Sample Business Contracts

Employment Agreement [Amendment No. 1] - CytRx Corp. and Jack J. Luchese

Employment Forms

Employment Contract. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
More Employment Agreements

Sponsored Links

                                 AMENDMENT NO. 1
                                       TO
                            1995 EMPLOYMENT AGREEMENT
                                     BETWEEN
                                CYTRX CORPORATION
                                       AND
                                 JACK J. LUCHESE

         This Amendment No. 1 ("Amendment") to Employment Agreement is made and
executed this 16th day of April, 1997, by and between CYTRX CORPORATION ("CytRx"
or the "Company"), a Delaware corporation having its principal place of business
at 154 Technology Parkway, Technology Park/Atlanta, Norcross, Georgia 30092, and
JACK J. LUCHESE ("Mr. Luchese") who currently resides at 3030 Castle Pines
Drive, Duluth, Georgia 30136.

         WHEREAS, the Company and Mr. Luchese have heretofore entered into an
amended and restated Employment Agreement, dated as of March 7, 1995 (the "1995
Agreement");

         WHEREAS, the Compensation Committee of the Board of Directors of the
Company at its meeting on April 16, 1997, approved certain changes to the terms
of the 1995 Agreement, consistent with Mr. Luchese and the Company entering into
a separate Change in Control Employment Agreement (the "Change in Control
Employment Agreement") concurrently with such amendment;

         WHEREAS, the Company and Mr. Luchese desire to modify the 1995
Agreement to delete the provisions therein relating to a change in control of
the Company;

         NOW, THEREFORE, in consideration of the mutual covenants and promises
made in this Amendment, the parties do hereby agree as follows:

1.       DELETION OF PARAGRAPH 8 "CHANGE IN CONTROL". Paragraph 8 of the 1995
Agreement be and hereby is deleted in its entirety, effective upon the execution
by the Company and Mr. Luchese of that certain Change in Control Employment
Agreement dated on or about April 16, 1997.

2.       AMENDMENT TO PARAGRAPH 6(C)(4). Paragraph 6(c)(4) of the 1995 Agreement
be and hereby is amended by deleting the parenthetical phrase "(as defined in
Paragraph 8 hereof)" and substituting therefor the following "(as defined in
such warrant)".
<PAGE>   2

3.       AMENDMENT TO PARAGRAPH 12(B).  Paragraph  12(b) of the 1995 Agreement
be and hereby is amended by deleting the reference therein to Paragraph 8.

4.       AMENDMENT TO PARAGRAPH  3(A).  Paragraph 3(a) of the 1995 Agreement be
and hereby is amended by deleting the fourth sentence thereof and substituting
therefor the following: "The base salary may be increased in any year based on
Mr. Luchese's performance, but will not be decreased."

5.       EFFECT OF  AMENDMENT.  All  provisions of the 1995  Agreement  not
modified by the  provisions of this Amendment shall remain in full force and
effect.

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment
under seal on the day and year first above written.



                                     /s/ Jack J. Luchese
                                     -----------------------------------------
                                     Jack J. Luchese



Attest:                              CYTRX CORPORATION:


/s/ Mark W. Reynolds                 /s/ William B. Fleck
---------------------                -----------------------------------------
Corporate Secretary                  By:      William B. Fleck
(CORPORATE SEAL)                     Title:   Vice President - Human Resources