Document:

Form of Notice of Grant of Stock Options

 Exhibit
 10.96 
  

			
	  	  	Cortex
Pharmaceuticals, Inc.
	Notice of Grant of Stock Options	  	ID: 33-0303583
	and Option Agreement	  	15231 Barranca Parkway
		  	Irvine, CA 92618
	  	  	(949)
                                         727-3157
  

  

			
	(Insert grantee name)	  	Option Number: (Insert option number)
	(Insert grantee street address)	  	Plan: (Insert stock option plan)
	(Insert
grantee City, State, Zip Code)	  	ID:
                                         (Insert ID)
  

 Effective
         (insert grant date), you have been granted a(n) (insert Incentive or Non-qualified) Stock Option to buy (insert number
         of shares) shares of Cortex Pharmaceuticals, Inc. (the Company) stock at $(insert exercise price) per share. 
 The
                                         total option price of the shares granted is $(insert total option price). 
 Shares
                                         in each period will become fully vested on the date shown. 
  

							
	Shares
	  	Vest
Type	 	Full
Vest	 	Expiration
	(insert
                                       number of shares vesting)
	  	(insert vest
type)	 	(insert date)	 	(insert date)

  
  

 By your signature
                                         and the Company’s signature below, you and the Company agree that these options
                                         are granted and governed by the terms and conditions of the Company’s Stock Option
                                         Plan as amended and the Option Agreement, all of which are attached and made a part of
                                         this document. 
  

  

					
			
	   	 		 	   
	Cortex
                 Pharmaceuticals, Inc.
	 		 	Date

			
	   	 		 	   
	(Insert
                 grantee name)
	 		 	DateExhibit
99.1 

  

National
Institute on Drug Abuse

 

Medications
Development Program

 

STANDARD
AGREEMENT FOR SUBMITTING COMPOUNDS FOR

PRECLINICAL
PHARMACOLOGICAL, PHARMACOKINETIC

AND
TOXICOLOGICAL EVALUATION

 

THIS
AGREEMENT, made and entered into on the 19th day of October, 2015, by and between the National Institute
on Drug Abuse (hereinafter referred to as “NIDA”), a component of the National Institutes of Health (NIH); and Cortex
Pharmaceuticals, a corporation having executive offices at _126 Valley Rd. Suite C Glen Rock, NJ 07452, (hereinafter referred
to as “COMPANY”);

 

WHEREAS,
COMPANY is the owner of allosteric modulators of the AMPA receptor, called Ampakines (hereinafter referred to as
“COMPOUNDS”) and certain proprietary information pertaining thereto, which may be useful in the treatment of drug
abuse and drug addiction;

 

WHEREAS,
NIDA has certain conventional preclinical assays (hereinafter referred to as “CONVENTIONAL TESTS”) which may be useful
in the pharmacological, pharmacokinetic, and toxicological evaluation of compounds which may prove effective in the treatment
of drug abuse and drug addiction.

 

WHEREAS,
COMPANY wishes to have its proprietary compounds tested by NIDA in CONVENTIONAL TESTS and not administered to humans, and

 

WHEREAS,
the parties wish to enter into arrangements to be used in the confidential testing of COMPANY compounds by NIDA;

 

NOW
THEREFORE, the parties agree as follows:

 

Article
1. From time to time COMPANY will supply to a facility under contract to NIDA (hereinafter referred to as a “NIDA CONTRACTOR”)
or to a Government laboratory designated by NIDA, the above-mentioned COMPOUNDS and/or other compositions of matter patented or
unpatented, for testing so that NIDA may evaluate the pharmacological, pharmacokinetic, and toxicological properties of such COMPOUNDS
for preclinical evaluation for potential use as medications for the treatment of drug abuse and drug addiction. COMPANY shall
have the right to review all protocols used in testing of COMPOUNDS.

