with CytRx.  The amount of such rent and other expenses shall be determined in good faith from time
to time by the CytRx board of directors.  In no event shall CytRx be liable for any such rent or other expenses if the Effective Time does not occur.
 This letter agreement shall be governed by
and construed in accordance with the laws of the State of California.  This letter agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed one and the
same document.  This letter agreement may not be amended without the prior written consent of each of the parties hereto.  This letter agreement may not be sold, assigned or transferred by any party hereto without the consent of the other
parties hereto.  Either party may terminate this letter agreement at any time upon thirty days prior written notice without any further liability among the parties hereto, other than rent and other expenses accrued through the effective time of
such termination.  This letter agreement shall terminate automatically and without any further action by the parties hereto upon the termination of your employment with CytRx and CytRx shall have no further liability to KCG hereunder other than
rent and other expenses accrued through the date of such termination.
 If this letter reflects your understanding of the agreement between the parties with respect to the subject matter hereof, please
sign and date this letter below and return a copy to us for our records.
 

   

	  
 	 Sincerely,
 
	  
 	  
 
	  
 	 CYTRX CORPORATION
 
	  
 	  
 
	  
 	 By:
 	 /s/ JACK LUCHESE
 
	  
 	  
 	 
 
	  
 	 Name:
 	 Jack Luchese
 
	  
 	 Title:
 	 President & CEO
 

 Acknowledged and agreed as of the date hereof:
 Kriegsman Capital Group, LLC

	 By:
 	 /s/ STEVEN A. KRIEGSMAN
 	  
 
	  
 	 
 	  
 
	 Name:
 	 Steven A. Kriegsman
 	   
 
	 Title:
 	 Chairman
 	   
 

 -2-Marketing Agreement

  Exhibit 10.4
 

 
 
 
 
 
 
 MARKETING AGREEMENT
           THIS AGREEMENT (the “Agreement”) made and entered into this 14th day of
August, 2002, by and between MADISON & WALL WORLDWIDE, INC., located at 195 Wekiva Springs Road, Suite 200, Longwood, Florida 32779 (hereinafter referred to as “M&W”) and CYTRX CORPORATION, located at 11726 San
Vicente Blvd., Suite 650, Los Angeles 90049 (hereinafter referred to as the “Company”).
 WITNESSETH:
In consideration of the mutual promises and covenants contained herein, the
parties hereto agree as follows:

	  
 	 1.
 	 EMPLOYMENT
 
	  
 	 Company hereby hires and employs M&W as an independent contractor; and M&W does hereby accept its position as an independent contractor to the Company upon the
terms and conditions hereinafter set forth.
 
	  
 	  
 	  
 
	  
 	 2.
 	 TERM
 
	  
 	 The term of this Agreement shall be for six (6) months from the date first written above, except that the Company may terminate this Agreement effective at the end of 90
days by giving M&W written notice of such termination on or before November 15, 2002 (an “Early Termination”).
 
	  
 	  
 
	  
 	 3.
 	 DUTIES AND OBLIGATIONS OF M&W
 
	  
 	 M&W shall have the following duties and obligations under this Agreement.
 
	  
 	  
 
	  
 	 3.1
 	 M&W will provide exposure to retail stockbrokers, market makers, institutions, fund managers, analysts, private funding sources and other industry professionals by delivering
approved information on the Company.  M&W will at its own expense contract with and compensate other investor relations firms as M&W deems necessary to complete its obligations under this Agreement.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 3.2
 	 M&W will use its best efforts to motivate the individuals described in Section 3.1 above to take an active participation with the Company by building retail positions in the
Company’s common stock, initiating analyst coverage, increasing institutional holdings, and introducing financing sources.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 3.3
 	 M&W will introduce the Company to sources of equity funding, including sources that may provide investment banking services, participate in private placements, purchase blocks of
Company stock, exercise certain options, and/or otherwise assist the Company with its capital raising efforts.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 3.4
 	 M&W will be available during market hours to field all incoming telephone calls from shareholders, potential investors, brokers, and other interested parties.  M&W will
keep a log of all such calls and will disseminate information, approved by the Company, to these parties.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 3.5
 	 M&W will disseminate approved information about the Company via e-mail, fax broadcasting, direct mail, and other methods to its proprietary databases as well as to other private
determined by M&W and the Company
 

 195 Wekiva Springs Road, Suite 200, Longwood, Florida 32779 * 407-682-2001 * Fax-407-682-2544

www.insidewallstreet.com
 

   

	  
 	  
 	 3.6
 	 M&W will assist the Company in preparing and releasing news announcements.  The Company shall be solely responsible for paying all fees associated with the actual release(s)
through BusinessWire, P.R. Newswire, or any other comparable news dissemination source.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 3.7
 	 M&W will arrange due diligence meetings and road shows that may involve the corporate officers of the Company or be conducted by M&W themselves with an approved script from
the Company.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 3.8
 	 ALL OF THE M&W PREPARED DOCUMENTATION CONCERNING THE COMPANY, SHALL BE PREPARED FROM MATERIALS SUPPLIED BY THE COMPANY AND SHALL BE APPROVED BY THE COMPANY IN WRITING  PRIOR
TO DISSEMINATION BY M&W.
 
