Document:

Amendment No. 1 to Supply and License Agreement

 Exhibit 10.1 

Mr. Nick Virca 
 President and CEO, HedgePath
Pharmaceuticals, Inc. 
 nvirca@hedgepathpharma.com 

Dear Nick: 
 Amendment No. 1 to Supply and License
Agreement 
 We refer to the supply and license agreement dated, September 3, 2013, between Mayne Pharma International Pty Ltd and HedgePath
Pharmaceuticals, Inc. (Agreement). For due and valuable consideration, the receipt and sufficiency of which each party acknowledges, and in accordance with clause 26.8 of the Agreement, the parties agree to amend the Agreement, as set out
below. 
 AMENDMENT 
  

	 	1.	Commencement of this amendment 

 This amendment (Amendment No. 1) takes
effect from the date the same is mutually executed by the parties (Date of Amendment No. 1), and is supplementary to and shall be read in conjunction with the Agreement. In the case of any inconsistency between the terms and provisions
of the Agreement and the terms and provisions of this Amendment No. 1, the terms of this Amendment No. 1 shall govern. 
  

	 	2.	Definitions and interpretation 

  

	 	a.	Except to the extent expressly provided otherwise in this Amendment No. 1, terms and expressions defined in the Agreement have the same meaning in this Amendment No. 1, and references to clauses are
references to clauses in the Agreement. 

  

	 	b.	The parties agree to extend the Condition Date to 28 February 2014, as that date may be further extended: 

  

	 	i.	by agreement of the parties in writing; or 

  

	 	ii.	by Mayne Pharma in its discretion by notice to HPPI if the Conditions have not been satisfied by the then current Condition Date. 

 

	 	3.	Initial contribution by Mayne Pharma to third party development expenses 

  

	 	a.	Mayne Pharma agrees, itself or through its nominee, to reimburse all reasonable third party expenses incurred by HPPI: 

  

	 	i.	in the conduct of the activities set out in, and in accordance with, the Development Plan; or 

  

	 	ii.	otherwise relating to the Product, 

  
 

 

 

 
  

 between the Date of Amendment No 1 and 28 February 2014, up to a maximum of USD100,000,
provided that such expenses were incurred with the prior written approval of Mayne Pharma, and subject to clauses 7.5 and 24.5 of the Agreement. 
  

	 	b.	HPPI acknowledges and agrees that before it or any of its Affiliates engages any third party to provide the services referred to in section 3a. of this Amendment No. 1, it must first enter into a written
agreement with that third party under which the third party assigns to HPPI or its Affiliate (with effect from the date of creation) all Intellectual Property Rights developed by or on behalf of it in providing such services. 

 

	 	4.	Repayment by HPPI if the Conditions are satisfied 

 If all of the Conditions have been
waived by Mayne Pharma or satisfied, HPPI must repay to Mayne Pharma all amounts reimbursed under section 3 of this Amendment No. 1, within 5 Business Days from the date Mayne Pharma or its nominee issues an invoice to HPPI. 

 

	 	5.	Transfer of Intellectual Property Rights to Mayne Pharma in certain circumstances 

  

	 	a.	If Mayne Pharma terminates the Agreement under clause 4.7 and Schedule 2 of the Agreement, or for any other valid reason before all of the Conditions have been waived by Mayne Pharma or satisfied, then HPPI will,
or will procure that its Affiliates (as applicable) will, promptly assign to Mayne Pharma or its nominee all Intellectual Property Rights: 

  

	 	i.	created or developed in the conduct of the activities set out in, and in accordance with, the Development Plan; or 

  

	 	ii.	otherwise relating to the Product, 

 and created or developed between the Date of
Amendment No. 1 and 28 February 2014, whether such rights were created or developed by or on behalf of HPPI, its Affiliates or any third party providing services to HPPI or its Affiliates; provided, however, it is acknowledged and agreed
that: (i) all rights of HPPI in the HP Patents and all Intellectual Property Rights of HPPI created or developed (either by HPPI or jointly with Mayne Pharma) prior to the Date of Amendment No 1 shall remain the exclusive property of HPPI as
provided for in clause 18.5 of the Agreement and (ii) if the Conditions have been waived by Mayne Pharma or satisfied as of or prior to the Condition Date, all provisions of the Agreement relating to the ownership of Intellectual Property
rights relating to the Product shall be governed by the original provisions of the Agreement, including, without limitation, clause 18.5 of the Agreement, and this paragraph 5 shall be terminated upon the waiver by Mayne Pharma, or satisfaction, of
the Conditions. 
  

