Document:

Exhibit

Exhibit 10.1

FIFTH AMENDMENT TO
AMENDED AND RESTATED LOAN AND SERVICING AGREEMENT 
(GCIC Funding LLC)
THIS FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SERVICING AGREEMENT, dated as of August 30, 2017 (this “Amendment”), is entered into by and among GCIC FUNDING LLC, as the Borrower (the “Borrower”), GC ADVISORS LLC, as the Servicer, Golub Capital Investment Corporation, as the Transferor, the Institutional Lenders identified on the signature pages hereto, WELLS FARGO BANK, N.A., as the Swingline Lender, WELLS FARGO BANK, N.A., as the Collateral Agent, the Account Bank and the Collateral Custodian, and WELLS FARGO BANK, N.A., as the Administrative Agent (in such capacity, the “Administrative Agent”). 
R E C I T A L S
WHEREAS, the above-named parties have entered into that certain Amended and Restated Loan and Servicing Agreement, dated as of May 13, 2015, (as amended, supplemented or otherwise modified from time to time, the “Agreement”), by and among the Borrower, the Transferor, the Servicer, each of the Conduit Lenders and Institutional Lenders from time to time party thereto, each of the Lender Agents from time to time party thereto, the Swingline Lender, and the Collateral Agent, the Account Bank and the Collateral Custodian;
WHEREAS, pursuant to and in accordance with Section 11.01 of the Agreement, the parties hereto desire to amend the Agreement in certain respects as provided herein;
NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:
		
	SECTION 1.
	Definitions.

Each capitalized term used but not defined herein has the meaning ascribed thereto in the Agreement.
		
	SECTION 2.
	Amendments.

2.1    The definition of “Applicable Spread” in Section 1.01 of the Agreement is amended in its entirety as follows:
“Applicable Spread” means 2.25% per annum; provided that, at any time after the occurrence of an Event of Default, the Applicable Spread shall be 4.25% per annum.
2.2    Clause (a) of the definition of “Assigned Value” in Section 1.01 of the Agreement is amended in its entirety as follows:

Exhibit 10.1

(a)    If a Value Adjustment Event with respect to such Eligible Loan Asset occurs, the “Assigned Value” may be amended by the Administrative Agent, in its sole discretion; provided that the Assigned Value of any Priced Loan Asset shall not be less than the price quoted therefor (if any) by such nationally recognized pricing service as selected by the Administrative Agent.  Following any reduction to the Assigned Value of a Loan Asset, if the Borrower disagrees with the Administrative Agent’s determination of the Assigned Value of such Loan Asset, the Borrower may (at its expense) retain an Approved Valuation Firm during the Assigned Value Challenge Cap Notice Period to value such Loan Asset, and if the value determined by such Approved Valuation Firm is greater than the Administrative Agent’s determination of the Assigned Value, such Approved Valuation Firm’s valuation shall become the Assigned Value of such Loan Asset; provided that the Assigned Value of such Loan Asset shall be the value assigned by the Administrative Agent until such Approved Valuation Firm has determined its value; provided further that the Borrower shall promptly notify the Administrative Agent that it has retained an Approved Valuation Firm to value such Loan Asset, and the Approved Valuation Firm shall provide its value determination within 15 Business Days after the end of the Assigned Value Challenge Cap Notice Period; provided further that in no event shall the increased Assigned Value of such Loan Asset exceed the Assigned Value Challenge Cap.  The value determined by such firm shall be based on the amortized cost adjusted for any credit deterioration or underperformance of such Loan Asset.  The Administrative Agent shall promptly notify the Servicer of any change effected by the Administrative Agent of the Assigned Value of any Loan Asset;
2.3    The definition of “Assigned Value” in Section 1.01 of the Agreement is further amended by (x) deleting the phrase “zero; and” in clause (c) thereto in its entirety and inserting in lieu thereof “zero;”, (y) deleting the phrase “Loan Asset.” in clause (d) thereto in its entirety and inserting in lieu thereof “Loan Asset; and” and (z) adding the following as new clause (e):
(e)    Notwithstanding the foregoing, the Assigned Value of a Loan Asset previously subject to a “Value Adjustment Event” of the type described in clause (ii) or clause (iii) in the definition thereof (beyond any applicable grace periods in such clauses), where the applicable payment default is subsequently cured, shall be determined by the Administrative Agent in its sole discretion.
2.4    Clause (a)(i)(B) of the definition of “Borrowing Base” in Section 1.01 of the Agreement is amended by deleting the phrase “Eligible Loan Asset as of such date” in its entirety and inserting in lieu thereof “Eligible Loan Asset minus the Excess Concentration Amount as of such date”.
2.5    Clause (b) of the definition of “Borrowing Base” in Section 1.01 of the Agreement is amended by deleting the phrase “Eligible Loan Assets as of such date” in its entirety and inserting in lieu thereof “Eligible Loan Assets minus the Excess Concentration Amount as of such date”.

Exhibit 10.1

2.6    Clause (b) of the definition of “Eligible Loan Asset” in Section 1.01 of the Agreement is amended in its entirety as follows:
(b)    The Obligor with respect to each such Loan Asset is organized under the laws of the United States or any state thereof or Canada.
2.7    Clause (l) of the definition of “Eligible Loan Asset” in Section 1.01 of the Agreement is amended in its entirety as follows:
(l)    Each Broadly Syndicated Loan Asset is not a PIK Loan Asset.
2.8    Clause (ee) of the definition of “Eligible Loan Asset” in Section 1.01 of the Agreement is amended in its entirety as follows:
(ee)    Each such Loan Asset has a current cash coupon payable at least quarterly and (ii) each such Loan Asset (other than a Broadly Syndicated Loan Asset) has a current cash coupon of at least (x) 3.00% if such Loan Asset is a floating rate Loan Asset or (y) 7.00% if such Loan Asset is a fixed rate Loan Asset. 
2.9    Clause (mm) of the definition of “Eligible Loan Asset” in Section 1.01 of the Agreement is amended in its entirety as follows:
(mm)    [Reserved].
2.10    The definition of “First Lien Loan” in Section 1.01 of the Agreement is amended by deleting the phrase “enterprise value” in its entirety and inserting in lieu thereof “enterprise value and ability to generate cash flow”.
2.11    The definition of “Price Loan Asset” in Section 1.01 of the Agreement is amended in its entirety as follows:
“Priced Loan Asset” means any First Lien Loan that (a) has an original tranche size of $250,000,000 or greater, (b) has an EBITDA for the prior twelve calendar months of $50,000,000 or greater, (c) is rated by both S&P and Moody’s (or the Obligor is rated by S&P and Moody’s) and such ratings are not lower than “B3” by Moody’s and “B-” by S&P, and (d) has an observable quote from LoanX Mark-It Partners or Loan Pricing Corporation, or from another pricing service selected by the Administrative Agent in its sole discretion.
2.12    The second sentence of the definition of “Purchase Price” in Section 1.01 of the Agreement is amended in its entirety as follows:
Notwithstanding the foregoing, the purchase price of an Eligible Loan Asset purchased in the primary syndication thereof at a price (a) on or prior to the Fifth Amendment Date, equal to or greater than 95% of par (including any purchase at a premium) or (b) after the Fifth Amendment Date, equal to or greater than 97% of 

