Document:

Exhibit
99.5

 

EXCHANGE
AND SETTLEMENT AGREEMENT

 

Patent
Network Law Group (the “Vendor”) enters into this Agreement (this “Agreement”) with
RespireRx Pharmaceuticals Inc., a Delaware corporation (the “Company”) on September 30, 2020, whereby Vendor
will exchange and settle certain accounts payable owed to the Vendor by the Company for shares of Series H 2% Voting, Non-Participating,
Convertible Preferred Stock, par value $0.001 (the “Preferred Stock”), of the Company (the “Exchange
and Settlement”).

 

RECITALS

 

WHEREAS,
as of September 30, 2020, the Company owes the Vendor more than $105,450.00 of accounts payable (the “Accounts Payable”)
which is the amount that was invoiced as detailed in the attached Exhibit A, explicitly to be settled with equity and was du to
the Vendor on or prior to September 30, 2020;

 

WHEREAS,
the Vendor wishes to have the Accounts Payable settled with for 105.45 shares of the Preferred Stock (the “Shares”),
with a stated value of $1,000.00 per share, convertible into shares of common stock of the Company, par value $0.001 per share,
and the Company wishes to issue the Shares to the Vendor’s designees as follow, Jeffrey Joseph King to receive 68.5425 Shares
and the Revocable Blind Living Trust of Breanna Maree Keller-Flanagan to receive 36.9075 Shares, in settlement of $105,450.00
owed to the Vendor detailed in the attached Exhibit A;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and on and subject to the terms and conditions set forth in this
Agreement, the parties hereto agree as follows:

 

1.
The Exchange and Settlement.

 

(a)
Exchange and Settlement of Accounts Payable. At the Closing (as defined herein), the Vendor hereby agrees to relinquish
his right to receive the Accounts Payable in cash and in exchange and settlement therefor, the Company hereby agrees to issue
to the Vendor’s designees, Jeffrey Joseph King and the Revocable Blind Living Trust of Breanna Maree Keller-Flanagan, the
Shares registered in the Vendor’s designee’s name. No accounts payable arising up to or on September 30, 2020 in excess
of the Accounts Payable amount shall be considered to be part of the right to Accounts Payable exchanged and settled hereunder.
The Vendor acknowledges that upon the occurrence of the Exchange and Settlement and as of the Closing (as defined herein), the
obligation of the Company to pay the relinquished Compensation is extinguished. References to a “Section” or “Schedule”
are references to a Section of, or Schedule attached to, this Agreement unless otherwise specified.

 

(b)
Closing and Delivery. The closing of the Exchange and Settlement (the “Closing”) shall occur simultaneously
with the execution and entry into this Agreement and may take place by conference call and electronic transfer of signature pages
and deliverables, in each case as and to the extent required by this Agreement. For all purposes of this Agreement, the Closing
shall be deemed to be effective as of 3:59 p.m. ET on the date hereof.

 

(c)
Acceptance by the Company. This Agreement shall be deemed to be accepted by the Company only when it is signed by a duly
authorized officer of the Company and delivered to the Vendor at the Closing.

 

    	 

     

    

 

2.
Covenants, Representations and Warranties of the Company. The Company hereby covenants as follows and, except as
otherwise stated herein, makes the following representations and warranties, each of which is true and correct at the Closing
on the date hereof, to the Vendor, and all such covenants, representations and warranties shall survive the Closing.

 

(a)
Due Incorporation; Qualification. The Company (i) is a corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization; (ii) has the power and authority to own, lease and operate its properties
and carry on its business as now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign
corporation in each jurisdiction where such qualification or license is required by law, other than those jurisdictions as to
which the failure to be so qualified or in good standing could not reasonably be expected to have a material adverse effect on
the Company and its subsidiaries taken as a whole.

 

(b)
Authority; Enforceability. The execution, delivery and performance by the Company of this Agreement and the consummation
of the Exchange and Settlement (i) are within the corporate power of the Company and (ii) have been duly authorized by all necessary
corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and constitutes
a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as
limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the enforcement of
creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law).

 

(c)
Non-Contravention. The execution and delivery by the Company of this Agreement and the performance and consummation of
the transactions contemplated hereby do not (i) violate the Company’s Certificate of Incorporation, Bylaws or other formation
or charter documents, as applicable (as amended, the “Charter Documents”); (ii) violate any material judgment,
order, writ, decree, statute, rule or regulation applicable to the Company; or (iii) result in the creation or imposition of any
lien or encumbrance upon any property, asset or revenue of the Company under any material agreement or instrument to which the
Company is bound.

