SEC Contract Filing

Filing Date: 2015-07-10

Document Content:
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<TYPE>EX-10.25
<SEQUENCE>3
<FILENAME>d944111dex1025.htm
<DESCRIPTION>EX-10.25
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<TITLE>EX-10.25</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.25 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CYTODYN INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT
TO CONSULTING AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment to Consulting Agreement (this &#147;Agreement&#148;) is made and entered into on November __,
2014 and effective as of November&nbsp;3, 2014 (the &#147;Effective Date&#148;), by and between CytoDyn Inc., a Colorado corporation (the &#147;Company&#148;), and Denis R. Burger, Ph.D., an individual (&#147;Consultant&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Consultant has served as an outside director of the Company&#146;s Board of Directors (the &#147;Board&#148;) since February&nbsp;7,
2014; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Consultant has over 25 years of experience managing scientific, operational, financial, and executive responsibilities
in the biotech industry; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Company and Consultant entered into a Consulting Agreement on February&nbsp;14, 2014 (the
&#147;Agreement&#146;) pursuant to which the Company retained Consultant to advise the Company&#146;s executive management team (the &#147;Team&#148;) and perform such other services as set forth in the Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Company and Consultant wish to amend certain terms of the Agreement </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the material promises set forth herein and for other good and valuable consideration, the parties agree as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Original Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Amendment to Section&nbsp;4(a)</U> Section&nbsp;4(a) of the Agreement is hereby amended by deleting the existing paragraph 4(a) in its
entirety and substituting the following in lieu thereof: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">4(a) <U>Monthly Fee</U>. Consultant will receive as compensation hereunder
monthly payments of $10,000, in cash, payable on or before the 15th day of each month, beginning on the Effective Date and for the term of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Amendment to Section&nbsp;4</U>. Section&nbsp;4 of the Agreement is hereby further amended by adding a new Section&nbsp;4(e) as follows:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">4(e)<U> Grant of Stock Options.</U> Consultant shall also receive an option to purchase 100,000 shares of Common Stock of the Company at
the exercise per share of $0.70 subject to the terms and conditions of the Stock Option Award Agreement annexed hereto as Exhibit A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.
<U>No Other Amendments</U>. Except as expressly amended hereby the MSA shall continue in full force and effect. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Governing Law</U>. This Amendment shall be governed by, and construed in accordance with,
the laws of the state of Washington without giving effect to the choice of law provisions thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Counterparts</U>. For the
convenience of the parties hereto, this Amendment may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Successors and Assigns</U>. This Amendment shall be binding upon and inure to the benefit of the parties hereto and each of their
successors and assigns, including, without limitation, any successors or surviving entities thereto by operation of merger. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Entire
Agreement</U>. The Agreement, as amended hereby, constitutes the entire agreement of all parties hereto with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties hereto
with respect to the subject matter hereof. All references in the Agreement to &#147;this Agreement&#148;, &#147;hereof&#148;, &#147;hereby&#148; and words of similar import shall refer to the Agreement as amended hereby. </P>
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