Document:

Exhibit 10.8

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into as of February 7, 2014 by and between Cardax, Inc.,
a Delaware corporation (the “Company”), and the undersigned individual (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly competent
persons have become more reluctant to serve corporations as directors, officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board
of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more
exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would
have been brought only against the Company or business enterprise itself. The Amended and Restated Certificate of Incorporation
of the Company (the “Certificate”) and the By-laws of the Company (the “By-laws”)
require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant
to the General Corporation Law of the State of Delaware (“DGCL”). The Certificate, the By-laws and the DGCL
expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and members of the Board with respect to indemnification;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by law so that they will serve or continue to serve the Company free from undue concern
that they will not be so indemnified;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Certificate and the By-laws and any resolutions adopted pursuant thereto, and shall
not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
does not regard the protection available under the Certificate, the By-laws or insurance as adequate in the present circumstances,
and may not be willing to serve as an officer or director, or in any similar capacity, without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified.

 

    	 

    	 

    

 

Indemnification
Agreement

 

NOW, THEREFORE, in
consideration of Indemnitee’s agreement to serve as a director of the Company after the date hereof, the parties hereto agree
as follows:

 

1.           Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent not prohibited by
law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

 

(a)          Indemnitee
shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his Corporate Status (as hereinafter
defined), Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other
than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against
all Expenses (as hereinafter defined), liability and loss (including judgments, fines, ERISA excise taxes or penalties, amounts
paid or to be paid in settlement, and any interest, assessments, or other charges imposed on any such amounts, and any federal,
state, local, or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement)
(collectively, “Liabilities”) actually and reasonably incurred by him, or on his behalf, in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the interests of the Company and with respect to any criminal Proceeding, had no reasonable
cause to believe Indemnitee’s conduct was unlawful, it being acknowledged that any action taken by the Indemnitee upon the
advice of counsel shall provide a rebuttable presumption that such action was not opposed to the interests of the Company or that
Indemnitee had no reasonable cause to believe his conduct was unlawful.

 

(b)          Indemnitee
shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate Status, Indemnitee
is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant
to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with such Proceeding if Indemnitee acted in good faith; provided, however, if applicable law so provides,
no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which
Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State
of Delaware (or any successor thereto, the “Delaware Court”) shall determine that such indemnification
may be made.

 

(c)          Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful,
on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent not prohibited by law, as such may
be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes
of this Section 1 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

(d)          If
the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses
and Liabilities, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the
portion thereof to which the Indemnitee is entitled.

 

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Indemnification
Agreement

 

2.       
   Additional Indemnity.

 

(a)          In
addition to, and without regard to any limitations on, the indemnification provided for in Section 1, the Company shall and
hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is threatened to be made,
a party to or participant in any Proceeding (including, without limitation, a Proceeding by or in the right of the Company), including,
without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.

 

(b)          In
addition to, and without regard to any limitations on, the indemnification provided for in Section 1, in the event that the
Company provides rights to any person by reason of their Corporate Status or otherwise incurs a similar indemnification obligation
to any individual or entity that provides any greater rights to such indemnified individual or entity than the rights provided
to Indemnitee, then without any further action by any party to this Agreement, the Indemnitee shall be provided such greater rights.

 

(c)          The
only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall
not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions,
set forth in Sections 6 and 7) to be unlawful.

 

3.      
    Contribution.

 

(a)          Whether
or not the indemnification provided in Sections 1 or 2 is available, in respect of any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding
without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution
it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless (i) such settlement
provides for a full and final release of all claims asserted against Indemnitee, or (ii) the Indemnitee engaged in willful misconduct
that violates applicable law or gross negligence, or (iii) the Indemnity consents to such settlement.

 

(b)          Without
diminishing or impairing the obligations of the Company set forth in Section 3(b), if, for any reason, Indemnitee shall elect
or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the
Company shall contribute to the amount of expenses (including, without limitation, attorneys’ fees and disbursements), judgments,
fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative
benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly
liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other
hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion determined
on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative
fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with
Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection
with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations
which the Law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company,
other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the
one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their
actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary
and the degree to which their conduct is active or passive.

 

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Indemnification
Agreement

 

(c)          The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers,
directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)          To
the fullest extent not prohibited under law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

4.     
     Indemnification for Expenses of a Witness. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which
Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his
behalf in connection therewith.

 

5.     
     Advancement of Expenses. Notwithstanding any other provision of this Agreement, the
Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of
Indemnitee’s Corporate Status, including without limitation, any retainers or similar payments or deposits, within
thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance
or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an
undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee
is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this
Section 5 shall be unsecured and interest free.

 

6.     
     Procedures and Presumptions for Determination of Entitlement to Indemnification. It is
the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the
DGCL and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and
presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this
Agreement:

 

(a)          To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request
for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

(b)          Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), a determination, if required
by law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four
methods, which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors, even though less than
a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though
less than a quorum, (3), if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Legal
Counsel (as defined below) in written advice to the Board, a copy of which shall be delivered to Indemnitee, or (4) if so directed
by the Board, by the stockholders of the Company.

 

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Indemnification
Agreement

 

(c)          If
the determination of entitlement to indemnification is to be made by Independent Legal Counsel pursuant to Section 6(b), the
Independent Legal Counsel shall be selected as provided in this Section 6(c). The Independent Legal Counsel shall be selected
by the Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to
the Company, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted
only on the ground that the Independent Legal Counsel so selected does not meet the requirements of “Independent Legal Counsel”
as defined in Section 13, and the objection shall set forth with particularity the factual basis of such assertion. Absent
a proper and timely objection, the person so selected shall act as Independent Legal Counsel. If a written objection is made and
substantiated, the Independent Legal Counsel selected may not serve as Independent Legal Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee
of a written request for indemnification pursuant to Section 6(a), no Independent Legal Counsel shall have been selected and
not objected to, either the Company or Indemnitee may petition the Delaware Court or other court of competent jurisdiction for
resolution of any objection which shall have been made by Indemnitee to the Company’s selection of Independent Legal Counsel
and/or for the appointment as Independent Legal Counsel of a person selected by the court or by such other person as the court
shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Legal Counsel under Section 6(b). The Company shall pay any and all reasonable fees and expenses of Independent Legal Counsel
incurred by such Independent Legal Counsel in connection with acting pursuant to Section 6(b), and the Company shall pay all
reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent
Legal Counsel was selected or appointed.

