Document:

Exhibit
99.1

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made and entered into as of May 6, 2020 (the “Effective Date”),
by and between RespireRx Pharmaceuticals Inc., a Delaware corporation (the “Company”), and Timothy Jones (“Executive”).

 

WHEREAS,
the Company desires to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions.

 

NOW,
THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:

 

1.
Term. The Executive’s employment
hereunder shall be effective as of the Effective Date and shall continue until September 30, 2023, unless (i) terminated during
the Provisional Term, as hereinafter defined, or (ii) earlier terminated pursuant to Section 7.4 of this Agreement; provided that,
on same date as this Agreement would terminate, if not earlier terminated, (such date and the one year anniversary of each such
date thereafter, a “Renewal Date”), the Agreement shall be deemed to be automatically extended, upon the same terms
and conditions, for successive periods of one year, unless either party provides written notice of its intention not to extend
the term of the Agreement at least ninety (90) days prior to the applicable Renewal Date. The period during which the Executive
is employed by the Company hereunder is hereinafter referred to as the “Employment Term.”

 

1.1
Provisional Term. From the Effective Date until July 31, 2020, employment of Executive shall be considered “at will”
and only the following provisions of this Agreement shall apply: this Section 1(a) and Sections 2, 3, 4, 5, 6.1(a), 7.5, 7.6,
8.4, 8.6 and 9-20.

 

2.
Positions and Duties.

 

2.1
During the Employment Term, Executive shall serve the Company as its Chief Executive Officer and President, reporting to the Board
of Directors of the Company (the “Board”). During the Employment Term, Executive shall have all duties and responsibilities
that are reasonably consistent with these titles and positions and shall devote all of his normal business time and attention
to, and use his best efforts to advance, the business of the Company. Executive has previously been appointed to the Board and
will continue to serve on the Board and agrees to so serve in that capacity, and any other capacity on the Board, inclusive of
committee appointments, in which he may serve, without additional compensation. This provision supersedes and replaces, from the
date hereof forward, any arrangement under which Executive may have been entitled to compensation as a non-management Board member
from the time of his appointment to the Board until the date hereof. Other than those activities listed in Exhibit C, Executive
agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration
without such prior approval of the Board, which shall not be unreasonably withheld, except that without the prior approval of
the Board, Executive may serve on the board of directors of other companies if in so doing Executive does not breach the terms
of this Agreement, his fiduciary duties to the Company, or his confidentiality obligations to the Company, or otherwise interfere
with the performance of the Executive’s duties and responsibilities to the Company as provided hereunder, including, but
not limited to, the obligations set forth in this Section 2.

 

    	 	1	 

     

    

 

2.2
Executive represents and warrants to the Company that Executive is free to accept employment with the Company, and that Executive
has no prior or other commitments or obligations of any kind to anyone else or any entity that would restrict, hinder or interfere
with Executive’s acceptance of his obligations hereunder or the exercise of Executive’s best efforts to the performance
of his duties hereunder.

 

3.
Confidential Information.

 

3.1
Company Information. Executive agrees at all times during Employment Term and thereafter, to hold in the strictest confidence,
and not to use, except for the benefit of the Company, or to disclose to any person, firm or corporation without written authorization
of the Board, any Confidential Information (as defined below) of the Company, except as otherwise provided under a non-disclosure
agreement duly authorized and executed by the Company. Executive understands that “Confidential Information” means,
but is not limited to, any non-public information that relates to the actual or anticipated business or research and development
of the Company, protocols or protocol synopses, and other non-public clinical study-related information; technical data; trade
secrets, ideas, inventions or research and development information; technology, know-how, engineering or other data, processes,
software developments, techniques, processes, formulae, designs, drawings, engineering, hardware configuration information; work-in-process;
manufacturing, planning or marketing information, product plans, procedures or strategies; employee lists, customer lists, advisor
and vendor lists; financial or other business information; information and any other information that, if divulged to a third
party, could have an adverse impact on the Company, or on any third party to which it owes a confidentiality obligation. In addition,
Confidential Information includes any of the foregoing relating to the past, present or future operations, finances, business
interests, methodology or affairs of any third party to which the Disclosing Party owes a duty of confidentiality. Executive further
understands that Confidential Information does not include any of the foregoing items that have been previously disclosed to the
public by the Company or have become public knowledge through no direct or indirect fault of Executive or any person acting on
Executive’s behalf.

 

Executive
agrees that on termination of his employment with the Company for any reason, Executive will immediately return to the Company
all Confidential Information and all memoranda, books, papers, plans, information, letters and other data, and all copies and
derivatives thereof or therefrom, in any way relating to the business of the Company, except for one copy that may be retained
by Executive in Executive’s confidential archives that are at least as secure as the manner in which the Company maintains
its Confidential Information, at Executive’s discretion to monitor compliance with this Agreement. Executive further agrees
that he will not retain or use for his account at any time any tradenames, trademark or other proprietary business designation
used or owned in connection with the business of the Company.

 

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3.2
Former Employer Information. Executive agrees that he will not, during the Employment Term, improperly use or disclose
any proprietary information or trade secrets of any former employer or other person or entity and that he will not bring onto
the premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity
unless consented to in writing by such employer, person or entity.

 

3.3
Third Party Information. Executive recognizes that the Company has received, and in the future will receive, from third
parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. Executive agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary
in carrying out Executive’s work for the Company consistent with the Company’s agreement with such third party.

 

4.
Inventions.

 

4.1
Inventions Retained and Licensed. Except as listed on Exhibit A, Executive does not have any inventions, original works
of authorship, developments, improvements, and trade secrets which were made by him prior to his employment with the Company (collectively
referred to as “Prior Inventions”), which belong to him, which may relate to the Company’s proposed business,
products or research and development, and which were not previously assigned to the Company. If, in the course of Executive’s
employment with the Company, Executive incorporates into a Company product, process or service a Prior Invention owned by Executive
or in which Executive has an interest, Executive hereby grants to the Company a nonexclusive, royalty-free, fully paid-up, irrevocable,
perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such
product, process or service, and to practice any method related thereto. Executive agrees to cooperate with and assist the Company,
as the Company may request, in connection with the provisions of this paragraph.

