Document:

Exhibit
99.1

 

Certain
information indicated with [***] in this document has been omitted from this exhibit because it is both (i) not material and (ii)
would be competitively harmful if publicly disclosed.

 

PATENT
LICENSE AGREEMENT

 

This
Patent License Agreement (the “Agreement”) is entered into on this 1st day of August, 2020 (the “Effective Date”)
between the University of Wisconsin-Milwaukee Research Foundation, Inc., a non-profit Wisconsin corporation, with its principal
place of business at 1440 East North Ave., Milwaukee, WI 53202 (“UWMRF”), and RESPIRERX PHARMACEUTICALS INC., a Company
organized under the laws of the state of Delaware, with a place of business at 126 Valley Road, Suite C, Glen Rock, NJ 07452 (“Company”).
UWMRF and Company are sometimes referred to herein individually as a “Party” and collectively as the “Parties”.

 

RECITALS

 

WHEREAS,
UWMRF owns certain Patent Rights and Technology Rights relating to the Licensed Subject Matter, which were developed at the University
of Wisconsin-Milwaukee (“University), and is interested in licensing same;

 

WHEREAS,
UWMRF represents that it has the right to grant the licenses granted in this Agreement; and

 

WHEREAS,
UWMRF desires to have the Licensed Subject Matter, as hereinafter defined, developed and used and commercialized to the fullest
extent possible for the benefit of Company, Inventor, University, UWMRF and the general public; and

 

WHEREAS,
Company desires to obtain a license from UWMRF to practice Licensed Subject Matter upon the terms and conditions herein set forth
in this agreement;

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants set forth herein, and for good and valuable consideration,
the receipt and sufficiency of which is acknowledged, the Parties hereto, intending to be legally bound, agree as follows:

 

1.       DEFINITIONS

 

	1.1.	“Affiliate”
                                         shall mean any business entity more than fifty percent (50%) owned by Company, any
                                         business entity which owns more than fifty percent (50%) of Company, or any business
                                         entity that is more than fifty percent (50%) owned by a business entity that owns more
                                         than fifty percent (50%) of Company.

 

	1.2.	“Component”
                                         shall mean a product, system or device that is Sold commercially by Company, an Affiliate,
                                         or sublicensee of Company, which does not meet the definition of a Licensed Product.

 

	1.3.	“Commercialization”,
                                         with a correlative meaning for “Commercialize”, shall mean all activities
                                         undertaken before and after obtaining regulatory approval relating specifically to the
                                         pre-marketing, launch, promotion, marketing, sale, and distribution of a pharmaceutical
                                         product, including, without limitation: (a) strategic marketing, sales force detailing,
                                         advertising, medical education and liaison, and market and product support; and (b) phase
                                         IV clinical trials, if any, and (c) all customer support and product distribution, invoicing
                                         and sales activities.

 

    	 

     

    

 

	1.4.	“Develop”
                                         or “Development” shall mean all activities relating to preparing and
                                         conducting preclinical testing, toxicology testing, ADME studies (administration, distribution,
                                         metabolism, excretion), human clinical studies, regulatory affairs for obtaining the
                                         regulatory approvals, formulation development, process development for manufacture and
                                         associated validation, quality assurance and quality control activities.

 

	1.5.	“Development
                                         Plan” shall mean a summary of Company’s plans to Develop the Licensed
                                         Products that includes, but is not limited to, significant strategies, events, activities,
                                         research, collaborations, timelines and Development activities for the Licensed Products
                                         conducted hereunder for the primary purpose of ultimately supporting the Sale of Licensed
                                         Product.

 

	1.6.	“Diligent
                                         Efforts” shall mean, with respect to a Party’s obligation under this
                                         Agreement to Develop or Commercialize a Product, the level of efforts required to carry
                                         out such obligation in a sustained manner consistent with the efforts a similarly situated
                                         Company, in the case of Company or its’ sublicensee, or a university intellectual
                                         property management organization in the case of UWMRF, devotes to a product of similar
                                         market potential, profit potential or strategic value within its portfolio, based on
                                         conditions then prevailing. Without limiting the foregoing, Diligent Efforts requires,
                                         with respect to such an obligation, that the Party: (a) within a reasonable time assign
                                         responsibility for such obligation to specific employee(s) who are held accountable for
                                         progress and monitor such progress on an on-going basis, (b) set and consistently seek
                                         to achieve specific, meaningful and measurable objectives for carrying out such obligation,
                                         and (c) consistently make and implement decisions and allocate resources designed to
                                         advance progress with respect to such objectives.

 

	1.7.	“Field
                                         of Use” shall mean, with respect to any Licensed Subject Matter, all fields
                                         of use.

 

	1.8.	“Improvement”
                                         shall mean inventions, or claims to inventions, which constitute advancements, developments,
                                         or enhancements to the Licensed Patents, whether or not patentable and whether or not
                                         claimed in of any patent application, but which are sufficiently supported by the specification
                                         of a patent or patent application within the Licensed Patents to be of potential value
                                         to the Licensed Patents or Licensed Products and which is entitled to the priority date
                                         of that patent or patent application.

 

	1.9.	“Information”
                                         means any data, results, technology, business information, and information of any type
                                         whatsoever, in any tangible or intangible form, including, without limitation, know-how,
                                         practices, techniques, methods, processes, inventions, developments, specifications,
                                         formulations, materials or compositions of matter of any type or kind (patentable or
                                         otherwise), software, algorithms, marketing reports, expertise, technology, test data
                                         (including pharmacological, biological, chemical, biochemical, toxicological, preclinical
                                         and clinical test data), analytical and quality control data, stability data, other study
                                         data and procedures. The Company shall disclose information discovered by Company related
                                         to the Licensed Patents to the UWMRF inventors for use in research and for training purposes
                                         only.

 

	1.10.	“Licensed
                                         Patents” shall mean UWMRF’s rights in the patents and patent applications
                                         listed in Exhibit 1 and patents issuing therefrom, and any divisions, continuations,
                                         continuations-in-part and reissues thereof, and any and all foreign patents and patent
                                         applications corresponding thereto and any extensions of any of the foregoing. This definition
                                         of Licensed Patents includes any rights in and to New Developments subject to Section
                                         1.16.

 

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	1.11.	“Licensed
                                         Product” shall mean any property, product, method, or service within the Field
                                         of Use that, absent the licenses granted under this Agreement, infringes, induces infringement,
                                         or contributes to infringement of a valid claim in any of the Licensed Patent(s) or any
                                         pending claims in pending applications.

 

	1.12.	“Licensed
                                         Subject Matter” shall mean, collectively, Patent Rights, Technology Rights,
                                         and Improvements.

 

	1.13.	“Licensed
                                         Territory” shall mean worldwide.

 

	1.14.	“Materials”
                                         shall mean (i) any compositions or formulations of materials disclosed in the Licensed
                                         Patents and (ii) any modifications, derivatives, compositions or formulations of any
                                         material disclosed in the Licensed Patents created by the Company, its Affiliates, sublicensees,
                                         and partners.

 

	1.15.	“Net
                                         Sales” shall mean the gross revenue received by Company, its Affiliates or
                                         their respective sublicensees, as appropriate, for Sales of Licensed Products to Third
                                         Parties during a relevant period of time; subject to the following deductions to the
                                         extent actually allowed or incurred with respect to such sales (a) sales, use, occupation
                                         or excise tax directly imposed and with reference to particular sales and other applicable
                                         taxes that are not reimbursable, refundable, or creditable to Company, (b) customs, duties
                                         or other governmental charges directly imposed and actually paid and with reference to
                                         particular sales, (c) prepaid or allowed freight (to the extent itemized and included
                                         in the amount billed the Third Party customer), postage, duty or insurance included therein,
                                         (d) returns, discounts, rebates, and discounts actually allowed, refunds, credits or
                                         repayments due to rejections, defects or returns, and net of amounts previously included
                                         in Net Sales that were written-off during such period as non-collectible (each not to
                                         exceed the original billing or invoice amount), and (e) normal and customary trade, quantity
                                         and cash discounts. No deductions shall be made for commissions paid to individuals whether
                                         they are with independent sales agencies or regularly employed by Company and on its
                                         payroll, or for cost of collections. If the Licensed Product is commercially Sold or
                                         leased to any Person, or provided by Company, its Affiliates or their respective sublicensees
                                         to and used by any Person, in each case, for a consideration other than money, Net Sales
                                         shall be the gross selling price of comparable Licensed Products sold in arm’s
                                         length transactions by Company or, if no sales or leases of comparable Licensed Products
                                         have been made, then the fair market value thereof shall apply, except that this latter
                                         provision shall apply only to commercial use and shall not apply to Licensed Products
                                         transferred, conveyed or otherwise used by Third Parties for research and/or development
                                         performed on behalf of or for Company. For transfers of Licensed Products by Company
                                         to Affiliates solely for subsequent Sale by the Affiliates, Net Sales of such Licensed
                                         Products shall be determined when such Licensed Product is Sold by such Affiliate. Sales
                                         of Licensed Products to Third Party distributors or others that are not the Company or
                                         its Affiliates shall be determined when such Licensed Product is Sold to such Third Party
                                         distributor or other Third Party. Net Sales calculations performed pursuant to this definition
                                         shall be in accordance with GAAP.

 

	1.16.	“New
                                         Developments” subject to the limitation in the last sentence of this Section
                                         1.16, means inventions, or claims to inventions, which constitute advancements, developments,
                                         or improvements, whether or not patentable and whether or not the subject of any patent
                                         application, but if patentable, are not sufficiently supported by the specification of
                                         a previously-filed patent or patent application within the Patent Rights to be entitled
                                         to the priority date of the previously-filed patent or patent application. New Developments
                                         arising from research or other efforts financially supported by the Company and related
                                         to the Licensed Patents or good faith collaborative efforts by the Company and UWMRF
                                         or the University shall be included in Licensed Patents, as defined in Section 1.10 or
                                         Technology Rights as defined in Section 1.23, as appropriate.

 

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	1.17.	“Other
                                         Products” means any product or service (or component thereof) made by the Company,
                                         other than a Patent Product, the discovery, development, manufacture, use, sale, offering
                                         for sale, importation, exportation, distribution, rental or lease of which involves the
                                         use of or incorporation, in whole or in part, of Materials.

 

	1.18.	“Patent
                                         Rights” means UWMRF’s rights in any subject matter claimed in any U.S.
                                         or foreign patent applications or patents that claim priority to any of the Licensed
                                         Patents. This definition of Patent Rights includes any rights in and to New Developments.

 

	1.19.	“Person”
                                         shall mean an individual, partnership, corporation, business trust, limited liability
                                         Company, limited liability partnership, joint stock company, trust, unincorporated association,
                                         joint venture or other entity or a government agency.

 

	1.20.	“Patent
                                         Product” means any product or service (or component thereof) the discovery,
                                         development, manufacture, use, sale, offering for sale, importation, exportation, distribution,
                                         rental or lease of which is Covered By a valid claim of a Licensed Patent. As used herein,
                                         Covered By means that the use, sale, offering for sale, importation, exportation, distribution,
                                         rental or lease of a product other than the Patent Product (i) infringes, in the case
                                         of a valid claim in an issued patent, or (ii) would infringe the claim if it existed
                                         in a validly issued patent, in the case of a claim in a pending application.

 

	1.21.	“Products”
                                         shall mean Other Products and Patent Products.

 

	1.22.	“Sale,
                                         Sell or Sold” means the transfer or disposition of a Licensed Product for value
                                         to a party other than Company.

 

	1.23.	“Technology
                                         Rights” means UWMRF’s rights in technical information and information
                                         of any type whatsoever, in any tangible or intangible form, including, without limitation,
                                         results, technology, business information, know-how, trade secrets, practices, inventions,
                                         developments, specifications, formulations, processes, procedures, compositions, devices,
                                         methods, formulae, protocols, techniques, software, designs, drawings, data (including
                                         test data, analytical and quality control data, stability data, and other study data),
                                         materials or compositions of any type (patentable or otherwise), algorithms, marketing
                                         reports, and expertise created by James Cook, Guanguan Li, Kashi Reddy Methuku, Michael
                                         Ming-Jin Poe, Terry Clayton, Hiteshkumar Jain, Yun Teng Johnson, Ojas Namjoshi, Sundar
                                         Rallapalli, Zhi-jian Wang, and Jie Yang (“Inventors”) at the University before
                                         the Effective Date relating to the Licensed Patents which are not part of the Patent
                                         Rights but which are necessary for the manufacture, use, or sale of Licensed Products.

 

	1.24.	“Third
                                         Party” shall mean any entity other than UWMRF or Company or an Affiliate of
                                         any such entity.

 

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2.       LICENSE

 

	2.1.	Exclusive
                                         License. UWMRF hereby grants to Company a royalty-bearing, sole and exclusive license
                                         under the Licensed Patents to make, have made, practice, have practiced, Sell, have Sold,
                                         use, have used, offer, have offered, import, have imported, market, have marketed and
                                         otherwise Commercialize or have commercialized the Licensed Products within the Field
                                         of Use and throughout the Licensed Territory. This grant is subject to the payment by
                                         Company to UWMRF of all consideration as provided herein and is further subject to rights
                                         retained by UWMRF as provided in this Agreement.

 

	2.2.	Non-Exclusive
                                         License. UWMRF hereby grants to Company a royalty-bearing, non-exclusive license
                                         under the Technology Rights to make, have made, practice, have practiced, Sell, have
                                         Sold, use, have used, offer, have offered, import, have imported, market, have marketed
                                         and otherwise Commercialize or have commercialized the Licensed Products within the Field
                                         of Use and throughout the Licensed Territory. This grant is subject to the payment by
                                         Company to UWMRF of all consideration as provided herein and is further subject to rights
                                         retained by UWMRF as provided in this Agreement.

 

	2.3.	Non-Exclusive
                                         Rights. UWMRF expressly reserves for UWMRF, University, and University of Wisconsin
                                         System a non-exclusive, royalty-free, perpetual, irrevocable, worldwide right, including
                                         the right to grant in its sole discretion similar rights to other academic or non-profit
                                         research institutions that employ Inventors, to use the Licensed Subject Matter for any
                                         non-commercial purpose, including research, education and other educationally-related
                                         purposes. UWMRF expressly reserves the right to grant to any academic or non-profit research
                                         institution, subject to approval by the Company which approval shall not be unreasonably
                                         withheld, and at the request of Inventor, a non-exclusive right to use the Licensed Subject
                                         Matter for non-commercial research, education and other educationally-related objectives
                                         solely for the purpose of facilitating scientific and academic collaboration between
                                         Inventor and collaborator. UWMRF shall promptly notify Company when any portion of the
                                         Licensed Subject Matter is the subject of an academic collaboration as described above
                                         pursuant to this Article 2.3. Notwithstanding the foregoing, UWMRF, University and University
                                         of Wisconsin System (“Wisconsin Entities”) and any party to whom or to which
                                         Wisconsin Entities grant such rights, shall provide Company, notice and comply with Section
                                         12.5.

