Exhibit 10.1


 


SECOND AMENDED AND RESTATED COMMON STOCK
AND WARRANT PURCHASE AGREEMENT


 


This Common Stock and Warrant Purchase Agreement,
dated as of [             ], 2015 (this “Agreement”), is entered into by and among Cortex Pharmaceuticals, Inc. (the “Company”),
a corporation incorporated in the state of Delaware, and the undersigned persons and entities listed on the schedule of investors
attached hereto as Schedule I (the “Investors”). This Agreement is expected to be one of several like
agreements, collectively the “Common Stock and Warrant Purchase Agreements.”


 


The Company and each of the Investors hereby
agree as follows:


 


1. The Common Stock.


 


(a) Authorization of the Issuance of the
Common Stock and Warrants. The Company has authorized the issuance and sale of up to $3,000,000.00 of Common Stock and Warrants
in units comprised of (i) one share of the Company’s Common Stock, par value $0.001 (“Common Stock”),
and (ii) one warrant to purchase two additional shares of the Company’s Common Stock (as amended, restated or otherwise modified
from time to time pursuant to Section 7, “Warrant”), which are being sold together. The Warrants shall be in
substantially the form set out in Exhibit A hereto and represent the right to purchase two shares of Common Stock during
the Warrant exercise period at the Warrant exercise price per share of Common Stock. References to an “Exhibit” or
“Schedule” are references to an Exhibit or Schedule attached to this Agreement unless otherwise specified. References
to a “Section” are references to a Section of this Agreement unless otherwise specified.


 


(b) Issuance of Common Stock and Warrants.
At each Closing provided for in Section 1(c) in respect of a particular Investor, on the terms and subject to the conditions hereof,
the Company agrees to issue and sell to such Investor, and such Investor agrees to purchase from the Company, shares of Common
Stock and Warrants equal in number to the investment amount (“Investment Amount”) set forth opposite the respective
Investor’s name on Schedule I divided by the aggregate purchase price for (i) one share of Common Stock and (ii) one
Warrant to purchase two additional shares of Common Stock (“Unit Purchase Price”). The Unit Purchase Price shall
be [$             ] and shall be the simple average of the four weekly VWAPs (Volume Weighted Average Prices) as reported by OTC IQ for the
Company’s Common Stock, par value $0.001, for the four full trading weeks immediately prior to the initial Closing and shall
be the same Unit Purchase Price for all Closings. The obligations of the Investors to purchase the Common Stock and Warrants are
several and not joint obligations and no Investor shall have any liability to any Person for the performance or non-performance
of any obligation by any other Investor hereunder. The aggregate Investment Amounts for the purchase of Common Stock and Warrants
hereunder shall not exceed $3,000,000.00.


 


(c) Closings; Use of Proceeds. The sale
and purchase of the Common Stock and Warrants to be purchased by the Investors shall take place at one or more closings (each a
“Closing” and collectively, the “Closings”) to be held at such places and times as the Company
and the applicable Investors may determine (each a “Closing Date” and collectively “Closing Dates”).
At each Closing, the Company will deliver to each of the applicable Investors the Common Stock and the Warrants to be purchased
by such Investor dated the date of the Closing and registered in such Investor’s name, against receipt by the Company of
such Investor’s Investment Amount for the account of the Company by wire transfer of immediately available funds in accordance
with the Company’s instructions. The Company may conduct additional Closings at the Company’s option in the Company’s
sole discretion to be held at such places and Closing Dates as the Company and the Investors participating in such Closings may
determine. The proceeds from the sale of the Common Stock and Warrants shall be used for costs and expenses of the Company in connection
with research and development, general and administrative purposes, and working capital. The final Closing shall be no later than
December 31, 2015.


 




    	 



    	 



    

 


2. Representations and Warranties of
the Company. The Company represents and warrants to each Investor that, except as set forth on Schedule II hereto:


 


(a) Due Incorporation, Qualification. The
Company (i) is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization;
(ii) has the power and authority to own, lease and operate its properties and carry on its business as now conducted; and (iii)
is duly qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction where such qualification
or license is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could
not reasonably be expected to have a material adverse effect on the Company and its subsidiaries taken as a whole.


