Document:

Subscription Agreement, Warrant to Purchase Common Stock

 EXHIBIT 10(d) 
 OXIS INTERNATIONAL, INC. 
 SUBSCRIPTION AGREEMENT 
  
 THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is entered
into as of                     , 2         (the “Effective Date”), by and
between OXIS International, Inc., a Delaware corporation (“OXIS” or the “Corporation”), and
                     (the “Investor”). 
  
 R E C I T A L S 
  
 WHEREAS, the Investor holds a warrant to purchase OXIS Common Stock (“Warrant”); 
  
 WHEREAS, the Corporation has offered the Investor the opportunity to exercise
the Warrant, in whole or in part, at a purchase price of $0.20 per share and receive a new warrant to purchase the same number of shares of OXIS Common Stock purchased pursuant to Section 1(a) hereof at a purchase price of $1.00 per share in the
form attached hereto as Exhibit A (the “New Warrant”); 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the parties to this Agreement hereby agree as follows: 
  
 A G R E E M E N T 
  
 1. Stock Purchase; Award of Warrant. 
  
 (a) Contemporaneously with the execution of this Agreement, the Corporation will sell and issue to Investor
                                 shares of Common Stock of the Corporation (the
“Stock”) at a purchase price of $0.20 per share, for a total purchase price of $             (the “Purchase Price”). Payment of the Purchase Price
is to be made by the Investor to the Corporation by (i) check, or (ii) wire transfer of immediately available funds. All shares of Stock issued hereunder shall be issued to Investor as fully paid and nonassessable shares, and Investor shall have all
rights of a shareholder with respect thereto. 
  
 (b)
Contemporaneously with the execution of this Agreement, the Corporation will execute and deliver to the Investor the New Warrant which shall entitle the Investor to purchase
                                 shares of OXIS Common Stock at the purchase price
of $1.00 per share, pursuant to the terms herein and therein. 
  
 2. Investment Representations. 
  
 (a) This
Agreement is made in reliance upon the Investor’s representation to the Corporation, which by his, her or its acceptance hereof the Investor hereby confirms, that the shares of Stock, the New Warrant and the Common Stock issuable under the New
Warrant to be received by he, she or it (collectively, the “Securities”) will be acquired for investment for his, her or its own account, not as a nominee or agent, and not with a view to the sale or distribution of any part
thereof, and that he, she or it has no present intention of selling, granting participations in, or otherwise distributing the same, but subject nevertheless to any requirement of law that the disposition of his, her or its property shall at all
times be within his, her or its control. 

 (b) The Investor understands that the Securities are not registered under the Securities Act of 1933, as
amended (the “1933 Act”), on the basis that the sale provided for in this Agreement and the issuance of Securities hereunder or pursuant to the exercise of the New Warrant is or should be exempt from registration under the 1933 Act
pursuant to Section 4(2) thereof, and that the Corporation’s reliance on such exemption is predicated on the Investor’s representations set forth herein and in the New Warrant. The Investor realizes that the basis for the exemption may not
be present if, notwithstanding such representations, the Investor has in mind merely acquiring Securities for a fixed or determinable period in the future, or for a market rise, or for sale if the market does not rise. The Investor does not have any
such intention. 
  
 (c) The Investor understands that the
Securities may not be sold, transferred, or otherwise disposed of without registration under the 1933 Act or an exemption therefrom, and that in the absence of an effective registration statement covering the Securities or an available exemption
from registration under the 1933 Act, the Securities must be held indefinitely. In particular, the Investor is aware that the Securities may not be sold pursuant to Rule 144 promulgated under the 1933 Act unless all of the conditions of such Rule
are met. The Investor represents that, in the absence of an effective registration statement covering the Securities, he, she or it will sell, transfer, or otherwise dispose of the Securities only in a manner consistent with its representations set
forth herein. 
  
 (d) The Investor agrees that in no event will
he, she or it make a transfer or disposition of any of the Securities (other than pursuant to an effective registration statement under the 1933 Act), unless and until (i) the Investor shall have notified the Corporation of the proposed disposition
and shall have furnished the Corporation with a statement of the circumstances surrounding the disposition and (ii) if requested by the Corporation, at the expense of the Investor or transferee, the Investor shall have furnished to the Corporation
either (A) an opinion of counsel, reasonably satisfactory to the Corporation, to the effect that such transfer may be made without registration under the 1933 Act or (B) a “no action” letter from the Securities and Exchange Commission to
the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Securities and Exchange Commission that action be taken with respect thereto. 
  
 (e) The Investor has received and reviewed all information that he, she or
it considers necessary or appropriate for deciding whether to purchase the Securities, including the information contained or referred to in Exhibit B attached hereto; the undersigned has had an opportunity to ask questions and receive
answers from the Corporation regarding the terms and conditions of the offering of Securities and regarding the business, financial condition, properties, operations, prospects and other aspects of the Corporation and all such questions have been
answered to the undersigned’s full satisfaction; and the undersigned has further had the opportunity to obtain all information (to the extent that the Corporation possesses or can acquire such information without unreasonable effort or expense)
which the undersigned deems necessary to evaluate the investment and to verify the accuracy of information otherwise provided to the undersigned. 
  
 (f) The undersigned has not relied on any information or representations with respect to the Corporation or the offering of the Securities, other
than as expressly set forth herein. The undersigned understands that no person has been authorized to give any information or to make any representations other than those expressly contained herein. 
  

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 (g) The undersigned is an “accredited investor” within the meaning of Rule 501(a) of
Regulation D under the 1933 Act. 
  
 (h) The undersigned
represents that he, she or it has consulted with his, her or its own tax, investment and legal advisers with respect to the federal, state, local and foreign tax consequences arising from his, her or its purchase of the Securities to the extent the
undersigned has determined it necessary to protect his, her or its own interest in connection with a subscription for the Securities in view of the undersigned’s prior financial experience and present financial condition, and has relied on his,
her or its own analysis and investigation and that of the undersigned’s advisors in determining whether to invest in the Securities. 
  
 (i) The undersigned recognizes that (a) the Corporation’s financial condition is very perilous, (b) an investment in the Securities involves a high
degree of risk, and (c) no assurance or guarantee has or can be given that an investor in the Corporation will receive a return of his, her or its capital or realize a profit on such investor’s investment. 
  
