Document:

Exhibit 10.18

 

EXCLUSIVE INVESTMENT BANKING AGREEMENT

 

THIS AGREEMENT (the “Agreement”)
is entered into as of this 12th day of March 2013 (the “Effective Date”) by and between CARDAX PHARMACEUTICALS,
INC. (hereafter the “Client”) and AGINCOURT LTD, with its principal address at 10 South Riverside
Plaza, #1800, Chicago, IL 60606 USA (the “Banker”).

 

WITNESSETH:

 

WHEREAS, the Client
desires to retain the Banker and the Banker desires to be retained by the Client pursuant to the terms and conditions hereinafter
set forth; and

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual promises and covenants herein contained, it is hereby agreed as follows:

 

SECTION
1. RETENTION.

 

1.1.           
Appointment. The Client hereby retains the Banker as the Client’s exclusive investment banker to perform
the services set forth in Section 1.3 below (referred to herein as the “Services”) throughout the Term,
as defined in Section 7 below. The Banker hereby accepts such retention and shall provide the Services the Client in accordance
with the terms and conditions of this Agreement.

 

1.2.           
Services. The Banker shall render advice and services to the Client concerning a reverse merger and a concurrent
financing, as well as strategic planning, merger and acquisition possibilities and business development activities including, without
limitation, the following:

 

(a)               
review of the business, operations, and historical financial performance of the Client (based upon management’s forecast
of financial performance) to enable the Banker to advise to Client;

 

(b)              
assist the Client to formulate an effective strategy to meet the Client’s working capital and capital resource needs;

 

(c)               
introduce Client to potential lenders, investors, acquiring entities, or others interested in participating in a business!
transaction with the Client (whether such investment is in the form of debt and/or equity financing or some combination thereof)
(each referred to as a “Banker Source”). Banker Sources include persons or entities introduced by a Banker
Source to the Client. Banker Sources also include persons or entities introduced by the Client to Banker during the Term of this
Agreement. Banker Sources also include any person or entity that seeks to enter into, or actually enters into any kind of transaction
with Client during the Term. Banker Sources include, but are not limited to those persons or entities listed in Exhibit A
to this Agreement.

 

(d)              
assist the Client in its efforts to have its securities listed on a national, stock exchange; on specific written request
of the Client.

 

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1.3.           
Client Disclosures. The Client, by its chief executive officer, hereby undertakes to honestly and accurately
complete, sigh, and return to me Banker me disclosure form attached hereto in Exhibit D not later than: fourteen
(14) days following the Effective Date of this Agreement.

 

SECTION
2. COMPENSATION. The Client hereby agrees to pay compensation to the Banker in accordance with the executed
Letter of Intent attached hereto as Exhibit F, which provides for warrants that shall be in the form attached hereto
as Exhibit C.

 

SECTION
3. TERMS OF PAYMENT OF COMPENSATION. The compensation due to Banker shall be subject to the terms and
conditions set forth in this Section 3.

 

3.1.           
No Offsets. All fees due hereunder shall have no offsets, are non-refundable, non-cancelable and shall be
free and clear of any and all encumbrances.

 

3.2.           
Fees Due at Closing. All cash fees due hereunder payable upon the closing of a Fee Transaction shall be paid
to the Banker immediately upon closing of such Fee Transaction by wire transfer of immediately available funds from the proceeds
of the Fee Transaction, either directly or from the formal or informal escrow arrangement established for the Fee Transaction by
the agent holding such funds (collectively, the “Closing Agent”), pursuant to the written wire transfer
instructions of the Banker to the Closing Agent.

 

3.3.           
Irrevocable Disbursement Instructions. The Client shall authorize and direct the Closing Agent to distribute
directly or from escrow any and all fees due the Banker hereunder (or the Client and the Banker, if required to do so, shall establish
an escrow account in accordance with FINRA rules). The Client covenants, undertakes, and agrees that such fees and the manner of
payment and delivery as herein provided shall be included in the documentation of any Fee Transaction. The Banker is hereby authorized
to notify the Closing Agent, on behalf of the Client and as its agent, to make all payments required hereunder directly to the
Banker. In order to effectuate the foregoing provisions, at the Banker’s request, either simultaneously herewith or anytime
hereafter, the Client shall execute and deliver (i) a Power of Attorney that gives the Banker the right to ensure payment to Banker
of any and all fees due hereunder and (ii) the Irrevocable Disbursement Instructions in the form attached hereto as Exhibit
B that require the Closing Agent to pay any and all fees due the Banker hereunder prior to effectuating any disbursement
to the Client.

 

3.4.           
Transmission of Securities. All unrestricted securities due the Banker hereunder shall be made via DTC or
the DWAC system if eligible for such system, or by certificates issued by the transfer agent for the Client or the Client, as applicable,
and shall be delivered to the Banker by the Closing Agent immediately upon closing of any Fee Transaction.

 

3.5.           
Duly issued and Fully Paid Securities. All securities fees due the Banker hereunder shall be duly issued,
fully-paid (exclusive of warrants or options) and non-assessable and shall be in the same form, with the same terms and conditions
as the securities provided to the Client pursuant to any Fee Transaction.

 

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SECTION
4. ADDITIONAL COVENANTS AND UNDERTAKINGS BY CLIENT

 

4.1.           
Registration Rights for Securities. The Client hereby grants to the Banker “customary piggyback registration
rights” and shall register all of the Registrable Securities (as defined in Section 4.3 below) on any registration statement
it files with the Securities and Exchange Commission relating to its securities (excluding registration statements on Form S-8)
and in compliance with any and all federal and state securities laws, in the name(s) of and to the account(s) designated by the
Banker. The Client agrees to pay all costs associated with registering the Registrable Securities for resale. In order to effectuate
the foregoing provisions, at the Banker’s request, either simultaneously herewith or at anytime hereafter, the Client shall
execute and deliver to the Banker a Registration Rights Agreement reflecting the foregoing provisions.