 


(b) Authority; Enforceability. The execution,
delivery and performance by the Company of this Agreement and each Warrant issued hereunder (collectively, the “Transaction
Documents”) and the consummation of the transactions contemplated hereby and thereby (i) are within the corporate power
of the Company and (ii) have been duly authorized by all necessary corporate action on the part of the Company. Each Transaction
Document executed by the Company has been duly executed and delivered by the Company and constitutes a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting the enforcement of creditors’ rights generally
and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).


 


(c) Non-Contravention. The execution
and delivery by the Company of the Transaction Documents executed by the Company and the performance and consummation of the transactions
contemplated thereby do not (i) violate the Company’s Articles of Incorporation, Certificate of Incorporation, Bylaws or
other formation or charter documents, as applicable (as amended, the “Charter Documents”), (ii) violate any
material judgment, order, writ, decree, statute, rule or regulation applicable to the Company; (iii) result in the breach of any
material provision of or in the acceleration of, or entitle any other person to accelerate (whether after the giving of notice
or lapse of time or both), any material mortgage, indenture, agreement, instrument or contract to which the Company is a party
or by which it is bound; or (iv) result in the creation or imposition of any lien or encumbrance upon any property, asset or revenue
of the Company under any material agreement or instrument to which the Company is bound.


 


(d) Litigation. As of the date of the
initial Closing, no actions (including, without limitation, derivative actions), suits, proceedings or investigations are pending
or, to the knowledge of the Company, threatened in writing against the Company or the Company’s subsidiaries, if any, at
law or in equity in any court or before any other governmental authority.


 


(e) Title. The Company and the Company’s
subsidiaries, if any, own and have good and marketable title in fee simple absolute to, or a valid leasehold interest in, all their
respective real properties and good title to their other respective assets and properties. Such assets and properties are subject
to no liens or encumbrances.


 




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(f) Intellectual Property. The Company
and the Company’s subsidiaries, if any, own or possess sufficient legal rights to all patents, trademarks, service marks,
trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its
business as now conducted and as proposed to be conducted, without any conflict with, or infringement of, the rights of others.
Since March 22, 2013, each employee of the Company has executed, or will execute, a confidential information and invention assignment
agreement in favor of the Company. Since March 22, 2013, the Company has entered into, or intends to enter into, an agreement containing
appropriate confidentiality and invention assignment provisions in favor of the Company with each consultant to the Company that
has or will have access to the Company’s intellectual property.


 


(g) Debt for Borrowed Money. As of the
date of this Agreement, the Company does not have any outstanding debt for borrowed money, other than as disclosed on Schedule
II.


 


3. Representations and Warranties of
Investors. Each Investor, for that Investor alone, represents and warrants to the Company upon the acquisition of Common
Stock and Warrants as follows:


 


(a) Binding Obligation. Such Investor
has full legal capacity, power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This
Agreement and the Transaction Documents constitute valid and binding obligations of such Investor, enforceable in accordance with
their terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting
the enforcement of creditors’ rights generally and general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law).


 


(b) Securities Law Compliance. Such
Investor has been advised that the Common Stock and the Warrants and the underlying securities have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, therefore, cannot
be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from
such registration requirements is available. Such Investor has not been formed solely for the purpose of making this investment
and is purchasing the Common Stock and Warrants to be acquired by such Investor hereunder for its own account for investment, not
as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof. Investor has no present
intention of selling, granting any participation in, or otherwise distributing the same and Investor does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer, grant any participation in or otherwise distribute all
or any part of the Common Stock or Warrants. Such Investor has such knowledge and experience in financial and business matters
that such Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment
without impairing such Investor’s financial condition and is able to bear the economic risk of such investment for an indefinite
period of time. Such Investor is an accredited investor as such term is defined in Rule 501 of Regulation D under the Securities
Act. Each Investor further represents that such Investor has had the opportunity to ask questions of the Company and received answers
concerning the terms and conditions of the sale of the Common Stock and Warrants.