	 	b.	From the date of such assignment, HPPI acknowledges that: 

  

	 	i.	such rights no longer form part of the HPPI Licensed Rights; 

  
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	 	ii.	Mayne Pharma or its nominee may, in its discretion and at its cost, file, prosecute, maintain, enforce and defend any patent in respect of any assigned invention; and 

 

	 	iii.	any information comprising part of the Intellectual Property Rights that is not public knowledge is deemed to be Confidential Information of Mayne Pharma. 

 

	 	6.	Stamp duty 

 HPPI shall be responsible for and pay any stamp duty assessed or charged in
respect of this Amendment No. 1. 
  

	 	7.	Confirmation of the Agreement 

 Subject only to this Amendment No. 1, the parties
confirm the terms and conditions of the Agreement in all other respects. 
  

	 	8.	Representations of the parties 

 Each party represents and warrants, with effect the Date
of Amendment No. 1, that: 
  

	 	a.	it is a corporation organised and validly existing under the laws of its jurisdiction of incorporation and has the legal capacity and authority to enter the Agreement (as amended) and perform its obligations
under the Agreement (as amended); and 

  

	 	b.	this Agreement (as amended) is a valid and binding obligation of that party enforceable in accordance with its terms, and it will not become a party to any agreement in conflict with this Agreement (as amended).

  

	 	9.	Counterparts 

 This Amendment No. 1 may be executed in counterparts, including
electronic counterparts. All executed counterparts constitute one document. Delivery of an executed signature page of this Amendment No. 1 by facsimile transmission or electronic transmission shall be as effective as delivery of a manually
executed counterpart hereof. 
 Please indicate your agreement with the above by countersigning this Amendment No. 1 below. 

 

	
	Sincerely
	
	/s/ Mark Cansdale
	
	Mark Cansdale
	 Director and Secretary, Mayne Pharma International Pty Ltd

mark.cansdale@maynepharma.com

	
	Date: December 16, 2013

  
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	Accepted and agreed by
	
	HedgePath Pharmaceuticals, Inc.
	
	/s/ Nick Virca
	
	Nick Virca
	President and CEO
	
	Date: December 17, 2013

 [Signature Page to Amendment No. 1 to Supply and License Agreement] 

  
 4EX-4.1

 Exhibit 4.1 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 COMMON STOCK PURCHASE WARRANT 

To Purchase up to 800,000 Shares of Common Stock of 

CYTRX CORPORATION 
 THIS
COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received, S.J. Bayern & Co. Inc., a Delaware corporation (“S.J. Bayern”), and it successors and assigns (the
“Holder”), is entitled, upon the terms and subject to the vesting and other limitations on exercise and the conditions hereinafter set forth, at any time on or after the first month anniversary of the Effective Date (the
“Initial Exercise Date”) and on or prior to 5:00 P.M., Pacific Time, on the third anniversary of the Effective Date (the “Termination Date”), but not thereafter, to subscribe for and purchase from CytRx Corporation,
a Delaware corporation (the “Company”), up to 800,000 shares of Common Stock (as hereinafter defined) (the “Warrant Shares”), or such lesser number of shares as to which this Warrant shall have become vested as
provided below. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price (as hereinafter defined). 

Section 1. Definitions. For purposes of this Warrant, the following capitalized terms shall have the meanings indicated: 

“Advisory Services Agreement” means that certain Advisory Services Agreement, dated as of January 17, 2012, between S.J.
Bayern and the Company. 
 “Business Day” means a day other than a Saturday, a Sunday or a day on which state or federally
chartered banking institutions in California are not required to be open for business. 
 “Commission” means the Securities
and Exchange Commission. 
 “Common Stock” means the common stock, par value $0.001 per share, of the Company and any
securities into or for which such common stock shall hereinafter have been converted or exchanged pursuant to a recapitalization, reclassification, reorganization, merger, sale or otherwise. 