 

4.2.           
Registrable Securities. For the purposes of this Agreement, “Registrable Securities”
shall mean (i) all shares of Common Stock of the Client paid or payable to the Banker under this Agreement, (ii) all shares of
Common Stock into which convertible securities issued or issuable to the Banker under this Agreement are convertible and (iii)
all shares of common stock into which derivative securities (including, without limitation, warrants and options) issued or issuable
to the Banker are exercisable.

 

SECTION
5. EXPENSES.

 

5.1.           
As provided for in the attached Exhibit F, the Client shall pay to the Banker a 2% non-accountable expense
allowance.

 

SECTION
6. NOT APPLICABLE.

 

SECTION
7. TERM AND TERMINATION.

 

7.1.           
This Agreement shall be valid for a period of one (1) year from the Effective Date (the “Initial Term”),
unless otherwise terminated in accordance with the terms of this Agreement. Following such Initial Term, this Agreement shall be
automatically renewed for successive one year additional terms (“Additional Terms”) unless either party
notifies the other in writing of an intention not to renew the Agreement within sixty (60) days of the end of the Initial Term
or any Additional Term. The Initial Term and any Additional Terms shall be referred to collectively herein as the “Term.”

 

7.2.           
Termination for Cause by Banker. This Agreement may be terminated by the Banker for Cause on one (1).day written
notice. “Cause” shall mean (l) a willful failure by the Client to substantially perform its duties under
this Agreement; (2) a willful breach by the Client of a material provision of this Agreement; (3) violation of a federal or state
law or regulation by the Client; (4) commencement of an investigation by FINRA, the SEC, the Department of Justice, or any other
governmental agency or instrumentality against the Client or any subsidiary, employee, consultant, of affiliate of the Client;
(5) reasonable suspicion or evidence, or fraud, insider trading, material misrepresentations, or other criminal conduct or activities
by any employee, consultant, or agent of the Client; and (6) failure of the Client to cooperate with the reasonable requests of
the Banker in connection with the Banker’s provision of the Services.

 

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7.3.           
Termination Without Cause. Either party may terminate this Agreement on thirty (30) days written notice to
the other party.

 

SECTION
8. CONFIDENTIAL INFORMATION.

 

8.1.           
Confidential Information. The Banker agrees that during and after the Term, it will keep in strictest confidence,
and will not disclose or make accessible to any other person without the written consent of the Client, the Client’s products,
services and technology, both current and under development, promotion and marketing programs, lists, trade secrets and other confidential
and proprietary business information of the Client or any of its clients and third parties including, without limitation, Proprietary
Information (as defined in Section 7) (all of the foregoing is referred herein as the “Confidential Information”).
The Banker agrees (a) not to use any such Confidential Information for itself or others, except in connection with the performance
of its duties hereunder; and (b) not to take any such material or reproductions thereof from the Client’s facilities at any
time during the Term except, in each case, as required in connection with the Banker’s duties hereunder.

 

8.2.           
Excepted Information. Notwithstanding the foregoing, the parties agree that the Banker is free to use (a)
information in the public domain not as a result of a breach of this Agreement, (b) information lawfully received form a third
party who had the right to disclose such information and (c) the Banker’s own independent skill, knowledge, know-how and
experience to whatever extent and in whatever way he wishes, in each case consistent with his obligations as the Banker and that,
at all times, the Banker is free to conduct any research relating to the Client’s business.

 

SECTION
9. OWNERSHIP OF PROPRIETARY INFORMATION.

 

9.1.           
Owned by Client. The Banker agrees that all information that has been created, discovered or developed by
the Client, its subsidiaries, affiliates, licensors, licensees, successors or assigns (collectively, the “Affiliates”)
(including, without limitation, information relating to the development of the Client’s business created, discovered, developed
by the Client or any of its affiliates during the Term, and information relating to the Client’s customers, suppliers, Bankers,
and licensees) and/or in which property rights have been assigned or otherwise conveyed to the Client or the Affiliates, shall
be the sole property of the Client or the Affiliates, as applicable, and the Client or the Affiliates, as the case may be, shall
be the sole owner of all patents, copyrights and other rights in connection therewith, including without limitation the right to
make application for statutory protection.

 

9.2.           
Proprietary Information Defined. All the aforementioned information is hereinafter called “Proprietary
Information.” By way of illustration, but not limitation, Proprietary Information includes trade secrets, processes,
discoveries, structures, inventions, designs, ideas, works of authorship, copyrightable works, trademarks, copyrights, formulas,
improvements, inventions, product concepts, techniques, marketing plans, merger and acquisition targets, strategies, forecasts,
blueprints, sketches, records, notes, devices, drawings, customer lists, patent applications, continuation applications, continuation-in-part
applications, file wrapper continuation applications and divisional applications and information about the Client’s Affiliates,
its employees and/or Bankers (including, without limitation, the compensation, job responsibility and job performance of such employees
and/or Bankers).

 

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9.3.           
Banker Information. All original content, proprietary information, trademarks, copyrights, patents or other
intellectual property created by the Banker that does not incorporate or reference the Client’s Proprietary Information,
shall be the sole and exclusive property of the Banker.

 

SECTION
10. INDEMNIFICATION. The Client represents that all materials provided or to be provided to the Banker
or any third party regarding the Client’s financial affairs or operations are and shall be truthful and accurate and in compliance
with any and all applicable federal and state securities laws.

 

10.1.       
Indemnification by Client. The Client agrees to indemnify the Banker in accordance with the indemnification
and other provisions attached to this Agreement as Exhibit E (the “Indemnification Provisions”),
which provisions are incorporated herein by reference and shall survive the termination or expiration of this Agreement.

 

10.2.       
Indemnification by Banker. The Banker will indemnify and hold harmless the Client and the respective directors,
officers, agents, affiliates and employees of the Client from and against all losses, claims damages, liabilities and expenses
that result from bad faith, gross negligence or unauthorized representations of the Banker.

 

10.3.       
Restrictions on Settlement. No party shall pay, settle or acknowledge liability under any such claim without
consent of the party liable for indemnification, and shall permit the Client or the Banker, as applicable, a reasonable opportunity
to cure any underlying problem or to mitigate actual or potential damages. The scope of this indemnification between the Banker
and the Client shall be limited to, and pertain only to certain transactions contemplated or entered into pursuant to this Agreement.