	  
 	  
 	  
 	  
 
	  
 	 4.
 	 M&W’S COMPENSATION
 
	  
	  
 	 Upon the execution of this Agreement, Company hereby covenants and agrees to pay M&W for services performed as follows:
 
	  
 	  
 
	  
 	  
 	 4.1
 	 M&W shall be issued a certificate for 200,000 restricted shares of the Company’s common stock with the execution of this Agreement.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 4.2
 	 M&W shall also be issued a certificate for 150,000 restricted shares of the Company’s common stock with the execution of this Agreement.  M&W will be
entitled to delivery of the certificate evidencing these shares 90 days from the date this Agreement.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 4.3
 	 M&W shall also be entitled to receive cash compensation, payable quarterly in the amount of $30,000 with the first payment due upon execution of this
Agreement.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 4.4
 	 The Company agrees to issue M&W customary piggyback registration rights for the common shares described in Sections 4.1 and 4.2 above, whereby these shares will be
registered for resale by M&W on the first applicable Registration Statement filed by the Company with the U.S. Securities & Exchange Commission (“SEC”), following execution of this Agreement.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 4.5
 	 Notwithstanding any other provision of this Section 4 to the contrary, in the event of an Early Termination, the 150,000 shares described in Section 4.2 shall be
cancelled and M&W shall not be entitled to any cash compensation except for the $30,000 payment made upon execution of this Agreement.
 
	  
 	  
 	  
 	  
 
	  
 	 5.
 	 M&W’S EXPENSES AND COSTS
 
	  
 	 M&W shall be responsible for paying all its own costs and expenses, including those of its directors, officers, employees and agents, in carrying out its duties and
obligations pursuant to the provisions of this Agreement
 
	  
 	  
 	  
 
	  
 	 6.
 	 COMPANY’S DUTIES AND OBLIGATIONS
 
	  
 	 Company shall have the following duties and obligations under this Agreement:
 
	  
 	  
 
	  
 	  
 	 6.1
 	 Cooperate fully and timely with M&W so as to enable M&W to perform its obligations under this Agreement and will immediately give written notice to M&W of any
change in Company’s 
 
								

 INITIAL Company ____       INITIAL M&W____       
 2
 

	  
 	  
 	  
 	 financial condition or in the nature of its business or operations which had or might have an adverse material effect on its operations, assets, properties or prospects
of its business.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 6.2
 	 Give full disclosure of all material facts concerning the Company to M&W and update such information on a timely basis.
 
	  
 	  
 	  
 	  
 
	  
 	 7.
 	 NONDISCLOSURE
 
	  
 	 Except as may be required by law (including the requirement to file this Agreement with the SEC), Company, its officers, directors, employees, agents and affiliates shall
not disclose the contents and provisions of this Agreement to any individual or entity without M&W’s expressed written consent, subject to disclosing same further to Company counsel, accountants and other persons performing investment
banking, financial, or related functions for Company, M&W shall not disclose to any third party any confidential information concerning the Company that is provided to it by the Company.
 
	  
 	  
 	  
 
	  
 	 8.
 	 COMPANY’S REPRESENTATIONS AND WARRANTIES
 
	  
 	 The execution and delivery by the Company of this Agreement have been duly and validly authorized by all requisite action by the Company. No license, consent or approval
of any person is required for the Company’s execution and delivery of this Agreement.
 
	  
 	  
 
	  
 	 9.
 	 LIMITATION OF M&W LIABILITY
 
	  
 	 If M&W fails to perform its services hereunder, its entire liability to the Company shall not exceed the lessor of (a) the amount of cash and/or stock compensation
M&W has received from the Company under Section 4 of this Agreement or (b) the actual damage to the Company as a result of such non-performance, except that such limitation on liability will not apply in the case of M&W’s gross
negligence or willful misconduct.  M&W will not be liable for any indirect, special or consequential damages nor for any claim against the Company by any person or entity arising from or related to this Agreement, unless such damages result
from the use by M&W of information not authorized by the Company in writing.
 
	  
 	  
 	  
 
	  
 	 10.
 	 NOTICES
 
	  
 	 Any notice or other communication required or permitted to be given hereunder shall be in writing, and shall be deemed to have been duly given when delivered personally
or sent by registered or certified mail, return receipt requested, postage prepaid to the parties hereto at their addresses indicated hereunder.  Either party may change his or its address for the purpose of this paragraph by written notice
similarly given.
 
	  
 	  
 	  
 
	  
 	 11.
 	 MISCELLANEOUS
 
	  
 	  
 	  
 
	  
 	  
 	 11.1
 	 This Agreement shall be governed by and construed in accordance with the internal laws of the State of California.  Venue shall be located in Los Angeles, California.

	  
 	  
 	  
 	  
 
	  
 	  
 	 11.2
 	 This Agreement shall inure to the benefit of and be binding upon the Parties hereto, their heirs, personal representatives, successors and assigns.
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 11.3
 	 If any provision of this Agreement shall be held to be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any way
affect or render invalid or unenforceable any other provision of this Agreement, and this Agreement shall be carried out as if such invalid or unenforceable provision were not contained herein.
 
								

 INITIAL Company ____       INITIAL M&W____       
 3
 

   

	  
 	 This Agreement may be executed in counterparts and by fax transmission, each counterpart being deemed an original.
 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first above written.
 CONFIRMED AND AGREED ON THIS 15th DAY OF August
2002.

	 MADISON & WALL WORLDWIDE, INC.
 	  
 
	  
 	  
 
	 By:
 	 /s/ LOREN BROWN
 	  
 	 /s/ BRANDY HUNT
 	  
 
	  
 	 
 	  
 	 
 	  
 
	   
 	 M&W Representative
 	   
 	 Witness
 	   
 
	  
 	  
 
	 CONFIRMED AND AGREED ON THIS  19th DAY OF August  2002.
 
	  
 
	 CYTRX CORPORATION
 	  
 
	  
 	  
 
	  
 	 /s/ STEVEN A. KRIEGSMAN
 	  
 	 /s/ KATHRYN R. HERNANDEZ
 	  
 
	  
 	 
 	  
 	 
 	  
 
	   
 	 Duly Authorized
 	   
 	 Witness
 	   
 
	  
 	  
 

 INITIAL Company ____       INITIAL
M&W____       
 4

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