Document:

Exhibit
99.1

 

EXCHANGE
AGREEMENT

 

[Name]
(the “Holder) enters into this Agreement (the “Agreement”) with RespireRx Pharmaceuticals Inc.,
a Delaware corporation (the “Company”) on [date], whereby Holder will exchange Holder’s [description
of note] inclusive of accrued interest through the date of this Agreement (“Note”) for shares of common stock,
par value $0.001, (“Common Stock”) of the Company (the “Exchange”).

 

RECITALS

 

WHEREAS,
the Holder is the holder of a Note dated [date of Note], in principal amount of $[principal] and which as of the date of the Exchange
is comprised of an initial principal amount of $[principal] plus accrued interest totaling $[amount of interest] as of the date
of this Agreement for a total of principal plus accrued interest of $[total];

 

WHEREAS,
the Holder wishes to exchange the Note to obtain [number of shares, to be separately negotiated for each Note, approximately equivalent
to $0.0125/share] shares of Common Stock (the “Shares”), and the Company wishes to issue the Shares in exchange
for the Note;

 

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.

 

(a)
Exchange of the Note. At the Closing (as defined herein), the Holder agrees to exchange the Note and deliver and transfer
all right, title and interest in the Note to the Company and in exchange therefor, the Company hereby agrees to issue the Holder
the Shares. 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 Exchange shall take place at a closing (the “Closing”) to be held at such
place, and at such date and time as the Company and the Holder shall mutually determine (the “Closing Date”).
At the Closing, the Holder shall assign and transfer all right, title and interest in and to the Note to the Company and the Company
will deliver to the Holder the Shares registered in the Holder’s name, against receipt by the Company of the Note. The Closing
is scheduled to take place on and as of [date].

 

(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 Holder at the Closing referred to in Section 1(b) hereof.

 

(d)
Delay in Closing. In the event that the Closing occurs after the date of this Agreement, the parties agree that that no
further interest shall accrue under the Note during the period between the signing of this Agreement and the Closing.

 

    	 

    	 

    

 

2.
Covenants, Representations and Warranties of the Company. The Company hereby covenants as follows and, except as
set forth on Schedule I hereto, makes the following representations and warranties, each of which is and shall be true
and correct on the date hereof and, in all material respects, at the Closing Date, to the Holder, 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 (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; (iii) result in the breach of any material provision
of or in the acceleration of, or entitle any other person to accelerate (whether after the giving of notice or lapse of time or
both), any material mortgage, indenture, agreement, instrument or contract to which the Company is a party or by which it is bound;
or (iv) 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. Subject to Schedule I hereto, 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)
Intellectual Property. The Company and the Company’s subsidiaries own or possess sufficient legal rights to all patents,
trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property
rights necessary for its business as now conducted and as proposed to be conducted, without any conflict with, or infringement
of, the rights of others, except as set forth on Schedule I, Exceptions to Representations and Warranties-Pending or Threatened
Litigation or Claims. Since March 22, 2013, each employee 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.

 

    	 	2	 

    	 

    

 

(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 Company’s public filings including, but not limited to, its most recent Form 10-Q,
Form 10-K and Forms 8-K.

 

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

 

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

 

(a)
Binding Obligation. Holder 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 Holder and constitutes a legal, valid and
binding obligation of the Holder, 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 Holder 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 Holder acknowledges that the Shares may not be freely transferable upon receipt. The Holder will
seek to have restrictive legends removed pursuant to Rule 144, if permitted under applicable law. The Holder has such knowledge
and experience in financial and business matters that the Holder is capable of evaluating the merits and risks of such investment,
is able to incur a complete loss of such investment without impairing the Holder’s financial condition and is able to bear
the economic risk of such investment for an indefinite period of time. The Holder 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 Holder acknowledges and agrees that (a) the Holder has been furnished with all materials
the Holder considers relevant to making this exchange decision and to enter into this Agreement and effectuate the Exchange 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 Holder 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 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 Holder 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 to make an informed
investment decision with respect to such Exchange, (d) the Holder 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 Holder by or on behalf of the Company.

 

    	 	3	 

    	 

    

 

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

 

(e)
Confidentiality. The Holder has complied with its confidentiality undertaking as acknowledged by an email from a representative
of the Company to the Holder on [DATE].

