Document:

Exhibit 10.27

 

Addendum
Number 3 of the “Up to USD 7,100,000 Credit Facilites Agreement”

 

“Addendum”

 

of

 

___
October 2020

 

between

 

	NLS
    Pharmaceutics Ltd.	 	 
	Alter
    Postplatz	 	 
	6370
    Stans	 	 
	Switzerland	 	“Borrower”
	 	 	 
	 	 	 
	 	 	 
	 	and	 
	 	 	 
	 	 	 
	 	 	 
	Ronald
    Hafner	 	 
		 	“Lender
    1”
	 	 	 
	Jürgen
    Bauer	 	 
	 	 	“Lender
    2”
	 	 	 
	Peter
    Ödman	 	 
	 	 	“Lender
    3”

 

     

    	Addendum	2/6

    

 

	 	 	 
	Michael
    Stein	 	 
	 	 	“Lender
    4”
	 	 	 
	 	 	 
	 	 	(Lender
    1, Lender 2, Lender 3 and Lender 4
	 	 	the  Lenders
    )
	 	 	 
	 	 	(Borrower
    and Lenders each a  Party
	 	 	collectively
    the  Parties )
	 	 	 

 regarding

current
situation and outstanding amount

 

     

    	Addendum	3/6

    

 

WHEREAS

 

		A.	The
                                         Borrower is a stock corporation (Aktiengesellschaft) in accordance with Swiss
                                         law with its registered seat and principal place of business at Stans (Company Number
                                         CHE-447.067.367). The Company has a share capital of CHF 139’200.00, divided into
                                         6’960’000 registered shares with a nominal value of CHF 0.02 each, which
                                         have been fully paid in.

 

		B.	The
                                         Lenders and the Borrower (formerly NLS Pharma AG) entered into the “Up to USD 7,100,000
                                         Credit Facilities Agreement” dated 31 August 2015, as amended on 16 September 2019
                                         and on 3 February 2020 (“Agreement”). The Lenders agreed to make available
                                         to the Borrower credit facilities in the aggregate amount of USD 7,100,000.00 (“Total
                                         Credit Facility Amount”).

 

		C.	The
                                         Lenders granted to the Borrower the Total Credit Facility Amount under the Agreement.

 

		D.	According
                                         to section 6.1 of the Agreement only the loans under Credit Facility D shall bear interest
                                         at the rate of 10% per annum, calculated from (and including) the day of its drawdown
                                         to (and including) the Maturity Date (or the date of its earlier repayment).

 

		E.	With
                                         the capital increase dated 19 July 2018 (“Capital Increase I”) part
                                         of the Total Credit Facility Amount in the amount of USD 3,418,519.00 (“Converted
                                         Amount I”) was converted and setoff against 52 registered shares at a nominal
                                         amount of CHF 100.00. The Lenders each received thirteen (13) registered shares at an
                                         issue price of USD 65,740.75 per share, as stated in the subscription form signed by
                                         each Lender. Part of the Converted Amount I was the total Credit Facility D amount (USD
                                         500,000.00). After the capital increase dated 19 July 2018 an open amount of USD 3,681,481.00
                                         remained (“Open Amount”).

 

		F.	With
                                         the capital increase dated 12 March 2019 (“Capital Increase II”) the
                                         Open Amount was converted and setoff against 56 registered shares at an issue price of
                                         USD 65,740.75 per share, as stated in the subscription form signed by each Lender. The
                                         Lenders each received fourteen (14) registered shares.

 

		G.	With
                                         the Capital Increase I and the Capital Increase II the Total Credit Facility Amount was
                                         converted and setoff.

 

		H.	The
                                         maturity date for the repayment of the Total Credit Facility Amount together with the
                                         accrued interest was set at 30 September 2020 (“Maturity Date”).

 

NOW,
THEREFORE, the Parties agree as follows:

 

Any
capitalized terms, if not defined otherwise in this Addendum, shall have the meaning as set forth in the Agreement.

 

		1.	Open
                                         Amount

 

The
Parties hereby confirm that the Total Credit Facility Amount was converted and setoff in accordance with the Agreement. Therefore,
no open amount remains with regard to the Total Credit Facility Amount.

 

		2.	Conversion
                                         of Credit Facility D and Interest

 

The
Parties hereby agree and confirm that the total amount of the Credit Facility D was converted with the Capital Increase I.

 

     

    	Addendum	4/6

    

 

According
to the document from GHM Partners (Annex 1), the accrued interest shall consequently be calculated from 25 November 2016
until and including the date of the Capital Increase I. The accrued interest as of the date hereof therefore equals USD 85’737.00
(“Open Interest Amount”).

 

		3.	Extension
                                         Maturity Date

 

The
Maturity Date for the Open Interest Amount shall be extended until 31 December 2020.

 

		4.	Governing
                                         Law and Jurisdiction

 

This
Addendum shall be governed by and construed in accordance with the substantive laws of Switzerland, without reference to principles
of conflict of laws or choice of laws.

 

All
disputes arising out of or in connection with the present Agreement, including disputes on its conclusion, binding effect, amendment
and termination, shall be resolved by the ordinary courts in Stans (NW), Switzerland.

 

[Signature
page to follow]

 

     

    	Addendum	5/6

    

 

Borrower

 

NLS
Pharmaceutics Ltd.