 

10.4.       
Defense of Actions. The Client or the Banker, as applicable, shall have the opportunity to defend any claim
for which it may be liable hereunder, provided it notifies the party claiming the right to indemnification in writing within fifteen
(15) days of notice of the claim.

 

10.5.       
Limitation of Liability. Banker’s liability is hereby expressly limited to cash amounts actually received
from the Client pursuant to this Agreement. Each person or entity seeking indemnification hereunder shall promptly notify the Client,
or the Banker, as applicable, of any loss, claim, damage or expense for which the Client or the Banker, as applicable, may become
liable pursuant to this Section 8.

 

10.6.       
Limit on Consequential Damages. The parties acknowledge and agree that neither party shall be liable to consequential,
incidental, or other indirect damages, except as may be expressly provided for in this Agreement.

 

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SECTION
11. NOTICES. Any notice or other communication under this Agreement shall be in writing and shall be deemed
to have been duly given: (a) upon facsimile transmission (with written transmission confirmation report) at the number designated
below; (b) when delivered personally against receipt therefore; (c) one day after being sent by Federal Express or similar overnight
delivery; or (d) five (5) business days after being mailed registered or certified mail, postage prepaid. The addresses for such
communications shall be as set forth below or to such other address as a party shall give by notice hereunder to the other party
to this Agreement.

 

	 	If to the Client:	Cardax Pharmaceuticals, Inc.

2800 Woodlawn Drive, Suite 129

Honolulu, HI 96822

	 	 	Telephone:	808-457-1375
	 	 	Telecopy:	808-237-5901
	 	 	Attention:	David G. Watumull
	 	 	 	President and CEO
	 	 	Email:	dwatumull@cardaxpharma.com

 

	 	If to the Banker:	
        Agincourt Ltd.

        10 South Riverside Plaza, #1800

        Chicago, IL 60606

        

	 	 	Telephone:	 	 
	 	 	Telecopy:	 	 
	 	 	Attention:	 	 
	 	 	 	 	 
	 	 	Email:	 	 

 

	 	With a copy to:	
        Highline Research Advisors,

        711 the Avenue

        16th floor

        New York, NY 10022

        

	 	 	Telephone:	 	 
	 	 	Telecopy:	 	 
	 	 	Attention:	 	 
	 	 	 	 	 
	 	 	Email:	 	 

 

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SECTION
12. STATUS OF BANKER. The Banker shall be deemed to be an independent contractor and, except as expressly
agreed in writing or as specifically authorized in this Agreement, shall have no authority to act for on behalf of or represent
the Client. The Client acknowledges and expressly understands that the Banker is not and shall not be deemed a fiduciary of the
Client and it is expressly understood and acknowledged that no fiduciary relationship between the Banker and the Client exists
nor shall be created by this Agreement, nor by performance of the Services by the Banker. This Agreement does not create a partnership
or joint venture.

 

SECTION
13. OTHER ACTIVITIES OF BANKER. The Client recognizes that the Banker now renders and may continue to
render financial consulting and other investment banking services to other companies that may or may not conduct business and activities
similar to those of the Client. Nothing in this Agreement shall prevent or prohibit the Banker from working with any other person
or entity (a “Third Party”) at any time, regardless of whether any such Third Party is in the same or
similar industry as the Client. The Banker shall not be required to devote its full time and attention to the performance of its
duties under this Agreement, but shall devote only so much of its time and attention as it deems reasonable or necessary in order
to provide the Services hereunder.

 

SECTION
14. MISCELLANEOUS

 

14.1.       
Transferability/Right of Highline to Designate Different Member Firm. This Agreement and all rights, liabilities
and obligations hereunder shall be binding upon and inure to the benefit of each party’s successors but may be assigned without
prior written approval of the other party; provided that the Company understands and acknowledges that Highline Research Advisors
(“Highline”) is not a registered broker-dealer. The services to be provided for hereunder are being performed
by the owners and/or employees of Highline who are acting in their respective capacities as registered representatives of Agincourt
Ltd. (the “Member Firm”). As such, if the owners and/or employees of Highline determine to act through
a registered broker-dealer other than the Member Firm, upon written notice from Highline, this Agreement shall be automatically
amended such that the new registered broker-dealer is deemed to be the Member Firm thereafter.

 

14.2.       
Severability of Provisions. If any provision of this Agreement shall be declared by a court of competent jurisdiction
to be invalid, illegal or incapable of being enforced in whole or in part, the remaining conditions and provisions or portions
thereof shall nevertheless remain in full force and effect and enforceable to the extent they are valid, legal and enforceable,
and no provision shall be deemed dependent upon any other covenant or provision unless so expressed herein.

 

14.3.       
Entire Agreement; Modification. This Agreement and the exhibits hereto contain the entire agreement of the
parties relating to the subject matter hereof, and the parties hereto and thereto have made no agreements, representations or warranties
relating to the subject matter of this Agreement which are not set forth herein. No amendment or modification of this Agreement
shall be valid unless made in writing and signed by each of the parties hereto.

 

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14.4.       
Non-Waiver. The failure of any party to insist upon the strict performance of any of the terms, conditions
and provisions of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith; and the said
terms, conditions and provisions shall remain in full force and effect. No waiver of any term or condition of this Agreement on
the part of any party shall be effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

 

14.5.       
Remedies For Breach. The Banker and Client mutually agree that breach of this Agreement by the Banker or the
Client may cause irreparable damage to the other party and/or their affiliates, and that monetary damages alone would not be adequate
and, in the event of such breach or threat of breach, the damaged party shall have, in addition to any and all remedies at law
and without the posting of a bond or other security, the right to an injunction, specific performance or other equitable relief
necessary to prevent or redress the violation of either party’s obligations under such Sections. The parties hereby agree
to waive any claim or defense that an adequate remedy at law is available. The prevailing party in any action shall be entitled
to attorney’s fees and court costs.