 (j) The undersigned has made equity investments in high risk companies or is
experienced in business matters and regards himself, herself or itself as a sophisticated investor able to evaluate investment and financial information and has such knowledge and experience in financial and business matters that the undersigned is
capable of evaluating the merits and risks of an investment in the Securities and has the capacity to protect the undersigned’s own interests in connection with the undersigned’s proposed investment in the Securities. 
  
 (k) The undersigned has determined that he, she or it can afford to bear the
risk of the investment in the Securities, including loss of the entire investment in the Corporation and he, she or it will not experience personal hardship if such a loss occurs. 
  
 (l) The undersigned has all requisite power and capacity (if the undersigned is an individual) or authority (if the
undersigned is an entity) to enter into this Agreement and to perform all the obligations required to be performed by the undersigned hereunder. 
  
 (m) The undersigned acknowledges and agrees that the information set forth in Section 2 of Exhibit B comprises material, non-public information
which the Investor shall hold in strict confidence until the Corporation publicly releases its financial results for the quarter ended June 30, 2003. 
  
 3. Legends; Stop Transfer. 
  
 (a) All certificates for shares of the Stock shall bear substantially the following legends: 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. THESE SECURITIES HAVE 
  

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 NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
  
 In addition, the Corporation may make a notation regarding the restrictions
on transfer of the Stock in its stockbooks, and shares of the Stock shall be transferred on the books of the Corporation only if transferred or sold pursuant to an effective registration statement under the 1933 Act covering such shares or pursuant
to and in compliance with the provisions of Section 2(d) hereof. 
  
 4. Notice. Any notice required to be given under the terms of this Agreement shall be addressed to the Corporation in care of its CEO at the office of the Corporation at 6040 N. Cutter Circle, Suite 317, Portland, Oregon 97217-3935,
and any notice to be given to Investor shall be addressed to him at the address given by Investor beneath his, her or its signature to this Agreement, or such other address as either party to this Agreement may hereafter designate in writing to the
other. Any such notice shall be deemed to have been duly given when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, registered or certified and deposited (postage or registration or certification fee prepaid) in a post
office or branch post office regularly maintained by the United States. 
  
 5. Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Corporation. Where the context permits, “Investor” as used in this Agreement shall include
Investor’s executor, administrator or other legal representative or the person or persons to whom Investor’s rights pass by will or the applicable laws of descent and distribution. 
  
 IN WITNESS WHEREOF, the parties hereto have duly executed this Subscription
Agreement as of the date first above written. 
  

							
	CORPORATION:	 	INVESTOR:
			
	 OXIS INTERNATIONAL, INC.
	 	 	 	 
				
	 By:
	 	  

	 	 By:
	 	  

	 	 	 Ray R. Rogers
	 	 	 	 
	 	 	 CEO and Chairman
	 	 Name:
	 	  

				
	 	 	 	 	 Address:
	 	  

  
 [Signature Page to OXIS
International, Inc. Subscription Agreement] 
  

 -4- 

 EXHIBIT A 
  

THIS WARRANT AND THE SHARES PURCHASABLE HEREUNDER HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
  
 WARRANT TO PURCHASE 
 COMMON STOCK OF 
 OXIS INTERNATIONAL,
INC. 
  
 This certifies that
                    , or assigns (collectively, the “Holder”), for value received, is entitled to purchase, at the Stock Purchase
Price (as defined below), from OXIS International, Inc., a Delaware corporation (the “Company”), up to              shares (“Warrant Shares”) of the
Company’s Common Stock, par value $0.001 per share (the “Common Stock”). 
  
 This Warrant shall be exercisable at any time from time to time from and after the date hereof, up to and including 5:00 p.m. (Pacific Time) on
                    , 20             (the “Expiration Date”) upon
surrender to the Company at its principal office (or at such other location as the Company may advise the Holder in writing) of this Warrant properly endorsed with (i) the Form of Subscription attached hereto duly completed and executed and (ii)
payment pursuant to Section 2 hereof of the aggregate Stock Purchase Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Stock Purchase Price and the number of shares
purchasable hereunder are subject to adjustment as provided in Section 4 of this Warrant. For purposes of this Warrant, the term “Stock Purchase Price” shall mean $1.00 per share. 
  
 1. Exercise; Issuance of Certificates; Acknowledgement. This Warrant
is exercisable at the option of the holder of record hereof at any time or from time to time from or after the date hereof up to the Expiration Date for all or any part of the Warrant Shares (but not for a fraction of a share) which may be purchased
hereunder. The Company agrees that the shares of Common Stock purchased under this Warrant shall be and are deemed to be issued to the Holder hereof as the record owner of such shares as of the close of business on the date on which this Warrant
shall have been surrendered, properly endorsed, the completed, executed Form of Subscription delivered and payment made for such shares. Certificates for the shares of the Common Stock so purchased, together with any other securities or property to
which the Holder hereof is entitled upon such exercise, shall be delivered to the Holder hereof by the Company at the Company’s expense within a reasonable time after the rights represented by this Warrant have been so exercised. Each
certificate so delivered shall be in such denominations of the Warrant Shares as may be requested by the Holder hereof and shall be registered in the name 
  

 A-1 

 of such Holder. In case of a purchase of less than all the Warrant Shares, the Company shall execute and deliver to
Holder within a reasonable time an Acknowledgement in the form attached hereto indicating the number of Warrant Shares which remain subject to this Warrant, if any. 
  
 2. Payment for Shares. The aggregate Stock Purchase Price for Warrant Shares being purchased hereunder may be paid by
cash, check or wire transfer of immediately available funds. 
  
 3. Shares to be Fully Paid; Reservation of Shares. The Company covenants and agrees that all shares of Common Stock which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any stockholder and free of all taxes, liens and charges with respect to the issue thereof. The Company further covenants and agrees that during the
period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a
sufficient number of shares of authorized but unissued shares of Common Stock when and as required to provide for the exercise of the rights represented by this Warrant. 
  
 4. Adjustment of Stock Purchase Price and Number of Shares. The Stock Purchase Price and the number of shares
purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4. Upon each adjustment of the Stock Purchase Price, the Holder of this Warrant shall
thereafter be entitled to purchase, at the Stock Purchase Price resulting from such adjustment, the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior to such adjustment by the number of shares purchasable
pursuant hereto immediately prior to such adjustment, and dividing the product thereof by the Stock Purchase Price resulting from such adjustment. 
  