 


(c) Source of Funds. Each Investor severally
represents that, as to each source of funds (each a “Source”) to be used by such Investor to pay the purchase
price of the Common Stock and Warrants to be purchased by such Investor hereunder, the Source does not include assets of any employee
benefit plan, other than a plan exempt from the coverage of the Employee Retirement Income Security Act of 1974, as amended from
time to time, and the rules and regulations promulgated thereunder from time to time in effect.


 




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4. Conditions to Closing of the Investors.
Each Investor’s obligations at the applicable Closing with respect to such Investor, are subject to the fulfillment, on or
prior to the applicable Closing Date, of all of the following conditions:


 


(a) Representations and Warranties.
The representations and warranties made by the Company in Section 2 hereof, in each case except as modified by Schedule
II, shall have been true and correct when made, and shall be true and correct in all material respects on the applicable Closing
Date.


 


(b) Governmental Approvals and Filings.
Except for any notices required or permitted to be filed after the applicable Closing Date with certain federal and state securities
commissions, the Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance
of the Common Stock and Warrants.


 


(c) Legal Requirements. On the date
of the applicable Closing, the sale and issuance by the Company, and the purchase by the applicable Investors, of the Common Stock
and Warrants shall be legally permitted by all laws and regulations to which such Investors or the Company are subject.


 


(d) Transaction Documents. The Company
shall have duly executed and delivered to the Investors the following documents: (i) this Agreement and (ii) the appropriate number
of shares of Common Stock and Warrants issued hereunder on the date of the applicable Closing.


 


5. Conditions to Obligations of the Company.
The Company’s obligation to issue and sell the Common Stock and Warrants at the applicable Closing with respect to each Investor,
is subject to the fulfillment, on or prior to the applicable Closing Date, of all of the following conditions:


 


(a) Representations and Warranties.
The representations and warranties made by the applicable Investors in Section 3 hereof shall be true and correct when made,
and shall be true and correct on the applicable Closing Date.


 


(b) Legal Requirements. On the date
of the applicable Closing, the sale and issuance by the Company, and the purchase by the applicable Investors, of the Common Stock
and Warrants shall be legally permitted by all laws and regulations to which such Investors or the Company are subject.


 


(c) Transaction Documents. With respect
to the obligation to sell and issue the Common Stock and Warrants to any Investor, such Investor shall have duly executed and delivered
to the Company (i) this Agreement and (ii) an acceptance by such Investor of the applicable Common Stock and applicable Warrants
issued hereunder to such Investor on the date of the applicable Closing.


 


6. Disclosures.


 


(a) Brokers and Finder’s Fees.
At the Company’s sole discretion, the Company may pay (i) a cash placement agent fee, brokerage commission, finder’s
fee or similar payment of up to 10% of the aggregate of all Unit Purchase Prices to any qualified referral source, which may be
an affiliate of the Company, to which it can legally make such payment, in the form of cash, as well as (ii) a warrant fee in the
form of a warrant or warrants (“Placement Agent Warrants”), exercisable into up to 10% of that number of shares
of Common Stock issued (but not the Warrants or shares of Common Stock underlying the Warrants). Such Placement Agent Warrants
shall be exercisable at the Unit Purchase Price for each share for which the Placement Agent Warrant is exercised and shall expire
on the same expiration date as the Warrants purchased by the Investors. The Placement Agent Warrants shall have a cashless exercise
provision. Placement Agent Warrants may be issued to designees of the qualified referral source upon request by the qualified referral
source, as may be agreed by the Company in its sole discretion, subject to applicable securities laws. Officers, directors, managers,
employees, affiliates and associated persons of the Company, and affiliates of any of the foregoing qualified referral sources,
are eligible to invest as Investors in the Common Stock and Warrants, and are eligible to, and may, receive fees, directly or indirectly
(including, without limitation, fees in respect of such person or persons’ investments in the Common Stock and Warrants).


 




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(b) Conflict of Interest. Aurora Capital
LLC shall be a qualified referral source pursuant to Section 6(a) above. Aurora Capital LLC and certain of its members, managing
members, officers directors, associated persons or employees either previously or by virtue of becoming an Investor, may be or
may become direct or indirect shareholders or note holders or option holders, or warrant owners of the Company or may be officers
or directors of the Company. Specifically, but not by way of limitation, both Arnold S. Lippa and Jeff Eliot Margolis are indirect
owners of member interests of Aurora Capital LLC, members of the Board of Directors of the Company, officers of the Company and
direct or indirect shareholders of the Company.


