Document:

Exhibit 10.12

 

NephroGenex,
Inc.

 

OMNIBUS AGREEMENT AND CONSENT

 

This Omnibus Agreement and Consent is entered
into as of January __, 2014, among NephroGenex, Inc., a Delaware corporation (the “Company”), and the
undersigned holders of the Company’s common stock, par value $0.001 (the “Common Stock”), the undersigned
holders of the Company’s Series A preferred stock, par value $0.001 (the “Series A Preferred Stock”),
and the undersigned holders of the Company’s convertible promissory notes (the “Convertible Notes”).
The undersigned holders of the Common Stock, Series A Preferred Stock and Convertible Notes are collectively referred to herein
as the “Holders”.

 

Whereas,
the Company and the holders of the Common Stock and the Series A Preferred Stock are parties to the Stock Purchase Agreement, dated
as of May 4, 2007, by and among the Company and the investors listed on Schedule A thereto (the “Stock Purchase Agreement”);

 

Whereas,
the Company and the holders of the Convertible Notes are parties to various Convertible Promissory Notes, dated various dates,
by and among the Company and the individual holder of the relevant Convertible Note;

 

Whereas,
the Company is contemplating a firm commitment underwritten initial public offering of the Common Stock with a minimum pre-money
valuation of thirty million dollars (such firm underwritten initial public offering with a minimum pre-money valuation of the Company
of at least $30 million, the “IPO”), pursuant to which the Company will become a publicly-traded corporation;

 

Whereas,
the Company has been advised by the proposed underwriter that in order to achieve the greatest chance of success of the IPO, it
is in the best interests of the Company to simplify its capital structure prior to the IPO;

 

Whereas,
the Stock Purchase Agreement grants Care Capital Investments III, LP and Care Capital Offshore Investments III, LP (collectively,
“Care Capital”) and Rho Ventures V, L.P. and Rho Ventures V Affiliates, L.L.C. (collectively, “Rho”)
the option to purchase up to an aggregate of 9,002,278 shares of Common Stock for an aggregate purchase price of $10,000,000 following
the Company’s enrollment of the first patient in a Phase III clinical trial under a “Special Protocol Agreement”
with the U.S. Food and Drug Administration for the development and registration of PyridorinTM for diabetic nephropathy,
or the enrollment of the first patient in a bona fide Phase III trial by the Company for diabetic nephropathy (the “Warrant
Right”);

 

Whereas,
the definitive documents governing the Convertible Notes grant the holders of the Convertible Notes the right to convert all or
a portion of the principal balance and any unpaid accrued interest (the “Note Balance”) on the Convertible
Notes into shares of Series A Preferred Stock by dividing the Note Balance by $1.11083;

 

Whereas,
upon a Qualified Public Offering (as defined in the Company’s restated certificate of incorporation, as amended (the “Restated
Charter”)), each share of Series A

 

    	 

    	 

    

 

Preferred Stock shall automatically be converted into shares of
Common Stock at the Conversion Rate (as defined in the Restated Charter);

 

Whereas,
each share of Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time, into shares of Common
Stock at the Conversion Rate;

 

Whereas,
it is currently uncertain as to whether the planned IPO will qualify as a Qualified Public Offering; and

 

Whereas,
to successfully facilitate the transactions contemplated by the IPO and in exchange for the shares of Common Stock to be issued
to Care Capital and Rho, effective at the closing of the IPO, the Warrant Right under the Stock Purchase Agreement shall be terminated;

 

Now,
Therefore, in consideration of the foregoing, the premises set forth herein and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties mutually agree and acknowledge as follows:

 

Series A Preferred Stock

 

		1.	In consideration of the foregoing recitals and in full satisfaction of all claims by Care Capital and Rho in connection with
terminating the Warrant Right, effective upon the closing of the IPO each of Care Capital and Rho agree to receive and accept from
the Company, at the closing of the IPO, the amount of shares of Common Stock opposite each holder’s name in the table below.

 

	Name of Holder	 	Shares of Common Stock to be Issued At

    Closing	 
	Care Capital Investments III, LP	 	 	2,637,800	 
	 	 	 	 	 
	Care Capital Offshore Investments III, LP	 	 	44,052	 
	 	 	 	 	 
	Rho Ventures V, L.P.	 	 	1,081,531	 
	 	 	 	 	 
	Rho Ventures V Affiliates, L.L.C.	 	 	94,958	 

 

		2.	Each undersigned holder of the Series A Preferred Stock acknowledges and agrees that, as a result of this Omnibus Consent and
Agreement, effective upon the closing of the IPO, it is waiving any and all rights to any unpaid and accrued dividends relating
to the Series A Preferred Stock.

