Document:

Exhibit
99.2

 

REGISTRATION
RIGHTS AGREEMENT

 

REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of July 28, 2020, by and between RespireRx
Pharmaceuticals Inc., a Delaware corporation (the “Company”), and White Lion Capital, LLC, a
Nevada limited liability company (together with it permitted assigns, the “Buyer”). Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings set forth in the Equity Purchase Agreement by and between
the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the
“Purchase Agreement”).

 

WHEREAS,
To induce the Buyer to enter into the Purchase Agreement with respect to the purchase of up to two million ($2,000,000) of
Purchase Notice Shares, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended,
and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”),
and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1.
DEFINITIONS.

 

As
used in this Agreement, the following terms shall have the following meanings:

 

a.
“Investor” means the Buyer, any transferee or assignee thereof to whom a Buyer assigns its rights under this
Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement, and any transferee
or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement in accordance with Section 9 and
who agrees to become bound by the provisions of this Agreement.

 

b.
“Person” means any individual or entity including but not limited to any corporation, a limited liability company,
an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or
a governmental agency.

 

c.
“Register”, “registered”, and “registration” refer to a registration
effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and/or
pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis (“Rule
415”), and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities
and Exchange Commission (the “SEC”).

 

d.
“Registrable Securities” means (a) an aggregate of up to 80,000,000 Purchase Notice Shares, and (b) any shares
of common stock issued to the Investor as a result of any stock purchase, stock split, stock dividend, recapitalization, exchange
or similar event or otherwise with respect thereto.

 

    	 

     

    

 

e.
“Registration Statement” means one or more registration statements of the Company covering only the sale of
the Registrable Securities.

 

2.
REGISTRATION.

 

a.
Mandatory Registration. The Company shall, within twenty (20) Business Days from the date hereof, file with the SEC an
initial Registration Statement covering the maximum number of Registrable Securities (beginning with the Purchase Notice Shares)
as shall be permitted to be included thereon in accordance with applicable SEC rules, regulations and interpretations so as to
permit the resale of such Registrable Securities by the Investor, including but not limited to under Rule 415 under the Securities
Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company and the Investor in consultation
with their respective legal counsel, subject to the aggregate number of authorized shares of the Company’s Common Stock
then available for issuance in its Certificate of Incorporation. The initial Registration Statement shall register only the Registrable
Securities. The Investor and its counsel shall have a reasonable opportunity to review and comment upon such Registration Statement
and any amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC, and
the Company shall give due consideration to all reasonable comments. The Investor shall furnish all information reasonably requested
by the Company for inclusion therein. The Company shall use its reasonable best efforts to have the Registration Statement and
any amendment declared effective by the SEC at the earliest possible date. The Company shall use reasonable best efforts to keep
the Registration Statement effective, including but not limited to pursuant to Rule 415 promulgated under the Securities Act and
available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the earlier of
(i) the date as of which the Investor may sell all of the Registrable Securities without restriction pursuant to Rule 144 promulgated
under the Securities and (ii) the date on which the Investor shall have sold all the Registrable Securities covered thereby and
no Available Amount remains under the Purchase Agreement (the “Registration Period”). The Registration Statement
(including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading.

 

b.
Rule 424 Prospectus. The Company shall, as required by applicable securities regulations, from time to time file with the
SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used
in connection with sales of the Registrable Securities under the Registration Statement. The Investor and its counsel shall have
a reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give
due consideration to all such comments. The Investor shall use its reasonable best efforts to comment upon such prospectus within
one (1) Business Day from the date the Investor receives the final pre-filing version of such prospectus.

 

    	 

     

    

 

c.
Sufficient Number of Shares Registered. In the event the number of shares available under the Registration Statement is
insufficient to cover all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration
Statement (a “New Registration Statement”), so as to cover all of such Registrable Securities (subject to the
limitations set forth in Section 2(a)) as soon as practicable, but in any event not later than forty-five (45) Business Days after
the necessity therefor arises, in the sole discretion of the Company, subject to any limits that may be imposed by the SEC pursuant
to Rule 415 under the Securities Act. The Company shall use it reasonable best efforts to cause such amendment and/or New Registration
Statement to become effective as soon as practicable following the filing thereof. Unless the Registration Period has ended, in
the event that any of the Purchase Notice Shares are not included in the Registration Statement, or have not been included in
any New Registration Statement and the Company files any other registration statement under the Securities Act (other than on
Form 1-A (including any supplements or amendments thereto), Form S-4, Form S-8, or with respect to other employee related plans
or rights offerings) (“Other Registration Statement ”) then the Company shall include in such Other Registration
Statement first all of such Purchase Notice Shares that have not been previously registered, and second any other securities the
Company wishes to include in such Other Registration Statement. Unless the Registration Period has ended, the Company agrees that
it shall not file any such Other Registration Statement (excluding the exceptions listed above) unless all of the Purchase Notice
Shares have been included in such Other Registration Statement or otherwise have been registered for resale as described above.