 


(c) Arm’s Length Negotiation.
The Company has not set the Unit Purchase Price through an arms-length negotiation with any Investor or Investor representative.
The Company believes the price at which the Common Stock and Warrants are being offered appropriately reflects economic realities
under the Company’s current circumstances. However, there can be no assurances that the Common Stock and Warrants are not
worth substantially less than the price at which they are being sold.


 


(d) Legal Counsel. Each Investor hereby
represents and warrants and that it has consulted with legal counsel of its choosing, or has had sufficient opportunity to consult
with legal counsel of its choosing, in respect of the terms and conditions of this Agreement and the applicable Common Stock and
Warrants.


 


7. Miscellaneous.


 


(a) Waivers; Amendments. Except as otherwise
expressly provided in the Warrants (with respect to any Warrant only), any provision of this Agreement and the Warrants may be
amended, waived or modified only upon the written consent of the Company and Investors holding more than 50% of the aggregate outstanding
Investment Amount (a “Majority in Interest of Investors”); provided however, that no such amendment, waiver
or consent shall reduce the Investment Amount of an Investor, in each case without such Investor’s written consent. Any amendment
or waiver effected in accordance with this paragraph shall be binding upon all of the parties hereto and all Warrant holders. Notwithstanding
the foregoing, this Agreement may be amended to add a party as an Investor hereunder in connection with any subsequent Closing
without the consent of any other Investor.


 


(b) Nature of Investment. For the avoidance
of doubt, the parties hereto acknowledge and agree that the payment of the Investment Amount to the Company by an Investor in respect
of any Common Stock (but not in respect of any Warrant) will be deemed to be an equity investment in the Common Stock of the Company.


 




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(c) Governing Law. This Agreement and
all actions arising out of or in connection with this Agreement shall be governed by and construed in accordance with the laws
of the State of New York, without regard to the conflicts of law provisions of the State of New York or of any other state.


 


(d) Survival. The representations, warranties,
covenants and agreements made herein shall survive the execution and delivery of this Agreement.


 


(e) Successors and Assigns. Subject
to the restrictions on transfer described in Section 6(f) below, the rights and obligations of the Company and the Investors
shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.


 


(f) Assignment. The rights, interests
or obligations hereunder and under the Warrants may not be assigned, by operation of law or otherwise, in whole or in part, by
the Company without the prior written consent of a Majority in Interest of Investors. The rights, interests or obligations hereunder
and under the Warrants may not be assigned by any Investor without the prior written consent of the Company.


 


(g) Entire Agreement. This Agreement
together with the other Transaction Documents constitute and contain the entire agreement among the Company and Investors and supersede
any and all prior agreements, negotiations, correspondence, understandings and communications among the parties, whether written
or oral, respecting the subject matter hereof.


 


(h) Notices. All notices, demands, consents,
or other communications hereunder shall in writing and faxed, mailed or delivered to each party as follows: (i) if to a Investor,
at such Investor’s address or facsimile number set forth in the Schedule of Investors attached as Schedule I, or at
such other address as such Investor shall have furnished the Company in writing in accordance with this paragraph, or (ii) if to
the Company, at such address or fax number set forth on the signature pages hereto, or at such other address or facsimile number
as the Company shall have furnished to the Investors in writing in accordance with this paragraph. All such communications will
be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one business day after being
delivered by facsimile (with receipt of appropriate confirmation), (iv) one business day after being deposited with an overnight
courier service of recognized standing or (v) four days after being deposited in the U.S. mail, first class with postage prepaid.


 


(i) Expenses. Each of the Company and
the Investors will bear their own respective expenses associated with the negotiation, execution and delivery of this Agreement
and the Common Stock and Warrants.


 


(j) Only Company Liable. In no event
shall any stockholder, officer, director or employee of the Company be liable for any amounts due or payable pursuant to any Transaction
Document.


 


(k) Severability. If any provision of
this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.