 

		3.	The undersigned holders of the Series A Preferred Stock (constituting greater than 66 2/3% of the holders of the shares of
the Series A Preferred Stock currently outstanding, as required by the Restated Charter) hereby agree that, in the event that the
IPO does not qualify as a Qualified Public Offering, upon closing of the IPO all outstanding shares of Series A Preferred Stock
(including any shares issued or to be issued in connection with the conversion of the Convertible Notes) shall be converted into
shares of Common Stock in accordance with the terms of the Restated Charter and, upon the closing of the IPO and

 

    	 

    	 

    

 

			prior to the issuance or sale of the shares in the IPO, each outstanding share of Series A Preferred Stock shall automatically
be converted into shares of Common Stock at the then applicable Conversion Price (as defined in the Restated Charter).

 

Convertible Notes

 

		1.	The undersigned holders of the Convertible Notes hereby elect to convert all amounts (including interest thereon) of the Convertible
Notes held by each of them into shares of Series A Preferred Stock, as adjusted for any stock splits, reverse stock splits or other
adjustments to the Common Stock effective immediately prior to the IPO, in accordance with the terms of the Notes.

 

Miscellaneous

 

		1.	This Omnibus Agreement and Consent shall terminate and be null and void if the closing of the IPO does not occur on or prior
to May 31, 2014.

 

		2.	As a condition to the execution of this Omnibus Agreement and Consent, and as an inducement to the Company to the enter into
this Agreement, each Holder acknowledges and agrees, among other things, that: (i) it is aware that there may be material information
concerning the Company and/or the Convertible Notes or Series A Preferred Stock that has not been disclosed, but that the Holder
nevertheless has decided to continue with this exchange; (ii) the Holder has reviewed and sought appropriate advice, prior to executing
this Omnibus Agreement and Consent, with respect to an analysis of the terms of the Convertible Notes and/or the Series Preferred
Stock, as applicable, and understands that there are possible circumstances or transactions under or pursuant to which it could
receive more for its shares of Convertible Notes and/or Series A Preferred Stock than it would under this Omnibus Agreement and
Consent; (iii) it has waived any and all right to participate in any other transaction that could yield a higher return for the
Holder; and (iv) the Holder hereby releases the Company, pursuant to the terms hereof, from and against any and all claims relating
to not having access to any undisclosed information or benefitting from any possible higher yield with respect to the Convertible
Notes and/or the Series A Preferred Stock.

 

		3.	In consideration of the foregoing recitals, to facilitate the successful completion of the IPO and for other good and valuable
consideration, the undersigned stockholders (constituting greater than 66 2/3% of the holders of the shares of the Series A Preferred
Stock currently outstanding, as required by the Restated Charter) hereby consent (which consent shall be effective upon closing
of the IPO), on behalf of themselves and their successors and assigns, to (i) the issuance by the Company of the shares of Common
Stock in connection with the waiver of the Warrant Right under the Stock Purchase Agreement as set forth above, and (ii) the conversion
of the Convertible Notes into shares of Common Stock as set forth above.

 

		4.	In consideration of the foregoing recitals, the undersigned stockholders (constituting greater than 66 2/3% of the holders
of the shares of the Series A Preferred Stock currently outstanding, as required by the Restated Charter) hereby waive pursuant
to Section 4(l) of

 

    	 

    	 

    

 

			the Restated Charter (which waiver shall be effective upon the issuance of the shares of Common Stock pursuant to this Agreement),
on behalf of themselves and their successors and assigns, any downward adjustment of the Conversion Price (as defined in the Restated
Charter) of the Series A Preferred Stock that would be applicable as result of the issuance of the shares of Common Stock to Care
Capital and Rho pursuant to this Agreement.

 

		5.	This Omnibus Agreement and Consent may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one instrument. This Omnibus Agreement and Consent shall be effective at such time as it has been executed
by the Company and the Holders.

 

[remainder of page intentionally
left blank]

 

    	 

    	 

    

 

In
Witness Whereof, the undersigned have executed this Omnibus Agreement and Consent as of the date first set forth above.

 

	 	COMPANY
	 	 
	 	NEPHROGENEX, INC.
	 	 
	 	By: 	 

 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	Address:	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

In
Witness Whereof, the undersigned have executed this Omnibus Agreement and Consent as of the date first set forth above.