 

	2.4.	Non-Exclusive
                                         Research License. Company hereby grants to UWMRF a nonexclusive, royalty free, irrevocable,
                                         paid-up license, with the right to grant a sublicense to University and any non-profit
                                         institutions that employs, on a full-time basis, any inventor of the Licensed Patents,
                                         to practice and use Information and Improvements disclosed by Company related to the
                                         Licensed Subject Matter for non-commercial research, training and education purposes.
                                         

 

	2.5.	Affiliates.
                                         Company may sublicense without the consent of UWMRF, the license granted herein to
                                         any Affiliate if the Affiliate consents to be bound by this Agreement to the same extent
                                         as Company. To the extent any Affiliate operates under this license, Company shall be
                                         responsible to UWMRF for all payments, reporting, and other obligations and liabilities
                                         of such Affiliate as if Company were in the Affiliate’s place. The Company may
                                         assign this Agreement to an Affiliate only with the consent of UWMRF in which case, the
                                         Company shall no longer be responsible for payments, reporting, and other obligations
                                         and liabilities under this Agreement; such responsibility will be solely that of the
                                         assignee.

 

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	2.6.	Grant
                                         of Sublicenses. Company may grant sublicenses consistent with this Agreement if Company
                                         is responsible for the operations of its sublicensees relevant to this Agreement as if
                                         the operations were carried out by Company. Company must deliver to UWMRF a true and
                                         correct copy of each sublicense granted by Company, and any modification or termination
                                         thereof, within thirty (30) days after execution, modification, or termination. When
                                         this Agreement is terminated, all existing sublicenses granted by Company must be assigned
                                         to UWMRF. To the extent the Company is not responsible for the operations of its sublicensees,
                                         the relevant sublicense agreement must be approved in writing, in advance by UWMRF, which
                                         approval shall not be unreasonably withheld, and all responsibilities of this license
                                         shall be assumed by the sublicensee. In the event sublicensee shall breach this agreement
                                         or seek to terminate, Company shall have right to re-assume license.

 

3.       PAYMENTS
AND REPORTS

 

	3.1.	Past
                                         Patent Costs. Company shall pay to UWMRF an amount equal to the patent filing and
                                         prosecution costs incurred by UWMRF prior to the Effective Date and directly related
                                         to the Licensed Patents. Company shall pay such amount within thirty (30) days of receipt
                                         of invoice detailing such costs. The Parties have stipulated that the amount of patent
                                         filing and prosecution costs incurred by UWMRF prior to the Effective Date and as of
                                         January 14, 2020 are $60,370.35 for the Licensed Patents listed in Exhibit 1. Company
                                         shall pay such amount according to the following:

 

		a.	A
                                         first payment of Past Patent Expenses in the amount of 25% of the total accrued shall
                                         be due twelve months (12) months following the Effective Date of this Agreement.

 

		b.	A
                                         second payment of Past Patent Expenses in the amount of 25% of the total accrued shall
                                         be due twelve months (24) months following the Effective Date of this Agreement.

 

		c.	The
                                         remaining balance of the Past Patent Expenses shall be due thirty-six (36) months following
                                         the Effective Date of this Agreement.

 

		d.	If
                                         occurring earlier than the due dates listed above for Past Patent Expense reimbursement,
                                         the entire balance of Past Patent Expenses shall be paid on the date of acquisition of
                                         Company by merger, sale of all (or substantially all) of Company’s assets to which
                                         this Agreement pertains, or other sale of equity or reorganization resulting in a change
                                         of 50% or more in the ownership of Company’s stock after the closing of the initial
                                         round.

 

	3.2.	Payments.
                                         In consideration of rights granted by UWMRF to Company under this Agreement, Company
                                         will pay UWMRF the following:

 

		a.	Beginning
                                         on the second anniversary of the Effective Date of the Agreement and terminating with
                                         respect to any future such payment upon the payment of royalties pursuant to Article
                                         3.2(c) or Article 3.2(d) below prior to the occurrence of the applicable anniversary),
                                         a once per anniversary annual license maintenance fee will be paid to UWMRF upon each
                                         applicable anniversary of the Agreement:

 

-2nd
Anniversary: $[***]

-3rd
Anniversary: $[***]

-4th
Anniversary: $[***]

-5th
Anniversary and each anniversary thereafter: $[***]

 

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		b.	Company
                                         will pay to UWMRF a one-time, non-creditable, non-refundable payment upon the first occurrence
                                         of each the following events with respect to the first Licensed Product only (and for
                                         the avoidance of doubt, no such payment shall be made with respect to any other Licensed
                                         Product):

 

i.       A
payment of [***] ($[***]) upon the earliest date of first dosing of a patient in a Phase II clinical trial (as defined
in the U.S. Federal Food, Drug and Cosmetic Act and applicable regulations promulgated thereunder by the FDA), or equivalent application,
with the FDA or equivalent regulatory authority.

 

ii.       A
payment of [***] ($[***]) upon the application of the first dose in humans in a Phase III Clinical Trial or foreign equivalent.

 

iii.       A
payment of [***] ($[***]) upon the approval by the FDA of the New Drug Application (NDA).

 

iv.       For
the avoidance of doubt, the foregoing milestone payments would become due, if at all, only one time for an aggregate maximum milestone
payment of $[***].

 

Company
shall pay to UWMRF the above amounts within ninety (90) days of the first occurrence of the above listed clinical based events.
Each clinical milestone payment made to UWMRF hereto shall be payable only once per Licensed Product, regardless of the number
of times achieved. Each such payment is non-refundable and non-creditable against any other payments due hereunder. For clarity,
if any such clinical milestone event that would trigger a milestone payment is not conducted or “skipped”, either
as by design of the clinical trial or as allowed by the FDA or a comparable foreign regulatory authority, then the payment above
shall be due upon the initiation of the next advanced clinical trial/study or regulatory event.

 

		c.	Net
                                         Sales Royalty. During the term of this Agreement the Company or Affiliates
                                         will pay to UWMRF a running royalty of Net Sales on a country by country basis and only
                                         related to any Patent Product or Other Product, as applicable, for which there is either
                                         a then valid claim in a Licensed Patent in such country covering such Licensed Product
                                         or sold in a country in which market exclusivity period granted by a regulatory agency
                                         or any legal right granted by a regulatory authority in such country to market and sell
                                         the Licensed Product, in each case as follows:

 

		i.	A
                                         running royalty of [***]% of Net Sales of Patent Products by Licensee will be paid to
                                         UWMRF. If royalty stacking is necessary for sales of Products as determined by the Company,
                                         UWMRF shall receive a royalty no less than [***]% of Net Sales.

 

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		ii.	A
                                         running royalty of [***]% of Net Sales of Other Products by Licensee will be paid to
                                         UWMRF. If royalty stacking is necessary for sales of Products as determined by the Company,
                                         UWMRF shall receive a royalty no less than [***]% of Net Sales.

 

		iii.	If
                                         Products are sold by a non-affiliated Third Party under a sub-license from Company, the
                                         royalties paid to UWMRF shall be the royalty rates set forth above in this section.

 

		d.	Royalty
                                         Stacking. (a) In the event that, with respect to Net Sales of Licensed Products,
                                         Company is required or elects to pay royalties to unaffiliated Third Parties
                                         for the freedom to operate under the claims of the Licensed Patent or Licensed Products,
                                         and the total royalties, including those payable to UWMRF hereunder, exceeds [***] percent
                                         ([***]%) of Net Sales (the “Maximum Royalty Burden Rate on Licensed Products”),
                                         the amount due and payable to UWMRF hereunder shall be proportionally reduced. The minimum
                                         royalty rate to UWMRF on Licensed Products shall be [***]%. For example, if the royalty
                                         is [***]% of Net Sales as described in Section 3.2(c)(i) above and if the royalties owed
                                         by Licensee to a Third Party for freedom to operate is [***]%, thereby making the total
                                         royalties owed by Company for freedom to operate equal to [***]% of Net Sales (which
                                         is greater than the [***]% Maximum Royalty Burden Rate on Licensed Products), the offset
                                         is [***]/[***], and UWMRF would receive [***]% of Net Sales. (Calculation: [***]% = [***]%
                                         x ([***]/[***])) As another example with respect to Other Products, the maximum royalty
                                         burden rate on Other Products (the “Maximum Royalty Burden Rate on Other Products”)
                                         shall be [***]%. If the original Royalty is [***]% of Net Sales as described in Section
                                         3.2(c)(ii) above, and if the royalties owed by Company to a Third Party for freedom to
                                         operate is [***]%, thereby making the total royalties owed by Licensee for freedom to
                                         operate equal to [***]% of Net Sales, the offset is [***]/[***], and UWMRF shall receive
                                         [***]% of Net Sales. (Calculation: [***]% = [***]% x ([***]/[***]), however, the minimum
                                         amount owed UWMRF is [***]% The amount owed Third Parties is still [***]%). The minimum
                                         royalty rate to UWMRF on Other Products shall be [***]%.

 

		e.	Minimum
                                         Annual Royalties. A minimum annual royalty shall apply following the first Sale of
                                         a Licensed Product anywhere in the Licensed Territory.

 

Year
1 = $[***]

Year
2-3 = $[***]

Year
4-5 = $[***]

Year
6+ = $[***]

 

The
minimum annual royalty for each calendar year shall be due and payable in advance on or before January 15 of such year and will
be credited as advance payment of royalties to accrue during the calendar year following payment. The minimum annual royalty payments
will not be refunded in whole or in part.

 

	3.3.	Competing
                                         Products. If the Company notifies UWMRF in writing that a product or service has
                                         entered the marketplace that competes with a Product sold by the Company, the Parties
                                         will discuss in good faith whether a modification to the royalties and minimum royalties
                                         due to UWMRF should be made.

 

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	3.4.	Future
                                         Patent Costs. Company shall pay all patent application filing and prosecution costs
                                         while securing and maintaining patent protection directly related to the Licensed Patents
                                         as per Article 5.6.

 

	3.5.	Sublicensing
                                         Costs. If Products are sold by a non-affiliated Third Party under a sublicense from
                                         Company, the UWMRF shall be paid the following for non-royalty sublicensing fees:

 

		a.	[***]%
                                         of sublicensing revenue received before the first anniversary of the Effective date of
                                         the Agreement.

 

		b.	[***]%
                                         of sublicensing revenue received between the first and second anniversary of the Effective
                                         date of the Agreement.

 

		c.	[***]%
                                         of sublicensing revenue received beyond the second anniversary of the Effective date
                                         of the Agreement.

 

Any
equity purchases, research support, in-kind support, or patent expense reimbursements are expressly excluded from Sublicense Fees.

 

	3.6.	Equity
                                         Grant. In consideration of rights granted by UWMRF to Company under this Agreement,
                                         Company shall convey to UWMRF on the effective date of this Agreement, stock appreciation
                                         rights (“SARS”) providing a right of UWMRF to the appreciation of the neuromodulator
                                         programs above $1 each for the ampakine program and the program that is the subject of
                                         the this Agreement and any additional neuromodulator programs added the Company’s
                                         portfolio of assets, payable upon sale or assignment of one or the other programs or
                                         any combination of them, up to 4.9% of the consideration received. UWMRF shall retain
                                         the SARS related to any programs not sold or assigned. In the event of the formation
                                         of a new neuromodulator company by the Company (“New Company”), if so formed,
                                         comprised of at least one of the Company’s neuromodulator programs whether or not
                                         such program is the subject of this Agreement, the SARS related to the program or programs
                                         that are the subject of the New Company, shall be exchanged for 4.9% of the founders’
                                         common equity of that New Company, subject to the same dilution as other founders and
                                         UWMRF shall retain the SARS related to the programs that are not the subject of the New
                                         Company. If additional new companies are formed by the Company, this process shall apply
                                         in each case.

 

	3.7.	Royalty
                                         Payments. Payments of royalties shall be made quarterly within sixty (60) days of
                                         the end of the calendar quarter (or Company fiscal quarter to the extent Company adopts
                                         a financial year not based on the calendar year), with a final payment with respect to
                                         each year one-hundred twenty (120) days after each year end, which final payment shall
                                         be in lieu of the fourth quarter payment and shall be adjusted for any required adjustments
                                         of prior quarterly royalties payments, not otherwise corrected pursuant to Section 3.10.
                                         Royalties shall be reported using the template provided in Exhibit 3.

 

	3.8.	Legal
                                         Actions. At any time should Company bring a legal action in any forum seeking to
                                         invalidate any claim of any Licensed Patent, Company and its sublicense(s) shall continue
                                         to pay royalties with respect to that patent as if such contest were not underway until
                                         the patent is adjudicated invalid or unenforceable by a court of last resort.

 

	3.9.	Payments
                                         and Taxes. Payments due under this Agreement shall be made in United States Dollars.
                                         For converting payments on Net Sales made in a currency other than United States Dollars,
                                         there shall be used the exchange rate for U.S. Dollars as related to such other currency
                                         as published in the Wall Street Journal for the last day of the quarter for which such
                                         payment is due, or if the last day is not a business day, the closest preceding business
                                         day. All payments pursuant to this Agreement may be paid with deduction for withholding
                                         for or on account of any taxes (other than taxes imposed on or measured by net income)
                                         or similar governmental charge imposed on such payments by a jurisdiction other than
                                         the United States (“Withholding Taxes”). At UWMRF’s request, Company
                                         shall provide UWMRF a certificate evidencing payment of any Withholding Taxes hereunder
                                         and shall reasonably assist UWMRF to obtain the benefit of any applicable tax treaty.