 

(f)
Further Action. The Holder 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.

 

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

 

(h)
Shareholder Vote: Holder agrees that, upon receipt of the Shares and upon receipt from and officer of the the Company,
its Board of Directors of a proposed amendment to the Company’s Certificate of Incorporation that would increase the number
of authorized shares of Common Stock of the Company to no more than 1.5 billion shares of Common Stock, the Holder will execute
a written consent, in a form provided by the Company, in favor of such amendment regarding the increase in authorized shares.

 

4.
Conditions to Closing of the Holder.  The Holder’s obligations at the Closing are subject to the fulfillment,
on or prior to the applicable Closing Date, of all of the following conditions:

 

(a)
Representations and Warranties. The representations and warranties made by the Company in Section 2 hereof, in each
case except as modified by Schedule I, shall have been true and correct when made, and shall be true and correct in all
material respects on the Closing Date.

 

(b)
Governmental Approvals and Filings. Except for any notices required or permitted to be filed after the applicable Closing
Date with certain federal and state securities commissions, the Company shall have obtained all governmental approvals required
in connection with the lawful sale and issuance of the Shares.

 

(c)
Legal Requirements. On the Closing Date, the Exchange, including the sale and issuance by the Company, and the purchase
by the Holder, of the Shares shall be legally permitted by all laws and regulations to which the Holder and the Company are subject.

 

(d)
Agreement and Shares. The Company shall have duly executed and delivered to the Holder (i) this Agreement, and (ii) the
Shares.

 

    	 	4	 

    	 

    

 

5.
Conditions to Obligations of the Company. The Company’s obligation to effectuate the Exchange and to issue
and sell the Shares to the Holder at the Closing, is subject to the fulfillment, on or prior to the applicable Closing Date, of
all of the following conditions:

 

(a)
Representations and Warranties. The representations and warranties made by the Holder in Section 3 hereof shall
be true and correct when made, and shall be true and correct on the Closing Date.

 

(b)
Legal Requirements. On the Closing Date, the Exchange, including the issuance by the Company, and the receipt by the Holder,
of the Shares shall be legally permitted by all laws and regulations to which the Holder and the Company are subject.

 

(c)
Agreement, Note, Shares. The Holder shall have delivered to the Company the Note and shall have duly executed and delivered
to the Company (i) this Agreement and (ii) an acceptance by the Holder of the Shares.

 

6.
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 Holder.

 

(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 Holder 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 Holder. The rights, interests or obligations hereunder may
not be assigned by the Holder 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 Holder 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 Holder, at the Holder’s address or facsimile number set forth on the signature page
hereto, or at such other address as the Holder 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 Holder 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.

 

    	 	5	 

    	 

    

 

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

 

(i)
Only Company Liable. In no event shall any stockholder, officer, director or employee 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 Holder of any
covenant, representation or warranty set forth in Section 3. The Holder 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)

 

    	 	6	 

    	 

    

 

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

Treasurer, Secretary	 

 

Address
for notices:

 

RespireRx
Pharmaceuticals Inc.

Attention:
Jeff Eliot Margolis

126
Valley Road, Suite C

Glen
Rock, NJ 07452

(phone):
917-834-7206

(fax):
415-887-7814

 

    	 	7	 

    	 

    

 

HOLDER:

 

[name]

 

By:
_____________________________________ (signature)

 

Print
Name: [name]

 

Print
Title: Individual Investor

 

Address
for notices:

 

[street]

 

___[city,
state zip]_________

 

(phone):
_______________

 

(fax):
___________________________

 

 

    	 	8	 

    	 

    

 

SCHEDULE
I 

 

EXCEPTIONS
TO REPRESENTATIONS AND WARRANTIES-PENDING OR THREATENED LITIGATION OR CLAIMS

 

Convertible
Notes

 

The
Company was obligated under Convertible Notes issued from November 5, 2014 through and including February 2, 2015, aggregating
principal amounts totaling $579,500 and bearing interest of 10% per annum and maturing on September 15, 2016. As of March 31,
2018, there was $245,000 of original principal plus accrued interest of $95,737 for a total of $340,737 due. As of September 30,
2016, outstanding Notes and accrued interest became due and payable. In October 2016, as reported on Forms 8-K, certain noteholders
notified the Company that such noteholders’ Notes were in default changing the interest rate from 10% to 12% on such defaulted
Notes.