 

	 	INVESTORS:
	 	 
	 	CARE CAPITAL INVESTMENTS III, LP
	 	CARE CAPITAL OFFSHORE INVESTMENTS III, LP
	 	 
	 	By: CARE CAPITAL LLC, their General Partner
	 	 
	 	By: 	 

 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	Address:	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

In
Witness Whereof, the undersigned have executed this Omnibus Agreement and Consent as of the date first set forth above.

 

	 	INVESTORS:
	 	 
	 	RHO VENTURES V, L.P.
	 	RHO VENTURES V AFFILIATES, L.L.C.
	 	 
	 	By: 
	 	By: 
	 	 	 
	 	By: 	 

 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	Address:	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

In
Witness Whereof, the undersigned have executed this Omnibus Agreement and Consent as of the date first set forth above.

 

	 	INVESTOR:
	 	 
	 	BIOSTRATUM, INCORPORATED
	 	 
	 	By: 	 

 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	Address:	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

In
Witness Whereof, the undersigned have executed this Omnibus Agreement and Consent as of the date first set forth above.

 

	 	INVESTORS:
	 	 
	 	VANDERBILT UNIVERSITY
	 	 
	 	By: 	 

 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	Address:	 
	 	 	 
	 	 	 

 

	 	VANDERBILT UNIVERSITY MEDICAL CENTER
	 	 
	 	By: 	 

 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	Address:	 
	 	 	 
	 	 	 

 

	 	VANDERBILT UNIVERSITY, BY AND THROUGH ITS
	 	MEDICAL CENTER
	 	 
	 	By: 	 

 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	Address:	 
	 	 	 
	 	 	 

 

    	 

    	 

    

 

In
Witness Whereof, the undersigned have executed this Omnibus Agreement and Consent as of the date first set forth above.

 

	 	INVESTOR:
	 	 
	 	JOHN B. MAZUR
	 	 
	 	 
	 	 
	 	 
	 	Address:PCS
Edventures!.Com, Inc.

 

CONVERTIBLE PROMISSORY NOTE

 

 

THIS NOTE AND ANY SECURITIES ISSUABLE UPON
THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THIS NOTE AND ANY SECURITIES ISSUABLE UPON THE CONVERSION HEREOF MAY NOT BE SOLD, OFFERED FOR SALE, MORTGAGED, PLEDGED, HYPOTHECATED,
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT CONCERNING THIS NOTE OR SUCH SECURITIES UNDER SAID
ACT AND APPLICABLE STATE SECURITIES LAWS, OR THE DELIVERY OF AN OPINION OF COUNSEL ACCEPTABLE TO PCS EDVENTURES!.COM, INC., THAT
SUCH REGISTRATION IS NOT REQUIRED. IN THE EVENT OF THE EXERCISE OF THE CONVERSION RIGHT HEREIN, ANY SECURITIES ISSUED WILL BE RESTRICTED
SECURITIES UNDER RULE 144.

 

 

 

	DATED: JANUARY 8, 2014	$260,000.00

 

 

FOR VALUE RECEIVED, PCS Edventures!.Com,
Inc., an Idaho corporation (hereinafter referred to as “Borrower”), hereby promises to pay to the order of TODD
R. HACKETT, or his successors or assigns, if any (hereinafter referred to as “Lender”), the principal sum of TWO
HUNDRED SIXTY THOUSAND DOLLARS ($260,000.00), together with interest on the unpaid principal amount of this Convertible Promissory
Note (“Note”) at the rate of eight percent (8%) per annum in the manner and upon the terms and conditions set forth
below. All computations of interest shall be made on the basis of a 365-day year for actual
days elapsed. 

 

This
promissory note is being issued in substitution for the Promissory Note issued on September 30, 2013 in the amount of $260,000
which is being cancelled upon signing and delivery of this note.

 

The principal and interest on the unpaid principal
amount of this Note, or any remaining portion thereof, shall be paid in full to the Lender 36 months from the date of the Note
on or before January 8, 2017. All payments hereunder shall be made in lawful money
of the United States of America. 

 

At the sole option of Lender, the outstanding
balance of this Note may be converted into shares of Rule 144 Restricted Common Stock of the Borrower at a price per share of $0.035.
In the event Lender elects to convert any outstanding balance due under this Note into such shares, Lender shall give written notice
to the Borrower seven (7) days prior to the effective date of such 

    	-1-

    	 

    

exercise. No fractional share of stock shall be issued upon
conversion. In lieu of any such fractional share, which would otherwise be issuable upon such conversion, the Borrower shall pay
to Lender a cash adjustment in respect thereof, in an amount equal to the same fractional price attributable to such share of the
Company’s common stock at the rate of $ 0.35 per share. The stock certificate representing shares of Rule 144 Restricted
Common Stock of the Borrower, in the event of such conversion, shall be issued and delivered to Lender within fourteen (14) days
of the effective date of such conversion. 