Exhibit 10.1

par (including any purchase at a premium), in each case, shall be deemed to be par for all purposes of this definition. 
2.13    The definition of “Recovery Value” in Section 1.01 of the Agreement is amended by deleting the phrase “45%” in its entirety and inserting in lieu thereof “50%”.
2.14    The definition of “Reinvestment Period” in Section 1.01 of the Agreement is amended by deleting the phrase “August 30, 2017” in its entirety and inserting in lieu thereof “August 30, 2018”.
2.15    Clause (a) of the definition of “Servicer Termination Event in Section 1.01 of the Agreement is amended in its entirety as follows:
(a)    any failure by the Servicer to make any payment, transfer or deposit into the Collection Account (including, without limitation, with respect to bifurcation and remittance of Interest Collections and Principal Collections) or the Unfunded Exposure Account, as required by this Agreement or any other Transaction Document which continues unremedied for a period of two Business Days; provided that in the case of a default in payment, transfer or deposit resulting solely from an administrative error or omission by the Servicer, such default continues for a period of one (1) or more Business Days after the earlier of (x) the Servicer receiving written notice or (y) the Servicer having actual knowledge, in each case, of such administrative error or omission (irrespective of whether the cause of such administrative error or omission has been determined);
2.16    Clause (c) of the definition of “Servicer Termination Event” in Section 1.01 of the Agreement is amended by deleting the phrase “$1,000,000” in its entirety and inserting in lieu thereof “$5,000,000”.
2.17    Clause (j) of the definition of “Servicer Termination Event” in Section 1.01 of the Agreement is amended in its entirety as follows:
(j)    [reserved];
2.18    The definition of “Stated Maturity Date” in Section 1.01 of the Agreement is amended by deleting the phrase “August 30, 2020” in its entirety and inserting in lieu thereof “August 30, 2022”.
2.19    Clause (ii) of the definition of “Value Adjustment Event” in Section 1.01 of the Agreement is amended in its entirety as follows:
(ii)    an Obligor payment default with respect to principal or interest under such Loan Asset (after giving effect to any grace and/or cure period set forth in the applicable Loan Agreement, but not to exceed five Business Days) (including in respect of the acceleration of the debt under the applicable Loan Agreement);

Exhibit 10.1

2.20    Clause (iii) of the definition of “Value Adjustment Event” in Section 1.01 of the Agreement is amended by deleting the phrase “five days” in its entirety and inserting in lieu thereof “five Business Days”.
2.21    The following new definitions are added to Section 1.01 of the Agreement as alphabetically appropriate as follows:
“Assigned Value Challenge Cap” means, with respect to any Loan Asset subject to a Value Adjustment Event, the Assigned Value of such Loan Asset immediately prior to the start of the Assigned Value Challenge Cap Notice Period.
“Assigned Value Challenge Cap Notice Period” means, with respect to a Loan Asset, the period commencing on the date that the Administrative Agent gives notice of a reduction in the Assigned Value to the Borrower and the Servicer of such Loan Asset pursuant to clause (a) of the definition of “Assigned Value” and ending on the date that is 30 days following such reduction.
“Broadly Syndicated Loan Asset” means a commercial loan that (a) is broadly syndicated, (b) has first priority right of payments and is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, insolvency, moratorium or liquidation proceedings, (c) is secured by a pledge of collateral, which security interest is validly perfected and first priority under applicable law (subject to liens permitted under the applicable credit agreement), (d) the Servicer determines in good faith that the value of the collateral securing the loan (or the enterprise value of the underlying business) and ability to generate cash flow on or about the time of origination equals or exceeds the outstanding principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (e) has an original senior facility size of $250,000,000 or greater, (f) has an EBITDA for the prior twelve calendar months of $50,000,000 or greater at the time of acquisition, (g) is rated by both S&P and Moody’s (or the Obligor is rated by S&P and Moody’s) at the time of acquisition by the Borrower and such ratings are not lower than “B3” by Moody’s and “B-” by S&P and (h) is denominated in United States dollars.
“Concentration Limits” means with respect to determining the Excess Concentration Amount as of any date of determination after giving effect to all additions and removals of Loan Assets on such date and for purposes of this definition calculated as if all Loan Assets are fully funded:
(a)    the aggregate Adjusted Borrowing Value of all Eligible Loan Assets included in the Collateral Portfolio that are First Lien Last Out Loans shall not exceed the greater of (i) 15% of the sum of (x) the aggregate Adjusted Borrowing Value (prior to giving effect to any deduction pursuant to clause (b) or clause (c) below) plus (y) any amounts on deposit in the Principal Collection Account or (ii) $12,250,000;