 

d.
Offering. If the staff of the SEC (the “Staff’) or the SEC seeks to characterize any offering pursuant to a
Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration
Statement to become effective and be used for resales by the Investor under Rule 415 at then-prevailing market prices (and not
fixed prices), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a), the Company
is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial Registration
Statement, then the Company shall reduce the number of Registrable Securities to be included in such initial Registration Statement
(with the prior consent, which shall not be unreasonably withheld, of the Investor and its legal counsel as to the specific Registrable
Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to become
effective and be used as aforesaid. Unless the Company has delivered Purchase Notices for an aggregate purchase price of $2 million
or the Equity Purchase Agreement has been terminated or the Registration Period has ended, the Company shall file one or more
New Registration Statements in accordance with Section 2(c) until such time as all Registrable Securities have been included in
Registration Statements that have been declared effective and the prospectus contained therein is available for use by the Investor.
Notwithstanding any provision herein or in the Purchase Agreement to the contrary, the Company’s obligations to register
Registrable Securities (and any related conditions to the Investor’s obligations) shall be qualified as necessary to comport
with any requirement of the SEC or the Staff as addressed in this Section 2(d).

 

    	 

     

    

 

3.
RELATED OBLIGATIONS.

 

With
respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2 including
on any New Registration Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following
obligations:

 

a.
The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any registration
statement and the prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to
Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration
Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities
Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any
New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with
the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

 

b.
The Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement
and all amendments and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any
document in a form to which Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the
Registration Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Business Days
from the date the Investor receives the final version thereof. The Company shall furnish to the Investor, without charge any correspondence
from the SEC or the staff of the SEC to the Company or its representatives relating to the Registration Statement or any New Registration
Statement unless such comments represent material, non-public information.

 

c.
Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with
the SEC, at least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules,
all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any registration statement, a
copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number
of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final
prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR
system shall be deemed “furnished to the Investor” hereunder.

 

d.
The Company shall use reasonable best efforts to, as applicable, (i) register and qualify the Registrable Securities covered by
a registration statement under such other securities or “blue sky” laws of California, (ii) prepare and file
in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications
as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may
be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to
do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself
to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The
Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification
with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities
or “blue sky” laws of California or its receipt of actual notice of the initiation or threatening of any proceeding
for such purpose.

 

    	 

     

    

 

e.
As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the
happening of any event or existence of such facts as a result of which the prospectus included in any registration statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly
prepare a supplement or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy
of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company
shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment
has been filed, and when a registration statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Investor by email on the same day of such effectiveness), (ii) of any request by the SEC for amendments
or supplements to any registration statement or related prospectus or related information, and (iii) of the Company’s reasonable
determination that a post-effective amendment to a registration statement would be appropriate.

 

f.
The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible date
and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.

 

g.
The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the
same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Principal
Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section.

 

h.
The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of certificates (not bearing any
restrictive legend) representing the Registrable Securities to be offered pursuant to any registration statement and enable such
certificates to be in such denominations or amounts as the Investor may reasonably request and registered in such names as the
Investor may request.

 

i.
The Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

 

    	 

     

    

 

j.
If reasonably requested by the Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective
amendment such information as the Investor reasonably believes should be included therein relating to the sale and distribution
of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being
sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all
required filings of such prospectus supplement or post-effective amendment as soon as practicable upon notification of the matters
to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any registration
statement.

 

k.
The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any registration statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

l.
Within three (3) Business Days after any registration statement which includes the Registrable Securities is ordered effective
by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such
Registrable Securities (with copies to the Investor) confirmation that such registration statement has been declared effective
by the SEC in the form attached hereto as Exhibit A. Thereafter, if requested by the Investor at any time, the Company
shall require its counsel to deliver to the Buyer a written confirmation as to whether or not the effectiveness of such registration
statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order) and whether or not
the prospectus is current and available to the Investor for sale of all of the Registrable Securities.

 

m.
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable
Securities pursuant to any registration statement.

 

4.
OBLIGATIONS OF THE INVESTOR.

 

a.
The Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection
with any registration statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required
to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request.

 

b.
The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and
filing of any registration statement hereunder.

 

c.
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the
kind described in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable
Securities pursuant to any registration statement(s) covering such Registrable Securities until the Investor’s receipt of
the copies of the supplemented or amended prospectus contemplated by Section 3(f) or the first sentence of 3(e). Notwithstanding
anything to the contrary, the Company shall cause its transfer agent to promptly deliver shares of Common Stock without any restrictive
legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect
to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of
the happening of any event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor
has not yet settled.

 

    	 

     

    

 

5.
EXPENSES OF REGISTRATION.

 

All
reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting
fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

6.
INDEMNIFICATION.

 

a.
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each
Person, if any, who controls the Investor, the members, the directors, officers, partners, employees, agents, representatives
of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) (each, an “Indemnified Person”), against
any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in
settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or
defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court
or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an
indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based
upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement, any New Registration
Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under
the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue
Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in
light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law,
or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration
Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the
foregoing clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified
Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person
arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor furnished
in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration
Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made
available by the Company upon Investor’s request pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded
prospectus, shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable
Securities that are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission
of material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented,
if such revised prospectus was timely made available by the Company upon Investor’s request pursuant to Section 3(c) or
Section 3(e), and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use
giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to
the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available
by the Company, if such prospectus was timely made available by the Company upon Investor’s request pursuant to Section
3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer
of the Registrable Securities by the Investor pursuant to Section 9.