 

(d)          In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including, without limitation, by its directors or Independent Legal Counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including, without limitation, by its directors or Independent
Legal Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption
that Indemnitee has not met the applicable standard of conduct.

 

(e)          Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise,
including, without limitation, financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
(as hereinafter defined) in the course of their duties, or on the advice of legal counsel for the Enterprise or on information
or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director,
officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be
presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of
persuasion by clear and convincing evidence.

 

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Indemnification
Agreement

 

(f)       
   If the person, persons or entity empowered or selected under this Section 6 to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the
Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been
made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or
an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with
the request for indemnification, or (ii) a prohibition of such indemnification under law; provided, however, that such 60-day
period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity
making such determination with respect to entitlement to indemnification in good faith requires such additional time to
obtain or evaluate documentation and/or information relating thereto; and provided, further, that the foregoing provisions of
this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the
stockholders pursuant to Section 6(b) and if (A) within fifteen (15) days after receipt by the Company of the request
for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the
stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such
receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15)
days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60)
days after having been so called and such determination is made thereat.

 

(g)          Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including, without limitation, providing to such person, persons or entity upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination. Any Independent Legal Counsel, member of the Board or stockholder of
the Company shall act reasonably and in good faith in making a determination regarding Indemnitee’s entitlement to indemnification
under this Agreement. Any costs or expenses (including, without limitation, attorneys’ fees and disbursements) incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to
hold Indemnitee harmless therefrom.

 

(h)          The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i)          The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

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Indemnification
Agreement

 

7.      
    Remedies of Indemnitee.

 

(a)          In
the event that (i) a determination is made pursuant to Section 6 that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement
to indemnification is made pursuant to Section 6(b) within ninety (90) days after receipt by the Company of the request
for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt
by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6,
Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent
jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication
within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b)          In
the event that a determination shall have been made pursuant to Section 6(b) that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the
merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)          If
a determination shall have been made pursuant to Section 6(b) that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially
misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under law.

 

(d)          In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages
for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained
by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition
of Expenses in Section 13) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e)          The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any court having jurisdiction
over such proceeding that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee
against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written
request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee
in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement
or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the
case may be.

 

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Indemnification
Agreement

 

(f)          Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

 

8.     
     Non-Exclusivity; Survival of Rights; Insurance; Subrogation; No Presumption.

 

(a)          The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may
at any time be entitled under law, the Certificate, the By-laws, any agreement, a vote of stockholders, a resolution of directors
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to
such amendment, alteration or repeal. To the extent that a change in the DGCL or other law, whether by statute or judicial decision,
permits greater indemnification than would be afforded currently under the Certificate, the By-laws and this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No
right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other right or remedy.

 

(b)          To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent
or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof,
the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of
such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result
of such proceeding in accordance with the terms of such policies. In connection with any sale of the Company, including any merger,
the Company shall use its reasonable commercial efforts to maintain an insurance policy for a reasonable period or “tail”
after the closing date of such sale or merger.

 

(c)          In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)          The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the
extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(e)          The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses
from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

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Indemnification
Agreement

 

(f)          For
purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit or claim, by
judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent,
shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief
or that a court has determined that indemnification is not permitted by applicable law.

 

9.     
     Exception to Right of Indemnification. Notwithstanding any provision in this Agreement,
the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against
Indemnitee:

 

(a)          for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)          for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or
common law; or

 

(c)          in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of
any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under law.

 

10.         Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise), plus three (3) years thereafter, and shall continue in all
events thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7) by
reason of his Corporate Status, not matter when instituted, whether or not he is acting or serving in any such capacity at the
time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall
be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including
any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or
assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. Notwithstanding the foregoing,
no legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company or any affiliate of the
Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the
expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company or its
affiliate shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such period;
provided, however, that if any shorter statute of limitations is otherwise applicable to any such cause of action, such shorter
statute of limitations shall govern.

 

11.         Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral.
Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

 

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Indemnification
Agreement

 

12.         Enforcement.

 

(a)          The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby
in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as an officer or director of the Company.

 

(b)          This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

13.         Definitions.
For purposes of this Agreement

 

(a)          “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company,
a subsidiary of the Company or of any other corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving at the express written request of the Company. For the avoidance
of doubt, “Corporate Status” does not include the status of a person described in the foregoing sentence in his or
her role as a representative of any stockholder of the Company.

 

(b)          “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(c)          “Enterprise”
shall mean the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer,
employee, agent or fiduciary.

 

(d)          “Expenses”
shall include all attorneys’ fees, disbursements, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, participating, or being or preparing to be a witness in a Proceeding. Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and
other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not
include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(e)          “Independent
Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the
Independent Legal Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

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Indemnification
Agreement

 

(f)          “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of
the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved
as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any
action taken by him or of any inaction on his part while acting as an officer or director of the Company, or by reason of the fact
that he is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation,
partnership, limited liability company, joint venture, trust or other Enterprise; in each case whether or not he is acting or serving
in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement;
including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant Section 7
to enforce his rights under this Agreement.