 

    	1

    	 

    

 

Information
relating to the COMPOUNDS themselves, including their chemical structure or other identifiers, their physical properties, their
biological activity, and the identity of the provider of COMPOUNDS, will be provided to NIDA by COMPANY and appropriately marked
as “Confidential” (hereinafter referred to as “COMPANY CONFIDENTIAL INFORMATION”). Information will be generated
on COMPOUNDS by NIDA CONTRACTORS and/or Government Laboratories using CONVENTIONAL TESTS (hereinafter referred to as “NIDA
DATA”).

 

Article
2. In order to facilitate the record keeping and handling of COMPANY CONFIDENTIAL INFORMATION the parties agree as follows:

 

a.
At the time COMPANY supplies COMPOUNDS pursuant to Article 1, COMPANY shall forward to NIDA’s Division of Pharmacotherapies
and Medical Consequences of Drug Abuse (hereinafter referred to as “DPMCDA”) a data sheet for each COMPOUND giving pertinent
available data as to chemical formula, structure, purity, solubility, melting point, other physical characteristics, stability,
toxicity, and precautions which need to be followed in handling and storing of the COMPOUND. After authorization from DPMCDA,
COMPANY shall ship the COMPOUND(s) directly to the NIDA CONTRACTOR specified by DPMCDA.

 

b.
DPMCDA will inform COMPANY which COMPOUNDS are new to DPMCDA and which submitted COMPOUNDS duplicate any COMPOUNDS previously
existing in NIDA’s structure-activity database.

 

c.
COMPANY CONFIDENTIAL INFORMATION will not be disclosed by NIDA unless required by law. Only those FEDERAL GOVERNMENT or NIDA CONTRACTOR
employees with a need to know will have access to COMPANY CONFIDENTIAL INFORMATION.

 

d.
NIDA shall require that COMPANY CONFIDENTIAL INFORMATION will be retained by NIDA CONTRACTORS, and shall not be released, published,
or disclosed without the written consent of NIDA after consultation with COMPANY.

 

e.
NIDA shall make no use of the COMPOUNDS and COMPANY CONFIDENTIAL INFORMATION other than for purposes stated in Article 1 without
COMPANY’s written permission.

 

f.
NIDA shall return to COMPANY and eliminate from the NIDA testing process any COMPOUND that COMPANY may designate prior to commencement
of CONVENTIONAL TESTS.

 

g.
The foregoing restrictions on use and disclosure of COMPANY CONFIDENTIAL INFORMATION hereunder shall not apply to any information
which was in NIDA’s possession or control prior to the date of COMPANY’s disclosure or to any information which is
in the public domain through no improper act on the part of NIDA, its employees or contractors, or which is available without
restriction from any source, including COMPANY.

 

Article
3. COMPANY, in voluntarily supplying COMPOUNDS hereunder, is entitled to protection for the research and development work
it has done and for any COMPANY CONFIDENTIAL INFORMATION, while NIDA has the responsibility to facilitate the development of medications
for the treatment of drug abuse and drug addiction. Accordingly, the parties agree as follows:

 

    	2

    	 

    

 

a.
NIDA agrees that all preexisting rights in those COMPOUNDS in which COMPANY has a proprietary interest shall remain in COMPANY.
Inasmuch as this Agreement concerns only the evaluation of COMPANY’s COMPOUNDS in CONVENTIONAL TESTS, NIDA recognizes that
the mere performance of said CONVENTIONAL TESTS and nothing more does not constitute invention.

 

b.
Contracts between NIDA and NIDA CONTRACTORS carrying out CONVENTIONAL TESTS on submitted COMPOUNDS, will contain terms to implement
the provisions of this Agreement relating to NIDA CONTRACTORS and to safeguard the rights of COMPANY under this Agreement.

 

c.
NIDA shall be informed in writing whenever COMPANY desires to include NIDA DATA in any publication, and appropriate credit shall
be given to the Division of Pharmacotherapies and Medical Consequences of Drug Abuse, NIDA.

 

Article
4. As soon as NIDA DATA is reported to NIDA, NIDA agrees to provide this information to COMPANY. If a COMPOUND is found to
exhibit properties that suggest its potential for safe use in the treatment of drug abuse and drug addiction, NIDA will advise
COMPANY to that effect.