 

    	 

     

    

 

b.
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any
action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying
party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to
the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of
the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified
Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained
by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party
and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate
fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying
party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified
Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party
shall be liable for any settlement of any action, claim or proceeding effectuated without its written consent, provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without
the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other
compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification
as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person
with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not
relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to
the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

    	 

     

    

 

c.
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

d.
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

7.
CONTRIBUTION.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent
permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities
who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

 

8.
REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With
a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar
rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without
registration (“Rule 144”), the Company agrees, at the Company’s sole expense, to:

 

a.
make and keep public information available, as those terms are understood and defined in Rule 144;

 

b.
use reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports
and other documents is required for the applicable provisions of Rule 144;

 

    	 

     

    

 

c.
furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by
the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange
Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by
the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant
to Rule 144 without registration; and

 

d.
take such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions
to the Company’s Transfer Agent as may be requested from time to time by the Investor and otherwise fully cooperate with
Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

9.
ASSIGNMENT OF REGISTRATION RIGHTS.

 

The
Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor.
The Investor may not assign its rights under this Agreement without the written consent of the Company.

 

10.
AMENDMENT OF REGISTRATION RIGHTS.

 

No
provision of this Agreement may be amended or waived by the parties from and after the date that is one Business Day immediately
preceding the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision
of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than
in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise
any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate
as a waiver thereof.

 

11.
MISCELLANEOUS.

 

a.
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered
owner of such Registrable Securities.

 

b.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when
sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file
by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in
each case properly addressed to the party to receive the same. The addresses for such communications shall be:

 

    	 

     

    

 

If
to the Company:

 

RESPIRERX
PHARMACEUTICALS

 

Jeff
Margolis, CFO <jmargolis@respirerx.com>

 

126
Valley Road, Suite C

Glen
Rock, NJ 07452

Email:
jmargolis@respirerx.com

 

with
a copy to (which copy shall not constitute notice):

 

FAEGRE
DRINKER BIDDLE & REATH LLP

 

One
Logan Square, Suite 2000

Philadelphia,
PA 19103

Attention:
Elizabeth Diffley

Email:
Elizabeth.diffley@faegredrinker.com

 

If
to the Investor:

 

WHITE
LION CAPITAL, LLC

 

Yash
Thukral

 

16911
San Fernando Mission Blvd

Suite
#183

Granada
Hills, CA 91344

Email:
team@whitelioncapital.com>

 

or
at such other address and/or email number and/or to the attention of such other person as the recipient party has specified by
written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine or email account containing the time, date, recipient facsimile number or email
address, as applicable, and an image of the first page of such transmission or (C) provided by a nationally recognized overnight
delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

    	 

     

    

 

c.
The corporate laws of the State of Delaware shall govern all issues concerning this Agreement. All other questions concerning
the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State
of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting the State of California,
County of Los Angeles, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

d.
This Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject
matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein and therein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof and thereof.

 

e.
Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties hereto.

 

f.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

g.
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by email in a
“.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

h.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

    	 

     

    

 

i.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and
no rules of strict construction will be applied against any party.

 

j.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of day and year first above written.

 

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

 

	 	THE INVESTOR:
	 	 
	 	WHITE LION CAPITAL, LLC
	 	 
	 	By:	/s/ Yash Thukral
	 	Name:	Yash Thukral
	 	Title:	Manager

 

    	 

     

    

 

EXHIBIT
A

 

TO
REGISTRATION RIGHTS AGREEMENT

 

FORM
OF NOTICE OF EFFECTIVENESS

OF
REGISTRATION STATEMENT

 

_____________,
2020

 

Re:
[__________]

 

Ladies
and Gentlemen:

 

We
are counsel to RespireRx Pharmaceuticals, Inc., Inc. a Delaware corporation (the
“Company”), and have represented the Company in connection with that certain Purchase Agreement, dated as
of July 28, 2020 (the “Purchase Agreement”), entered into by and between the Company and WHITE LION
CAPITAL LLC (the “Buyer”) pursuant to which the Company has agreed to issue to the Buyer shares of the
Company’s Common Stock, $0.001 par value (the “Common Stock”), in an amount up to Two Million
($2,000,000) (the “Purchase Notice Shares”), in accordance with the terms of the Purchase Agreement. In
connection with the transactions contemplated by the Purchase Agreement, the Company has registered with the U.S. Securities
and Exchange Commission the following shares of Common Stock:

 

(1)
Purchase Notice Shares to be issued to the Buyer upon purchase from the Company by the Buyer from time to time in accordance with
the Purchase Agreement.