 

14.         Severability.
The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to
the fullest extent permitted by law. In the event any provision hereof conflicts with any law, such provision shall be deemed modified,
consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.         Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.         Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

 

17.         Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if such
address is so provided under this Section 17 and sent during normal business hours of the recipient, and if not so confirmed, then
on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent:

 

		(a)	To Indemnitee at the address set forth below Indemnitee
signature hereto.

 

		(b)	To the Company at:

 

Cardax, Inc.

2800 Woodlawn
Drive, Suite 129

Honolulu, Hawaii
96822

Attention:
Chairman of the Board

 

or to such other address
as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be; provided, that any
notice providing such other address shall be effective only if such notice expressly references this Agreement and this Section
17.

 

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Indemnification
Agreement

 

18.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

19.         Headings.
The headings of the Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

20.         Arbitration.
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined
by arbitration in Honolulu, Hawaii if the Indemnitee commences the action or proceeding or the State of domicile of the Indemnitee
if the Company commences the action or proceeding, in each case, before three arbitrators. The arbitration shall be administered
by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those
Rules. Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking
provisional remedies in aid of arbitration from a court of appropriate jurisdiction and shall not remove the exclusive jurisdiction
of the Delaware Court of Chancery to the extent such court has exclusive jurisdiction with respect to any action or proceeding
relating to this Agreement or the subject matter of this Agreement.

 

21.         Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that, subject to the provisions of Section 20, any action or proceeding
arising out of or in connection with this Agreement shall be brought and maintained only in the Delaware Court, and not in any
other state or federal court in the United States of America or any court in any other country, unless the Delaware Court is unable
to adjudicate such action or proceeding, whereupon such action or proceeding may be brought and maintained in any court of competent
jurisdiction, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding
arising out of or in connection with this Agreement, unless such action or proceeding is brought or maintained in another court
as provided in clause (i) above, (iii) appoint, to the extent such party is not otherwise subject to service of process in
the State of Delaware, irrevocably the Delaware Court as its agent in the State of Delaware as such party’s agent for acceptance
of legal process in connection with any such action or proceeding against such party with the same legal force and validity as
if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such
action or proceeding in the Delaware Court, unless such action or proceeding is brought or maintained in another court as provided
in clause (i) above, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought
in the Delaware Court has been brought in an improper or inconvenient forum, unless such action or proceeding is brought or maintained
in another court as provided in clause (i) above.

 

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left blank]

 

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Indemnification
Agreement

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	CARDAX, INC. 
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	By:	 
	 	 	 
	 	Name:  
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 

 

	 	Phone: 	 
	 	 	 
	 	Fax: 	 
	 	 	 
	 	Email:Exhibit 10.9

 

SENIOR EXECUTIVE EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is made as of February 7, 2014 by and between Cardax,
Inc., a Delaware corporation (the “Company”), and David G. Watumull, an individual (the “Employee”).

 

WITNESSETH:

 

WHEREAS, the Company,
together with its subsidiaries, is engaged in the business of developing, marketing and distribution of nutraceutical and pharmaceutical
products (collectively, the “Business”);

 

WHEREAS, the Company
desires to employ the Employee, and the Employee desires to accept such employment, on the terms and conditions herein set forth.

 

NOW, THEREFORE, in
consideration of the mutual covenants and conditions provided herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as
follows:

 

1.     
     Employment, Duties and Authority.

 

1.1           Exclusive
Devotion of Business Time. The Company agrees to employ the Employee and, unless otherwise agreed to by the parties in writing,
the Employee agrees to devote his full business time, effort, skills and loyalty to the business of the Company to effectively
carry out his responsibilities to the Company hereunder and to the render his services and skills in the furtherance of the business
of the Company; provided, that this provision shall not prevent the Employee from: (i) serving on civil, charitable and
corporate boards and committees, subject to the Company’s policies and standards; and (ii) managing his investments and the
investments of his immediate family, subject to the Company’s policies and standards; provided that the activities
referenced in clauses (i) and (ii) above do not, individually or in the aggregate, interfere with the performance of the Employee’s
duties under this Agreement.

 

1.2           Title;
Position. The Company agrees to employ the Employee as its President, Chief Executive Officer and Director. The primary responsibility
of the Employee shall be the strategic, scientific, and financial direction of the Company, and the identification, negotiation,
and consummation of financing and strategic transactions. Without limiting the foregoing, the Employee shall serve at the request
of the Board of Directors of the Company (the “Board”) as a director or officer of any corporation of any type
or kind, domestic or foreign, or any partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise in the furtherance of the Business and shall otherwise assist in the preparation of, and implementation of, the strategic
business plans and developments of the Company.

 

1.3           Reporting.
The Employee shall report to (a) the Board or (b) such other person as may be designated by the Board from time to time.

 

    	 

    	 

    

 

1.4          Cooperation.
During the term of this Agreement and any time thereafter, the Employee agrees to give prompt written notice to the Company of
any claim or injury relating to the Company, and to fully cooperate in good faith and to the best of his ability with the Company
in connection with all pending, potential or future claims, investigations or actions which directly or indirectly relate to any
transaction, event or activity about which the Employee may have knowledge because of his employment with the Company. Such cooperation
shall include all assistance that the Company, its counsel, or its representatives may reasonably request, including reviewing
and interpreting documents, meeting with counsel, providing factual information and material, and appearing or testifying as a
witness.

 

1.5          Primary
Office Location; Travel Commitment. The Employee shall perform his duties primarily from the Company’s headquarters in
Honolulu, Hawaii or such other location as the Company may reasonably determine from time to time; provided, that the Employee
shall be available and shall travel from such location from time to time as is necessary or desirable in furtherance of the Business,
specifically the acquisition, renovation, improvement and development of Employee office suite centers and meetings of the Board
or any committee thereof.

 

1.6          Performance
of Duties. During the term of this Agreement, the Employee shall perform the duties assigned to him, which duties shall be
consistent with the duties described above in this Section 1, and shall observe and carry out such rules, regulations, policies,
directions and restrictions as the Board shall from time to time establish. In performance of his duties hereunder, the Employee
shall comply in each and every respect with applicable laws, rules and regulations applicable to the Company and the Business.

