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Cytrx Corp – ‘10-K’ for 12/31/13 – EX-10.32

On:  Tuesday, 3/4/14, at 6:18pm ET   ·   As of:  3/5/14   ·   For:  12/31/13   ·   Accession #:  799698-14-4   ·   File #:  0-15327

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  As Of                Filer                Filing    For·On·As Docs:Size

 3/05/14  Cytrx Corp                        10-K       12/31/13   77:9.7M

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Form 10-K for Fiscal Year Ending 12/31/2013         HTML   1.30M 
 2: EX-4.8      Instrument Defining the Rights of Security Holders  HTML     46K 
 3: EX-10.22    Material Contract                                   HTML     68K 
 4: EX-10.23    Material Contract                                   HTML     53K 
 5: EX-10.24    Material Contract                                   HTML     53K 
 6: EX-10.25    Material Contract                                   HTML     52K 
 7: EX-10.29    Material Contract                                   HTML     24K 
 8: EX-10.30    Material Contract                                   HTML     24K 
 9: EX-10.31    Material Contract                                   HTML     24K 
10: EX-10.32    Material Contract                                   HTML     26K 
11: EX-23.1     Consent of Experts or Counsel                       HTML     22K 
12: EX-31.1     Certification per Sarbanes-Oxley Act (Section 302)  HTML     26K 
13: EX-31.2     Certification per Sarbanes-Oxley Act (Section 302)  HTML     26K 
14: EX-32.1     Certification per Sarbanes-Oxley Act (Section 906)  HTML     22K 
15: EX-32.2     Certification per Sarbanes-Oxley Act (Section 906)  HTML     22K 
34: EXCEL       XBRL IDEA Workbook -- Financial Report (.xls)        XLS   1.26M 
24: EXCEL       XBRL IDEA Workbook -- Financial Report (.xlsx)      XLSX    171K 
54: R1          Document and Entity Information                     HTML     49K 
44: R2          Consolidated Balance Sheets                         HTML     95K 
52: R3          Consolidated Balance Sheets (Parenthetical)         HTML     48K 
56: R4          Consolidated Statements of Operations               HTML     70K 
72: R5          Consolidated Statements of Stockholders' Equity     HTML     71K 
46: R6          Consolidated Statements of Cash Flows               HTML    116K 
51: R7          Nature of Business                                  HTML     28K 
41: R8          Summary of Significant Accounting Policies          HTML     71K 
33: R9          Receivables                                         HTML     26K 
73: R10         Prepaid and Other Assets                            HTML     23K 
58: R11         Short-term Investments                              HTML     27K 
57: R12         Equipment and Furnishings                           HTML     31K 
62: R13         Accrued Expenses and Other Current Liabilities      HTML     31K 
63: R14         Warrant Liabilities                                 HTML     36K 
61: R15         Commitments and Contingencies                       HTML     51K 
64: R16         Equity Transactions                                 HTML     33K 
53: R17         Investments in ADVENTRX Pharmaceuticals             HTML     26K 
55: R18         Stock Options and Warrants                          HTML    221K 
60: R19         Sale of Assets                                      HTML     23K 
77: R20         Stockholder Protection Rights Plan                  HTML     25K 
67: R21         Income Taxes                                        HTML     58K 
48: R22         Quarterly Financial Data (Unaudited)                HTML     48K 
59: R23         Subsequent Events                                   HTML     59K 
50: R24         Schedule Ii - Valuation and Qualifying Accounts     HTML     40K 
27: R25         Summary of Significant Accounting Policies          HTML    124K 
                          (Policies)                                             
68: R26         Summary of Significant Accounting Policies          HTML     47K 
                          (Tables)                                               
74: R27         Equipment and Furnishings (Tables)                  HTML     29K 
37: R28         Accrued Expenses and Other Current Liabilities      HTML     30K 
                          (Tables)                                               
36: R29         Warrant Liabilities (Tables)                        HTML     34K 
39: R30         Commitments and Contingencies (Tables)              HTML     45K 
40: R31         Stock Options and Warrants (Tables)                 HTML    218K 
42: R32         Income Taxes (Tables)                               HTML     53K 
26: R33         Quarterly Financial Data (Unaudited) (Tables)       HTML     46K 
65: R34         Subsequent Events (Tables)                          HTML     58K 
47: R35         Nature of Business (Details)                        HTML     40K 
49: R36         Summary of Significant Accounting Policies          HTML     67K 
                          (Details)                                              
30: R37         Receivables (Details)                               HTML     23K 
76: R38         Prepaid and Other Assets (Details)                  HTML     23K 
22: R39         Short-term Investments (Details)                    HTML     26K 
43: R40         Equipment and Furnishings (Details)                 HTML     34K 
71: R41         Accrued Expenses and Other Current Liabilities      HTML     35K 
                          (Details)                                              
29: R42         Warrant Liabilities (Details)                       HTML     41K 
35: R43         Commitments and Contingencies (Details)             HTML     83K 
38: R44         Equity Transactions (Details)                       HTML     49K 
45: R45         Investments in ADVENTRX Pharmaceuticals (Details)   HTML     32K 
25: R46         Stock Options and Warrants (Details)                HTML    304K 
32: R47         Sale of Assets (Details)                            HTML     24K 
23: R48         Stockholder Protection Rights Plan (Details)        HTML     33K 
70: R49         Income Taxes (Details)                              HTML     96K 
28: R50         Quarterly Financial Data (Unaudited) (Details)      HTML     37K 
66: R51         Subsequent Events (Details)                         HTML     87K 
31: R52         Schedule Ii - Valuation and Qualifying Accounts     HTML     32K 
                          (Details)                                              
75: XML         XBRL XML File -- Filing Summary                      XML    105K 
16: EX-101.INS  XBRL Instance -- cytr-20131231                       XML   1.91M 
18: EX-101.CAL  XBRL Calculations -- cytr-20131231_cal               XML    190K 
19: EX-101.DEF  XBRL Definitions -- cytr-20131231_def                XML    469K 
20: EX-101.LAB  XBRL Labels -- cytr-20131231_lab                     XML   1.57M 
21: EX-101.PRE  XBRL Presentations -- cytr-20131231_pre              XML    873K 
17: EX-101.SCH  XBRL Schema -- cytr-20131231                         XSD    162K 
69: ZIP         XBRL Zipped Folder -- 0000799698-14-000004-xbrl      Zip    166K 