 

14.6.       
Governing Law. The parties hereto acknowledge that the transactions contemplated by this Agreement bear a
reasonable relation to the state of New York. This Agreement shall be governed by, and construed and interpreted in accordance
with, the internal laws of the state of New York without regard to such state’s principles of conflicts of laws.

 

14.7.       
Choice of Forum. The parties irrevocably and unconditionally agree that the exclusive place of jurisdiction
for any action, suit or proceeding (“Actions”) relating to this Agreement shall be in the state or federal
courts situated in the county of New York and state of New York. Each party irrevocably and unconditionally waives any objection
to the venue of any Action brought in such courts or to the convenience of the forum.

 

14.8.       
Headings. The headings of the Sections are inserted for convenience of reference only and shall not affect
any interpretation of this Agreement.

 

14.9.       
Counterparts. This Agreement may be executed in counterpart signatures, each of which shall be deemed an original,
but all of which, when taken together, shall constitute one and the same instrument, it being understood that both parties need
not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force
and effect as if such facsimile signature page were an original thereof.

 

14.10.   
Survival. Sections 2-6; 8-14 shall survive any termination of this Agreement.

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first written above.

 

	 	CLIENT
	 	 	 
	 	CARDAX PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ David G. Watumull
	 	Name:	David G. Watumull
	 	Title:	President and CEO
	 	 	 
	 	BANKER
	 	 	 
	 	AGINCOURT LTD.
	 	 	 
	 	By:	/s/ James J. Cahill
	 	Name:	 James J. Cahill
	 	Title:	Managing Director

 

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EXHIBIT E

 

INDEMNIFICATION PROVISIONS

 

Capitalized terms used
in this Exhibit shall have the meanings ascribed to such terms in the Agreement to which this Exhibit is attached.

 

The Client agrees to
indemnify and hold harmless the Banker and each of the other Indemnified Parties (as hereinafter defined) from and against any
and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and
any and all actions, suits, proceedings and investigations in respect thereof and any and all legal and other costs, expenses and
disbursements in giving testimony or furnishing, documents in response to a subpoena or otherwise (including, without limitation,
the costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursing or defending any such action,
suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is a party)) (collectively,
“Losses”), directly or indirectly, caused by, relating to, based upon, arising out of, or in connection
with, the Banker acting for the Client, including, without limitation, any act or omission by the Banker in connection with its
acceptance of or the performance or nonperformance of its obligations under the Agreement between the Client and the Banker to
which these indemnification provisions are attached and form a part, any breach by the Client of any representation, warranty,
covenant or agreement contained in the Agreement (or in any instrument, document or agreement relating thereto, including any agency
agreement), or the enforcement by the Banker of its rights under the Agreement or these indemnification provisions, except to the
extent that any such Losses are found in a final judgment by a court of competent jurisdiction (not subject to further appeal)
to have resulted primarily and directly from the gross negligence or willful misconduct of the Indemnified Party seeking indemnification
hereunder. The Client also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or
tort or otherwise) to the Client for or in connection with the engagement of the Banker by the Client or for any other reason:,
except to the extent that any such liability is found in a final judgment by a court of competent jurisdiction (not subject to
further appeal) to have resulted primarily and directly from such Indemnified Party’s gross negligence or willful misconduct.

 

These Indemnification
Provisions shall extend to the following persons (collectively, the “Indemnified Parties’’): the
Banker, its present and former affiliated entities, managers, members, officers, employees, legal counsel, agents and controlling
persons (within the meaning of the federal securities laws), and the officers, directors, partners, stockholders, members, managers,
employees legal counsel, agents and controlling persons of any of them. These indemnification provisions shall be in addition to
any liability which the Client may otherwise have to any Indemnified Party.

 

If any action, suit,
proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall notify
the Client with reasonable promptness; provided, however, that any failure by an Indemnified Party to notify the Client shall not
relieve the Client from its obligations hereunder. An Indemnified Party shall have the right to retain counsel of its own choice
to represent it, and the fees, expenses and disbursements of such counsel shall be borne by the Client. Any such counsel shall,
to the extent consistent with its professional responsibilities, cooperate with the Client and any counsel designated by the Client.
The Client shall be liable for any settlement of any claim against any Indemnified Party made with the Client’s written consent.
The Client shall not, without the prior written consent of the Banker, settle or compromise any claim, or permit a default or consent
to the entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional
term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect
of such claim, and (ii) does not contain any factual or legal admission, by or with respect to an Indemnified Party or an adverse
statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction
of any Indemnified Party.

 

    	 

    	 

    

 

In order to provide
for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions is made but it
is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may
not be enforced in such case, even though the express provisions hereof provide for indemnification in such case, then the Client
shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits received
by the Client arid its stockholders, subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the other hand,
and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law, in such proportion
as to reflect not only the relative benefits, but also the relative fault of the Client, on the one hand, and the Indemnified Party,
on the other hand, in connection with the statements, acts or omissions which resulted in such Losses as well as any relevant equitable
considerations. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who
is not also found liable for fraudulent misrepresentation. The relative benefits received (or anticipated to be received) by the
Client and its stockholders, subsidiaries and affiliates shall be deemed to be equal to the aggregate consideration payable or
receivable by such parties in connection with the transaction or transactions to which the Agreement relates relative to the amount
of fees actually received by the Banker in connection with such transaction or transactions. Notwithstanding the foregoing, in
no event shall the amount contributed by all Indemnified Parties exceed the amount of fees previously received by the Banker pursuant
to the Agreement.

 

Neither termination
nor completion of the Agreement shall affect these Indemnification Provisions which shall remain operative and in full force and
effect. The Indemnification Provisions shall be binding upon the Client and its successors and assigns and shall inure to the
benefit of the Indemnified Parties and their respective successors, assigns, heirs and personal representatives.

 

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CARDAX PHARMA, INC.

2800 Woodlawn Drive,
Suite 129

Honolulu, HI 96822

 

May 21, 2013

  

Agincourt, Ltd.