 

    	Page 9 of 25

    	 

    

 

	3.10.	Right
                                         to Audit. During the term of this Agreement and for a period of three (3) years thereafter,
                                         Company shall keep and maintain, and require its Affiliates and assignees to keep and
                                         maintain, proper and complete records and books of account to document sales of Licensed
                                         Products by Company and any Affiliates and assignees. Such records shall be maintained
                                         for a minimum of three (3) years. At UWMRF’s request and expense, Company shall
                                         permit UWMRF or its representatives, to examine, not more than once in any calendar year
                                         for any current or preceding calendar year and upon 30 days prior written notice, such
                                         books and records of Company and its Affiliates and assignees for the sole purpose of
                                         determining the correctness of all calculations of sales, royalties, and other consideration
                                         and payments reported by Company pursuant to this Article 3. Such examination will occur
                                         during business hours and the Parties shall make reasonable efforts to ensure that the
                                         normal operations of Company are not unduly affected by such examination. Company shall
                                         pay to UWMRF undisputed underpaid amounts, if any, within thirty (30) days of the determination,
                                         and UWMRF shall pay to Company undisputed overpaid amounts, if any, within thirty (30)
                                         days of the determination; provided, however, that if the Party responsible for such
                                         payment objects to the amount to be paid, in whole or in part, within thirty (30) days
                                         of receiving notification of an underpayment or overpayment, the matter shall be submitted
                                         to a mutually agreed upon independent public accounting firm, whose determination shall
                                         be binding upon the Parties. In addition, if the amounts due UWMRF are determined to
                                         have been underpaid by an amount equal to or greater than ten percent (10%) of the total
                                         amount due for the calendar year so examined, then Company shall pay the underpaid amount
                                         plus the cost of the examination. Late payments will be subject to interest calculated
                                         at a rate of twelve percent (12%) per annum, or the highest rate allowed by Wisconsin
                                         law, whichever is less.

 

	3.11.	Royalty
                                         Reporting. In conjunction with each payment, Company shall provide UWMRF a written
                                         report, the first such report being due and related to the quarter in which the first
                                         Net Sales occurred, having sufficient detail to allow a determination of the royalties
                                         due UWMRF pursuant to this Agreement. Each report provided to UWMRF shall contain at
                                         least the following information using the template found in Exhibit 3:

 

		a.	the
                                         gross dollar and number of unit sales of Licensed Products Sold by Company, its Affiliates
                                         in each country; and,

 

		b.	the
                                         calculation of Net Sales for Licensed Products Sold by Company or its Affiliates in each
                                         country; and,

 

		c.	the
                                         total royalties payable to UWMRF in U.S. Dollars, together with the exchange rates used
                                         for conversion; and,

 

		d.	a
                                         statement that no royalties are due, if no royalties are due to UWMRF for any reporting
                                         period after the first Sale of a Licensed Product; and,

 

		e.	direct
                                         fees and revenue, or in the case of non-cash consideration, the cash value of such consideration
                                         received by Company from any sublicensee pursuant to any sublicense agreement, for the
                                         purposes of calculating amounts due UWMRF pursuant to Article 3.5 hereof.

 

    	Page 10 of 25

    	 

    

 

	3.12.	Any
                                         payment required under this Agreement may be made by check as follows (making reference
                                         to this Agreement):

 

UWM
Research Foundation

Attn:
President

1440
East North Ave.

Milwaukee,
WI 53202

 

4.       TERM
AND TERMINATION

 

	4.1.	Term.
                                         This Agreement shall become effective on the Effective Date and, unless earlier terminated
                                         pursuant to this Article 4, shall remain in effect until the longer of (a) the expiration
                                         of all of Company’s payment obligations to UWMRF, or (b) the expiration of the
                                         last to expire Licensed Patent in the United States or Europe.

 

	4.2.	Early
                                         Termination by Company. Company shall have the right to terminate this Agreement,
                                         in its entirety, upon written notice to UWMRF by at least six (6) months’ written
                                         notice prior to the effective date of termination; provided that in no event may the
                                         effective date of such termination precede the second anniversary of the Effective Date.
                                         Company will be responsible for any payments due to UWMRF pursuant to this Agreement,
                                         which payments obligations matured prior to the effective date of termination.

 

	4.3.	Termination
                                         due to Default. In the event that either Party is in default of its obligations under
                                         this Agreement and fails to remedy such default within sixty (60) days after receipt
                                         of written notice thereof regarding a default not solely in the payment of money due
                                         hereunder, or thirty (30) days after receipt of written notice thereof regarding a default
                                         solely in the payment of money due hereunder or, in either case, to the extent such default
                                         cannot be remedied within such thirty (30) or sixty (60) day period, shall fail to have
                                         commenced good faith efforts to remedy such breach within such sixty (60) or thirty (30)
                                         day period and continue thereafter to remedy such breach, the Party not in default shall
                                         have the option of terminating this Agreement by giving written notice of termination
                                         to the defaulting Party. In the event that UWMRF is the defaulting Party and Company
                                         shall retain the License Agreement, Company shall be eligible for liquidated damages
                                         in an amount to be determined by mediation
	 	 
	4.4.	Termination
                                         of Exclusivity. Any time after two (2) years from the Effective Date, if Company, or
                                         its’ sublicensee, fails to use sustained Diligent Efforts to actively Develop and Commercialize
                                         the Licensed Subject Matter in the United States, UWMRF has the right to terminate the
                                         exclusivity of this license. UWMRF shall provide written notice to Company evidencing
                                         that Company, or its sublicensee, has failed to use sustained Diligent Efforts and if,
                                         within ninety (90) days after receiving such written notice from UWMRF of intended termination
                                         of exclusivity, Company fails to provide written evidence to UWMRF that Company, or its
                                         sublicensee, has used sustained Diligent Efforts to actively Develop or Commercialize
                                         the Licensed Subject Matter in such country then UWMRF will have the right to terminate
                                         the exclusivity of this license. If a sublicensee fails to perform Diligent Efforts,
                                         the Company shall have the right to retain the License and shall have an additional 90
                                         days to commence Diligent Efforts.

 

    	Page 11 of 25

    	 

    

 

	4.5.	Termination for Lack of Diligence. Any time after three (3) years from the Effective Date, if Company, or its’ sublicense, fails to use sustained Diligent Efforts to actively Develop and Commercialize the Licensed Subject Matter in the United States, UWMRF has the right to terminate this license. UWMRF shall provide written notice to Company evidencing that Company, or its sublicense, has failed to use such sustained Diligent Efforts and if, within ninety (90) days after receiving written notice from UWMRF of intended termination, Company fails to provide written evidence to UWMRF that Company, or its sublicense, has used sustained Diligent Efforts to actively Develop or Commercialize the Licensed Subject Matter then UWMRF will have the right to terminate this license in such country. Notwithstanding the foregoing, if a sublicensee fails to perform Diligent Efforts, the Company shall have the right to retain the License and shall have an additional 90 days to commence Diligent Efforts.
	 	 
	4.6.	Other
                                         Termination. This Agreement terminates automatically if Company becomes bankrupt
                                         or insolvent and/or if the business of Company is placed in the hands of a receiver,
                                         assignee, or trustee, whether by voluntary act of Company or otherwise.

 

4.7.    Termination
Obligations. If this Agreement is terminated for any cause:

 

		a.	nothing
                                         herein will be construed to release either Party of any obligation matured prior to the
                                         effective date of the termination; and,

 

		b.	after
                                         the effective date of the termination, Company may Sell all Licensed Products and parts
                                         thereof it has on hand at the date of termination, if it pays earned royalties thereon
                                         according to the terms of Article 3; and,

 

		c.	Company
                                         will be bound by the provisions of Articles 10 (Indemnification), 12 (Use of Name and
                                         Confidential Information) of this Agreement.

 

	4.8.	Sublicense
                                         Continuance. If this Agreement is terminated by UWMRF, any Company sublicensee(s)
                                         not in default of the terms and conditions of its sublicense agreement with Company may
                                         make a written election requesting to continue such sublicense agreement directly with
                                         UWMRF. Upon such an election by any such sublicensee, UWMRF may promptly negotiate, in
                                         good faith, a license continuance agreement with such sublicensee under reasonable terms
                                         and conditions. Company shall provide UWMRF all reasonable assistance and cooperation
                                         to make such license continuation agreement negotiations as efficient as possible. To
                                         the extent reasonably possible, Company must give its sublicensee(s) written notice thirty
                                         (30) days prior to the effective date of termination of this Agreement. In any case,
                                         sublicensee(s) must make a written election within thirty (30) days after receipt of
                                         written notice of termination from Company.

 

5.       PATENTS
AND INVENTIONS

 

	5.1.	Ownership.
                                         For the purpose of defining Patent Rights, each Party shall own any New Developments
                                         made solely by its employees, agents, directors, owners, advisors or independent contractors
                                         in the course of conducting its activities under this Agreement together with all intellectual
                                         property rights therein (“Sole Inventions”). Any New Developments that are
                                         made jointly by employees, agents, or independent contractors of each Party in the course
                                         of performing activities under this Agreement, together with all intellectual property
                                         rights therein (“Joint Inventions”) shall be owned jointly by the Parties
                                         in accordance with joint ownership interests of co-inventors under U.S. patent laws.
                                         For clarity, to the extent Joint Inventions relate to the Field of Use, such inventions
                                         shall automatically become part of this Agreement.

 

    	Page 12 of 25

    	 

    

 

	5.2.	Disclosure
                                         of Joint Inventions. Each Party must, to the extent not prohibited by third party
                                         agreements or obligations, promptly disclose to the other Party any New Development or
                                         invention disclosures, or other similar documents, submitted to it by its employees,
                                         agents or independent contractors describing inventions that may be Joint Inventions,
                                         and all information relating to such inventions.

 

	5.3.	Prosecution.
                                         Subject to the terms of Article 5.5, each Party has the right to file and prosecute intellectual
                                         property applications on any intellectual property to which it holds exclusive title.

 

	5.4.	Joint
                                         Inventions. The Parties shall use the procedure for the protection and administration
                                         of Joint Inventions as specified below in Article 5.5. If one Party does not wish to
                                         participate in the preparation, prosecution, and maintenance of intellectual property
                                         protection for Joint Inventions, the non-participating Party must offer to assign all
                                         its rights, title and interest to the Party electing to pursue intellectual property
                                         protection. The non-participating Party shall retain a non-exclusive, royalty free, non-sublicensable
                                         license to use the intellectual property for its own non-commercial research purposes.

 

	5.5.	Patent
                                         Prosecution. UWMRF, in consultation with Company, shall during the term hereof have
                                         the right, but not the obligation, to file patent applications to protect such Inventions
                                         or discoveries and to control actions related to the prosecution and maintenance of the
                                         U.S. patents and patent applications included within the Licensed Patents, and actions
                                         related to the prosecution and maintenance of those foreign patents and patent applications.
                                         UWMRF reserves the right to file a patent application, at its own expense, in any countries
                                         not requested by Company. The Company shall have the right to select legal counsel of
                                         its’ choice and, in consultation with UWMRF, to make any final determinations with
                                         respect to all actions relating to the Licensed Patents. UWMRF shall be entitled to provide
                                         comments and suggestions as to such proposed action and the Company shall take such comments
                                         and suggestions reasonably into account in its prosecution and maintenance of such patent
                                         applications and patents. The Company, in consultation with UWMRF shall prosecute and
                                         maintain patent applications and patents included within the Licensed Patent(s) diligently.
                                         To the extent the Company does not prosecute and maintain patent applications and patents
                                         included within the Licensed Patents, UWMRF shall have the right to prosecute and maintain
                                         such patents and patent applications on UWMRF’s behalf (at UWMRF’s expense),
                                         in which case, such patents and patent applications shall be treated in accordance with
                                         Section 5.6.

 

	5.6.	Future
                                         Patent Costs. During the time that any rights granted to Company remain exclusive,
                                         Company agrees to pay all costs (services and disbursements) incurred by UWMRF after
                                         the Effective Date in connection with the preparation, filing, prosecution and maintenance
                                         of Licensed Patent(s) (“Patent Related Costs”). UWMRF shall be reasonably
                                         included and given reasonable participation rights in all meetings with and communications
                                         to and from patent counsel. During the term of this Agreement Company may elect not to
                                         proceed with the payment of certain Patent Related Costs and prosecution for any one
                                         or more particular patent(s) or patent application(s) (thereafter a “Relinquished
                                         Patent”) included within the Licensed Patents. Upon provision to UWMRF of written
                                         notice of such election, and effective ten (10) days after the receipt of such notice,
                                         this Agreement and Exhibit 1 shall be amended and such Relinquished Patent(s) shall no
                                         longer be included within the Licensed Patents and Company shall have no rights with
                                         respect thereto. For clarity, any Patent Related Costs accrued prior to the effective
                                         date of a Relinquished Patent, must be reimbursed to UWMRF. All rights previously granted
                                         to Company with respect to such Relinquished Patent(s) will revert to the sole benefit
                                         of UWMRF, and Company shall be fully liable for any infringement thereof caused by its
                                         activities after the date of relinquishment.

 

    	Page 13 of 25

    	 

    

 

	5.7.	Challenge
                                         of Patent by Company. If the Company, sublicensee, an affiliate, or a Third Party
                                         acting on behalf of the Company or one of its affiliates or sublicensees, challenges
                                         the validity or enforceability of UWMRF’s Patent Rights anywhere in the world,
                                         the Company must continue to pay all royalties and other financial obligations required
                                         under this Agreement, to include patent costs and fees. The Company must reimburse the
                                         UWMRF for all fees and costs associated with defending such action, including but not
                                         limited to attorney fees and expert fees.

 

6.       DEVELOPMENT,
DILIGENCE AND MILESTONES

 

	6.1.	Development
                                         Rights. Company shall have the sole right and obligation to make all decisions regarding
                                         the Development, use, production, Sale, Commercialization, and sublicensing of Licensed
                                         Products. Company shall reasonably consider all input and comments received from UWMRF
                                         related to Company’s Development, use, production, Sale, Commercialization, and
                                         sublicensing of Licensed Products.

 

	6.2.	Diligent
                                         Efforts. Company must exercise Diligent Efforts to Develop the Licensed Products
                                         for use throughout the Licensed Field and will give commercially reasonable consideration
                                         to the broadest possible application of the Licensed Products within the Field of Use
                                         to which the Licensed Patents might be applied. Company shall give reasonable consideration
                                         to any comments or suggestions from UWMRF regarding additional applications to which
                                         the Licensed Patents could be applied, provided that Company shall make the final determination
                                         as to Company’s development plan(s) regarding products embraced by the Licensed
                                         Patents (subject to the above obligation on Company to exercise Diligent Efforts). Such
                                         Diligent Efforts shall include, without limitation, those activities listed in the Development
                                         Plan separately provided and not made a part of this Agreement, as amended from time-to-time.
                                         The Parties agree that a revised copy of a Development Plan will be promptly provided
                                         to UWMRF after being amended or modified by Company.

