Document:

Exhibit 10.12

 

Addendum of the “Up to USD

 7,100,000
Credit Facilites Agreement”

 

“Addendum”

 

of

 

16
September 2019

 

between

 

	NLS Pharmaceutics AG	 	 
	Alter Postplatz 	 	 
	6370 Stans	 	 
	Switzerland	“Borrower”	 

 

and

 

	Ronald Hafner	 	 
	[address]	 	 
	Switzerland	 	 
	 	“Lender 1”	 
	Jürgen Bauer 	 	 
	[address]	 	 
	Switzerland	 	 
	 	“Lender 2”	 
	 	 	 
	Peter Ödman 	 	 
	[address]	 	 
	Switzerland	 	 
	 	“Lender 3”	 

 

     

     

    

 

	Addendum	execution 2/6

 

 

	Michael Stein 	 	 
	[address]	 	 
	Switzerland	 	 
	 	“Lender 4”	 

 

	 	(Lender 1, Lender 2, Lender 3 and Lender 4 	 
	 	the “Lenders”)	 
	 	 	 
	 	(Borrower and Lenders each a “Party”	 
	 	collectively the “Parties”)	 

 

regarding

current situation and outstanding amount

 

 

     

     

    

 

	Addendum	execution 3/6

 

 

WHEREAS

 

	A.	The Borrower is a stock corporation (Aktiengesellschaft) in accordance with Swiss law with
its registered seat and principal place of business at Stans (Company Number CHE-447.067.367). The Company has a share capital
of CHF 139’200.00, divided into 1’392 registered shares with a nominal value of CHF 100.00 each, which have been fully
paid in.

 

	B.	The Lenders and the Borrower (formerly NLS Pharma AG) entered into the “Up to USD 7,100,000
Credit Facilities Agreement” dated 31 August 2015 (“Agreement”). The Lenders agreed to make available
to the Borrower credit facilities in the aggregate amount of USD 7,100,000.00 (“Total Credit Facility Amount”).

 

	C.	The Lenders granted to the Borrower the Total Credit Facility Amount under the Agreement.

 

	D.	According to section 6.1 of the Agreement only the loans under Credit Facility D shall bear interest
at the rate of 10% per annum, calculated from (and including) the day of its drawdown to (and including) the Maturity Date (or
the date of its earlier repayment).

 

	E.	With the capital increase dated 19 July 2018 (“Capital Increase I”) part of
the Total Credit Facility Amount in the amount of USD 3,418,519.00 (“Converted Amount I”) was converted and
setoff against 52 registered shares at a nominal amount of CHF 100.00. The Lenders each received thirteen (13) registered shares
at an issue price of USD 65,740.75 per share. Part of the Converted Amount I was the total Credit Facility D amount (USD 500,000.00).
After the capital increase dated 19 July 2018 an open amount of USD 3,681,481.00 remained (“Open Amount”).

 

	F.	With the capital increase dated 12 March 2019 (“Capital Increase II”) the Open
Amount was converted and setoff against 56 registered shares at an issue price of USD 65,740.75 
per share. The Lenders each received fourteen (14) registered shares.  

 

	G.	With the Capital Increase I and the Capital Increase II the Total Credit Facility Amount was converted
and setoff.

 

	H.	The maturity date for the repayment of the Total Credit Facility Amount together with the accrued
interest was set at 31 December 2018 (“Maturity Date”).

 

NOW,
THEREFORE, the Parties agree as follows:

 

Any capitalized terms, if not defined otherwise
in this Addendum, shall have the meaning as set forth in the Agreement.

 

	1.	Open Amount

 

The Parties hereby confirm
that the Total Credit Facility Amount was converted and setoff in accordance with the Agreement. Therefore, no open amount remains
with regard to the Total Credit Facility Amount.

 

	2.	Conversion of Credit Facility D and Interest

 

The Parties hereby agree and
confirm that the total amount of the Credit Facility D was converted with the Capital Increase I.

 

     

     

    

 

	Addendum	execution 4/6

 

 

According to the document from
GHM Partners (Annex 1), the accrued interest shall consequently be calculated from 25 November 2016 until and including
the date of the Capital Increase I. The accrued interest therefore equals USD 85,737.00 (“Open Interest Amount”).