 

1.7          Certain
Defined Terms. For the purposes of this Agreement, the following terms shall have the respective meanings ascribed thereto
in this Section:

 

1.7.1.          “Cause”
shall mean any of the following conditions occurred, and after a determination by the Board that such condition occurred, was not
cured:

 

(i)          The
Employee commits (A) a breach of his fiduciary duty to the Company or any of its affiliates, to the extent such duty is owed, (B)
gross negligence, or (C) willful misconduct;

 

(ii)         The
Employee violates the internal procedures or policies of the Company in a manner which has a material adverse effect on the reputation,
business of the Company such as conduct constituting employment discrimination or sexual harassment;

 

which, in any event, is not cured in all material respects by
the Employee within 30 days after notice thereof.

 

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1.7.2.          “Confidential
Information” means all confidential and proprietary information of the Company, including, without limitation, information
relating to or concerning Proprietary Products (as defined below) and the exploitation of proprietary rights relating thereto;
the Business; trade secret information; client, investor, customer and supplier lists, identities and contracts or arrangements;
financial information (including financial statements, budgets and projections); market research and development procedures, processes,
techniques, plans and results (including inconclusive results); all information which may be included in any patent or copyright
application or amendment thereof or defense or litigation with respect thereto; marketing, licensing and distribution or franchising
strategies, plans or projections; investment or acquisition opportunities, plans or strategies; products and asset composition;
pricing information or policies; royalty, franchising or licensing arrangements; computer software, passwords, programs or data;
and all other business related information which has not been publicly disclosed by the Company or its affiliates, whether such
information is in written, graphic, recorded, photographic, data or any machine readable form or is orally conveyed to, or memorized
by, or developed by the Employee; provided, that Confidential Information shall not include information which: (i) at the
time of disclosure is generally known in the business and industry in which the Company is engaged; or (ii) after disclosure is
published or otherwise becomes generally known in such business or industry through no fault of the Employee.

 

1.7.3.          “Developments”
means discoveries, concepts, ideas, designs, methods, formulas, know-how, techniques, systems or any improvements or enhancements
thereon, whether or not patentable or copyrightable, made, conceived, improved or developed, in whole or in part, by the Employee
during the term of this Agreement relating to: (i) any of the Company’s or its affiliates’ products or services, potential
products or services, developments or techniques; or (ii) any work in which the Employee is or may be engaged on behalf of the
Company or its affiliates.

 

1.7.4.          “Disability”
means the Employee’s physical or mental incapacity which, in the reasonable good faith determination of the Board, renders
the Employee incapable of performing the essential functions of his duties under this Agreement for any consecutive forty-five
(45) day period or for any sixty (60) days within any period of one hundred and twenty (120) days.

 

1.7.5.          “Documents”
means any and all books, textbooks, letters, pamphlets, drafts, memoranda, notes, records, drawings, files, documents, manuals,
compilations of information, correspondence or other writings of any kind and all copies, abstracts and summaries of any of the
foregoing, whether in printed, written or electronic data or any machine readable form: (i) of the Company or its affiliates; or
(ii) in the possession or control of the Employee and pertaining to, and used in the furtherance of, the Business.

 

1.7.6.          “Proprietary
Products” means collectively Documents, Developments and Related Property.

 

1.7.7.          “Related
Property” means all tangible and intangible property owned by, or licensed to, or otherwise used by the Company or its
affiliates including, without limitation, ideas, concepts, projects, programs, computer software or hardware, data bases, specifications,
documentation, algorithms, source codes, object codes, program listings, product platforms and architectures, concepts, screens,
formats, technology, know-how, Developments, research and development and patents, copyrights, trademarks, trade names, service
names, service marks, logos and designs and other proprietary rights and registrations and applications and the rights to apply
therefor.

 

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2.     
     Compensation and Benefits.

 

2.1          Annual
Compensation. From the date hereof until termination of the Employee’s employment hereunder in accordance with Section
3, the Company shall pay to the Employee a fixed base salary at an annual rate of $450,000 (the “Annual Payment”).
The Annual Payment shall be paid to the Employee in accordance with the normal payroll practices of the Company as in effect from
time to time. The amount of the Annual Payment may be increased, in the sole discretion of the Company, to be effective upon any
renewal of the term of this Agreement.

 

2.2          Performance
Bonus. The Employee shall be eligible to be considered for an incentive bonus for each fiscal year of the Company. The bonus,
if any, will be awarded in the Company’s sole discretion based on criteria established by the Company’s Chief Executive
Officer and approved by the Board.

 

2.3          Equity
Compensation Plan.

 

2.3.1.          Under
the Employee’s previous employment with the Company’s predecessor, Cardax Pharmaceuticals, Inc. (“Pharmaceuticals”),
the Employee was issued options to purchase shares of common stock of Pharmaceuticals pursuant to Pharmaceuticals 2006 Stock Incentive
Plan and the stock option agreement thereunder (as amended to the date of this Agreement, collectively, the “Old Plan”).
In accordance with the terms of the Old Plan, all rights to acquire shares of common stock of Pharmaceuticals is substituted for
the right to purchase shares of common stock of the Company under the Company’s 2014 Equity Compensation Plan (the “New
Plan”), as of and contingent upon the closing of the merger (the “Effective Time”), as described in
that certain Agreement and Plan of Merger, dated as of November 27, 2013, as amended (the “Merger Agreement”),
as follows:

 

The right that the Employee has
under the Old Plan to the right to acquire 3,885,209 shares of common stock of Pharmaceuticals at an exercise price per share of
$0.07 are hereby substituted on and contingent upon the Effective Time for the right to purchase 1,750,588 shares of common stock
of the Company at an exercise price equal to $0.155.