Exhibit 10.1

(b)    the aggregate Adjusted Borrowing Value of all Eligible Loan Assets included in the Collateral Portfolio, the Obligors of which are domiciled in Canada shall not exceed the greater of (i) 15% of the sum of (x) the aggregate Adjusted Borrowing Value of all Eligible Loan Assets (after giving effect to any deduction pursuant to clause (a) above but prior to giving effect to any deduction pursuant to clause (c) below) plus (y) any amounts on deposit in the Principal Collection Account or (ii) $12,250,000; and
(c)    the aggregate Adjusted Borrowing Value of all Eligible Loan Assets included in the Collateral Portfolio that are fixed rate Loan Assets shall not exceed the greater of (i) 10% of the sum of (x) the aggregate Adjusted Borrowing Value (after giving effect to any deduction pursuant to clause (a) or clause (b) above) plus (y) any amounts on deposit in the Principal Collection Account or (ii) $8,750,000.
“Excess Concentration Amount” means, with respect to all Eligible Loan Assets included in the Collateral Portfolio, the amount by which the sum of the Adjusted Borrowing Value of such Eligible Loan Assets exceeds any applicable Concentration Limit, calculated without duplication and after giving effect to any addition or removal of any Loan Asset as of the date of determination.
“Fifth Amendment Date” means August 30, 2017.
2.22    The definition of “First Amendment Date” in Section 1.01 of the Agreement are deleted in its entirety.
2.23    Section 2.06(a) of the Agreement is amended by deleting the phrase “and/or (iii) subject to the approval of the Administrative Agent, in its sole discretion, Pledge additional Eligible Loan Assets;” in its entirety and inserting in lieu thereof “, (iii) subject to the sale limitations set forth in this Agreement other than any prohibitions on selling Loan Assets during an Unmatured Event of Default to the extent such sales, in conjunction with other actions, eliminate such Borrowing Base Deficiency, sell Loan Assets in an amount necessary, in conjunction with other actions, to eliminate such Borrowing Base Deficiency and/or (iv) subject to the approval of the Administrative Agent, in its sole discretion, Pledge additional Eligible Loan Assets;”.
2.24    Section 2.07(b) of the Agreement is amended by deleting the phrase “(unless such requirements are waived by the Administrative Agent in its sole discretion)” in its entirety and inserting in lieu thereof “(unless such requirements are waived by the Administrative Agent in its sole discretion or, with respect to sales effected pursuant to Section 2.06(a)(iii), such sales, in conjunction with other actions, are sufficient to eliminate such Borrowing Base Deficiency)”.
2.25    Section 2.07(d) of the Agreement is amended by deleting the phrase “the satisfaction of the following conditions” in its entirety and inserting in lieu thereof “the satisfaction of the following conditions (it being understood that a Borrowing Base Deficiency may be continuing in connection with any sale effected pursuant to Section 2.06(a)(iii) so long as such sales, collectively with other actions, are sufficient to eliminate such Borrowing Base Deficiency)”.

Exhibit 10.1

2.26    Section 2.07(e) of the Agreement is amended by deleting the phrase “without the prior written consent of the Administrative Agent” in its entirety and inserting in lieu thereof “without the prior written consent of the Administrative Agent other than with respect to sales pursuant to Section 2.06(a)(iii)”.
2.27    Section 2.09 of the Agreement is amended in its entirety as follows:
Section 2.09    Non-Usage Fee.  The Borrower shall pay, in accordance with Section 2.04, pro rata to each Lender (either directly or through the applicable Lender Agent), a non-usage fee (the “Non-Usage Fee”) payable in arrears for each Remittance Period, equal to the sum of the products for each day during such Remittance Period of (i) one divided by 360, (ii) the applicable Non-Usage Fee Rate (as defined below), and (iii) the aggregate Commitments minus the Advances Outstanding on such day (such amount, the “Unused Portion”).  The Non-Usage Fee Rate (the “Non-Usage Fee Rate”) shall be equal to (x) 0.50% on any Unused Portion up to or equal to the first 40% of the Maximum Facility Amount of such Unused Portion and (y) 2.00% on any Unused Portion in excess of the first 40% of the Maximum Facility Amount; 
provided that, for the first six (6) months following a Term Securitization, where Wells Fargo Securities, LLC serves as the lead or joint lead bookrunner, the Non-Usage Fee Rate shall be calculated at a rate of 0.50% on any Unused Portion and thereafter, as calculated above. 
2.28    Section 7.01(a) of the Agreement is amended in its entirety as follows:
(a)    the Borrower or the Transferor defaults in making any payment required to be made under one or more agreements for borrowed money to which it is a party in an aggregate principal amount in excess of (x) with respect to the Borrower, $500,000 and (y) with respect to the Transferor, $2,500,000 and, in each case, such default is not cured within the applicable cure period, if any, provided for under such agreement; or
2.29    Section 7.01(b) of the Agreement is amended in its entirety as follows:
(b)    any failure on the part of the Borrower or the Transferor duly to observe or perform in any material respect any other covenants or agreements of the Borrower or the Transferor set forth in this Agreement or the other Transaction Documents (other than those specifically addressed by a separate clause under this Section) to which the Borrower or the Transferor is a party and the same continues unremedied (it being agreed that the sale of any Loan Asset that is not an Eligible Loan Asset shall remedy the failure of any representation, warranty or certification related to such Loan Asset being an Eligible Loan Asset) for a period of 30 days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower or the Transferor by the Administrative Agent or Collateral Agent and (ii) the date on which the Borrower or the Transferor acquires knowledge thereof; provided that 

Exhibit 10.1

the delivery of a certificate or other report within 30 days which corrects any inaccuracy contained in a previous certificate or report shall be deemed to cure such inaccuracy as of the date of delivery of such updated certificate or report and any and all inaccuracies arising from the continuation of such initial inaccurate certificate or report; or
2.30    Section 7.01(i) of the Agreement is amended in its entirety as follows:
(i)    failure on the part of the Borrower, the Transferor or the Servicer to make any payment or deposit (including, without limitation, with respect to bifurcation and remittance of Interest Collections and Principal Collections or any other payment or deposit required to be made by the terms of the Transaction Documents to any Secured Party, Affected Party or Indemnified Party) or the Borrower, the Servicer or the Transferor fails to observe or perform any covenant, agreement or obligation with respect to the management and distribution of funds received with respect to the Collateral Portfolio, in each case, required by the terms of any Transaction Document (other than Section 2.06) within three Business Days of the day such payment or deposit is required to be made; provided that in the case of a default in payment or deposit resulting solely from an administrative error or omission by the Borrower, the Transferor or the Servicer, such default continues for a period of one or more Business Days after the earlier of (x) such party receiving written notice or (y) such party having actual knowledge, in each case, of such administrative error or omission (irrespective of whether the cause of such administrative error or omission has been determined); or
2.31    Section 7.01(m) of the Agreement is amended in its entirety as follows:
(m)    any representation, warranty or certification made by the Borrower or the Transferor in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect when made which has a Material Adverse Effect, and continues to be unremedied (it being agreed that the sale of any Loan Asset that is not an Eligible Loan Asset shall remedy the failure of any representation, warranty or certification related to such Loan Asset being an Eligible Loan Asset) for a period of 30 days after the earlier to occur of (i) the date on which written notice of such incorrectness requiring the same to be remedied shall have been given to the Borrower or the Transferor by the Administrative Agent or the Collateral Agent (which shall be given at the direction of the Administrative Agent) and (ii) the date on which a Responsible Officer of the Borrower or the Transferor acquires knowledge thereof; provided that the delivery of a certificate or other report within 30 days which corrects any inaccuracy contained in a previous certificate or report shall be deemed to cure such inaccuracy as of the date of delivery of such updated certificate or report and any and all inaccuracies arising from the continuation of such initial inaccurate certificate or report; or

Exhibit 10.1

2.32    Section 7.01(q) of the Agreement is amended in its entirety as follows:
(q)    the Borrower ceases to have a valid, perfected ownership interest in all of the Collateral Portfolio (provided that this clause (q) shall not apply to an immaterial portion of the Collateral Portfolio which (x) does not meet the criteria solely as set forth in the second sentence of clause (a) of the definition of “Eligible Loan Asset”, (y) does not result in a Borrowing Base Deficiency and (z) does not have a Material Adverse Effect on the Secured Parties in the sole discretion of the Administrative Agent); or
		
	SECTION 3.
	Agreement in Full Force and Effect as Amended.