 

Article
5. It is understood that COMPANY shall not be liable to the Government for any claims or damages which may result from the
testing of COMPOUNDS while in NIDA’s or the NIDA CONTRACTORS’ custody, except if claims or damages are the result
of negligence on the part of COMPANY.

 

Article
6. In performing the CONVENTIONAL TESTS hereunder, NIDA and NIDA CONTRACTORS shall function independently and not as employees
or agents of COMPANY.

 

Article
7. The construction, validity, performance, and effect of this Agreement shall be governed by Federal law, as applied by the
Federal Courts in the District of Columbia.

 

Article
8. This Agreement shall become effective upon the date hereinabove set forth.

 

SIGNATURES
ON NEXT PAGE

 

    	3

    	 

    

 

Acceptance
of the foregoing terms and conditions shall be indicated in duplicate by signatures below of the authorized representatives of
each party.

 

COMPANY:
Cortex Pharmaceuticals

 

	/s/
    Richard Purcell	 	Date:
    10/19/15 
	Name
    (Type or Print): Richard Purcell	 	 
	Title:
    Senior Vice President	 	 

 

COMPANY
Department: Research & Development

 

COMPANY
Name: RespireRx Pharmaceuticals

COMPANY
Address: 126 Valley Rd, Suite C, Glen Rock, NJ 08542

 

NATIONAL
INSTITUTE ON DRUG ABUSE:

 

	/s/
    Nora D. Volkow 	 	Date:
    10/21/2015

Nora D.
Volkow, M.D.

Director,

National
Institute on Drug Abuse

Neuroscience
Center, Room 4123

6001 Executive
Boulevard, MSC 9551

Bethesda,
Maryland 20892-9551

 

    	4Exhibit 99.1

 

FORM
OF

DEMAND
PROMISSORY NOTE

 

	$__________	,
    2018

 

FOR
VALUE RECEIVED, RESPIRERX PHARMACEUTICALS INC., a Delaware corporation (the “Borrower”), with a mailing
address at 126 Valley Road, Suite C, Glen Rock, New Jersey 07452, hereby promises to pay on demand and to the order of
_________ (the “Lender”), with an address of ___________________, or at such other place as the holder hereof
may designate in writing, the principal sum of ($__________), together with interest thereon at the interest rate as set forth
herein (the “Loan”). The Lender’s books and records as to amounts due under this Note shall be conclusive
absent manifest error.

 

Principal
and Interest. Principal and accrued interest thereon shall be immediately due and payable upon demand of the Lender. Interest
shall accrue on the outstanding principal amount at a rate equal to 10% per annum. Interest shall be calculated on the basis of
the actual number of days elapsed and a year of 365/366 days, as applicable. Any accrued but unpaid interest shall be added to
the principal balance on the last day of each year that the principal is outstanding and unpaid.

 

Payments;
Prepayments.

 

(a)
Payment, when paid, shall be applied first to the payment of all interest accrued and unpaid on this Note and then to payment
on account of the principal hereof.

 

(b)
This Note may be prepaid in whole or in part at any time, without premium or penalty. Each prepayment must be accompanied by a
written notice of such prepayment indicating the amount of such payment to be applied as a prepayment of principal.

 

Mandatory
Exchange. If the Board of Directors of the Borrower approves an offering of securities of the Borrower (an “Offering”),
and the first closing conducted in connection with such Offering (i) occurs on or before June 30, 2018, and (ii) includes proceeds
of (A) $150,000 or more, excluding the exchange of any Note pursuant to this provision, and (B) $250,000 or more, including the
exchange of all Notes that bear this exchange provision, then, in addition to the amounts otherwise invested in the Offering at
the first closing, the principal amount of this Note shall be mandatorily exchanged into such Offering on the terms of such Offering
for the full value of the principal amount, without the need for any additional action taken by either the Borrower or the Lender,
and this Note shall be deemed by all parties hereto to be repaid and terminated. Any earned but unpaid interest with respect to
this Note outstanding at the time of such mandatory exchange shall be (i) paid to the Borrower by the Lender or, (ii) invested
in the Offering on its terms, at the election of the Lender. The Borrower shall provide the Lender three business days’
notice of any anticipated first closing, to provide sufficient time for such election. The Lender may waive such notice in its
sole discretion. If the conditions for mandatory exchange set forth in this section have not occurred by June 30, 2018, then no
conversion shall be required under this section.