 4.1 Subdivisions, Combinations and Dividends. In case the Company shall at any time subdivide its outstanding shares of Common Stock into a greater
number of shares or pay a dividend in Common Stock in respect of outstanding shares of Common Stock, the Stock Purchase Price in effect immediately prior to such subdivision or at the record date of such dividend shall be proportionately reduced,
and conversely, in case the outstanding shares of the Common Stock of the Company shall be combined into a smaller number of shares, the Stock Purchase Price in effect immediately prior to such combination shall be proportionately increased.

  
 4.2 Reclassification. If any reclassification of the
capital stock of the Company shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities, or other assets or property, then, as a condition of such reclassification, lawful and adequate provisions
shall be made whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the shares of the Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such
shares of stock, securities or other assets or property as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number 
  

 A-2 

 of shares of such Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights
represented hereby. In any reclassification described above, appropriate provision shall be made with respect to the rights and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions
for adjustments of the Stock Purchase Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities or assets
thereafter deliverable upon the exercise hereof. 
  
 4.3 Notice
of Adjustment. Upon any adjustment of the Stock Purchase Price or any increase or decrease in the number of shares purchasable upon the exercise of this Warrant, the Company shall give written notice thereof, by first class mail postage prepaid,
addressed to the registered Holder of this Warrant at the address of such Holder as shown on the books of the Company. The notice shall be signed by the Company’s chief financial officer and shall state the Stock Purchase Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is
based. 
  
 4.4 Other Notices. If at any time: 

 
 (a) the Company shall declare any cash dividend upon its Common Stock;

  
 (b) there shall be any capital reorganization or
reclassification of the capital stock of the Company; or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation or other business entity; 
  
 (c) there shall be a voluntary or involuntary dissolution, liquidation or
winding-up of the Company; 
  
 then, in any one or more of said cases, the Company
shall give, by first class mail, postage prepaid, addressed to the Holder of this Warrant at the address of such Holder as shown on the books of the Company, (a) at least ten (10) days prior written notice of the date on which the books of the
Company shall close or a record shall be taken for such dividend or for determining rights to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, and (b) in the case of
any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, at least ten (10) days prior written notice of the date when the same shall take place. Any notice given in accordance with the foregoing
clause (a) shall also specify, in the case of any such dividend, the date on which the holders of Common Stock shall be entitled thereto. 
  
 5. No Voting or Dividend Rights. Nothing contained in this Warrant shall be construed as conferring upon the Holder hereof the right to vote or to
consent to receive notice as a stockholder of the Company or any other matters or any rights whatsoever as a stockholder of the Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented
hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised. 
  

 A-3 

 6. Warrants Transferable. Subject to compliance with applicable federal and state securities laws
and the transfer restrictions set forth in Section 2(d) of that certain Subscription Agreement dated as of                     ,
20    , by and among the Company and the original Holder of this Warrant (the “Agreement”), under which this Warrant was issued, this Warrant and all rights hereunder may be transferred, in whole or in part,
without charge to the holder hereof (except for transfer taxes), upon surrender of this Warrant properly endorsed and in compliance with the provisions of the Agreement. 
  
 7. Lost Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or
mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant, the
Company, at its expense, will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant. 
  
 8. Modification and Waiver. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holder of this Warrant. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the Company
and the Holder. 
  
 9. Notices. Except as may be otherwise
provided herein, all notices, requests, waivers and other communications made pursuant to this Warrant shall be made in accordance with Section 4 of the Agreement. 
  
 10. Titles and Subtitles; Governing Law; Venue. The titles and subtitles used in this Warrant are used for
convenience only and are not to be considered in construing or interpreting this Agreement. This Warrant is to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule
that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the Company and the Holder. All disputes and controversies arising out of or in connection with this
Warrant shall be resolved exclusively by the state and federal courts located in the State of Oregon, and each of the Company and the Holder hereto agrees to submit to the jurisdiction of said courts and agrees that venue shall lie exclusively with
such courts. 
  
 IN WITNESS WHEREOF, the Company has caused this
Warrant to be duly executed by its officers, thereunto duly authorized as of the date first above written. 
  

			
	OXIS INTERNATIONAL, INC.
		
	 By:
	 	  

	 	 	 Ray R. Rogers, CEO

  

 A-4 

 FORM OF SUBSCRIPTION 
  
 (To be signed only upon exercise of Warrant) 
  
 To:                    

  
 The undersigned, the holder of a right to purchase shares of
Common Stock OXIS International, Inc. (the “Company”) pursuant to that certain Warrant to Purchase Common Stock of OXIS International, Inc. (the “Warrant”), dated as of
                    , 200    , hereby irrevocably elects to exercise the purchase right represented by such Warrant
for, and to purchase thereunder,                      (            ) shares
of Common Stock of the Company and herewith makes payment of                      Dollars
($            ) therefor by the following method: 
  
 (Check one of the following): 
  

			
	              (check if applicable)
	  	 The undersigned hereby elects to make payment of
                      Dollars ($            ) therefor in
cash.

		
	              (check if applicable)
	  	 The undersigned hereby elects to make payment of
                      Dollars ($            ) therefor in wire
transfer.

		
	              (check if applicable)
	  	 The undersigned hereby elects to make payment of
                      Dollars ($             ) therefor in
check.

  
 The undersigned
represents that it is acquiring such securities for its own account for investment and not with a view to or for sale in connection with any distribution thereof and in order to induce the issuance of such securities makes to the Company, as of the
date hereof, the representations and warranties set forth in Section 2 of the Subscription Agreement, dated as of                     ,
20            , by and among the Company and the original Holder of the Warrant. 
  
 DATED:                     
  

			
	 [name of Holder]

		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

  

 A-5 

 ACKNOWLEDGMENT 
  
 To: [name of Holder] 
  
 The undersigned hereby acknowledges that as of the date hereof,
                     (            ) shares of Common Stock remain subject
to the right of purchase in favor of [name of Holder] pursuant to that certain Warrant to Purchase Common Stock of OXIS International, Inc. dated as of             , 2003.