 

(d)
Litigation. Other than as disclosed in the Public Filings (as defined below), no actions (including, without limitation,
derivative actions), suits, proceedings or investigations are pending or, to the knowledge of the Company, threatened in writing
against the Company or the Company’s subsidiaries, if any, at law or in equity in any court or before any other governmental
authority.

 

(e)
Title. The Company and the Company’s subsidiaries own and have good and marketable title in fee simple absolute to,
or a valid leasehold in, all their respective real properties, if any, and good title to their other respective assets and properties.
Such assets and properties are subject to no liens or encumbrances.

 

(f)
Confidentiality. Since March 22, 2013, each Vendor of the Company has executed, or will execute, a confidential information
and invention assignment agreement in favor of the Company. Since March 22, 2013, the Company has entered into, or intends to
enter into, an agreement containing appropriate confidentiality and invention assignment provisions in favor of the Company with
each consultant to the Company that has or will have access to the Company’s intellectual property.

 

    	 

     

    

 

(g)
Debt for Borrowed Money. As of the date of this Agreement, the Company does not have any outstanding debt for borrowed
money, other than as disclosed in the Public Filings (as defined below).

 

(h)
Exchange and Settlement. The terms of the Exchange and Settlement are the result of negotiations between the Vendor and
the Company.

 

3.
Covenants, Representations and Warranties of the Vendor. The Vendor hereby covenants as follows and makes the following
representations and warranties, each of which is true and correct at the Closing on the date hereof, to the Company, and all such
covenants, representations and warranties shall survive the Closing.

 

(a)
Binding Obligation. Vendor has full legal capacity, power and authority to execute and deliver this Agreement and to perform
its obligations hereunder. This Agreement has been duly executed and delivered by the Vendor and constitutes a legal, valid and
binding obligation of the Vendor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or affecting the enforcement of creditors’ rights generally and general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(b)
Securities Law Compliance. The Vendor has been advised that the Shares have not been registered under the Securities Act
of 1933, as amended (the “Securities Act”), or any state securities laws, and therefore, cannot be resold unless
they are registered under the Securities Act and applicable state securities laws unless an applicable exemption from such registration
requirements is available. The Vendor acknowledges that the Shares may not be freely transferable upon receipt. The Vendor has
such knowledge and experience in financial and business matters that the Vendor is capable of evaluating the merits and risks
of such investment, is able to incur a complete loss of such investment without impairing the Vendor’s financial condition
and is able to bear the economic risk of such investment for an indefinite period of time. The Vendor is an accredited investor
as such term is defined in Rule 501 of Regulation D under the Securities Act.

 

(c)
Adequate Information; No Reliance. The Vendor acknowledges and agrees that (a) the Vendor has been furnished with all materials
the Vendor considers relevant to making this exchange and settlement decision and to enter into this Agreement and effectuate
the Exchange and Settlement and has had the opportunity to review (and has carefully reviewed) (i) the Company’s filings
and submissions with the Securities and Exchange Commission (the “SEC”), including, without limitation, all
information filed or furnished pursuant to the United States Securities and Exchange Act of 1934, as amended (collectively, the
“Public Filings”), and (ii) this Agreement, (b) the Vendor has had an opportunity to submit questions to the
Company concerning the Company, its business, operations, financial performance, financial condition and prospects, and the terms
and conditions of the Exchange and Settlement, and has all information that it considers necessary in making an informed investment
decision and to verify the accuracy of the information set forth in the Public Filings and this Agreement, (c) the Vendor has
had the opportunity to consult with accounting, tax, financial and legal advisors of its choosing to be able to evaluate the risks
involved in the Exchange and Settlement and to make an informed investment decision with respect to such Exchange and Settlement,
(d) the Vendor is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other),
representation or warranty made by the Company or any of its affiliates or representatives or any other entity or person, except
for (A) the Public Filings, (B) this Agreement and (C) the representations and warranties made by the Company in this Agreement,
and (e) no statement or written material contrary to the Public Filings or this Agreement has been made or given to the Vendor
by or on behalf of the Company.

 

    	 

     

    

 

(d)
No Publicity. The Vendor acknowledges that it has a pre-existing relationship with the Company as a Vendor and that it
has not approached the Company about this Exchange and Settlement as the result of any public offering. Neither the Company nor
any other person has approached the Vendor about this Exchange and Settlement by means of any form of general solicitation or
advertising.

 

(e)
Further Action. The Vendor agrees that it will, upon request, execute and deliver any additional documents deemed by the
Company to be necessary or desirable to complete the Exchange and Settlement.

 

(f)
Exchange and Settlement. The terms of the Exchange and Settlement are the result of negotiations among the parties and
their agents.

 

4.
Closing Deliveries of the Company. At the Closing, the Company shall deliver, or cause to be delivered, the Shares.

 

5.
Miscellaneous.

 

(a)
Waivers; Amendments. Any provision of this Agreement may be amended, waived or modified only upon the written consent of
the Company and the Vendor.

 

(b)
Governing Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by
and construed in accordance with the laws of the State of New York, without regard to the conflicts of law provisions of the State
of New York or of any other state.

 

(c)
Survival. The representations, warranties, covenants and agreements made herein shall survive the execution and delivery
of this Agreement.

 

(d)
Successors and Assigns. Subject to the restrictions on transfer described in Section 6(e) below, the rights and
obligations of the Company and the Vendor shall be binding upon and benefit the successors, assigns, heirs, administrators and
transferees of the parties.

 

(e)
Assignment. The rights, interests or obligations hereunder may not be assigned, by operation of law or otherwise, in whole
or in part, by the Company without the prior written consent of the Vendor. The rights, interests or obligations hereunder may
not be assigned by the Vendor without the prior written consent of the Company.

 

(f)
Entire Agreement. This Agreement constitutes and contains the entire agreement and understanding between the Company and
the Vendor with respect to the subject matter hereof and supersede any and all prior and contemporaneous agreements, negotiations,
correspondence, understandings and communications between or among the parties or any of their agents, representatives or affiliates,
whether written or oral, respecting the subject matter hereof.

 

(g)
Notices. All notices, demands, consents, or other communications hereunder shall be in writing and faxed, mailed or delivered
to each party as follows: (i) if to the Vendor, at the Vendor’s address or facsimile number set forth on the signature page
hereto, or at such other address as the Vendor shall have furnished the Company in writing in accordance with this paragraph,
or (ii) if to the Company, at such address or fax number set forth on the signature page hereto, or at such other address or facsimile
number as the Company shall have furnished to the Vendor in writing in accordance with this paragraph. All such communications
will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one business day after
being delivered by facsimile (with receipt of appropriate confirmation), (iv) one business day after being deposited with an overnight
courier service of recognized standing, or (v) four days after being deposited in the U.S. mail, first class with postage prepaid.

 

    	 

     

    

 

(h)
Expenses. Each of the Company and the Vendor will bear their own respective expenses associated with the negotiation, execution
and delivery of this Agreement and the consummation of the Exchange and Settlement.

 

(i)
Only Company Liable. In no event shall any stockholder, officer, director or Vendor of the Company be liable for any amounts
due or payable pursuant to this Agreement.

 

(j)
Severability. If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(k)
Headings. Headings used in this Agreement have been included for convenience and ease of reference only and will not in
any manner influence the construction or interpretation of any provision of this Agreement. Neither party, nor its respective
counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language
in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either
party.

 

(l)
Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same agreement. Facsimile copies of signed signature pages will be deemed binding
originals.

 

(m)
Termination. The Company may terminate this Agreement if there has occurred any breach or withdrawal by the Vendor of any
covenant, representation or warranty set forth in Section 3. The Vendor may terminate this Agreement if there has occurred
any breach or withdrawal by the Company of any covenant, representation or warranty set forth in Section 2.

 

(Signature
Page Follows)

 

    	 

     

    

 

The
parties have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date
and year first written above.

 

COMPANY:

 

RESPIRERX
PHARMACEUTICALS INC.

a
Delaware corporation

 

	By:	/s/
    Jeff Eliot Margolis	 
	Name:	Jeff
    Eliot Margolis	 
	Title:	Senior Vice President, Chief Financial Officer,

                                                         Treasurer and Secretary
	 

 

Address
for notices:

RespireRx
Pharmaceuticals Inc.

Attention:
Jeff Eliot Margolis

126
Valley Road, Suite C

Glen
Rock, NJ 07452

(phone):
917-834-7206

(email):
jmargolis@respirerx.com

 

    	 

     

    

 

VENDOR:

 

	 	/s/ Jeffrey King	 
	Name:	Patent Network Law Group, by Jeffrey King	 
	Title:	 	 

 

Address
for notices:Exhibit
99.6

 

AMENDMENT
No. 1

 

To

 

8%
FIXED PROMISSORY NOTE

 

This
Amendment No. 1 to 8% Fixed Promissory Note (this “Amendment”) is dated September 30, 2020 (the “Effective
Date”), and is made by and among RespireRx Pharmaceuticals Inc., a Delaware corporation (the “Company”)
and White Lion Capital LLC, a Nevada limited liability company (the “Investor”).

 

WHEREAS,
Company and Investor (collectively, the “Parties”) are parties to that certain 8% Fixed Promissory Note,
dated July 28, 2020 (the “Note”); and

 

WHEREAS,
the Parties desire to amend the Note to increase the principal amount by $15,000 from $25,000 to $40,000.

 

NOW,
THEREFORE, in consideration of the mutual covenants and promises contained in the Note and this Amendment and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.
Amendments

 

(a)
The heading of the Note, which currently reads “Principal Amount: $25,000” is hereby amended and restated
in its entirety to read as follows:

 

“Principal
Amount: $40,000”

 

(b)
The second paragraph of the prefatory language of the Note, which currently reads “This
Note is a duly authorized Fixed Promissory Note of RespireRx Pharmaceuticals Inc. (the “Company”),
designated as the Company’s 8% Fixed Promissory Note due July 28, 2021 (“Maturity Date”) in the
principal amount of $25,000 (the “Note”)” is hereby amended and restated in its entirety to read as
follows:

 

“This
Note is a duly authorized Fixed Promissory Note of RespireRx Pharmaceuticals Inc. (the “Company”), designated
as the Company’s 8% Fixed Promissory Note due July 28, 2021 (“Maturity Date”) in the principal amount
of $40,000 (the “Note”)”

 

(c)
The definition of the term “Principal Sum” in the definitions section of the Note is hereby amended and
restated in its entirety to read as follows:

 

““Principal
Sum” shall mean the original principal amount of this Note of $40,000 as reduced by any conversions.”

 

    	 

     

    

 

(d)
The parenthetical in the first line of the Form of Conversion Notice attached as Exhibit A to the Note (the
“Notice”) is hereby amended and restated in its entirety to read as follows:

 

“(To
be executed by the Holder in order to convert all or part of that certain 8% $40,000 Fixed Promissory Note identified as the Note)”

 

(e)
The subject line of the Notice is hereby amended and restated in its entirety to read as follows:

 

“Re:
8% $40,000 Fixed Promissory Note (this “Note”) originally issued by RespireRx Pharmaceuticals, Inc., a Delaware corporation,
to White Lion Capital on July 28, 2020.”

 

2. Timing
of Payment. For the purposes of Rule 144 under the Securities Act of 1933, as amended, the Company acknowledges that
it issued to the Investor, for value received, $25,000 of the Principal Amount on July 28, 2020, and that it issued to the
Investor, for value received, $15,000 of the Principal Amount on the date of this Amendment.

 

3. Miscellaneous.

 

(a) Effect
of this Amendment. Except as amended hereby, the existing Note is in all respects ratified and confirmed, and all of the
terms, provisions and conditions thereof shall be and remain in full force and effect and are hereby incorporated by
reference, except as modified, amended and/or restated as set forth herein. In the event of any inconsistency or conflict
between the provisions of the Note and this Amendment, the provisions of this Amendment will prevail and govern. All
references to the existing Note shall hereinafter refer to the existing Note as amended by this Amendment.

 

(b)
Governing Law. This Amendment Agreement, and the rights and obligations of the parties hereunder, will be
governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles
of conflicts of law.

 

(c) Entire
Agreement. This Amendment and the Note constitute the entire agreement of the Parties with respect to the subject matter
hereof and supersede all prior understandings and writings between the Parties relating thereto.

 

(d) Further
Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may
be reasonably necessary to carry out the purposes and intent of this Amendment.

 

(e) Counterparts.
This Amendment may be executed in counterparts and delivered by facsimile or any similar electronic transmission device, each
of which shall be deemed an original, but all of which shall be considered one and the same agreement.

 

[Signature
page follows]

 

    	-2-

     

    

 

IN
WITNESS WHEREOF, the Company has duly executed this Amendment to the Note as of the day and in the year first above written.

 

	 	RESPIRERX
    PHARMACEUTICALS INC.
	 	 	 
	 	By:	/s/
    Jeff E. Margolis            
	 	Name:	Jeff
    E. Margolis
	 	Title:	Senior
    Vice President, Chief Financial Officer, Treasurer and Secretary

 

	Agreed
    and Accepted:	 
	 	 
	WHITE
    LION CAPITAL LLC	 
	 	 	 
	By:	/s/
    Yash Thukral	 
	Name:	Yash
    Thukral	 
	Title:	Managing
    Member	 

 

[Signature
Page to 2020 Note Amendment]

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