 

Officer
Notes

 

As
of March 31, 2018, the Company was obligated under demand promissory notes aggregating $155,200 of principal and $181,738.36 of
principal and accrued interest, to James S. Manuso, the Company’s President and CEO and Vice Chairman and Arnold S. Lippa,
the Company’s Chief Scientific Officer and Chairman, respectively. The notes are payable on demand and bear interest at
a rate equal to 10% per annum, with any accrued but unpaid interest added to principal at the end of each year that the balance
is outstanding. Each note grants a security interest in the assets of the Company, subject to certain conditions as set forth
therein. These demand promissory notes are described in Form 8-Ks filed with the Securities and Exchange Commission on September
28, 2016 and February 3, 2016.

 

The
Company is also obligated under two additional demand promissory notes dated April 10, 2018 and April 11, 2018 of $50,000 each
for a total of $100,000 to James S. Manuso and Arnold S. Lippa. Each note is payable on demand and bears interest at a rate equal
to 10% per annum, with any accrued but unpaid interest added to principal at the end of each year that the balance is outstanding.
Each note is subject to a mandatory exchange provision that provides that the principal amount of the note will be mandatorily
exchanged into a board approved offering of the Company’s securities, if such offering holds its first closing on or before
June 30, 2018, which date may be extended to August 31, 2018, and the amount of proceeds from such first closing is at least $150,000,
not including the principal amounts of the notes that would be exchanged, or $250,000 including the principal amounts of such
notes. Upon such exchange, the notes would be deemed repaid and terminated. Any accrued but unpaid interest outstanding at the
time of such exchange will be (i) repaid to the note holder or (ii) invested in the offering, at the note holder’s election.

 

Samyang
Documents

 

Permitted
liens include the liens granted to Samyang Optics Co., Ltd. (now known as SY Corporation, Co., Ltd.) (“Samyang”)
and its successors and assigns under that certain Securities Purchase Agreement, dated as of June 25, 2012, between the Company
and Samyang and any documents delivered in connection therewith (as amended, restated or otherwise modified from time to time,
collectively, the “Samyang Documents”). The indebtedness pursuant to the Samyang Documents and all transactions
contemplated in connection with the Samyang Documents are permitted hereunder. The Company is in default of certain of the Samyang
Documents, as more fully set forth in the Company’s filings with the U.S. Securities and Exchange Commission.

 

    	 	9	 

    	 

    

 

Other
short-term notes payable

 

Other
short term notes payable at March 31, 2018 consisted of premium financing agreements with respect to various insurance policies.

 

Pending
or Threatened Litigation or Claims

 

The
Company is periodically the subject of various pending and threatened legal actions and claims. In the opinion of management of
the Company, adequate provision has been made in the Company’s consolidated financial statements at March 31, 2018 and December
31, 2017 with respect to such matters, including, specifically, the matters noted below. The Company intends to vigorously defend
itself if any of the matters described below results in the filing of a lawsuit or formal claim.

 

By
letter dated May 18, 2018, the Company received notice from counsel claiming to represent TEC Edmonton and The Governors of the
University of Alberta, which purports to terminate, effective December 12, 2017, the license agreement dated May 9, 2007 between
the Company and The Governors of the University of Alberta. The Company, through its counsel, disputed any grounds for termination
and has notified the representative of its intention to invoke Section 13 of that license agreement, which mandates a meeting
to be attended by individuals with decision-making authority to attempt in good faith to negotiate a resolution to the dispute.
No assurance can be provided that the parties will reach an acceptable resolution and, in light of the early stages of the disagreement,
we cannot estimate the possible impact of this disagreement on the Company’s operations or business prospects.

 

By
letter dated November 11, 2014, a former director of the Company, who joined the Company’s Board of Directors on August
10, 2012 in conjunction with the Pier transaction and who resigned from the Company’s Board of Directors on September 28,
2012, asserted a claim for unpaid consulting compensation of $24,000. The Company has not received any further communications
from the former director with respect to this matter.

 

By
letter dated February 5, 2016, the Company received a demand from a law firm representing a professional services vendor of the
Company alleging an amount due and owing for unpaid services rendered. On January 18, 2017, following an arbitration proceeding,
an arbitrator awarded the vendor the full amount sought in arbitration of $146,082. Additionally, the arbitrator granted the vendor
attorneys’ fees and costs of $47,937. All such amounts have been accrued at March 31, 2018 and December 31, 2017.