Except as specifically amended hereby, all provisions of the Agreement shall remain in full force and effect. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth herein and shall not constitute a novation of the Agreement. 
		
	SECTION 4.
	Representations and Warranties.

The Borrower hereby represents and warrants as of the date of this Amendment as follows:
(a)this Amendment has been duly executed and delivered by it;
(b)this Amendment constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity; and
(c)there is no Event of Default, Unmatured Event of Default, or Servicer Termination Event that is continuing or would result from entering into this Amendment.

SECTION 5.Conditions to Effectiveness.

The effectiveness of this Amendment is subject to receipt by the Administrative Agent of (a) executed counterparts (or other evidence of execution, including facsimile or other electronic signatures, satisfactory to the Administrative Agent) of this Amendment and the fee letters related thereto, and (b) the fees specified in the fee letters.
		
	SECTION 6.
	Miscellaneous.

(a)This Amendment may be executed in any number of counterparts (including by facsimile or other electronic method), and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement.
(b)The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.

Exhibit 10.1

(c)This Amendment may not be amended or otherwise modified except as provided in the Agreement.
(d)The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment.
(e)Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine.
(f)This Amendment represents the final agreement between the parties only with respect to the subject matter expressly covered hereby and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties. There are no unwritten oral agreements between the parties.
(g)THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN  CONNECTION WITH THIS AMENDMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

[Remainder of Page Intentionally Left Blank]

Exhibit 10.1

IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first written above.
	
		
	BORROWER:
	GCIC FUNDING LLC

	 
	

By:  Golub Capital Investment Corporation,
        its designated manager

By:     /s/ Ross A. Teune                               
Name: Ross A. Teune
Title: Chief Financial Officer

	THE SERVICER:
	GC ADVISORS LLC

	 
	

By:      /s/ Francis P. Straub                           
Name: Francis P. Straub
Title: Chief Financial and Administrative Officer

	THE TRANSFEROR:
	GOLUB CAPITAL INVESTMENT CORPORATION

	 
	

By:     /s/ Ross A. Teune                               
Name: Ross A. Teune
Title: Chief Financial Officer

	THE COLLATERAL AGENT, ACCOUNT BANK AND COLLATERAL CUSTODIAN:
	WELLS FARGO BANK, N.A.

	 
	

By:     /s/ Philip Dean                                    
Name: Philip Dean
Title: Vice President

[Signatures Continue on the Following Page]

Exhibit 10.1

	
		
	ADMINISTRATIVE AGENT:
	WELLS FARGO BANK, N.A.

	 
	

By:      /s/ Matt Jensen                                       
Name: Matt Jensen
Title: Director

	INSTITUTIONAL AND SWINGLINE LENDER:
	WELLS FARGO BANK, N.A.

	 
	

By:     /s/ Beale Pope                                           
Name: Beale Pope
Title: Vice President

	
		
	INSTITUTIONAL LENDER:
	CAPITAL ONE, NATIONAL ASSOCIATION

	 
	

By:      /s/ John Swain                                           
Name: John Swain
Title: Senior Director

[Signatures Continue on the Following Page]

Exhibit 10.1

	
		
	INSTITUTIONAL LENDER:
	STATE STREET BANK AND TRUST COMPANY

	 
	

By:      /s/ Janet B. Nolin                                  
Name: Janet B. Nolin
Title: Vice President

	
		
	INSTITUTIONAL LENDER:
	CHEMICAL BANK

	 
	

By:      /s/ John R. Hruska                                          
Name: John R. Hruska
Title: Senior Vice President

	
		
	INSTITUTIONAL LENDER:
	ZB, N.A. D/B/A CALIFORNIA BANK & TRUST

	 
	

By:      /s/ Christopher J. Edmonds                           
Name: Christopher J. Edmonds
Title: Executive Vice PresidentCOMMON
STOCK AND WARRANT PURCHASE AGREEMENT

 

This
Common Stock and Warrant Purchase Agreement, dated as of [      ], 201[  ] (this “Agreement”),
is entered into by and among RespireRx Pharmaceuticals Inc. (the “Company”), a corporation incorporated in
the state of Delaware, and the undersigned persons and entities listed on the schedule of investors attached hereto as Schedule
I (the “Investors”). This Agreement is expected to be one of several like agreements, collectively the
“Common Stock and Warrant Purchase Agreements.”

 

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

 

1.
The Common Stock.

 

(a)
Authorization of the Issuance of the Common Stock and Warrants. The Company has authorized the issuance and sale of up
to $1,150,000 of Common Stock and Warrants in units comprised of (i) one share of the Company’s Common Stock, par value
$0.001 (“Common Stock”), and (ii) one warrant to purchase one additional share of the Company’s Common
Stock (as amended, restated or otherwise modified from time to time pursuant to Section 7, “Warrant”), which
are being sold together. The Warrants shall be in substantially the form set out in Exhibit A hereto and represent the
right to purchase one share of Common Stock during the Warrant exercise period at the Warrant exercise price per share of Common
Stock and are subject to a call provision, certain blocker provisions and with a manner of exercise that includes, but is not
limited to a cashless exercise provision, as well as other terms, all as described in the form of warrant set out in Exhibit
A. References to an “Exhibit” or “Schedule” are references to an Exhibit or Schedule attached to this
Agreement unless otherwise specified. References to a “Section” are references to a Section of this Agreement unless
otherwise specified.

 

(b)
Issuance of Common Stock and Warrants. At each Closing provided for in Section 1(c) in respect of a particular Investor,
on the terms and subject to the conditions hereof, the Company agrees to issue and sell to such Investor, and such Investor agrees
to purchase from the Company, shares of Common Stock and Warrants equal in number to the investment amount (“Investment
Amount”) set forth opposite the respective Investor’s name on Schedule I divided by the aggregate purchase
price for (i) one share of Common Stock and (ii) one Warrant to purchase one additional share of Common Stock (“Unit
Purchase Price”). The Unit Purchase Price shall be $1.00 per unit and shall be the same Unit Purchase Price for all
Closings (as defined below). The Warrants shall have a cash and a cashless exercise provision and shall be exercisable at 110%
percent of the Unit Purchase Price which exercise price is $1.10 per share. The obligations of the Investors to purchase the Common
Stock and Warrants are several and not joint obligations and no Investor shall have any liability to any Person for the performance
or non-performance of any obligation by any other Investor hereunder. The aggregate Investment Amounts for the purchase of Common
Stock and Warrants hereunder shall not be subject to a minimum amount and shall not exceed $500,000.

