Document:

Exhibit 10.4

 

NLS Pharmaceutics Ltd.

Alter Postplatz 2

CH-6370 Stans

 

___ January 2020

 

Addendum Number 2 to Convertible Promissory
Note (“Addendum”)

 

Magnetic Rock Investment AG, a Swiss
stock corporation with its registered office at c/o Ronald Hafner, Weinbergstrasse 72, 8703 Erlenbach (ZH), Switzerland, and company
no. CHE-184.662.704 (the “Lender”), granted to NLS Pharmaceutics Ltd. (formerly NLS-1 Pharma AG), a Swiss
stock corporation with its registered office at Alter Postplatz 2, 6370 Stans, Switzerland, and company no. CHE-447.067.367 (the
“Borrower”), based on the promissory note dated 18 January 2019, as amended on 16 September 2019 (the “Promissory
Note”) the principal sum of CHF 550,000.00 (the “Principal Amount”), together with interest
at 10.0% p.a. (the “Interest”) thereon accruing on and from the date of payment until the entire Principal Amount
is repaid (the Interest and the Principal Amount hereinafter jointly referred to as the “Loan”). The Interest
shall be calculated based on the exact number of days in relation to a year of 360 days (actual/360), compounded annually.

 

For the sake of clarity, CHF 500,000.00
of the Principle Amount (“Payment A”) was paid to the Borrower on 31 August 2018 (the “Date of Payment
A”) and CHF 50,000.00 of the Principle Amount (“Payment B”) was paid to the Borrower on 18 December 2018
(the “Date of Payment B”).

 

On 12 March 2019 CHF 526,979.84 of the
Principal Amount was settled by conversion into equity (the “Conversion Amount”), whereas the Lender received
eight (8) registered shares at an issue price of CHF 65,872.48 (the “Conversion”). The Conversion Amount consists
of the full amount of payment B and of CHF 476,979.84 from Payment A. As a result of the Conversion, an outstanding amount of CHF
23,020.16 with regard to Payment A (the “Open Amount Payment A”) remains open.

 

The following is a statement of the amended
terms and conditions of the Promissory Note:

 

	1 – Extension Maturity Date	According to section 2 of the Promissory Note, the Maturity Date and therefore the repayment of the Loan was agreed to take place no later than 31 December 2019. 
	 	 
	 	According to section 2 of the Promissory Note, the Lender may unilaterally extend the repayment term and set a new Maturity Date.
	 	 
	 	The Lender hereby extends the Maturity Date of the Loan, replacing the existing Maturity Date, until 30 September 2020 and, thus, the Loan shall be due for repayment no later than 30 September 2020. The Borrower hereby acknowledges and agrees with the extension. References to the Maturity Date in the Promissory Note shall be to 30 September 2020.
	 	 
	2 - Interest	According to the Document from GHM Partners (Annex 1) for the year 2018, Interest accrued in the aggregated amount of CHF 17,125.00 with regard to Payment A and Payment B; resulting in the compounded and aggregated Principle Amount of CHF 567,125.00 (the “2018 Amount” ) as of 1 January 2019.

 

    1

     

    

 

	 	With effect of the Conversion, the 2018 Amount less the Conversion Amount results in the remainder amount of CHF 40,145.16 (the “Remaining 2018 Amount”).
	 	 
	 	From 1 January 2019 up to and including 18 March 2019 (i.e., the effective date of the Conversion for accounting purposes) further Interests of CHF 11,972.64 accrued with regard to the 2019 Amount (the “Interest Before Conversion”). This amount may only be compounded at the end of the year 2019. 
	 	 
	 	From 19 March 2019 up to and including 30 June 2019 further Interest of CHF 1,148.60 accrued with regard to the Remaining 2018 Amount (the “Interest After Conversion”).  
	 	 
	 	As of 31 December 2019, an aggregated
amount of CHF 55,340.56 is open and unpaid, consisting of (i) the Interest Before Conversion plus (ii) the Interest After
Conversion plus (iii) further Interest CHF 2,074.16 accrued from 1 July 2019 up to and including 31 December 2019 plus (iv) the
Remaining Principle Amount 2019.
	 	 
	3 - Conversion	The Lender hereby confirms that the Conversion Amount was fully settled by way of Conversion. 
	 	 