 

By
e-mail dated July 21, 2016, the Company received a demand from an investment banking consulting firm that represented the Company
in 2012 in conjunction with the Pier transaction alleging that $225,000 is due and owing for unpaid investment banking services
rendered. Such amount has been accrued at March 31, 2018 and December 31, 2017.

 

Trade
Accounts

 

From
time to time, the Company has obligations in respect of trade accounts payable.

 

    	 	10Exhibit
99.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of April 15, 2020, by and between RESPIRERX PHARMACEUTICALS
INC., a Delaware corporation, with its address at 126 Valley Road, Suite C, Glen Rock, New Jersey 07452 (the “Company”),
and POWER UP LENDING GROUP LTD., a Virginia corporation, with its address at 111 Great Neck Road, Suite 216, Great Neck,
NY 11021 (the “Buyer”).

 

WHEREAS:

 

A.
The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “1933 Act”); and

 

B.
Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement
a convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $53,000.00 (together
with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the
terms thereof, the “Note”), convertible into shares of common stock, $0.001 par value per share, of the Company (the
“Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

 

NOW
THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.
Purchase and Sale of Note.

 

a.
Purchase of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees
to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature
pages hereto.

 

b.
Form of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be
issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available
funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the
principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto,
and (ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase
Price.

 

c.
Closing Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section
7 below, the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall
be 12:00 noon, Eastern Standard Time on or about April 16, 2020, or such other mutually agreed upon time. The closing of the transactions
contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to
by the parties.

 

    	 

    	 

    

 

2.
Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that:

 

a.
Investment Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon
conversion of or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the “Conversion
Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards
the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act.

 

b.
Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D (an “Accredited Investor”).

 

c.
Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility
of the Buyer to acquire the Securities.

 

d.
Information. The Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information
unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer.

 

e.
Legends. The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the
1933 Act; or may be sold pursuant to an applicable exemption from registration, the Conversion Shares may bear a restrictive legend
in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED
UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION
ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED
OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS.”

 

    	 	2	 

     

    

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from
registration without any restriction as to the number of securities as of a particular date that can then be immediately sold,
or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel
in comparable transactions, to the effect that a public sale or transfer of such Security may be made without registration under
the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell
all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable
prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the
Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144, at the Deadline,
it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

f.
Authorization; Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed
and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in
accordance with its terms.

 

3.
Representations and Warranties of the Company. The Company represents and warrants to the Buyer that:

 

a.
Organization and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly
organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power
and authority (corporate and other) to own, lease, use and operate its properties and to carry on its business as and where now
owned, leased, used, operated and conducted. “Subsidiaries” means any corporation or other organization, whether incorporated
or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership interest.

 

b.
Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this
Agreement, the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance
with the terms hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation
by it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance
and reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized
by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its
shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative,
and such authorized representative is the true and official representative with authority to sign this Agreement and the other
documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution
and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the
Company enforceable against the Company in accordance with its terms.

 

    	 	3	 

     

    

 

c.
Capitalization. As of the date hereof, the authorized common stock of the Company consists of 65,000,000 authorized shares
of Common Stock, $0.001 par value per share, of which 33,693,853 shares are issued and outstanding as of April 9, 2020; and no
shares are reserved for issuance upon conversion of the Note as of the date of this Agreement and the obligation to meet the reserve
requirements shall commence on April 30, 2020. All of such outstanding shares of capital stock are, or upon issuance will be,
duly authorized, validly issued, fully paid and non-assessable.

 

d.
Issuance of Shares. The Conversion Shares are duly authorized and reserved for issuance as may be required and, upon conversion
of the Note in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from all
taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

 

e.
No Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for
issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of
Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default
(or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company
or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree
(including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the
Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset
of the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). The
businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the Buyer
owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity. “Material Adverse
Effect” means any material adverse effect on the business, operations, assets, financial condition or prospects of the Company
or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments
to be entered into in connection herewith.

