Document:

Exhibit 10.4

 

SUBSIDIARY
GUARANTEE

 

This
SUBSIDIARY GUARANTEE, dated as of January _, 2020 (this “Guarantee”), is made by each of the signatories
hereto (together with any other entity that may become a party hereto as provided herein, the “Guarantors”),
in favor of Harbor Gates Capital, LLC (together with their permitted assigns, the “Secured Parties”).

 

W
I T N E S S E T H:

 

WHEREAS,
Cardax, Inc. (the “Company”) has agreed to sell and issue to the Secured Parties, and the Secured Parties have
agreed to purchase from the Company, a certain debt security (the “Note”), subject to the terms and conditions
set forth therein;

 

WHEREAS,
each Guarantor will directly benefit from the extension of credit to the Company represented by the issuance of the Note;

 

WHEREAS,
as a material inducement to the Secured Parties to purchase the Note, the Company and the Secured Parties entered into that certain
Security Agreement of even date herewith (the “Security Agreement”); and

 

WHEREAS,
as a material inducement to the Secured Parties to purchase the Note and to enter into all of the other agreements to be entered
into in connection with the transactions contemplated thereby (collectively, the “Transaction Documents”),
the Secured Parties have requested the Guarantors and the Company enter into this Guarantee;

 

NOW,
THEREFORE, in consideration of the premises and for such other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, each Guarantor hereby agrees with the Secured Parties as follows:

 

1.
Definitions. The words “hereof,” “herein,” “hereto” and “hereunder” and
words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision
of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall
have the following meanings:

 

“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented, or otherwise modified from time to time.

 

“Obligations”
means, in addition to all other costs and expenses of collection incurred by Secured Parties in enforcing any of such Obligations
and/or this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several)
due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any Guarantor
to the Secured Parties, including, without limitation, all obligations under this Guarantee, the Note, that certain Security Agreement
(the “Security Agreement”), dated as of the date hereof, among the Company, the Guarantors and the Secured
Parties, and any other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith,
in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated
or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later
increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or
any part of such payment is avoided or recovered directly or indirectly from any of the Secured Parties as a preference, fraudulent
transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time to time. Without
limiting the generality of the foregoing, the term “Obligations” shall include, without limitation: (i) principal
of, and interest on the Note and the loans extended pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations
and liabilities of the Company or any Guarantor from time to time under or in connection with this Guarantee, the Note, the Security
Agreement, and any other instruments, agreements or other documents executed and/or delivered in connection herewith or therewith;
and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would be payable
but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving the Company or any Guarantor.

 

    	 

    	 

    

 

“Senior
Lien” means, any security interest that is granted by the Company on the collateral pledged under the Security Agreement.

 

2.
Guarantee.

 

(a)
Guarantee.

 

(i)
The Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Secured Parties and their respective
successors, endorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations.

 

(ii)
Anything herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor
hereunder and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor
under applicable federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer
or laws affecting the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).

 

(iii)
Each Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Secured Parties
hereunder.

 

(iv)
The guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations
of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by indefeasible payment in full.

 

(v)
No payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the
Secured Parties from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding
or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations
shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding
any such payment (other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected
from such Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor
hereunder until the Obligations are indefeasibly paid in full.

 

    	 

    	 

    

 

(vi)
Notwithstanding anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific
performance of which by the Guarantors is not reasonably possible (e.g. the issuance of the Company’s Common Stock), the
Guarantors shall only be liable for making the Secured Parties whole on a monetary basis for the Company’s failure to perform
such Obligations in accordance with the Transaction Documents.

 

(b)
Right of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall
have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive
contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s
right of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall
in no respect limit the obligations and liabilities of any Guarantor to the Secured Parties and each Guarantor shall remain liable
to the Secured Parties for the full amount guaranteed by such Guarantor hereunder.

 

(c)
No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any
Guarantor by the Secured Parties, no Guarantor shall be entitled to be subrogated to any of the rights of the Secured Parties
against the Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Secured Parties
for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from
the Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Secured
Parties by the Company on account of the Obligations are indefeasibly paid in full. If any amount shall be paid to any Guarantor
on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall
be held by such Guarantor in trust for the Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith
upon receipt by such Guarantor, be turned over to the Agent in the exact form received by such Guarantor (duly indorsed by such
Guarantor to the Agent, if required), applied against the Obligations, whether matured or unmetered, in such order as the Secured
Parties may determine.