  
 DATED:
                     
  

			
	 OXIS INTERNATIONAL, INC.

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Its:
	 	  

  

 A-6 

 EXHIBIT B 
  

Certain Information Provided to Investor 
  
 1. Form 10-KSB and Form 10-QSB. The Investor is receiving a copy of OXIS’s Form 10-KSB for the year ended December 31, 2002 and Form 10-QSB
for the quarter ended March 31, 2003. 
  
 2. A copy of press
release dated July 17, 2003 entitled OXIS REPORTS REVENUE GROWTH FOR FIRST SIX MONTHS OF 2003 is enclosed. 
  

 A-7Employment Agreement between Oxis Int. and Ray R. Rogers

 EXHIBIT 10(g) 
 EMPLOYMENT AGREEMENT 
 RAY R. ROGERS 
  
 This Employment Agreement (“Agreement”), is entered into as of June 1, 2003 by and between OXIS
International, Inc., its affiliated, related, parent or subsidiary corporations (the “Company”) located at 6040 N. Cutter Circle, Suite 317, Portland, OR 97217-3935, and Ray R. Rogers (“Executive”) residing in
Portland, OR (collectively, the “parties”). 
  
 RECITALS 
  
 A. Executive is serving as the
Company’s Chief Executive Officer, and as the Chairman of its Board of Directors. 
  
 B. Executive desires to and the Company desires that Executive to be a Member of its Board of Directors, and be employed for the Period of Employment (as defined below), upon the following terms and conditions.

  
 AGREEMENT 
  
 ACCORDINGLY, the parties hereto agree as follows: 
  
 1. Employment. Executive acknowledges serving as Chairman and
Company’s Chief Executive Officer, .Executive, remains a member of the Company’s Board of Directors. In exchange for the consideration in this Agreement, Executive and Company agree to execute a release agreement with terms modeled on the
General Release of Claims I, attached hereto as Exhibit A and agreed to by the parties (“Release I”), on or about the Termination Date. 
  

2. Employment as Chairman and Chief Executive Officer 
  

a. Initial Term. The Company shall hire Executive to render services to the Company in the position and with the duties and responsibilities
described in Section 3 for eighteen (18) months (the “Period of Employment”), unless the Period of Employment is terminated sooner in accordance with Section 8 below. 
  
 b. Renewal. This Agreement will be automatically renewed once for an additional one (1) year period (without any
action taken by either party), unless either party gives the other written notice of termination at least sixty (60) days before the last day of the Period of Employment. 
  
 c. Non-Renewal. If Company gives notice of termination in accordance with Section 2.b, and Executive signs a release
agreement with terms modeled on the General Release of Claims II, attached hereto as Exhibit B, Executive shall receive a continuation of his then-current salary for twelve (12) months after the Period of Employment; in accordance with and
subject to Executive’s applicable Stock Option Agreements with the Company, Executive’s unvested Options (as defined in Section 4 below) shall immediately vest and Executive shall be able to exercise his vested Options at anytime
subsequent to the period of employment until a date two years after termination date of this Agreement otherwise in accordance with and subject to Executive’s applicable stock option grants; and, to the extent practicable and legally
permissible 
  

 1 

 3. Position, Duties, Responsibilities 
  
 a. Position. During the Period of Employment, Executive will remain a
Member of the Company’s Board of Directors (subject to his willingness to serve in that capacity, and subject to his being re-elected at the Company’s annual meeting of stockholders) and the Company will employ Executive in the position of
Chief Executive Officer. Executive shall perform all duties appropriate to those positions, as well as such other responsibilities as may reasonably be assigned by the Company. Executive shall report to the Board of Directors of the Company.

  
 b. Other Activities. During the Period of Employment,
Executive will not, except upon the prior written consent of the Company’s Board of Directors, which consent shall not be unreasonably withheld: (i) accept any other full-time employment, or (ii) directly engage in any other business activity
(whether or not pursued for pecuniary advantage) in the field of ethical pharmaceuticals that is or may be in direct competition with the business of the Company.  
  
 4. Compensation. In exchange for Services and the other consideration he provides under this Agreement,
Executive shall be entitled to an annual base salary of Two Hundred Thousand Dollars ($200,000) payable in accordance with the Company’s regular payroll practices. In addition, the Board of Directors has awarded Executive options to purchase
shares of the Company’s Common Stock under, in accordance with, and subject to Executive’s applicable Stock Option Agreements Executive also will be eligible to participate in the Company’s benefit plans for health insurance, personal
life insurance, personal disability insurance as stated in the Company’s employment policies (and as may be amended from time to time in the Company’s sole discretion), provided that Executive shall receive such benefits at the same level
provided from time to time to other senior Executives of Company. 
  
 5. Proprietary Information 
  
 a. Company Information. Executive agrees during his employment with the Company and for a period of three years thereafter, to hold in strictest confidence, and not to use or disclose to any person, firm or
corporation any Proprietary Information of the Company. “Proprietary Information” means any Company proprietary or confidential information, technical data, trade secrets or know-how. This includes, but is not limited to, research,
product plans, products, services, customer lists, customers, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances or other Company
business information. This information shall remain confidential whether it was disclosed to Executive either directly or indirectly in writing, orally or by drawings or observation. Proprietary Information does not include any of the foregoing
items which has become publicly known and made generally available through no wrongful act of Executive or others who were under confidentiality obligations as to the items involved. 
  
 b. Former Employer Information. Executive agrees that he will not, during his employment with the Company, improperly
use or improperly disclose any proprietary information or trade secrets, or bring onto the premises of the Company any proprietary information belonging to any former or concurrent employer or other person or entity. 
  
 c. Third Party Information. Executive recognizes that the Company has
received and in the future will receive confidential or proprietary information from third parties. 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 his work for the Company consistent with the Company’s agreement with such third party. 
  

 2 

 d. No Conflict. Executive represents and warrants that Executive’s execution of this
Agreement, his employment with the Company, and the performance of his proposed duties under this Agreement shall not violate any obligations he may have to any former employer (or other person or entity), including any obligations with respect to
proprietary or confidential information of any other person or entity. 
  