	4 - Governing Law	This Addendum shall be governed by and construed in accordance with the substantive laws of Switzerland, without reference to principles of conflict of laws or choice of laws.
	 	 
	5 – Jurisdiction	All disputes arising out of or in connection with this Addendum, including disputes regarding its conclusion, validity, binding effect, amendment, breach, termination or rescission shall be subject to the exclusive jurisdiction of the ordinary courts of Stans (NW).

 

[Signature page
to follow]

 

    2

     

    

 

	The Lender	 	 	 
	Magnetic Rock Investment	 	 	 
	 	 	 	 
	/s/ Ronald Hafner	 	 	 
	Ronald Hafner	 	 	 
	Chairman of the Board of Directors	 	 	 
	 	 	 	 
	The Borrower	 	 	 
	NLS Pharmaceutics Ltd.	 	 	 
	 	 	 	 
	/s/ Alexander Zwyer	 	/s/ Ronald Hafner	 
	Alexander Zwyer	 	Ronald Hafner	 
	Chief Executive Officer	 	Chairman of the Board of Directors 	 

 

    3

     

    

 

Annex 1: Excel sheet from GHM Partners.

 

Annex 1

 

Excel sheet from GHM Partners

 

		 	2018	 	 	18.03.2019	 	 	30.06.2019	 
	MRI Convertible promissory note	 	CHF	 	 	CHF	 	 	CHF	 
	A - Credit CHF - from 31.08.18 (122 Tage)	 	 	500’000.00	 	 	 	516’944.44	 	 	 	40’145.16	 
	B - Credit CHF - from 18.12.18 (13 Tage)	 	 	50’000.00	 	 	 	50’180.56	 	 	 	-	 
	Total Convertible Promissory Note	 	 	550’000.00	 	 	 	567’125.00	 	 	 	40’145.16	 
	Interest rate 10 %	 	 	10	%	 	 	10	%	 	 	10	%
	A - Interest  /  from 19.3.19	 	 	16’944.44	 	 	 	10’913.27	 	 	 	1’148.60	 
	B - Interest  /  to 18.3.19	 	 	180.56	 	 	 	1’059.37	 	 	 	11’972.64	 
	Total Interest	 	 	17’125.00	 	 	 	11’972.64	 	 	 	13’121.24	 
	Total Promissory Note incl. Interest	 	 	567’125.00	 	 	 	579’097.64	 	 	 	53’266.40	 
	Debt to equity swap 18.3.2019	 	 	 	 	 	 	-526’979.84	 	 	 	-	 
	Total Convertible Promissory Note	 	 	567’125.00	 	 	 	52’117.80	 	 	 	53’266.40	 

 

 

4Exhibit 10.5

 

NLS-1 Pharma AG

Alter Postplatz 2

CH-6370 Stans

 

___ January 2019

 

Promissory Note

 

THIS NOTE IS ISSUED IN THE FORM OF A MERE
CERTIFICATE OF INDEBTEDNESS (AN acknowledgment of debt pursuant to Article 82 of the Swiss
Federal ACT ON Debt Enforcement and Bankruptcy), AND NOT AS A REGISTERED SECURITIES (WERTPAPIER). THIS NOTE CANNOT BE TRANSFERRED
TO THRID PARTIES.

 

Subject to the terms and conditions of
this promissory note (the “Note”),

 

[Name], [Address]

(the “Lender”),

 

hereby undertakes to grant to

NLS-1 Pharma AG, a Swiss stock corporation
with its registered office at Alter Postplatz 2, 6370 Stans, Switzerland, and company no. CHE-447.067.367

(the “Borrower”),

 

the principal sum of

CHF [125,000.00]

(the “Principal Amount”),

 

together with interest at 10.0% p.a. (the
“Interest”) thereon accruing on and from the date of payment until the entire Principal Amount is repaid (the
Interest and the Principal Amount hereinafter jointly referred to as the “Loan”).

 

Interest shall be calculated based on the
exact number of days in relation to a year of 360 days (actual/360), compounded annually.