 

(d)
Amendments, Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that,
without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for
payment of any of the Obligations made by the Secured Parties may be rescinded by the Secured Parties and any of the Obligations
continued, and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security
or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended,
amended, modified, accelerated, compromised, waived, surrendered or released by the Secured Parties, and the Transaction Documents
and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in
whole or in part, as the Secured Parties may deem advisable from time to time, and any collateral security, guarantee or right
of offset at any time held by the Secured Parties for the payment of the Obligations may be sold, exchanged, waived, surrendered
or released. The Secured Parties shall have no obligation to protect, secure, perfect, or insure any Lien at any time held by
them as security for the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.

 

    	 

    	 

    

 

(e)
Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual
of any of the Obligations and notice of or proof of reliance by the Secured Parties upon the guarantee contained in this Section
2 or acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in
this Section 2; and all dealings between the Company and any of the Guarantors, on the one hand, and the Secured Parties, on the
other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in
this Section 2. Each Guarantor waives to the extent permitted by law diligence, presentment, protest, and demand for payment and
notice of default or nonpayment to or upon the Company or any of the Guarantors with respect to the Obligations. Each Guarantor
understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional
guarantee of payment and performance without regard to (a) the validity or enforceability of any Transaction Document, any of
the Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or
from time to time held by the Secured Parties, (b) any defense, set-off or counterclaim (other than a defense of payment or performance
or fraud by Secured Parties) which may at any time be available to or be asserted by the Company or any other Person against the
Secured Parties, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Company or such Guarantor)
which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company for the Obligations, or
of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand
hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Secured Parties may, but shall be
under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as they may have against the Company,
any other Guarantor or any other Person or against any collateral security or guarantee for the Obligations or any right of offset
with respect thereto, and any failure by the Secured Parties to make any such demand, to pursue such other rights or remedies
or to collect any payments from the Company, any other Guarantor or any other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor or any other Person or
any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Secured
Parties against any Guarantor. For the purposes hereof, “demand” shall include the commencement and continuance of
any legal proceedings.

 

(f)
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case
may be, if at any time payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned
by the Secured Parties upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor,
or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the
Company or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

    	 

    	 

    

 

(g)
Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Secured Parties without set-off
or counterclaim in U.S. dollars at the address set forth or referred to in the Signature Pages to the Note or other Transaction
Documents.

 

3.
Representations and Warranties. Each Guarantor hereby makes the following representations and warranties to Secured Parties
as of the date hereof:

 

(a)
Organization and Qualification. The Guarantor is a corporation, duly incorporated, validly existing and in good standing
under the laws of the applicable jurisdiction set forth on Schedule 1, with the requisite corporate power and authority
to own and use its properties and assets and to carry on its business as currently conducted. The Guarantor has no subsidiaries
other than those that are signatories hereto. The Guarantor is duly qualified to do business and is in good standing as a foreign
corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually or in
the aggregate, (x) adversely affect the legality, validity or enforceability of any of this Guaranty in any material respect,
(y) have a material adverse effect on the results of operations, assets, prospects, or financial condition of the Guarantor or
(z) adversely impair in any material respect the Guarantor’s ability to perform fully on a timely basis its obligations
under this Guaranty (a “Material Adverse Effect”).

 

(b)
Authorization; Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Guaranty, and otherwise to carry out its obligations hereunder. The execution and delivery
of this Guaranty by the Guarantor and the consummation by it of the transactions contemplated hereby have been duly authorized
by all requisite corporate action on the part of the Guarantor. This Guaranty has been duly executed and delivered by the Guarantor
and constitutes the valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable
principles of general application.

 

(c)
No Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantor
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its Certificate of
Incorporation or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Guarantor is a party, or (iii) result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which the Guarantor is subject (including
Federal and State securities laws and regulations), or by which any material property or asset of the Guarantor is bound or affected,
except in the case of each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations
and violations as could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business of the
Guarantor is not being conducted in violation of any law, ordinance, or regulation of any governmental authority, except for violations
which, individually or in the aggregate, do not have a Material Adverse Effect.