 6. Inventions 
  
 a. Inventions
Retained and Licensed. Executive has attached, as Exhibit C, a list describing all inventions, original works of authorship, developments, improvements, and trade secrets which were made by Executive prior to Executive’s employment
with the Company (“Prior Inventions”), which belong to Executive, and which relate to the Company’s actual and/or proposed business, products or research and development. If, in the course of his employment with the Company,
Executive incorporates into a Company product, process or machine a Prior Invention owned by Executive or in which Executive has an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, 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 machine. 
  
 b. Assignment of Inventions. Except as provided in Section 6.e below, Executive 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 hereby assign 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 (“Inventions”), while Executive is employed by the Company within the course and scope of employment. Executive further acknowledges that all original works of
authorship which are made by Executive (solely or jointly with others) within the course and scope of and during his employment with the Company and which are protectible 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. 
  
 c. 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 Executive’s employment with the Company and subject to license or assignment under Section 6.a or 6.b. 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. 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 Company’s rights in the Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries. Executive will disclose to the Company all pertinent information and
data which is necessary for the execution of all applications, specifications, oaths, assignments and all other instruments necessary 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 relating thereto. Executive further agrees that Executive’s obligation to
execute or cause to be executed, 
  

 3 

 when it is in Executive’s power to do so, any such instrument or papers shall continue after the termination of this
Agreement for a reasonable duration. 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
Executive’s 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. 
  
 e. Exception to Assignments. The provisions of this Agreement requiring assignment of Inventions to the Company do not apply to any invention which
qualifies for protection or different treatment of ownership under the provisions of any applicable state law. Executive will advise the Company promptly in writing of any inventions that Executive believes meet the criteria of any applicable state
law which affects ownership of Inventions.  
  
 7.
Post-Termination Activity 
  
 a. Executive
acknowledges that the pursuit of the activities forbidden by this subsection would necessarily involve the use or disclosure of Proprietary Information in breach of this Agreement, but that proof of such a breach would be extremely difficult. To
forestall this use or disclosure, Executive agrees that, during the Severance Period (if any) or for a period of one year after the Period of Employment, whichever is longer, Executive shall not, without the prior written consent of the Company (i)
divert or attempt to divert from the Company any business of any kind in which the Company is then engaged; (ii) employ, solicit for employment, or recommend for employment any person employed by the Company (except where providing such job related
references as are common in the industry); or (iii) except as otherwise addressed in this Agreement, accept employment with another company directly involved in developing the technology in development for the Company at the time of Executive’s
termination in any state in which the Company conducts its business. Notwithstanding anything herein, however, Executive may (i) alone or in conjunction with others seek to acquire ownership rights in the Company or a subsidiary. 
  
 b. In addition, because Executive acknowledges the difficulty of establishing
when any intellectual property, invention, or proprietary information was first conceived or developed by Executive, or whether it resulted from access to Proprietary Information or Company equipment, supplies, facilities, or data, Executive agrees
that any intellectual property, invention, or proprietary information related to the development of ethical pharmaceuticals shall be rebuttably presumed to be an Invention, if reduced to practice by Executive or with the aid of Executive within one
(1) year after termination of the Period of Employment. Executive may rebut such presumption by producing evidence which establishes to a preponderance that such intellectual property, invention, or proprietary information was first conceived or
developed by Executive after the termination of the Period of Employment, or did not otherwise result from access to Proprietary Information or Company equipment, supplies, facilities, or data. 
  
 8. Termination of Employment 
  
 a. Termination by Company not for Cause. At any time, the Company may
terminate the Period of Employment for any reason other than for Cause (as defined below) by providing Executive fourteen (14) days’ advance written notice. The Company shall pay to Executive all compensation due 
  

 4 

 and owing through the last day actually worked and Executive shall be entitled to Severance in accordance with Section 9
below, subject to the conditions therein. In the event Company terminates the Period of Employment not for Cause, Executive shall be released from the obligations of Section 7.a (iii) above. In addition, the Company may decline to allow the renewal
of the Agreement in accordance with Section 2.b. above, regardless of the existence of Cause, but in such case shall be obligated to provide only the benefits set forth in Section 2.c above. 
  
 b. Termination by Company for Cause. At any time, and without prior
notice, the Company may terminate the Period of Employment for Cause (as defined below). The Company shall pay Executive all compensation then due and owing through the last day actually worked. Executive will not be entitled to Severance.
“Cause” shall mean Executive’s: (i) Commission of a felony involving moral turpitude; (ii) Repeated failure to perform services in accordance with the reasonable requests of Company’s Board within the course and scope of
Executive’s duties; (iii) Commission of a material fraud, misappropriation, embezzlement or other act of gross dishonesty which resulted in material loss, damage or injury to the Company; or (iv) Death. Notwithstanding anything herein, however,
if the Period of Employment is terminated by reason of the death of Executive, all unvested Options shall immediately vest and shall be exercisable by Executive’s estate or heirs for two years thereafter, otherwise in accordance with the terms
of his applicable Stock Option Grants with the Company. 
  
 c.
By Executive Not for Good Reason. At any time, Executive may terminate the Period of Employment for any reason other than Good Reason (as defined below) by providing the Company fourteen (14) days’ advance written notice. The Company
shall have the option, in its complete discretion, to make termination of the Period of Employment effective at any time prior to the end of such notice period, provided the Company pays Executive all compensation due and owing through the last day
actually worked. Thereafter, all of the Company’s obligations under this Agreement shall immediately and forever cease, except for those required by law, except for those which expressly survive termination of this Agreement, and except that
notwithstanding any vesting or termination provisions contained in Executive’s applicable Stock Option Grants with the Company Executive’s unvested Options shall immediately vest upon such termination and Executive shall be able to
exercise his vested Options for one year thereafter, in accordance with the terms of his applicable Stock Option Agreements. Executive, however, will not be entitled to Severance. 
  