 

	6.3.	Development
                                         Plan. Beginning on the Effective Date and on each September 30 thereafter, beginning
                                         on September 30, 2021 until the date of first Sale, Company must provide UWMRF annually
                                         with a written Development Plan summarizing Company’s Development activities since
                                         the last Development Plan and any adjustments made by Company to the previous Development
                                         Plan. Company agrees to provide each Development Plan to UWMRF on or before ninety (90)
                                         days from the end of each annual period and shall set forth in each Development Plan
                                         reasonably sufficient detail to enable UWMRF to ascertain Company’s progress toward
                                         the development of Licensed Products based on the Licensed Patents. It is understood
                                         and acknowledged by the Parties that Development Plans shall constitute Company Confidential
                                         Information, shall not be considered a part or an amendment to this Agreement, shall
                                         be provided by Company for informational purposes only and shall not (apart from the
                                         diligence obligations set forth in Article 6.2 above) subject the Company to allegations
                                         of breach or termination of this Agreement.

 

	6.4.	Lack
                                         of Diligence. Company has or will obtain the expertise necessary to independently
                                         evaluate the Licensed Patent(s) and intends to promote the development of Licensed Products
                                         for the commercial market. Company acknowledges that any failure by Company to exercise
                                         Diligent Efforts to reasonably implement the Development Plan, as amended from time to
                                         time, or to make timely submission to UWMRF of any updated Development Plan, or the providing
                                         of any false information to UWMRF regarding Company’s development activities hereunder,
                                         shall be a breach of this Agreement subject to the requirements of Article 4.3 hereof.

 

    	Page 14 of 25

    	 

    

 

7.       PROTECTION
OF LICENSED PATENTS AND INFRINGEMENT

 

	7.1.	Product
                                         Packaging. In a manner that is reasonable and consistent with industry practice and
                                         applicable legal requirements, Company agrees that all packaging containing Licensed
                                         Product(s), and documentation therefore, or Licensed Products sold by Company or its
                                         sublicensees will be permanently and legibly marked with the number of the applicable
                                         Licensed Patents in accordance with each country’s intellectual property laws,
                                         including 35 U.S.C. 287 of U.S. law.

 

	7.2.	Infringement
                                         Notification. Each Party must promptly, but no later than fourteen calendar (14)
                                         days after obtaining notice of infringement regarding the Licensed Products, notify the
                                         other in writing of such notice, including providing a copy of the notice of infringement.

 

	7.3.	Third
                                         Party Infringement. In the event that either Party believes there is infringement
                                         of any Licensed Patent(s) by a Third Party, such Party must provide the other Party with
                                         written notice that such infringement is occurring, including reasonable evidence of
                                         the infringement as soon as practicable.

 

	7.4.	Company
                                         Defense of Patent Challenge or Infringement Enforcement. Company, at its own expense,
                                         may defend or enforce any patent exclusively licensed hereunder against challenge or
                                         infringement by Third Parties and shall have the right and option to take action to abate
                                         such challenge or infringement e.g., by threatening suit, filing suit, injunction or
                                         license. Upon request by Company, UWMRF shall take action, join in any action, and otherwise
                                         provide Company with such assistance and information as may be useful to Company in connection
                                         with Company’s taking such action (if the cause of action arose during the Term
                                         of the Agreement and Company reimburses Licensors for their reasonable out-of-pocket
                                         expenses reasonably incurred in connection with any such request). Any recovery or damages
                                         with respect to challenges or infringements derived through Company taking such action
                                         shall be applied as follows:

 

		a.	first,
                                         to UWMRF to reimburse UWMRF for their expenses in assisting with such litigation (to
                                         the extent not previously reimbursed), including reasonable attorney’s fees;

 

		b.	second,
                                         to Company to reimburse Company for the expenses of the litigation, including reasonable
                                         attorney’s fees; and,

 

		c.	the
                                         balance of any recovery or damages shall be treated as Net Sales all of which shall be
                                         credited to the Company and which shall be calculated at the same royalty rate as that
                                         from Net Sales of Licensed Products.

 

	7.5.	UWMRF
                                         Defense of Patent Challenge or Infringement Enforcement. If the Company has not taken
                                         action to abate any alleged Third Party challenge or infringement within three (3) months
                                         of knowledge then, at anytime UWMRF may choose to bring an action at its own expense
                                         against the challenger or infringer of the Licensed Patents under such circumstances.
                                         Any recovery of damages for infringement derived through UWMRF taking such action shall
                                         be applied as follows:

 

		a.	first,
                                         to Company to reimburse Company for its expenses, if any, in assisting with such litigation,
                                         including reasonable attorney’s fees; and,

 

		b.	second,
                                         to UWMRF to reimburse UWMRF for the expenses of the litigation, including reasonable
                                         attorney’s fees; and,
	 	 	 

		c.	the
                                         balance of any recovery or damages shall be 100% retained by UWMRF.

 

    	Page 15 of 25

    	 

    

 

8.       DISPUTE
RESOLUTION AND INTERPRETATION

 

	8.1.	Governing
                                         Law. This Agreement and performance hereunder shall be governed, construed and enforced
                                         in accordance with the laws of the United States of America and of the laws of the State
                                         of Wisconsin (notwithstanding any choice of law principles).

 

	8.2.	Dispute
                                         Resolution. The Parties to this Agreement agree, as an initial matter, to meet, negotiate
                                         in good faith, and attempt to resolve amicably, without litigation, any controversy or
                                         any disputed claim by either Party against the other Party arising under or related to
                                         this Agreement. Prior to resorting to litigation, the Parties shall confer in good faith
                                         with respect to the possibility of resolving the matter through mediation with a mutually
                                         acceptable Third Party.

 

	8.3.	Court
                                         Resolution. If the Parties are unable to resolve the matter themselves, the Parties
                                         agree on the state and federal courts sitting in the State of Wisconsin as the sole and
                                         exclusive venues for resolving disputes, and the Parties hereby submit to the jurisdiction
                                         of such courts.

 

	8.4.	Validity.
                                         If any provision of this Agreement is determined to be invalid or unenforceable, or shall
                                         come into conflict with the laws or regulations of any jurisdiction or any governmental
                                         entity having jurisdiction over the Parties or this Agreement, those provisions shall
                                         be deemed automatically deleted, if such deletion is allowed by relevant law; the remaining
                                         provisions of this Agreement shall not be affected thereby and shall be binding upon
                                         the Parties hereto, and shall be enforceable, as though said invalid or unenforceable
                                         provision were not contained herein. Without limiting the generality of the preceding
                                         sentence, if any remedy set forth in this Agreement is determined to have failed of its
                                         essential purpose, then all other provisions of this Agreement, including the limitation
                                         of liability and exclusion of damages, shall remain in full force and effect.

 

9.       ASSIGNMENT

 

	9.1.	Assignment
                                         Consent. This Agreement and all rights and obligations are personal to the Parties,
                                         and may not be assigned without the written consent of the other Party unless otherwise
                                         provided for in Articles 9.1 or 9.2 and 2.5. With prior written notification to Company,
                                         UWMRF shall have the right to assign or transfer its rights and obligations under this
                                         Agreement; provided the party to whom such rights and obligations are assigned or transferred
                                         has also been assigned all rights to the Licensed Patents, and has agreed to assume all
                                         of the obligations of UWMRF hereunder.

 

	9.2.	Assignment
                                         Transfer. Upon written notice, this Agreement may be assigned, transferred or sublicensed
                                         by Company without UWMRF’s consent to an Affiliate or in connection with the acquisition
                                         of Company by merger, sale of all (or substantially all) of Company’s assets, or
                                         other sale of equity or reorganization resulting in a change of 50% or more in the ownership
                                         of Company’s stock, provided the assignee or successor has agreed to assume all
                                         of the obligations of Company hereunder. Company shall use best efforts to provide at
                                         least thirty (30) days written notice informing UWMRF of any potential or pending assignment
                                         of rights under the Agreement.

 

    	Page 16 of 25

    	 

    

 

10.       WARRANTY,
INDEMNIFICATION & SUPERIOR-RIGHTS

 

	10.1.	Superior
                                         Rights. Except for the rights, if any, of the Government of the United States, as
                                         set forth herein, UWMRF represents and warrants that (a) it is the owner of the entire
                                         right, title, and interest in and to the Licensed Patents, (b) it has the sole right
                                         to grant licenses thereunder, and (c) it has not granted licenses thereunder to any other
                                         entity that would restrict rights granted to Company except as stated herein.

 

	10.2.	Government
                                         Rights. It is understood that if the United States Government (through any of its
                                         agencies or otherwise) has funded research, during the course of or under which any of
                                         the inventions of the Licensed Patents were conceived or made, the United States Government
                                         is entitled, as a right, under the provisions of 35 U.S.C. § 200-212 and applicable
                                         regulations of Chapter 37 of the Code of Federal Regulations, to a nonexclusive, nontransferable,
                                         irrevocable, paid-up license to practice or have practiced the inventions of such patents
                                         for governmental purposes. Any license granted to Company pursuant to this Agreement
                                         shall be subject to such right. This Agreement is explicitly made subject to the Government’s
                                         rights under any agreement and any applicable law or regulation. If there is a conflict
                                         between an agreement, applicable law or regulation and this Agreement, the terms of the
                                         Government agreement, applicable law or regulation shall prevail.

 

	10.3.	Representations.
                                         Company understands and acknowledges that UWMRF by this Agreement, makes no representation
                                         as to the operability or fitness for any use, safety, efficacy, ability to obtain regulatory
                                         approval, patentability, and/or breadth of the Licensed Subject Matter, nor does UWMRF
                                         make any representation that the inventions contained in Licensed Patents or any Licensed
                                         Products do not infringe any other patents now held or that will be held by others or
                                         by UWMRF. UWMRF represents that its patents are validly held and to the best of its knowledge.

 

	10.4.	No
                                         Notice of Claims. UWMRF represents and warrants, (a) there are no liens, conveyances,
                                         mortgages, assignments, or other agreements which would prevent or impair the exercise
                                         of all substantive rights granted to Company pursuant to the terms and conditions of
                                         this Agreement; and (b) there is no claim, legal action, suit, arbitration, governmental
                                         investigation or other legal administrative proceeding, nor any decree or judgment in
                                         progress, pending or in effect, or, to the knowledge of UWMRF, threatened against or
                                         relating to UWMRF’s know-how or the transactions contemplated by this Agreement.

 

	10.5.	Due
                                         Diligence. Company, by execution hereof, acknowledges, covenants and agrees that
                                         it has not been induced in any way by UWMRF, University of Wisconsin System, University
                                         or its employees to enter into this Agreement, and further warrants and represents that
                                         (a) it has conducted sufficient due diligence with respect to all items, issues, and
                                         matters pertaining to this Agreement; and (b) Company has adequate knowledge and expertise,
                                         or has utilized knowledgeable and expert consultants, to adequately conduct the due diligence,
                                         and agrees to accept all risks inherent herein.

 

	10.6.	Express
                                         Warranties. THE EXPRESS WARRANTIES SET FORTH IN ARTICLES 10.1 and 10.4 ABOVE ARE
                                         THE ONLY WARRANTIES MADE BY UWMRF TO Company WITH RESPECT TO THE SUBJECT MATTER OF THIS
                                         AGREEMENT. UWMRF MAKES NO OTHER REPRESENTATIONS OR WARRANTIES, EXPRESS, IMPLIED OR ARISING
                                         BY CUSTOM OR TRADE USES, INCLUDING WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY
                                         OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO ANY ASPECT OF THIS AGREEMENT OR WITH
                                         RESPECT TO THE LICENSED PRODUCTS.

 

	10.7.	Indemnification.
                                         Company agrees to hold harmless and indemnify UWMRF, University of Wisconsin System,
                                         University, its regents, officers, employees and agents from and against any claims,
                                         demands, or causes of action whatsoever, including without limitation those arising on
                                         account of any injury or death of persons or damage to property caused by, or arising
                                         out of, or resulting from, the exercise or practice of the license granted hereunder
                                         by Company, its Affiliates and their officers, employees, agents or representatives.

 

    	Page 17 of 25

    	 

    

 

	10.8.	Limitation
                                         of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL,
                                         INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS
                                         AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.

 

11.       INSURANCE

 

	11.1.	Insurance
                                         Coverage. Beginning at the time when any Licensed Product is being distributed or
                                         Sold (including for the purpose of obtaining regulatory approvals or endorsements) by
                                         Company or by a sublicensee, Company must, at its sole cost and expense, procure and
                                         maintain commercial general liability insurance adequate to cover its obligations hereunder
                                         and which are consistent with normal business practices of prudent companies similarly
                                         situated. The minimum amounts of insurance coverage required shall not be construed to
                                         create a limit of Company s liability with respect to its indemnification under this
                                         Agreement. In the event Company makes a commercially reasonable effort to comply with
                                         the requirements of this Article 11.1 and is not able to obtain all said insurance coverage,
                                         then Company must provide written documentation of its efforts to obtain such coverage
                                         with supporting independent confirmation of any ineligibility or noncompliance by insurance
                                         carrier or broker.

 

	11.2.	Evidence
                                         of Insurance. Company must provide UWMRF with written evidence of such insurance
                                         upon UWMRF’s request. Company must provide UWMRF with written notice of at least
                                         fifteen (15) days prior to the cancellation, non-renewal or material change in such insurance.

 

12.       CONFIDENTIALITY
AND PUBLIC ANNOUNCEMENTS

 

	12.1.	Nondisclosure
                                         of Confidential Information. Each Party agrees it shall not disclose Confidential
                                         Information of the other Party in any manner, either oral or written, except as authorized
                                         in this Article 12. For all purposes hereunder, the Party disclosing Confidential Information
                                         shall be the “Disclosing Party” and the other Party shall be the “Receiving
                                         Party”. UWMRF and Company each agree that all Confidential Information forwarded
                                         to one by the other (a) be received in strict confidence, (b) be used only for the purposes
                                         of this Agreement, and (c) not be disclosed by the Receiving Party, its agents, directors,
                                         owners, advisors or employees without the prior written consent of the Disclosing Party,
                                         except to the extent that the Receiving Party can establish competent written proof that
                                         such information:

 

		a.	was
                                         in the public domain at the time of disclosure; or,

 

		b.	later
                                         became part of the public domain through no act or omission of the Receiving Party, it’s
                                         employees, agents, successors or assigns; or,

 

		c.	was
                                         lawfully disclosed to the Receiving Party by a Third party having the right to disclose
                                         it; or,

 

		d.	was
                                         already known by the Receiving Party at the time of disclosure; or,

 

		e.	was
                                         independently developed by the Receiving Party; or,

 

		f.	is
                                         required by law or regulation to be disclosed.