 

    	 	4	 

     

    

 

f.
SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended
(the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial
statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being
hereinafter referred to herein as the “SEC Documents”). Upon written request the Company will deliver to the Buyer
true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates
or if amended, as of the dates of the amendments, the SEC Documents complied in all material respects with the requirements of
the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the
SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. None of the statements made in any such SEC Documents is, or has been, required to
be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior
the date hereof). As of their respective dates or if amended, as of the dates of the amendments, the financial statements of the
Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and
the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present
in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates
thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal year-end audit adjustments). The Company is subject to the reporting requirements of the 1934 Act.

 

g.
Absence of Certain Changes. Since December 31, 2019, except as set forth in the SEC Documents, there has been no material
adverse change and no material adverse development in the assets, liabilities, business, properties, operations, financial condition,
results of operations, prospects or 1934 Act reporting status of the Company or any of its Subsidiaries.

 

h.
Absence of Litigation. Except as set forth in the SEC Documents, there is no action, suit, claim, proceeding, inquiry or
investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the
knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or
their officers or directors in their capacity as such, that could have a Material Adverse Effect. The Company and its Subsidiaries
are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

i.
No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has
directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances
that would require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities
to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

    	 	5	 

     

    

 

j.
No Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions,
transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

k.
No Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

l.
Breach of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties
set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will
be considered an Event of default under Section 3.4 of the Note.

 

4.
COVENANTS.

 

a.
Best Efforts. The Company shall use its best efforts to satisfy timely each of the conditions described in Section 7 of
this Agreement.

 

b.
Form D; Blue Sky Laws. The Company agrees to timely make any filings required by federal and state laws as a result of
the closing of the transactions contemplated by this Agreement.

 

c.
Use of Proceeds. The Company shall use the proceeds for general working capital purposes.

 

d.
Expenses. At the Closing, the Company’s obligation with respect to the transactions contemplated by this Agreement
is to reimburse Buyer’ expenses shall be $3,000.00 for Buyer’s legal fees and due diligence fee.

 

e.
Corporate Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence
and shall not sell all or substantially all of the Company’s assets, except with the prior written consent of the Buyer.

 

f.
Breach of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other
remedies available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the
Note.

 

g.
Failure to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the
reporting requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934
Act.

    	 	6	 

     

    

 

h.
Trading Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company
and the Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging
transactions with respect to the common stock of the Company.

 

5.
Transfer Agent Instructions. The Company shall issue to Buyer a fully executed irrevocable issuance resolution (the “Irrevocable
Transfer Agent Resolution”) to be completed by the Buyer and delivered to the Company’s transfer agent, by the Buyer
together with a conversion notice and appropriate opinion of counsel in connection with each conversion of the Note. The Company
hereby gives Buyer the authority to complete and deliver the Irrevocable Transfer Agent Resolution to the Company’s transfer
agent in connection with each conversion of the Note. In the event that the Company proposes to replace its transfer agent, the
Company shall provide, prior to the effective date of such replacement, a fully executed irrevocable transfer agent letter in
a form acceptable to the Buyer (including but not limited to the provision to irrevocably reserve shares of Common Stock in the
Reserved Amount as such term is defined in the Note) signed by the successor transfer agent to Company and the Company. Prior
to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to
an exemption from registration, all such certificates shall bear the restrictive legend specified in Section 2(e) of this Agreement.
The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Resolution referred to in this Section
5, will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books
and records of the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer
agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated
form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as
and when required by the Note and this Agreement; (iii) it will not fail to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer
instructions in respect thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of or otherwise
pursuant to the Note as and when required by the Note and/or this Agreement; and (iv) it shall as of April 30, 2020 establish
and maintain a reserve of shares of common stock of the Company (set aside shares from its treasury stock and not issue such shares
to any third parties) solely for the issuance of such shares of common stock to the Buyer in connection with a conversion of the
Note; and such share reserve shall at all times after April 30, 2020 equal at least six times the number of shares that would
be issuable upon full conversion of the Note (assuming that the 4.99% limitation set forth in Section 1.1 of the note is not in
effect)(based on the respective Conversion Price of the Note (as defined in Section 1.2 of the Note) in effect from time to time,
initially 0 (zero) until April 30, 2020 shares of common stock). If the Buyer provides the Company and the Company’s transfer,
at the cost of the Buyer, with an opinion of counsel in form, substance and scope customary for opinions in comparable transactions,
to the effect that a public sale or transfer of such Securities may be made without registration under the 1933 Act, the Company
shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its transfer agent to issue one or more
certificates, free from restrictive legend, in such name and in such denominations as specified by the Buyer. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by vitiating the intent and purpose
of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations
under this Section 5 may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions
of this Section, that the Buyer shall be entitled, in addition to all other available remedies, to an injunction restraining any
breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security
being required.