 

    	 

    	 

    

 

(d)
Consents and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization, or order of, or make
any filing or registration with, any court or other federal, state, local, foreign, or other governmental authority or other person
in connection with the execution, delivery, and performance by the Guarantor of this Guaranty.

 

(e)
Universality of Representations and Warranties. The representations and warranties of the Company set forth in any of the
Transaction Documents, as they relate to such Guarantor, each of which is hereby incorporated herein by reference, are true and
correct as of each time such representations are deemed to be made pursuant to such Transaction Document, and the Secured Parties
shall be entitled to rely on each of them as if they were fully set forth herein, provided that each reference in each such representation
and warranty to the Company’s knowledge shall, for the purposes of this Section 3, be deemed to be a reference to such Guarantor’s
knowledge.

 

(f)
Foreign Law. If applicable, each Guarantor has consulted with appropriate foreign legal counsel with respect to any of
the above representations for which non-U.S. law is applicable. Such foreign counsel have advised each applicable Guarantor that
such counsel knows of no reason why any of the above representations would not be true and accurate. Such foreign counsel were
provided with copies of this Subsidiary Guarantee and the Transaction Documents prior to rendering their advice.

 

4.
Covenants.

 

(a)
Each Guarantor covenants and agrees with the Secured Parties that, from and after the date of this Guarantee until the Obligations
shall have been indefeasibly paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each
commercially reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event of Default (as
defined in the Note) is caused by the failure to take such action or to refrain from taking such action by such Guarantor.

 

(b)
So long as any of the Obligations are outstanding, unless Secured Parties holding at least 67% of the aggregate principal amount
of the then outstanding Note shall otherwise consent in writing, each Guarantor will not directly or indirectly on or after the
date of this Guarantee:

 

i.
Enter into, create, incur, assume or suffer to exist any indebtedness for borrowed money of any kind, including but not limited
to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or
any income or profits therefrom if any such transaction provides a Senior Lien;

 

ii.
Enter into, create, incur, assume or suffer to exist any liens of any kind, on or with respect to any of its property or assets
now owned or hereafter acquired or any interest therein or any income or profits therefrom if any such transaction provides a
Senior Lien, except for permitted Liens;

 

iii.
Amend its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of any Secured
Party;

 

iv.
Repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its securities
or debt obligations, except for those payment arrangements in effect as of the date of this Guarantee related to the monthly repayment
of interest or principal for certain debt obligations (all as set forth in Exhibit A, attached hereto); provided, however, that
Guarantor shall immediately cease its compliance with all such payment arrangements upon an Event of Default (as defined in the
Security Agreement);

 

    	 

    	 

    

 

v.
Pay cash dividends on any equity securities of the Company;

 

vi.
Enter into any transaction with any Affiliate of the Guarantor which would be required to be disclosed in any public filing of
the Company with the Commission, unless such transaction (x) is made on an arm’s-length basis and expressly approved by
a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval) or
(y) provides for additional equity or unsecured debt investment in the Company; or

 

vii.
Enter into any agreement with respect to any of the foregoing.

 

5.
Miscellaneous.

 

(a)
Amendments in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented, or otherwise
modified except in writing by the Secured Parties.

 

(b)
Notices. All notices, requests, and demands to or upon the Secured Parties or any Guarantor hereunder shall be effected
in the manner provided for in any of the Transaction Documents, provided that any such notice, request, or demand to or upon any
Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 5(b).

 

(c)
No Waiver By Course Of Conduct; Cumulative Remedies. The Secured Parties shall not by any act (except by a written instrument
pursuant to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in
exercising, on the part of the Secured Parties, any right, power or privilege hereunder shall operate as a waiver thereof. No
single or partial exercise of any right, power, or privilege hereunder shall preclude any other or further exercise thereof or
the exercise of any other right, power, or privilege. A waiver by the Secured Parties of any right or remedy hereunder on any
one occasion shall not be construed as a bar to any right or remedy which the Secured Parties would otherwise have on any future
occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive
of any other rights or remedies provided by law.

 

(d)
Enforcement Expenses; Indemnification.

 

(i)
Each Guarantor agrees to pay, or reimburse the Secured Parties for, all its reasonable costs and expenses incurred in collecting
against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee
and the other Transaction Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and
disbursements of counsel to the Secured Parties.