 

    	Page 18 of 25

    	 

    

 

	12.2.	Authorized
                                         Disclosure. A Party may disclose the Confidential Information belonging to the other
                                         Party to the extent such disclosure is reasonably necessary in the following instances:

 

		a.	filing
                                         or prosecuting Patents; or,

 

		b.	prosecuting
                                         or defending litigation; or,

 

		c.	complying
                                         with applicable governmental regulations; or,

 

		d.	disclosure,
                                         in connection with the performance of this Agreement, to such Party’s Affiliates,
                                         potential collaborators and sublicensees, partners, and licensees (including potential
                                         co-marketing and co-promotion contractors), research collaborators, employees, consultants,
                                         or agents, each of whom prior to disclosure must be bound by similar obligations of confidentiality
                                         and non-use at least equivalent in scope to those set forth in this Article 12.

 

		e.	Notwithstanding
                                         the foregoing, the Company may make disclosures to prospective investors, lenders and
                                         investment bankers pursuant to its capital raising efforts.

 

	12.3.	Confidential
                                         Disclosures. The Parties acknowledge that the terms of this Agreement shall be treated
                                         as Confidential Information of both Parties. Notwithstanding the foregoing, such terms
                                         may be disclosed by a Party to individuals or entities covered by 12.2.(d) and (e) above,
                                         each of whom prior to disclosure must be bound by similar obligations of confidentiality
                                         and non-use at least equivalent in scope to those set forth in this Article 12, and Company
                                         may disclose the aggregate license terms in single Company meetings with potential investment
                                         bankers, investors, lenders, and investors solely for the purpose of raising capital.
                                         In addition, a copy of this Agreement may be filed by Company with the Securities and
                                         Exchange Commission on Form 8-K (material agreements) or its quarterly report(s) on Form
                                         10-Q or its annual report on Form 10-K or in connection with any public offering of Company’
                                         securities.

 

	12.4.	Obligation
                                         of Confidence. It is acknowledged that each Party’s obligation of confidence
                                         hereunder shall be fulfilled by using at least the same degree of care with the other
                                         Party’s confidential information as it uses to protect its own confidential information.
                                         This obligation shall exist while this Agreement is in force and for a period of three
                                         (3) years thereafter.

 

	12.5.	Rights
                                         to Publish. UWMRF (on behalf of itself, the University and the Inventor) and Company
                                         reserves their rights to release or publish, either written or orally, the results of
                                         research related to the Licensed Subject Matter, to the scientific and business community
                                         in scientific journals or at any industry, investment, field, trade, business, scientific
                                         or technical conference, seminar, symposia or similar event, so long as such publication
                                         does not conflict with the other provisions of this Article 12. Without limiting the
                                         generality of the foregoing, Company shall be entitled to present, publish and release
                                         the results of its scientific work and development efforts without notification to or
                                         consent from UWMRF. In the event UWMRF or University (or any of their respective faculty,
                                         employee(s) or students) desires to publish the results of research related to the Licensed
                                         Subject Matter, such party shall give Company no less than sixty (60) days prior to the
                                         submission for publication a copy of the proposed publication (or an outline of such
                                         oral disclosure) to review the proposed publication and provide UWMRF with its comments
                                         and suggested changes. UWMRF shall take such comments and suggested changes reasonably
                                         into account. Within this sixty (60) day period the Company may request UWMRF, in writing,
                                         to delay such submission for publication or oral disclosure for a maximum of an additional
                                         thirty (30) days in order to protect the potential patentability of any invention described
                                         therein, and UWMRF shall comply with any such request so long as it is reasonable and
                                         cooperate with Company towards that end. Such delay must not, however, be imposed on
                                         the filing of any student thesis or dissertation by way of this Article 12.5. In no event
                                         shall the public release of any proposed publication or oral disclosure be delayed more
                                         than ninety (90) days from the date of its submission to Company. Upon the expiration
                                         of such sixty (60) day period from receipt by Company of such proposed publication, then
                                         UWMRF shall be free to proceed with the written publication or the oral presentation,
                                         unless Company has requested the delay described above.

    	Page 19 of 25

    	 

    

 

	12.6.	Publicity.
                                         The Parties agree that the initial public announcement of the execution of this Agreement
                                         shall be substantially in the form of the press release attached as Exhibit 2, if any,
                                         or as otherwise agreed by the Parties. During the Agreement Period, UWMRF and Company
                                         shall submit to the other for review and comment, to the extent reasonably attainable,
                                         not less than forty-eight (48) hours prior to release, all press releases or other public
                                         announcements directly relating to the license granted under this Agreement.

 

	12.7.	Use
                                         of Name. A Party shall not use the name of another Party in any public announcement
                                         without the prior written consent of the other Party, which consent shall not be unreasonably
                                         withheld, conditioned or delayed. For clarity, the name of a Party, without prior written
                                         consent, shall be permitted to be used in any governmental or regulatory filings.

 

13.       NOTICES

 

	13.1.	All
                                         notices required or permitted under this Agreement shall be in writing (including by
                                         facsimile or PDF copy attached to an email) and provided by certified or registered air
                                         mail, personal delivery, or facsimile or email to the appropriate Party at the following
                                         addresses or such other addresses as the Parties may hereafter designate by notice:

 

	13.2.	

 

	If
    to UWMRF:	 	UWM
                                         Research Foundation

        Attn:
        President

        1440
        East North Avenue

        Milwaukee,
        WI 53202
	 	With
    a copy to (UWMRF):	 	UWM
                                         Foundation

        Attn:
        Chief Operating Officer

        1440
        East North Avenue

        Milwaukee,
        WI 53202

	 	 	 	 	 	 	 
	If
    to Company:	 	RespireRx
                                         Pharmaceuticals Inc

        Attn:
        Arnold S. Lippa, Chief Scientific Officer

        Address:
        126 Valley Road, Suite C

        Glen
        Rock, NJ 07452

        Email:
        alippa@respirerx.com
	 	With
    a copy to RespireRx Pharmaceuticals Inc.	 	Attn:
                                         Jeff Eliot Margolis, CFO

        Address:
        126 Valley Road, Suite C

        Glen
        Rock, NJ 07452

        Email:
        jmargolis@auroracapital.com

 

Each
Party may change the address or title of the person to whom notices will be sent by giving notice in the manner set forth herein.

 

14.       GENERAL

 

	14.1.	Complete
                                         Agreement. This Agreement, together with the agreements expressly referenced herein,
                                         constitutes the entire and only agreement between the Parties for Licensed Subject Matter
                                         and all other prior negotiations, representations, agreements, and understandings are
                                         superseded hereby. No agreements altering or supplementing the terms hereof may be made
                                         except by a written document signed by both Parties.

 

    	Page 20 of 25

    	 

    

 

	14.2.	Force
                                         Majeure. No Party to this Agreement shall be responsible or liable to any other Party
                                         hereunder for failure or delay in performance of this Agreement due to any war, fire,
                                         accident or other casualty, or any labor disturbance or act of God or the public enemy
                                         or any other contingency beyond such Party’s reasonable control. In the event of
                                         the applicability of this Article 14.2, the Party affected thereby shall use its commercially
                                         reasonable efforts to eliminate, cure and overcome any such causes and resume performance
                                         of its obligations under this Agreement.

 

	14.3.	Regulations.
                                         Company must comply with all applicable federal, state and local laws and regulations
                                         in connection with its activities pursuant to this Agreement, including without limitation,
                                         export regulations.

 

	14.4.	No
                                         Waiver. Failure of UWMRF to enforce a right under this Agreement will not act as
                                         a waiver of that right or the ability to later assert that right relative to the particular
                                         situation involved.

 

	14.5.	Use
                                         of Titles and Headings. The titles and headings used in this Agreement are inserted
                                         for convenience of reference only and are not intended to be a part of or affect the
                                         meaning of this Agreement.

 

	14.6.	Severability.
                                         If any provisions contained in this Agreement shall be held to be invalid, illegal, or
                                         unenforceable in any respect, the remainder of this Agreement shall be construed as if
                                         such provision had never been contained in the Agreement.

 

	14.7.	The
                                         use of the singular shall also mean the plural; the use of the plural shall also mean
                                         the singular. The use of “including” shall be by way of illustration and
                                         shall mean “including without limitation.” All defined terms shall have the
                                         defined meaning whether used before or after such term is defined.

 

	14.8.	This
                                         Agreement may be executed in a number of identical counterparts each of which for all
                                         purposes shall be deemed an original. This Agreement shall not be binding on the Parties
                                         until all Parties have signed the same Agreement or identical counterparts thereof and
                                         each Party has received the signature page signed by the other Party, whether that signature
                                         page is an original, facsimile, digital or electronic copy.

 

The
remainder of this page was intentionally left blank.

 

    	Page 21 of 25

    	 

    

 

IN
WITNESS WHEREOF, Parties hereto have caused their duly authorized representatives to execute this Agreement.

 

	University
    of Wisconsin-Milwaukee Research Foundation 
	 	 
	By	/s/
    Brian D. Thompson	 
	Name:	Brian
    D. Thompson	 
	Title:	President	 
	Date:	August
    4, 2020	 
	 	 
	RespireRx
    Pharmaceuticals Inc.	 
	 	 
	By	/s/
    Jeff Eliot Margolis	 
	Name:	Jeff
    Eliot Margolis	 
	Title:	Senior
    Vice President, Chief Financial Officer, Treasurer, Secretary	 
	Date:	August
    1, 2020	 

 

The
remainder of this page was intentionally left blank.

 

    	Page 22 of 25

    	 

    

 

Exhibit
1

 

Licensed
Patents

 

	Title

        *Anticipated
        Title
	 	Application/Patent
    Number	 	Type
    	 	Filing
                                         Date

        *Anticipated
        Filing Date

	GABAERGIC
    RECEPTOR SUBTYPE SELECTIVE LIGANDS AND THEIR	 	9,006,233	 	US	 	Issued
	GABAERGIC
    RECEPTOR SUBTYPE SELECTIVE LIGANDS AND THEIR USES	 	9,597,342	 	US	 	Issued
	GABAERGIC
    LIGANDS AND THEIR USES	 	10,259,815	 	US	 	Issued
	GABAERGIC
    LIGANDS AND THEIR USES	 	2979701	 	CA
    Utility	 	3/20/2015

 

    	Page 23 of 25

    	 

    

 

Exhibit
2

 

Initial
Press Release

 

To
Be Agreed As Of the Effective Date or Within 4 Business Days Thereof

 

    	Page 24 of 25

    	 

    

 

Exhibit
3

 

ROYALTY
REPORT

 

LICENSEE:____________________________________________

Period
Covered: From____________ Through: _____________

Prepared
By: ___________________________________________       Date: _____________

Approved
By: __________________________________________       Date: _____________

 

	Report
    Type: 	[  ]Single
    Product Line Report
	 	[  ]Multiproduct
    Summary Report. Page 1 of ______ Pages

 

If
Licensee has several licensed products, please prepare separate reports for each. Then, compile all licensed products into a summary
report.

 

Report
Currency: [  ] U.S. Dollars [  ] Other _____________________________

 

		 	Product
or
	 	Quantity
	 	Unit	 	 	Net
	 	 	*
Less
	 	 	Royalty
	 	 	Period
    Royalty
 Amount	 
	Country	 	Tradename	 	Sold	 	Price	 	 	Sales	 	 	Allowances	 	 	Rate	 	 	 	This
                                         Year	 	 	 	Last
                                         Year	 
	 	 	              	 	 	 	 		 	 	$	         	 	 	$	                  	 	 	 	              	 	 	$	              	 	 	$	                	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL:	 	 	 	 	 	 	 	 	 	$		 	 	$		 	 	 	 	 	 	$		 	 	$		 

 

Total
Royalty Due: $___________________________

The
following royalty forecast is non-binding and for internal planning only:

Royalty
Forecast Under This Agreement: Qtr 1:________ Qtr 2:________ Qtr 3:________ Qtr 4:________

 

*
On a separate page, please indicate the reasons for adjustments, if significant. Please refer to the following examples as applicable:
(1) cash, trade or quantity discounts actually allowed; (2) sales, use, tariff, customs duties or other excise taxes directly
imposed upon particular sales; (3) outbound transportation charges—prepaid or allowed, and (4) allowances or credits to
third parties for rejections or returns.

 

    	Page 25 of 25Exhibit
99.4

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of July 30, 2020, is entered into by and between RespireRx
Pharmaceuticals Inc., a Delaware corporation (the “Company”), and EMA Financial, LLC, a Delaware limited liability
company (the “Purchaser” or “Holder”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act” or “1933 Act”), and Rule 506 promulgated thereunder by the United States
Securities and Exchange Commission (the “SEC”), the Company desires to issue and sell to the Purchaser, and the Purchaser
desires to purchase from the Company (i) a 10% convertible note of the Company, in the form attached hereto as Exhibit A, in the
principal amount of $75,000.00 (together with any note(s) issued in replacement thereof or as interest thereon or otherwise with
respect thereto in accordance with the terms thereof, the “Note”), convertible into shares (“Conversion Shares”)
of common stock, par value $0.001 per share (the “Common Stock”), of the Company, upon the terms and subject to the
limitations and conditions set forth in such Note; and (ii) a common stock purchase warrant, in the form attached hereto as Exhibit
B, permitting the Holder to purchase 3,750,000 shares (“Warrant Shares”) of Common Stock of the Company for an exercise
price of $0.007 per share, subject to the terms and conditions therein contained (together with any common stock purchase warrant(s)
issued in replacement thereof or otherwise with respect thereto in accordance with the terms thereof, the “Warrant”).

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

1.
Purchase and Sale of Note.

 

a)
Purchase of Note and Warrant. On the Closing Date (as defined below), the Company shall issue and sell to the Purchaser,
and the Purchaser agrees to purchase from the Company, the Note and the Warrant for an aggregate purchase price of $68,250.00
(“Purchase Price”).

 

b)
Form of Payment. On the Closing Date (i) the Purchaser shall pay the Purchase Price by wire transfer of immediately available
funds, in accordance with the Company’s written instructions as provided in the disbursement authorization dated July 30,
2020 and signed by the Company (the “Disbursement Authorization”), simultaneously with delivery of the Note and the
Warrant, and (ii) the Company shall deliver such Note and the Warrant duly executed on behalf of the Company to the Purchaser,
simultaneously with delivery of such Purchase Price.

 

c)
Closing Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 8 and Section
9 below, the closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the first business
day following the date hereof or such other mutually agreed upon time (the “Closing Date”)

 

    	 	 	 

     

    

 

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

 

a)
Investment Purpose. Purchaser is acquiring the Note, the Conversion Shares, the Warrant
and the Warrant Shares (collectively, the “Securities”) for its own account and not with a view towards, or for resale
in connection with, the public sale or distribution thereof in violation of applicable securities laws; provided, however, by
making the representations herein, Purchaser does not agree, or make any representation or warranty, to hold any of the Securities
for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant
to a registration statement or an exemption under the 1933 Act. The Purchaser is acquiring the Securities hereunder in the ordinary
course of its business. The Purchaser does not presently have any agreement or understanding, directly or indirectly, with any
person to distribute any of the Securities in violation of applicable securities laws.