 

	/s/ Ronald
    Hafner 	 	/s/
Alexander Zwyer
	Ronald
    Hafner	 	Alexander
    Zwyer
	Chairman
    of the Board	 	Chief
    Executive Officer
	 	 	 
	 	 	 
	Lenders	 	 
	 	 	 
	/s/ Ronald
    Hafner	 	/s/
Jürgen Bauer
	Ronald
    Hafner	 	Jürgen
    Bauer
	 	 	 
	/s/ Peter
    Ödman	 	/s/ Michael
    Stein
	Peter
    Ödman	 	Michael
    Stein

 

 

 

Annex 1: Excel sheet from GHM Partners.

 

     

    	Addendum	6/6

    

 

Annex
1

 

Excel
sheet from GHM Partners

 

	Investors A - Credit Facility (part II of USD 7.1m)	 	 	2018	 	 	 	18.03.2019	 	 	 	31.12.2019	 	 	 	30.06.2020	 
	ex NLS-1	 	 	USD	 	 	 	USD	 	 	 	USD	 	 	 	USD	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Credit facility Investors A	 	 	3’681’481.00	 	 	 	3’681’481.00	 	 	 	-	 	 	 	-	 
	Interest rate 0 %	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Debt to equity swap 18.3.2019	 	 	 	 	 	 	-3’681’481.00	 	 	 	 	 	 	 	 	 
	Total Credit Facility	 	 	3’681’481.00	 	 	 	-	 	 	 	-	 	 	 	-	 
	Interest 2016-2018 (of USD 500k)	 	 	85’737.00	 	 	 	85’737.00	 	 	 	85’737.00	 	 	 	85’737.00	 
	Total Credit Facility incl. Interest *	 	 	3’767’218.00	 	 	 	85’737.00	 	 	 	85’737.00	 	 	 	85’737.00	 

 

* Maturity date is September 30, 2020Exhibit 10.28

 

NLS Pharmaceutics Ltd.

Alter
Postplatz 2

CH-6370
Stans 

 

___
October 2020

  

Addendum
Number 3 to Convertible Promissory Note (“Addendum”)

 

Magnetic
Rock Investment AG, a Swiss stock corporation with its registered office at c/o Ronald Hafner, Weinbergstrasse 72, 8703 Erlenbach
(ZH), Switzerland, and company no. CHE-184.662.704 (the “Lender”), granted to NLS Pharmaceutics Ltd. (formerly
NLS-1 Pharma AG), a Swiss stock corporation with its registered office at Alter Postplatz 2, 6370 Stans, Switzerland, and company
no. CHE-447.067.367 (the “Borrower”), based on the promissory note dated 18 January 2019, as amended on 16
September 2019 and in January 2020 (the “Promissory Note”) the principal sum of CHF 550,000.00 (the
“Principal Amount”), together with interest at 10.0% p.a. (the “Interest”) thereon accruing
on and from the date of payment until the entire Principal Amount is repaid (the Interest and the Principal Amount hereinafter
jointly referred to as the “Loan”). The Interest shall be calculated based on the exact number of days in relation
to a year of 360 days (actual/360), compounded annually.

 

For
the sake of clarity, CHF 500,000.00 of the Principle Amount (“Payment A”) was paid to the Borrower on 31 August
2018 (the “Date of Payment A”) and CHF 50,000.00 of the Principle Amount (“Payment B”) was paid
to the Borrower on 18 December 2018 (the “Date of Payment B”).

 

On
12 March 2019 CHF 526,979.84 of the Principal Amount was settled by conversion into equity (the “Conversion Amount”),
whereas the Lender received eight (8) registered shares at an issue price of CHF 65,872.48 (the “Conversion”).
The Conversion Amount consists of the full amount of Payment B and of CHF 476,979.84 from Payment A. As a result of the Conversion,
an outstanding amount of CHF 23,020.16 with regard to Payment A (the “Open Amount Payment A”) remains open.

 

The
following is a statement of the amended terms and conditions of the Promissory Note:

 

	1
                           – Extension Maturity Date

         

         

         

         

         
	According
                                         to section 2 of the Promissory Note, the Maturity Date and therefore the repayment of
                                         the Loan was agreed to take place no later than 30 September 2020.

         

        According
        to section 2 of the Promissory Note, the Lender may unilaterally extend the repayment term and set a new Maturity Date.

         

        The
        Lender hereby extends the Maturity Date of the Loan, replacing the existing Maturity Date, until 31 December 2020 and,
        thus, the Loan shall be due for repayment no later than 31 December 2020. The Borrower hereby acknowledges and agrees
        with the extension. References to the Maturity Date in the Promissory Note shall be to 31 December 2020.

        

	 	 
	2
    - Governing Law	This
                                    Addendum shall be governed by and construed in accordance with the substantive laws of Switzerland,
                                    without reference to principles of conflict of laws or choice of laws.

         

	3
    – Jurisdiction	All
                                    disputes arising out of or in connection with this Addendum, including disputes regarding
                                    its conclusion, validity, binding effect, amendment, breach, termination or rescission shall
                                    be subject to the exclusive jurisdiction of the ordinary courts of Stans (NW).

 

[signature
page to follow]

 

    1 

     

    

  

The
Lender

 

Magnetic
Rock Investment

 

	/s/ Ronald
    Hafner	 	 
	Ronald
    Hafner	 	 
	Chairman
    of the Board of Directors	 	 
	 	 	 
	 	 	 
	The
    Borrower	 	 
	 	 	 
	NLS
    Pharmaceutics Ltd.	 	 
	 	 	 
	/s/ Alexander
    Zwyer	 	/s/ Ronald
    Hafner
	Alexander
    Zwyer	 	Ronald
    Hafner
	Chief
    Executive Officer	 	Chairman
    of the Board of Directors

  

    2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]