 


(l) Headings. Headings used in this
Agreement have been included for convenience and ease of reference only, and will not in any manner influence the construction
or interpretation of any provision of this Agreement.


 


(m) Counterparts. This Agreement may
be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one
and the same agreement. Facsimile copies of signed signature pages will be deemed binding originals.


 


(Signature Page Follows)


 




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The parties have caused this Agreement to be
duly executed and delivered by their proper and duly authorized officers as of the date and year first written above.


 


COMPANY:


 


CORTEX PHARMACEUTICALS, INC.


a Delaware corporation


 


	By:	 	 
	Name: 	Jeff Eliot Margolis	 
	Title: 	Vice President, Treasurer & Secretary	 


 


Address for notices:


Cortex Pharmaceuticals, Inc.


Attention: Jeff Eliot Margolis


Vice President, Treasurer & Secretary


126 Valley Road, Suite C


Glen Rock, NJ 07452


(phone): 201-906-2466


(fax): 415-887-7814


 


(Signature Page to
Common Stock and Warrant Purchase Agreement)


 




    	 



    	 



    

 


INVESTOR:


 


[INVESTOR NAME (IF ENTITY)]


 


	By: 	 	(signature)


 


Print Name:


 


Print Title:


 


(Signature Page to
Common Stock and Warrant Purchase Agreement)


 




    	 



    	 



    

 


SCHEDULE I


SCHEDULE OF INVESTOR(S)


 


	Investor Name, Contact Name, Address, Phone, Fax	 	
        Aggregate

        Investment

        Amount
	 	Closing Date
	 	 	$	 	[_____], 2015
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 


 




    	 



    	 



    

 


SCHEDULE II

EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES


 


Convertible Notes


 


The Company is obligated under Convertible
Notes issued from November 5, 2014 through and including February 2, 2015, aggregating principal amounts totaling $579,500 and
bearing interest of 10% per annum and maturing on September 15, 2015, subject to an extension of the maturity date at the discretion
of the Company. The Company provided the holders of the Convertible Notes with notice that the maturity date of the Convertible
Notes has been extended to September 15, 2016. In connection with such notice, the Company will issue additional warrants to such
holders equal to 50% multiplied by the sum of the original principal amount of each Convertible Note plus accrued interest and
then divided by $0.035. In addition, the Company extended the expiration date of the original warrants issued in conjunction with
the Convertible Notes until September 15, 2016.


 


Samyang Documents


 


Permitted liens include the liens granted to
Samyang Optics Co., Ltd. (now known as SY Corporation, Co., Ltd.) (“Samyang”) and its successors and assigns
under that certain Securities Purchase Agreement, dated as of June 25, 2012, between the Company and Samyang and any documents
delivered in connection therewith (as amended, restated or otherwise modified from time to time, collectively, the “Samyang
Documents”). The indebtedness pursuant to the Samyang Documents and all transactions contemplated in connection with
the Samyang Documents are permitted hereunder. The Company is in default of certain of the Samyang Documents, as more fully set
forth in the Company’s filings with the U.S. Securities and Exchange Commission.


 


Trade Accounts


 


From time to time, the Company has obligations
in respect of trade accounts payable.


 


The Company has certain obligations in respect
of claims by one prior employee and certain prior advisors. One of those obligations is due at December 31, 2015 in the remaining
amount of $15,000 subject to a partial payment of $3,000 on September 30, 2015 plus the issuance of 50,000 five year stock options
with an exercise price of $0.018 per share of Common Stock.


 


Lippa Note or Notes


 


The Company became obligated on June 16, 2015
in the amount of $40,000 plus interest pursuant to a Demand Promissory Notes issued to Arnold S. Lippa, the Company’s Executive
Chairman, Chief Scientific Officer and member of the Board of Directors. Such obligation had been incurred to meet the Company’s
immediate cash needs and is expected to be repaid from the net proceeds of the financing that is the subject of this Common Stock
and Warrant Purchase Agreement.