10 South Riverside Plaza,
#1800

Chicago, IL 60606

 

		RE:	Acknowledgement of Exclusive Investment Banking Agreement

 

Ladies and Gentlemen:

 

Reference
is made to the Exclusive Investment Banking Agreement dated March 12, 2013 by and between Agincourt, Ltd. and Cardax Pharmaceuticals,
Inc. in connection with certain services set forth therein. Cardax Pharma, Inc. has been formed as a wholly-owned subsidiary of
Cardax Pharmaceuticals, Inc. Cardax Pharma, Inc. hereby acknowledges the terms and provisions of such Exclusive Investment Banking
Agreement and assumes all obligations of Cardax Pharmaceuticals, Inc. under such Exclusive Investment Banking Agreement.

 

	By:	/s/ David G. Watumull	 
	 	Name:   	David G. Watumull	 
	 	Title:	President and Chief Executive Officer 	 

 

    	 

    	 

    

 

CARDAX PHARMA, INC.

2800 Woodlawn Drive, Suite 129

Honolulu, HI 96822

 

December 3, 2013

 

Agincourt, Ltd.

10 South Riverside Plaza, #1800

Chicago, IL 60606

Attention: James J. Cahill, Managing Director

 

Reference is made to
that certain Exclusive Investment Banking Agreement dated as of March 12, 2013, by and among Agincourt Ltd (“you”
or the “Banker”) and Cardax Pharmaceuticals, Inc. (“Holdings”), as amended or supplemented
by that letter dated May 21, 2013 (acknowledgement by Cardax Pharma, Inc., referred to as the “Company”), and
that letter agreement by and among Portfolio Advisors Alliance, Inc., the Company and you dated November 8, 2013 (such agreement,
as supplemented being referred to as the “IB Agreement”) regarding the Current Offering as defined below.

 

The Company will be
offering (the “Current Offering”) shares of common stock (the “Common
Stock”) of Koffee Korner, Inc., a Delaware corporation (“PubCo”), and warrants to purchase shares
of Common Stock (the “Warrants”) which will be issued and sold contingent upon, and at the closing of, the proposed
merger of a wholly owned subsidiary of PubCo with and into the Company resulting in, among other matters, PubCo owning 100% of
the Company and Holdings owning more than 50% of the Common Stock of PubCo. For good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, each of Holdings, the Company and the Banker agree as follows:

 

1.                 
The Banker’s Compensation. (a)  At each closing of the Offering (each, a “Closing”), Cardax
will pay, (i) a cash fee from the proceeds of such Closing as follows: (A) to the Banker, ten percent (10%) of the of the gross
purchase price of the Securities sold at the Closing (the “Cash Fee”), (B) to the Banker, a non-accountable expense
allowance equal to three percent (3%) of the gross purchase price of the Securities sold at the Closing (the “Non-Accountable
Expense Allowance” and collectively with the Cash Fee, the “Banker Fee”). (ii) to the Banker, five-year warrants
to acquire a number of shares of the Successor equal to 15% of the shares included in the Securities sold at such Closing, which
warrants will have an exercise price equal to the unit purchase price in the Offering (expected to be $0.625 per share), will have
a cashless exercise feature, and will provide customary anti-dilution protection for structural changes in the issuer’s capitalization
(the “Bankers Warrants”).  The amount of the compensation that is described above to the Banker shall be
reduced by the amount of fees, expenses and similar amounts payable by Cardax or any of its affiliates to any sub-agent of the
Banker that is owed amounts in connection with the Offering.

 

2.                 
Additional Placement Agents. With respect to the Banker shall be the lead placement agent with respect to the Current Offering.
Each of Holdings and the Company acknowledge and accept the terms of that certain Sub-Agency Agreement dated as of even date of
this letter, a copy of which is attached hereto. Under such Sub-Agency Agreement, Paulson Investment Company shall act as the
agent of the Banker and be paid the fee described therein which shall reduce the fee otherwise payable to the Banker.

 

    	 

    	 

    

 

3.                 
Ratification. Each of Holdings and the Company confirm that the terms and conditions of the IB Agreement with respect
to the IB Agreement, as supplemented, by this Agreement, is applicable to the Current Offering.

 

4.                 
Governing Law. This letter shall be governed by, and interpreted in accordance with, the internal laws of the State
of New York without regard to such state’s principles of conflicts of laws.

 

5.                 
Counterparts. This letter may be executed in counterparts, each of which when taken together, shall constitute one
and the same agreement.

 

    	 

    	 

    

 

Please confirm your agreement to the terms
of this letter that supplement the terms of the IB Agreement (as defined herein) by executing and delivering a copy of this letter
to us.

 

	 	Sincerely,
	 	 
	 	/s/ David G. Watumull
	 	David G. Watumull, CEO
	 	Cardax Pharmaceuticals, Inc.
	 	Cardax Pharma, Inc.

 

Accepted and agreed as of

the date first written above

 

Agincourt, Ltd.

 

	By:  	/s/ James J. Cahill
	 	Name: James J. Cahill
	 	Title: Managing Director

 

    	3Exhibit 10.19

 

AGINCOURT, LTD

10 South Riverside Plaza, #1800

Chicago, Illinois 60606

 

December 12, 2013

 

Tom Parigian

Managing Partner

Paulson Investment Company

40 Wall Street, New York, NY 10005

 

Re: Sub-Agency Agreement

 

Dear Mr.
Parigian:

 

Pursuant to that
certain Exclusive Investment Banking Agreement dated March 12, 2013 and supplemented on May 21, 2013 and as of even date herewith
(the "Placement Agency Agreement"), Agincourt, Ltd. (“AGENT”) has been engaged by Cardax Pharmaceuticals,
Inc., a Delaware corporation (“Holdings”), and (the "Company"), to act as the Company's lead placement
agent in connection with the offering by the Company of shares of common stock (the “Common Stock”) of Koffee
Korner, Inc., a Delaware corporation (“PubCo”), and warrants to purchase shares of Common Stock (the “Warrants”)
which will be issued and sold contingent upon, and at the closing of, the proposed merger of a wholly owned subsidiary of PubCo
with and into Cardax Pharma, Inc. (“Pharma”), a wholly owned subsidiary of the Company resulting in, among other matters,
PubCo owning 100% of Pharma and Holdings owning more than 50% of the Common Stock of PubCo. The shares of the Common Stock
and the Warrants (collectively, the “Securities”) that will be issued and sold in the offering (the "Offering")
will be offered on a "best efforts" basis to "accredited investors", as defined in Regulation D under the Securities
Act of 1933, as amended (the "Act"), in a "private placement" under Section 4(2) and Regulation D of
the Act. The AGENT is not obligated to provide more than its commercially reasonable efforts to place the Securities to
consummate the Offering and the Company has the right to terminate the Offering. This Sub-Agency Agreement (this ''Agreement")
sets forth the terms and consideration Paulson Investment Co. Inc., an Oregon Corporation ("Paulson."), will
receive from AGENT in connection with its role as the AGENT's sub-agent in the Offering.