 

    	 	 	 

    	 

    

 

Default.
If the Borrower fails to make any payment when the same shall become due and payable, then the holder of this Note may declare
the unpaid principal balance under this Note to be immediately due and payable and thereupon such balance shall become due and
payable without presentation, protest or further demand or notice of any kind, all of which are hereby expressly waived, and the
holder of this Note shall be entitled to receive, to the extent lawful, all costs, including reasonable attorney’s fees
and expenses, for the collection of such amounts.

 

Time
is of the Essence. Time is of the essence with respect to each and every term and provision of this Note.

 

Waiver.
The Borrower hereby waives, unless otherwise provided for in this Note, demand, notice of presentment, protest, notice of dishonor
and protest, rights or extension and any defense by reason of extension of time or other indulgences granted by the Lender.

 

Notices.
Any notice, presentation or demand to or upon the Borrower in respect of this Note may be given or made by being mailed by registered
or certified mail addressed to the Borrower at the address first written above or, if any other address shall at any time be designated
for this purpose by the Borrower in writing to the holder of this Note at the time of such notice, to such other address. Notice
shall be deemed received three (3) days after posting the same. Notice may also be given by hand-delivery.

 

Costs
and Expenses.

 

(a)
If the Lender retains the services of legal counsel in order to enforce any remedy available to the Lender under any document
or instrument evidencing or securing the Loan, attorney’s fees which are reasonable and actually incurred by the Lender
shall be payable on demand by the Borrower to the Lender, and the Borrower shall also pay on demand the cost of any and all other
costs reasonably incurred by the Lender in connection with proceedings to recover any sums due hereunder. Any such amounts not
paid promptly on demand shall be added to the outstanding principal balance of this Note and shall bear interest at the stated
interest rate of this Note until paid in full.

 

(b)
Nothing contained herein shall limit or impair the obligation of the Borrower to pay any and all costs and expenses for which
the Borrower is otherwise liable to the Lender as provided by law.

 

Miscellaneous.

 

(a)
Any provision hereof found to be illegal, invalid or unenforceable for any reason whatsoever shall not affect the validity, legality
or enforceability of the remaining provisions hereof.

 

(b)
If the effective interest rate on this Note would otherwise violate any applicable usury law, then the interest rate shall be
reduced to the maximum permissible rate retroactively to the original date of this Note, and any payment received by the holder
in excess of the maximum permissible rate shall be treated as a prepayment of the principal of this Note.

 

    	 	 	 

    	 

    

 

(c)
This Note shall inure to the benefit of the Lender and its heirs, estate, personal representatives and legal guardians, endorsees
and assigns. This Note may not be assigned by either the Borrower or the Lender without the prior written consent of the other
party.

 

(d)
The descriptive headings of this Note are inserted for convenience only and shall not affect the meaning or construction of any
of the provisions of this Note.

 

(e)
The terms of this Note may be amended and any rights of the Lender hereunder may be waived only if such amendment or waiver is
in writing and is signed by the Lender and the Borrower.

 

Governing
Law. The validity, construction and enforceability of this Note shall be construed in accordance with and governed by the
laws of the State of Delaware, excluding rules relating to conflicts of law.

 

This
Note has been duly executed by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable
in accordance with its terms. All covenants and promises in this Note shall bind the successors and permitted assigns of the Borrower.

 

[Signature
Page Follows]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Borrower has duly executed this Demand Promissory Note effective as of the day and year first above written.

 

	 	RESPIRERX PHARMACEUTICALS INC.
	 	 
	 	By:	                                   
	 	Name:
    	 
	 	Title:

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