 

4.2
Assignment of Inventions. Executive agrees that Executive will promptly make full written disclosure to the Company, will
hold in trust for the sole right and benefit of the Company, and hereby assigns to the Company, or its designee, all Executive’s
right, title, and interest in and to any and all inventions, original works of authorship, developments, concepts, improvements,
designs, discoveries, ideas, trademarks or trade secrets, whether or not patentable or registrable under copyright or similar
laws, which Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or
reduced to practice, during the period of time Executive is in the employ of the Company (collectively referred to as “Inventions”).
Executive further acknowledges that all original works of authorship which are made by him (solely or jointly with others) within
the scope of and during the Employment Term, and which are protectable by copyright, are “works made for hire,” as
that term is defined in the United States Copyright Act. Executive understands and agrees that the decision whether or not to
commercialize or market any Invention developed by Executive solely or jointly with others is within the Company’s sole
discretion and for the Company’s sole benefit and that no royalty will be due to Executive as a result of the Company’s
efforts to commercialize or market any such Invention. Executive agrees to take any and all actions, including without limitation
the execution of any documentation, reasonably requested by the Company to further document or evidence any assignment subject
to this Section 4.2.

 

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4.3
Inventions Assigned to the United States. Executive agrees to assign to the United States government all his right, title,
and interest in and to any and all Inventions whenever such full title is required to be in the United States by a contract between
the Company and the United States or any of its agencies.

 

4.4
Maintenance of Records. Executive agrees to keep and maintain adequate and current written records of all Inventions made
by Executive (solely or jointly with others) during the Employment Term. The records will be in the form of notes, sketches, drawings,
and any other format that may be specified by the Company. The records will be available to and remain the sole property of the
Company at all times.

 

4.5
Patent and Copyright Registrations. Executive agrees to assist the Company, or its designee, at the Company’s expense,
in every proper way to secure the intellectual property rights of the Company in any and all countries, including, but not limited
to, the disclosure to the Company of all pertinent information and data with respect to such intellectual property rights, the
execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary
in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns, and nominees
the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights or
other intellectual property rights of the Company. Executive further agrees that his obligation to execute or cause to be executed,
when it is in his power to do so, any such instrument or papers, shall continue after the termination of this Agreement. If the
Company is unable because of Executive’s mental or physical incapacity or for any other reason to secure Executive’s
signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering
Inventions or original works of authorship assigned to the Company as above, then Executive hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents as his agent and attorney in fact, to act for and in Executive’s
behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution
and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by Executive.

 

5.
Office and Travel. The principal place
of Executive’s employment shall be located in at 675 W Euclid Ave, Haddonfield, NJ 08033. Executive will be required to
travel on Company business during the Employment Term.

 

6.
Compensation and Fringe Benefits.

 

Base
Salary. For all services rendered by Executive after the Provisional Term and through September 30, 2021, the Company shall
incur a payroll obligation to be accrued, if not otherwise paid, to Executive at an annual total base salary (as in effect from
time to time, the “Base Salary”) of $300,000. Until such time as at least $5,000,000 has been raised, such salary
may be accrued and remain unpaid, at the discretion of the Board. If $10,000,000 has been raised by September 30, 2021, the Executive’s
Base Salary shall be increased to $375,000; otherwise, Executive’s Base Salary shall remain at $300,000 annually until increased
pursuant to this Agreement or by the Board. If the Board determines that a sufficient amount of funds have been raised or is otherwise
available to fund the Company’s operations on an ongoing basis, Executive’s Base Salary shall be adjusted annually
beginning on first Renewal Date and each successive year during the Employment Term to compensate for changes in the cost of living.
The amount of each annual cost of living increase shall be the lesser of twice the rate determined for the prior calendar year
by the “Consumer Price Index for Urban Wage Earners and Clerical Workers (All Items) published by the bureau of Labor Statistics,
U.S. Department of Labor (1967 equals 100)” or 6.5%.

 

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(a)
Provisional Base Salary. For all services rendered by Executive during the Provisional Term, the Company shall incur a
payroll obligation to be accrued, if not otherwise paid, to Executive at an annual total base salary (as in effect from time to
time, the “Base Salary”) of $300,000.

 

6.2
Guaranteed Bonus. After the Provisional Term, Executive shall be entitled to a guaranteed bonus of (i) $150,000 on October
31, 2020 if this Agreement remains in effect on such date, (ii) $250,000 on March 31, 2021 and (iii) $150,000 payable each six
months thereafter on March 31st and September 30th of each year, unless this Agreement is earlier terminated
pursuant to Section 7.4. Until such time as at least $5,000,000 has been raised, such guaranteed bonus may be accrued and remain
unpaid, at the discretion of the Board.

 

6.3
Performance Bonus.

 

(a)
For each year after the Provisional Term and during the Employment Term, the Executive shall be eligible to earn a performance-based
annual bonus award of up to 50% of Base Salary, based upon the achievement of annual performance goals established by the Board
in consultation with the Executive prior to the start of such year. This metric notwithstanding, the Board may determine, at its
sole discretion, to pay to Executive any amount of an extraordinary bonus, in recognition of extraordinary achievements that benefit
the Company.

 

6.4
Stock Options and Restricted Stock and other Equity-linked Securities or Instruments.

 

(a)
Non-qualified Stock Option Grant. At the end of the Provisional Term, the Company shall grant Executive a non-qualified
stock option (“NQSO”) of the Company’s Common Stock, par value $0.001 that shall immediately vest and that will
not be an “incentive stock option” under the Company’s 2015 Stock and Option Plan (the “Plan”) exercisable
for five years into 1,000,000 shares of the Company’s common stock, exercisable at the closing price of the Company’s
common stock on the OTCQB or other principal exchange or market quotation and trading system on which the Company’s common
stock trades. Upon Executive’s appointment, the Executive shall be eligible to participate in the Plan and may receive options
or restricted shares in addition to the NQSOs, and shall be eligible to participate in other plans established by the Company
from time to time any predecessor or successor plans to the Plan, subject to the terms of the Plan or predecessor or successor
plans, as determined by the Board, in its discretion. Collectively, all stock, stock option or equity-linked securities or instruments
plans are referred to as the “Plans.”

 

    	 	5	 

     

    

 

(b)
The options or restricted shares or other equity-linked securities or instruments granted to Executive pursuant to this Section
6.4 (the “Granted Securities”) will be subject to the terms, definitions and provisions of the Plans and the Option
Agreements, all of which documents are incorporated herein by reference. Notwithstanding the above, (i) in the event of a Change
in Control (as defined in Section 7.4 below) of the Company prior to the vesting of the Granted Securities (if outstanding) and
that occurs while Executive remains employed hereunder, 100% of the then unvested Granted Securities and other shares subject
to the options (if outstanding) shall immediately vest and become exercisable, and (ii) the any of the Granted Securities that
have exercise provisions may be exercised by cashless or net exercise, subject to any limitations set forth in the Plan or Plans,
or applicable Granted Securities agreements and applicable law.

 

6.5
Other Benefits. Executive shall be entitled to participate in such employee benefit plans which may be instituted by the
Company for the benefit of its executive employees generally, upon such terms as may be therein provided of general application
to all executive employees of the Company and such other benefits as are mutually deemed appropriate by the Board and Executive
to the position held by Executive and to the discharge of Executive’s duties, as the same may be amended from time to time.
Executive shall be entitled to not less than twenty (20) business days’ vacation per year, with remuneration, which shall
be coordinated with the vacation periods of other officers of the Company in a manner that will minimize disruption of the Company’s
management efforts.

 

7.
Expenses.

 

7.1
Automobile Expense. During the Employment Term and after the first anniversary of the Effective Date, if $10,000,000 has
been raised in the first year after the Effective Date as set forth in Section 6.1 a maximum of $12,000, tax-equalized, annually,
shall be reimbursed to Executive for automobile expenses that includes the cost of a lease in Executive’s name.

 

7.2
Insurance Allowance. During the Employment Term and until such time as the Company establishes a group health plan for
its employees, the Company shall pay the Executive $1,200 per month, on a tax-equalized basis, as additional compensation for
the purpose of Executive purchasing health coverage for himself. In addition, during the Employment Term and until such time as
the Company establishes a group term life and disability insurance plan for its employees, the Company shall pay the Executive
monthly, tax-equalized, an amount not to exceed $1,000 as reimbursement for a term life insurance policy plus a disability insurance
policy for Executive.

 

7.3
Business Expenses. The Company will pay or reimburse Executive for reasonable business travel, entertainment, computer,
mobile phone, telecommunications and other expenses incurred by Executive in the furtherance of or in connection with the performance
of Executive’s duties hereunder in accordance with the Company’s established policies. Executive shall furnish the
Company with written evidence of the incurrence of such expenses within a reasonable period of time from the date that they were
incurred. Executive shall be reimbursed for mileage based on the IRS’s applicable standard mileage reimbursement rate for
any business travel requiring the use of Executive’s car.

 

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7.4
Termination of Employment.

 

(a)
For Cause or Without Good Reason. Executive’s employment hereunder may be terminated by the Company for Cause (as
defined below) or by Executive without Good Reason (as defined below). On any such termination, Executive will be entitled to
receive only the following payments and benefits (collectively, the “Accrued Benefits”): (i) any Base Salary and Guaranteed
Bonus earned but not paid through the date of such termination, paid on the next regularly scheduled payroll date following such
termination and (ii) all other benefits, if any, due Executive, as determined in accordance with the plans, policies and practices
of the Company, including any expense reimbursement obligations described in Section 7.3 that were incurred as of the date of
such termination.

 

(b)
Death or Disability. Executive’s employment hereunder will automatically terminate on his death. If Executive suffers
a Disability (as defined below), the Company will have the right to terminate this Agreement effective on the giving of notice
thereof to Executive. On termination of Executive’s employment hereunder on account of death or Disability, Executive (or
his estate, if applicable) will be entitled to receive the Accrued Benefits. “Disability” means a physical or mental
condition that, after reasonable accommodation, has prevented Executive from performing satisfactorily his duties hereunder for
a period of at least (i) one hundred twenty (120) consecutive days or (ii) one hundred eighty (180) non-consecutive days in any
365 day period. Any question as to the existence of Executive’s Disability as to which Executive and the Company cannot
agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company.
If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those
two physicians shall select a third who shall make such determination in writing.

 

(c)
Without Cause or For Good Reason. Executive’s employment hereunder may be terminated by the Executive for Good Reason
or by the Company without Cause. If Executive’s employment with the Company is terminated by the Company as a result of
an involuntary termination without Cause (which shall not include a termination due to death, Disability, or non-renewal of the
Employment Term) or a voluntary termination for Good Reason, Executive shall be entitled to receive the following severance benefits:
(i) a lump sum payment equivalent to twelve (12) months of Executive’s then current Base Salary, which shall be paid no
later than fifty-three (53) days following the date of Executive’s termination of employment; and (ii) full acceleration
of the vesting of any then unvested Restricted Shares, other restricted shares or stock options or other equity compensation awards
held by the Executive (with any unvested performance-based awards accelerated at 100% of target performance levels). If Executive’s
employment hereunder is terminated by the Company without Cause or for Good Reason (as defined in this Section 7.4(c)) Executive
shall not be forced to exercise any of his non-qualified stock options (“NQSOs”), or any of his incentive stock options
(“ISOs”), subject to any statutory limitations.

 

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For
the purposes of this Agreement, “Good Reason” means without Executive’s express written consent (i) a material
diminution of Executive’s duties, position or responsibilities relative to Executive’s duties, position or responsibilities
in effect immediately prior to such reduction; (ii) a material diminution by the Company of Executive’s Base Salary as in
effect immediately prior to such reduction, other than a general reduction in base salary that affects all of the Company’s
executive officers; (iii) any material breach by the Company; or (iv) the relocation of Executive to a facility or a location
more than fifty (50) miles from the current location of the Executive’s principal office, which the Company and Executive
agree would constitute a material change in the geographic location at which Executive must perform services to the Company. Executive
cannot terminate his employment for Good Reason or a material breach of this Agreement unless he has provided written notice to
the Company of the existence of the circumstances providing grounds for termination for Good Reason within sixty (60) days of
the initial existence of such grounds and the Company has had at least thirty (30) days from the date on which such notice is
provided to cure such circumstances. If the Executive does not terminate his employment for Good Reason within sixty (60) days
after the end of such cure period, then the Executive will be deemed to have waived his right to terminate for Good Reason with
respect to such grounds.

 

For
the purposes of this Agreement, “Change in Control” means the occurrence of any of the following events: (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined
in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the total voting power represented by the Company’s then outstanding voting securities; (ii) the consummation of
the sale or disposition by the Company of all or substantially all of the Company’s assets; or (iii) the consummation of
a merger or consolidation of the Company with any other corporation, other than a merger consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or its parent) more than fifty percent (50%) of the total
voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately
after such merger or consolidation; provided, however, that notwithstanding the foregoing, the following shall not constitute
a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by
any employee benefit plan (or related trust) sponsored or maintained by the Company or one of its affiliates, (D) any joint venture,
(E) any royalty agreement, or (F) any license agreement.

 

For
the purposes of this Agreement, “Cause” means (i) any act of personal dishonesty taken by the Executive in connection
with his employment hereunder, (ii) the Executive’s conviction or plea of nolo contendere to a felony, (iii) any
act by the Executive that constitutes material misconduct and is injurious to the Company, (iv) continued violations by the Executive
of the Executive’s obligations to the Company, (v) material breach of this Agreement, (vi) commission of any act of serious
moral turpitude, or (vii) material failure to comply with the lawful direction of the Board. Except for a failure, breach or refusal
which, by its nature, cannot reasonably be expected to be cured, Executive shall have ten (10) business days from the delivery
of written notice by the Company within which to cure any acts constituting Cause; provided however, that, if the Company reasonably
expects irreparable injury from a delay of ten (10) business days, the Company may give Executive notice of such shorter period
within which to cure as is reasonable under the circumstances, which may include the termination of the Executive’s employment
without notice and with immediate effect. Notwithstanding anything to the contrary in this Agreement, if at any time the Board
determines that Executive might have engaged in an act or omission that could constitute grounds for the Company to terminate
Executive’s employment hereunder for Cause, the Board may suspend Executive from his offices and duties with the Company
and its subsidiaries for a period of time reasonably necessary to permit the Board to complete an appropriate investigation. During
such suspension period, Executive will remain an employee of the Company and will continue to be eligible to receive all compensation
and benefits due to Executive hereunder, but Executive will not be authorized to act, or to hold himself out, as an officer or
agent of the Company or any of its subsidiaries and promptly return to the Company all property of the Company and its subsidiaries.

 

    	 	8	 

     

    

 

Executive
agrees that as a condition precedent to receipt of any severance benefits described in Section 7.4(c), Executive (or Executive’s
estate, in the event of Executives death) shall be required to promptly execute and not revoke a general full release of all claims
against the Company (or any person affiliated with the Company) in substantially the form attached as Exhibit B. Receipt of the
severance payments and benefits specified in Section 7.4(c) shall be contingent on the receipt of such executed release and the
lapse of any statutory period for revocation, and such release becoming effective in accordance with its terms within fifty-two
(52) days following the termination date. Any severance benefits to which Executive is entitled to under Section 7.4(c) shall
be sent by the Company to the Executive on the fifty-third (53rd) day following Executive’s employment termination date
or such later date as is required to avoid the imposition of additional taxes under Section 409A of the Code. If the fifty-third
(53rd) day falls on a non-business day and/or holiday, the severance benefits shall be sent to the Executive on the next business
day.

 

Company
will provide appropriate and ample directors and officers liability insurance coverage for Executive throughout the course of
his employment.

 

(d)
Forfeiture of Severance. Notwithstanding anything in this Agreement to the contrary, if (i) Executive breaches any of the
restrictions set forth in Section 3, 4, or 8 or any similar restrictions set forth in any other written agreement between Executive
and the Company or any of its subsidiaries or (ii) at any time following termination of Executive’s employment with the
Company, the Company determines that Executive engaged in an act or omission that, if discovered during Executive’s employment,
would have entitled the Company to terminate Executive’s employment hereunder for Cause, Executive will forfeit his entitlement
to the severance to the extent not yet paid and any unvested options and any vested but unexercised options. For the avoidance
of doubt, following any such forfeiture, Executive will remain subject to the restrictions set forth in Section 3, 4, and 8 and
any similar restrictions set forth in any other written agreement between Executive and the Company or any of its subsidiaries
in accordance with their terms.

 

(e)
Resignation from All Positions. On termination of Executive’s employment hereunder for any reason, Executive will
immediately resign from any and all other positions or committees that Executive holds or is a member of with the Company or any
of its subsidiaries, including as an officer or director.

 

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7.5
Code Section 280G Best Results.

 

(a)
If any payment or benefit Executive would receive pursuant to this Agreement or otherwise, including accelerated vesting of any
equity compensation (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section
280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment shall be reduced to the Reduced Amount. The “Reduced Amount” shall be either (x) the
largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest
portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state
and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in
Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion
of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments”
is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: (A) cash payments shall
be reduced first and in reverse chronological order such that the cash payment owed on the latest date following the occurrence
of the event triggering such excise tax will be the first cash payment to be reduced; (B) accelerated vesting of stock awards
shall be cancelled/reduced next and in the reverse order of the date of grant for such stock awards (i.e., the vesting of the
most recently granted stock awards will be reduced first), with full-value awards reversed before any stock option or stock appreciation
rights are reduced; and (C) employee benefits shall be reduced last and in reverse chronological order such that the benefit owed
on the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced.

 

(b)
The Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder and perform the
foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required
to be made hereunder. The accounting firm engaged to make the determinations hereunder shall provide its calculations, together
with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which
right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the
Company or Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive
upon the Company and Executive.

 

7.6
Section 409A.

 

(a)
Notwithstanding anything to the contrary in the Agreement, if Executive is a “specified employee” within the meaning
of Section 409A of the Code at the time of Executive’s termination of employment (other than due to death), and the severance
payable to Executive, if any, pursuant to the Agreement, when considered together with any other severance payments or separation
benefits that are considered deferred compensation under Section 409A of the Code (together, the “Deferred Compensation
Separation Benefits”) that are payable within the first six (6) months following Executive’s termination of employment,
then such severance will become payable on the first payroll date that occurs on or after the date six (6) months and one (1)
day following the date of Executive’s termination of employment. All subsequent Deferred Compensation Separation Benefits,
if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything
herein to the contrary, if Executive dies following Executive’s termination of employment but prior to the six (6) month
anniversary of Executive’s termination of employment, then any payments delayed in accordance with this paragraph will be
payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.
Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2)
of the Treasury Regulations.

 

    	 	10	 

     

    

 

(b)
Any amount paid under the Agreement that satisfies the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Compensation Separation Benefits for purposes
of this Agreement. Any amount paid under the Agreement that qualifies as a payment made as a result of an involuntary separation
from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit will
not constitute Deferred Compensation Separation Benefits for purposes of this Agreement. For this purpose, “Section 409A
Limit” means the lesser of two (2) times: (A) Executive’s annualized compensation based upon the annual rate of pay
paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination
of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued
with respect thereto; or (B) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17)
of the Code for the year in which Executive’s employment is terminated.

 

(c)
The foregoing provisions are intended to comply with the requirements of Section 409A of the Code so that none of the severance
payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A of the Code, and
any ambiguities herein will be interpreted to so comply. Executive and the Company agree to work together in good faith to consider
amendments to the Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition
of any additional tax or income recognition prior to actual payment to Executive under Section 409A of the Code.

 

8.
Restrictive Covenants.

 

8.1
Non-competition. Because of the Company’s legitimate business interest as described herein and the good and valuable
consideration offered to Executive, during the Employment Term and for twelve (12) months, to run consecutively, beginning on
the last day of Executive’s employment with the Company, Executive agrees and covenants not to engage in any Competitive
Activity with respect to pharmaceutical cannabinoids, or ampakines or GABA(A) neuromodulators. Notwithstanding any such restrictions,
Executive agrees not to use the Company’s Confidential Information to compete against the Company at any time post termination
of employment.

 

For
purposes of this non-compete clause, “Competitive Activity” means to, directly or indirectly, in whole or in part,
engage in, provide services to or otherwise participate in, whether as an employee, employer, owner, operator, manager, advisor,
consultant, agent, partner, director, stockholder, officer, volunteer, intern or any other similar capacity, any entity engaged
in a business that is competitive with the business of the Company. Without limiting the foregoing, Competitive Activity also
includes activity that may require or inevitably require disclosure of trade secrets, proprietary information or Confidential
Information.

 

    	 	11	 

     

    

 

Nothing
herein shall prohibit Executive from purchasing or owning less than ten percent (10%) of the publicly traded securities of any
corporation other than the Company, provided that such ownership represents a passive investment and that Executive is not a controlling
person of, or a member of a group that controls, such corporation.

 

8.2
Non-solicitation of Employees. Executive understands and acknowledges that the Company has expended and continues to expend
significant time and expense in recruiting and training its employees and that the loss of employees would cause significant and
irreparable harm to the Company. Executive agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt
to hire or recruit, or induce the termination of employment of any employee of the Company during the eighteen (18) month period,
to run consecutively, beginning on the last day of the Executive’s employment with the Company.

 

8.3
Non-solicitation of Customers. Executive understands and acknowledges that the Company has expended and continues to expend
significant time and expense in developing relationships with customers focused on pharmaceutical cannabinoids, customer information
and goodwill, and that because of Executive’s experience with and relationship to the Company, he has had access to and
learned about much or all of the Company’s customer information. Customer information includes, but is not limited to, names,
phone numbers, addresses, e-mail addresses, order history, order preferences, chain of command, pricing information and other
information identifying facts and circumstances specific to the customer.

 

Executive
understands and acknowledges that loss of this customer relationship and/or goodwill will cause significant and irreparable harm
to the Company.

 

Executive
agrees and covenants, during the twelve (12) month period, to run consecutively, beginning on the last day of the Executive’s
employment with the Company, not to directly or indirectly solicit, contact (including but not limited to e-mail, regular mail,
express mail, telephone, fax, and instant message), attempt to contact or meet with the Company’s current, former or prospective
customers for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company.

 

8.4
Non-disparagement. Executive agrees and covenants that he will not at any time (whether during or after the termination
of his employment) make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks,
comments or statements concerning the Company or its businesses, or any of its employees, officers, and existing and prospective
customers, suppliers, investors and other associated third parties.

 

8.5
Acknowledgement. Executive acknowledges and agrees that the services to be rendered by him to the Company are of a special
and unique character; that Executive will obtain knowledge and skill relevant to the Company’s industry, methods of doing
business and marketing strategies by virtue of Executive’s employment; and that the restrictive covenants and other terms
and conditions of this Agreement are reasonable and reasonably necessary to protect the legitimate business interest of the Company.

 

    	 	12	 

     

    

 

Executive
further acknowledges that the amount of his compensation reflects, in part, his obligations and the Company’s rights under
Section 3, Section 4 and Section 8 of this Agreement; that he has no expectation of any additional compensation, royalties or
other payment of any kind not otherwise referenced herein in connection herewith; that he will not be subject to undue hardship
by reason of his full compliance with the terms and conditions of Section 3, Section 4 and Section 8 of this Agreement or the
Company’s enforcement thereof.

 

8.6
Remedies. In the event of a breach or threatened breach by Executive of Section 3, Section 4 or Section 8 of this Agreement,
Executive hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the
necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of,
legal remedies, monetary damages or other available forms of relief.

 

9.
Arbitration.

 

9.1
Arbitration. In consideration of Executive’s employment with the Company, the Company’s promise to arbitrate
all employment-related disputes, and Executive’s receipt of the compensation and other benefits paid to Executive by the
Company, at present and in the future, Executive agrees that any and all controversies claims or disputes with anyone (including
the Company and any employee, officer, director, shareholder or benefit pan of the Company in their capacity as such or otherwise)
arising out of, relating to, or resulting from Executive’s employment with the Company, or the termination of Executive’s
employment with the Company, including any breach of this Agreement, other than injunctive relief or other equitable relief under
Section 8.6 above, shall be subject to binding arbitration rules set forth in New York law (the “Rules”) and pursuant
to New York law. The Federal Arbitration Act shall continue to apply with full force and effect notwithstanding the application
of procedural rules set forth in the Rules. Disputes which Executive agrees to arbitrate, and thereby agrees to waive any right
to a trial by jury, include any statutory claims under local, state or federal law, including, but not limited to, claims under
title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act
of 1967, the Older Workers Benefit Protection Act, the Sarbanes-Oxley Act, the Worker Adjustment and Retraining Notification Act,
New York law, the Family and Medical Leave Act, claims of harassment, discrimination or wrongful termination and any statutory
or common law claims. Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company
may have with Executive.

 

9.2
Procedure. Executive agrees that any arbitration will be administered by the American Arbitration Association (“AAA”)
and that the neutral arbitrator will be selected in a manner consistent with its National rules for the Resolution of Employment
Disputes. Executive agrees that the arbitrator shall have the power to decide any motions brought by any party to the arbitration,
including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing.
Executive also agrees that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs,
available under applicable law. Executive understands the Company will pay for any administrative or hearing fees charged by the
arbitrator or AAA, except that Executive shall pay any filing fees associated with any arbitration he initiates. Executive agrees
that the arbitrator shall administer and conduct any arbitration in accordance with New York law, including the New York Code
- Civil Practice Law and Rules, and that the arbitrator shall apply substantive and procedural New York law to any dispute or
claim, without reference to rules of conflict of law. To the extent that the AAA’s National Rules for the Resolution of
Employment Disputes conflict with New York law, New York law shall take precedence. Executive agrees that the decision of the
arbitrator on the merits shall be in writing. Executive agrees that the decree or award rendered by the arbitrator may be entered
as a final and binding judgment in any court having jurisdiction thereof. Executive agrees that any arbitration under this Agreement
shall be conducted in New York, New York.

 

    	 	13	 

     

    

 

9.3
Remedy. Except as provided by the Rules and this Agreement, arbitration shall be the sole, exclusive and final remedy for
any dispute between Executive and the Company, other than injunctive relief or other equitable relief under Section 8.6 above.
Accordingly, except as provided for and by the Rules and this Agreement, neither Executive nor the Company will be permitted to
pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority
to disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt
a policy not otherwise required by law which the Company has not adopted.

 

9.4
Administrative Relief. Executive understands that this Agreement does not prohibit Executive from pursuing an administrative
claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment
Opportunity Commission, or the Workers’ Compensation Board. This Agreement, however, does preclude Executive from pursing
court action regarding any such claim.

 

9.5
Voluntary Nature of This Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily
and without any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive
has carefully read this Agreement and has asked any questions needed for Executive to understand the terms, consequences and binding
effect of this Agreement and fully understand it, including that Executive is waiving his right to a jury trial. Finally, Executive
agrees that he has been provided an opportunity to seek the advice of an attorney of his choice before signing this Agreement.

 

10.
Assignment. This Agreement shall be binding
upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s death
and (b) any successor of the Company. Any such successor of the Company shall be deemed substituted for the Company under the
terms of this Agreement for all purposes. As used herein, “successor” shall include any person, firm, corporation
or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially
all of the assets or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant
to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent and
distribution upon the death of Executive. Any attempted assignment, transfer, conveyance or other disposition (other than as aforesaid)
of any interest in the rights of Executive to receive any form of compensation hereunder shall be null and void.

 

    	 	14	 

     

    

 

11.
Notices. All notices, requests, demands
and other communications called for hereunder shall be in writing and shall be deemed given if delivered personally or three (3)
days after being mailed by registered or certified mail, return receipt requested, or overnight courier service, prepaid and addressed
to the parties or their successors in interest at the following addresses, or at such other addresses as the parties may designate
by written notice in the manner aforesaid:

 

If
to the Company:

 

RespireRx
Pharmaceuticals Inc.

126
Valley Road, Suite C

Glen
Rock, NJ 07452

Email:
jmargolis@respirerx.com

 

If
to the Executive:

 

Timothy
Jones

675
W Euclid Avenue

Haddonfield,
NJ 08033

Email:
timjnicole@yahoo.co.uk

 

12.
Severability. In the event that any provision
hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall
continue in full force and effect without said provision.

 

13.
Entire Agreement. This Agreement, together
with the Plans and the related equity award agreements, represents the entire agreement and understanding between the Company
and Executive concerning Executive’s employment relationship with the Company, and supersedes and replaces any and all prior
agreements and understandings, whether oral or written, concerning Executive’s employment relationship with the Company.

 

14.
Waiver of Breach. The waiver of a breach
of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any
other previous or subsequent breach of this Agreement.

 

15.
Headings. All captions and section headings
used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

16.
No Oral Modification, Cancellation or Discharge.
This Agreement may only be amended, canceled or discharged in writing signed by Executive and the Company.

 

17.
Tax Withholding. All payments made pursuant
to this Agreement will be subject to withholding of applicable taxes.

 

18.
Governing Law. This Agreement shall be
governed by the internal substantive laws, but not the choice of law rules, of the State of New York.

 

19.
Acknowledgement. Executive acknowledges
that he has had the opportunity to discuss this matter with and obtain advice from his legal counsel and tax advisor, has had
sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily
entering into this Agreement.

 

20.
Counterparts. This Agreement may be executed
in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding
agreement on the part of each of the undersigned.

 

    	 	15	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

	 	TIMOTHY JONES
	 	 	 
	 	/s/ Timothy Jones
	 	 
	 	RESPIRERX
    PHARMACEUTICALS INC. 
	 	 	 
	 	By:	/s/
    Jeff Eliot Margolis
	 	Name:	Jeff
    Eliot Margolis
	 	Title:	Senior
    Vice President, Chief
    Financial Officer, Secretary, Treasurer

 

    	 	16	 

     

    

 

EXHIBIT
A

 

INVENTIONS
RETAINED AND LICENSED

 

None.

 

    		A-1	 

     

    

 

EXHIBIT
B

 

 

 

RELEASE
AGREEMENT

 

Timothy
Jones

675
W Euclid Avenue

Haddonfield,
NJ 08033

 

Dear
Mr. Jones:

 

This
agreement (this “Agreement”) between [Company] (the “Company”) and you sets forth the terms
and conditions of the termination of your employment with the Company effective as of [insert date] (the “Termination
Date”). Reference is made herein to the Employment Agreement, dated as of [•], 2020 (the “Employment Agreement”),
between the Company and you.

 

You
will have until [insert date that is 21 days after the Termination Date] to consider whether to execute this Agreement (the date
on which you execute this Agreement, the “Release Date”). If you timely execute this Agreement, you will have
seven (7) days following the Release Date to consider whether to revoke this Agreement. If you do not revoke this Agreement during
the seven (7) days following the Release Date, this Agreement will become effective on the eighth day following the Release Date
(such eighth day, the “Effective Date”).

 

1.
Termination of Employment. You hereby acknowledge that your employment with the Company, and any positions you held with
the Company or any of its subsidiaries or affiliates, are terminated as of the Termination Date.

 

2.
Severance Benefits. Subject to your execution of, and compliance with your obligations under, this Agreement, and in consideration
of the release of claims set forth in Section 5(a) below, the Company will provide you with the Severance (as defined in the Employment
Agreement) on the terms set forth in the Employment Agreement, less applicable withholdings.

 

3.
Return of Property; Cooperation.

 

a.
You hereby represent that you have returned to the Company all property of the Company and its subsidiaries and affiliates in
your possession and all property made available to you in connection with your employment with the Company, including, without
limitation, any and all records, manuals, customer lists, notebooks, computers, computer programs and files, software, passwords
utilized by you, papers, electronically stored information and documents kept or made by you in connection with your employment
with the Company. You hereby confirm that you have removed all of your personal property from the Company’s premises and
that the Company does not possess any of your personal property.

 

b.
You agree to cooperate with and assist the Company, as the Company may request, in connection with any litigation, claim or other
dispute in which the Company or any of its subsidiaries or affiliates is or may become a party. The Company will provide as much
advance notice to you as practicable of its requests to schedule such cooperation, and to the extent practicable such cooperation
shall be scheduled to avoid interference with your other business and family commitments. The Company will reimburse you for all
reasonable costs and expenses you incur as a result of such cooperation.

 

    		B-1	 

     

    

 

4.
Restrictive Covenants; Confidentiality of Agreement.

 

a.
You hereby affirm that the restrictive covenants set forth in Paragraph 8 of the Employment Agreement (the “Restrictive
Covenants”) will remain in full and force and effect following the Termination Date in accordance with their terms and
that, as of the Termination Date, you have not breached any such covenants.

 

b.
You hereby agree to keep the terms of this Agreement strictly confidential and not to disclose such terms to any third party,
except that you may disclose such terms to (i) your attorney, tax advisor or spouse or significant other; provided that
you request any such third party to maintain the confidentiality of the terms of this Agreement and (ii) such persons, courts
or administrative agencies to the extent you are required by applicable law or legal order to disclose the terms of this Agreement;
provided that you notify the Company that such disclosure has been requested promptly upon your receipt of such request.

 

5.
Release of Claims.

 

a.
In consideration of the Severance and for other valuable consideration, you hereby knowingly and voluntarily release and forever
discharge the Company, its subsidiaries and affiliates, their respective successors, predecessors and assigns, and each of their
respective officers, directors, employees, representatives and agents (collectively, the “Released Parties”)
from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory
damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities
of any nature whatsoever in law and in equity, both past and present (through the Release Date) and whether known or unknown,
suspected, or claimed against any of the Released Parties that you may have, which arise out of or are connected with your employment,
or termination of employment, with the Company other than those that arise out of or are related to your rights or status as an
owner of vested equity or any vested equity-equivalent in the Company (collectively, “Claims”), including without
limitation any Claim arising under the following statues (each, as amended): Title VII of the Civil Rights Act of 1964; the Civil
Rights Act of 1991; the Age Discrimination in Employment Act of 1967 (including the Older Workers Benefit Protection Act); the
Equal Pay Act of 1963; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment
Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards Act; or their state
or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state or
federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any
policies, practices or procedures of the Company or any of its subsidiaries or affiliates; or any claim for wrongful discharge,
breach of contract, infliction of emotional distress or defamation; or any claim for costs, fees or other expenses, including
attorneys’ fees incurred in these matters. The foregoing release will not apply to any rights you may have that cannot be
waived as a matter of applicable law.

 

b.
You acknowledge and agree that, in the event that you (i) file any charge, claim, demand, action or arbitration with regard to
your employment with the Company, compensation and benefits, or termination of employment under any federal, state or local law,
(ii) challenge the validity of this Agreement, (iii) breach any of the Restrictive Covenants or any of the covenants contained
in this Agreement or (iv) the Company determines that, during your employment with the Company, you engaged in an act or omission
that, if discovered during your employment, would have entitled the Company to terminate your employment for Cause (as defined
in the Employment Agreement, but excluding clauses (i) and (vii) of the definition of Cause for purposes of such determination),
you will forfeit your entitlement to the Severance to the extent not yet paid.

 

    		B-2	 

     

    

 

c.
You have the right under federal law to certain protections for cooperating with or reporting legal violations to the Securities
and Exchange Commission (the “SEC”) or its Office of the Whistleblower, as well as certain other governmental
entities and self-regulatory organizations. As such, nothing in this Agreement is intended to prohibit you from disclosing this
Agreement to, or from cooperating with or reporting violations to, the SEC or any other such governmental entity or self-regulatory
organization, and you may do so without notifying the Company. The Company may not retaliate against you for any of these activities,
and nothing in this Agreement requires you to waive any monetary award or other payment that you might become entitled to from
the SEC or any other governmental entity.

 

d.
You hereby represent that you are not aware of any claim by you other than the Claims that are released by this Agreement. You
acknowledge that you may hereafter discover claims or facts in addition to or different than those that you now know or believe
to exist with respect to the subject matter of this Agreement and that, if known or suspected at the time of entering into this
Agreement, may have materially affected this Agreement and your decision to enter into it. Nevertheless, you hereby waive any
right, claim or cause of action that might arise as a result of such different or additional claims or facts. You agree that this
Agreement will remain in effect as a general release, notwithstanding any additional or different facts you may discover about
the Claims that are released in this Agreement. You agree that it is your intention hereby to fully, finally, and forever settle
and release all possible claims you may have against the Company. Further, it is expressly understood that notwithstanding the
discovery or existence of any such additional or different claims or facts, the releases given herein shall be and remain in effect
as a full and complete release with respect to all Claims released hereunder.

 

e.
Notwithstanding this release, Company has provided appropriate and ample directors and officers liability insurance coverage to
Executive throughout the course of his employment and such coverage will continue to cover Executive for any claims against the
Company, its officers and directors that relate to events that occurred during the period of Executive’s employment.

 

6.
Acknowledgments. By signing this Agreement, you hereby acknowledge and confirm the following:

 

(a)
You have carefully read and fully understand all of the provisions of this Agreement;

 

(b)
You have been given at least 21 days to consider the actual terms of this Agreement and, if you execute this Agreement, you will
have seven (7) days to consider whether to revoke your acceptance of this Agreement;

 

(c)
You are, through this Agreement, releasing the Release Parties from any and all claims which you may have against any of the Release
Parties;

 

(d)
You are knowingly and voluntarily intending to be legally bound by this Agreement;

 

    		B-3	 

     

    

 

(e)
You have been advised to consult with an attorney prior to signing this Agreement;

 

(f)
You understand that you will not be entitled to any portion of the Severance unless (i) you sign and return this Agreement to
the Company at [insert contact info] not later than [insert date that is 21 days after the Termination Date], and (ii) you do
not revoke this Agreement during the seven (7) day period after the date on which you sign and return this Agreement;

 

(g)
You are providing the release and discharge set forth in this Agreement only in exchange for consideration in addition to anything
of value to which you are already entitled;

 

(h)
You have made no assignment or transfer of any Claim covered by Section 5(a) above;

 

(i)
The Severance is in full satisfaction of any and all claims for payments or benefits, whether express or implied, that you may
have against the Company and its subsidiaries and affiliates arising out of your employment with the Company and the termination
thereof; and

 

(j)
Neither this Agreement, nor the furnishing of the consideration for this Agreement, shall be deemed or construed at any time to
be an admission by the Company or any Released Party of any improper or unlawful conduct.

 

7.
Miscellaneous.

 

(a)
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York, without
regard to conflicts of law principles.

 

(b)
Entire Agreement; Amendments. This Agreement contains the entire agreement between the parties with respect to the subject
matter hereof. This Agreement may not be altered, modified or amended except by written instrument signed by the parties.

 

(c)
No Waiver. The failure of a party to insist on strict adherence to any term of this Agreement on any occasion will not
be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist on strict adherence
to that term or any other term of this Agreement.

 

(d)
Severability. If any of the provisions of this Agreement will be or become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions of this Agreement will not be affected thereby.

 

(e)
Counterparts. This Agreement may be signed in counterparts, each of which will be an original, with the same effect as
if the signatures thereto and hereto were on the same instrument.

 

[Signature
Page Follows]

 

    		B-4	 

     

    

 

After
reviewing this Agreement, please indicate your agreement, acceptance and acknowledgment of the terms and conditions set forth
above by signing below.

 

	 	Very
truly yours,
	 	 
	 	RespireRx Pharmaceuticals Inc.
	 	 	 
	 	By:	
	 	Name:	Jeff
    Eliot Margolis
	 	Title:	Senior
    Vice President, Chief
    Financial Officer, Treasurer, Secretary

 

Agreed,
Accepted and Acknowledged:

 

		 
	Timothy Jones	 
	 	 	 
	Date:		 

 

[Signature
page to Release Agreement]

 

    		B-5	 

     

    

 

EXHIBIT
C

 

OUTSIDE
ACTIVITIES

 

TO
BE COMPLETEDExhibit
99.5

 

AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT

 

This
Amendment No. 1 to Employment Agreement (the “Amendment”), dated as of July 31, 2020, is made by and between
RespireRx Pharmaceuticals Inc., a Delaware corporation (the “Company”) and Timothy Jones (the “Executive”)
(together, the “Parties”).

 

WHEREAS,
on May 6, 2020, the Parties entered into an Employment Agreement setting forth the terms and conditions of the Executive’s
employment with the Company (the “Employment Agreement”); and

 

WHEREAS,
the Parties now desire to amend the Employment Agreement by amending Section 6 thereof, with all other terms and conditions
of the Letter Agreement remaining unchanged and in full force and effect.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration,
the receipt and sufficiency of which is acknowledged by the Parties, the Parties hereby agree as follows:

 

1.
Section 6 of the Employment Agreement is hereby amended to include the currently missing designation of “6.1”
immediately prior to the provision entitled “Base Salary”.

 

2.
The previously undesignated Section 6.1 of the Employment Agreement is hereby amended and restated in its entirety to read as
follows:

 

“6.1
Base Salary. For all services rendered by Executive after the Provisional Term and through September 30, 2021, the Company
shall incur a payroll obligation to be accrued, if not otherwise paid, to Executive at an annual total base salary (as in effect
from time to time, the “Base Salary”) of $300,000. Until such time as at least $2,500,000 has been raised, which,
for the purposes of this Section 6, shall include cash actually received plus any reasonably certain and unqualified contractual
rights to receive cash within one year (“Threshold Amount”), such salary may be accrued and remain unpaid, at the
discretion of the Board. If $10,000,000 has been raised by September 30, 2021, the Executive’s Base Salary shall be increased
to $375,000; otherwise, Executive’s Base Salary shall remain at $300,000 annually until increased pursuant to this Agreement
or by the Board. If the Board determines that a sufficient amount of funds have been raised or is otherwise available to fund
the Company’s operations on an ongoing basis, Executive’s Base Salary shall be adjusted annually beginning on first
Renewal Date and each successive year during the Employment Term to compensate for changes in the cost of living. The amount of
each annual cost of living increase shall be the lesser of twice the rate determined for the prior calendar year by the “Consumer
Price Index for Urban Wage Earners and Clerical Workers (All Items) published by the bureau of Labor Statistics, U.S. Department
of Labor (1967 equals 100)” or 6.5%.”

 

    	 

     

    

 

3.
Section 6.2 of the Employment Agreement is hereby amended and restated in its entirety to read as follows:

 

“6.2
Guaranteed Bonus. After the Provisional Term, Executive shall be entitled to a guaranteed bonus of (i) $200,000 on October
31, 2020 if this Agreement remains in effect on such date, (ii) $200,000 on March 31, 2021, and (iii) $150,000 payable each six
months thereafter on March 31st and September 30th of each year, unless this Agreement is earlier terminated pursuant to Section
7.4. Until such time as the Threshold Amount has been raised, such guaranteed bonus may be accrued and remain unpaid, at the discretion
of the Board.

 

4.
Except as set forth explicitly in this Amendment, all other terms and conditions of the Employment Agreement remain unchanged
and in full force and effect. The Parties agree that the Employment Agreement together with this Amendment sets forth the
entire agreement between them pertaining to the subject matter hereof and supersedes all other previous and contemporaneous
understandings, communications or agreements between them, whether oral or written.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

 

	 	TIMOTHY
    JONES
	 	 	                        
	 	/s/ Timothy Jones
	 	 	 
	 	RESPIRERX
    PHARMACEUTICALS INC.
	 	 	 
	 	By:	/s/
    Jeff Eliot Margolis
	 	Name:	Jeff
    Eliot Margolis
	 	Title:	Senior
VP, CFO, Secretary and Treasurer

 

[Signature
Page to Amendment No. 1 to Employment Agreement]

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