 

Pursuant
to the Purchase Agreement, the Company also has entered into a Registration Rights Agreement, of even date with the Purchase Agreement
with the Buyer (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things,
to register the Purchase Notice Shares under the Securities Act of 1933, as amended (the “Securities Act”).
In connection with the Company’s obligations under the Purchase Agreement and the Registration Rights Agreement, on [__________],
2020, the Company filed a Registration Statement (File No. 333-[__________]) (the “Registration Statement”)
with the Securities and Exchange Commission (the “SEC”) relating to the resale of the Purchase Notice Shares.

 

In
connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has
entered an order declaring the Registration Statement effective under the Securities Act at [__________] [A.M./P.M.] on [__________],
2020 and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its
effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Purchase
Notice Shares are available for resale under the Securities Act pursuant to the Registration Statement and may be issued without
any restrictive legend.

 

    	 

     

    

 

	 	Very truly yours,
	 	 
	 	[Company Counsel]
	 	 
	 	By:	                            
	 	 	 
	cc: WHITE LION CAPITAL LLCExhibit 99.3

 

NEITHER
THESE SECURITIES, NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE, HAVE BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION. THESE SECURITIES ARE ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT (A) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AS AMENDED (THE “SECURITIES ACT”) OR
(B) INCLUSION IN A QUALIFIED OFFERING PURSUANT TO REGULATION A UNDER THE SECURITIES ACT, OR
(C) PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. THIS NOTE DOES NOT REQUIRE PHYSICAL SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT,
FOLLOWING ANY REDEMPTION OR CONVERSION OF ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL SUM REPRESENTED BY THIS NOTE MAY
BE LESS THAN THE PRINCIPAL SUM AND ACCRUED INTEREST SET FORTH BELOW.

 

8%
FIXED PROMISSORY NOTE

 

Issuance
Date: July 28, 2020

Principal
Amount: $25,000

 

This
8% PROMISSORY NOTE is made and entered into as of July 28, 2020 by and between RespireRx Pharmaceuticals Inc. (the “Company”),
a Delaware corporation, with its principal executive offices at 126 Valley Road Suite C, Glen Rock, NJ 07452, and White Lion Capital
LLC (the “Investor”), a Nevada limited liability company, with its principal executive offices at 16911 San
Fernando Mission Blvd Suite 183, Granada Hills, CA, 91344 (collectively the “Parties”).

 

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” ).

 

For
Value Received, the
Company hereby promises to pay to the order of Investor or its registered assigns or successors-in-interest (“Holder”)
the Principal Sum and to pay Guaranteed Interest, as defined below, on the balance thereof at an amount equivalent to 8% per annum,
to the extent such balance due to Holder has not been repaid or converted into shares of the Company’s common stock, $0.001
par value per share (“Common Stock”), in accordance with the terms hereof. Upon an Event of Default pursuant
to Section 3.00(a), such Guaranteed Interest will accrue from the date of the Event of Default at the rate equal to the lower
of 18% per annum or the highest rate permitted by law (the “Default Rate”).

 

This
Note will become effective only upon the execution by both parties of this Note, the irrevocable transfer agent instructions (the
“Irrevocable Instructions”) to AST Financial LLC (the “Transfer Agent”) and the Equity Purchase
Agreement between the Company and Holder (the “Effective Date ”).

 

For
purposes hereof the following terms shall have the meanings ascribed to them below:

 

“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which the Principal Markets are closed.

 

“Conversion
Price” shall be fixed at a price equal to $0.02.

 

“Guaranteed
Interest” shall mean interest that would accrue through the maturity date of the Note regardless of any prepayments
or other payments of the Note, other than payments made by conversion which would have the effect of reducing the Principal Sum,
defined below, and therefore the calculation of post-conversion interest.

 

    	 

    	 

    

 

“Principal
Amount ” shall refer to the sum of (i) the Principal Sum (which includes the original issue discount), (ii) all accrued
but unpaid Guaranteed Interest hereunder, (iii) any fees due hereunder, (iv) liquidated damages, and (v) any default payments
owing under the Note, in each case less any amounts previously paid.

 

“Principal
Market” shall refer to the primary exchange on which the Common Stock is traded or quoted.

 

“Principal
Sum” shall mean the original principal amount of this Note of $25,000 as reduced by any conversions.

 

“Trading
Day” shall mean a day on which there is trading or quoting for any security on the Principal Market.

 

“Underlying
Shares” means the shares of Common Stock into which the Note is convertible (including interest, fees, liquidated
damages and/or principal payments in Common Stock as set forth herein) in accordance with the terms hereof.

 

The
following terms and conditions shall apply to this Note:

 

Section
1.00 Conversion.

 

(a)
Conversion Right. Following 180 days from the Effective Date and subject to the terms hereof and restrictions and limitations
contained herein, the Holder shall have the right, at the Holder’s sole option, at any time and from time to time to convert
in whole or in part the outstanding and unpaid Principal Amount under this Note into shares of Common Stock as per the Conversion
Price. The date that any conversion notice (“Conversion Notice”) hereunder is received by the Company, provided
such receipt occurs before 6:00 p.m. New York, New York time on such date, shall be referred to herein as the “Conversion
Date”. 