 

(ii)
Each Guarantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities with respect to, or resulting
from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in
connection with any of the transactions contemplated by this Guarantee.

 

    	 

    	 

    

 

(iii)
Each Guarantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant
to any of the Transaction Documents.

 

(iv)
The agreements in this Section shall survive repayment of the Obligations and all other amounts payable under any of the Transaction
Documents.

 

(e)
Successor and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure
to the benefit of the Secured Parties and their respective successors and assigns; provided that no Guarantor may assign, transfer
or delegate any of its rights or obligations under this Guarantee without the prior written consent of the Secured Parties.

 

(f)
Set-Off. Each Guarantor hereby irrevocably authorizes the Secured Parties at any time and from time to time while an Event
of Default under any of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any
other Guarantor, any such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits,
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or
unmetered, at any time held or owing by the Secured Parties to or for the credit or the account of such Guarantor, or any part
thereof in such amounts as the Secured Parties may elect, against and on account of the obligations and liabilities of such Guarantor
to the Secured Parties hereunder and claims of every nature and description of the Secured Parties against such Guarantor, in
any currency, whether arising hereunder, under any Transaction Document or otherwise, as the Secured Parties may elect, whether
or not the Secured Parties have made any demand for payment and although such obligations, liabilities and claims may be contingent
or unmetered. The Secured Parties shall notify such Guarantor promptly of any such set-off and the application made by the Secured
Parties of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and
application. The rights of the Secured Parties under this Section are in addition to other rights and remedies (including, without
limitation, other rights of set-off) which the Secured Parties may have.

 

(g)
Counterparts. This Guarantee may be executed by two or more of the parties to this Guarantee on any number of separate
counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same
instrument.

 

(h)
Severability. Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

(i)
Section Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect
the construction hereof or be taken into consideration in the interpretation hereof.

 

    	 

    	 

    

 

(j)
Integration. This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Secured
Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties
by the Secured Parties relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other
Transaction Documents.

 

(k)
Governing Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each of the Company and the Guarantors agree that all proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in the City of New York. Each of the Company and the Guarantors hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and consents to process being
served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Guarantee and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Guarantee
or the transactions contemplated hereby.

 

(l)
Acknowledgements. Each Guarantor hereby acknowledges that:

 

(i)
It has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents
to which it is a party;

 

(ii)
The Secured Parties have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee
or any of the other Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Secured Parties,
on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(iii)
No joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Guarantors and the Secured Parties.

 

(m)
Additional Guarantors. The Company shall cause each of its subsidiaries formed or acquired on or subsequent to the date
hereof to become a Guarantor for all purposes of this Guarantee by executing and delivering an Assumption Agreement in the form
of Annex 1 hereto.

 

    	 

    	 

    

 

(n)
Release of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with the indefeasible
repayment in full of all amounts owed under the Note and the Transaction Documents.

 

(o)
Seniority. The Obligations of each of the Guarantors hereunder rank senior in priority to any other Indebtedness (as defined
in the Note) of such Guarantor.

 

(p)
WAIVER OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASERS, HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

[Signature
Pages Follow]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first
above written.

 

	Cardax
    pharma, inc.	 
	 	 	 
	By:	                                            	 
	Name:		 
	Title:		 

 

Consented
and agreed to:

 

	HARBOR
    GATES CAPITAL, LLC	 
	 	 	 
	By:	                        	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

SCHEDULE
1

 

GUARANTORS

 

The
following are the names, notice addresses, and jurisdiction of organization of each Guarantor.

 

	 	SUBSIDIARY
    

NAME/ADDRESS	JURISDICTION
    OF 

INCORPORATION	COMPANY

PERCENTAGE

    OWNERSHIP
	1	CARDAX
        PHARMA, INC.

        2800
        WOODLAWN DRIVE

        SUITE
        129

        HONOLULU,
        HI 96822
	DELAWARE	100%
	2	 	 	%
	3	 	 	%
	4	 	 	%

 

    	 

    	 

    

 

EXHIBIT
A

 

[provided separately]

 

    	 

    	 

    

 

ANNEX
1 TO

 

SUBSIDIARY
GUARANTEE

 

ASSUMPTION
AGREEMENT, dated as of ___________ __, 202__ made by ______________________________, a ______________ corporation (the “Additional
Guarantor”), in favor of the Secured Parties pursuant to the Note referred to below. All capitalized terms not defined
herein shall have the meaning ascribed to them in the Note.