 d. By Executive for Good Reason. At any time, and without prior notice, Executive may terminate the Period of
Employment for Good Reason (as defined below). The Company shall pay Executive all compensation due and owing through the last day actually worked, and Executive shall be entitled to Severance in accordance with Section 9 below, subject to the
conditions therein. Thereafter, all obligations of the Company and Executive under this Agreement shall terminate, except for those which expressly survive termination of this Agreement. Neither the Company’s giving of notice of termination in
accordance with Section 2.b nor its termination of the Period of Employment for Cause shall constitute “Good Reason” for Executive to terminate the Period of Employment. “Good Reason” only shall exist if the Company
undertakes any of the following without Executive’s prior consent: (i) The assignment to Executive of any duties or responsibilities which result in any material diminution or material adverse change of Executive’s position, status or
circumstances of employment; a change in Executive’s titles or offices that results in any material diminution or material adverse change of Executive’s position, status or circumstances of employment; or any removal of Executive from or
any failure to re-elect Executive to any of such positions, except in connection with the termination of his employment for Cause, retirement, or any other voluntary termination of employment by Executive other than a termination of employment by
Executive for Good Reason; (ii) A reduction by the Company in Executive’s base salary by greater than ten (10) percent; (iii) Any failure by the Company to continue in effect any benefit plan or arrangement, including incentive plans or plans
to receive securities of the 
  

 5 

 Company, in which Executive is participating as of the date hereof (hereinafter referred to as “Benefit
Plans”), or the taking of any action by the Company which would materially adversely affect Executive’s participation in or reduce Executive’s benefits under the Benefit Plans or deprive Executive of any fringe benefit enjoyed by
Executive as in effect on the date hereof; provided, however, that no termination of employment by Executive for Good Reason shall be deemed to occur based upon this subsection 8.d (iii) if the Company offers a range of benefit plans and programs
which, taken as a whole, are comparable to the Benefit Plans offered Executive before the action; (iv) A relocation of the Executive, or the Company’s principal offices if Executive’s principal office is at such offices, to a
location more than fifty (50) miles from the location at which Executive was performing his duties as of the date hereof, except for required travel by Executive on the Company’s business to an extent substantially consistent with
Executive’s business travel obligations as of the date hereof; (v) Any material breach by the Company of any provision of this Agreement; (vi) Any failure by the Company to obtain the assumption of this Agreement by any successor or assign of
the Company; (vii) Any directive to Executive to perform any act which would expose him to personal legal liability or which, viewed objectively, is likely to constitute an unethical act; or (viii) Any conduct directed to Executive by Company or any
condition under which Executive works which constitutes constructive discharge under the principles of the governing law. 
  
 9. Severance 
  
 a. In the event that the Period of Employment is terminated in accordance with Sections 8.a or 8.d hereof and Executive executes a waiver agreement with
terms modeled on the General Waiver of Claims, attached hereto as Exhibit D (the “Waiver”), (i) the Company shall continue Executive’s then current base salary (so long as the then current base salary is no less than the
compensation set out in Section 4 of this Agreement) and COBRA premiums in accordance with the Company’s normal payroll procedures for a period of twelve (12) months (the “Severance Period”); (ii) to the extent practicable and
legally permissible, the Company will transfer Executive’s disability and life insurance policies to Executive upon termination; and (iii) notwithstanding any vesting or termination provisions contained in Executive’s applicable Stock
Option Grants with the Company Executive’s unvested Options shall immediately vest and Executive shall have two years from the date of Executive’s termination of employment to exercise his vested options in accordance with the terms of the
applicable Stock Option Agreements with the Company (collectively, “Severance”). In the event the then current base salary is less than the compensation set out in Section 4 of the Agreement, Executive shall be entitled to severance
calculated on the basis of the compensation set out in Section 4 of this Agreement. 
  
 b. Notwithstanding any other provision of this Agreement, Release I or II, or the Waiver, at any time should Executive engage in or pursue any of the activities described in Section 7 (except where advance consent has
been granted, or except where released from Section 7.a (iii) by virtue of a Termination by Company not for Cause or by virtue of a Termination by Executive for Good Reason) or should Executive not fulfill his obligations in Section 10 below, the
Company’s obligation to pay and Executive’s entitlement to any Severance or Non-Renewal Benefits shall immediately and forever cease. 
  

 6 

 10. Termination Obligations.  
  
 Executive agrees that his obligations under Sections 5 and 6 of this
Agreement survive the expiration of this Agreement.  
  
 11. Alternative Dispute Resolution 
  
 a.
The Company and Executive mutually agree that any controversy or claim arising out of or relating to this Agreement or the breach thereof, or any other dispute between the parties, shall be submitted to mediation before a mutually agreeable
mediator, which cost is to be borne equally by the parties hereto. In the event the parties are unable to agree upon a mediator, the mediator shall be Douglass Hamilton or such person as Hamilton Mediation Inc. designates. In the event mediation is
unsuccessful in resolving the claim or controversy, such claim or controversy shall be resolved by arbitration as described below. The claims covered by this Agreement (“Arbitrable Claims”) include, but are not limited to, claims
for wages or other compensation due; claims for breach of any contract (including this Agreement) or covenant (express or implied); tort claims; claims for discrimination (including, but not limited to, race, sex, religion, national origin, age,
marital status, medical condition, or disability); claims for benefits (except where an Executive benefit or pension plan specifies that its claims procedure shall culminate in an arbitration procedure different from this one), and claims for
violation of any federal, state, or other law, statute, regulation, or ordinance, except claims excluded in the following paragraph. The parties hereto hereby waive any rights they may have to trial by jury in regard to Arbitrable Claims.

  
 b. Claims Executive may have for workers’ compensation or
unemployment compensation benefits are not covered by this Agreement. Also not covered is either party’s right to obtain provisional remedies or interim relief from a court of competent jurisdiction for any claim or controversy arising out of
or related to the unauthorized use, disclosure, or misappropriation of the confidential and/or proprietary information of either party. Notwithstanding anything in this Agreement to the contrary, however, should either party initiate litigation in
any court as authorized by this section, the other party may assert any claims he or it may have as counterclaims or separate claims in such court and shall not be obligated to resolve them by mediation and/or arbitration. 
  
 c. Except as provided in section 11.b, mediation and arbitration under this
Agreement shall be the exclusive remedy for all Arbitrable Claims. The Company and Executive agree that arbitration shall be held in or near Multnomah County, Oregon or such location as the parties mutually agree upon, and shall be in accordance
with the then current Employment Dispute Resolution Rules of the American Arbitration Association, before an arbitrator licensed to practice law in the State of Oregon or such other forum as the parties have agreed upon. The arbitrator shall have
authority to award or grant legal, equitable, and declaratory relief. Such arbitration shall be final and binding on the parties. The Federal Arbitration Act shall govern the interpretation and enforcement of this section pertaining to Alternative
Dispute Resolution. The parties shall use their best efforts to agree upon an Arbitrator. If the parties are unable to agree upon an Arbitrator within 14 days of either party requesting arbitration of a dispute, Douglass Hamilton or Hamilton
Mediation Inc shall designate the Arbitrator. 
  
 d. This
Agreement to mediate and arbitrate survives termination of the Period of Employment. 
  