 

(b)
Stock Certificates or DWAC. The Company will deliver to the Holder, or Holder’s authorized designee, no later than
2 Trading Days after the Conversion Date, a certificate or certificates (which certificate(s) shall be free of restrictive legends
and trading restrictions if the shares of Common Stock underlying the portion of the Note being converted are eligible under a
resale exemption pursuant to Rule 144(b)(1)(ii) and Rule 144(d)(1)(ii) of the Securities Act of 1933, as amended), evidenced by
an opinion of counsel to Holder reasonably acceptable to Company (“Holder Legal Opinion”), representing the number
of shares of Common Stock being acquired upon the conversion of this Note. In lieu of delivering physical certificates representing
the shares of Common Stock issuable upon conversion of this Note, provided the Transfer Agent is participating in DTC’s
FAST program, the Company shall instead use commercially reasonable efforts to cause the Transfer Agent to electronically transmit
such shares issuable upon conversion to the Holder (or its designee), by crediting the account of the Holder’s (or such
designee’s) broker with DTC through its DWAC program (provided that the same time periods herein as for stock certificates
shall apply).

 

(c)
Charges and Expenses. Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall
be made without charge to the Holder for any issuance fee, transfer tax, legal opinion and related charges, postage/mailing charge
or any other expense with respect to the issuance of such Common Stock. Company shall pay all Transfer Agent fees incurred from
the issuance of the Common Stock to Holder, as well as any and all other fees and charges required by the Transfer Agent as a
condition to effectuate such issuance. Any such fees or charges, as noted in this Section that are paid by the Holder (whether
from the Company’s delays, outright refusal to pay, or otherwise), will be automatically added to the Principal Sum of the
Note and will, subject to and if consistent with the Holder Legal Opinion, tack back to the Effective Date for purposes of Rule
144.

 

(d)
Delivery Timeline. If the Company fails to deliver to the Holder such certificate or certificates (or shares through the
DWAC program) pursuant to this Section (free of any restrictions on transfer or legends, if eligible) prior to 3 Trading Days
after the Conversion Date, the Company shall pay to the Holder as liquidated damages an amount equal to $250 per day, until such
certificate or certificates are delivered. The Company acknowledges that it would be extremely difficult or impracticable to determine
the Holder’s actual damages and costs resulting from a failure to deliver the Common Stock and the inclusion herein of any
such additional amounts are the agreed upon liquidated damages representing a reasonable estimate of those damages and costs.
Such liquidated damages will be automatically added to the Principal Sum of the Note and will, subject to and if consistent with
the Holder Legal Opinion, tack back to the Effective Date for purposes of Rule 144.

 

    	 

    	 

    

 

(e)
Reservation of Underlying Securities. The Company covenants that it will at all times reserve and keep available for Holder,
out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of this Note, free from preemptive
rights or any other actual contingent purchase rights of persons other than the Holder, five times the number of shares
of Common Stock as shall be issuable (taking into account the adjustments under this Section 1.00, but without regard to any ownership
limitations contained herein) upon the conversion of the Principal Amount, under the formula in Section 3.00(c) below, to Common
Stock (the “ Required Reserve ”). The Company covenants that all shares of Common Stock that shall be issuable
will, upon issue, be duly authorized, validly issued, fully-paid, non-assessable and freely-tradable (if eligible). If the amount
of shares on reserve in Holder’s name at the Transfer Agent for this Note shall drop below the Required Reserve, the Company
will, within 2 Trading Days of notification from Holder, instruct the Transfer Agent to increase the number of shares so that
the Required Reserve is met. In the event that the Company does not instruct the Transfer Agent to increase the number of shares
so that the Required Reserve is met, the Holder will be allowed, if applicable, to provide this instruction as per the terms of
the Irrevocable Transfer Agent Instructions attached to this Note. The Company agrees that the maintenance of the Required Reserve
is a material term of this Note and any breach of this Section 1.00(e) will result in a default of the Note. 

 

(f)
Conversion Limitation. The Holder will not submit a conversion to the Company that would result in the Holder beneficially
owning more than 9.99% of the then total outstanding shares of the Company (“Restricted Ownership Percentage”).

 

(g)
Conversion Delays. If the Company fails to deliver shares in accordance with the timeframe stated in Section 1.00(b), the
Holder, at any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion
attributable to the unsold shares. The rescinded conversion amount will be returned to the Principal Sum with the rescinded conversion
shares returned to the Company, under the expectation that any returned conversion amounts will tack back to the Effective Date.

 

(h)
Conversion Right Unconditional. If the Holder shall provide a Conversion Notice as provided herein, the Company’s
obligations to deliver Common Stock shall be absolute and unconditional, irrespective of any claim of setoff, counterclaim, recoupment,
or alleged breach by the Holder of any obligation to the Company.

