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EXHIBIT 10
AMENDMENT NO. 2
TO
1995 EMPLOYMENT AGREEMENT
BETWEEN
CYTRX CORPORATION
AND
XXXX X. XXXXXXX
This Amendment No. 2 ("Amendment") to Employment Agreement is made and
executed this 1st day of August, 1997, by and between CYTRX CORPORATION ("CytRx"
or the "Company"), a Delaware corporation having its principal place of business
at 000 Xxxxxxxxxx Xxxxxxx, Xxxxxxxxxx Xxxx/Xxxxxxx, Xxxxxxxx, Xxxxxxx 00000, and
XXXX X. XXXXXXX ("Xx. Xxxxxxx") who currently resides at 0000 Xxxxxx Xxxxx
Xxxxx, Xxxxxx, Xxxxxxx 00000.
WHEREAS, the Company and Xx. Xxxxxxx have heretofore entered into an
amended and restated Employment Agreement, dated as of March 7, 1995, as amended
on April 16, 1997 (as amended, the "1995 Agreement");
WHEREAS, the Compensation Committee of the Board of Directors of the
Company approved an extension of the 1995 Agreement to December 31, 1999;
WHEREAS, the Company and Xx. Xxxxxxx desire to modify the 1995
Agreement to extend the term thereof;
NOW, THEREFORE, in consideration of the mutual covenants and promises
made in this Amendment, the parties do hereby agree as follows:
1. Paragraph 2 of the 1995 Agreement be and hereby is deleted in its
entirety and the following is substituted therefor:
"2. Term and Renewal. The term of Xx. Xxxxxxx'x employment
hereunder will be for a period commencing on January 1, 1995,
and continuing until December 31, 1998 (the "Expiration
Date"), unless Xx. Xxxxxxx'x employment is terminated by
either party pursuant to Paragraph 7 of this Agreement."
2. Effect of Amendment. All provisions of the 1995 Agreement not modified
by the provisions of this Amendment shall remain in full force and effect.
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment
under seal on the day and year first above written.
/s/ Xxxx X. Xxxxxxx
---------------------
Xxxx X. Xxxxxxx
Attest: CYTRX CORPORATION:
/s/ Xxxxxxx X. Xxxxx
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Corporate Secretary By: Xxxxxxx X. Xxxxx
(CORPORATE SEAL) Title: Vice President - Human Resources
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