EX-10.32   —   Material Contract


This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 
EXHIBIT 10.32
 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT (“First Amendment”) to that certain employment agreement entitled Fourth Amended and Restated Employment Agreement, effective May 10, 2012, by and between CytRx Corporation, a Delaware corporation (“Employer”), and Steven A. Kriegsman, an individual and resident of the State of California, (“Employee”) (the “Employment Agreement”), is made and is effective as of March 4, 2014.

WHEREAS, Employer believes that Employee has been and will continue to be an integral part of its management and is and will continue to be responsible for developing its business; and

WHEREAS, Employer and Employee desire to amend the Employment Agreement under which Employee shall continue to serve on a full-time basis as Employer’s President and Chief Executive Officer on the terms set forth in the Agreement and this First Amendment.

NOW THEREFORE, upon the above premises, and in consideration of the mutual covenants and agreements herein contained, the parties agree to amend the Employment Agreement as follows:

1. Section 5. Term. The first sentence is amended in part to read “Employee’s employment under this Agreement shall commence on the Effective Date and shall continue until December 31, 2018 (the “Expiration Date”), unless sooner terminated by Employer or Employee in accordance with Section 7 (the “Term”).” The remainder of that sentence and Section 5 is unchanged.

2. Section 6, Subsection 6.1. Salary. The first sentence is amended to read “Commencing as of the Effective Date, Employer shall pay Employee an annual salary of $850,000 per year, in 24 equal semi-monthly installments on the 15th and last day of each month during the Term.”

3. A new section 6.2.1. Retention Bonus, is added, to read: “Employee shall receive a one-time bonus of $300,000, payable promptly following execution of this First Amendment.”

4. Subsection 6.6., Employee Benefit Plans and Fringe Benefits, is amended to delete from the second sentence the specific term “of $5,000.” The sentence shall now be “During the Term, Employer shall also continue to make fixed annual premium payments on the Transamerica Occidental Life Insurance Company policy insuring Employee under which Employee or his designee is the beneficiary.”

Upon execution by Employee and Employer, this First Amendment will be made a part of the Employment Agreement and incorporated by reference therein. All other terms and conditions of the Employment Agreement not affected by the terms of this First Amendment shall remain in full force and in the case of conflict between the Employment Agreement and this First Amendment, the terms of this First Amendment shall take precedence.
 
This First Amendment 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.

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


“EMPLOYER”

CytRx Corporation, a Delaware Corporation


By: /s/ Max Link, Ph.D.__________________________________
Name: Max Link, Ph.D.
Title: Chairman of the Board


“EMPLOYEE”


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


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
12/31/18
Filed as of:3/5/148-K
Filed on:3/4/148-K
For Period End:12/31/13
5/10/1210-Q,  8-K
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Filing Submission 0000799698-14-000004   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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