 

Section
2.00 Securities Laws Disclosure; Publicity. The Company and the Holder acknowledge that consistent with the terms of
the Agreement, the Company will timely file a Form 8-K with the Securities and Exchange Commission which Form 8-K shall disclose
the name of Holder. From and after the issuance of such Form 8-K, the Company represents to the Holder that it shall have publicly
disclosed all material, non-public information delivered to the Holder by the Company, or any of its officers, directors, employees,
or agents in connection with the transactions contemplated by this Note. The Company and the Holder shall consult with each other
in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor the Holder
shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with
respect to any press release of the Holder, or without the prior consent of the Holder, with respect to any press release of the
Company, none of which consents shall be unreasonably withheld, delayed, denied, or conditioned except if such disclosure is required
by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or
communication. Subject to the foregoing, the Company shall not publicly disclose the name of the Holder, or include the name of
the Holder in any filing with the United States Securities and Exchange Commission or any regulatory agency or Principal Market,
without the prior written consent of the Holder, except to the extent such disclosure is the subject of advice from counsel to
the Company, which determination shall be solely at the discretion of the Company, is required by law or Principal Market regulations,
in which case the Company shall provide the Holder with prior notice of such disclosure permitted hereunder. The Company agrees
that this is a material term of this Note and any breach of this Section 2.00 will result in a default of the Note.

 

    	 

    	 

    

 

Section
3.00 Defaults and Remedies.

 

(a)
Events of Default. An “ Event of Default ” is: (i) a default in payment of any amount due hereunder
which default continues for more than 3 Trading Days after the Maturity Date; (ii) if the Company does not file the Current Report
on Form 8-K in accordance with the provisions and the deadlines referenced Section 2.00; (iii) a default in the timely issuance
of underlying shares upon and in accordance with terms of Section 1.00, which default continues for 2 Trading Days after the Company
has failed to issue shares or deliver stock certificates within the 3rd Trading Day following the Conversion Date; (iv) failure
by the Company for 3 days after notice has been received by the Company to comply with any material provision of this Note, unless
this Note expressly grants a different remedy period; (v) failure of the Company to remain compliant with DTC, thus incurring
a “chilled” status with DTC; (vi) if the Company is subject to any Bankruptcy Event; (vii) any failure of the Company
to satisfy its “filing” obligations, taking into account any extensions for which the Company files with respect to
applicable filing deadlines, under the Securities Exchange Act of 1934, as amended (the “1934 Act”), and the rules
and guidelines issued by OTC Markets News Service, OTCMarkets.com and their affiliates; (viii) any failure of the Company to provide
the Holder with information related to its corporate structure including, but not limited to, the number of authorized and outstanding
shares, public float within 1 Trading Day of request by Holder unless such information is material non-public information, in
which case, the Company, in its sole discretion shall have, prior to disclosure to Holder, the right to file a Form 8-K making
public disclosure of such information; (ix) failure by the Company to maintain the Required Reserve in accordance with the terms
of Section 1.00(e); (x) failure of the Common Stock to maintain a closing bid price in its Principal Market for more than 3 consecutive
Trading Days; (xi) any delisting from a Principal Market for any reason; (xii) failure by Company to pay any of its Transfer Agent
fees resulting in the Transfer Agent ceasing to process Company requested transaction or ceasing to provide Company requested
reports, or to maintain a Transfer Agent of record; (xiii) failure by Company to notify Holder of a change in Transfer Agent within
24 hours of such change; (xiv) any trading suspension imposed by the Securities and Exchange Commission (“SEC”)
under Sections 12(j) or 12(k) of the 1934 Act; or (xv) failure by the Company to meet all requirements necessary to satisfy the
availability of Rule 144 to the Holder or its assigns, including but not limited to the timely fulfillment of its filing requirements
as a fully-reporting issuer registered with the SEC, requirements for XBRL filings, and requirements for disclosure of financial
statements on its website.

 

(a)
Remedies. If an Event of Default occurs, the outstanding Principal Amount of this Note owing in respect thereof through
the date of acceleration, shall become, at the Holder’s election, immediately due and payable in cash at the Mandatory Default
Amount. The “Mandatory Default Amount” means 150% of the outstanding Principal Amount of this Note. Commencing
5 days after the occurrence of any Event of Default that results in the eventual acceleration of this Note, this Note shall accrue
interest, in addition to the Note’s Guaranteed Interest, at a rate equal to the lesser of 18% per annum or the maximum rate
permitted under applicable law. In connection with such acceleration described herein, the Holder need not provide, and the Company
hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration
of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. No such rescission or annulment shall affect any subsequent event of default or impair any right consequent thereon. Nothing
herein shall limit the Holder’s right to pursue any other remedies available to it at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock upon conversion of the Note as required pursuant to the terms hereof.

 

(b)
Conversion Formula Remedy. At any time and from time to time after an Event of Default occurs solely due to the fact that
the Note is not retired on or before the Maturity Date (“Maturity Default”), subject to the terms hereof and
restrictions and limitations contained herein, the Holder shall have the right, at the Holder’s sole option, to convert
in whole or in part the outstanding and unpaid Principal Amount under this Note into shares of Common Stock at the Default Conversion
Price. The “Default Conversion Price” shall be equal to the
lessor of: (a) the Conversion Price or (b) 85% of the lowest daily VWAP of the Common Stock
during the 30 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note. For the purpose
of calculating the Default Conversion Price only, any time after 4:00 pm Eastern Time (the closing time of the Principal Market)
shall be considered to be the beginning of the next Business Day. If the Company is placed on “chilled” status with
the DTC, the discount shall be increased by 10%, i.e., from 35% to 45%, until such chill is remedied. If the Company is not DWAC
eligible through its Transfer Agent and DTC’s FAST system, the discount will be increased by 5%, i.e., from 35% to 40%.
In the case of both, the discount shall be a cumulative increase of 15%, i.e., from 35% to 50%.

