Departure of Chairman and Chief Executive Officer	12 Months Ended
Dec. 31, 2021
Departure Of Chairman And Chief Executive Officer
Departure of Chairman and Chief Executive Officer	8. Departure of Chairman and Chief Executive Officer In connection with a Separation Agreement (as defined below), Steven A. Kriegsman, who served as the Chairman and Chief Executive Officer of CytRx Corporation (the “*Company”), departed from his roles as an officer of the Company and the Chairman of the Company’s board of directors (the “Board”), Mr. Kriegsman’s departure as Chairman of the Board was not in connection with any disagreement between Mr. Kriegsman and the Company, its management, the Board or any committee of the Board on any matter relating to the Company’s operations, policies or practices, or any other matter. In connection with the execution of the Separation Agreement, Mr. Kriegsman’s existing executive employment agreement, as amended (the “Prior Employment Agreement*”), was terminated; provided, however, that certain surviving customary confidentiality provisions and milestone and royalty payments as defined in the Prior Employment Agreement remain in full force and effect. Pursuant to the Prior Employment Agreement and the Separation Agreement, Mr. Kriegsman received a lump sum cash payment equal to approximately $6.0 million during the year ended December 31, 2021. In addition, the Company has accrued $256,115 of health benefits payable to him as of December 31, 2021.

Departure of Chairman and Chief Executive Officer

12 Months Ended

Dec. 31, 2021

Departure Of Chairman And Chief Executive Officer

Departure of Chairman and Chief Executive Officer

8. Departure of Chairman and Chief Executive Officer

In connection with a Separation Agreement (as defined below), Steven A. Kriegsman, who served as the Chairman and Chief Executive Officer of CytRx Corporation (the “Company”), departed from his roles as an officer of the Company and the Chairman of the Company’s board of directors (the “Board”), Mr. Kriegsman’s departure as Chairman of the Board was not in connection with any disagreement between Mr. Kriegsman and the Company, its management, the Board or any committee of the Board on any matter relating to the Company’s operations, policies or practices, or any other matter.

In connection with the execution of the Separation Agreement, Mr. Kriegsman’s existing executive employment agreement, as amended (the “Prior Employment Agreement”), was terminated; provided, however, that certain surviving customary confidentiality provisions and milestone and royalty payments as defined in the Prior Employment Agreement remain in full force and effect. Pursuant to the Prior Employment Agreement and the Separation Agreement, Mr. Kriegsman received a lump sum cash payment equal to approximately $6.0 million during the year ended December 31, 2021. In addition, the Company has accrued $256,115 of health benefits payable to him as of December 31, 2021.