 




    	 



    	 



    

 


EXHIBIT A


 


FORM OF WARRANT


 


(FOR CLARITY, FOR EACH SHARE OF COMMON STOCK
PURCHASED, INVESTOR SHALL RECEIVE ONE WARRANT TO PURCHASE TWO (2) ADDITIONAL SHARES OF COMMON STOCK)


 


NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW,
AND NO INTEREST HEREIN OR THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE
IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION, (B) THE
COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF SUCH SECURITIES (CONCURRED IN BY COUNSEL FOR THE COMPANY) THAT SUCH TRANSACTION
IS EXEMPT FROM REGISTRATION, OR (C) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.


 


WARRANT TO PURCHASE COMMON STOCK


 


cortex
pharmaceuticals, inc.


 





	Warrant
    Number: [_______]	Initial
    Exercise Date: [                ], 2015







 


THIS WARRANT TO PURCHASE
COMMON STOCK (the “Warrant”) certifies that, for value received, [______________] or his/her or its permitted
assigns (the “Holder”) is entitled, upon the terms and conditions hereof, and subject to the limitations on
exercise hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on
or prior to 5:00 p.m. New York time on September 30, 2020 (the “Termination Date”) but not thereafter, to subscribe
for and purchase from Cortex Pharmaceuticals, Inc., a Delaware corporation (the “Company”), up to [2x the
number of shares of common stock purchased in the Common Stock and Warrant Offering] shares (as subject to adjustment hereunder,
the “Warrant Shares”) of Common Stock. The purchase price of each share of Common Stock under this Warrant
shall be equal to the Exercise Price, as defined in Section 2(b).


 


Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Common Stock and Warrant
Purchase Agreement, dated as of [_____], 2015 (the “Purchase Agreement”), among the Company and the Investors.
This is one of the “Warrants” referred to in the Purchase Agreement.


 


Section 2. Exercise.


 


a) Exercise of Warrant.
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on any Business
Day (as defined below) on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or
such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of
the Holder appearing on the books of the Company) of a duly completed and executed facsimile copy of the Notice of Exercise form
annexed hereto (the “Notice of Exercise”). Within three (3) Business Days (as defined below) following the date
of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price (as defined below) for the shares specified in
the applicable Notice of Exercise by wire transfer in immediately available funds or cashier’s check drawn on a United States
bank in immediately available funds. A “Business Day” means any day other than a Saturday or Sunday or any day
that national commercial banks in New York City, New York are authorized or required to close or any day that the NADSAQ stock
markets or any other nationally recognized stock markets are closed. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares
available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company
for cancellation within three (3) Business Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Company, either directly or through its representative, shall maintain, or cause to be maintained, records
showing the number of Warrant Shares purchased and the date of such purchases, which records shall be deemed to be accurate absent
manifest error. The Company shall deliver any objection to any Notice of Exercise within two (2) Business Days of actual receipt
of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.


 




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b) Exercise Price.
The exercise price per share of the Common Stock under this Warrant initially shall be $[ ] per share, subject to adjustment hereunder
(including, without limitation, under Sections 2 and 3 hereof) (as adjusted, the “Exercise Price”).


 


c) Mechanics of Exercise.


 


i. Delivery of Certificates
Upon Exercise. Certificates for shares issuable upon the exercise hereof shall be transmitted by the transfer agent of the
Company to the Holder by crediting the account of the Holder’s broker with the Depository Trust Company through its Deposit
Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in such system and such shares are
eligible for legend removal, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise
on the date that is no more than five (5) Business Days after the latest of (A) the delivery to the Company of the Notice of Exercise,
(B) surrender of this Warrant (if required), and (C) payment of the aggregate Exercise Price as set forth above (such date, the
“Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other
person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as
of the latter of the date the Warrant has been exercised and payment to the Company of the Exercise Price has been made in good
funds by either certified check, wire transfer or other similar payment method and all taxes required to be paid by the Holder,
if any, pursuant to Section 2(c)(v) prior to the issuance of such shares, having been paid.


 


ii. Delivery of New
Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.


 


iii. Rescission Rights.
If the Company fails to transmit, or to cause the transfer agent of the Company to transmit, to the Holder a certificate or the
certificates representing the Warrant Shares pursuant to Section 2(c)(i) by the Warrant Share Delivery Date, then the Holder will
have the right to rescind such exercise.