 

Investors
shall have an unlimited number of exchange rights, which are options and not obligations, to exchange their entire investment
(and not less than the entire investment) into one or more subsequent equity financings (consisting solely of convertible preferred
stock or common stock or units containing preferred stock or common stock and warrants exercisable only into preferred stock or
common stock) that would be considered as “permanent equity” under United States Generally Accepted Accounting Principles
and the rules and regulations of the United States Securities and Exchange Commission, and therefore classified within stockholders’
equity, but excluding any form of debt or convertible debt or any preferred stock redeemable at the discretion of the holder (“Subsequent
Equity Financings”). These exchange rights shall be effective until the earlier of: (i) the completion of any number of
Subsequent Equity Financings that aggregate at least $15 million of gross proceeds, or (ii) December 30, 2017. For clarity, an
investor’s entire investment shall be the entire Investment Amount (for purposes of the multiple described below) and all
of the Common Stock and Warrants purchased (for purposes of the exchange) pursuant to this Agreement, however, if the Warrants
have been exercised in part or in whole on a cashless basis, then the Entire Investment Amount (for purposes of the multiple described
below) shall be the entire Investment Amount (for purposes of the multiple described below) and all of the Common Stock initially
purchased pursuant to this Agreement plus any shares of Common Stock issued pursuant to a cashless exercise and any Warrants remaining
after such cashless exercise (for purposes of the exchange), or, if the Warrants are exercised for cash, then the entire investment
shall be the entire Investment Amount plus the amount of cash paid upon cash exercise (for purposes of the multiple described
below) and all of the Common Stock initially purchased pursuant to this Agreement plus any shares of Common Stock issued pursuant
to the cash exercise and any Warrants remaining after such cash exercise (for purposes of the exchange).

 

Investor
Initials: ______________

 

    	 

    	 	 	 

    

 

At
the time of a Subsequent Equity Financing, investors in this Offering will have an exchange right to either: (a) retain the securities
purchased in this Offering or subsequently acquired in a Subsequent Equity Financing into which they had previously exchanged,
or (b) exchange the securities purchased in this Offering or in a Subsequent Equity Financing into which they had previously exchanged
into the next Subsequent Equity Financing (assuming the next Subsequent Equity Financing is one for which an exchange right is
available).

 

The
dollar amount (calculated as a ratio) used to determine the measurement amount for the exchange into a Subsequent Equity Financing
shall be 1.2 times the entire Investment Amount described above. Under certain circumstances, as described in Section 2(h), the
multiple shall be 1.4 times the entire Investment Amount described above.

 

There
shall be a floor price of $1.00 per common share equivalent in any exchange transaction.

 

(c)
Closings; Use of Proceeds. The sale and purchase of the Common Stock and Warrants to be purchased by the Investors shall
take place at one or more closings (each a “Closing” and collectively, the “Closings”) to
be held at such places and times as the Company and the applicable Investors may determine (each a “Closing Date”
and collectively “Closing Dates”). At each Closing, the Company will deliver to each of the applicable Investors
the Common Stock and the Warrants to be purchased by such Investor dated the date of the Closing and registered in such Investor’s
name, against receipt by the Company of such Investor’s Investment Amount from the escrow agent for the offering, for the
account of the Company by wire transfer of immediately available funds in accordance with the Company’s and the placement
agent’s (“Placement Agent”) instructions. The Company may conduct additional Closings at the Company’s
option in the Company’s and Placement Agent’s sole discretion to be held at such places and Closing Dates as the Company,
the Placement Agent and the Investors participating in such Closings may determine. The proceeds from the sale of the Common Stock
and Warrants shall be used for costs and expenses of the Company in connection with research and development, general and administrative
purposes, and working capital. The final Closing shall be no later than September 29, 2017 unless extended until December 30,
2017.

 

(d)
Investors shall have unlimited piggy-back registration rights with respect to the Common Stock, and the Common Stock underlying
the Warrants, unless such Common Shares are eligible to be sold without volume limits under an exemption from registration under
any rule or regulation of the SEC that permits the holder to sell securities of the Company to the public without registration.

 

    	2

    	Investor Initials: ______________

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	3

    	Investor Initials: ______________

    

 

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

 

(h)
The Company and the Company’s subsidiaries hereby represent, warranty and covenant that they have not, and so long as the
Investor continues to have the exchange right provided by Section 1(b) of this Agreement, neither the Company, nor its subsidiaries,
shall enter into a financing transaction pursuant to Sections 3(a)(9) or 3(a)(10) of the Securities Act of 1933, as amended, or
enter into any equity, debt, convertible or equity-linked securities financing arrangement having full-ratchet anti-dilution provisions
without a floor or that have an indeterminate number (and potentially infinite number) of shares issuable pursuant to such provisions.

 

If
the Company violates the representation, warranty and covenant in the immediately preceding paragraph, the Company agrees that
the clause in Section 1(b) describing the dollar amount (that may also be considered a ratio) shall be amended to 1.4 rather than
1.2.

 

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

 

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

 

(b)
Securities Law Compliance. Such Investor has been advised that the Common Stock and the Warrants and the underlying securities
have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities
laws or unless an exemption from such registration requirements is available. Such Investor has not been formed solely for the
purpose of making this investment and is purchasing the Common Stock and Warrants to be acquired by such Investor hereunder for
its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution
thereof. Investor has no present intention of selling, granting any participation in, or otherwise distributing the same and Investor
does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer, grant any participation in
or otherwise distribute all or any part of the Common Stock or Warrants. Such Investor has such knowledge and experience in financial
and business matters that such Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete
loss of such investment without impairing such Investor’s financial condition and is able to bear the economic risk of such
investment for an indefinite period of time. Such Investor is an accredited investor as such term is defined in Rule 501 of Regulation
D under the Securities Act or such investor, while not an accredited investor, is able to make all other representations in this
Section 2(b). Each Investor further represents that such Investor has had the opportunity to (i) evaluate the Company and its
business prospects, (ii) review the Company’s filings with the Securities and Exchange Commission (“SEC”) (iii)
ask questions of management, (iv) consult with its respective legal and/or tax advisors, and (v) that it has the financial ability
to bear the risk of loss of its entire investment and any periods of illiquidity. If such Investor is one of up to 35 non-accredited
investors such non-accredited investor similarly represent that such non-accredited investor has had the opportunity to: (i) evaluate
the Company and its business prospects, (ii) review the Company’s filings with the SEC, (iii) ask questions of management,
(iv) consult with its respective legal and/or tax advisors, and (v) that such non-accredited investor has the financial ability
to bear the risk of loss of its entire investment and any periods of illiquidity.