 

2.3.2.          In
addition, as a further incentive to the Employee:

 

(i)          The
substitution of the options under the Old Plan are modified on the Effective Time so that they have an exercise period of ten years,
subject to earlier termination of the right to exercise an option as provided in the New Plan (which is the same exercise period
for options that are granted on the Effective Time under the New Plan); and

 

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(ii)         The
Company has also provided an additional grant of incentive stock options under the New Plan in accordance with a separate grant
agreement that is being executed and delivered by and between the Company and the Employee as of the Effective Time. Such additional
grant of stock options shall be (x) subject to the vesting restrictions and other terms and conditions to be entered into between
the Employee, the Company, and the New Plan, (y) have an exercise period of 10 years, subject to earlier termination of the right
to exercise an option as provided in the New Plan; and (z) have an initial exercise price per share equal to $0.625, subject to
adjustment as provided in the New Plan to appropriately adjust the incentive stock option for changes to the common stock of the
Company.

 

(iii)        The
total number of stock options that you have under the New Plan is equal to: (1) the number of shares that represent a substitution
of your options under the Old Plan, described in clause (i), above; plus (2) the additional grant of incentive stock options granted
under the New Plan, described in clause (ii), above; and is equal to 5.50% of the total number of shares of common stock of the
Company as of the Effective Time, determined on a fully diluted basis (assuming that all shares of common stock of the Company
reserved for issuance under the New Plan, including the shares that would be issued for grants that substitute options under the
Old Plan, are issued and outstanding).

 

2.4           Reimbursement
of Expenses. The Company shall reimburse the Employee for reasonable out-of-pocket expenses incurred by the Employee for the
benefit of the Company upon presentation of appropriate documentation and in accordance with the Company’s policy in effect
from time to time.

 

2.5           Paid
Time Off. The Employee shall be entitled to paid time off (“PTO”) at the rate of 15 days per year during
the term of this Agreement. PTO days shall begin to accrue from and after the date hereof ratably during each fiscal quarter (or
pro rata for any partial quarter) the Employee actually works. PTO shall be taken at times when reasonably appropriate given the
Employee’s responsibilities and consistent with the needs of the Company and shall not be for a period greater than two (2)
weeks at a time without the consent of the Company, which consent shall not be unreasonably withheld.

 

2.6           Benefits.
During the period that the Employee is employed by the Company and for such longer period as required by applicable law, the Employee
shall be entitled to participate in the employee benefit plans, policies and programs, including health and disability insurance
(collectively, “Benefits”), on the same terms and conditions made available to other employees of the Company.

 

2.7           Withholding.
All payments of compensation shall be subject to all applicable withholding taxes and other legally required payroll deductions.
The Employee shall provide the Company with all information reasonably requested by the Company with respect to such deductions
and withholdings.

 

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3.    
      Term. This Agreement has a one (1) year term, commencing on the date
hereof, that automatically renews unless either party notifies the other party that the then current term will not be renewed
at least ninety (90) days prior to the expiration of such current term.

 

4.      
    Termination.

 

4.1          Termination.
Notwithstanding any provision herein to the contrary, the Employee’s employment hereunder shall be terminated upon any of
the following events: (i) the death or Disability of the Employee; (ii) the termination of the Employee by the Company; or (iii)
the termination by the Employee; provided that any termination hereunder, other than as a result of death, shall be communicated
by a notice from the party terminating the employment to the other party and such termination shall be effective on the date such
notice is deemed given by such party in accordance with Section 15. In the event of the Disability or temporary disability of the
Employee, the Company shall have the right to appoint: (i) a temporary replacement to assume some or all of the Employee’s
duties, if the Company, in its sole discretion, determines that the Employee’s condition may render him incapable of effectively
performing some or all of your essential duties for your position with the Company described in this Agreement (any such determination
to be made by the Company in good faith); and (ii) a permanent replacement if the Employee’s employment hereunder is terminated
because of such Disability. During any period the Employee is temporarily disabled, the Company will continue, on the same terms
and conditions, the Employee’s Annual Payment and Benefits. Any period of paid disability leave under this Section shall
be counted against any period of unpaid leave to which the Employee may be entitled under any federal, state or local family and
medical leave laws.

 

4.2          Payments
Upon Termination of Employment. In the event of termination of the Employee’s employment hereunder pursuant to this Section
4:

 

4.2.1.          The
Employee (or his heirs, legatees or personal representatives) shall be entitled to receive all compensation and benefits specified
in this Agreement which shall have accrued prior to the date of such termination and the obligation of the Company for the payment
of compensation, and the right of the Employee to receive any further compensation or benefit, except as provided by applicable
law or otherwise provided herein, shall terminate as of the date of such termination.

 

4.2.2.          All
rights of the Company or the Employee which shall have accrued hereunder prior to the date of the Employee’s termination,
and the provisions of this Agreement which are stated herein to survive termination, shall survive such termination and the Company
and the Employee shall continue to be bound by such provisions in accordance with the terms hereof.

 

4.2.3.          If
the employment hereunder is terminated because of the Employee’s death or Disability, then the Company shall pay any benefits
which are expressly provided to the Employee upon his death or Disability under the terms of any benefit plan, policy or program
in effect at the time of such death or Disability.

 

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4.2.4.          In
addition to any other compensation and benefits provided by the Company to the Employee, if the Employee is terminated by the Company
for any reason other than for Cause or the Employee resigns and terminates the employment with the Company hereunder for “Good
Reason,” being defined as a breach or default by the Company of its obligations under this Agreement which continues
for a period of five business days after notice thereof or any such breach or default that occurs three or more times during any
365 day period, then the Employee shall have the right to: (i) an aggregate cash amount (the “Covenant Payment”)
equal in the then Annual Payment of the Employee, which shall be payable in twelve equal monthly installments in arrears, on or
prior to ten (10) days after each month; and (ii) receive an additional payment equal to the amount required by the Employee to
continue health and medical benefits for one year, which amounts shall be paid monthly in advance.

