Document:

Exhibit 99.5

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
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 REGULATION 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, SECTION 4(A)(1), 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.

 

	Principal
    Amount: $75,000.00	Issue
    Date: July 30, 2020

 

Purchase
Price: $68,250.00

Original
Issue Discount: $6,750

 

10%
CONVERTIBLE NOTE

 

FOR
VALUE RECEIVED, RESPIRERX PHARMACEUTICALS, INC., a Delaware corporation (“Borrower” or “Company”)
(Trading Symbol: RSPI), hereby promises to pay to the order of EMA FINANCIAL, LLC, a Delaware limited liability company,
or its registered assigns (the “Holder”), on October 30, 2021, (subject to extension as set forth below, the “Maturity
Date”), the sum of $75,000.00 as set forth herein, together with interest on the unpaid principal balance hereof at the
rate of ten percent (10%) per annum (the “Interest Rate”) from the date of issuance hereof until this Note plus any
and all amounts due hereunder are paid in full, and any additional amounts set forth herein, including without limitation any
Additional Principal (as defined herein). Interest shall be computed on the basis of a 365-day year and the actual number of days
elapsed. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty-four
(24%) per annum from the due date thereof until the same is paid (“Default Interest”). All payments due hereunder
shall be made in lawful money of the United States of America. All payments shall be made at such address as the Holder shall
hereafter give to the Borrower by written notice made in accordance with the provisions of this Note. Whenever any amount expressed
to be due by the terms of this Note is due on any day which is not a business day, the same shall instead be due on the next succeeding
day which is a business day and, in the case of any interest payment date which is not the date on which this Note is paid in
full, the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest
due on such date. As used in this Note, the term “business day” shall mean any day other than a Saturday, Sunday or
a day on which commercial banks in the city of New York, New York are authorized or required by law or executive order to remain
closed. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain
Securities Purchase Agreement entered into by and between the Company and Holder dated on or about the date hereof, pursuant to
which this Note was originally issued (the “Purchase Agreement”).

 

    	 

    	 

    

 

This
Note carries an original issue discount of $6,750 (the “OID”), to cover the Holder’s monitoring costs associated
with the purchase and sale of the Note, which is included in the principal balance of this Note. Thus, the purchase price of this
Note shall be $68,250.00, computed as follows: the Principal Amount minus the OID.

 

This
Note is 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 Borrower and will not impose personal liability upon the holder thereof.

 

The
following terms shall also apply to this Note:

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1.
Conversion Right. The Holder shall have the right, in its sole and absolute discretion, at any time from time to time,
to convert all or any part of the outstanding amount due under this Note (such outstanding amount includes but is not limited
to the principal, interest and/or Default Interest accrued, plus any and all other amounts owed pursuant to the terms of this
Note) into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares
of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at
the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”); provided,
however, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of
this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its
affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted
portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on
conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon
the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result
in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes
of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulation 13D-G thereunder, except as
otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations on conversion
may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Borrower, and
the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as determined by
the Holder, as may be specified in such notice of waiver). The number of shares of Common Stock to be issued upon each Conversion
of this Note (“Conversion Shares”) shall be determined by dividing the Conversion Amount (as defined below) by the
applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit
A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided
that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result
in, notice) to the Borrower or Borrower’s transfer agent before 11:59 p.m., New York, New York time on such conversion date
(the “Conversion Date”). The term “Conversion Amount” means, with respect to any Conversion of this Note,
the sum of (1) the principal amount of this Note to be converted in such Conversion, plus (2) accrued and unpaid interest,
if any, to be converted in such Conversion at the interest rates provided in this Note to the Conversion Date, plus (3)
at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or
(2), plus (4) any Additional Principal for such Conversion, plus (5) at the Holder’s option, any amounts owed
to the Holder pursuant to Sections 1.2(c) and 1.4(g) hereof.

 

    	 

    	 

    

 

1.2.
Conversion Price.

 

a)
Calculation of Conversion Price. The conversion price hereunder (the “Conversion Price”) per share shall equal
(i) $0.02 (the “Fixed Conversion Price”), or (ii) following an Event of Default, the lower of: (A) the Fixed Conversion
Price, (B) discount to market based upon subsequent financings with other investors; or (C) sixty percent (60% which is equivalent
to a 40% discount) multiplied by the lowest traded price of the Common Stock during the twenty-one (21) consecutive Trading Day
period immediately preceding the Conversion Date (the “Default Conversion Price”), or (iii) if there is not an Event
of Default and a conversion occurs at the Fixed Conversion Price and the lowest traded price of the Common Stock is less than
the Fixed Conversion Price on each of the three consecutive Trading Days after the Conversion Date during which the Holder actually
has received from the Company or its transfer agent Conversion Shares issuable pursuant to this Section 1 which are immediately
upon receipt unrestricted and freely tradable by the Holder either by way of Rule 144 as promulgated by the SEC (“Rule 144”),
Section 4(a)(1) of the Securities Act (“Section 4(a)(1)”), or other applicable exemption, then the Conversion Price
shall be deemed to have been retroactively adjusted, as of the Conversion Date, to a price equal to sixty-five percent (65%) multiplied
by the lowest volume weighted average price of the Common Stock during the twenty-one (21) consecutive Trading Day period immediately
preceding the Conversion Date (the “Alternate Conversion Price”), and the Company shall, on the fourth Trading Day
following the Conversion Date, issue to the Holder additional shares of unrestricted, freely tradable Common Stock equal to the
difference between (Y) the number of Conversion Shares received upon conversion of the applicable Conversion Amount at the Fixed
Conversion Price and (Z) the number of Conversion Shares receivable upon conversion of the applicable Conversion Amount as of
the Conversion Date at the Alternate Conversion Price (subject to the beneficial ownership limitations contained in Section 1.1,
such that the additional shares shall be issued in tranches if required to comply with such beneficial ownership limitations).
Upon the occurrence of the events described in Section 1.2(a)(iii), the Conversion Price shall equal the Alternative Conversion
Price for all future conversions unless an Event of Default occurs, at which time the Conversion Price shall equal the Default
Conversion Price. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTC
Pink or on the principal securities exchange, market place, or other securities market on which the Common Stock is then being
traded. If such Common Stock is not traded on the OTCQX, OTCQB, OTC Pink, NASDAQ or NYSE, then such sale price shall be the sale
price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no
sale price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market
makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc. If such sale
price cannot be calculated for such security on such date in the manner provided above, such price shall be the fair market value
as mutually determined by the Borrower and the Holder. Additionally, the Borrower acknowledges that it will take all reasonable
steps necessary or appropriate, including providing a board of directors resolution authorizing the issuance of Common Stock to
Holder. So long as the requested sale may be made pursuant to Rule 144, Section 4(a)(1), or other applicable exemption, the Company
agrees to accept an opinion of counsel to the Holder confirming the rights of the Holder to sell shares of Common Stock issuable
or issued to Holder on conversion of this Note. In addition, the Holder shall be entitled to deduct $600.00 from the conversion
amount in each Notice of Conversion to cover Holder’s legal fees associated with each Notice of Conversion. Additionally,
if the Company ceases to be a reporting company pursuant to the 1934 Act at any time after the Issue Date or if the Note cannot
be converted into free trading shares after 181 days from the issuance date, or if the Common stock is chilled for deposit at
DTC, becomes chilled at any point while this Note remains outstanding or a deposit or other additional fees are payable due to
a Yield Sign, Stop Sign or other trading restrictions, or if the closing price at any time falls below $0.001 (as appropriately
and equitably adjusted for stock splits, stock dividends, stock contributions and similar events), then an additional 7.5% discount
will be attributed to the Conversion Price for any and all Conversions submitted thereafter. If, prior to the repayment or conversion
of this Note, in the event the Borrower consummates a registered, qualified or unregistered primary offering of its securities
for capital raising purposes (a “Primary Offering”) with aggregate net proceeds in excess of $2,500,000, the Holder
shall have the right, in its discretion, to demand repayment in full of an amount equal to any outstanding Principal Amount and
interest (including Default Interest) under this Note as of the closing date of the Primary Offering.

 

    	 

    	 

    

 

b)
If at any time the Conversion Price as determined hereunder for any Conversion would be less than the par value of the Common
Stock, then the Conversion Price hereunder shall equal such par value for such Conversion and the Conversion Amount for such Conversion
shall be increased to include Additional Principal, where “Additional Principal” means such additional amount to be
added to the Conversion Amount to the extent necessary to cause the number of Conversion Shares issuable upon such Conversion
to equal the same number of Conversion Shares as would have been issued had the Conversion Price not been subject to the minimum
price set forth in this Section 1.2(b).

 

c)
Without in any way limiting the Holder’s right to pursue other remedies, including actual damages and/or equitable relief,
the parties agree that if delivery of the free trading shares of Common Stock issuable upon conversion of this Note is not delivered
by the Deadline (as defined below) the Borrower shall pay to the Holder $250.00 per day in cash, for each day beyond the Deadline
that the Borrower fails to deliver such Common Stock. Such cash amount shall be paid to Holder by the fifth 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 this Note, in which
event interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible
into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert this Note is a valuable
right to the Holder. The damages resulting from a failure, attempt to frustrate, or interference with such conversion right are
difficult if not impossible to quantify. Accordingly, the parties acknowledge that the liquidated damages provision contained
in this Section are justified.

 

1.3.
Authorized Shares. The Borrower covenants that the Borrower will at all times while this Note is outstanding reserve from
its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance
of Common Stock upon the full conversion or adjustment of this Note. The Borrower is required at all times to have authorized
and reserved five (5) times the number of shares that is actually issuable upon full conversion or adjustment of this Note (based
on the Conversion Price of the Notes in effect from time to time) (the “Reserved Amount”). Initially, the Company
will instruct the Transfer Agent to reserve 27,500,000 shares of common stock in the name of the Holder for issuance upon conversion
hereof and shall be in addition to any reserve requirements associated with any other securities, including, but not limited to
warrants of or issued by the Borrower, held by the Holder of this Note. The Borrower represents that upon issuance, such shares
will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or make
any change to its capital structure which would change the number of shares of Common Stock into which this Note shall be convertible
at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall
be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of this
Note in full. So long as this Note is outstanding, and to the extent the information herein requested is not material non-public
information, the Borrower shall instruct the Transfer Agent that upon Holder’s request it shall furnish to the Holder the
then current number of common shares issued and outstanding, the then current number of common shares authorized, the then current
number of unrestricted shares, and the then current number of shares reserved for third parties. If the response to such request
would involve material non-public information, the Borrower shall use its best efforts to put such information into the public
domain by filing a Form 8-K or such other reasonable means as determined by the Company. The Borrower (i) acknowledges that it
has irrevocably instructed its transfer agent to issue certificates for the Common Stock issuable upon conversion of this Note,
and (ii) agrees that its issuance of this Note shall constitute full authority to its officers and agents who are charged with
the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock in accordance
with the terms and conditions of this Note.

 

    	 

    	 

    

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of
the Note.

 

1.4.
Method of Conversion.

 

a)
Mechanics of Conversion. Subject to Section 1.1, this Note may be converted by the Holder in whole or in part at any time
and from time to time after the Issue Date, by submitting to the Borrower or Borrower’s transfer agent a Notice of Conversion
(by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 11:59 p.m., New York,
New York time).

 

b)
Book Entry upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in
accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the
entire unpaid balance of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such
records of the Borrower shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding
the foregoing, if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder
first physically surrenders this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order
of the Holder a new Note of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes)
may request, representing in the aggregate the remaining unpaid principal amount of this Note. The Holder and any assignee, by
acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a
portion of this Note, the unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount
stated on the face hereof.

 

    	 

    	 

    

 

c)
Payment of Taxes. The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved
in the issue and delivery of shares of Common Stock or other securities or property on conversion of this Note in a name other
than that of the Holder (or in street name), and the Borrower shall not be required to issue or deliver any such shares or other
securities or property unless and until the person or persons (other than the Holder or the custodian in whose street name such
shares are to be held for the Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount
of any such tax or shall have established to the satisfaction of the Borrower that such tax has been paid.

 

d)
Delivery of Common Stock upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail
(or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in
this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder
certificates for the Common Stock issuable upon such conversion within one (1) business day after such receipt or such an event
(the “Deadline”) (and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of
this Note) in accordance with the terms hereof and the Purchase Agreement. The Holder shall be entitled to deduct $400.00 from
the conversion amount in each Notice of Conversion to cover Holder’s deposit fees associated with each Notice of Conversion.

 

e)
Obligation of Borrower to Deliver Common Stock. Upon receipt by the Borrower of a duly and properly executed Notice of
Conversion, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such conversion, the outstanding
principal amount and the amount of accrued and unpaid interest on this Note shall be reduced to reflect such conversion or adjustment,
and, unless the Borrower defaults on its obligations under this Article I, all rights with respect to the portion of this Note
being so converted shall forthwith terminate except the right to receive the Common Stock or other securities, cash or other assets,
as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein, the Borrower’s
obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence
of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of
any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or
alleged breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise
limit such obligation of the Borrower to the Holder in connection with such conversion. The Conversion Date specified in the Notice
of Conversion shall be the Conversion Date so long as the Notice of Conversion is sent by the Holder to the Borrower or Borrower’s
transfer agent before 11:59 p.m., New York, New York time, on such date.

 

    	 

    	 

    

 

f)
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock
issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated
Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions contained
in Section 1.1 and in this Section 1.4, the Borrower shall use its best efforts to cause its transfer agent to electronically
transmit the Common Stock issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with
DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system. In the event that the shares of the Borrower’s
Common Stock are not deliverable via DWAC following the conversion of any amount hereunder, an additional 10% discount will be
attributed to the Conversion Price.

 

g)
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other
remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon
conversion or adjustment of this Note is not delivered by the Deadline, the Borrower shall pay to the Holder $250.00 per day in
cash up to a maximum of $2,000.00, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock to the
Holder. Such cash amount shall be paid to Holder by the fifth 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 this Note, in which event interest shall accrue thereon
in accordance with the terms of this Note and such additional principal amount shall be convertible into Common Stock in accordance
with the terms of this Note. The Borrower agrees that the right to convert and/or receive shares in the event of an adjustment
is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, or interference with such conversion
or adjustment right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages
provision contained in this Section 1.4(g) are justified.

 

h)
The Borrower acknowledges that it will take all reasonable steps necessary or appropriate, including accepting an opinion of counsel
to Holder confirming the rights of Holder to sell shares of Common Stock issued to Holder on conversion or adjustment of the Note
pursuant to Rule 144, Section 4(a)(1), or other applicable exemption. So long as the requested sale may be made pursuant to Rule
144, Section 4(a)(1), or other applicable exemption, the Borrower agrees to accept an opinion of counsel to the Holder which opinion
will be issued at the Borrower’s expense.

 

i)
Charges and Expenses. Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall
be made without charge to the Holder for any issuance fee, transfer tax, legal opinion and related charges, postage/mailing charge
or any other expense with respect to the issuance of such Common Stock. Company shall pay all Transfer Agent fees incurred from
the reservation and issuance of the Common Stock to Holder, as well as any and all other fees and charges required by the Transfer
Agent as a condition to effectuate such issuance. That notwithstanding, the Holder may in the interest of securing issuance and/or
delivery of Common Stock before the Deadline, at any time from time to time, in its sole discretion elect to pay any such fees
or charges upfront, and Company agrees that any such fees or charges as noted in this Section that are paid by the Holder (whether
from the Company’s delays, outright refusal to pay, Holder’s interest in securing issuance and/or delivery of Common
Stock before the Deadline, or otherwise), will be at Company’s expense, and the conversion amount will automatically be
reduced by that dollar amount to cover the cost of the fees or charges as noted in this Section (for the avoidance of doubt, the
aforementioned reduction in the conversion amount shall not cause a reduction in the share amount to be issued to the Holder pursuant
to such conversion).

 

    	 

    	 

    

 

1.5.
Restricted Securities. The shares of Common Stock issuable upon conversion or adjustment of this Note may not be sold or
transferred unless (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) are included
in a qualified offering pursuant to Regulation A under the Act, or (iii) the Borrower or its transfer agent shall have been furnished
with an opinion of counsel (which opinion shall be 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 or (iv) such shares are sold or transferred pursuant to Rule 144, Section 4(a)(1), or other applicable exemption,
or (v) such shares are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees to sell or
otherwise transfer the shares only in accordance with this Section 1.5 and who is an Accredited Investor (as defined in the Purchase
Agreement). Any legend set forth on any stock certificate evidencing any Conversion Shares shall be removed and the Borrower shall
issue to the Holder a new certificate therefore free of any transfer legend if (i) the Borrower or its transfer agent shall have
received an opinion of counsel form, substance and scope customary for opinions of counsel in comparable transactions, to the
effect that a public sale or transfer of such Common Stock may be made without registration under the Act, which opinion shall
be reasonably acceptable to the Company, or (ii) in the case of the Common Stock issued or issuable upon conversion of this Note,
such security is registered for sale by the Holder under an effective registration statement filed under the Act or is included
in a qualified offering pursuant to Regulation A under the Act, or otherwise 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.

 

1.6.
Effect of Certain Events.

 

a)
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which
more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of
the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be treated
pursuant to Section 1.6(b) hereof. “Person” shall mean any individual, corporation, limited liability company, partnership,
association, trust or other entity or organization.

 

b)
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Notes, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other
similar event (“Reorganization Event”), as a result of which shares of Common Stock of the Borrower shall be changed
into the same or a different number of shares of another class or classes of stock or securities of the Borrower or another entity,
or in case of any sale or conveyance of all or substantially all of the assets of the Borrower other than in connection with a
plan of complete liquidation of the Borrower, then the Holder of this Note shall thereafter have the right to accelerate the Maturity
Date to the date of the Reorganization Event or receive upon conversion of this Note, upon the basis and upon the terms and conditions
specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities
or assets which the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately
prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case appropriate
provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that the provisions hereof
(including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion
of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter
deliverable upon the conversion hereof. The Borrower shall not affect any Reorganization Event unless the resulting successor
or acquiring entity assumes by written instrument the obligations of this Section 1.6(b). The above provisions shall similarly
apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

    	 

    	 

    

 

c)
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire
its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any
dividend or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock
of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion
of this Note as of or after (in the event of a stock dividend) the date of record for determining shareholders entitled to such
Distribution, to receive the amount of such assets which would have been payable to the Holder with respect to the shares of Common
Stock issuable upon such conversion had such Holder been the holder of such shares of Common Stock on the record date for the
determination of shareholders entitled to such Distribution. Such assets shall be held in escrow by the Company pending any such
conversion

 

d)
Purchase Rights. If, at any time when any Notes are issued and outstanding, the Borrower issues any convertible securities
or rights to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record
holders of any class of Common Stock, then the Holder of this Note will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares
of Common Stock acquirable upon complete conversion of this Note (without regard to any limitations on conversion contained herein)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such
record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of
such Purchase Rights.

 

e)
Stock Dividends and Stock Splits. If the Company, at any time while this Note is outstanding: (A) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any securities
convertible into or exercisable for Common Stock; (B) subdivides outstanding shares of Common Stock into a larger number of shares;
(C) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares; or
(D) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then
the Conversion Price (and each sale or bid price used in determining the Conversion Price, if applicable) shall be subject to
equitable adjustments for such events.

 

f)
Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

    	 

    	 

    

 

g)
Notice of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the
events described in this Section 1.6, the Borrower, at its expense, shall promptly compute such adjustment or readjustment and
prepare and furnish to the Holder a certificate setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based. The Borrower shall, upon the written request at any time of the Holder, furnish
to such Holder a like certificate setting forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in
effect and (iii) the number of shares of Common Stock and the amount, if any, of other securities or property which at the time
would be received upon conversion of the Note.

 

1.7.
Revocation. If any Conversion Shares are not received by the Deadline, the Holder may revoke the applicable Conversion
pursuant to which such Conversion Shares were issuable. This Note shall remain convertible after the Maturity Date hereof until
this Note is repaid or converted in full.

 

1.8.
Prepayment. Notwithstanding anything to the contrary contained in this Note, subject to the terms of this Section, at any
time during the period beginning on the Issue Date and ending on the date which is one hundred eighty (180) calendar days following
the Issue Date (“Prepayment Termination Date”), Borrower shall have the right, exercisable on not less than five (5)
Trading Days prior written notice to the Holder of this Note, to prepay up to the outstanding balance on this Note (principal
and accrued interest), in full, in accordance with this Section. Any notice of prepayment hereunder (an “Optional Prepayment
Notice”) shall be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower
is exercising its right to prepay the Note, and (2) the date of prepayment which shall be not more than fifteen (15) Trading Days
from the date of the Optional Prepayment Notice; and (3) the amount (in dollars) that the Borrower is paying. Notwithstanding
Holder’s receipt of the Optional Prepayment Notice the Holder may convert, or continue to convert the Note in whole or in
part until the Optional Prepayment Amount (as defined herein) is paid to the Holder. On the date fixed for prepayment (the “Optional
Prepayment Date”), the Borrower shall make payment of the Optional Prepayment Amount (as defined below) to or upon the order
of the Holder as specified by the Holder in writing to the Borrower at least one (1) business day prior to the Optional Prepayment
Date. If the Borrower exercises its right to prepay the Note, the Borrower shall make payment to the Holder of an amount in cash
(the “Optional Prepayment Amount”) equal to the Prepayment Factor (as defined below), multiplied by the sum of: (w)
the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount
of this Note to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w)
and (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof. If the Borrower delivers an
Optional Prepayment Notice and fails to pay the Optional Prepayment Amount due to the Holder of the Note within two (2) business
days following the Optional Prepayment Date, the Borrower shall forever forfeit its right to prepay the Note pursuant to this
Section. After the Prepayment Termination Date, the Borrower shall have no right to prepay this Note. For purposes hereof, the
“Prepayment Factor” shall equal: one hundred ten percent (110%) if the Optional Prepayment Date occurs during one
(1) through ninety (90) calendar days following the Issue Date; and one hundred fifteen percent (115%) if the Optional Prepayment
Date occurs during ninety-one (91) through one hundred eighty (180) calendar days following the Issue Date.

 

    	 

    	 

    

 

1.9.
Reserved.

 

ARTICLE
II. CERTAIN COVENANTS

 

2.1.
Distributions on Capital Stock. So long as the Borrower shall have any obligation under this Note, the Borrower shall not
without the Holder’s written consent, pay, declare or set apart for such payment, any dividend or other distribution (whether
in cash, property or other securities) on shares of capital stock other than dividends on shares of Common Stock solely in the
form of additional shares of Common Stock.

 

2.2.
Restriction on Stock Repurchases. So long as the Borrower shall have any obligation under this Note, the Borrower shall
not without the Holder’s written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property
or other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of the
Borrower or any warrants, rights or options to purchase or acquire any such shares.

 

2.3.
Borrowings; Liens. Notwithstanding section 4(l) of the Purchase Agreement, so long as the Borrower shall have any obligation
under this Note, the Borrower shall not (i) create, incur, assume guarantee, endorse, contingently agree to purchase or otherwise
become liable upon the obligation of any person, firm, partnership, joint venture or corporation, except by the endorsement of
negotiable instruments for deposit or collection, or suffer to exist any liability for borrowed money, except (a) borrowings in
existence or committed on the date hereof and of which the Borrower has informed Holder in writing prior to the date hereof, or
(b) indebtedness to trade creditors or financial institutions incurred in the ordinary course of business, or (ii) enter into,
create or incur any liens, claims or encumbrances of any kind, on or with respect to any of its property or assets now owned or
hereafter acquired or any interest therein or any income or profits therefrom, securing any indebtedness occurring after the date
hereof. Notwithstanding the foregoing, Borrower may enter into one or more notes that are, in effect, commitment notes, with respect
to any equity line or other similar transaction into which Borrowers enters.

 

2.4.
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the
Holder’s written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary
course of business. Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.
Notwithstanding the foregoing, Borrower may contribute or otherwise transfer any or all assets into one or more, initially, majority
owned subsidiaries.

 

2.5.
Advances and Loans. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without
the Holder’s written consent, lend money, give credit or make advances to any officers, directors, employees, subsidiaries
and affiliates of the Borrower, except loans, credits or advances in existence or committed on the date hereof and which the Borrower
has informed Holder in writing prior to the date hereof.

 

    	 

    	 

    

 

2.6.
Charter. So long as the Borrower shall have any obligations under this Note, the Borrower shall not amend its charter documents,
including without limitation its certificate of incorporation and bylaws, in any manner that materially and adversely affects
any rights of the Holder. Notwithstanding the foregoing, Borrower may amend its charter documents without limitation to designate
one or more series of preferred stock in accordance with its charter documents as such exist on the date of this Note.

 

2.7.
Transfer Agent. The Borrower shall not change its transfer agent without the prior written consent of the Holder. Any replacement
of the transfer agent by the Borrower, or resignation by the transfer agent without a replacement transfer agent consented to
by the Holder prior to such replacement taking effect shall constitute an Event of Default hereunder.

 

2.8.
Section 3(a)(9) or 3(a)(10) Transaction. So long as this Note is outstanding, the
Borrower shall not enter into any transaction or arrangement structured in accordance with, based upon, or related or pursuant
to, in whole or in part, either Section 3(a)(9) of the Securities Act (a “3(a)(9) Transaction”) or Section 3(a)(l0)
of the Securities Act (a “3(a)(l0) Transaction”). In the event that the Borrower does enter into, or makes any issuance
of Common Stock related to a 3(a)(9) Transaction or a 3(a)(10) Transaction while this Note is outstanding, a liquidated damages
charge of 25% of the outstanding principal balance of this Note, but not less than Fifteen Thousand Dollars $15,000, will be assessed
and will become immediately due and payable to the Holder at its election in the form of cash payment or addition to the balance
of this Note. Notwithstanding the foregoing, Borrower may enter into any number of 3(a)(9) transactions that would result in the
issuance of Common Stock or equity-linked securities including, but not limited to options (whether or not such options are part
of a plan approved by the Board of Directors or shareholders of the Borrower) and warrants as (i) direct payment of outstanding
accounts payable or accrued expenses with vendors, consultants or advisors or (ii) accrued compensation and related benefits or
(iii) direct payment of notes outstanding as of the date of this Note.

 

ARTICLE
III. EVENTS OF DEFAULT

 

Any
one or more of the following events which shall occur and/or be continuing shall constitute an event of default (each, an “Event
of Default”):

 

3.1
Failure to Pay Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity, upon acceleration or otherwise.

 

3.2
Conversion and the Shares. The Borrower fails to reserve the Reserved Amount under this Note at all times for the Holder,
issue shares of Common Stock to the Holder (or announces or threatens in writing that it will not honor its obligation to do so
at any time following the execution hereof or) upon exercise by the Holder of the conversion rights of the Holder in accordance
with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated
form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as
and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its
transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of Common Stock
to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to
remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive
legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of Common Stock issued
to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes any written announcement,
statement or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue
uncured (or any written announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for
three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an obligation of the Borrower to remain
current in its obligations to its transfer agent. It shall be an event of default of this Note, if a conversion of this Note is
delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent. If at the option of the Holder, the
Holder advances any funds to the Borrower’s transfer agent in order to process a conversion, such advanced funds shall be
paid by the Borrower to the Holder within forty eight (48) hours of a demand from the Holder.

 

    	 

    	 

    

 

3.3
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this
Note and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of
three (3) days after written notice (via email) thereof to the Borrower from the Holder.

 

3.4
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement,
statement, certificate, or any other document given in writing pursuant hereto or in connection herewith (including, without limitation,
the Purchase Agreement, and/or the due diligence questionnaire provided by the Borrower to the Holder on or around the Issue Date),
shall be false or misleading in any material respect when made and/ or the breach of which has (or with the passage of time will
have) a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business,
or such a receiver or trustee shall otherwise be appointed.