 

W
I T N E S S E T H:

 

WHEREAS,
Cardax, Inc., a Delaware corporation (the “Company”) and the Secured Parties have entered into a series of
transactions, dated as of January _, 2020, including the purchase by the Secured Parties of certain debt securities of the Company
(as amended, supplemented, or otherwise modified from time to time, the “Transaction Documents”);

 

WHEREAS,
in connection with the Transaction Documents, the Subsidiaries of the Company (other than the Additional Guarantor) have entered
into the Subsidiary Guarantee, dated as of January _, 2020 (as amended, supplemented or otherwise modified from time to time,
the “Guarantee”) in favor of the Secured Parties;

 

WHEREAS,
one or more of the Transaction Documents requires the Additional Guarantor to become a party to the Guarantee; and

 

WHEREAS,
the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the
Guarantee;

 

NOW,
THEREFORE, IT IS AGREED:

 

1.
Guarantee. By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5(m)
of the Guarantee, hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if originally
named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and
liabilities of a Guarantor thereunder. The information set forth in Annex 1 hereto is hereby added to the information set forth
in Schedule 1 to the Guarantee. The Additional Guarantor hereby represents and warrants that each of the representations
and warranties contained in Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor
(after giving effect to this Assumption Agreement) as if made on and as of such date.

 

2.
Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF CALIFORNIA.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first
above written.

 

	[ADDITIONAL
    GUARANTOR]	 
	 	 	 
	By:	                            	 
	Name:		 
	Title:Exhibit 10.5

 

PERSONAL
GUARANTY

 

This
Personal Guaranty (the “Personal Guaranty”) is made by David G. Watumull, an individual with an address at
c/o Cardax, Inc. 2800 Woodlawn Drive, Suite 129, Honolulu, HI 96822 (the “Guarantor”), favor of Harbor Gates
Capital, LLC, a Wyoming limited liability company (the “Payee”), and in connection with that certain Securities
Purchase Agreement between Cardax, Inc., a Delaware corporation (the “Payor”), and the Payee, dated January
_, 2020 (the “SPA”). Pursuant to the SPA, the Payor sold and issued a Convertible Promissory Note in the original
aggregate principal amount of $262,500 (the “Note”) in favor of the Payee.

 

1.
Obligation. In order to induce the Payee to enter into the SPA and to purchase the Note, the Guarantor, who currently serves
as the President and Chief Executive Officer and as a Director and is a significant stockholder of the Payor, hereby irrevocably
and unconditionally guarantees to the Payee, its successors and assigns, and to every subsequent holder of the Note, regardless
of the genuineness, validity, regularity or enforceability thereof, or of the obligation evidenced thereby, and regardless of
any other circumstance, except as noted in this Personal Guaranty, that all obligations of the Payor pursuant to the Note shall
be promptly fulfilled and said sums as may be due paid in full, in accordance with the provisions of the Note, whether at maturity,
by acceleration or otherwise, and, in the event of any extension of time of payment or renewal in whole or part, and all obligations
pursuant to the Note shall be timely fulfilled and all sums which may be due shall be promptly paid when due according to such
extension or extensions or renewal. For avoidance of doubt, the Guarantor hereby acknowledges his understanding that the Payee
would not have entered into the SPA and would not have purchased the Note without the Guarantor having provided this Personal
Guaranty. The Guarantor hereby further acknowledges that, through his above-referenced relationships with the Payor, the Guarantor
has received good and valuable and sufficient consideration for him to provide this Personal Guaranty to the Payee and, in accordance
therewith, has executed and delivered this Personal Guaranty to the Payee.

 

The
Guarantor hereby acknowledges and agrees that the validity of this Personal Guaranty and the Guarantor’s obligations hereunder
shall in no way be terminated, modified, affected, impaired or diminished by reason of any (i) any failure by the Payee to insist
in any one or more instances upon strict performance or observance by the Payor of any of the terms, provisions or conditions
of the Note, (ii) any assertion or non-assertion by the Payee against the Payor of any of the rights or remedies reserved to the
Payee in the Note, (iii) any forbearance by the Payee from exercising any of its rights or remedies as aforesaid, (iv) any bankruptcy,
insolvency, receivership, reorganization, liquidation or other similar proceeding relating to the Payor, (vi) any amendment, modification,
extension, renewal, termination, compromise or waiver under or in respect of the Note, or (vii) any transfer, assignment or negotiation
of the Note or this Personal Guaranty.