 

Borrower hereby grants Lender security interests in the following
assets of Borrower (subject to any security interests therein in existence as of the date of this Note) during any period in which
any principal or interest under this Note remains outstanding:

 

		a.	A security interest in those assets of Borrower designated as fixed assets on the audited financial
statements of Borrower for the fiscal year ended March 31, 2013, subject to the following occurrences after such date: (i) reductions
in fixed assets occurring in the ordinary course of Borrower’s business and (ii) additions in fixed assets (but only where
not subject to security interests granted in favor of the seller, lessor or entity financing the acquisition of additional fixed
assets); and

 

		b.	A security interest (the “IP Security Interest”) in all intellectual property owned
by the Borrower, assigned to the Borrower or other intellectual property to which the Borrower possesses any rights of ownership
or assignment, whether in written, electronic or other form, including intellectual property within and without the United States
of America, including but not limited to any patents, copyrights, trade secrets or trade names (for example and including that
certain trademark #75845244 and any other trademarks or copyrights registered or subject to applications filed with the USPTO in
the name of or on behalf of the Borrower, and any licenses or other rights to use such intellectual property ("collectively,
“Intellectual Property”). The IP Security Interest granted under this Note shall be, and be deemed to be, subordinated
to any prior security interests granted prior to the date of this Note by the Borrower in any or all Intellectual Property under
any note obligations in favor of any one or more lenders to the Borrower. 

 

In connection with the loan from Lender and the issuance of this
Note by the Borrower, the Lender represents and warrants to the matters listed on Attachment A.

Interest
shall be paid in arrears by cash within thirty (30) days of each successive quarter end. (December, March, June or September)

 

The Company shall have the right of prepayment
of the balance due or any installment payment under this Agreement, as long as a 30 day notification is communicated to the Lender.
Payment shall be credited first to the accrued interest then due and payable and the remainder
to Principal.

 

The rights of the Lender hereunder may be assigned
in whole or in part with prior notice to Borrower and subject to the pre-condition that any assignment comply with the federal
and state securities law applicable to the such assignment. The obligations of the Borrower hereunder may not be assigned by the
Borrower without consent or prior notice to the Lender.

Upon default in the payment of any amount due
pursuant to this Note for more than thirty (30) days after the due date, the Lender may, without notice, declare the entire principal
and interest then remaining unpaid under this Note immediately due and payable and may, without notice, in addition to any other
remedies, proceed against the Borrower to collect the unpaid principal and any interest due. Presentment for payment, notice of
dishonor, protest and notice of protest are waived by the Borrower, and any and all others who may at any time become liable or
obligated for the payment of all or any part of this Note, the principal or interest due.

 

This Note may be altered or amended only by
a written instrument executed by Lender and Borrower.

 

This Note shall be governed by and construed
in accordance with the laws of the State of Idaho. Any legal action to enforce any obligation of the parties to this Note shall
be brought only in the District Court of the Fourth Judicial District of the State of Idaho, in and for the County of Ada.

 

In the event of any civil action filed or initiated
between the parties to this Note or any other documents accompanying this Note, or arising from the breach of any provision hereof,
the prevailing party shall be entitled to all reasonable attorney and paralegal fees, and costs incurred by the prevailing party,
in addition to any damages which may be allowed by law.

 

    	-2-

    	 

    

Upon payment of the unpaid principal balance
of this Note, either through payment in cash, or full or partial conversion, Lender shall surrender this Note marked “Paid
in Full.”

 

 

 

 

	 	 	“BORROWER”
	 	 	 
	 	 	 “PCS EDVENTURES!.COM,
INC.”

 

By  /s/ Robert
O. Grover                                      

Robert O. Grover

Chief Executive Officer

	 	 	 
	 	 	 “LENDER”

 

“TODD R. HACKETT”

 

 

By______________________________

Todd R. Hackett

 

 

 

    	-3-

    	 

    

Attachment A

 

Todd
R. Hackett (“Hackett”) hereby represents and warrants
to PCS Edventures!.com, Inc. (the “Company”), in conjunction with the issuance
of the Convertible Note (“Note”) to which this is attached, as follows:––––

 

(a)
HACKETT HAS, EITHER
ALONE OR
WITH THE ASSISTANCE OF
A REPRESENTATIVE(S),
SUCH KNOWLEDGE
AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO
BE CAPABLE
OF EVALUATING THE MERITS AND RISKS OF
A LOAN AND/OR AN INVESTMENT IN THE COMPANY
AND TO MAKE AN INFORMED DECISION WITH RESPECT TO THE LOAN AND/OR INVESTMENT THAT IS THE SUBJECT MATTER OF THE NOTE.