 

    	4

    	Investor Initials: ______________

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	5

    	Investor Initials: ______________

    

 

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

 

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

 

6.
Disclosures.

 

(a)
Brokers and Finder’s Fees. At the Company’s sole discretion, the Company may pay (i) a cash placement agent
fee, brokerage commission, finder’s fee or similar payment of up to 10% of the aggregate of all Unit Purchase Prices to
any qualified referral source, which may be an affiliate of the Company, to which it can legally make such payment, in the form
of cash, as well as (ii) a warrant fee in the form of a warrant or warrants (“Placement Agent Warrants”), exercisable
into up to 10% of that number of shares of Common Stock issued (but not the Warrants or shares of Common Stock underlying the
Warrants). Such Placement Agent Warrants shall be exercisable at 110% of the Unit Purchase Price (which is the same exercise price
as the Warrants purchased by the Investors) for each share for which the Placement Agent Warrant is exercised and shall expire
on the same expiration date as the Warrants purchased by the Investors. The Placement Agent Warrants shall have a cashless exercise
provision. Placement Agent Warrants may be issued to designees of the qualified referral source upon request by the qualified
referral source, as may be agreed by the Company in its sole discretion, subject to applicable securities laws. Officers, directors,
managers, employees, affiliates and associated persons of the Company, and affiliates of any of the foregoing qualified referral
sources, are eligible to invest as Investors in the Common Stock and Warrants, and are eligible to, and may, receive fees, directly
or indirectly (including, without limitation, fees in respect of such person or persons’ investments in the Common Stock
and Warrants).

 

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

 

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

 

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

 

    	6

    	Investor Initials: ______________

    

 

7.
Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	7

    	Investor Initials: ______________

    

 

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

 

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

 

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

 

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

 

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

 

(Signature
Page Follows)

 

    	8

    	Investor Initials: ______________

    

 

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

 

COMPANY:

 

RESPIRERX
PHARMACEUTICALS INC.

a
Delaware corporation

 

	By:
    	 
	Name:
    	Jeff
    Eliot Margolis
	Title:
    	Senior
    Vice President, Treasurer, Secretary and Chief Financial Officer

 

Address
for notices:

RespireRx
Pharmaceuticals Inc.

Attention:
Jeff Eliot Margolis

Senior
Vice President, Treasurer, Secretary and Chief Financial Officer

126
Valley Road, Suite C

Glen
Rock, NJ 07452

(phone):
917-834-7206

(fax):
415-887-7814

 

    	 

    	Investor Initials: ______________

    

 

INVESTOR:

 

[INVESTOR
NAME (IF ENTITY)]

 

By:
_____________________________________ (signature)

 

Print
Name:

 

Print
Title:

 

Investor
Signature Page of Common Stock and Warrant Purchase Agreement

 

Investor
Initials: ______________

 

    	1

    	 	 	 

    

 

SCHEDULE
I

SCHEDULE
OF INVESTOR(S)

 

	Investor
    Name, Contact Name, Address, Phone, Fax	 	Aggregate
    
Investment 
Amount	 	 		Closing
                                         Date
		 	$		 	 	 	 	[_____],201[]
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Schedule
I of Common Stock and Warrant Purchase Agreement

 

Investor
Initials: ______________

 

    	2

    	 	 	 

    

 

SCHEDULE
II

 

EXCEPTIONS
TO REPRESENTATIONS AND WARRANTIES

 

Convertible
Notes

 

The
Company was obligated under Convertible Notes issued from November 5, 2014 through and including February 2, 2015, aggregating
principal amounts totaling $579,500 and bearing interest of 10% per annum and maturing on September 15, 2016. As of March 31,
2017 there was $276,000 of original principal plus accrued interest of $71,970 for a total of $347,970 due. As of September 30,
2016, outstanding notes and accrued interest became due and payable. In October 2016, as reported on Forms 8-K, certain noteholders
notified the Company that such noteholders’ notes were in default changing the interest rate from 10% to 12% on such defaulted
notes.

 

Notes

 

The
Company is obligated under two demand promissory notes of $25,000 each for a total of $50,000 to James S. Manuso, the Company’s
President and CEO and Vice Chairman and Arnold S. Lippa, the Company’s Chief Scientific Officer and Chairman. Each note
is payable on demand and bears interest at a rate equal to 10% per annum, with any accrued but unpaid interest added to principal
at the end of each year that the balance is outstanding. Each note grants a security interest in the assets of the Company, subject
to certain conditions as set forth therein. These demand promissory notes are described in a Form 8-K filed with the Securities
and Exchange Commission on September 28, 2016.

 

The
Company is obligated under two demand promissory notes of $52,600 each for a total of $105,200 to James S. Manuso, the Company’s
President and CEO and Vice Chairman and Arnold S. Lippa, the Company’s Chief Scientific Officer and Chairman. Each note
is payable on demand and bears interest at a rate equal to 10% per annum, with any accrued but unpaid interest added to principal
at the end of each year that the balance is outstanding. Each note grants a security interest in the assets of the Company, subject
to certain conditions as set forth therein. These demand promissory notes are described in a Form 8-K filed with the Securities
and Exchange Commission on February 3, 2016.

 

As
of March 31, 2016, there was an aggregate of $170,045 payable pursuant to these four demand promissory notes inclusive of $14,845
of accrued interest.

 

Samyang
Documents

 

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

 

Non-permanent
equity

 

Non-permanent
equity of $185,000 as of March 31, 2017 was the result of a financing of $185,000 in December 2016 which was the sale of units
that consisted of one share common stock and one common stock purchase warrant. Investors have an exchange right into future financings
through December 30, 2017. Since such financings may include debt financings, the December 2016 closings resulted in the sale
by the Company of non-permanent equity which is accounted for as a liability. The offering and the accounting treatment are described
in the Company’s filings with the SEC, particularly in its Form 10-K as of December 31, 2016 and its Form 10-Q as of March
31, 2017.

 

Other
short-term notes payable

 

Other
short term notes payable at March 31, 2017 consisted of premium financing agreements with respect to various insurance policies.

 

Investor
Initials: ______________

 

    	3

    	 	 	 

    

 

Pending
or Threatened Litigation or Claims

 

In
the opinion of management of the Company, adequate provision has been made in the Company’s condensed consolidated financial
statements as of March 31, 2017 for the items listed below.

 

By
letter dated November 11, 2014, a former director of the Company, who joined the Company’s Board of Directors on August
10, 2012 in conjunction with the Pier transaction and who resigned from the Company’s Board of Directors on September 28,
2012, asserted a claim for unpaid consulting compensation of $24,000. The Company has not received any further communications
from the former director with respect to this matter.