 

	3.	Extension Maturity Date

 

The Maturity Date for the Open
Interest Amount shall be extended until 31 December 2019.

 

	4.	Governing Law and Jurisdiction

 

This Addendum shall be governed
by and construed in accordance with the substantive laws of Switzerland, without reference to principles of conflict of laws or
choice of laws.

 

All disputes arising out of
or in connection with the present Agreement, including disputes on its conclusion, binding effect, amendment and termination, shall
be resolved by the ordinary courts in Stans (NW), Switzerland.

 

[Signature page to follow]

 

     

     

    

 

	Addendum	execution 5/6

 

 

Borrower

 

	/s/ Ronald Hafner 	 	/s/ Alexander Zwyer	 
	Ronald Hafner 	 	Alexander Zwyer	 
	Chairman of the Board 	 	Chief Executive Officer	 

 

Lenders

 

	/s/ Ronald Hafner	 	/s/ Jürgen Bauer	 
	Ronald Hafner	 	Jürgen Bauer	 
	 	 	 	 
	/s/ Peter Ödman 	 	/s/ Michael Stein 	 
	Peter Ödman 	 	Michael Stein 	 

 

Annex 1: Excel from GHM Partners.

 

     

     

    

 

	Addendum	execution 6/6

 

 

Annex 1

 

 Excel
sheet from GHM Partners

 

	Zins Credit Facility D	 	2015	 	 	2016	 	 	2017	 	 	2018-07	 
	ab 25.11.16 (35 Tage)	 	 	 	 	 	 	 	 	 	 	 	 
	Credit USD	 	 	-	 	 	 	500’000	 	 	 	504’861	 	 	 	555’347	 
	Zins 10%	 	 	10	%	 	 	10	%	 	 	10	%	 	 	10	%
	Zins pro Jahr	 	 	-	 	 	 	4’861	 	 	 	50’486	 	 	 	30’390	 
	Zins kumulativ	 	 	-	 	 	 	4’861	 	 	 	55’347	 	 	 	85’737Exhibit
10.13

 

Addendum
Number 2 of the “Up to

USD
7,100,000 Credit Facilities

Agreement”

 

“Addendum”

 

of

 

3 February 2020

 

between

 

	NLS
    Pharmaceutics Ltd.	 
	Alter
    Postplatz	 
	6370
    Stans	 
	Switzerland	“Borrower”
	 	 

and

	Ronald
    Hafner	 
	[address]	 
	Switzerland	
	 	“Lender 1” 

 

	Jürgen Bauer	 
	[address]	 
	Switzerland	 
		“Lender 2”
	 	 
	Peter Ödman	 
	[address]	 
	Switzerland	 
		“Lender 3”
	 	 
	Michael Stein	 
	[address]	 
	Switzerland	 
		“Lender 4”
	 	 
		(Lender 1, Lender 2, Lender 3 and Lender 4

        the ʺLendersʺ)

		 
	 	(Borrower and Lenders each a ʺPartyʺ

collectively the ʺPartiesʺ)

        

	 	 

regarding

current
situation and outstanding amount

 

     

     

    

	Addendum	2/5

 

 

WHEREAS

 

		A.	The
                                         Borrower is a stock corporation (Aktiengesellschaft) in accordance with Swiss
                                         law with its registered seat and principal place of business at Stans (Company Number
                                         CHE-447.067.367). The Company has a share capital of CHF 139’200.00, divided into 1’392
                                         registered shares with a nominal value of CHF 100.00 each, which have been fully paid
                                         in.

 

		B.	The
                                         Lenders and the Borrower (formerly NLS Pharma AG) entered into the “Up to USD 7,100,000
                                         Credit Facilities Agreement” dated 31 August 2015, as amended on 16 September 2019
                                         (“Agreement”). The Lenders agreed to make available to the Borrower
                                         credit facilities in the aggregate amount of USD 7,100,000.00 (“Total Credit
                                         Facility Amount”).

 

		C.	The
                                         Lenders granted to the Borrower the Total Credit Facility Amount under the Agreement.

 

		D.	According
                                         to section 6.1 of the Agreement only the loans under Credit Facility D shall bear interest
                                         at the rate of 10% per annum, calculated from (and including) the day of its drawdown
                                         to (and including) the Maturity Date (or the date of its earlier repayment).