 

1.   Services.
Paulson will assist AGENT in placing the Securities to be sold in the Offering to selected
investors who are "accredited investors". Paulson acknowledges that AGENT, as the lead placement agent, has full authority
to administer the Offering and to take such actions and make decisions as AGENT in its sole discretion deems appropriate.

 

(a)          Fees.
Simultaneously with each closing of the Offering, AGENT shall direct the escrow agent for the Offering to pay Paulson from the
escrow account established for the Offering a cash placement fee equal 9% of the aggregate purchase price paid by each Referred
Investor (as defined below) for Securities that are sold at such closing (the "Placement Agent's Fee"). AGENT
agrees that no closing in which subscription funds submitted by Referred Investors are included as proceeds shall be consummated
without providing for payment to Paulson as contemplated herein and that, in the event an escrow account is not used in connection
with one or more closings, then AGENT shall immediately pay Paulson, or cause Paulson to be paid, the Placement Agent's Fee from
compensation AGENT receives or is due in relation to each closing. The Placement Agent's Fee shall be paid to Paulson by wire transfer
or in such other manner as Paulson may reasonably request from time to time.

 

    	 

    	 

    

 

Within 15 days following
the final closing of the Offering, Paulson will provide the AGENT, and PubCo with a list of all persons that were Specifically
Introduced in connection with the Offering. Should any person that was Specifically Introduced make an investment in PubCo or Pharma,
through an offering that is not a public offering by either of those companies, at any time during the period which extends for
a period of eighteen (18) months from the date of the final closing, the company which receives the investment shall pay Paulson
the fee Paulson would receive if the investment were made in this offering.

 

(b)          Certain
Definitions. As used herein, "Referred Investors" means investors whom Paulson "introduced" (as
defined below) to AGENT and which AGENT introduces to the Company during the period commencing on the earlier of the date of this
Agreement or of the earliest date on the Offering Documents (as defined below) and ending on the later of the date of the final
closing in relation to the Offering or the date that the Offering is terminated. An investor "introduced'' by Paulson
to AGENT means a person or entity (and any related family members, successors or affiliates, including, without limitation affiliated
entities and trusts) that is identified by Paulson to AGENT on a schedule to be provided by Paulson on or before each Closing,
subject to the Company's approval and agreement, or in another reasonable manner (e.g., by email or hand notice), who as a result
of actions by Paulson (i) met with the Company and/or had a conversation with the Company either in person or via telephone or
other means of communication regarding the Offering or (ii) was provided with a copy of the Offering Documents by Paulson, the
Company or AGENT based upon expressing an interest in the Offering, and was not previously introduced to the Company by AGENT or
any other placement agent acting for AGENT or the Company; provided, that an investor introduced by Paulson to AGENT and which
AGENT introduces to the Company will not be a "Referred Investor" and Paulson will not receive any fee or compensation
with respect to such investor if such investor: (i) is an institutional investor unless
such institutional investor was approved by AGENT as a potential Referred Investor prior to the distribution of any Offering Documents
to such institutional Investor; or (ii) was introduced to AGENT or to the Company by any other placement agent engaged by AGENT
or the Company in connection with the Offering. A "Specifically Introduced'' means a person or entity (and any related
family members, successors or affiliates, including, without limitation affiliated entities and trusts) that is identified by Paulson
to AGENT on a schedule to be provided by Paulson on or before each Closing, subject to the Company's approval and agreement, or
in another reasonable manner (e.g., by email or hand notice), who as a result of actions by Paulson met with the Company and/or
had a conversation with the Company either in person or via telephone or other means of communication regarding the Offering.

 

(c)          Warrant
Coverage / Compensation. In addition to the Placement Agent's Fee, as additional compensation, AGENT shall cause Paulson or
its designees who are accredited investors to be paid a warrant (the "Agent's Warrants") to purchase such number
of shares of the Company's common stock equal to 8% of the total number of shares of PubCo's common stock all Securities sold are
convertible into at the closing of the Reverse Acquisition, at a purchase price of $0.625 per share (or such other price per share
that equals the lowest purchase price per share that is specified in a warrant granted to AGENT arising from AGENT's services to
the Company pursuant to the Placement Agency Agreement). Capitalized terms used in this Section 1(c) but not otherwise defined
herein shall have the respective meanings given to such terms in the Offering Documents.

 

(d)          Expenses.
Contingent upon the closing of the first Offering, Paulson shall receive a non-accountable expense fee of $20,000. Beyond the aforementioned
expense fee, Paulson shall be responsible for its own expenses incurred in connection with this engagement, unless approved in
writing in advance by the AGENT. Paulson shall be responsible to pay any and all fees and expenses of its Representatives, and
shall comply with all laws, rules and regulations (including, without limitation, any and all filings and compliance with the FINRA
rules and regulations) applicable to payments involving third parties.

 

    	2

    	 

    

 

(e)          Survival.
The obligations of AGENT set forth in this Section 1 shall survive termination of this Agreement. Payment to Paulson and its designees,
if any, of the Placement Agent's Fee, the Agent's Warrants and Expenses is due at and as a condition to any closing of the Offering,
unless this condition is waived, in full or in part, by Paulson in its sole and exclusive discretion, in which case such payment
shall be due promptly (and in no event more than three business days) following the time that Paulson requests such payment in
the future. To the extent there is more than one closing of the Offering, payment of the proportional amount of the Placement Agent's
Fee will be made out of the proceeds of subscriptions for the Securities sold at each closing.