 

4.3          Exclusive
Benefits. Except as so provided in this Section 4, no further benefits, compensation or rights of the Employee shall continue
to accrue after the date of the termination of the employment of the Employee hereunder.

 

5.     
     Ownership of Rights to Proprietary Products.

 

5.1          The
Employee acknowledges and agrees that the Proprietary Products, are and shall be the exclusive and valuable property of the Company
and its affiliates, as the case may be, and the Employee shall neither have, nor claim to have, any right, title or interest therein
or thereto. All opportunities relating to the Proprietary Products whether or not involving third parties shall belong to and be
carried out for the account of the Company.

 

5.2          Any
and all Developments shall be deemed work specifically ordered or commissioned by the Company and each such work shall be considered
a “work made for hire” within the meaning of 17 U.S.C. §101 of the United States Copyright Act and all rights
to such work shall belong entirely to the Company. The Employee shall from time to time upon the request of the Company promptly
execute and deliver to the Company any instruments necessary to effect the irrevocable assignment of all of his right, title and
interest, including copyright and author rights, in such works to the Company and for the Company to obtain proprietary rights
in connection therewith.

 

5.3          The
Employee’s covenants under this Section 5 of this Agreement shall survive the expiration or termination of this Agreement.

 

6.        
  Confidentiality. The Employee acknowledges and agrees that it is imperative to the success of the
Company and its affiliates that all Confidential Information be maintained in strict confidence at all times. The Employee
shall therefore retain in strict confidence and not, directly or indirectly, copy or disclose or transfer to any third party
any Confidential Information except in the furtherance of the Business for the benefit of the Company; nor shall he use
Confidential Information for any purpose except for the benefit of the Company or its affiliates. The Employee’s
covenants under this Section 6 of this Agreement shall survive the expiration or termination of this Agreement.

 

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7.   
       Documents. The Employee agrees that any and all Documents made or
kept by him shall be and are the sole and exclusive property of the Company. The Employee agrees to execute and deliver to
the Company or its affiliates, as the case may be, any and all agreements or instruments of any nature which the Company or
its affiliates deem necessary or appropriate to acquire, enhance, protect, perfect, assign, sell or transfer his rights under
this Section. The Employee also agrees that upon request he will place all Documents in the Company’s possession and
will not remove or cause to be removed any Documents or reproductions thereof, except as is necessary and customary to
directly further the Business for the benefit of the Company or with the prior consent of either Co-President. Upon the
expiration or termination of the employment of the Employee hereunder, all Documents shall remain in the possession or
control of the Company and any Documents within the possession or control of the Employee or any of his affiliates shall be
promptly returned to the Company at its principal office. The Employee’s covenants under this Section 7 of this
Agreement shall survive the expiration or termination of this Agreement.

 

8.     
     Developments.

 

8.1           The
Employee shall communicate and fully disclose to the Company any and all Developments made or conceived by him during or prior
to his employment with the Company, and any and all Developments which he may conceive or make, during his employment or has conceived
or made, prior to his employment, with the Company, shall be at all times and for all purposes regarded as acquired and held by
him in a fiduciary capacity and solely for the benefit of the Company and shall be the sole and exclusive property of the Company;
unless the parties have otherwise agreed to in writing.

 

8.2           The
Employee shall assist the Company in every proper way upon request to obtain for its benefit patents, copyrights, trade names,
trademarks, service names, service marks for any and all Proprietary Products and Developments in the United States and all foreign
countries. All such patents, copyrights, trade names, trademarks, service names, service marks and any registrations and applications
therefor are to be, and remain, the exclusive property of the Company and the Employee agrees that he will, whenever so requested
by the Company or its duly authorized agent, make, execute and deliver to the Company its affiliates, successors, assigns, or nominees,
without charge, any and all applications, assignments and all other instruments which the Company or its affiliates shall deem
necessary or appropriate in order to apply for and obtain such patents, copyrights, trade names, trademarks, service names, and
service marks or in order to assign and convey to the Company or its affiliates, their successors, assigns or nominees, the sole
and exclusive right, title and interest therein and thereto. The Employee’s obligations to execute any such instruments shall
continue notwithstanding the termination or expiration of this Agreement.

 

9.   
       Post-Termination Covenants. The Employee acknowledges and agrees that
the Proprietary Products are the exclusive and valuable property of the Company and may not be used by the Employee for any
purpose of any kind, directly or indirectly, except during the term of this Agreement for the sole and exclusive benefit of
the Company in his capacity as an employee of the Company and that the success of the Company depends on the Employee’s
observance of his covenants in this Section 9.

 

9.1           In
consideration of the rights and benefits hereunder including the Covenant Payments, the Employee agrees that so long as he is an
employee or consultant of the Company and in addition, for a period of two (2) years after the date of termination or expiration
of this Agreement if the Employee was terminated by the Company for Cause (“Restrictive Period A”), he shall
not directly or indirectly:

 

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9.1.1.          Solicit,
hire or retain any person who then is or has been an employee of or consultant to the Company within the six months prior to the
Employee’s date of termination or separation, or persuade or entice any such employee or consultant to terminate or lessen
the extent of his, her or its relationship with the Company.

 

9.1.2.          Engage
in any activity to interfere with, maliciously disrupt or damage the Business of the Company or its relationships with any of its
clients, customers, distributors, suppliers, investors or other financial co-venturer or other business relationship.