 

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

 

c)
Reliance on Exemptions. The Purchaser 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 Purchaser’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions
and the eligibility of the Purchaser to acquire the Securities.

 

d)
Information. The Purchaser and its advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the
Purchaser or its advisors. The Purchaser and its advisors, if any, have been afforded the opportunity to ask questions of the
Company regarding its business and affairs.

 

e)
Governmental Review. The Purchaser understands that no United States federal or state agency or any other government or
governmental agency has passed upon or made any recommendation or endorsement of the Securities.

 

    	2

     

    

 

f)
Transfer or Re-sale. The Purchaser understands that (i) the sale or resale of the Securities has not been and is not being
registered under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the
Securities are sold pursuant to an effective registration statement under the 1933 Act, (b) such shares are included and sold
in a qualified offering pursuant to Regulation A under the 1933 Act, (c) the Purchaser shall have delivered to the Company, at
the cost of the Purchaser, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel
in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant to
an exemption from such registration, which opinion shall be accepted by the Company, (d) the Securities are sold or transferred
to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”))
of the Purchaser who agrees to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is
an Accredited Investor, (e) the Securities are sold pursuant to Rule 144 or other applicable exemption, or (f) the Securities
are sold pursuant to Regulation S under the 1933 Act (or a successor rule) (“Regulation S”), and the Purchaser shall
have delivered to the Company, at the cost of the Purchaser, an opinion of counsel that shall be in form, substance and scope
customary for opinions of counsel in corporate transactions; (ii) any sale of such Securities made in reliance on Rule 144 may
be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any re-sale of such Securities
under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that
term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations
of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register or sell such Securities
under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (in each
case). Notwithstanding the foregoing or anything else contained herein to the contrary, the Securities may be pledged in connection
with a bona fide margin account or other lending arrangement secured by the Securities, and such pledge of Securities shall not
be deemed to be a transfer, sale or assignment of the Securities hereunder, and the Purchaser in effecting such pledge of Securities
shall be not required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to
this Agreement or otherwise.

 

g)
Legends. The Purchaser understands that until such time as any of the Note, Warrant, and, upon conversion of the Note and/or
exercise of the Warrant in accordance with its respective terms, the Conversion Shares and/or the Warrant Shares, have been registered
under the 1933 Act or may be sold pursuant to Regulation A, Rule 144, Rule 144A under the 1933 Act, Regulation S, or other applicable
exemption without any restriction as to the number of securities as of a particular date that can then be immediately sold, the
Securities may bear a restrictive legend in substantially the following form (and a stop-transfer order may be placed against
transfer of the certificates for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
OR EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (B) INCLUSION IN A QUALIFIED OFFERING PURSUANT TO REGUALTION A UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR (C) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A, REGULATION
S, OR OTHER APPLICABLE EXEMPTION UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

    	3

     

    

 

The
legend set forth above shall be removed and the Company shall issue a certificate for the applicable shares of Common Stock without
such legend to the holder of any Security upon which it is stamped or (as requested by such holder) issue the applicable shares
of Common Stock to such holder by electronic delivery by crediting the account of such holder’s broker with The Depository
Trust Company (“DTC”), if, unless otherwise required by applicable state securities laws, (a) such Security is registered
for sale under an effective registration statement under the 1933 Act or included in a sale pursuant to a qualified offering under
Regulation A filed under the 1933 Act or otherwise may be sold pursuant to Rule 144, Rule 144A, Regulation S, or other applicable
exemption without any restriction as to the number of securities as of a particular date that can then be immediately sold, or
(b) the Purchaser provides a legal counsel opinion to the effect that a public sale or transfer of such Security may be made without
registration under the 1933 Act, which opinion may be accepted by the Company so that the sale or transfer is effected. The Company
shall be responsible for the fees of its transfer agent and all DTC fees associated with any such issuance. The Purchaser 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.

 

h)
Authorization; Enforcement. This Agreement has been duly and validly authorized by the Purchaser and has been duly executed
and delivered on behalf of the Purchaser, and this Agreement constitutes a valid and binding agreement of the Purchaser enforceable
in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally and except as may be limited by the exercise of judicial discretion in
applying principles of equity.

 

i)
Residency. The Purchaser is a resident of the jurisdiction set forth immediately below the Purchaser’s name on the
signature pages hereto.

 

3.
Representations and Warranties of the Company. Except as disclosed by the Company in the publicly filed SEC Documents (as
defined in this Agreement) the Company represents and warrants to the Purchaser, as of the date hereof and the Closing Date, that:

 

a)
Organization and Qualification. The Company 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. The SEC
Documents set forth a list of all of the Subsidiaries of the Company. The Company is duly qualified as a foreign corporation to
do business and is in good standing in every jurisdiction in which its ownership or use of property or the nature of the business
conducted by it makes such qualification necessary except where the failure to be so qualified or in good standing would not have
a Material Adverse Effect. “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. “Subsidiaries”
means any corporation or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly,
any controlling equity or other controlling ownership interest.

 

    	4

     

    

 

b)
Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this
Agreement, the Note and the Warrant 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 and the Warrant 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 Warrant and the issuance and reservation for issuance of the Conversion Shares and Warrant Shares
issuable upon conversion and exercise, as applicable, 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
and the Warrant and each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms.

 

c)
Capitalization: As of March 31, 2020, the authorized capital stock of the Company consisted of 65,000,000 authorized shares
of Common Stock, of which 33,693,853 shares were issued and outstanding, and 37,500 authorized shares of Series B Preferred Stock,
of which 11 were issued and outstanding. All of such outstanding shares of capital stock of the Company and the Conversion Shares,
were, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable. No shares of capital stock of
the Company are subject to preemptive rights or any other similar rights of the shareholders of the Company or any liens or encumbrances
imposed through the actions or failure to act of the Company. As of the effective date of this Agreement, other than as publicly
announced prior to such date and reflected in the SEC filings of the Company (i) there are no outstanding options, warrants, scrip,
rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments or rights
of any character whatsoever relating to, or securities or rights convertible into or exchangeable for any shares of capital stock
of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is or may become bound
to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no agreements or arrangements
under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities under the
1933 Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or
in any agreement providing rights to security holders) that will be triggered by the issuance of any of the Securities. The Company
has furnished to the Purchaser true and correct copies of the Company’s Certificate of Incorporation as in effect on the
date hereof (“Certificate of Incorporation”), the Company’s By-laws, as in effect on the date hereof (the “By-laws”),
and the terms of all securities convertible into or exercisable for Common Stock of the Company and the material rights of the
holders thereof in respect thereto. As of April 30, 2020, the Company increased its authorized number of shares Common Stock from
65,000,000 to 1,000,000,000 (one billion). As of July 10, 2020, there were 255,348,182 shares of Common Stock outstanding. On
July 13, 2020, the Company filed a certificate of designation, preferences, rights and limitations of its Series H Preferred Stock
(“Series H Preferred Stock”) with the Secretary of State of the State of Delaware. The Company designated 1,200 shares
of Series H Preferred Stock with a par value of $0.001 and a stated value of $1,000.00 per share. The Series H Preferred Stock
has 2% dividend rate per annum and is convertible, subject to certain blocker and other provisions, at $0.0064 divided into stated
value, into shares of Common Stock and Warrants in equal numbers multiplied by the number of Series H Preferred Shares issued.
1,100 shares of Series H Preferred Stock were issued on July 13, 2020. The Series H Preferred Stock is more fully described in
the Company’s filing on Form 8-K on July 13, 2020.

 

d)
Issuance of Shares. The Conversion Shares and the Warrant Shares are duly authorized and reserved for issuance and, upon
conversion of the Note or exercise of the Warrant, as the case may be, in accordance with their 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.

 

    	5

     

    

 

e)
Acknowledgment of Dilution. The Company’s executive officers and directors understand the nature of the Securities
being sold hereby and recognize that the issuance of the Securities will have a potential dilutive effect on the equity holdings
of other holders of the Company’s equity or rights to receive equity of the Company. The Board of Directors of the Company
has concluded, in its good faith business judgment that the issuance of the Securities is in the best interests of the Company.
The Company specifically acknowledges that its obligation to issue the Conversion Shares upon conversion of the Notes and Warrant
Shares upon exercise of the Warrant is binding upon the Company and enforceable regardless of the dilution such issuance may have
on the ownership interests of other stockholders of the Company or parties entitled to receive equity of the Company.

 

f)
No Conflicts. The execution, delivery and performance of this Agreement, and the Note and the Warrant 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 and Warrant Shares) will not (i) conflict with or result in a violation
of any provision of the Company’s 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 and that is not filed as an SEC Document
or other document filed with the SEC, 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 Company is not
in violation of its Certificate of Incorporation, By-laws or other organizational documents and neither the Company nor any of
its Subsidiaries is in default (and no event has occurred which with notice or lapse of time or both could put the Company or
any of its Subsidiaries in default) under, and neither the Company nor any of its Subsidiaries has taken any action or failed
to take any action that would give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or any of its Subsidiaries is a party or by which any property or assets of the Company
or any of its Subsidiaries is bound or affected, except for possible defaults 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 Purchaser owns any of the Securities, in violation of any law, ordinance or regulation of any
governmental entity. Except as specifically contemplated by this Agreement and as required under the 1933 Act and any applicable
state securities laws, the Company is not required to obtain any consent, authorization or order of, or make any filing or registration
with, any court, governmental agency, regulatory agency, self-regulatory organization or stock market or any third party in order
for it to execute, deliver or perform any of its obligations under this Agreement and the Note and the Warrant in accordance with
the terms hereof or thereof or to issue and sell the Securities in accordance with the terms hereof and thereof and to issue the
Conversion Shares and the Warrant Shares. All consents, authorizations, orders, filings and registrations which the Company is
required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date hereof. The Company
is not in violation of the listing requirements of the Principal Market (as defined in this Agreement) and does not reasonably
anticipate that the Common Stock will be delisted by the Principal Market in the foreseeable future. The Company and its Subsidiaries
are unaware of any facts or circumstances which might give rise to any of the foregoing.

 

g)
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 (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 Purchaser true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their
respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Exchange Act of
1934, as amended (“1934 Act” or “Exchange Act”), 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, 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). Except as set forth in the financial statements
of the Company included in the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities
incurred in the ordinary course of business, and (ii) obligations under contracts and commitments incurred in the ordinary course
of business and not required under generally accepted accounting principles to be reflected in such financial statements, which,
individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company
is subject to the reporting requirements of the 1934 Act.

 

    	6

     

    

 

h)
Absence of Certain Changes. Since March 31, 2020, 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.

 

i)
Absence of Litigation. 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 that has not be disclosed in the SEC Documents. The public filings contain a complete
list and summary description of any pending or, to the knowledge of the Company, threatened proceeding against or affecting the
Company or any of its Subsidiaries, without regard to whether it would 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.

 

j)
Patents, Copyrights, etc. The Company and each of its Subsidiaries owns or possesses the requisite licenses or rights to
use all patents, patent applications, patent rights, inventions, know-how, trade secrets, trademarks, trademark applications,
service marks, service names, trade names and copyrights (“Intellectual Property”) necessary to enable it to conduct
its business as now operated (and, as presently contemplated to be operated in the future); there is no claim or action by any
person pertaining to, or proceeding pending, or to the Company’s knowledge threatened, which challenges the right of the
Company or of a Subsidiary with respect to any Intellectual Property necessary to enable it to conduct its business as now operated
(and, as presently contemplated to be operated in the future); to the best of the Company’s knowledge, the Company’s
or its Subsidiaries’ current and intended products, services and processes do not infringe on any Intellectual Property
or other rights held by any person and/or entity; and the Company is unaware of any facts or circumstances which might give rise
to any of the foregoing. The Company and each of its Subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of their Intellectual Property.

 

k)
No Materially Adverse Contracts, Etc. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate
or other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers
has or is expected in the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party
to any contract or agreement which in the judgment of the Company’s officers has or is expected to have a Material Adverse
Effect.

 

    	7

     

    

 

l)
Disclosure. No event or circumstance has occurred or exists with respect to the Company or any of its Subsidiaries or its
or their business, properties, prospects, operations or financial conditions, which, under applicable law, rule or regulation,
requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed.

 

m)
Brokers. The Company hereby represents and warrants that it has not hired, retained or dealt with any broker, finder, consultant,
person, firm or corporation (“Broker”) in connection with the negotiation, execution or delivery of this Agreement
or the transactions contemplated hereunder. The Company covenants and agrees that should any claim be made against Purchaser for
any commission or other compensation by the Broker, based upon the Company’s engagement of such person in connection with
this transaction, the Company shall indemnify, defend and hold Purchaser harmless from and against any and all damages, expenses
(including attorneys’ fees and disbursements) and liability arising from such claim. The Company shall pay the commission
of the Broker, to the attention of the Broker, pursuant to their separate agreement(s) between the Company and the Broker.

 

n)
Permits; Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations,
licenses, permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and
operate its properties and to carry on its business as it is now being conducted (collectively, the “Company Permits”),
and there is no action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of
the Company Permits. Neither the Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of
the Company Permits, except for any such conflicts, defaults or violations which, individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect. Since March 31, 2020, neither the Company nor any of its Subsidiaries
has received any notification with respect to possible conflicts, defaults or violations of applicable laws, except for notices
relating to possible conflicts, defaults or violations, which conflicts, defaults or violations would not have a Material Adverse
Effect except as may be disclosed in the SEC Documents.

 

o)
Insurance. The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such coverage, amounts as are prudent and customary in the businesses in which the Company is engaged,
including, but not limited to, directors and officer’s insurance coverage with coverage amounts that are at least equal
to the aggregate Purchase Price. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as
may be necessary to continue its business without a significant increase in cost.

 

p)
No “Shell”. As of the date of this Agreement the Company is an operating company and, either (i) is not or
has never been a “shell issuer” as defined in Rule 144(i)(2) or (ii) at least 12 months have passed since the Company
filed Form 10 Type information indicating it is not a “shell issuer” (and supporting the claim that it is no longer
a shell company), filed all required reports for at least twelve consecutive months after the filing of the respective Form 10
information, and has therefore complied with Rule 144(i)(2).

 

    	8

     

    

 

q)
Bad Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended
on the basis of being a “bad actor”.