 

2.   Offering Documents.
AGENT will make available to Paulson, as soon as practicable after sufficient quantities thereof are made available to AGENT by
the Company, copies any final investor presentation or other Offering Documents (defined below) to be used in connection with the
Offering of the Securities in such numbers as Paulson may reasonably request. As used herein, "Offering Documents"
means the offering memorandum or other offering materials (e.g., an investor presentation, subscription agreement and related
documents, etc.), as it or they may be amended, restated and/or supplemented from time to time, authorized by the Company for use
in connection with the Offering. Paulson will not use any documentation or provide other information regarding the solicitation
of investment in the Company other than the Offering Documents that have been approved by AGENT.

 

3.   Term of Engagement.
This Agreement will terminate upon the termination or expiration of the Placement Agency Agreement ("Termination Date").
It is hereby agreed and acknowledged that Paulson may terminate this Agreement prior to the Termination Date by providing to
AGENT at least thirty (30) days advance written notification; provided, however, that this Agreement shall remain in full force
and effect with respect to any transactions which took place prior to such notification.

 

4.   Representations,
Warranties and Covenants. Each party hereto represents, warrants and/or covenants, as applicable, to the other party hereto
as follows:

 

(a)          Such
party has complied and will continue to comply with applicable federal and state securities laws relating to private offerings,
including Regulation D, under the Act and the investors such party contacts in connection with the Offering in reliance on Regulation
D will be "accredited investors" ("Covered Persons");

 

(b)          Such
party has not engaged and will not engage in any general solicitation or advertising in connection with the Offering, unless otherwise
agreed by the Company and AGENT;

 

(c)          Such
party has complied and will continue to comply with all other applicable laws and regulations relating to the Offering, including,
without limitation, Regulation M, and applicable Financial Industry Regulatory Authority, Inc.'s ("FINRA")
rules and other restrictions on the dissemination of research reports and the activities of analysts;

 

(d)          Such
party has all federal and state licenses, registrations and other governmental permits, if any, which are or may be required in
order for such party to serve as an agent in connection with the Offering, such party is a member in good standing with FINRA and
such party and its registered representatives making such contacts to accredited investors are duly licensed in the states where
the accredited investor resides;

 

(e)          Such
party has provided or will provide each investor solicited by such party with a copy of the Offering Documents the Company provides
to the placement agents, and will not make any representation or provide any information to any potential investor other than
as set forth therein;

 

    	3

    	 

    

 

(f)          For
purposes of sales to be made in reliance on Regulation D, such party will not make any offer to or distribute the Offering Documents
to any person(s) other than the Covered Persons, and only if such Covered Persons are reasonably believed to be "accredited
investors";

 

(g)          Such
party will not bid for, purchase, or attempt to induce others to purchase, sell, directly or indirectly, any Securities, except
as contemplated by this Agreement and the Offering Documents; 

 

(h)          Such
party will keep accurate records with respect to the delivery of copies of the Offering Documents, including the name, address
and telephone number of each person receiving a copy thereof from such party and the date of delivery to each such recipient;

 

(i)          Such
party shall provide to the other all transaction and due diligence files from the Offering for FINRA compliance purposes; and

 

(j)          Such
party shall provide to the Company or any successor surviving entity in any merger of the Company, such information that the Company
or such successor surviving entity is required to disclose under applicable securities laws.

 

5.    Blue
Sky Matters. Paulson shall advise AGENT of any jurisdiction in which Paulson proposes to make (or solicit) offers in advance
of making (or soliciting) any such offer, and Paulson shall not make any offer in any jurisdiction in which AGENT advises Paulson
in writing that offers may not be made. AGENT shall advise Paulson as to the information AGENT has received from the Company's
counsel concerning the jurisdictions in which the Securities comprising the Securities are either registered or exempted under
the "blue sky" laws of such jurisdictions, but AGENT has not assumed and will not assume any obligation or responsibility
as to Paulson 's legal right to sell the Securities in any jurisdiction. Paulson shall not bear any responsibility for filing a
Form D with the U.S. Securities and Exchange Commission or making any other securities filings with respect to this Offering, except
to the extent that applicable law requires Paulson to make such filing(s). AGENT shall work with the Company to ensure that Form
D and "blue sky" Form U2 filings are timely made in relation to the Offering and, separately, shall be responsible for
ensuring compliance with FINRA Rule 5123 filings.

 

6.   Reporting.
Executed subscription/transaction documents shall be reviewed by Paulson, and promptly and -subsequently forwarded to AGENT at
the address set forth above or as otherwise directed by AGENT. The acceptance of the executed subscription documents and subscription
amounts are subject to allotment in AGENT's discretion and acceptance by the Company in its
sole discretion. AGENT reserves the right to close the subscription books at any time without notice and to reject any subscriptions,
in whole or in part.

 

7.  Payment, Disclosure
of Payment and Delivery. Payment for the Securities Paulson places shall be made as described in the Offering Documents. AGENT
shall work with the Company to and use its commercially reasonable efforts to ensure that the Offering Documents appropriately
disclose such payment to Paulson . Securities placed by Paulson shall be delivered to the investor(s) on such closing date(s) as
advised by the Company. Paulson does not have the right or authority to have any control over any of the funds for the purchase
of the Securities in the Offering.

 

8.  Indemnification.
Each party hereto (the "indemnifying party") agrees to indemnify the other party hereto and such other party's controlling
persons, representatives and agents for any loss, damage, claim or expense arising out of the indemnifying party's breach of the
representations, warranties and covenants set forth in Sections 4, 5 and 7 above, other than with respect to any such loss, damage,
claim or expense arising out of such other party's gross negligence or willful misconduct.