 

    	 	7	 

     

    

 

6.
Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note
to the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions
thereto, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time
in its sole discretion:

 

a.
The Buyer shall have executed this Agreement and delivered the same to the Company.

 

b.
The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

c.
The representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date),
and the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.

 

d.
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

7.
Conditions to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Note at the
Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these
conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a.
The Company shall have executed this Agreement and delivered the same to the Buyer.

 

b.
The Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) in accordance
with Section 1(b) above.

 

    	 	8	 

     

    

 

c.
The Irrevocable Transfer Agent Resolution, in form and substance satisfactory to the Buyer, shall have been delivered to and acknowledged
in writing by the Company’s Transfer Agent.

 

d.
The representations and warranties of the Company shall be true and correct in all material respects as of the date when made
and as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific
date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and
conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date.
The Buyer shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as
of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including,
but not limited to certificates with respect to the Board of Directors’ resolutions relating to the transactions contemplated
hereby.

 

e.
No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

f.
No event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but
not limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934
Act reporting obligations.

 

g.
The Conversion Shares shall have been authorized for quotation on an exchange or electronic quotation system and trading in the
Common Stock on such exchange or electronic quotation system shall not have been suspended by the SEC or an exchange or electronic
quotation system.

 

h.
The Buyer shall have received an officer’s certificate described in Section 3(d) above, dated as of the Closing Date.

 

i.
The Buyer shall have received an original copy of a Confession of Judgment properly executed (with notary) by an authorized officer
of the Company in a form acceptable to the Buyer.

 

j.
The Buyer shall have received an original copy of a Guaranty properly executed (with notary) by Jeff E. Margolis, Chief Financial
Officer of the Company, in a form acceptable to the Buyer which shall be limited to the obligations of the Company to delivery
shares of common stock of the Company to Buyer as such obligations are specifically set forth in the Note.

 

    	 	9	 

     

    

 

8.
Governing Law; Miscellaneous.

 

a.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Virginia without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state and county
of Nassau. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The
Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement, the Note or any related document or agreement by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for 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 other manner permitted by law.

 

b.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but
all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party.

 

c.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the
interpretation of, this Agreement.

 

d.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any
law shall not affect the validity or enforceability of any other provision hereof.

 

e.
Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of
the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision
of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

    	 	10	 

     

    

 

f.
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be as set forth in the heading of this Agreement with a copy by fax only to
(which copy shall not constitute notice) to Naidich Wurman LLP, 111 Great Neck Road, Suite 214, Great Neck, NY 11021, Attn: Allison
Naidich, facsimile: 516-466-3555, e-mail: allison@nwlaw.com. Each party shall provide notice to the other party of any
change in address.

 

g.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the
prior written consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that
purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined
under the 1934 Act, without the consent of the Company.

 

h.
Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement
shall survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The
Company agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage
arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and
covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses
as they are incurred.

 

i.
Further Assurances. 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.

 

    	 	11	 

     

    

 

j.
No Strict Construction. 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.

 

k.
Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Buyer by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the
remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or
threatened breach by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other
available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining,
preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity
of showing economic loss and without any bond or other security being required.

 

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REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above
written.

 

	RESPIRERX
    PHARMACEUTICALS INC. 	 
	 	 	 
	By:	/s/
    Jeff Eliot Margolis	 
	 	Jeff
    E. Margolis	 
	 	Chief
    Financial Officer	 

 

	POWER
    UP LENDING GROUP LTD.	 
	 	 	 
	By:	/s/
    Curt Kramer	 
	Name:	Curt
    Kramer	 
	Title:	Chief
    Executive Officer	 

 

	AGGREGATE SUBSCRIPTION AMOUNT:	 	 	 
	Aggregate Principal Amount of Note:	 	$	53,000.00	 
	Aggregate Purchase Price:	 	$	53,000.00	 

 

    	 	13

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