 

9.2          In
consideration of the rights and benefits hereunder including the Covenant Payment, the Employee agrees that so long as he is an
employee or consultant of the Company and in addition, for a period of six months (6) months after the date of termination (but
not any expiration) of this Agreement or one (1) year (“Restrictive Period B”, together with Restrictive Period
A, the “Restrictive Period”) if the Employee was terminated by the Company for Cause, engage in, represent,
furnish consulting services to, be employed by or possess an interest in, directly or indirectly (e.g., as owner, principal, director,
officer, partner, landlord, lender, agent, consultant, shareholder or member), any other business venture of any kind that is engaged
in the Company business, or the business of any of the Company’s affiliates, or any other business that the Company or its
affiliates engages in significantly after the date hereof and defined as a Competing Business; provided, however, that the foregoing
shall not restrict the Employee from holding a five percent (5%) or less non-controlling interest in a publicly traded company
engaged in a Competing Business and as defined below or if the Employee is consulting or employed by a company or other entity
that is engaged in a Competing Business, the Employee does not participate in, supervise, or otherwise support the Competing Business
of such other company or entity; provided that this proviso shall not apply to any Specified Competitor. Notwithstanding the foregoing,
the Restrictive Period for the Employee shall terminate on the date of the termination or separation of the employment of the Employee
if the Employee resigns for Good Reason and the Employee shall not have any obligations under this Section 9 in any such event.
A “Competing Business” shall mean any domestic or international pharmaceutical or nutraceutical company which
is engaged in the sale, development, research of Carotenoid technologies or products for consumer consumption or any other technologies
then currently actively pursued by the Company; including but not limited to any Specified Competitor. For the purposes of this
Agreement, the term “Specified Competitor” shall mean each company or entity that is from time to time reasonably
designated by the Company by a notice to the Employee after the date hereof which similarly competes with the Company or is referred
to in a publicly filed document as a competitor of the Company.

 

9.3          Following
termination of the Employee’s employment by the Company for any reason, the Employee shall continue to observe and be bound
by his covenants under Section 9.1 for the period provided in Section 9.1; provided that Section 9.1.1 shall not include
the hiring of any employees of or consultants to the Company, if such hiring process was conducted anonymously through a third
party, it being understood that this provision shall not be applicable to the hiring of senior level employees.

 

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9.4           For
purposes of this Section 9, the term “Company” shall include the Company and its affiliates in the Business, including
any entity that directly or indirectly controls the business and affairs of the Company.

 

10.         Specific
Enforcement.

 

10.1         The
Employee is obligated under this Agreement to render services and comply with covenants of a special, unique, unusual and extraordinary
character, thereby giving this Agreement peculiar value so that the loss of such service or violation by the Employee of this Agreement
could not reasonably or adequately be compensated in damages in an action at law. Therefore, in addition to any other remedies
or sanctions provided by law, whether criminal or civil, and without limiting the right of the Company and successors or assigns
to pursue all other legal and equitable rights available to them, the Company shall have the right during the Employee’s
employment hereunder (or thereafter with respect to obligations continuing after the termination of this Agreement) to compel specific
performance hereof by the Employee or to obtain temporary and permanent injunctive relief against violations hereof by the Employee,
and, in furtherance thereof, to apply to any court with jurisdiction over the parties hereto in accordance with Section 19 to enforce
the provisions hereof.

 

10.2         The
Employee waives any requirement for security or the posting of any bond or other surety and proof of damages in connection with
any temporary or permanent award of injunctive, mandatory or other equitable relief and further agrees to waive the defense in
any action for specific performance that a remedy at law would be adequate.

 

11.         Legal
Costs and Expenses. If any party hereto prevails in any proceedings, legal or equitable, to enforce any obligations under this
Agreement, such party shall also be entitled to recover all costs and expenses incurred by such party in connection therewith,
including reasonable attorneys’ and accountants’ fees and disbursements.

 

12.         Assignment.
The rights and duties of the Employee hereunder are not assignable. The Company may assign this Agreement and all rights and obligations
hereunder to any third party who becomes a successor to the Company’s Business. Upon any such assignment by the Company,
the term “Company” as used herein shall be deemed to include any such assignee of the Company, and the assignee shall
have the right to enforce all of the Company’s rights and remedies hereunder in its own name as if a party hereto in the
place and stead of the Company. The Employee agrees to confirm his obligations to any assignee, transferee, licensee or sublicensee
of the Company or their successors and assigns (a “Successor Employer”) by executing a new contract with such
Successor Employer containing substantially the same terms and conditions as herein provided; provided that such Successor
Employer also confirms to the Employee all of the Company’s obligations as herein provided.

 

13.         Binding
Effect. This Agreement shall be binding upon the parties hereto and their respective successors-in-interest, heirs and personal
representatives and, to the extent permitted herein, the assigns of the Company.

 

    	10

    	 

    

 

14.         Severability.
If any provision of this Agreement or any part hereof or the application hereof to any person or circumstance shall be finally
determined by a court of competent jurisdiction or by any arbitration panel to be invalid or unenforceable to any extent, the remainder
of this Agreement, or the remainder of such provision or the application of such provision to persons or circumstances other than
those as to which it has been held invalid or unenforceable, shall not be affected thereby and each provision of this Agreement
shall remain in full force and effect to the fullest extent permitted by law. The parties also agree that if any portion of this
Agreement, or any part hereof or application hereof, to any person or circumstance shall be finally determined by a court of competent
jurisdiction or arbitration panel to be invalid or unenforceable to any extent, then such objectionable provision shall be deemed
modified to the extent necessary so as to make it valid, reasonable and enforceable including, without limitation, modification
of the restrictive covenants of Section 9 with respect to geography, time or scope of business.

 

15.         Notices.
Wherever provision is made in this Agreement for the giving of any notice, such notice shall be in writing and shall be deemed
to have been duly given if mailed by first class United States mail, postage prepaid, addressed to the party entitled to receive
the same or if delivered personally, sent by facsimile transmission (if a facsimile number is provided in this Section 15) or sent
by overnight courier to such party at the address specified below:

 

If to the Company:

 

Cardax, Inc.