 

    	 

    	 

    

 

Section
4.00 Representations and Warranties of Holder.

 

Holder
hereby represents and warrants to the Company that:

 

(a)
Holder is an “accredited investor,” as such term is defined in Regulation D of the Securities Act of 1933, as amended
(the “ 1933 Act ”), and will acquire this Note and the Underlying Shares (collectively, the “
Securities”) for its own account and not with a view to a sale or distribution thereof as that term is used
in Section 2(a)(11) of the 1933 Act, in a manner which would require registration under the 1933 Act or any state securities laws.
Holder has such knowledge and experience in financial and business matters that such Holder is capable of evaluating the merits
and risks of the Securities. Holder can bear the economic risk of the Securities, has knowledge and experience in financial business
matters and is capable of bearing and managing the risk of investment in the Securities. Holder recognizes that the Securities
have not been registered under the 1933 Act, nor under the securities laws of any state and, therefore, cannot be resold unless
the resale of the Securities is registered under the 1933 Act or unless an exemption from registration is available. Holder has
carefully considered and has, to the extent Holder believes such discussion necessary, discussed with its professional, legal,
tax and financial advisors, the suitability of an investment in the Securities for its particular tax and financial situation
and its advisers, if such advisors were deemed necessary, and has determined that the Securities are a suitable investment for
it. Holder has not been offered the Securities by any form of general solicitation or advertising, including, but not limited
to, advertisements, articles, notices or other communications published in any newspaper, magazine, or other similar media or
television or radio broadcast or any seminar or meeting where, to Holders’ knowledge, those individuals that have attended
have been invited by any such or similar means of general solicitation or advertising. Holder has had an opportunity to ask questions
of and receive satisfactory answers from the Company, or any person or persons acting on behalf of the Company, concerning the
terms and conditions of the Securities and the Company, and all such questions have been answered to the full satisfaction of
Holder. The Company has not supplied Holder any information regarding the Securities or an investment in the Securities other
than as contained in this Agreement, and Holder is relying on its own investigation and evaluation of the Company and the Securities
and not on any other information.

 

(b)
The Holder is a limited liability company duly organized, validly existing and in good standing under the laws of the state of
its incorporation and has all requisite corporate power and authority to carry on its business as now conducted. The Holder is
duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have
a material adverse effect on its business or properties.

 

(c)
All corporate action has been taken on the part of the Holder, its officers, directors and stockholders necessary for the authorization,
execution and delivery of this Note. The Holder has taken all corporate action required to make all of the obligations of the
Holder reflected in the provisions of this Note, valid and enforceable obligations.

 

(d)
Each certificate or instrument representing Securities will be endorsed with the following legend (or a substantially similar
legend), unless or until registered under the 1933 Act:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES,
THE TRANSFER IS MADE IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR
THE HOLDER OF THESE SECURITIES WHICH IS REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

Section
5.00 Representations and Warranties of Company.

 

Company
hereby represents and warrants to Holder that:

 

(a)
The Company’s Board of Directors duly approved the issuance of the Note to the Holder and the Irrevocable Instructions to
the Transfer Agent.

 

(b)
The Company has not received and does not contemplate receiving any new consideration from any persons in connection with any
later conversion of the Note and the issuance of the Company’s Common Stock upon any said conversion.

 

    	 

    	 

    

 

(c)
To the Company’s knowledge, the Holder (and the persons affiliated with the Holder) are not officers, directors, or directly
or indirectly, ten percent (10.00%) or more stockholders of the Company and none of said persons has had any such status in the
one hundred (100) days immediately preceding the date of this Note.

 

(d)
The Company represents that it is not a “shell company,” as that term is defined in Section 12b-2 of the Securities
Exchange Act of 1934, as amended, and has never been a shell company, as so defined.

 

Section
6.00 General.

 

(a)
Payment of Expenses. The Company agrees to pay all reasonable charges and expenses, including attorneys’ fees and
expenses, which may be incurred by the Holder in successfully enforcing this Note and/or collecting any amount due under this
Note.

 

(b)
Assignment, Etc. The Holder may assign or transfer this Note to any transferee with the approval of the Company. If the
Note is in default, the Holder may assign or transfer this Note to any transferee at its sole discretion. This Note shall be binding
upon the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

 

(c)
Prepayment. At any time during the period beginning on the Issuance Date and ending on the Maturity Date, the Company shall
have the right, exercisable on and not less than three (3) Trading Days prior written notice to the Holder of the Note to prepay
the outstanding Note (principal and accrued interest), in full by making a payment to the Holder of an amount in cash equal to
110%, multiplied by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest
on the unpaid principal amount of this Note plus (y) Default Interest, if any.