“Effective Date” means the effective date of the Advisory Services Agreement (i.e., January 17, 2012). 

  
 1 

 “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Registrable Shares” means and includes (i) the Warrant Shares and (ii) any common stock of the Company issued, or
issuable as a result of a stock split, dividend or other distribution with respect to or in exchange for or in replacement of the Warrant Shares. 

“Securities” means shares of Common Stock or other equity securities of the Company or securities convertible into or
exchangeable for equity securities of the Company. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, or any tier of the OTC Markets Group, Inc. (or any successor to any of the foregoing). 

Section 2. Vesting. This Warrant initially shall not be vested or exercisable. This Warrant shall become vested as to the Warrant Shares in 12
equal successive monthly installments (with the Warrant Shares to be rounded down to the nearest whole share, except with respect to the last installment, which shall be rounded up to equal the aggregate number of then remaining unvested Warrant
Shares) commencing on the first month anniversary of the Effective Date (the “Vesting Period”), in each case, so long as the Advisory Services Agreement shall not have been terminated as provided therein prior to such vesting date.
For example, in the event the Advisory Services Agreement is terminated as provided therein following the end of the fifth month of the Vesting Period, this Warrant would then be vested and exercisable for 333,330 Warrant Shares (i.e., 66,666
Warrant Shares multiplied by five). Upon any termination of the Advisory Services Agreement by the Company for any reason, this Warrant shall be exercisable for the vested number of shares in accordance with its terms. 

Section 3. Exercise. 
 (a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed facsimile copy of the Notice of Exercise Form annexed hereto (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the books of the
Company) and within three Business Days of the date said Notice of Exercise is delivered to the Company, payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three 

  
 2 

 
Business Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within one Business Day of receipt of such notice. In the event of any dispute or discrepancy, the records
of the Company shall be controlling and determinative in the absence of manifest error. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of
a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

(b) Exercise Price. The initial exercise price per share of Common Stock under this Warrant shall be $0.27, subject to adjustment
hereunder (the “Exercise Price”). 
 (c) Mechanics of Exercise. 

(i) Delivery of Certificates Upon Exercise. Certificates for Warrant Shares purchased hereunder shall be transmitted by the transfer
agent of the Company to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in such
system, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise within three Business Days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required) and
payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 3(e)(iii)
prior to the issuance of such shares, have been paid. 
 (ii) Delivery of New Warrants Upon Exercise. If this Warrant shall have been
exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

(iii) Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached 

  
 3 

 
hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 

(iv) Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof. 
 Section 4. Certain Adjustments. 

(a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding (i) pays a stock dividend or
otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by
the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller
number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of
shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event and the number of Warrant Shares
issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4(a) shall become effective immediately after
the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. 

(b) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company effects any merger or consolidation
of the Company with or into another Person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions or (iii) the Company effects any reclassification of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental Transaction”), then, upon any subsequent exercise of
this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, upon exercise of this Warrant, the number of
shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable upon or as a result of such
reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner 

  
 4 

 
reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in
a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing
provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into
Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section 4(b) and insuring
that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. 

(c) Calculations. All calculations under this Section 4 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall exclude treasury shares, if any. 

(d) Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then-current Exercise Price
to any amount and for any period of time deemed appropriate by the Board of Directors of the Company. 
 (e) Notice to Holders. 

(i) Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company
shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

(ii) Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which
the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register (as
defined in Section 5(c)) of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y)

  
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the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of
the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the
failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall remain entitled to exercise this Warrant during the 20-day period commencing on the date of such notice to the effective date of the event triggering such notice. 

Section 5. Transfer of Warrant. 
 (a)
Transferability. Subject to Section 5(d) hereof, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the
making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the
purchase of Warrant Shares without having a new Warrant issued. 
 (b) New Warrants. This Warrant may be divided or combined with
other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to
compliance with Section5(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. 
 (c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for
that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 (d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws, the Company may require, as a condition of allowing such transfer that the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which
opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions and reasonably acceptable to the Company) to the effect that such transfer may be made without registration under the Securities Act and under
applicable state securities or blue sky laws. 