2800 Woodlawn Drive,
Suite 129

Honolulu, Hawaii 96822

Attn: Chairman of the
Board

Facsimile: (808) 237-5901

 

With a copy (which shall not constitute
notice) to:

Herrick, Feinstein LLP

2 Park Avenue

New York, New York 10016

Attn: Richard M. Morris, Esq.

Facsimile: (212) 545-3371

 

If to the Employee:

 

to the address that is then on
record with the Company for payroll purposes.

 

or to such other address, in any such case,
as any party hereto shall have last designated by notice to each other party.

 

All such notices, requests
and other communications will: (i) if delivered personally to the address as provided in this Section, be deemed given upon
delivery; (ii) if delivered by facsimile transmission to the facsimile number as provided in this Section, be deemed given
upon the completion of the facsimile transmission, if the receipt is confirmed by the telefax machine; (iii) if delivered by overnight
courier, be deemed given upon the first business day after such notice, request or other communication is given to such courier
with all charges and fees prepaid and any required signature of the deliveree is waived; and (iv) if delivered by mail in
the manner described above to the address as provided in this Section, be deemed given upon receipt (in each case regardless of
whether such notice, request or other communication is received by any other person to whom a copy of such notice, request or other
communication is to be delivered pursuant to this Section).

 

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16.         Entire
Agreement; Amendment. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior written or oral negotiations, representations, agreements, commitments, contracts or understandings
with respect thereto and no modification, alteration or amendment to this Agreement may be made unless the same shall be in writing
and signed by both of the parties hereto.

 

17.         Waivers.
No failure by either party to exercise any of such party’s rights hereunder or to insist upon strict compliance with respect
to any obligation hereunder, and no custom or practice of the parties at variance with the terms hereof, shall constitute a waiver
by either party to demand exact compliance with the terms hereof. Waiver by either party of any particular default by the other
party shall not affect or impair such party’s rights in respect to any subsequent default of the same or a different nature,
nor shall any delay or omission of either party to exercise any rights arising from any default by the other party affect or impair
such party’s rights as to such default or any subsequent default.

 

18.         Arbitration.
Any dispute or claim arising out of or in connection with your employment with the Company will be finally settled by binding arbitration
conducted in accordance with the then-current Hawaii Uniform Arbitration Act Rules (the “Hawaii Rules”), to the extent
not inconsistent with the American Arbitration Association (AAA) Rules (as defined below), and pursuant to Hawaii law without reference
to rules of conflicts of law or rules of statutory arbitration. The parties agree that any arbitration will be administered by
the AAA and that one neutral arbitrator will be selected in a manner consistent with the AAA National Rules for the Resolution
of Employment Disputes (the “AAA Rules”). The location of the arbitration shall be in the same city as the Company’s
headquarters at the time of the arbitration. Except as provided by the Hawaii Rules, arbitration shall be the sole, exclusive,
and final remedy for any dispute between the Employee and the Company. Judgment on the award rendered by the arbitrator may be
entered in any court having jurisdiction hereof. Notwithstanding the foregoing, the parties may apply to any court of competent
jurisdiction for preliminary or interim relief, or to compel arbitration in accordance with this paragraph, without breach of this
arbitration provision. This section shall survive the term of this Agreement, through and including the latter Restrictive Period.

 

19.         Governing
Law. For purposes of construction, interpretation and enforcement, this Agreement shall be deemed to have been entered into
under the laws of the State of Hawaii and its validity, effect, performance, interpretation, construction and enforcement shall
be governed by and subject to the laws of the State of Hawaii without reference to its choice of law rules.

 

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20.         Exclusive
Jurisdiction. Subject to the provisions of Section 18, all actions and proceedings arising out of, or relating to, this Agreement
shall be heard and determined in any state or federal court sitting in the county of Honolulu, Hawaii. Each of the Company and
the Employee, by execution and delivery of this Agreement: (i) expressly and irrevocably consent and submit to the personal jurisdiction
of any of such courts in any such action or proceeding; (ii) consent to the service of any complaint, summons, notice or other
process relating to any such action or proceeding by delivery thereof to such party by hand or by U.S. certified mail without return
receipt requested, delivered or addressed as set forth in Section 15 of this Agreement; and (iii) waive any claim or defense in
any such action or proceeding based on any alleged lack of personal jurisdiction, improper venue or forum non conveniens or any
similar basis.

 

21.         Interpretation.
Section titles and headings to sections herein are inserted for convenience of reference only and are not intended to be a part
of or to affect the meaning or interpretation of this Agreement.

 

22.         Expenses.
Each of the Company, on the one hand, and the Employee, on the other, will pay all of their own costs and expenses incident to
the negotiation and preparation of this Agreement.

 

23.         Miscellaneous.

 

23.1         This
Agreement may be executed in one or more counterparts, each of which shall be considered an original instrument, but all of which
shall be considered one and the same agreement.

 

23.2         The
Section headings herein are for convenience of reference only and shall not be used to construe the meaning of any provision of
this Agreement.

 

23.3         Any
word or term used in this Agreement in any form shall be masculine, feminine, neuter, singular or plural, as proper reading requires.
The words “herein”, “hereof”, “hereby” or “hereto” shall refer to this Agreement
unless otherwise expressly provided. Any reference herein to a Section or any exhibit or schedule shall be a reference to a Section
of, and an exhibit or schedule to, this Agreement unless the context otherwise requires.

 

[THE NEXT PAGE IS THE SIGNATURE PAGE]

 

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IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement as of the date first written above.

 

	 	COMPANY:
	 	Cardax, Inc., a Delaware corporation
	 	 	 
	 	By:	/s/ Nicholas Mitsakos
	 	 	Name:  Nicholas Mitsakos
	 	 	Title:    Executive Chairman
	 	 	 
	 	EMPLOYEE:
	 	 
	 	/s/ David G. Watumull
	 	David G. Watumull, Individually

 

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