 

The
Guarantor hereby acknowledges and agrees that (i) the obligations of the Guarantor pursuant to this Personal Guaranty may be enforceable
by the Payee in its sole and absolute discretion, independent of any enforcement of the Note, (ii) legal action by the Payee against
the Payor shall not be a prerequisite to the enforcement of this Personal Guaranty, and (iii) the Payee may allow the Payor to
be in default, may extend time for payment or other performance by the Payor, or otherwise waive, extend or excuse performance
by the Payor without releasing the Guarantor, except as noted in this Personal Guaranty. Except for any required demand in respect
of payment hereunder, the Guarantor hereby waives any and all notice, demand, presentment, protest and other such privilege or
formality, and all notice in respect of the creation, renewal, extension or accrual of any the Obligations (as defined in the
Security Agreement by and between the Payee and the Payor. The Guarantor represents and warrants to the Payee that this Personal
Guaranty has been duly executed and delivered by the Guarantor and constitutes the legal, valid and binding obligation of the
Guarantor and is enforceable against the Guarantor in accordance with its terms; the Guarantor has full capacity and power to
execute and deliver this Personal Guaranty; and the execution and delivery by the Guarantor of this Personal Guaranty and the
performance by the Guarantor of his obligations hereunder do not violate or conflict with any agreement, instrument, note, judgment,
order or decree binding on the Guarantor or under any law, rule or regulation applicable to the Guarantor, which violation or
conflict would have a material and adverse effect on the Guarantor’s ability to perform his obligations under this Personal
Guaranty.

 

    	1

    	 

    

 

NOTWITHSTANDING
ANY PROVISION OF THIS PERSONAL GUARANTY TO THE CONTRARY, this Personal Guaranty is absolute, unconditional, continuing, and irrevocable
and constitutes an independent guaranty of payment and not of collectability, and, except as specifically set forth hereinbelow,
is in no way conditioned on or contingent upon any attempt by Payor or its successors or assigns (in whole or in part) to enforce
in whole or in part any or all of the Obligations by the Payee against the Payor or any Subsidiary, or the bankruptcy or insolvency
of any or all of the Payee or any Subsidiary, the admission by any or all of such entities of their respective inability to pay
their respective debts as they mature, or the making by any or all of such entities of a general assignment for the benefit of,
or entering into a composition or arrangement with, creditors. The Payee specifically agrees to refrain from enforcement of this
Personal Guaranty against the Guarantor until after (A) all of the Collateral (as that term is defined in the Security Agreement)
has been “timely and voluntarily tendered” by the Payor to the Payee. For purposes hereof, “timely and voluntarily
tendered” shall mean that, within five calendar days of its demand therefor, Payee has received (i) unfettered control over,
and access to, all of the Collateral and it has been delivered to a location specified by Payee and (ii) on or before such date
of delivery and control and access, Payor’s then-current wholesale and retail price lists of each item of Collateral and
(B) the later to occur: (i) the date on which ninety percent (90%) of the Collateral (calculated by wholesale value) has been
sold by Payee (whether at retail or wholesale or otherwise) or (ii) one hundred eighty (180) calendar days has elapsed following
the date of timely and voluntary tender of the Collateral. As such later date, the Guarantor’s obligations hereunder shall
be the amounts then owing under the Note to the Payee, with dollar-for-dollar credit against such amounts as received by Payee
from its sales of the Collateral, less all costs associated therewith (e.g., costs of maintaining, warehousing,
and selling the Collateral and expenses related thereto).

 

2.
Consent. The Guarantor hereby consents that at any time without notice to him, payment of any sums pursuant to the Note
may be extended, or the Note may be renewed in whole or in part, or any party to the Note may be released, and that any of the
acts mentioned in the Note may be done, without affecting the continuing and absolute liability of the Guarantor.

