Document:

Employment Agreement between Oxis Int. and Sharon Ellis

 EXHIBIT 10(h) 
 EMPLOYMENT AGREEMENT 
 SHARON ELLIS 
  
 This Employment Agreement (“Agreement”), is entered into as of June 1, 2003 by and between OXIS
International, Inc., its affiliated, related, parent or subsidiary corporations (the “Company”) located at 6040 N. Cutter Circle, Suite 317, Portland, OR 97217-3935, and Sharon Ellis (“Executive”) residing in
Portland, OR (collectively, the “parties”). 
  
 RECITALS 
  
 A. Executive is serving as the
Company’s Chief Financial Officer and as the Chief Operations Officer. 
  
 B. Executive desires to and the Company desires that Executive be employed for the Period of Employment (as defined below), upon the following terms and conditions. 
  
 AGREEMENT 
  
 ACCORDINGLY, the parties hereto agree as follows: 
  
 1. Employment. Executive acknowledges serving as Chief Financial Officer and Chief Operations Officer.
Executive, is not a member of the Company’s Board of Directors. In exchange for the consideration in this Agreement, Executive and Company agree to execute a release agreement with terms modeled on the General Release of Claims I, attached
hereto as Exhibit A and agreed to by the parties (“Release I”), on or about the Termination Date. 
  
 2. Employment as Chief Financial Officer and Chief Operations Officer 
  
 a. Initial Term. The Company shall hire Executive to render services to the Company in the position and with the
duties and responsibilities described in Section 3 for eighteen (18) months (the “Period of Employment”), unless the Period of Employment is terminated sooner in accordance with Section 8 below. 
  
 b. Renewal. This Agreement will be automatically renewed once for an
additional one (1) year period (without any action taken by either party), unless either party gives the other written notice of termination at least sixty (60) days before the last day of the Period of Employment. 
  
 c. Non-Renewal. If Company gives notice of termination in accordance
with Section 2.b, and Executive signs a release agreement with terms modeled on the General Release of Claims II, attached hereto as Exhibit B, Executive shall receive a continuation of her then-current salary for twelve (12) months after the
Period of Employment; in accordance with and subject to Executive’s applicable Stock Option Agreements with the Company, Executive’s unvested Options (as defined in Section 4 below) shall immediately vest and Executive shall be able to
exercise her vested Options at anytime subsequent to the period of employment until a date two years after termination date of this Agreement otherwise in accordance with and subject to Executive’s applicable stock option grants; and, to the
extent practicable and legally permissible 
  

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 3. Position, Duties, Responsibilities 
  
 a. Position. During the Period of Employment, Executive will not be a
Member of the Company’s Board of Directors and the Company will employ Executive in the position of Chief Financial Officer and Chief Operations Officer. Executive shall perform all duties appropriate to those positions, as well as such other
responsibilities as may reasonably be assigned by the Company. Executive shall report to the Board of Directors of the Company. 
  
 b. Other Activities. During the Period of Employment, Executive will not, except upon the prior written consent of the Company’s Board
of Directors, which consent shall not be unreasonably withheld: (i) accept any other full-time employment, or (ii) directly engage in any other business activity (whether or not pursued for pecuniary advantage) in the field of ethical
pharmaceuticals that is or may be in direct competition with the business of the Company.  
  
 4. Compensation. In exchange for Services and the other consideration she provides under this Agreement, Executive shall be entitled to an
annual base salary of One Hundred Fourteen Thousand ($114,000) for eighty percent (80%) time or four days per week payable in accordance with the Company’s regular payroll practices. In addition, the Board of Directors has awarded Executive
options to purchase shares of the Company’s Common Stock under, in accordance with, and subject to Executive’s applicable Stock Option Agreements Executive also will be eligible to participate in the Company’s benefit plans for health
insurance, personal life insurance, personal disability insurance as stated in the Company’s employment policies (and as may be amended from time to time in the Company’s sole discretion), provided that Executive shall receive such
benefits at the same level provided from time to time to other senior Executives of Company. 
  
 5. Proprietary Information 
  
 a. Company Information. Executive agrees during her employment with the Company and for a period of three years thereafter, to hold in strictest
confidence, and not to use or disclose to any person, firm or corporation any Proprietary Information of the Company. “Proprietary Information” means any Company proprietary or confidential information, technical data, trade secrets
or know-how. This includes, but is not limited to, research, product plans, products, services, customer lists, customers, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware
configuration information, marketing, finances or other Company business information. This information shall remain confidential whether it was disclosed to Executive either directly or indirectly in writing, orally or by drawings or observation.
Proprietary Information does not include any of the foregoing items which has become publicly known and made generally available through no wrongful act of Executive or others who were under confidentiality obligations as to the items involved.

  
 b. Former Employer Information. Executive agrees that
she will not, during her employment with the Company, improperly use or improperly disclose any proprietary information or trade secrets, or bring onto the premises of the Company any proprietary information belonging to any former or concurrent
employer or other person or entity. 
  
 c. Third Party
Information. Executive recognizes that the Company has received and in the future will receive confidential or proprietary information from third parties. Executive agrees to hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person firm or corporation or to use it except as necessary in carrying out her work for the Company consistent with the Company’s agreement with such third party. 
  

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 d. No Conflict. Executive represents and warrants that Executive’s execution of this
Agreement, her employment with the Company, and the performance of her proposed duties under this Agreement shall not violate any obligations she may have to any former employer (or other person or entity), including any obligations with respect to
proprietary or confidential information of any other person or entity. 
  
 6. Inventions 
  
 a. Inventions
Retained and Licensed. Executive has attached, as Exhibit C, a list describing all inventions, original works of authorship, developments, improvements, and trade secrets which were made by Executive prior to Executive’s employment
with the Company (“Prior Inventions”), which belong to Executive, and which relate to the Company’s actual and/or proposed business, products or research and development. If, in the course of her employment with the Company,
Executive incorporates into a Company product, process or machine a Prior Invention owned by Executive or in which Executive has an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual,
worldwide license to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product, process or machine. 
  
 b. Assignment of Inventions. Except as provided in Section 6.e below, Executive agrees that she will promptly make full written disclosure to the
Company, will hold in trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all Executive’s right, title, and interest in and to any and all inventions, original works of authorship,
developments, concepts, improvements, designs, discoveries, ideas, trademarks or trade secrets, whether or not patentable or registrable under copyright or similar laws, which Executive may solely or jointly conceive or develop or reduce to
practice, or cause to be conceived or developed or reduced to practice (“Inventions”), while Executive is employed by the Company within the course and scope of employment. Executive further acknowledges that all original works of
authorship which are made by Executive (solely or jointly with others) within the course and scope of and during her employment with the Company and which are protectible by copyright are “works made for hire”, as that term is defined in
the United States Copyright Act. Executive understands and agrees that the decision whether or not to commercialize or market any invention developed by Executive solely or jointly with others is within the Company’s sole discretion and for the
Company’s sole benefit and that no royalty will be due to Executive as a result of the Company’s efforts to commercialize or market any such invention. 
  