 7 

 12. Miscellaneous 
  
 a. Legal Fees. If any action at law or in equity, or arbitration, is necessary to enforce or interpret the terms of
this Agreement, to the extent permitted by law, the prevailing party shall be entitled to reasonable attorneys’ fees, costs, and necessary disbursements, in addition to any other relief to which the prevailing party may be entitled. 

 
 b. Entire Agreement. This Agreement (inclusive of exhibits and
attachments and incorporated documents) represents the entire agreement and understanding between the parties regarding its subject matter, and supersedes and replaces any and all prior agreements and understandings regarding its subject matter.

  
 c. Amendments, Waivers. This Agreement may only be
modified by a subsequent written agreement executed by the Chief Executive Officer of the Company (after approval of the Company’s Board of Directors) and Executive. Failure to exercise any right under this Agreement shall not constitute a
waiver of such right. 
  
 d. Assignment; Successors and
Assigns. This Agreement shall not be assignable by either party without the express written consent of the other. 
  
 e. Notices. All notices required or given herewith shall be addressed to the parties at the addresses designated above by registered mail, special
delivery, or by certified courier service. Executive shall notify Company in writing of any change of address. Notice of change of address shall be effective only when done in accordance with this Section. 
  
 f. Severability; Governing Law. If any provision of this Agreement, or
its application to any person, place, or circumstance, is held by an arbitrator or a court of competent jurisdiction to be invalid, unenforceable, or void, such provision shall be enforced (by blue-penciling or otherwise) to the greatest extent
permitted by law, and the remainder of this Agreement and such provision as applied to other persons, places, or circumstances shall remain in full force and effect. The laws of the State of Oregon will govern this Agreement. 
  
 g. Acknowledgment. Company and Executive acknowledge that they have
been afforded every opportunity to and have read this Agreement, are fully aware of its contents and legal effect, and have chosen to enter into this Agreement freely, without coercion, and based upon their own judgment. 
  

 8 

 The parties have duly executed this Agreement as of the date first written above. 
  

			
	 EXECUTIVE

	
	 /s/Ray R. Rogers

	 Ray R. Rogers

	
	 COMPANY

	
	 OXIS International, Inc.

		
	 By:
	 	 /s/Richard A. Davis

		
	 Name:
	 	 Richard A. Davis

		
	 Title:
	 	 Chairman, Compensation Committee

  
  

 9 

 EXHIBIT A 
  
 GENERAL RELEASE OF CLAIMS I 
  

Ray R. Rogers (“You”) and OXIS International, Inc. (the “Company”) have agreed to enter into this General Release of
Claims I (“Release I”) on the following terms: 
  
 In exchange for the consideration herein, which has been approved by the Company’s Board of Directors and Executive, and to the extent permissible under applicable securities laws, You and the Company, each of your respective
representatives, agents, officers, heirs, successors, and assigns do hereby completely release each other from and agree not to file, cause to be filed, or otherwise pursue against each other all claims, rights, demands, actions, liabilities, causes
of action, and obligations of any kind whatsoever, whether known or unknown, suspected or unsuspected, which either may now have or has ever had against the other from the beginning of time through the date the parties execute this Agreement, and
including, but not limited to, claims for breach of contract, tort, employment discrimination (including unlawful harassment as well as any claims arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age
Discrimination in Employment Act, and any claims under applicable state law), any and all claims for violation of any federal, state, or municipal statutes or common law; and any and all claims for attorneys’ fees and costs. 
  
 You and the Company agree that this Release I specifically covers known and
unknown claims existing at the time this Release I is signed. 
  
 You and the Company acknowledge that the consideration described above exceeds the amount to which either otherwise would be entitled under the Company’s policies and practices or applicable law. You and the Company also agree that
this Release I is confidential and neither will discuss its terms with anyone without the other’s prior consent or subject to legal process. Notwithstanding anything herein, Executive may disclose the terms of this Release I to members of his
immediate family, his tax and legal advisers, and with other Executives in similar circumstances; Company may disclose the terms of this Release I with management and other Company personnel on a need to know basis. 
  
 Neither You nor Company has made, and You and Company will not make or
publish, either orally or in writing, any disparaging statement regarding the other. 
  
 You have been advised that you have 21 days to consider this Release I (but may sign it at any time beforehand if you so desire), and that you should consult an attorney in doing so. You also understand that you can
revoke this Release I within 7 days of signing it by sending a certified letter to that effect to Compensation Committee, 6040 N. Cutter Circle Suite #317, Portland, OR 97217. Notwithstanding the foregoing, you understand and agree that the portion
of this Release I that pertains to the release of claims under the ADEA shall not become effective or enforceable and no funds representing additional consideration over that already owed to Executive shall be exchanged until the 7 day revocation
period has expired, but that all other provisions of this Release I will become effective upon its execution by the parties. 
  
 Finally, You and Company acknowledge that you have been afforded every opportunity to and have read this Release I, are fully aware of its contents and
legal effect, and have chosen to enter into this Release I freely, without coercion, and based on your own judgment. 
  

 1 

									
	  

	 	 	 	  

	Ray R. Rogers	 	 	 	[Name and Title of Company Signatory]
	 	 	 	 	OXIS International, Inc.
	 Date:
	 	  

	 	 	 	 Date:
	 	  

  

 2 

 EXHIBIT B 
  
 GENERAL RELEASE OF CLAIMS II 
  

Ray R. Rogers (“You”) and OXIS International, Inc. (the “Company”) have agreed to enter into this General Release of
Claims II (“Release II”) on the following terms: 
  
 Your Executive Separation and Employment Agreement (the “Agreement”) was not renewed, and thus your employment as the Chief Executive Officer of the Company is terminated effective
            . Within ten (10) days after you sign this Release II, you will become eligible for Non-Renewal Benefits in accordance with the Agreement. 
  