 

3.
Expenses. In addition to the amount guaranteed hereunder, the Guarantor agrees to pay or otherwise reimburse to Payee all
legal fees, costs and expenses incurred by Payee in any manner in connection with this Personal Guaranty, including, but not limited
to, any administration, negotiations, disputes, litigation or collection of this Personal Guaranty, whether or not any legal action
has been commenced, within thirty (30) days after the demand of the Payee, pursuant to the terms and conditions of this Personal
Guaranty and agrees to pay interest upon any such amounts at the rate of twelve percent (12%) from the date paid or incurred by
Payee until such expenses are actually paid by the Payor. The Guarantor shall further pay any and all fees and expenses of any
legal counsel selected by the Payee to represent it with respect to this Personal Guaranty, or the Note. The obligation set forth
in this Section 3 of this Personal Guaranty shall be binding upon Guarantor regardless of whether or not an action has been commenced
or is ever commenced.

 

    	2

    	 

    

 

4.
Waiver. The Guarantor hereby waives presentment, demand for payment by the maker or anyone else, protest, and notice of
non-payment, dishonor, or protest of the Note, and all other notices and demands.

 

5.
Irrevocable Personal Guaranty. The commitments of Guarantor under this Personal Guaranty shall, except as noted in this
Personal Guaranty, be unconditional and irrevocable, irrespective of any defenses, set-offs, claims or counterclaims, whether
legal or equitable, available to the Payor, or to it or any other person or entity affiliated with it or against the enforcement
of this Personal Guaranty, including but not limited to, any such defenses, set-offs, equities, claims, counterclaims, or others
legal or equitable, claims, including, but not limited to, the statute of limitations, which may arise out of the Note, the obligation
of the Payor to make all payments due pursuant to the Note, as the case may be, or in the ordinary course of dealings between
Payor and Payee and any representatives or affiliates thereof, and any such defenses, set-offs, equities, counterclaims or other,
legal or equitable remedies, available to Guarantor, or any entity affiliated with Payor, whether known or unknown, arising out
of this Personal Guaranty or the administration of this Personal Guaranty are hereby forever waived, released and discharged.

 

6.
Notices. Any notice or other communication required or permitted hereunder shall be sufficiently given if sent by certified
mail, postage prepaid, return receipt requested addressed as follows:

 

	To
    the Payee:	 	Harbor
    Gates Capital, LLC
	 	 	Caribe
    Plaza Office Building 6th Floor
	 	 	Palmeras
    St. #53
	 	 	San
    Juan, PR 00901

 

	To
    the Guarantor:	 	David
    G. Watumull
	 	 	c/o
    Cardax, Inc.
	 	 	2800
    Woodlawn Drive, Suite 129
	 	 	Honolulu,
    HI 96822

 

or
in each case to such other address as shall have last been furnished by like notice. If all of the methods of notice set forth
in this Section 6 of this Personal Guaranty are impossible for any reason, notice shall be in writing and personally delivered
to the aforesaid addresses. Each notice or communication shall be deemed to have been given as of the date so mailed or delivered
as the case may be.

 

7.
Governing Law. This Personal Guaranty shall in all respects be construed, governed, applied and enforced in accordance
with the laws of the State of New York applicable to contracts made and to be performed therein, without giving effect to the
principles of conflicts of law. The parties hereby consent to and irrevocably and exclusively submit to personal jurisdiction
over each of them by the courts of New York City, New York in any action or proceeding, irrevocably waive trial by jury and personal
service of any and all process and specifically consent that in any such action or proceeding, any service of process may be effectuated
upon any of them by certified mail, return receipt requested, in accordance with Section 7 of this Personal Guaranty, as if personal
service were made upon Guarantor.

 

8.
Termination; Amendments. This Personal Guaranty may not be terminated, modified or amended, or any of the provisions of
this Personal Guaranty waived, except by written agreement of the Payee and the Guarantor.

 

[Signature
Page to Follow.]

 

    	3

    	 

    

 

IN
WITNESS WHEREOF, the Guarantor has executed and delivered this Personal Guaranty on the date herein indicated.

 

Date:
January _, 2020

 

	 	 
	DAVID
    G. WATUMULL	 

 

	ACCEPTED AND AGREED:
	 	 	 
	HARBOR GATES CAPITAL, LLC
	 	 	 
	By:	        	 
	Name:	 	 
	Title:	 	 

 

[SIGNATURE
PAGE TO PERSONAL GUARANTY]

 

    	4

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