 

    	4

    	 

    

 

9.   Choice of Law;
Assignment; Waiver of Trial by Jury. This Agreement (and all controversies which may arise between the parties related to or
arising from this Agreement) is governed by the laws of the State of New York, without regard to conflicts of law principles. Each
party hereby irrevocably and unconditionally consents to subject to the exclusive jurisdiction of the courts of the State of New
York and of the United States of America located in New York County, New York for any litigation arising out of or relating to
this Agreement and the transactions contemplated hereby (and agrees not to commence any litigation relating thereto expect in such
courts), waives any objection to the laying of venue of any such litigation in such courts and agrees not to plead or claim in
any such court that such litigation brought therein has been brought in an inconvenient forum. This Agreement will be binding upon
and inure to the benefit of each of the parties and their respective successors and assigns; provided that Paulson may not assign
its rights or delegate its duties under this Agreement without the prior consent of AGENT. This Agreement may be assigned by AGENT
in connection and to the same person as any assignment by AGENT of the Placement Agency Agreement. The parties agree to waive trial
by jury in any action, proceeding or counterclaim brought by or on behalf of any party with respect to any matter whatsoever relating
to or arising from this Agreement, the engagement of Paulson hereunder or the Offering. The prevailing party in any legal proceeding
between the parties hereto shall be entitled to collect any costs, disbursements and reasonable attorney's fees from the other
party.

 

10.   Sub-Agency
Relationship. Paulson understands that all offers to purchase Securities are subject to acceptance by the Company in its sole
discretion, that any fee payable to Paulson herein is dependent upon AGENT's right to receive compensation from the Company pursuant
to the Placement Agency Agreement. Nothing herein shall serve to cause Paulson to become or constitute a partner or joint venturer
or form any other relationship with AGENT, other than as a sub-agent specified herein. AGENT represents that it is currently authorized
under the terms of the Placement Agency Agreement to engage and compensate selected dealer(s) (directly or by direction to the
Company, which shall be binding on the Company, as the case may be), under this Agreement in connection with the Offering. The
terms of the Placement Agency Agreement are incorporated herein and made part of this Agreement.

 

11.   Entire Agreement.
This Agreement represents the entire agreement by and between AGENT and Paulson and supersedes any and all other agreements, either
oral or written, with respect to the Agreement. Each party to this Agreement acknowledges that no representations, inducements,
promises or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, which is not
embodied herein, and that no other agreement, statement, or promise not contained in this Agreement shall be valid or binding.
AGENT and Paulson hereby agree that the opening and closing statements of this Agreement are incorporated herein by this reference
and made a material part of this Agreement. If any part of this Agreement is found, or deemed by a court of competent jurisdiction,
to be invalid or unenforceable, that part shall be severable from the remainder of the Agreement. Any modification of this Agreement
will be effective only if it is in writing and signed by AGENT and Paulson .

 

12.   Authority and
Notices. The signatories of the parties to this Agreement have the requisite corporate authority to enter into this Agreement
and the authority to execute this Agreement. Any notices, affidavits or other communications hereunder shall be in writing and
shall be deemed to have been duly delivered if personally delivered, mailed by certified mail or registered mail, return receipt
requested, postage prepaid, or overnight express mail with signature of addressee required, at the addresses set forth above (or
at such other address for a party as shall be specified by like notice). Any notices, affidavits or other communications shall
first be faxed to the other party and deemed to put the other party on notice, but will not be deemed sufficient for service unless
so stated herein.

 

    	5

    	 

    

 

13.   Counterparts.
This Agreement may be executed in counterparts and shall be deemed to be an original instrument which will be enforceable against
the parties executing such counterparts. The exchange of copies of this Agreement and of signature pages by facsimile transmission
or in pdf format shall constitute effective execution and delivery of this Agreement. Signature of the parties transmitted by facsimile
or in pdf format shall be deemed to be their original signatures for all purposes.

 

14.   Limitation
of Liability. Neither Paulson nor any of its affiliates or any of its or their officers, directors, controlling persons
(within the meaning of Section 15 of the Act or Section 20 of the 1934 Act), employees or agents shall have any liability to
AGENT or the Company, either of their security holders or creditors, or any person asserting claims on behalf of or in the
right of AGENT or the Company (whether direct or indirect, in contract, tort, for an act of negligence or otherwise) for any
losses, fees, damages, liabilities, costs, expenses or equitable relief arising out of or relating to this Agreement or the
services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses that arise out of or are based
on any action of or failure to act by Paulson and that are determined by a court of competent jurisdiction to have resulted
from the intentional misrepresentation or willful misconduct of Paulson . Notwithstanding the foregoing, in no event shall
Paulson 's obligation hereunder exceed the fees payable to it hereunder except where Paulson shall have been determined by a
court of competent jurisdiction to have intentionally misrepresented a material fact or to have engaged in willful misconduct
or violation of applicable law, in which case such liability shall be unlimited.

 

15.   Subsequent
Revisions. The parties to this Agreement each hereby confirm that they will cooperate with each other to the extent that it
may be necessary to enter into any revisions or amendments to this Agreement in the future to conform to any federal or state regulations.

 

[Signature Page Follows] 

 

    	6

    	 

    

 

If the foregoing is
in accordance with your understanding of our agreement, kindly sign and return this Agreement, whereupon it will become a binding
agreement between AGENT and Paulson in accordance with its terms.

 

	 	Very truly yours,
	 	 
	 	AGINCOURT LTD
	 	 	 
	 	By:	/s/ James J. Cahill
	 	Name: James J.  Cahill
	 	Title: Managing Director 

 

	Acknowledged and Agreed to by:
	 
	PAULSON INVESTMENT COMPANY, INC.
	 	 
	By:	/s/ Lorraine Maxfield
	Name: Lorraine Maxfield
	Title:    Sr. VP, Corporate Finance
	 	 
	Acknowledged by:
	 
	CARDAX PHARMACEUTICALS, INC.
	 	 
	By:	/s/ David G. Watumull
	Name: David G.  Watumull
	Title:    President and Chief Executive Officer
	 	 
	CARDAX PHARMA, INC.
	 
	By:	/s/ David G. Watumull
	Name: David G.  Watumull
	Title:    President and Chief Executive Officer

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