 

In
addition, Hackett is an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended,
under one or more of the following qualifications for status as an accredited investor:

 

(i)
Hackett is a natural person
who had an income
in excess of $200,000 in
each of the two most recent
years (or joint income with his or her
spouse in
excess of $300,000
in each of those years) and has
a reasonable
expectation of reaching
the same income level in the current year.

 

(ii)
Hackett is a natural
person who has a net worth (or joint
net worth with his or her
spouse) in excess
of $1,000,000.

 

(iii)
Hackett is a director,
executive officer, or
manager of the Company.

 

(b)
Hackett recognizes that
a loan and/or investment in the Company involves
significant risks.

 

(d)
Hackett has been furnished all
materials relating to the Company,
its business and financial condition,
and any other matters relating to the Company and the industries
in which it operates, which Hackett has requested. Hackett has been
afforded the opportunity
to ask questions and receive answers concerning
the Company and to obtain
any additional information which the Company
or its management possesses
or can acquire without
unreasonable effort or expense,
which is necessary
to verify the accuracy
of the information
provided by the Company. Hackett represents that, in
making his decision
to lend and/or invest in the Company, Hackett has relied
solely on
the information provided in writing by the Company (and
not information provided in any other form), and Hackett
has not relied on representations,
warranties, opinions, projections,
financial or
other information or
analysis, if any, supplied
to it by any person,
in any form and at any time,
including, without
limitation, any summaries,
presentations, or other
materials, other than information set forth in the public
filings of the Company with the Securities & Exchange Commission or other information provided directly to Hackett by the Company’s
Chief Executive Officer over the course of the sixty days preceding the note and/or investment in the Company and identified in
writing as relating to Hackett’s evaluation of the note and/or investment (such publicly filed information and written 

    	-4-

    	 

    

materials
from the Company’s Chief Executive Officer being defined in this Agreement as information”). 

 

(e)
The Company has answered all inquiries
that Hackett has made of it concerning
the Company, its business and
financial condition, or any other matter relating
to the operation of
the Company and the note and/or investment described herein.
No oral or written
statement or inducement which is
contrary to the information set forth in the Hackett Information has been made by or on behalf
of the Company to Hackett.

 

(f) Hackett
is not relying on the Company or its employees, officers, directors, members, managers, agents, or representatives with respect
to the legal, tax, economic, and related considerations of the note and/or investment in the Company; and Hackett has relied on
the advice of, or has consulted with, only Hackett's own advisors.

 

(g) Hackett
(i) has adequate means of providing for Hackett's current needs and possible personal contingencies, (ii) has no need for liquidity
in Hackett's investment in the note and/or investment in the Company, (iii) is able to bear the economic risks of Hackett's loan
and/or investment in the Company, and (iv) at the present time, can afford a complete loss of Hackett's note and/or investment
in the Company.

 

(h) Hackett
is making the note and/or investment in the Company for its own account, and not for distribution, assignment, or resale to others
in whole or in part; and no other person has any direct or indirect beneficial interest in such note and/or investment. Hackett
has no agreement or arrangement, formal or informal, with any person to sell or transfer all or any part of the note and/or investment
in the Company; and Hackett has no plans to enter into any such agreement or arrangement.

 

(i) Hackett
understands that (i) there is and will be no market for the note and/or investment in the Company, (ii) the note and/or investment
in the Company have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"),
and Hackett must hold the note and/or investment in the Company indefinitely unless the note and/or investment in the Company
are subsequently registered under the Securities Act or an exemption from such registration is available, (iii) the Company is
under no obligation to register the note and/or investment in the Company on Hackett's behalf or to assist Hackett in complying
with any exemption from registration, and (iv) the note and/or investment in the Company may not be sold pursuant to Rule 144 promulgated
by the Securities and Exchange Commission pursuant to the Securities Act, unless all of the conditions of that Rule are met.

 

(j) Hackett
understands that no Federal or State agency has passed upon the note and/or investment in the Company, or made any finding or determination
as to the fairness of the investment or any recommendation or endorsement of the note and/or investment in the Company.

    	-5-

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