  
 6 

 Section 6. Registration Rights. If at any time the Company shall determine to register under the
Securities Act any of its Common Stock (other than a registration relating solely to the sale of securities to participants in a Company employee benefits plan or a registration on any form which does not include substantially the same information
as would be required to be included in a registration statement covering the sale of the Registrable Shares), it shall send to the Holder written notice of such determination and, if within ten (10) business days after receipt of such notice,
the Holder shall so request in writing, the Company shall use its best efforts to include in such registration statement all of the Registrable Shares that such Holder requests to be registered. In addition, the Company agrees to register the
Registrable Shares under the Securities Act within a reasonable time following written demand from the Client. 
 Section 7. Miscellaneous. 

(a) No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a
shareholder of the Company prior to the exercise hereof as set forth in Section 3(c)(i). 
 (b) Loss, Theft, Destruction or
Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in
case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if
mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

(c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

(d) Authorized Shares. 

(i) Reservation of Shares. The Company covenants that, at all times on or before the Termination Date, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that the Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. 

  
 7 

 (ii) Non-circumvention. Except and to the extent as waived or consented to by the Holder,
the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (A) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (B) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon
the exercise of this Warrant, and (C) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform
its obligations under this Warrant. 
 (iii) Public Approvals. Before taking any action which would result in an adjustment in the
number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies
having jurisdiction thereof. 
 (e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be determined in accordance with the internal laws of the State of California, without regard to conflict of law principles. 

(f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered under
the Securities Act, will have restrictions upon resale imposed by state and federal securities laws. 
 (g) Non-waiver and Expenses.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights
hereunder terminate on the Termination Date, except for compliance with the notice and payment provisions of Section 3(a). If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material
damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by Holder
in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 
 (h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Advisory Services Agreement. 

  
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 (i) Limitation of Liability. No provision hereof, in the absence of any affirmative action
by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company,
whether such liability is asserted by the Company or by creditors of the Company. 
 (j) Remedies. Holder, in addition to being
entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

(k) Successors and Assigns. Subject to Section 5(d), this Warrant and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be
enforceable by any such Holder or holder of Warrant Shares. 
 (l) Amendment. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder. 
 (m) Severability. Wherever possible, each
provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

(n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a
part of this Warrant. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto
duly authorized. 
 Dated: January 17, 2012 

 

			
	CYTRX CORPORATION
		
	 By:
	 	/s/ Steven A. Kriegsman

 
			
	Name:	 	Steven A. Kriegsman
	Title:	 	President and Chief Executive Officer

  

	
	 ATTEST:

	
	/s/ Benjamin S. Levin
	Name: Benjamin S. Levin
	Title: General Counsel and Secretary

  
 10 

 NOTICE OF EXERCISE 

To: CYTRX CORPORATION 
 (1) The undersigned
hereby elects to purchase             Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise
price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of lawful money of the United States.

 (3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as
is specified below: 
  
  

The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to: 

 
  

 
  

 
  

 

			
	[SIGNATURE OF HOLDER]:	  	 

  

			
	Name of Investing Entity:	  	 

  

			
	Signature of Authorized Signatory of Investing Entity:	  	 

  

			
	Name of Authorized Signatory:	  	 

  

			
	Title of Authorized Signatory:	  	 

  

			
	Date:	  	 

  
 11 

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute

this form and supply required information. 

Do not use this form to exercise the warrant.) 

FOR VALUE RECEIVED, [            ] all of or
[            ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

                          
                                         
                                         
                                         
                                       whose
address is 

                          
                                         
                                         
                                         
                                         
                  . 
  

 
 Dated:
                        ,
                 
 Holder’s Signature:
                                         
                                         
           
  

	 	Holder’s	Address:
                                         
                                         
           

  

 
 Signature Guaranteed:
                                         
                                         
                                         
                                         
         
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face
of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant. 

  
 12

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