 

		E.	With
                                         the capital increase dated 19 July 2018 (“Capital Increase I”) part
                                         of the Total Credit Facility Amount in the amount of USD 3,418,519.00 (“Converted
                                         Amount I”) was converted and setoff against 52 registered shares at a nominal
                                         amount of CHF 100.00. The Lenders each received thirteen (13) registered shares at an
                                         issue price of USD 65,740.75 per share, as stated in the subscription form signed by
                                         each Lender. Part of the Converted Amount I was the total Credit Facility D amount (USD
                                         500,000.00). After the capital increase dated 19 July 2018 an open amount of USD 3,681,481.00
                                         remained (“Open Amount”).

 

		F.	With
                                         the capital increase dated 12 March 2019 (“Capital Increase II”) the
                                         Open Amount was converted and setoff against 56 registered shares at an issue price of
                                         USD 65,740.75 per share, as stated in the subscription form signed by each Lender. The
                                         Lenders each received fourteen (14) registered shares.

 

		G.	With
                                         the Capital Increase I and the Capital Increase II the Total Credit Facility Amount was
                                         converted and setoff.

 

		H.	The
                                         maturity date for the repayment of the Total Credit Facility Amount together with the
                                         accrued interest was set at 31 December 2019 (“Maturity Date”).

 

NOW,
THEREFORE, the Parties agree as follows:

 

Any
capitalized terms, if not defined otherwise in this Addendum, shall have the meaning as set forth in the Agreement.

 

		1.	Open
                                         Amount

 

The
Parties hereby confirm that the Total Credit Facility Amount was converted and setoff in accordance with the Agreement. Therefore,
no open amount remains with regard to the Total Credit Facility Amount.

 

		2.	Conversion
                                         of Credit Facility D and Interest

 

The
Parties hereby agree and confirm that the total amount of the Credit Facility D was converted with the Capital Increase I.

 

     

     

    

	Addendum	3/5

 

 

According
to the document from GHM Partners (Annex 1), the accrued interest shall consequently be calculated from 25 November 2016
until and including the date of the Capital Increase I. The accrued interest therefore equals USD 85,737.00 (“Open Interest
Amount”).

 

		3.	Extension
                                         Maturity Date

 

The
Maturity Date for the Open Interest Amount shall be extended until 30 September 2020.

 

		4.	Governing
                                         Law and Jurisdiction

 

This
Addendum shall be governed by and construed in accordance with the substantive laws of Switzerland, without reference to principles
of conflict of laws or choice of laws.

 

All
disputes arising out of or in connection with the present Agreement, including disputes on its conclusion, binding effect, amendment
and termination, shall be resolved by the ordinary courts in Stans (NW), Switzerland.

 

[Signature
page to follow]

 

     

     

    

	Addendum	4/5

 

 

Borrower

NLS
Pharmaceutics Ltd.

 

	/s/ Ronald
                                         Hafner	 	/s/ Alexander
                                         Zwyer
	Ronald
                                         Hafner

        
	 	Alexander
                                         Zwyer

        

	Chairman
    of the Board	 	Chief
    Executive Officer

 

Lenders

 

	/s/ Ronald
                                         Hafner	 	/s/
    Jürgen Bauer
	Ronald
                                         Hafner

        
	 	Jürgen
                                         Bauer

        

		 	 
	/s/ Peter
                                         Ödman	 	/s/ Michael
                                         Stein
	Peter
                                         Ödman

        
	 	Michael
                                         Stein

        

 

Annex
1: Excel sheet from GHM Partners.

 

     

     

    

	Addendum	5/5

 

 

Annex
1

 

Excel
sheet from GHM Partners

 

	Zins Credit Facility D	 	2015	 	 	2016	 	 	2017	 	 	2018-07	 
	ab 25.11.16 (35 Tage)	 	 	 	 	 	 	 	 	 	 	 	 
	Credit USD	 	 	-	 	 	 	500,000	 	 	 	504,861	 	 	 	555,347	 
	Zins 10%	 	 	10	%	 	 	10	%	 	 	10	%	 	 	10	%
	Zins pro Jahr	 	 	-	 	 	 	4,861	 	 	 	50,486	 	 	 	30,390	 
	Zins kumulativ	 	 	-	 	 	 	4,861	 	 	 	55,347	 	 	 	85,737

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