 


iv. No Fractional Shares
or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As
to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its
election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price or round up to the next whole share.


 




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v. Charges, Taxes and
Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by
the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than
the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
(the “Assignment Form”) duly executed by the Holder and the Company may require, as a condition thereto, the
payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.


 


vi. Closing of Books.
The Company will not close its stockholder books or records in any manner that prevents the timely exercise of this Warrant, pursuant
to the terms hereof.


 


vii. Acquisitions.
If at any time while this Warrant is outstanding there is an Acquisition (as defined below) in which the Company is not the surviving
entity, then the Holder shall receive from any surviving entity or successor to the Company, in exchange for this Warrant, a new
warrant in the surviving entity or successor to the Company substantially in the form of this Warrant and with an exercise price
adjusted to reflect the nearest equivalent exercise price of common stock (or other applicable equity interest) of the surviving
entity that would reflect the economic value of this Warrant, but in the surviving entity. An “Acquisition”
shall mean the closing of a merger, share exchange, consolidation, acquisition of all or substantially all of the assets or stock,
reorganization or liquidation of the Company that results in the stockholders of the Company immediately prior to such transaction
owning less than 50% of the voting capital stock of the Company (or its successor or parent corporation) immediately after the
transaction or, in the case of a sale of assets or liquidation, the Company owning after the transaction less than substantially
all of the assets owned by the Company prior to the transaction (other than an issuance of equity securities for the primary purpose
of raising capital) or any other event that constitutes a “Capital Change” under the Company’s Second Restated
Certificate of Incorporation, as it may be amended, restated or otherwise modified from time to time. The Holder shall execute
all documentation required to be executed by the Company or the acquirer or successor of the Company in connection with the Acquisition,
including, without limitation, escrow, indemnification and other similar agreements. Subject to and to the extent permitted by
applicable law, the Company will endeavor to notify the Holder of any proposed Acquisition at least 30 days prior to the date of
any Acquisition (or such shorter period as reasonably practicable under the circumstances); provided that the failure to
so notify the Holder shall not in any way impair the Acquisition.


 


Section 3. Certain
Adjustments.


 


a) Stock Dividends and
Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common
Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant and which shall not include any dividends paid-in-kind in respect to the Series G 1.5% Convertible Preferred Stock), (ii)
subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock
split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common
Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before
such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event,
and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise
Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.


 




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b) Calculations. All
calculations under this Section 3 shall be made to the nearest 1/100th of a cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.


 


c) Notice to Holder.


 


i. Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to this Section 3, the Company shall promptly mail to the Holder a
notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and
setting forth a brief statement of the facts requiring such adjustment.


 


ii. Notice to Allow
Exercise by Holder. If (A) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (B) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, or (C) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, any of the events in Section 3.(c)ii (A), (B) or (C) being an “Event”,
then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant
Register (as defined below) of the Company, at least ten (10) calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record shall be
entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such Event
is expected to become effective or close, as applicable, and the date as of which it is expected that holders of the Common Stock
of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon
such Event; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the
validity of the corporate action required to be specified in such notice. The Holder shall remain entitled to exercise this Warrant
during the period commencing on the date of such notice to the effective date of the Event triggering such notice except as may
otherwise be expressly set forth herein.


 


Section 4. Transfer
of Warrant.


 


a) Transferability.
Subject to compliance with any applicable securities laws, the conditions set forth in Section 4(d) hereof, and the conditions
of the Purchase Agreement (including, without limitation, the Company’s prior written consent in accordance with the Purchase
Agreement) pursuant to which this Warrant was purchased, this Warrant and all rights hereunder (including, without limitation,
any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company
or its designated agent, together with an Assignment Form duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.


 




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b) New Warrants. This
Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall
be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.


 


c) Warrant Register.
The Company shall, either directly or through its representative, record or cause to be recorded, this Warrant, upon records to
be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof
from time to time, which Warrant Register shall be deemed to be accurate absent manifest error. The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to
the Holder, and for all other purposes, absent actual notice to the contrary.