 

r)
Acknowledgement Regarding Purchaser’s Trading Activity. Notwithstanding anything in this Agreement or elsewhere to
the contrary it is understood and acknowledged by the Company that: (i) the Purchaser has not been asked by the Company to agree,
nor has any Purchaser agreed, to desist from purchasing or selling, securities of the Company, or “derivative” securities
based on securities issued by the Company or to hold the Securities for any specified term; (ii) each Purchaser shall not be deemed
to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction.

 

s)
Sarbanes-Oxley Act. The Company and each Subsidiary is in material compliance with all applicable requirements of the Sarbanes-Oxley
Act of 2002 that are effective as of the date hereof, and all applicable rules and regulations promulgated by the SEC thereunder
that are effective as of the date hereof.

 

4.
COVENANTS.

 

a.
Best Efforts. The parties shall use their best efforts to satisfy timely each of the conditions described in Section 6
and 7 of this Agreement.

 

b.
Form D; Blue Sky Laws. The Company agrees when applicable to timely file a Form D with respect to the Securities as required
under Regulation D and to provide a copy thereof to the Purchaser promptly after such filing. The Company shall, on or before
the Closing Date, take such action as the Company shall reasonably determine is necessary to qualify the Securities for sale to
the Purchaser at the applicable closing pursuant to this Agreement under applicable securities or “blue sky” laws
of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any such
action so taken to the Purchaser on or prior to the Closing Date.

 

c.
Use of Proceeds. The Company shall use the proceeds from the sale of the Securities for general corporate purposes, marketing
and sales, product development, key personnel recruiting and business development purposes, and shall not, directly or indirectly,
use such proceeds for (i) the repayment of any other debt issued in corporate finance transactions, (ii) any loan to or investment
in any other corporation, partnership, enterprise or other person (except in connection with the Company’s currently existing
operations), or (iii) any loan, credit, or advance to any officers, directors, employees, or affiliates of the Company. Notwithstanding
the foregoing, the proceeds from the sale of the Securities may be used to reimburse any officers or directors for any advances
made to the Company by such officers or directors.

 

    	9

     

    

 

d.
Financial Information. Upon written request of the Purchaser, the Company agrees to within (3) three days of the written
request send or make available the following reports filed with the SEC or OTC Markets Group to the Purchaser: a copy of its Annual
Report and its Quarterly Reports and any Supplemental Reports; (ii) copies of all press releases issued by the Company or any
of its Subsidiaries; and (iii) copies of any notices or other information the Company makes available or gives to such shareholders.
Notwithstanding the foregoing, the Company shall not disclose any material nonpublic information to the Purchaser without its
consent unless such information is disclosed to the public prior to or promptly following such disclosure to the Purchaser. Purchaser
acknowledges that such information is currently available on the Company’s website at www.respirerx.com and in the SEC Documents.

 

e.
Listing. The Company will, so long as the Purchaser owns any of the Securities, maintain the listing and trading of its
Common Stock on the Principal Market, and will comply in all respects with the Company’s reporting, filing and other obligations
under the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as applicable.
The Company shall promptly provide to the Purchaser copies of any notices it receives from the SEC, OTC Markets Group and any
other exchanges or quotation systems on which the Common Stock is then listed regarding the continued eligibility of the Common
Stock for listing on such exchanges and quotation systems, provided that it shall not provide any notices constituting material
nonpublic information. If at any time while the Note and the Warrant are outstanding the Company fails to maintain the listing
and trading and of its Common Stock, or fails in any way to comply with the Company’s reporting/ filing obligations such
failure(s) will result in liquidated damages of fifteen thousand dollars ($15,000), being immediately due and payable to Purchaser
at its election in the form of cash payment or addition to the balance of the Note.

 

f.
Corporate Existence. So long as the Purchaser beneficially owns any Securities, the Company shall maintain its corporate
existence and shall not sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation
or sale of all or substantially all of the Company’s assets, where the surviving or successor entity in such transaction
(i) assumes the Company’s obligations hereunder and under the agreements and instruments entered into in connection herewith
and (ii) is a publicly traded corporation whose Common Stock is listed for trading on a Principal Market.

 

g.
No Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of
the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

h.
Securities Laws Disclosure; Publicity. The Company shall comply with applicable securities laws by filing a Current Report
on Form 8-K, within four (4) Trading Days following the date hereof, disclosing all the material terms of the transactions contemplated
hereby.

 

i.
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by this
Agreement, the Company covenants and agrees that neither it nor any other person acting on its behalf will provide the Purchaser
or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior
thereto the Purchaser shall have executed a written agreement regarding the confidentiality and use of such information. The Company
understands and confirms that the Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
of the Company. Notwithstanding the foregoing, an offering pursuant to an equity line arrangement and any related S-1 registration
statement and an offering on Form 1-A (Regulation A Offering) shall be excepted from this Section 4(i).

 

    	10

     

    

 

j.
Subsidiaries. So long as the Note remains outstanding, the Company shall cause each of its Receiving Subsidiaries (as defined
below), if any, whether newly formed, after acquired or otherwise existing to promptly (and in any event within thirty (30) days
after such Receiving Subsidiary is formed or acquired) to guarantee certain obligations of the Company hereunder by way of execution
of a guaranty agreement in the form attached hereto as Exhibit D. For the purposes of this Section 4(j), “Receiving Subsidiary”
means any Subsidiary to which the Company contributes a material amount of assets after the date hereof.

 

k.
Insurance. So long as the Note and the Warrant remains outstanding, the Company shall maintain in full force and effect
insurance reasonably believed by the Company to be adequate coverage (a) on all assets and activities, covering property loss
or damage and loss of income by fire or other hazards or casualty, and (b) against all liabilities, claims and risks for which
it is customary for companies similarly situated to the Company to insure, including without limitation applicable product liability
insurance, required workmen’s compensation insurance, and other insurance covering injury or damage to persons or property,
but excluding directors and officers insurance coverage. The Company shall promptly furnish or cause to be furnished evidence
of such insurance to the Purchaser, in form and substance reasonably satisfactory to the Purchaser.

 

l.
This section is intentionally omitted.

 

m.
Future Financings: From the date hereof until such time as the Purchaser no longer holds any of the Securities, in the
event the Company issues or sells any shares of Common Stock or securities directly or indirectly convertible into or exercisable
for Common Stock (“Common Stock Equivalents”) or amends the transaction documents relating to any sale or issuance
of Common Stock or Common Stock Equivalents, and the Purchaser reasonably believes that the terms and conditions thereunder are
more favorable to such investors as the terms and conditions granted under this Agreement, the Note, the Warrant or any document
provided by the Purchaser to the Company relating to any sale or issuance of Common Stock (the “Transaction Documents”),
then at the Purchaser’s option the Transaction Documents shall be deemed automatically amended so as to give the Purchaser
the benefit of such more favorable terms or conditions. Promptly following a request to the Company, the Company shall provide
Purchaser with all executed transaction documents relating to any such sale or issue of Common Stock or Common Stock Equivalents.
Company shall deliver acknowledgment of such automatic amendment to the Transaction Documents to Purchaser in form and substance
reasonably satisfactory to the Purchaser (the “Acknowledgment”) within three (3) business days of Company’s
receipt of request from Purchaser (the “Deadline”), provided that Company’s failure to timely provide the Acknowledgement
shall not affect the automatic amendments contemplated hereby. If the Acknowledgement is not delivered by the Deadline, Company
shall pay to the Purchaser $100.00 per day in cash, for each day beyond the Deadline that the Company fails to deliver such Acknowledgement
such cash amount shall be paid to Holder by the first day of the month following the month in which it has accrued or, at the
option of the Holder, shall be added to the principal amount of the Note, in which event interest shall accrue thereon in accordance
with the terms of the Note and such additional principal amount shall be convertible into Common Stock in accordance with the
terms of the Note. Notwithstanding the foregoing, an offering pursuant to an equity line arrangement and any related registration
statement and an offering on Form 1-A (Regulation A Offering) shall be excepted from this Section 4(m).

 

    	11

     

    

 

n.
Piggyback Registration Rights. The Company hereby grants to the Purchaser the registration rights set forth on Exhibit
C hereto.

 

o.
This section is intentionally omitted.

 

p.
This section is intentionally omitted.

 

5.
Transfer Agent Instructions. Upon receipt of a duly executed Notice of Conversion or Exercise Notice, the Company shall
issue irrevocable instructions to its transfer agent to issue certificates, registered in the name of the Purchaser or its nominee,
for the Conversion Shares and/or Warrant Shares in such amounts as specified from time to time by the Purchaser to the Company
upon conversion of the Note or exercise of the Warrant, or any part thereof, in accordance with the terms thereof (the “Irrevocable
Transfer Agent Instructions”). 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 Instructions in a form as initially
delivered pursuant to this Agreement and the Securities (including but not limited to the provision to irrevocably reserve shares
of Common Stock in the Reserved Amount (as defined in the Note)) signed by the successor transfer agent (to the Company) and the
Company. Prior to registration of the Conversion Shares and/or Warrant Shares under the 1933 Act or the date on which the Conversion
Shares or Warrant Shares may be sold pursuant to Rule 144, Section 4(a)(1) of the Securities Act (“Section 4(a)(1)”),
or other applicable exemption without any restriction as to the number of Securities as of a particular date that can then be
immediately sold, all such certificates shall bear the restrictive legend specified in Section 2(g) of this Agreement. The Company
warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, and stop
transfer instructions to give effect to hereof (in the case of the Conversion Shares and Warrant Shares, prior to registration
of the Conversion Shares and Warrant Shares under the 1933 Act or the date on which the Conversion Shares or Warrant Shares may
be sold pursuant to Rule 144, Section 4(a)(1), or other applicable exemption without any restriction as to the number of Securities
as of a particular date that can then be immediately sold), 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 and the Warrant; (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 or Warrant Shares
to be issued to the Purchaser upon conversion of or otherwise pursuant to the Note and the Warrant as and when required by the
Note and the Warrant and this Agreement; and (iii) it will not fail to remove (or direct its transfer agent not to remove or impair,
delay, and/or hinder 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 or Warrant Shares issued to the Purchaser upon conversion or exercise
of or otherwise pursuant to the Note or the Warrant as and when required by the Note, the Warrant and this Agreement. Nothing
in this Section shall affect in any way the Purchaser’s obligations and agreement set forth in Section 2(g) hereof to comply
with all applicable prospectus delivery requirements, if any, upon re-sale of the Securities. If the Purchaser provides the Company
with (i) 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 and such sale or transfer is
effected or (ii) the Purchaser provides reasonable assurances that the Securities can be sold pursuant to Rule 144, Section 4(a)(1),
or other applicable exemption, the Company shall permit the transfer, and, in the case of the Conversion Shares or Warrant 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 Purchaser. The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Purchaser, 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 Purchaser 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.

 

    	12

     

    

 

6.
Injunction Posting of Bond. In the event the Purchaser shall elect to convert the Note or exercise the Warrant or any parts
thereof, the Company may not refuse conversion or exercise based on any claim that Purchaser or anyone associated or affiliated
with Purchaser has been engaged in any violation of law, or for any other reason. In connection with any injunction sought or
attempted by the Company, the Company shall be required to post a bond at least equal to the greater of either: (i) the outstanding
principal amount of the Note; and (ii) the market value of the Conversion Shares and Warrant Shares sought to be converted, exercised
or issued, based on the sale price per share of Common Stock on the principal market on which it is traded.

 

7.
Delivery of Unlegended Shares.

 

a)
Within one (1) business day (such first business day being the “Unlegended Shares Delivery Date”) after the
business day on which the Company has received from the Purchaser (i) a notice of conversion, (ii) a representation that the requirements
of Rule 144, Section 4(a)(1), or any other applicable exemption have been satisfied, and (iii) an opinion of counsel in form,
substance and scope customary for opinions of counsel in comparable transactions to the effect that the shares to be sold or transferred
may be sold or transferred pursuant to an exemption from such registration, the Company shall deliver such shares of Common Stock
without any legends including the legend set forth in Section 2(g) above (the “Unlegended Shares”); and (z)
cause the issuance of the Unlegended Shares to the Purchaser via express courier, by electronic transfer, or otherwise as requested
by the Purchaser, on or before the Unlegended Shares Delivery Date.

 

    	13

     

    

 

b)
The Company understands that a delay in the delivery of the Unlegended Shares later than the Unlegended Shares Delivery Date could
result in economic loss to the Purchaser. As compensation to Purchaser for such loss, the Company agrees to pay late payment fees
(as liquidated damages and not as a penalty) to the Purchaser for late delivery of Unlegended Shares in the amount of $100.00
per business day after the Unlegended Shares Delivery Date. If during any three hundred and sixty (360) day period, the Company
fails to deliver Unlegended Shares as required by this Section for an aggregate of thirty (30) days, then Purchaser or assignee
holding Securities subject to such default may, at its option, require the Company to redeem all or any portion of the shares
subject to such default at a price per share equal to the greater of (i) 200% of the most recent closing price of the Common Stock
or (ii) the parity value of the Default Sum to be paid (as defined in Section 3.16 of the Note) (“Unlegended Redemption
Amount”). The Company shall pay any payments incurred under this Section in immediately available funds upon demand.

 

8.
Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note
and the Warrant to the Purchaser 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 Company’s sole benefit and may be waived by the Company at any time
in its sole discretion:

 

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

 

b)
The Purchaser shall have delivered the Purchase Price to the Company.

 

c)
The representations and warranties of the Purchaser 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 Purchaser 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 Purchaser 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.

 

2.
Conditions to The Purchaser’s Obligation to Purchase. The obligation of the Purchaser hereunder to purchase the Note
and the Warrant 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 Purchaser’s sole benefit and may be waived by the Purchaser at any time in its
sole discretion:

 

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

 

    	14

     

    

 

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

 

c)
The Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Purchaser, shall have been delivered to
and acknowledged in writing by the Company’s Transfer Agent (a copy of which written acknowledgment shall be provided to
Purchaser prior to Closing).

 

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 Purchaser shall have received a certificate or certificates reasonably requested by the Purchaser including, but not limited
to certificates with respect to the Company’s Certificate of Incorporation, By-laws, and 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 and Warrant Shares shall have been authorized for quotation on the Principal Market and trading of the Common
Stock on the Principal Market shall not have been suspended by the SEC or the Principal Market.

 

3.
Governing Law; Miscellaneous.

 

a)
Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware without regard to principles of conflicts of laws thereof or any other State. Any action
brought by any party against any other party hereto concerning the transactions contemplated by this Agreement shall be brought
only in the state courts located in the state and county of New York or in the federal courts located in the state and county
of New York. 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
parties executing this Agreement and other agreements referred to herein or delivered in connection herewith on behalf of the
Company agree to submit to the in personam jurisdiction of such courts and hereby irrevocably 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 hereto hereby irrevocably
waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this
Agreement or any other transaction document contemplated hereby 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.

 

    	15

     

    

 

b)
Removal of Restrictive Legends. In the event that Purchaser has any shares of the
Company’s Common Stock bearing any restrictive legends, and Purchaser, through its counsel or other representatives, submits
to the Transfer Agent any such shares for the removal of the restrictive legends thereon in connection with a sale of such shares
pursuant to any exemption to the registration requirements under the Securities Act, and the Company and or its counsel refuses
or fails for any reason (except to the extent that such refusal or failure is based solely on applicable law that would prevent
the removal of such restrictive legends) to render documents or certificates required for the removal of the restrictive legends,
then the Company hereby agrees and acknowledges that the Purchaser is hereby irrevocably and expressly authorized to have counsel
to the Purchaser render any and all opinions and other certificates or instruments which may be required for purposes of removing
such restrictive legends, and the Company hereby irrevocably authorizes and directs the Transfer Agent to, without any further
confirmation or instructions from the Company, issue any such shares without restrictive legends as instructed by the Purchaser,
and surrender to a common carrier for overnight delivery to the address as specified by the Purchaser, certificates, registered
in the name of the Purchaser or its designees, representing the shares of Common Stock to which the Purchaser is entitled, without
any restrictive legends and otherwise freely transferable on the books and records of the Company.

 

c)
Filing Requirements. From the date of this Agreement until the Note and the Warrant are no longer outstanding, the Company
will timely and voluntarily comply with all reporting requirements that are applicable to an issuer with a class of shares registered
pursuant to Section 12(g) of the 1934 Act, whether or not the Company is then subject to such reporting requirements, and comply
with all requirements related to any registration statement filed pursuant to this Agreement. The Company will use reasonable
efforts not to take any action or file any document (whether or not permitted by the 1933 Act or the 1934 Act or the rules thereunder)
to terminate or suspend such registration or to terminate or suspend its reporting and filing obligations under said acts until
the Notes and the Warrant are no longer outstanding. The Company will maintain the quotation or listing of its Common Stock on
the OTCQX, OTCQB, OTC Pink, New York Stock Exchange, NASDAQ Stock Market, NYSE MKT, or other applicable principal trading exchange
or market for the Common Stock (whichever of the foregoing is at the time the principal trading exchange or market for the Common
Stock) (the “Principal Market”), and will comply in all respects with the Company’s reporting, filing
and other obligations under the bylaws or rules of the Principal Market, as applicable. The Company will provide Purchaser with
copies of all notices it receives notifying the Company of the threatened and actual delisting of the Common Stock from any Principal
Market. As of the date of this Agreement and the Closing Date, the OTCQB is the Principal Market. Until the Note and the Warrant
is no longer outstanding, the Company will continue the listing or quotation of the Common Stock on a Principal Market and will
comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Principal
Market.

 

    	16

     

    

 

d)
Fees and Expenses. On or prior to the Closing, the Company shall pay or reimburse to Purchaser a non-refundable, non-accountable
sum equal to $1,000.00 for the fees, costs and expenses (including without limitation due diligence and administrative expenses)
incurred by the Purchaser in connection with the Purchaser’s due diligence and negotiation of the Transaction Documents
and consummation of the Transactions. The Purchaser may withhold and offset the balance of such amount from the payment of its
Purchase Price otherwise payable hereunder at Closing, which offset shall constitute partial payment of such Purchase Price in
an amount equal to such offset. Except as expressly set forth in this Agreement, the Note, the Warrant or the Disbursement Authorization
to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and
all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this
Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the
delivery of any Securities to the Purchaser. The Disbursement Authorization includes a disbursement of $3,500.00 to Purchaser’s
legal counsel for the Purchaser’s legal fees.

 

e)
Usury. To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever
claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now
or at any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Purchaser in
order to enforce any right or remedy under the Note. Notwithstanding any provision to the contrary contained in herein or under
the Note, it is expressly agreed and provided that the total liability of the Company under the Note for payments in the nature
of interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”),
and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated
with any other sums in the nature of interest that the Company may be obligated to pay under the Note or herein exceed such Maximum
Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Note is increased or decreased
by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed
by law will be the Maximum Rate applicable to the Note from the effective date forward, unless such application is precluded by
applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to the Purchaser
with respect to indebtedness evidenced by the Note, such excess shall be applied by the Purchaser to the unpaid principal balance
of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at the Purchaser’s election.

 

    	17

     

    

 

f)
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.

 

g)
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.

 

h)
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 Purchaser 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 Purchaser.

 

i)
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, email 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 email or facsimile with accurate confirmation generated
by the transmitting facsimile machine or computer, at the address, email address or facsimile 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:

 

	Purchaser:	EMA
    Financial, LLC 
	 	40
    Wall Street, 17th Floor
	 	New
    York, NY 10005
	 	Attn:
    Felicia Preston
	 	Email:
    admin@emafin.com
	 	 
	Company:	RespireRx
    Pharmaceuticals, Inc.
	 	126
    Valley Road
	 	Suite
    C
	 	Glen
    Rock, NJ 07452
	 	Attn:
    Jeff Eliot Margolis
	 	Email:
    jmargolis@respirerx.com

 

    	18

     

    

 

With
a copy by e-mail only to (which copy shall not constitute notice):

 

FAEGRE
DRINKER BIDDLE & REATH LLP

One
Logan Square, Suite 2000

Philadelphia,
PA 19103

Attention:
Elizabeth Diffley

Email:
Elizabeth.diffley@faegredrinker.com

 

Each
party shall provide notice to the other party of any change in address.

 

j)
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 Purchaser shall assign this Agreement or any rights or obligations hereunder without
the prior written consent of the other. Notwithstanding the foregoing, subject to Section 2(f), the Purchaser may assign its rights
hereunder to any person that purchases Securities in a private transaction from the Purchaser or to any of its “affiliates,”
as that term is defined under the 1934 Act, without the consent of the Company.

 

k)
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

l)
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 Purchaser.
The Company agrees to indemnify and hold harmless the Purchaser 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 Purchaser 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.

 

m)
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.

 

n)
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.

 

o)
Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Purchaser 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 Purchaser 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.

 

p)
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. Any signature transmitted
by facsimile, e-mail, or other electronic means shall be deemed to be an original signature.

 

[signature
page to follow]

 

    	19

     

    

 

IN
WITNESS WHEREOF, the undersigned Purchaser 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	 
	Name: 	Jeff
    Eliot Margolis	 
	Title:	Senior
    Vice President, Chief Financial Officer, Treasurer, Secretary	 

 

EMA
FINANCIAL, LLC

 

	By:	/s/
Felicia Preston	 
	Name: 	Felicia
    Preston	 
	Title:	Director	 

 

    	20

     

    

 

EXHIBIT
A

 

FORM
OF NOTE

 

[attached
hereto]

 

    	 	 	 

     

    

 

EXHIBIT
B

 

FORM
OF WARRANT

 

[attached
hereto]

 

    	 	 	 

     

    

 

EXHIBIT
C

 

REGISTRATION
RIGHTS

 

All
of the Conversion Shares and Warrant Shares will be deemed “Registrable Securities” subject to the provisions of this
Exhibit C. All capitalized terms used but not defined in this Exhibit C shall have the meanings ascribed to such terms in the
Securities Purchase Agreement to which this Exhibit is attached.

 

1.
Registration Rights.

 

1.1
Registration. If at any time on or after the Closing Date until the date which is nine (9) months thereafter, the Company
proposes to file any Registration Statement under the 1933 Act (a “Registration Statement”) with respect to any offering
of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities,
by the Company for its own account or for shareholders of the Company for their account (or by the Company and by shareholders
of the Company), other than a Registration Statement filed (i) in connection with any employee stock option or other benefit plan
on Form S-8, (ii) for a dividend reinvestment plan, (iii) in connection with a merger or acquisition, or (iv) in connection with
an offering pursuant to an equity line arrangement, then the Company shall cause all Registrable Securities of the Purchaser,
if any, to be included in such registration and shall cause the managing underwriter or underwriters of a proposed underwritten
offering to permit such Registrable Securities to be included in such offering on the same terms and conditions as any similar
securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended
method(s) of distribution thereof (such inclusion, a “Piggy-Back Registration”). The Purchaser, if it is a holder
of Registrable Securities, distributing its securities through a Piggy-Back Registration that involves an underwriter or underwriters
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggy-Back
Registration. For the avoidance of doubt, Purchaser hereby consents to inclusion of its Registrable Securities in any such Piggy-Back
Registration.

 

1.2
Withdrawal. The Purchaser may elect to withdraw its inclusion of Registrable Securities in any Piggy-Back Registration
by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement.
The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written
contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement.
Notwithstanding any such withdrawal or refusal, all expenses incurred in connection with such Piggy-Back Registration shall be
paid as provided in Section 3.2 below.

 

2.
Qualification Rights.

 

2.1
Qualification. If the Company (i) at any time on or after the Closing Date until the date which is nine (9) months thereafter,
proposes to file a Form 1-A and Offering Circular pursuant to a qualified offering under Regulation A under the 1933 Act (collectively,
an “Offering Circular”), with respect to any offering of equity securities, or securities or other obligations exercisable
or exchangeable for, or convertible into, equity securities (the “Regulation A Securities”), by the Company for its
own account or for shareholders of the Company for their account (or by the Company and by shareholders of the Company) or (ii)
files an Offering Circular Supplement pursuant to an Offering Circular covered by this Section 2.1 (a “Supplement”),
then the Company shall cause all Registrable Securities to be included on such Offering Circular or Supplement, as applicable,
and shall cause the managing underwriter or underwriters of a proposed underwritten offering, if any, to permit the Registrable
Securities requested to be included in such offering on the same terms and conditions as identical securities of the Company and
to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution
thereof (such inclusion, a “Piggy-Back Qualification”), provided that (A) such Registrable Securities named on the
Offering Circular or Supplement, as applicable, are identical in all respects to the Regulation A Securities, including in proportion
with respect to different types of security if the Regulation A Securities include different types of security, (B) the aggregate
dollar amount of such Registrable Securities is not greater than 6.5% of the sum of the aggregate dollar amounts of Regulation
A Securities and the Registrable Securities to be included in the Offering Circular or Supplement, as applicable, and (C) the
Purchaser consents to the selection by the Company, in its sole discretion, of a sale price per security within a stated price
range not to exceed a $2.00 price range. The Purchaser, if it is a holder of Registrable Securities, distributing its securities
through a Piggy-Back Qualification that involves an underwriter or underwriters shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such Piggy-Back Qualification. For the avoidance of doubt, Purchaser
hereby consents to inclusion of its Registrable Securities in any such Piggy-Back Qualification.

 

    	 	 	 

     

    

 

2.2
Withdrawal. The Purchaser may elect to withdraw its inclusion of Registrable Securities in any Piggy-Back Qualification
by giving written notice to the Company of such request to withdraw prior to the qualification of the Offering Circular or the
filing date of the Supplement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw an Offering Circular at any time prior to the qualification
of such Offering Circular and may refuse to file a Supplement in its sole discretion. Notwithstanding any such withdrawal or refusal,
all expenses incurred in connection with such Piggy-Back Qualification shall be paid as provided in Section 3.2 below.

 

3.
Miscellaneous.

 

3.1
Information Rights. Notwithstanding Section 3.17 of the Note, the Company shall be permitted to request and Purchaser shall
furnish to the Company such information with respect to the Purchaser and the Purchaser’s proposed distribution of the Registrable
Securities pursuant to the Registration Statement, Offering Circular or Supplement as the Company may from time to time reasonably
request in writing or as shall be required by law or by the SEC in connection therewith.

 

3.2
Expenses. All fees and expenses incident to the performance of or compliance with this Exhibit C by the Company and the
Purchaser shall be borne pro rata by the Company and the Purchaser in proportion to the number of Registrable Securities offered
for sale by the Company and by the Purchaser pursuant to this Exhibit C, whether or not any Registrable Securities are sold pursuant
to a Registration Statement, Offering Circular, or Supplement. The fees and expenses referred to in the foregoing sentence shall
include, without limitation, (i) all registration, qualification, and filing fees (including, without limitation, fees and expenses
of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the SEC, (B)
with respect to filings required to be made with any trading market on which the Common Stock is then listed for trading, (C)
in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without
limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the
Registrable Securities) and (D) with respect to any filing that may be required to be made by any broker through which the Purchaser
intends to make sales of Registrable Securities, (ii) printing expenses, (iii) messenger, telephone and delivery expenses, (iv)
fees and disbursements of counsel for the Company, (v) 1933 Act liability insurance, if the Company so desires such insurance,
and (vi) fees and expenses of all other persons or entities retained by the Company in connection with the consummation of the
transactions contemplated by this Exhibit C. All fees and disbursements of a single special counsel for the Purchaser shall be
borne by the Purchaser. In no event shall the Company be responsible for any broker or similar commissions of the Purchaser. The
Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing
of the Registrable Securities on any securities exchange as required hereunder.

 

    	 	 	 

     

    

 

EXHIBIT
D

 

FORM
OF GUARANTY

 

This
Guaranty Agreement (this “Guaranty”), dated as of ________ is made by ________ (the “Guarantor”), under
that certain Securities Purchase Agreement (the “Purchase Agreement”; capitalized terms used but not otherwise defined
herein shall have the meanings assigned to such terms in the Purchase Agreement), dated as of July 30, 2020, made by and between
RespireRx Pharmaceuticals Inc., a Delaware corporation (the “Company”), and EMA Financial, LLC, a Delaware limited
liability company (the “Purchaser”).

 

WHEREAS,
the Guarantor is a Receiving Subsidiary and required by Section 4(j) of the Purchase Agreement to become a Guarantor with respect
to certain of the Company’s obligations under the Note.

 

NOW
THEREFORE, the Joining Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably, guarantees to the
Purchaser and its respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by
the Company when due (whether at the stated maturity, by acceleration or otherwise) of all amounts due under, and all other obligations
under, the Note (the “Company Obligations”). This Guaranty shall expire upon the date that no Company Obligation is
outstanding.

 

[GUARANTOR]

 

	By:	 	 
	Name: 	 	 
	Title:	 	 

 

AGREED
TO AND ACCEPTED: 

 

RESPIRERX
PHARMACEUTICALS, INC.

 

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

 

EMA
FINANCIAL, LLC

 

	By:		 
	Name: 	Felicia
    Preston	 
	Title:	Director

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