 

(d)
Rollover Rights. If at any time while this Note is outstanding, the Company completes any public offering or private placement
of its equity, equity-linked and/or debt securities (each, a “Future Transaction”), the Holder may, in its
sole discretion, elect to apply all, or any portion, of the then outstanding principal amount of this Note, Default Amount (if
applicable), and/or any accrued but unpaid interest, as purchase consideration for such Future Transaction (the “Rollover
Rights”), subject to a limitation that such rollover right shall be limited to a maximum of 1.8% of dollar value of
such Future Transaction. The Company shall give written notice to Holder as soon as practicable, but in no event less than fifteen
(15) days before the anticipated closing date of such Future Transaction. The Holder may exercise its Rollover Rights by providing
the Company written notice of such exercise within five Business Days before the closing of the Future Transaction. In the event
Holder exercises its Rollover Rights, then such elected portion of the outstanding principal amount of this Note, Default Amount
(if applicable), and/or accrued but unpaid interest shall automatically convert into the corresponding securities issued in such
Future Transaction under the terms of such Future Transaction (except as provided in the next sentence), such that the Holder
will receive all securities (including, without limitation, any warrants) issuable under the Future Transaction.

 

(e)
Governing Law; Jurisdiction.

 

(i)
Governing Law. This Note shall be governed by, and construed and interpreted in accordance with, the substantive laws of
the State of Delaware without giving effect to any conflict of laws rule or principle that might require the application of the
laws of another jurisdiction.

 

(ii)
Jurisdiction and Venue. Any dispute, claim, suit, action or other legal proceeding arising out of or relating to this Note
or the rights and obligations of each of the parties shall be brought only in a competent court in California
or in the federal courts of the United States of America located in California.

 

(iii)
No Jury Trial. The Company hereto knowingly and voluntarily waives any and all rights it may have to a trial by jury with
respect to any litigation based on, or arising out of, under, or in connection with, this Note.

 

(iv)
Delivery of Process by the Holder to the Company. In the event of an action or proceeding by the Holder against the Company,
and only by the Holder against the Company, service of copies of summons and/or complaint and/or any other process that may be
served in any such action or proceeding has to be made by hand delivery of such process to its last known attorney as set forth
in its most recent SEC filing.

 

(v)
Notices. Any notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally
served, sent by facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively delivered at
the time of transmission if by facsimile or email, and if by overnight courier the business day after such notice is deposited
with the courier service for delivery.

 

(f)
No Bad Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act of 1933,
as amended, on the basis of being a “bad actor” as that term is established in the September 13, 2013 Small Entity
Compliance Guide published by the SEC.

 

(g)
Usury. If it shall be found that any interest or other amount deemed interest due hereunder violates any applicable law
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest
permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim
or take advantage of any law that would prohibit or forgive the Company from paying all or a portion of the principal, fees, liquidated
damages or interest on this Note.

 

[Signature
Page to Follow]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF , the Company has caused this 8% Fixed Promissory Note to be duly executed on the day and in the year first
above written.

 

RESPIRERX
PHARMACEUTICALS, INC

 

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

 

Email:
jmargolis@respirerx.com

 

Address:
126 Valley Road Suite C, Glen Rock, NJ 07452,

 

WHITE
LION CAPITAL LLC

 

	By:
    	/s/
    Yash Thukral	 
	 	 	 
	Name:
    	Yash
    Thukral	 
	 	 	 
	Title:
    	Managing
    Member	 

 

    	 

    	 

    

 

EXHIBIT
A

 

FORM
OF CONVERSION NOTICE

 

(To
be executed by the Holder in order to convert all or part of that certain 8% $25,000 Fixed Promissory Note identified as the Note)

 

DATE:
____________________________

FROM:
White Lion Capital LLC

 

	 	Re:	8%
    $25,000 Fixed Promissory Note (this “Note”) originally issued by RespireRx Pharmaceuticals, Inc., a Delaware corporation,
    to White Lion Capital on July 28, 2020.

 

The
undersigned on behalf of White Lion Capital LLC, hereby elects to convert $ _______________________ of the aggregate
outstanding Principal Sum (as defined in the Note) indicated below of this Note into shares of Common Stock, $0.001 par value
per share, of RespireRx Pharmaceuticals, Inc. (the “Company”), according to the conditions hereof, as of the date
written below. If shares are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer
taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company
in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any. The
undersigned represents as of the date hereof that, after giving effect to the conversion of this Note pursuant to this Conversion
Notice, the undersigned will not exceed the “Restricted Ownership Percentage” contained in this Note.

 

Conversion
information:

 

	 	 
	Date
    to Effect Conversion	 
	 	 
	 	 
	Aggregate
    Principal Sum of Note Being Converted	 
	 	 
	 	 
	Aggregate
    Interest on Amount Being Converted	 
	 	 
	 	 
	Remaining
    Principal Balance	 
	 	 
	 	 
	Number
    of Shares of Common Stock to be Issued	 
	 	 
	 	 
	Applicable
    Conversion Price	 
	 	 
	 	 
	Signature	 
	 	 
	 	 
	Name	 
	 	 
	 	 
	Address

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