 

By
letter dated February 5, 2016, the Company received a demand from a law firm representing a professional services vendor of the
Company alleging an amount due and owing for unpaid services rendered. On January 18, 2017, following an arbitration proceeding,
an arbitrator awarded the vendor the full amount sought in arbitration of $146,082. Additionally, the arbitrator granted the vendor
attorneys’ fees and costs of $47,930. All such amounts had been accrued at March 31, 2017 and December 31, 2016.

 

By
e-mails dated July 21, 2016 and subsequently, the Company received demands from an investment banking consulting firm that represented
the Company in 2012 in conjunction with the Pier transaction alleging that $225,000 is due and owing for unpaid investment banking
services rendered.

 

Trade
Accounts

 

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

 

Investor
Initials: ______________

 

    	4

    	 	 	 

    

 

EXHIBIT
A

 

FORM
OF WARRANT

 

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

 

WARRANT
TO PURCHASE COMMON STOCK

 

RespireRx
Pharmaceuticals Inc.

 

Warrant
Number: [_______]                                                         Initial
Exercise Date: [ ], 201[ ]

 

THIS
WARRANT TO PURCHASE COMMON STOCK (the “Warrant”) certifies that, for value received, [______________] or its/his/her
permitted assigns (the “Holder”) is entitled, upon the terms and conditions hereof, and subject to the limitations
on exercise hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and
on or prior to 5:00 p.m. New York time on September 29, 2022 (the “Termination Date”) but not thereafter, to
subscribe for and purchase from RespireRx Pharmaceuticals Inc., a Delaware corporation (the “Company”), [  ]
shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of each
share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b), and may be exercised
on a cashless basis, as set forth in Section 2(c).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Common Stock and Warrant Purchase Agreement, dated as of [_____], 201[  ] (the “Purchase Agreement”),
among the Company and the Investors. This is one of the “Warrants” referred to in the Purchase Agreement.

 

Investor
Initials: ______________

 

    	5

    	 	 	 

    

 

Section
2. Exercise and Call Provision.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on any Business Day (as defined below) on or after the Initial Exercise Date and on or before the Termination Date
by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered
Holder at the address of the Holder appearing on the books of the Company) of a duly completed and executed facsimile or electronic
mail copy of the Notice of Exercise form annexed hereto (the “Notice of Exercise”). The Company shall use reasonable
best efforts to not affect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any
portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and
treated as if never made, to the extent that after giving effect to such exercise, the Holder together with any parties with whom
or with which the Holder’s ownership interest must be aggregated (“Attribution Parties”), collectively
would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by the Holder and the other Attribution Parties shall include the number of shares of Common Stock held
by the Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant
with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be
issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the
other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of
the Company (including, without limitation, any convertible notes or convertible preferred stock or warrants) beneficially owned
by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained
in this Section 2(a). For purposes of this Section 2(a), beneficial ownership shall be calculated in accordance with Section 13(d)
of the Securities Exchange Act of 1934 (the “1934 Act”) and the rules promulgated thereunder. For purposes
of determining the number of outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without
exceeding the Maximum Percentage, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x)
the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other
public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other more recent
written notice by the Company or the Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the
“Reported Outstanding Share Number”). If the Company receives a Notice of Exercise from the Holder at a time
when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall
(i) notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Notice
of Exercise would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 2(a), to exceed
the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be acquired pursuant to such
Notice of Exercise (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii)
as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction
Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business
Day confirm orally and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In
any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise
of securities of the Company, including this Warrant, by the Holder and any other Attribution Party since the date as of which
the Reported Outstanding Share Number was reported. In the event that the issuance of shares of Common Stock to the Holder upon
exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate,
more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the
1934 Act and the rules promulgated thereunder), the number of shares so issued by which the Holder’s and the other Attribution
Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be
deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess
Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, (i) the Company
shall return to the Holder the exercise price paid by the Holder for the Excess Shares, and (ii) the Holder shall provide any
documentation reasonably requested by the Company to effect such cancellation on the records of the Company and its transfer agent.
Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage
to any other percentage as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be
effective until the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any such increase
or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Warrants issued in
connection with the Purchase Agreement that is not an Attribution Party of the Holder. For purposes of clarity, the shares of
Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially
owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability
to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph
with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 2(a) to the extent necessary to correct this paragraph
or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained
in this Section 2(a) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The
limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. Within three (3)
Business Days (as defined below) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price (as defined below) for the shares specified in the applicable Notice of Exercise by wire transfer in immediately available
funds or cashier’s check drawn on a United States bank in immediately available funds. A “Business Day”
means any day other than a Saturday or Sunday or any day that national commercial banks in New York City, New York are authorized
or required to close or any day that the NADSAQ stock markets or any other nationally recognized stock markets are closed. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within three (3) Business Days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Company, either directly or through its representative,
shall maintain, or cause to be maintained, records showing the number of Warrant Shares purchased and the date of such purchases,
which records shall be deemed to be accurate absent manifest error. The Company shall deliver any objection to any Notice of Exercise
within two (2) Business Days of actual receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant initially shall be $1.10 per share
(110% of Unit Purchase Price as defined in the Purchase Agreement), subject to adjustment hereunder (including, without limitation,
under Sections 2 and 3 hereof) (as adjusted, the “Exercise Price”).

 

c)
Cashless Exercise. This Warrant may be exercised at any time permitted hereunder, subject to the Limitation set forth in
Section 2(a), by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for
the number of Warrant Shares equal to the quotient obtained by the following formula:

 

(A-B)*(X)

(A)

Where:

 

Investor
Initials: ______________

 

    	6

    	 	 	 

    

 

(A)
= the Closing Price on the Trading Day immediately preceding the date of such election (“Trading Day” means any Business
Day, or, if the Common Stock of the Company is traded on an exchange, the OTC BB or other quotation system, then any Business
Day on which such exchange, the OTC Bulletin Board or quotation system is open for trading the Common Stock of the Company);

 

(B)
= the Exercise Price of this Warrant, as adjusted; and

 

(X)
= the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of
a cash exercise rather than a cashless exercise.