 In exchange for the consideration herein, which has been approved by the
Company’s Board of Directors and Executive, and to the extent permissible under applicable securities laws, You and the Company, each of your respective representatives, agents, officers, heirs, successors, and assigns do hereby completely
release each other from and agree not to file, cause to be filed, or otherwise pursue against each other all claims, rights, demands, actions, liabilities, causes of action, and obligations of any kind whatsoever, whether known or unknown, suspected
or unsuspected, which either may now have or has ever had against the other from the beginning of time through the date the parties execute this Agreement, and including, but not limited to, claims for breach of contract, tort, employment
discrimination (including unlawful harassment as well as any claims arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and any claims under applicable state law),
any and all claims for violation of any federal, state, or municipal statutes or common law; and any and all claims for attorneys’ fees and costs. 
  
 You and the Company agree that this Release II specifically covers known and unknown claims existing at the time this Release II is signed. 
  
 You and the Company acknowledge that the consideration described above
exceeds the amount to which either otherwise would be entitled under the Company’s policies and practices or applicable law. You and the Company also agree that this Release II is confidential and neither will discuss its terms with anyone
without the other’s prior consent or subject to legal process. Notwithstanding anything herein, Executive may disclose the terms of this Release II to members of his immediate family, his tax and legal advisers, and with other Executives in
similar circumstances; Company may disclose the terms of this Release II with management and other Company personnel on a need to know basis. 
  
 Neither You nor Company has made, and You and Company will not make or publish, either orally or in writing, any disparaging statement regarding the
other. 
  
 You have been advised that you have 21 days to consider
this Release II (but may sign it at any time beforehand if you so desire), and that You should consult an attorney in doing so. You also understand that you can revoke this Release II within 7 days of signing it by sending a certified letter to that
effect to Compensation Committee, 6040 N. Cutter Circle Suite #317, Portland, OR 97217. Notwithstanding the foregoing, you understand and agree that the portion of this Release II that pertains to the release of claims under the ADEA shall not
become effective or enforceable and no funds representing additional consideration over that already owed to Executive shall be exchanged until the 7 day revocation period has expired, but that all other provisions of this Release II will become
effective upon its execution by the parties. 
  

 1 

 Finally, You and Company acknowledge that you have been afforded every opportunity to and have read this
Release II, are fully aware of its contents and legal effect, and have chosen to enter into this Release II freely, without coercion, and based on your own judgment. 
  

									
	  

	 	 	 	  

	Ray R. Rogers	 	 	 	[Name and Title of Company Signatory]
	 	 	 	 	OXIS International, Inc.
	 Date:
	 	  

	 	 	 	 Date:
	 	  

  

 2 

 EXHIBIT C 
  
 LIST OF PRIOR INVENTIONS 
  
 AND ORIGINAL WORKS OF AUTHORSHIP 
  

					
	 Title

	  	 Date

	  	 Identifying Number or Brief Description

	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

  
                     No inventions or improvements 
  
                     Additional
Sheets Attached 
  

			
		
	 Signature of Executive:
	 	  

			
		
	 Printed Name of Executive:
	 	  

		
	 Date:                    
	 	 

  

 1 

 EXHIBIT D 
  
 GENERAL WAIVER OF CLAIMS 
  
 Ray R. Rogers (“You”) and OXIS International, Inc. (the “Company”) have agreed to enter into this General Waiver of
Claims (“Waiver”) on the following terms: 
  
 Your employment at OXIS International, Inc. (the “Company”) shall be terminated effective             . Within ten (10) days after you sign this Waiver, you
will become eligible for Severance in accordance with your Executive Separation and Employment Agreement (the “Agreement”). 
  
 In exchange for the consideration herein, which has been approved by the Company’s Board of Directors and Executive, and to the extent permissible
under applicable securities laws, You and the Company, each of your respective representatives, agents, officers, heirs, successors, and assigns do hereby completely release each other from and agree not to file, cause to be filed, or otherwise
pursue against each other all claims, rights, demands, actions, liabilities, causes of action, and obligations of any kind whatsoever, whether known or unknown, suspected or unsuspected, which either may now have or has ever had against the other
from the beginning of time through the date the parties execute this Agreement, and including, but not limited to, claims for breach of contract, tort, employment discrimination (including unlawful harassment as well as any claims arising under
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and any claims under applicable state law), any and all claims for violation of any federal, state, or municipal statutes or
common law; and any and all claims for attorneys’ fees and costs. 
  
 You and the Company agree that this Waiver specifically covers known and unknown claims existing at the time this Waiver is signed. 
  
 You and the Company acknowledge that the consideration described above exceeds the amount to which either otherwise would be entitled under the
Company’s policies and practices or applicable law. You and the Company also agree that this Waiver is confidential and neither will discuss its terms with anyone without the other’s prior consent or subject to legal process.
Notwithstanding anything herein, Executive may disclose the terms of this Waiver to members of his immediate family, his tax and legal advisers, and with other Executives in similar circumstances; Company may disclose the terms of this Waiver with
management and other Company personnel on a need to know basis. 
  
 Neither You nor Company has made, and You and Company will not make or publish, either orally or in writing, any disparaging statement regarding the other. 
  
 You have been advised that you have 21 days to consider this Waiver (but may sign it at any time beforehand if you so
desire), and that You should consult an attorney in doing so. You also understand that you can revoke this Waiver within 7 days of signing it by sending a certified letter to that effect to Compensation Committee, 6040 N. Cutter Circle Suite #317,
Portland, OR 97217. Notwithstanding the foregoing, you understand and agree that the portion of this Waiver that pertains to the release of claims under the ADEA shall not become effective or enforceable and no funds representing additional
consideration over that already owed to Executive shall be exchanged until the 7 day revocation period has expired, but that all other provisions of this Waiver will become effective upon its execution by the parties. 
  

 1 

 Finally, You and Company acknowledge that you have been afforded every opportunity to and have read this
Waiver, are fully aware of its contents and legal effect, and have chosen to enter into this Waiver freely, without coercion, and based on your own judgment. 
  

									
	  

	 	 	 	  

	Ray R. Rogers	 	 	 	[Name and Title of Company Signatory]
	 	 	 	 	OXIS International, Inc.
	 Date:
	 	  

	 	 	 	 Date:
	 	  

  

 2

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