 


d) Transfer Restrictions.
If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant
shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable
state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee
of this Warrant satisfy any other reasonable conditions established by the Company, including, without limitation, a legal opinion
reasonably acceptable to the Company with respect to such transfer.


 


e) Representation by the
Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise
hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing
or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law,
except pursuant to sales registered or exempted under the Securities Act. The Holder acknowledges that the Warrant Shares will
not be registered under the Securities Act of 1933, as amended, or any applicable statute or foreign securities law, and will therefore
not be freely transferable.


 


Section 5. Miscellaneous.


 


a) No Rights as Stockholder
Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of
the Company prior to the exercise hereof as set forth in Section 2(c)(i).


 


b) Loss, Theft, Destruction
or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it
of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall
not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such
Warrant or stock certificate.


 




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c) Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business
Day.


 


d) Authorized Shares.


 


The Company covenants that,
during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number
of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty
of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the
purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the trading
market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise
of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment
for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).


 


Except and to the extent
waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or reasonably appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the
generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or reasonably
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.


 


Before taking any action
which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof.


 


e) Jurisdiction. This
Warrant is a contract between the Company and the Holder and its terms shall be governed by and construed in accordance with the
laws of the State of New York applicable to contracts made and to be performed in the State of New York, without giving effect
to any choice or conflict of law provision or rule of that or any other jurisdiction. The Company and each Holder irrevocably consent
to the jurisdiction of the United States federal courts and the state courts located in New York City, in any suit or proceeding
based on or arising under this Warrant and irrevocably agree that all claims in respect of such suit or proceeding may be determined
in such courts. The Company and each Holder irrevocably waives the defense of an inconvenient forum to the maintenance of such
suit or proceeding in such forum. The Company further agrees that service of process upon the Company mailed by first class mail
shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. Nothing herein shall
affect the right of any Holder to serve process in any other manner permitted by law. The Company agrees that a final non-appealable
judgment in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment
or in any other lawful manner.


 




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f) Restrictions. The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.


 


g) Nonwaiver. No course
of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right
or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate
on the Termination Date.


 


h) Notices. Any notice,
request or other document required or permitted to be given or delivered to the Holder by the Company shall be deemed delivered
the day after the date sent if sent by overnight courier, the same day sent if sent by facsimile transmission or email with confirmation
of receipt by the Holder, or three (3) days after deposit with the US Postal Service if sent via certified mail or first class
mail if sent to the Holder at the address, facsimile number or email address provided by the Holder as of the last date on which
Holder communicated in writing such contact information to the Company.


 


i) Remedies. The Holder,
in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense
in any action for specific performance that a remedy at law would be adequate.


 


j) Successors and Assigns.
Subject to applicable securities laws, the provisions and limitations of the Purchase Agreement (including, without limitation,
the Company’s prior written consent in accordance with the Purchase Agreement) and this Warrant, and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the
successors and permitted assigns of Holder. Such successors or permitted assigns of the Holder shall be deemed to be the Holder
for all purposes hereunder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of
this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. Nothing herein, express or implied, is intended
to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by
reason of this Warrant.


 


k) Entire Agreement.
This Warrant constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained
herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such
subject matter.


 


l) Amendment. This
Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, the Holder, and the
majority in interest of the then Holders (as determined based on the number of Warrant Shares for which the then-outstanding Warrants
are exercisable); provided, however, that no such amendment or waiver may adversely affect any Holder’s rights
without such Holder’s consent.


 


m) Severability. Wherever
possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.


 


n) Headings. The headings
used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.


 


o) Waiver of Jury Trial.
Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated and
difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury
in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.


 


(Signature Page Follows)


 




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IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the ___ day of _____________, 2015.


 


	 	CORTEX PHARMACEUTICALS, inc.
	 	 
	 	By:	 
	 	Name: 	Arnold S. Lippa
	 	Title: 	Chief Executive Officer and Executive Chairman


 






    	 



    	 



    



 


	AGREED AND ACCEPTED:
	 
	[HOLDER]


 


	Signature: 	 	 
	 	 	 
	Name (print): 	 	 
	 	 	 
	Address: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Email: 	 	 
	 	 	 
	Facsimile Number: