Document:

Consulting Agreement dated April 16, 2004

 Exhibit 10.84 
  
 CONSULTING AGREEMENT 
  
 THIS CONSULTING AGREEMENT (this “Agreement”) is made and entered into as of April 16, 2004, (the “Effective Date”), by and between
Cortex Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Gary D. Tollefson, M.D., Ph.D., an individual residing in the State of Indiana (“Consultant”). 
  
 In consideration of the mutual covenants and agreements hereinafter set
forth, the parties to this Agreement agree as follows: 
  
 1.
Consulting Engagement. 
  
 (a) Engagement. The
Company hereby engages Consultant, and Consultant hereby accepts such engagement, to perform, during the term and subject to the conditions of this Agreement, such consulting services as are contemplated by this Agreement. 
  
 (b) Consulting Services. Consultant shall consult with and render to
the Company services relating to the clinical development of AMPAKINE® compounds developed by the Company for the treatment psychiatric and neurological diseases. Consultant shall make himself available and shall render such
services at such times and places as mutually and reasonably agreed upon between the Company and Consultant. 
  
 2. Term of Engagement. 
  
 (a) Term. Consultant’s engagement with the Company shall commence on the Effective Date and shall continue for a period of twenty-four months
thereafter, subject to earlier termination as hereinafter provided. 
  
 (b) Early Termination. This Agreement may be terminated at any time by either the Company or Consultant upon thirty (30) days written notice. 
  
 3. Consideration. 
  
 (a) Compensation for Services. During the term of this Agreement, commencing April 16, 2004, Consultant shall be paid nine thousand dollars
($9,000) per calendar month, payable by the tenth day of such month, pro-rated for any partial month. Such payment shall entitle the Company to three (3) Billing Days of Consultant’s time per month, at three thousand dollars ($3,000) per
Billing Day. A “Billing Day” as used in this Agreement shall mean eight hours of work, not including travel time to and from the Company. In the event that Consultant incurs less than three (3) Billing Days of service in any given month,
such unused time shall accrue to the credit of the Company for future use. In the event that Consultant incurs more than three (3) Billing Days of service in any given month, such excess time shall accrue to the credit of Consultant and be offset
against future requirements in the Company’s discretion. However, Consultant shall obtain the prior consent of the Chief Executive Officer of the Company to provide services in excess of thirty-six (36) Billing Days per year. Consultant shall
send the Company written notice of his actual time spent performing consulting services hereunder within ten (10) days following the end of each calendar quarter during the term of this Agreement. Any time spent on activities or services provided to
the Company relating to Consultant’s membership on the Company’s Board of Directors or any committee thereof, if applicable, shall not be included in the calculation of Consultant’s time spent performing consulting services under this
Agreement. 

 (b) Reimbursement of Expenses. Consultant shall be reimbursed for all reasonable out-of-pocket
expenses incurred by Consultant in rendering services hereunder, including travel expenses (business class travel within the continental United States (including Puerto Rico) and first class travel outside of the continental United States with prior
written approval of the Company) and third party costs incurred by Consultant in the course of performing his services hereunder, provided that the incurrence of such expenses has received the prior written approval of the Company. Consultant shall
be reimbursed within thirty (30) days of the submission of an expense report in which adequate support is provided for the expenses to be reimbursed. 
  
 4. Grant of Stock Options. The Company shall grant to Consultant non-qualified options to purchase 150,000 shares of common stock of the Company
with an exercise price equal to the closing sales price as quoted on the American Stock Exchange as of such date, with a ten-year term, and with vesting in three equal parts: 50,000 options to vest after one year, 50,000 options to vest after two
years, and the remaining 50,000 options to vest after three years from the date hereof. The general terms and conditions of stock options granted to Consultant shall be in accordance with the stockholder-approved plans established for the granting
of options, as amended from time to time. 
  
 5. Independent
Contractor Status. It is expressly agreed and understood that Consultant, including his employees and/or subcontractors, is performing services under this Agreement as an independent contractor for the Company and neither Consultant nor any of
his employees or subcontractors is an employee or agent of the Company. The Company’s liability hereunder shall be limited to payment of the fees and expense reimbursements provided in this Agreement. All liability to the persons actually
providing services under this Agreement or related to the providing of such services, including but not limited to, payment of wages or other compensation, withholding of taxes and similar charges related to such wages or other compensation, and
worker’s compensation, shall be the sole responsibility of Consultant. 
  
 6. Confidential Information. 
  
 (a) Company Information. Consultant agrees at all times during the term of his engagement and thereafter to hold in strictest confidence, and not to use, except for the benefits of the Company, or to disclose to any person, firm or
corporation without written authorization of the Company, any trade secrets, confidential knowledge, data or other proprietary information relating to products, processes, know-how, designs, formulas, developmental or experimental work, computer
programs, data bases, other original works of authorship, customer lists, business plans, financial information or other subject matter pertaining to any business of the Company or any of its clients, consultants or licensees, including any such
information developed hereunder (hereinafter referred to as “Confidential Information”). 
  
 (b) Other Employer Information. Consultant agrees that he will not, during the term of his engagement by the Company, improperly use or disclose
any proprietary information or trade secrets of former or concurrent employers or companies, and that he will not bring onto the premises of, or provide to, the Company any unpublished documents or any property belonging to former or concurrent
employers or companies, if any, unless consented to in writing by said employers or companies. 
  

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 (c) Third Party Information. Consultant 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. Consultant agrees that he
owes the Company and such third parties, during the term of engagement and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation (except as
necessary in carrying out work for the Company consistent with the Company’s agreement with such third party) or to use it for the benefit of anyone other than for the Company or such third party (consistent with the Company’s agreement
with such third party) without the prior express written authorization of the Company. 
  
 (d) Employees and Subcontractors. Consultant shall cause all of his employees or subcontractors to execute and deliver to the Company an agreement covering the matters set forth in this Section 6. 

 
 7. Retaining and Assigning Inventions and Original Works.

  
 (a) Prior Inventions and Original Works. Attached
hereto, as Exhibit A, is a list describing all inventions, original works of authorship, developments, improvements, and trade secrets (collectively the “Prior Disclosures”) which were made by Consultant prior to engagement by the Company,
which belong to Consultant, which relate to the Company’s business and products, and which are not assigned to the Company; or, if no such list is attached, or no entries are made thereon, Consultant represents that there are no such Prior
Disclosures. 
  
 (b) Inventions and Original Works Assigned to
the Company. Consultant agrees that he will promptly make full written disclosure to the Company, will hold in trust for the sole right and benefit of the Company, and will assign, and does hereby assign, to the Company all his right, title, and
interest in and to any and all inventions, original works of authorship, developments, improvements or trade secrets which he may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to
practice, and which arise out of or relate to the services rendered under this Agreement. 
  
 (c) Maintenance of Records. Consultant agrees to keep and maintain adequate and current written records of all developments, inventions, trade secrets and original works of authorship made by him (solely or
jointly with others) that are directly related to his work for the Company. 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. 
  
 (d) Inventions
Assigned to the United States. Consultant agrees to assign, and does hereby assign, to the United States government all his right, title and interest in and to any and all inventions, original works of authorship, developments, improvements or
trade secrets 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. 
  
 (e) Obtaining Patents and Copyright Registrations. Consultant agrees that his obligation to assist the Company to obtain United States or foreign
patents and copyright registrations covering inventions and original works of authorship assigned hereunder to the Company shall continue beyond the termination of his engagement, but the Company shall 
  

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 compensate him at a reasonable rate for time actually spent by him at the Company’s request on such assistance. If
the Company is unable because of his mental or physical incapacity or for any other reason to secure his 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 Consultant 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 his behalf and
stead to execute and file in any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents or copyright registrations thereon with the same legal force and effect as if executed by him.
Consultant hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, which he now or may hereafter have for infringement of any patents or copyright resulting from such application for patents or copyright
registrations assigned hereunder to the Company. 
  
 (f)
Employees and Subcontractors. Consultant shall cause all of his employees and subcontractors to execute and deliver to the Company an agreement covering the matters set forth in this Section 7. 
  
 8. Conflicting Engagement. Consultant agrees that, during the term of
his engagement by the Company, he will not engage in any other employment, occupation, consulting or other business activity that conflicts or could potentially conflict with his obligations to the Company. 
  
 9. Returning Company Documents. Consultant agrees that, at the
termination of his engagement by the Company, he will deliver to the Company (and will not keep in his possession or deliver to anyone else) any and all samples, compounds, devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items belonging to the Company, its successors or assigns. In the event of the termination of his engagement,
he agrees to sign and deliver the “Termination Certification” attached hereto as Exhibit B. 
  
 10. Representations. Consultant agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement.
Consultant represents that his performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by him in confidence or in trust prior to his engagement by the Company. Consultant
has not entered into, and agrees to not enter into, any oral or written agreement in conflict herewith. 
  
 11. Miscellaneous. 
  
 (a) Notices. All notices, requests, demands and other communications (collectively, “Notices”) given or made pursuant to this Agreement
shall be in writing and shall be deemed to have been duly given if sent by registered or certified mail, return receipt requested, postage and fees prepaid, or otherwise actually delivered, to the following addresses: 
  

			
	(i)	  	              If to the Company, to:
	 	  	  
               Cortex Pharmaceuticals, Inc.

	 	  	              15231 Barranca Parkway
	 	  	              Irvine, California 92618
	
	Attention:     Chief Executive Officer

  

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	(ii)	  	              If to Consultant, to:
		
	 	  	              Gary D. Tollefson, M.D., Ph.D.
	 	  	              At the address as provided to the Company

  
 Any Notice shall be deemed duly given
when received by the addressee thereof, provided that any Notice sent by registered or certified mail shall be deemed to have been duly given one day from the date of deposit in the United States mails, unless sooner received. Any of the parties to
this Agreement may from time to time change its address for receiving Notices by giving written Notice thereof in the manner set forth above. 
  
 (b) Entire Agreement. This Agreement contains the sole and entire agreement and understanding of the parties with respect to the entire subject
matter of this Agreement, and any and all prior discussions, negotiations, commitments and understandings, whether oral or otherwise, relating to the subject matter of this Agreement are hereby merged herein. No representations, oral or otherwise,
express or implied, other than those contained in this Agreement, have been relied upon by any party to this Agreement. 
  
 (c) Governing Law. This Agreement has been made and entered into in the State of California and shall be construed in accordance with the laws of
the State of California. 
  
 (d) Severability. Whenever
possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be or become prohibited or invalid under applicable law, such provisions
shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  
 (e) Captions. The various captions of this Agreement are for reference only and shall not be considered or referred
to in resolving questions or interpretation of this Agreement. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
  
 (g) Specific Performance. Consultant acknowledges that the Company
would have extreme difficulty in attempting to prove the actual damages suffered by it as a result of a breach by Consultant of any of his obligations under the Agreement, and that therefore, in addition to any other remedy at law or in equity, the
Company shall be entitled to seek and receive specific performance and temporary, preliminary and injunctive relief from any violation of the provisions of this Agreement from any court of competent jurisdiction without the necessity of proving the
actual amount of damages resulting from such breach. 
  
 (h)
Attorneys’ Fees. If any action, suit or other proceeding is instituted to remedy, prevent or obtain relief from a default in the performance by either party of its obligations under this Agreement, the prevailing party shall recover all
of such party’s attorneys’ fees incurred in each and every such action, suit or other proceeding, including any and all appeals or petitions therefrom. As used in this Section 11(h), attorneys’ fees shall be deemed to mean the full
and actual 
  

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 costs of any legal services actually performed in connection with the matters involved calculated on the basis of the
usual fee charged by the attorney performing such services and shall not be limited to “reasonable attorneys’ fees” as defined in any statute or rule of court. 
  
 (i) Assignment. Consultant may not assign his rights, obligations or duties under this Agreement without the express
written consent of the Company, which consent may be withheld in the Company’s sole discretion, and any attempted or purported assignment or any delegation of Consultant’s duties or obligations arising under this Agreement to any third
party or entity shall be deemed to be null and void, and shall constitute a material breach by Consultant of his duties and obligations under this Agreement. This Agreement shall inure to the benefit of and be binding upon any successors or the
Company by way of merger, consolidation or transfer of all or substantially all of the assets of the Company, and any parent, subsidiary or affiliate of the Company to which the Company may transfer its rights under and pursuant to this Agreement.

  
 (j) Waiver. Waiver by either of the parties of any
breach of any provision of this Agreement shall be in writing and shall not operate or be construed as a waiver of any prior or subsequent breach of the same or any other provision hereof. 
  
 (k) Survival of Consultant’s Obligations. The obligations of
Consultant hereunder shall survive the termination of Consultant’s engagement with the Company and the termination of this Agreement regardless of the reason or cause for such termination. 
  
 IN WITNESS WHEREOF, this Agreement has been made and entered into as of the
date and year first above written. 
  

	
	“Company”
	
	Cortex Pharmaceuticals, Inc.
	
	 /s/ Roger G. Stoll

	Roger G. Stoll, Ph.D.,
	President and Chief Executive Officer
	
	“Consultant”
	
	 /s/ Gary D. Tollefson

	Gary D. Tollefson, M.D., Ph.D.

  

 6 

 EXHIBIT A 
  
 LIST OF PRIOR INVENTIONS 
 AND ORIGINAL WORKS OF
AUTHORSHIP 
  

					
	 Title

	 	 Date

	 	 Identifying Number
 or Brief Description

  
 Name of Consultant: Gary D. Tollefson,
M.D., Ph.D. 
  

 7 

 EXHIBIT B 
  
 CORTEX PHARMACEUTICALS, INC. 
  
 TERMINATION CERTIFICATION 
  
 This is to certify that I do not have in my possession, nor have I failed to return, any samples, compounds, devices, records, data, notes, reports,
proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items belonging to Cortex Pharmaceuticals, Inc., its subsidiaries,
affiliates, successors or assigns (together, the “Company”). 
  
 I further certify that I have complied with all of the terms of the Company’s Consulting Agreement signed by me, including the reporting of any inventions and original works of authorship (as defined therein), conceived or made by me
(solely or jointly with others) covered by that agreement. 
  
 I
further agree that, in compliance with the Consulting Agreement, I will preserve as confidential all trade secrets, confidential knowledge, data or other proprietary information relating to products, processes, know-how, designs, formulas,
developmental or experimental work, computer programs, data bases, other original works of authorship, customer lists, business plans, financial information or other subject matter pertaining to any business of the Company or any of its clients,
consultants or licensees. 
  
 Date:
                , 200     
  

	
	

	 Gary D. Tollefson, M.D., Ph.D.

  

 8Employment letter of agreement dated July 26, 2004

 Exhibit 10.85 
  

			
	

	 	 Roger G. Stoll, Ph.D.
 Chairman, President, & Chief Executive Officer
 Cortex Pharmaceuticals, Inc.
 15231 Barranca Parkway
 Irvine, CA
92618

  
 July 26, 2004 
  
 Harry Mansbach, M.D. 
 1111 Holly Creek Lane 
 Chapel Hill, North Carolina 27516 
  
 Dear Hank: 
  
 Subject to the approval of the Compensation Committee of the Board of Directors, I am pleased to offer you employment with Cortex Pharmaceuticals, Inc.
(“Cortex”) on the following terms and conditions: 
  

	1.	Your title will be Vice President, Clinical Development and Chief Medical Officer, and you will report to the Chief Executive Officer. You will devote substantially all of your
working time to performing such duties and responsibilities as may be assigned to you from time to time commensurate with such position and refrain from any outside activities that might interfere with your duties or create a potential conflict of
interest. 

  

	2.	We anticipate that you will begin your service with Cortex as soon as practicable, but in no event later than September 2004. 

  

	3.	You will receive a base salary of $275,000 per year minus appropriate withholding and payroll deductions, payable through Cortex’s regular payroll. In addition, you will be
reimbursed for customary employment related expenses. You will be entitled to receive an annual bonus of up to 30% of your base salary based on achievement of annual goals agreed upon between yourself and the CEO of Cortex. The payout will be
reviewed by and at the discretion of the Compensation Committee of the Board of Directors. 

  

	4.	You will receive the same package of benefits that Cortex currently provides to executives of a similar level to you. All of your benefits will be subject to the terms and
conditions of the various benefit plans and policies in effect and any changes to such plans and policies. 

  

	5.	Cortex will grant you a stock option (the “Option”) to purchase up to 400,000 shares of Common Stock with an exercise price equal to the fair market value on the first day
of your employment, determined in accordance with Cortex’s Amended and Restated 1996 Stock Incentive Plan (the “Plan”). The right to purchase the shares subject to the Option will vest in three annual installments of 33 1/3% each year. In addition, Cortex will grant you 100,000 restricted shares of Common Stock (the “Restricted
Shares”) on the first day 

 of your employment. The Restricted Shares will be subject to risk of forfeiture if your service with
Cortex terminates. The risk of forfeiture will lapse (i.e., you will vest) in four annual installments of 25% each year. The Option and the Restricted Shares will be granted under, and will be subject to, the terms and conditions of the Plan, a copy
of which will be delivered to you. 
  
 There are significant
personal tax issues with the acceptance and exercise of the Option and acceptance and vesting of the Restricted Shares and you are advised to seek tax advice from a qualified tax professional before accepting either. You must make an irrevocable tax
election with respect to the Restricted Shares within thirty (30) day of the date of grant. 
  
 You will be an “executive officer” of Cortex under applicable securities laws and any transactions in Cortex stock will be restricted by such
laws and by Cortex’s internal policies with respect to stock transactions. 
  

	6.	Cortex will assist in your relocation to Orange County, California by payment, or reimbursement on receipt of appropriate documentation, to you of the following:

  

	 	•	payment of $10,000 bonus on commencement of employment to cover miscellaneous relocation expenses 

  

	 	•	reimbursement of normal and customary closing fees associated with the sale of your primary residence in North Carolina and the purchase of a primary residence in Orange County,
California. 

  

	 	•	mortgage assistance program that will provide an interest subsidy over five (5) years in the form of monthly payment, whereby Company will pay 5% of the principal amount of a
mortgage (not to exceed $1,000,000) on your primary residence in Orange County interest during the first year of your employment, 4% during the second year, 3% during the third year, 2% during the fourth year, and 1% during the fifth year. Such
payments will terminate on any termination of your employment with Cortex. These payments will also be subject to an income tax gross up factor of 1.6. For example, during the first year you will receive payments of $50,000 but the company will
provide for an additional $30,000 of payments for tax purposes to be paid to the IRS by the company. This should reduce the tax burden of this additional income to you. 

  

	 	•	reimbursement of reasonable and customary real estate commissions for sale of your residence in North Carolina, not to exceed 6% 

  

	 	•	reimbursement of costs of moving household furnishing, automobiles and other personal property from North Carolina to Orange County 

  

	7.	In the event of termination of your employment by the Company without cause in connection with, or within six (6) months following a “Change In Control” (as defined in the
Plan) you shall be entitled to termination pay equal to twelve months of your Base 

 Salary. The payments shall be in lieu of all damages and other compensation to which you may be entitled,
under any employment agreement or otherwise, by reason of termination of your employment and shall also be in lieu of further salary payments to you for periods subsequent to the termination of your employment. The payment shall not be considered
compensation for any benefit calculation or other benefit plan maintained by the Company. The payments will be paid to you in a lump sum, net of all applicable withholding taxes, within 30 days after your date of termination. You will also receive
payment for all unpaid, paid time off days that you have accrued through the date of your termination. In the event you receive payment, you shall also be entitled to continue to participate in the Company’s employee benefit program, including
medical, dental, and prescription coverage for a period of twelve (12) months, to the extent permitted by the Company’s insurance provider. The related premiums for such benefits will be paid by the Company. Upon a Change of Control, all stock
options then held by you shall vest concurrently with such Change of Control. 
  

	8.	Cortex is an at-will employer, and your employment will not be for any specific term. You are free to quit, and Cortex is free to terminate your employment at any time, with or
without cause. 

  

	9.	This offer of employment is conditioned upon your completion to Cortex’s satisfaction of the following documents/requirements. Please read them carefully and contact me at
(949) 727-3157 if you need further clarification on any of the points discussed throughout the remainder of this letter. 

  

	 	(a)	Employment Application. 

  

	 	(b)	Employee Proprietary Information and Invention Assignment Agreement. 

  

	 	(c)	Employment Eligibility Verification (Form I-9): Documenting your eligibility to work in the United States as required by U.S. Immigration Law. 

  
 We are looking forward to your joining our company and providing the clinical
leadership necessary to allow for the optimal development of our AMPAKINE® technology. I hope that we have provided you with the resources necessary to make your relocation to Southern California possible. I look forward to
working with you and your participation with our management team at Cortex. 

 To confirm that you agree to the terms stated in this letter, please sign and date the enclosed copy of
this letter and return it to me no later than July 30, 2004. 
  

	
	 Very truly yours,

	
	 /s/ Roger G. Stoll

	
	 Roger G. Stoll, Ph.D.

	 Chairman, President, and Chief Executive Officer

  
 I agree to the terms stated in this
letter. 
  

			
	 	  	 Dated: 7/28, 2004

	 /s/ Harry Mansbach

	  	 
	 Harry Mansbach, M.D.

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