 

As
used herein, “Closing Price”, shall mean the first of the following clauses that applies: (1) if, at the time
of any such calculation, the Common Stock is listed or quoted on the American Stock Exchange, or the New York Stock Exchange,
or the NASDAQ Market, the NASDAQ Capital Market or the Archipelago Exchange, or OTC Markets QB or OTX Markets QX, the Closing
Price shall be the closing or last sale price reported for the last business day immediately preceding the date of any such calculation;
(2) if, at the time of any such calculation, the Common Stock is quoted on the OTC Bulletin Board or listed in the “Pink
Sheets” published by the National Quotation Bureau Inc. or a similar agency or organization succeeding to its function or
reporting prices, the Closing Price shall be the average of the closing prices reported for the last five (5) days during which
the Common Stock actually traded and for which a closing price is available immediately preceding the date of any such calculation,
or (3) in all other cases, the Closing Price of a share of Common Stock shall be the price determined by an independent
appraiser selected in good faith by the Holder and reasonably acceptable to the Company.

 

d)
Mechanics of Exercise.

 

i.
Delivery of Certificates Upon Exercise. Certificates for shares issuable upon the exercise hereof shall be transmitted
by the transfer agent of the Company to the Holder by crediting the account of the Holder’s broker with the Depository Trust
Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in
such system and such shares are eligible for legend removal, and otherwise by physical delivery to the address specified by the
Holder in the Notice of Exercise on the date that is no more than three (3) Business Days after the latest of (A) the delivery
to the Company of the Notice of Exercise, (B) surrender of this Warrant (if required), and (C) payment of the aggregate Exercise
Price as set forth above (such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed
to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder
of record of such shares for all purposes, upon delivery of Notice of Exercise, irrespective of the date such Warrant Shares are
credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares (as the
case may be) in the case of a cashless exercise and, if a cash exercise, then subject to payment to the Company of the Exercise
Price in good funds by either certified check, wire transfer or other similar payment method and all taxes required to be paid
by the Holder, if any, pursuant to Section 2(d)(v) prior to the issuance of such shares, having been paid.

 

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

 

Investor
Initials: ______________

 

    	7

    	 	 	 

    

 

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

 

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

 

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

 

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

 

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

 

Investor
Initials: ______________

 

    	8

    	 	 	 

    

 

e.
Call Provision. If at any time prior to the expiration of, or the exercise by the Holder of this Warrant the closing price
of Company’s common stock is 250% or more than the Unit Purchase Price for five (5) consecutive trading days (the “Trading
Price Condition”), the Company shall have the right to call, redeem and cancel this Warrant on the tenth day after written
notice by the Company to the Holder and payment to the Holder in cash of $0.001 per Warrant Share. To effectively exercise this
call provision, such written notice of intent to exercise the call provision under this Section 2(e) must be provided by the Company
by the close of business on the second trading day following satisfaction of the Trading Price Condition. The Holder may exercise
this Warrant on a cash or cashless basis after written notice by the Company, but before the tenth day after such written notice,
which exercise shall nullify the Company’s right to call, redeem and cancel this Warrant. Failure by the Company to provide
timely notice shall preclude the Company from exercising this call provision with respect to the satisfaction of the Trading Price
Condition over that five (5) consecutive trading day period but shall not preclude the Company from exercising this call provision
with respect to satisfaction of the Trading Price Condition over any other subsequent five (5) consecutive trading days. The Company
may not call, redeem or cancel any portion of this Warrant that may not be exercised during the ten (10) day notification period
pursuant to the restrictions on exercise in Section 2(a).

 

Section
3. Certain Adjustments.

 

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

 

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

 

Investor
Initials: ______________

 

    	9

    	 	 	 

    

 

c)
Notice to Holder.

 

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

 

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

 

Section
4. Transfer of Warrant.

 

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

 

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

 

Investor
Initials: ______________

 

    	10

    	 	 	 

    

 

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

 

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

 

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

 

Section
5. Miscellaneous.

 

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

 

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

 

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

 

Investor
Initials: ______________

 

    	11

    	 	 	 

    

 

d)
Authorized Shares.

 

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

 

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

 

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

 

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

 

Investor
Initials: ______________

 

    	12

    	 	 	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

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

 

Investor
Initials: ______________

 

    	13

    	 	 	 

    

 

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

 

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

 

(Signature
Page Follows)

 

Investor
Initials: ______________

 

    	14

    	 	 	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the ___ day
of _____________, 201[  ].

 

	 	RESPIRERX
    PHARMACEUTICALS INC. 
	 	 
	 	By:	/S/Jeff
    Eliot Margolis
        

        

	 	Name:	Jeff
    Eliot Margolis
	 	Title:	Senior
    Vice President, Treasurer, Secretary and Chief Financial Officer

 

Investor
Initials: ______________

 

    	 

    	 	 	 

    

 

AGREED
AND ACCEPTED:

 

[HOLDER]

 

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

 

  

Investor
Warrant Signature Page

 

Investor
Initials: ______________

 

    	 

    	 	 	 

    

 

NOTICE
OF EXERCISE

 

To:
RespireRx Pharmaceuticals Inc.

 

(1)
The undersigned, pursuant to the provisions set forth in the attached Warrant No. ______, hereby irrevocably elects to purchase
(check applicable box):

[  ]
 ____________ shares of the Common Stock of RespireRx
Pharmaceuticals Inc. covered by such Warrant.

 

(2)
The undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such
Warrant. Such payment takes the form of (check applicable box or boxes):

[  ]
$__________ in lawful money of the United States;
and/or

 

[  ]
pursuant to Section 2(c) of the Warrant being
exercised, the cancellation of such portion of such Warrant as is exercisable for a total of _________ Warrant Shares (using a
Closing Price of $_______ per share for purposes of this calculation).

 

(3)
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name
as is specified below:

 

	 	 
	 	 
	 	
	 	(please
    print or type name and address)
	 	 
	 	 
	 	(please
    insert social security or other identifying number)

 

The
Warrant Shares shall be delivered to the following:

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(please
    print or type name and address)

 

and
if such number of shares of Common Stock shall not be all the shares evidenced by this Warrant Certificate, that a new Warrant
for the balance of such shares be registered in the name of, and delivered to, Holder.

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

 

 

 

 

Investor
Initials: ______________

 

    	 

    	 	 	 

    

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended (“Reg D”), or is one of less than 35 non-accredited investors that participated
in the exempt private placement pursuant to Rule 506(b) of Reg D.

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity: 	 
	 	 
	Signature
    of Authorized Signatory of Investing Entity: 	 
	 	 
	Name
    of Authorized Signatory: 	 
	 	 
	Title
    of Authorized Signatory: 	 
	Date:
    	

 

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this
form and supply required information.

Do
not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated:
______________, _______

 

	 	 	 
	 	Holder’s
    Signature:	
	 	 	 
	 	Holder’s
    Address:	

 

	Assignee’s
    Signature: 	 
	 	 
	Company’s
    Signature:	 

 

Investor
Initials: ______________

 

    	15

    	 	 	 

    

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 

Investor
                                         Initials: ______________

 

    	2

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