 

The following is a statement of the terms
and conditions of the Loan to which this Note is subject and to which the Lender and the Borrower hereby agree:

 

	
        1 – Payment
	 	
        The Principal Amount shall be due and payable to the Borrower
        in full no later than within five (5) days following the date first written above, to the bank account of the Borrower:

        UBS Switzerland AG

        Paradeplatz 6

        8001 Zürich

        IBAN: [                ]

	 	 	 
	
        2 – Treatment upon Maturity Date
	 	
        The Loan shall be due and re-payable to Lender at the earlier
        of (i) 30 April 2019 or (ii) five (5) days following the date when the Borrower has received an aggregated amount exceeding CHF
        500’000.00 in total in form of investments (equity and / or convertible loan) or other means of proceeds (such as license
        fees) from third parties (e.g., Helvetica, EuroPharma). ((i) or (ii), as applicable, the “Maturity Date”).

         

        On the Maturity Date the Notes shall, at the election of the
        Lender, either (A) the outstanding Loan shall be repaid in full or (B) remain outstanding with a new Maturity Date to be set by
        the Lender.

 

    1

     

    

 

	3 – Termination of Rights	 	Except for Sections 4 and 5, all rights and obligations with respect to this Note shall terminate upon the repayment of the entire Loan, whether or not this Note has been surrendered to Borrower for cancellation.
	 	 	 
	4 - Governing Law	 	This Note shall be governed by and construed in accordance with the substantive laws of Switzerland, without reference to principles of conflict of laws or choice of laws.
	 	 	 
	5 – Jurisdiction	 	All disputes arising out of or in connection with this Note, including disputes regarding its conclusion, validity, binding effect, amendment, breach, termination or rescission shall be subject to the exclusive jurisdiction of the ordinary courts of Stans (NW).

 

IN WITNESS WHEREOF, the Parties
have signed this Note on the date first written above

 

The Lender

[...]

 

	 	 
	by: [...]	 

 

The Borrower

 

	 	 
	Ronald Hafner	 

 

	 	 
	Alexander Zwyer	 

 

 

2Exhibit 10.6

 

NLS Pharmaceutics AG

Alter Postplatz 2

CH-6370 Stans

 

___ September 2019

 

Addendum Promissory Note (“Addendum”)

 

[Name], [Address] (the
“Lender”), granted to NLS Pharmaceutics AG (formerly NLS-1 Pharma AG), a Swiss stock corporation
with its registered office at Alter Postplatz 2, 6370 Stans, Switzerland, and company no. CHE-447.067.367 (the
“Borrower”), based on the promissory note dated 7 January 2019 (the “Promissory Note”)
the principal sum of CHF 125,000.00 (the “Principal Amount”), together with interest at 10.0% p.a.
(the “Interest”) thereon accruing on and from the date of payment until the entire Principal Amount is
repaid (the Interest and the Principal Amount hereinafter jointly referred to as the “Loan”).

 

The Principle Amount was paid to the Borrower
on 17 January 2019 (the “Date of Payment”). The full amount of the Loan, including accrued Interest, is outstanding
as of the date of this Addendum.

 

The following is a statement of the amended
terms and conditions of the Promissory Note:

 

	
        1 – Extension Maturity Date

	
        According to section 2 of the Promissory
        Note, the Loan shall be repaid in full on the maturity date, i.e., at the earlier of (i) the 30 April 2019 or (ii) five (5) days
        following the date when the Borrower has received an aggregated amount exceeding CHF 500’000.00 in total in form of investments.

         

        According to section 2 of the Promissory
        Note, the Lender may unilaterally extend the repayment term and set a new maturity date.

         

        The Lender hereby extends the maturity
        date of the Loan, replacing the existing maturity date, until 31 December 2019 and, thus, the Loan shall be due for repayment no
        later than 31 December 2019. The Borrower hereby acknowledges and agrees with the extension.

	 	 
	2 - Governing Law	This Addendum shall be governed by and construed in accordance with the substantive laws of Switzerland, without reference to principles of conflict of laws or choice of laws.
	 	 
	3 – Jurisdiction	All disputes arising out of or in connection with this Addendum, including disputes regarding its conclusion, validity, binding effect, amendment, breach, termination or rescission shall be subject to the exclusive jurisdiction of the ordinary courts of Stans (NW).

 

	The Lender	 	The Borrower
	 	 	 
	 	 	 
	[Name]	 	NLS Pharmaceutics Ltd.

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