 c. Maintenance of Records. Executive agrees to keep and maintain adequate and current written records of all
Inventions made by Executive (solely or jointly with others) during Executive’s employment with the Company and subject to license or assignment under Section 6.a or 6.b. The records will be in the form of notes, sketches, drawings, and any
other format that may be specified by the Company. The records will be available to and remain the sole property of the Company at all times. 
  
 d. Patent and Copyright Registrations. Executive agrees to assist the Company, or its designee, at the Company’s expense, in every proper way,
to secure the Company’s rights in the Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries. Executive will disclose to the Company all pertinent information and
data which is necessary for the execution of all applications, specifications, oaths, assignments and all other instruments necessary to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns, and
nominees the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights, or other intellectual property rights relating thereto. Executive further agrees that Executive’s obligation to
execute or cause to be executed, 
  

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 when it is in Executive’s power to do so, any such instrument or papers shall continue after the termination of this
Agreement for a reasonable duration. If the Company is unable, because of Executive’s mental or physical incapacity or for any other reason, to secure Executive’s signature to apply for or to pursue any application for any United States or
foreign patents or copyright registrations covering Inventions or original works of authorship assigned to the company as above, then Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as
Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or
copyright registrations thereon with the same legal force and effect as if executed by Executive. 
  
 e. Exception to Assignments. The provisions of this Agreement requiring assignment of Inventions to the Company do not apply to any invention which
qualifies for protection or different treatment of ownership under the provisions of any applicable state law. Executive will advise the Company promptly in writing of any inventions that Executive believes meet the criteria of any applicable state
law which affects ownership of Inventions.  
  
 7.
Post-Termination Activity 
  
 a. Executive
acknowledges that the pursuit of the activities forbidden by this subsection would necessarily involve the use or disclosure of Proprietary Information in breach of this Agreement, but that proof of such a breach would be extremely difficult. To
forestall this use or disclosure, Executive agrees that, during the Severance Period (if any) or for a period of one year after the Period of Employment, whichever is longer, Executive shall not, without the prior written consent of the Company (i)
divert or attempt to divert from the Company any business of any kind in which the Company is then engaged; (ii) employ, solicit for employment, or recommend for employment any person employed by the Company (except where providing such job related
references as are common in the industry); or (iii) except as otherwise addressed in this Agreement, accept employment with another company directly involved in developing the technology in development for the Company at the time of Executive’s
termination in any state in which the Company conducts its business. Notwithstanding anything herein, however, Executive may (i) alone or in conjunction with others seek to acquire ownership rights in the Company or a subsidiary. 
  
 b. In addition, because Executive acknowledges the difficulty of establishing
when any intellectual property, invention, or proprietary information was first conceived or developed by Executive, or whether it resulted from access to Proprietary Information or Company equipment, supplies, facilities, or data, Executive agrees
that any intellectual property, invention, or proprietary information related to the development of ethical pharmaceuticals shall be rebuttably presumed to be an Invention, if reduced to practice by Executive or with the aid of Executive within one
(1) year after termination of the Period of Employment. Executive may rebut such presumption by producing evidence which establishes to a preponderance that such intellectual property, invention, or proprietary information was first conceived or
developed by Executive after the termination of the Period of Employment, or did not otherwise result from access to Proprietary Information or Company equipment, supplies, facilities, or data. 
  
 8. Termination of Employment 
  
 a. Termination by Company not for Cause. At any time, the Company may
terminate the Period of Employment for any reason other than for Cause (as defined below) by providing Executive fourteen (14) days’ advance written notice. The Company shall pay to Executive all compensation due 
  

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 and owing through the last day actually worked and Executive shall be entitled to Severance in accordance with Section 9
below, subject to the conditions therein. In the event Company terminates the Period of Employment not for Cause, Executive shall be released from the obligations of Section 7.a (iii) above. In addition, the Company may decline to allow the renewal
of the Agreement in accordance with Section 2.b. above, regardless of the existence of Cause, but in such case shall be obligated to provide only the benefits set forth in Section 2.c above. 
  
 b. Termination by Company for Cause. At any time, and without prior
notice, the Company may terminate the Period of Employment for Cause (as defined below). The Company shall pay Executive all compensation then due and owing through the last day actually worked. Executive will not be entitled to Severance.
“Cause” shall mean Executive’s: (i) Commission of a felony involving moral turpitude; (ii) Repeated failure to perform services in accordance with the reasonable requests of Company’s Board within the course and scope of
Executive’s duties; (iii) Commission of a material fraud, misappropriation, embezzlement or other act of gross dishonesty which resulted in material loss, damage or injury to the Company; or (iv) Death. Notwithstanding anything herein, however,
if the Period of Employment is terminated by reason of the death of Executive, all unvested Options shall immediately vest and shall be exercisable by Executive’s estate or heirs for two years thereafter, otherwise in accordance with the terms
of her applicable Stock Option Grants with the Company. 
  
 c.
By Executive Not for Good Reason. At any time, Executive may terminate the Period of Employment for any reason other than Good Reason (as defined below) by providing the Company fourteen (14) days’ advance written notice. The Company
shall have the option, in its complete discretion, to make termination of the Period of Employment effective at any time prior to the end of such notice period, provided the Company pays Executive all compensation due and owing through the last day
actually worked. Thereafter, all of the Company’s obligations under this Agreement shall immediately and forever cease, except for those required by law, except for those which expressly survive termination of this Agreement, and except that
notwithstanding any vesting or termination provisions contained in Executive’s applicable Stock Option Grants with the Company Executive’s unvested Options shall immediately vest upon such termination and Executive shall be able to
exercise her vested Options for one year thereafter, in accordance with the terms of her applicable Stock Option Agreements. Executive, however, will not be entitled to Severance. 
  
 d. By Executive for Good Reason. At any time, and without prior notice, Executive may terminate the Period of
Employment for Good Reason (as defined below). The Company shall pay Executive all compensation due and owing through the last day actually worked, and Executive shall be entitled to Severance in accordance with Section 9 below, subject to the
conditions therein. Thereafter, all obligations of the Company and Executive under this Agreement shall terminate, except for those which expressly survive termination of this Agreement. Neither the Company’s giving of notice of termination in
accordance with Section 2.b nor its termination of the Period of Employment for Cause shall constitute “Good Reason” for Executive to terminate the Period of Employment. “Good Reason” only shall exist if the Company
undertakes any of the following without Executive’s prior consent: (i) The assignment to Executive of any duties or responsibilities which result in any material diminution or material adverse change of Executive’s position, status or
circumstances of employment; a change in Executive’s titles or offices that results in any material diminution or material adverse change of Executive’s position, status or circumstances of employment; or any removal of Executive from or
any failure to re-elect Executive to any of such positions, except in connection with the termination of her employment for Cause, retirement, or any other voluntary termination of employment by Executive other than a termination of employment by
Executive for Good Reason; (ii) A reduction by the Company in Executive’s base salary by greater than ten (10) percent; (iii) Any failure by the Company to continue in effect any benefit plan or arrangement, including incentive plans or plans
to receive securities of the 
  

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 Company, in which Executive is participating as of the date hereof (hereinafter referred to as “Benefit
Plans”), or the taking of any action by the Company which would materially adversely affect Executive’s participation in or reduce Executive’s benefits under the Benefit Plans or deprive Executive of any fringe benefit enjoyed by
Executive as in effect on the date hereof; provided, however, that no termination of employment by Executive for Good Reason shall be deemed to occur based upon this subsection 8.d (iii) if the Company offers a range of benefit plans and programs
which, taken as a whole, are comparable to the Benefit Plans offered Executive before the action; (iv) A relocation of the Executive, or the Company’s principal offices if Executive’s principal office is at such offices, to a
location more than fifty (50) miles from the location at which Executive was performing her duties as of the date hereof, except for required travel by Executive on the Company’s business to an extent substantially consistent with
Executive’s business travel obligations as of the date hereof; (v) Any material breach by the Company of any provision of this Agreement; (vi) Any failure by the Company to obtain the assumption of this Agreement by any successor or assign of
the Company; (vii) Any directive to Executive to perform any act which would expose him to personal legal liability or which, viewed objectively, is likely to constitute an unethical act; or (viii) Any conduct directed to Executive by Company or any
condition under which Executive works which constitutes constructive discharge under the principles of the governing law. 
  
 9. Severance 
  
 a. In the event that the Period of Employment is terminated in accordance with Sections 8.a or 8.d hereof and Executive executes a waiver agreement with
terms modeled on the General Waiver of Claims, attached hereto as Exhibit D (the “Waiver”), (i) the Company shall continue Executive’s then current base salary (so long as the then current base salary is no less than the
compensation set out in Section 4 of this Agreement) and COBRA premiums in accordance with the Company’s normal payroll procedures for a period of twelve (12) months (the “Severance Period”); (ii) to the extent practicable and
legally permissible, the Company will transfer Executive’s disability and life insurance policies to Executive upon termination; and (iii) notwithstanding any vesting or termination provisions contained in Executive’s applicable Stock
Option Grants with the Company Executive’s unvested Options shall immediately vest and Executive shall have two years from the date of Executive’s termination of employment to exercise her vested options in accordance with the terms of the
applicable Stock Option Agreements with the Company (collectively, “Severance”). In the event the then current base salary is less than the compensation set out in Section 4 of the Agreement, Executive shall be entitled to severance
calculated on the basis of the compensation set out in Section 4 of this Agreement. 
  
 b. Notwithstanding any other provision of this Agreement, Release I or II, or the Waiver, at any time should Executive engage in or pursue any of the activities described in Section 7 (except where advance consent has
been granted, or except where released from Section 7.a (iii) by virtue of a Termination by Company not for Cause or by virtue of a Termination by Executive for Good Reason) or should Executive not fulfill her obligations in Section 10 below, the
Company’s obligation to pay and Executive’s entitlement to any Severance or Non-Renewal Benefits shall immediately and forever cease. 
  

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 10. Termination Obligations.  
  
 Executive agrees that her obligations under Sections 5 and 6 of this
Agreement survive the expiration of this Agreement.  
  
 11. Alternative Dispute Resolution 
  
 a.
The Company and Executive mutually agree that any controversy or claim arising out of or relating to this Agreement or the breach thereof, or any other dispute between the parties, shall be submitted to mediation before a mutually agreeable
mediator, which cost is to be borne equally by the parties hereto. In the event the parties are unable to agree upon a mediator, the mediator shall be Douglass Hamilton or such person as Hamilton Mediation Inc. designates. In the event mediation is
unsuccessful in resolving the claim or controversy, such claim or controversy shall be resolved by arbitration as described below. The claims covered by this Agreement (“Arbitrable Claims”) include, but are not limited to, claims
for wages or other compensation due; claims for breach of any contract (including this Agreement) or covenant (express or implied); tort claims; claims for discrimination (including, but not limited to, race, sex, religion, national origin, age,
marital status, medical condition, or disability); claims for benefits (except where an Executive benefit or pension plan specifies that its claims procedure shall culminate in an arbitration procedure different from this one), and claims for
violation of any federal, state, or other law, statute, regulation, or ordinance, except claims excluded in the following paragraph. The parties hereto hereby waive any rights they may have to trial by jury in regard to Arbitrable Claims.

  
 b. Claims Executive may have for workers’ compensation or
unemployment compensation benefits are not covered by this Agreement. Also not covered is either party’s right to obtain provisional remedies or interim relief from a court of competent jurisdiction for any claim or controversy arising out of
or related to the unauthorized use, disclosure, or misappropriation of the confidential and/or proprietary information of either party. Notwithstanding anything in this Agreement to the contrary, however, should either party initiate litigation in
any court as authorized by this section, the other party may assert any claims she or it may have as counterclaims or separate claims in such court and shall not be obligated to resolve them by mediation and/or arbitration. 
  
 c. Except as provided in section 11.b, mediation and arbitration under this
Agreement shall be the exclusive remedy for all Arbitrable Claims. The Company and Executive agree that arbitration shall be held in or near Multnomah County, Oregon or such location as the parties mutually agree upon, and shall be in accordance
with the then current Employment Dispute Resolution Rules of the American Arbitration Association, before an arbitrator licensed to practice law in the State of Oregon or such other forum as the parties have agreed upon. The arbitrator shall have
authority to award or grant legal, equitable, and declaratory relief. Such arbitration shall be final and binding on the parties. The Federal Arbitration Act shall govern the interpretation and enforcement of this section pertaining to Alternative
Dispute Resolution. The parties shall use their best efforts to agree upon an Arbitrator. If the parties are unable to agree upon an Arbitrator within 14 days of either party requesting arbitration of a dispute, Douglass Hamilton or Hamilton
Mediation Inc shall designate the Arbitrator. 
  
 d. This
Agreement to mediate and arbitrate survives termination of the Period of Employment. 
  

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 12. Miscellaneous 
  
 a. Legal Fees. If any action at law or in equity, or arbitration, is necessary to enforce or interpret the terms of
this Agreement, to the extent permitted by law, the prevailing party shall be entitled to reasonable attorneys’ fees, costs, and necessary disbursements, in addition to any other relief to which the prevailing party may be entitled. 

 
 b. Entire Agreement. This Agreement (inclusive of exhibits and
attachments and incorporated documents) represents the entire agreement and understanding between the parties regarding its subject matter, and supersedes and replaces any and all prior agreements and understandings regarding its subject matter.

  
 c. Amendments, Waivers. This Agreement may only be
modified by a subsequent written agreement executed by the Chief Executive Officer of the Company (after approval of the Company’s Board of Directors) and Executive. Failure to exercise any right under this Agreement shall not constitute a
waiver of such right. 
  
 d. Assignment; Successors and
Assigns. This Agreement shall not be assignable by either party without the express written consent of the other. 
  
 e. Notices. All notices required or given herewith shall be addressed to the parties at the addresses designated above by registered mail, special
delivery, or by certified courier service. Executive shall notify Company in writing of any change of address. Notice of change of address shall be effective only when done in accordance with this Section. 
  
 f. Severability; Governing Law. If any provision of this Agreement, or
its application to any person, place, or circumstance, is held by an arbitrator or a court of competent jurisdiction to be invalid, unenforceable, or void, such provision shall be enforced (by blue-penciling or otherwise) to the greatest extent
permitted by law, and the remainder of this Agreement and such provision as applied to other persons, places, or circumstances shall remain in full force and effect. The laws of the State of Oregon will govern this Agreement. 
  
 g. Acknowledgment. Company and Executive acknowledge that they have
been afforded every opportunity to and have read this Agreement, are fully aware of its contents and legal effect, and have chosen to enter into this Agreement freely, without coercion, and based upon their own judgment. 
  

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 The parties have duly executed this Agreement as of the date first written above. 
  

			
	 EXECUTIVE

	
	 /s/ Sharon Ellis

	 Sharon Ellis

  

			
	
	 COMPANY

	
	 OXIS International, Inc.

		
	 By:
	 	 /s/ Richard A. Davis

	 Name:
	 	 Richard A. Davis

	 Title:
	 	 Chairman, Compensation Committee

  

 9 

 EXHIBIT A 
  
 GENERAL RELEASE OF CLAIMS I 
  

Sharon Ellis (“You”) and OXIS International, Inc. (the “Company”) have agreed to enter into this General Release of
Claims I (“Release I”) on the following terms: 
  
 In exchange for the consideration herein, which has been approved by the Company’s Board of Directors and Executive, and to the extent permissible under applicable securities laws, You and the Company, each of your respective
representatives, agents, officers, heirs, successors, and assigns do hereby completely release each other from and agree not to file, cause to be filed, or otherwise pursue against each other all claims, rights, demands, actions, liabilities, causes
of action, and obligations of any kind whatsoever, whether known or unknown, suspected or unsuspected, which either may now have or has ever had against the other from the beginning of time through the date the parties execute this Agreement, and
including, but not limited to, claims for breach of contract, tort, employment discrimination (including unlawful harassment as well as any claims arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age
Discrimination in Employment Act, and any claims under applicable state law), any and all claims for violation of any federal, state, or municipal statutes or common law; and any and all claims for attorneys’ fees and costs. 
  
 You and the Company agree that this Release I specifically covers known and
unknown claims existing at the time this Release I is signed. 
  
 You and the Company acknowledge that the consideration described above exceeds the amount to which either otherwise would be entitled under the Company’s policies and practices or applicable law. You and the Company also agree that
this Release I is confidential and neither will discuss its terms with anyone without the other’s prior consent or subject to legal process. Notwithstanding anything herein, Executive may disclose the terms of this Release I to members of her
immediate family, her tax and legal advisers, and with other Executives in similar circumstances; Company may disclose the terms of this Release I with management and other Company personnel on a need to know basis. 
  
 Neither You nor Company has made, and You and Company will not make or
publish, either orally or in writing, any disparaging statement regarding the other. 
  
 You have been advised that you have 21 days to consider this Release I (but may sign it at any time beforehand if you so desire), and that you should consult an attorney in doing so. You also understand that you can
revoke this Release I within 7 days of signing it by sending a certified letter to that effect to Compensation Committee, 6040 N. Cutter Circle Suite #317, Portland, OR 97217. Notwithstanding the foregoing, you understand and agree that the portion
of this Release I that pertains to the release of claims under the ADEA shall not become effective or enforceable and no funds representing additional consideration over that already owed to Executive shall be exchanged until the 7 day revocation
period has expired, but that all other provisions of this Release I will become effective upon its execution by the parties. 
  
 Finally, You and Company acknowledge that you have been afforded every opportunity to and have read this Release I, are fully aware of its contents and
legal effect, and have chosen to enter into this Release I freely, without coercion, and based on your own judgment. 
  

									
			
	  

	 	 	 	

	Sharon Ellis	 	 	 	[Name and Title of Company Signatory]
	 	 	 	 	 	 	OXIS International, Inc.
					
	 Date:
	 	  

	 	 	 	 Date:
	 	  

  

 1 

 EXHIBIT B 
  
 GENERAL RELEASE OF CLAIMS II 
  

Sharon Ellis (“You”) and OXIS International, Inc. (the “Company”) have agreed to enter into this General Release of
Claims II (“Release II”) on the following terms: 
  
 Your Executive Separation and Employment Agreement (the “Agreement”) was not renewed, and thus your employment as the Chief Financial Officer and Chief Operations Officer of the Company is terminated effective
            . Within ten (10) days after you sign this Release II, you will become eligible for Non-Renewal Benefits in accordance with the Agreement. 
  
 In exchange for the consideration herein, which has been approved by the
Company’s Board of Directors and Executive, and to the extent permissible under applicable securities laws, You and the Company, each of your respective representatives, agents, officers, heirs, successors, and assigns do hereby completely
release each other from and agree not to file, cause to be filed, or otherwise pursue against each other all claims, rights, demands, actions, liabilities, causes of action, and obligations of any kind whatsoever, whether known or unknown, suspected
or unsuspected, which either may now have or has ever had against the other from the beginning of time through the date the parties execute this Agreement, and including, but not limited to, claims for breach of contract, tort, employment
discrimination (including unlawful harassment as well as any claims arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and any claims under applicable state law),
any and all claims for violation of any federal, state, or municipal statutes or common law; and any and all claims for attorneys’ fees and costs. 
  
 You and the Company agree that this Release II specifically covers known and unknown claims existing at the time this Release II is signed. 
  
 You and the Company acknowledge that the consideration described above
exceeds the amount to which either otherwise would be entitled under the Company’s policies and practices or applicable law. You and the Company also agree that this Release II is confidential and neither will discuss its terms with anyone
without the other’s prior consent or subject to legal process. Notwithstanding anything herein, Executive may disclose the terms of this Release II to members of her immediate family, her tax and legal advisers, and with other Executives in
similar circumstances; Company may disclose the terms of this Release II with management and other Company personnel on a need to know basis. 
  
 Neither You nor Company has made, and You and Company will not make or publish, either orally or in writing, any disparaging statement regarding the
other. 
  
 You have been advised that you have 21 days to consider
this Release II (but may sign it at any time beforehand if you so desire), and that You should consult an attorney in doing so. You also understand that you can revoke this Release II within 7 days of signing it by sending a certified letter to that
effect to Compensation Committee, 6040 N. Cutter Circle Suite #317, Portland, OR 97217. Notwithstanding the foregoing, you understand and agree that the portion of this Release II that pertains to the release of claims under the ADEA shall not
become effective or enforceable and no funds representing additional consideration over that already owed to Executive shall be exchanged until the 7 day revocation period has expired, but that all other provisions of this Release II will become
effective upon its execution by the parties. 
  

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 Finally, You and Company acknowledge that you have been afforded every opportunity to and have read this
Release II, are fully aware of its contents and legal effect, and have chosen to enter into this Release II freely, without coercion, and based on your own judgment. 
  

									
			
	  

	 	 	 	

	Sharon Ellis	 	 	 	[Name and Title of Company Signatory]
	 	 	 	 	 	 	OXIS International, Inc.
					
	 Date:
	 	  

	 	 	 	 Date:
	 	  

  

 2 

 EXHIBIT C 
  
 LIST OF PRIOR INVENTIONS 
  
 AND ORIGINAL WORKS OF AUTHORSHIP 
  

					
	 Title

	  	 Date

	  	 Identifying Number or Brief Description

	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

  
                      No inventions or improvements 
  
                      Additional
Sheets Attached 
  

			
		
	 Signature of Executive:
	 	  

			
		
	 Printed Name of Executive:
	 	  

		
	 Date:
                    
	 	 

  

 1 

 EXHIBIT D 
  
 GENERAL WAIVER OF CLAIMS 
  
 Sharon Ellis (“You”) and OXIS International, Inc. (the “Company”) have agreed to enter into this General Waiver of
Claims (“Waiver”) on the following terms: 
  
 Your employment at OXIS International, Inc. (the “Company”) shall be terminated effective             . Within ten (10) days after you sign this Waiver, you
will become eligible for Severance in accordance with your Executive Separation and Employment Agreement (the “Agreement”). 
  
 In exchange for the consideration herein, which has been approved by the Company’s Board of Directors and Executive, and to the extent permissible
under applicable securities laws, You and the Company, each of your respective representatives, agents, officers, heirs, successors, and assigns do hereby completely release each other from and agree not to file, cause to be filed, or otherwise
pursue against each other all claims, rights, demands, actions, liabilities, causes of action, and obligations of any kind whatsoever, whether known or unknown, suspected or unsuspected, which either may now have or has ever had against the other
from the beginning of time through the date the parties execute this Agreement, and including, but not limited to, claims for breach of contract, tort, employment discrimination (including unlawful harassment as well as any claims arising under
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and any claims under applicable state law), any and all claims for violation of any federal, state, or municipal statutes or
common law; and any and all claims for attorneys’ fees and costs. 
  
 You and the Company agree that this Waiver specifically covers known and unknown claims existing at the time this Waiver is signed. 
  
 You and the Company acknowledge that the consideration described above exceeds the amount to which either otherwise would be entitled under the
Company’s policies and practices or applicable law. You and the Company also agree that this Waiver is confidential and neither will discuss its terms with anyone without the other’s prior consent or subject to legal process.
Notwithstanding anything herein, Executive may disclose the terms of this Waiver to members of her immediate family, her tax and legal advisers, and with other Executives in similar circumstances; Company may disclose the terms of this Waiver with
management and other Company personnel on a need to know basis. 
  
 Neither You nor Company has made, and You and Company will not make or publish, either orally or in writing, any disparaging statement regarding the other. 
  
 You have been advised that you have 21 days to consider this Waiver (but may sign it at any time beforehand if you so
desire), and that You should consult an attorney in doing so. You also understand that you can revoke this Waiver within 7 days of signing it by sending a certified letter to that effect to Compensation Committee, 6040 N. Cutter Circle Suite #317,
Portland, OR 97217. Notwithstanding the foregoing, you understand and agree that the portion of this Waiver that pertains to the release of claims under the ADEA shall not become effective or enforceable and no funds representing additional
consideration over that already owed to Executive shall be exchanged until the 7 day revocation period has expired, but that all other provisions of this Waiver will become effective upon its execution by the parties. 
  

 1 

 Finally, You and Company acknowledge that you have been afforded every opportunity to and have read this
Waiver, are fully aware of its contents and legal effect, and have chosen to enter into this Waiver freely, without coercion, and based on your own judgment. 
  

									
			
	  

	 	 	 	

	Sharon Ellis	 	 	 	[Name and Title of Company Signatory]
	 	 	 	 	 	 	OXIS International, Inc.
					
	 Date:
	 	  

	 	 	 	 Date:
	 	  

  

 2Note and Warrant Purchase Agreement, dated Jan 9, 2004

 EXHIBIT 10(i) 
 OXIS INTERNATIONAL, INC. 
  
 NOTE AND WARRANT PURCHASE AGREEMENT 
  
 THIS NOTE
AND WARRANT PURCHASE AGREEMENT (this “Agreement”) is made as of January 14, 2004 by and among OXIS International, Inc., a Delaware corporation (the “Company”), and the investors listed on Exhibit A hereto, each of which is
herein referred to as an “Investor.” 
  
 THE PARTIES
HEREBY AGREE AS FOLLOWS: 
  
 SECTION 1 
  
 ISSUANCE OF NOTES AND WARRANTS 
  
 1.1 Issuance of Notes. Subject to the terms and conditions of this
Agreement, at each Closing (as defined below), the Company shall issue and sell to each Investor participating in such Closing a convertible promissory note (each such note, a “Note” and collectively, the “Notes”) in the
principal amount (the “Principal Amount”) equal to the amount set forth beneath the caption “Principal Amount” with respect to such Closing set forth opposite such Investor’s name on Exhibit A attached hereto. The
Notes shall be in the form of Exhibit B attached hereto. In payment for the Note and the related Warrant described in Section 1.2, each Investor shall pay to the Company an amount of cash in United States dollars equal to the Principal Amount
(the “Purchase Price”). 
  
 1.2 Issuance of
Warrants. Subject to the terms and conditions of this Agreement, at each Closing, the Company shall issue to each Investor that has purchased a Note hereunder, with respect to each such Note, a warrant (the “Warrant”), in the form of
Exhibit C attached hereto, representing the right to purchase up to that number of shares of Common Stock of the Company (as adjusted for stock splits, recapitalizations or other similar events) calculated as follows: 
  
 Number of shares of 
 Common Stock
            =             (Principal Amount of the Note) x (1.25) 
 issuable upon 
 exercise of the 
 Warrant 
  
 The Warrant shall, unless sooner terminated as provided therein, have a term of five (5) years from the date of issuance. The exercise price for each
share of Common Stock covered by the Warrant shall be the Stock Purchase Price (as defined below) (subject to adjustment as set forth in the Warrant). 

 1.3 Stock Purchase Price. For purposes of this Agreement, “Stock Purchase Price” shall
mean US$0.50 per share of the Common Stock. 
  
 SECTION 2

  
 CLOSINGS 
  
 2.1 Initial Closing. The initial closing of the purchase and sale of
Notes and Warrants hereunder (the “Initial Closing”) shall be held at the offices of Morrison & Foerster LLP, 755 Page Mill Road, Palo Alto, California 94304 on the date of this Agreement, or at such other place and date as is mutually
agreeable to the Company and Investors that are identified on Exhibit A as purchasing Notes representing a majority of the aggregate Principal Amounts of all Notes to be issued at the Initial Closing. 
  
 2.2 Subsequent Closings. The Company may issue and sell Notes in the
aggregate principal amount of one million dollars (US$1,000,000) and related Warrants hereunder. Subsequent to the Initial Closing and subject to the foregoing limitation, the Company may issue and sell additional Notes and Warrants to such
additional investors as it shall select in its sole and absolute discretion. Any such additional investor shall execute and deliver a counterpart signature page to this Agreement, and thereby become a party to and be deemed an Investor hereunder.
All additional Investors and all additional Purchase Prices invested hereunder shall be reflected on Exhibit A, which shall be automatically amended without any further action by any party hereto. The closing of the purchase and sale of such
additional Notes and Warrants hereunder shall be held at the offices of Morrison & Foerster LLP, 755 Page Mill Road, Palo Alto, California 94304, on such date or at such other place as is mutually agreeable to the Company and Investors that are
identified on Exhibit A as purchasing Notes representing a majority of the aggregate Principal Amounts of all Notes to be issued at such closing (which each such date and place, together with the Initial Closing, are designated as a
“Closing”). 
  
 2.3 Delivery. At each Closing (i)
each Investor participating in such Closing shall deliver to the Company a check or wire transfer of immediately available United States funds in the amount of such Investor’s Purchase Price with respect to such Closing, and (ii) the Company
shall execute and deliver to each such Investor (A) a Note reflecting the name of the Investor, a principal amount equal to such Investor’s Principal Amount and the date of such Closing and (B) a Warrant reflecting the number of shares
purchasable as set forth in Section 1.2 hereof and the Stock Purchase Price. Each such Note and Warrant shall be a binding obligation of the Company upon execution thereof by the Company and delivery thereof to an Investor. 
  
 2.4 Escrow. The Company and the Investors hereby appoint the law firm
of Morrison & Foerster LLP as Escrow Agent under this Agreement, and the Escrow Agent accepts such appointment, pursuant to the terms and conditions hereof. 
  

(a) At least one business day prior to each Closing, each Investor shall wire transfer such Investor’s Purchase Price into the attorney trust
account of the Escrow Agent. The Escrow Agent shall hold the Purchase Price in escrow and use reasonable efforts to place the 
  

 2 

 funds in an interest bearing money market or bank account (the “Escrowed Funds”), but the Escrow Agent shall
not be liable for any reasonable delay in investing, reinvesting or distributing the Purchase Price, or any interest earned thereon, or for any loss incurred by reason of any such investments. Interest accrued on the Escrowed Funds shall be
disbursed in the same manner as the Escrowed Funds. 
  
 (b) The
Escrow Agent shall disburse the Escrowed Funds in accordance with non-conflicting, written instructions (by letter, fax, electronic mail or other method acceptable to the Escrow Agent) from each Investor or its counsel. Until such instructions
authorize disbursement to the Company, the Company shall have no right to or interest in the Escrowed Funds. Additional terms and provisions relating to the Escrow Agent are set forth in Section 8.11 hereof. 
  
 SECTION 3 
  
 REPRESENTATIONS AND WARRANTIES OF INVESTORS 
  
 Each Investor hereby represents, warrants and covenants to the Company as follows: 
  
 3.1 Organization; Valid Existence; Qualification. Investor is a
[                        ] duly organized and validly existing under the laws of
[            ]. Investor has all requisite corporate power and authority to own and operate its properties and assets and to carry on business as now conducted and as presently
proposed to be conducted, and to execute and deliver this Agreement, to purchase the Note, the Warrants and the Common Stock issuable upon the conversion of the Note or the exercise of the Warrants (collectively, the “Securities”)
hereunder and to carry out the provisions of this Agreement. 
  
 3.2 Authorization. Investor has full power and authority to enter into this Agreement, and this Agreement, when executed and delivered, will constitute a valid and legally binding obligation of Investor enforceable against it in
accordance with its terms. 
  
 3.3 Purchase for Own
Account. Such Investor represents that it is acquiring the Securities solely for investment for such Investor’s own account not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that such
Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The acquisition by such Investor of any of the Securities shall constitute confirmation of the representation by such Investor that such
Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities. 
  
 3.4 Disclosure of Information. Such Investor has received or had
public access to all the information it considers necessary or appropriate for deciding whether to acquire the Securities, including but not limited to all information concerning the Company made publicly available with the Securities and Exchange
Commission (“SEC”). Such Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Securities and the business, properties,
prospects and financial condition of the Company. 
  

 3 

 3.5 Investment Experience. Such Investor represents that it is an investor in securities of
companies in private placement transactions of securities of companies in a similar stage of development or financial crisis and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Securities. If other than an individual, such Investor also represents it has not been organized for the purpose of
acquiring the Securities. Such Investor acknowledges that any investment in the Securities involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the Securities for an indefinite
period of time and to suffer a complete loss of its investment. 
  
 3.6 Accredited Investor. Such Investor is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect. 
  
 3.7 Restrictions on Transfer. Such Investor understands that the Securities are characterized as “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without
registration under the Securities Act of 1933, as amended (the “Act”), only in certain limited circumstances. In this connection, such Investor represents that it is familiar with SEC Rule 144, as presently in effect, and understands the
resale limitations imposed thereby and by the Act. In particular, such Investor is aware that the Securities may not be sold pursuant to SEC Rule 144 unless all of the conditions of that rule are met. Among the conditions for use of SEC Rule 144 may
be the availability of current information to the public about the Company. Such Investor has no immediate need for liquidity in connection with this investment and does not anticipate that it will need to sell his, her or its Securities in the
foreseeable future. 
  
 3.8 Further Limitations on
Disposition. Without in any way limiting the representations set forth above, such Investor further agrees not to make any disposition of all or any portion of the Securities unless and until the transferee has agreed in writing for the benefit
of the Company to be bound by this Section 3, and: 
  
 (a) there
is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or 
  
 (b) (i) such Investor shall have notified the Company of the proposed disposition and shall have furnished the Company with
a detailed statement of the circumstances surrounding the proposed disposition, and (ii) such Investor shall have furnished the Company with an opinion of counsel reasonably satisfactory to the Company that such disposition will not require
registration of such shares under the Act. 
  

 4 

 3.9 Reliance Upon Investor’s Representations. Investor understands that the Securities have
not been registered under the Act on the grounds that the sale provided for in this Agreement and the issuance of Securities hereunder is exempt from registration under the Act pursuant to Section 4(2) thereof, and that the Company’s reliance
on such exemption is predicated on the Investor’s representations set forth herein. Investor realizes that the basis for the exemption may not be present if, notwithstanding such representations, the Investor has in mind merely acquiring shares
of the Securities for a fixed or determinable period in the future, or for a market rise, or for sale if the market does not rise. Investor has no such intention. 
  
 3.10 Legends. 
  
 It is understood that the certificates evidencing the Securities may bear one or all of the following legends: 
  
 (a) “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.” 
  
 (b) Any legend required by the Bylaws of the Company or applicable state securities laws. 
  
 3.11 Brokerage. The Company shall have the right in its sole discretion, but not the obligation, to pay any brokerage commissions or finder’s
fees or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement or agreement made by or on behalf of Investor. Each Investor agrees to indemnify and hold the Company harmless against any
damages incurred as a result of any such brokerage commissions or finder’s fees or similar compensation not paid by the Company in its discretion. 
  
 3.12 SEC Reports. Following each Closing, as applicable, Investor will timely file all documents required to be filed by it (if any) with the SEC
under the Securities Exchange Act of 1934, as amended, in connection with the purchase of the Securities. 
  
 SECTION 4 
  
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
  
 The Company hereby represents and warrants to each Investor that: 
  
 4.1 Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate
power and authority to carry on its business as now conducted. The Company is duly qualified to transact business and is in good standing in the State of Oregon. 
  

 5 

 4.2 Authorization. All corporate action on the part of the Company necessary for the
authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder, and the authorization, issuance (or reservation for issuance), sale and delivery of the Securities has been taken or will be taken
prior to the Initial Closing. Each of this Agreement, the Notes and the Warrants constitutes the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies. 
  
 4.3 Offering. Subject in
part to the truth and accuracy of each Investor’s representations set forth in Section 3 of this Agreement, the offer, sale and issuance of the Notes and Warrants as contemplated by this Agreement are exempt from the registration requirements
of the Act. 
  
 4.4 Valid Issuance Common Stock. The shares
of Common Stock issuable upon conversion of the Notes and upon exercise of the Warrants, when issued, sold and delivered in accordance with the terms of the Notes and Warrants for the consideration expressed therein, will be duly and validly issued,
fully paid, and nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this Agreement, and under applicable state and federal securities laws. 
  
 SECTION 5 
  
 CONDITIONS OF THE COMPANY’S OBLIGATIONS AT EACH CLOSING 
  
 The obligations of the Company under Section 1 of this Agreement are subject
to the fulfillment on or before each Closing as specified below of each of the following conditions unless waived by the Company: 
  
 5.1 Payment of Purchase Price. The Investor shall have delivered payment of the aggregate Purchase Price of the Notes and Warrants to be purchased
by it at each Closing as set forth in Section 2.3. 
  
 5.2
Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Notes and
Warrants pursuant to this Agreement will be duly obtained and effective as of the applicable Closing. 
  
 5.3 Board of Director Approval. The Company’s Board of Directors shall have approved and authorized the execution and delivery of this
Agreement and the Closing and sale of the Notes and Warrants hereunder. 
  

 6 

 SECTION 6 
  

RESTICTIONS ON TRADING AND DISCLOSURE OF CONFIDENTIAL 
 INFORMATION 
  
 6.1
Nondisclosure Agreement. The Company has delivered to each Investor a summary of its financial results for the quarter ended December 31, 2003 (the “Confidential Information”). Each Investor acknowledges and agrees not to disclose
or use such Confidential Information, or otherwise trade in any securities of the Company, until such financial results have been publicly announced in a filing by the Company with the SEC. 
  
 6.2 No Short Sales. Each Investor agrees that it will not, directly or
indirectly engage in any short selling of the Company’s Common Stock (including, without limitation, shares of Common Stock of the Company which may be deemed to be beneficially owned by the undersigned in accordance with the rules and
regulations of the SEC), or other hedging transactions which effect substantially the same result as a short sale of such shares, for a period from the date hereof until the Note issued to such Investor hereunder has been canceled or converted in
full according to its terms. 
  
 SECTION 7 
  
 REGISTRATION RIGHTS 
  
 7.1 Registrable Securities. The term “Registrable
Securities” means any shares of Common Stock issuable upon conversion of the Notes held by Investors or issuable upon exercise of the Warrants held by Investors or any Common Stock issued as a dividend or other distribution with respect to, in
exchange for, or in replacement of such stock; provided, however, that any shares shall cease to be Registrable Securities when they are (i) previously sold pursuant to a registered public offering; (ii) previously sold pursuant to an exemption from
the registration requirements of the Act under which the transferee does not receive “restricted securities;” (iii) previously sold in a private transaction in which the registration rights granted under this Agreement are not assigned; or
(iv) eligible for sale without registration by such Holder within any three (3) month period pursuant to SEC Rule 144. 
  
 7.2 Piggyback Registration. If (but without any obligation to do so) the Company proposes to register, at the request of other Company
stockholders, for resale on Form S-3 any of its Common Stock within two (2) years of the date hereof, the Company shall, at such time, promptly give each person owning Registrable Securities (each a “Holder” hereunder) written notice of
such registration. Upon the written request of any Holder given to the Company within fifteen (15) days after the receipt of the Company’s notice, the Company shall cause a registration statement covering all of the Registrable Securities that
each such Holder has requested to be registered to become effective under the Securities Act; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 7.2 if
Form S-3 (or any successor form to Form S-3 regardless of its designation) is not available for such offering by the Holders. In connection with any offering involving an 
  

 7 

 underwriting of securities, the Company shall not be required under this Section 7.2 to include any of the Holders’
securities in such underwriting unless such Holders accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it, and then only in such quantity, if any, as in the reasonable opinion of the
underwriters, marketing factors allow. 
  
 7.3 “Market
Stand-Off” Agreement. Each Holder hereby agrees that, during the period of duration, not to exceed one hundred eighty (180) days, specified by the Company and the managing underwriter of a firm commitment public offering of the
Company’s Common Stock registered under the Securities Act (a “Public Offering”), it shall not, to the extent requested by the Company and such underwriter, directly or indirectly sell, offer to sell, contract to sell (including,
without limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any securities of the Company held by it at any time during such period except common stock
included in the registration. 
  
 SECTION 8 
  
 MISCELLANEOUS 
  
 8.1 Survival of Representations, Warranties and Covenants. The
warranties, representations and covenants of the Company and Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and all Closings and shall in no way be affected by any investigation
of the subject matter thereof made by or on behalf of the Investors or the Company. 
  
 8.2 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties
(including transferees of any Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 
  
 8.3 Governing Law; Venue. This Agreement is to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the
application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties. All disputes and controversies arising out of or in connection with this Agreement shall be resolved
exclusively by the state and federal courts located in the State of Oregon and each party hereto agrees to submit to the jurisdiction of said courts and agrees that venue shall lie exclusively with such courts. 
  
 8.4 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

 8 

 8.5 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement. 
  
 8.6 Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been
duly given (a) when hand delivered to the other party; (b) when sent by facsimile to the number set forth below if sent between 8:00 a.m. and 5:00 p.m. recipient’s local time on a business day, or on the next business day if sent by facsimile
to the number set forth below if sent other than between 8:00 a.m. and 5:00 p.m. recipient’s local time on a business day; (c) three business days after deposit in the U.S. mail with first class or certified mail receipt requested postage
prepaid and addressed to the other party at the address set forth below; or (d) the next business day after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set forth below with next business day
delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider. Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such
communication was addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given above, or
designate additional addresses, for purposes of this Section 8.6 by giving the other party written notice of the new address in the manner set forth above. 
  
 8.7 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Investors holding Notes representing at least a majority of the aggregate amount of indebtedness incurred by the
Company under all Notes issued pursuant to this Agreement. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Securities acquired under this Agreement at the time outstanding (including
securities into which such Securities are convertible), each future holder of all such Securities, and the Company. 
  
 8.8 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 
  
 8.9 Publicity. Neither party shall make any press release, statement to the press, the public or other announcement
concerning this Agreement nor the transactions contemplated hereby prior to publicly announcing this transaction in a filing by the Company with the SEC. After the Company has disclosed this transaction in a filing with the SEC, each party shall
cooperate with the other party in making any press release, statement to the press, the public or other announcement concerning this Agreement or the transactions contemplated hereby. 
  
 8.10 Expenses. The Company shall reimburse the reasonable fees of one special counsel for the Investors, not to
exceed ten thousand dollars (US$10,000) in the aggregate, and shall, upon receipt of a bill therefor, reimburse the reasonable, pre-approved, out-of-pocket 
  

 9 

 expenses of such counsel. If any action at law or in equity is necessary to enforce or interpret the terms of this
Agreement, any Note or any Warrant, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 
  
 8.11 Additional Terms Regarding Escrow Agent. 
  
 (a) It is agreed that the duties of the Escrow Agent are only as herein
specifically provided and are purely ministerial in nature, and that the Escrow Agent shall incur no liability whatsoever except for its willful misconduct. Subject to the immediately preceding sentence, the Company and each Investor hereby release
the Escrow Agent from any act done or omitted to be done by the Escrow Agent in good faith in the performance of its duties hereunder. The Escrow Agent is acting only as a stakeholder with respect to the Purchase Price. 
  
 (i) If the Escrow Agent shall be uncertain as to its duties or rights
hereunder or shall receive any notice, advice, direction, or other document from any other party which, in the Escrow Agent’s opinion, is in conflict with any of the provisions of this Agreement, the Escrow Agent shall be entitled, without
liability to anyone, to refrain from taking any action other than to use the Escrow Agent’s best efforts to keep safely and preserve the Escrowed Funds (and to keep same invested in the same manner as set forth above) until the Escrow Agent
shall be directed otherwise in writing by both the Company and each of the Investors or by an order, decree, or judgment of a court of competent jurisdiction which has been finally affirmed on appeal or which, by lapse of time or otherwise, is no
longer subject to appeal, but the Escrow Agent shall be under no duty to institute or to defend any proceeding, although the Escrow Agent may, in the Escrow Agent’s discretion and at the equal expense of the Company, on the one hand, and the
Investors, on the other hand, institute or defend such proceedings. In the alternative, the Escrow Agent may, in its sole discretion, institute an interpleader action for declaratory judgment in a court of competent jurisdiction and simultaneously
deposit the Escrowed Funds with the court. Upon the commencement of such an action, all liability of the Escrow Agent shall be terminated, subject to Section 8.11(a), and none of the parties shall have any claim whatsoever against the Escrow Agent.

  
 (ii) Notwithstanding any provision hereof, the Escrow
Agent’s duties under this Agreement to deal with the Escrowed Funds shall not be affected by its knowledge of the existence or incipience of any dispute with respect to the Escrowed Funds, and the Escrow Agent shall be fully indemnified by the
Company for all damages and expenses suffered or incurred by it resulting from or arising out of the delivery by the Escrow Agent of the Escrowed Funds to the Company or any Investor in such circumstances. 
  
 (iii) If the Escrow Agent shall resign as the escrow agent hereunder, a
successor escrow agent shall be promptly appointed jointly by the Company and each of the Investors. The Escrow Agent may at any time give written notice of resignation (the “Resignation Notice”) to the other parties hereto. Such
resignation shall take effect when the successor escrow agent accepts in writing its appointment as successor escrow agent and receives the Escrowed Funds from the Escrow Agent or, upon disposition of the Escrowed Funds, in accordance with
non-conflicting, written instructions of the Company and each Investor or its 
  

 10 

 counsel. If no successor escrow agent has been appointed and has accepted the Escrowed Funds within fifteen days after
the Resignation Notice is sent, the Escrow Agent may deposit the Escrowed Funds with the clerk of any state court located within the County of Santa Clara in the State of California, whereupon the resigning Escrow Agent shall be discharged of and
from any and all further obligations hereunder, subject to Section 8.11(a). 
  
 (iv) The Company and each Investor authorize the Escrow Agent, if the Escrow Agent is threatened with litigation or is sued, to interplead all interested parties in any court of competent jurisdiction and to deposit
the Escrowed Funds with the clerk of that court. 
  
 (b) The
Escrow Agent’s responsibilities and liabilities hereunder will terminate upon the delivery of the Escrowed Funds under any provision of this Agreement. Nothing contained herein shall act as a disclaimer of responsibility by Escrow Agent for its
own willful misconduct. 
  
 (c) Each Investor represents that,
prior to the execution of this Agreement, it was advised that the Escrow Agent represented the Company and continues to represent the Company as its attorney in connection with this Agreement and other transactions, and the parties hereto hereby
acknowledge and waive any actual or potential conflict of interest arising from the Escrow Agent’s continuing to act as either attorney in connection with any dispute hereunder and any other matter, or as the Escrow Agent hereunder. 

 
 (d) Except as provided hereafter, the Escrow Agent shall not be liable for
any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand,
certificate, statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is
reasonably and in good faith believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or
rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless the Escrow Agent shall have given its prior written
consent thereto. 
  
 (e) The Escrow Agent shall not be responsible
for the sufficiency and accuracy, the form of, or the execution, validity, value or genuineness of, any document or property received, held or delivered by it hereunder, or of any signature or endorsement thereon, or for any lack of endorsement
thereon, or for any description therein, nor shall the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document or
property paid or delivered by the Escrow Agent pursuant to the provisions hereof. 
  
 (f) The Escrow Agent shall not be liable for any action taken or omitted hereunder except in the case of its willful misconduct. The Escrow Agent may at the equal expense of the Company, on the one hand, and the
Investors, on the other hand, consult with 
  

 11 

 counsel of its own choice (including any partner or associate of the Escrow Agent) and shall have full and complete
authorization and protection for any action taken or suffered by it in good faith and in accordance with the opinion or advice of such counsel. 
  
 8.12 Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect to the
subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein or therein. 
  
 * * * 
  
  

 12 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

					
	COMPANY:
	
	OXIS INTERNATIONAL, INC.
		
	 By:
	 	  

	 	 	Ray R. Rogers, Chairman and Chief
	 	 	Executive Officer

					
	
	 Address:        OXIS International, Inc.

	                        6040 N. Cutter Circle, Suite
317
	                        Portland, OR 97217
	 Facsimile:
	 	  

	 Telephone:
	 	  

  

 13 

			
	INVESTOR:
	
	[NAME OF INVESTOR]
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

			
	
	 Address: [NAME OF INVESTOR]

		
	 	 	  

	 	 	  

	 	 	  

	 Facsimile:
	 	  

	 Telephone:
	 	  

		
	 Taxpayer ID:
	 	  

 EXHIBIT A 
 SCHEDULE OF INVESTORS 
  
 Closing Dated: January 14, 2004 
  

			
	 Investor Name

	  	 Principal
 Amount

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