 

3.6
Judgments. Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary
of the Borrower or any of its property or other assets, not previously reported as or within the liabilities of the Borrower in
its financial statements filed with the SEC, for more than $50,000, and shall remain unvacated, unbonded or unstayed for a period
of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.

 

3.7
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any
subsidiary of the Borrower.

 

    	 

    	 

    

 

3.8
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTCQX,
OTCQB, OTC Pink or an equivalent replacement marketplace or exchange, any of the NASDAQ markets, the NYSE or NYSE MKT.

 

3.9
Failure to Comply with the Exchange Act. The Borrower shall fail to comply in any material respect with the reporting requirements
of the Exchange Act; and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.10
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.11
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to
pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as
a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.12
Maintenance of Assets. The failure by Borrower, during the term of this Note, to maintain any material intellectual property
rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future).

 

3.13
Financial Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC for any
date or period from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result
of such restatement would, by comparison to the unrestated financial statement, have constituted a material adverse effect on
the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.14
Reverse Splits. The Borrower effectuates a reverse split of its Common Stock without twenty (20) days prior written notice
to the Holder.

 

3.15
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails
to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form
as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares
of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.16
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents,
an event of default in any of the Other Agreements, after the passage of all applicable notice and cure or grace periods, shall,
at the option of the Holder, be considered an Event of Default under this Note, in which event the Holder shall be entitled (but
in no event required) to apply all rights and remedies of the Holder under the terms of this Note by reason of an event of default
under said Other Agreement. “Other Agreements” means, collectively, all agreements and instruments between, among
or by: (1) the Borrower, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation,
promissory notes; provided, however, the term “Other Agreements” shall not include the related or companion documents
to this Note. Subject to the foregoing, each of the loan transactions will be cross-defaulted with each other loan transaction
and with all other existing and future debt of Borrower to the Holder.

 

    	 

    	 

    

 

3.17
Inside Information. Except as may be necessary or appropriate to ensure that Purchaser provides information for any Piggy-Back
Registration or Piggy-Back Qualification pursuant to Section 3.1 of Exhibit C to the Purchase Agreement, the Borrower or its officers,
directors, and/or affiliates attempt to transmit, convey, disclose, or any actual transmittal, conveyance, or disclosure by the
Borrower or its officers, directors, and/or affiliates of, material non-public information concerning the Borrower, to the Holder
or its successors and assigns, which is not immediately cured by Borrower’s filing of a Form 8-K pursuant to Regulation
FD on that same date or with the filing of some other appropriate Form with the SEC.

 

3.18
Bid Price. The Borrower shall lose the “bid” price for its Common Stock ($0.001 on the “Ask” with
zero market makers on the “Bid” per Level 2) and/or a market (including the OTC Pink, OTCQB or an equivalent replacement
exchange).

 

3.19
Delisting or Suspension of Trading of Common Stock. If, at any time on or after the Issue Date, the Borrower’s Common
Stock (i) is suspended from trading, (ii) halted from trading, and/or (iii) fails to be quoted or listed (as applicable) on any
level of the OTC Markets, any tier of the NASDAQ Stock Market, the New York Stock Exchange, or the NYSE MKT.

 

3.20
Unavailability of Rule 144. If, at any time on or after the date which is six (6) months after the Issue Date, the Holder
is unable to (i) obtain a standard “144 legal opinion letter” from an attorney reasonably acceptable to the Holder,
the Holder’s brokerage firm (and respective clearing firm), and the Borrower’s transfer agent in order to facilitate
the Holder’s conversion of any portion of the Note into free trading shares of the Borrower’s Common Stock pursuant
to Rule 144, and/or (ii) thereupon deposit such shares into the Holder’s brokerage account.

 

Upon
the occurrence of any Event of Default specified in Article III of the Note, the Note shall become immediately and automatically
due and payable without demand, presentment or notice and the Borrower. Upon the occurrence of any Event of Default specified
in this Article III, the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal
to the greater of (i) 200% times the sum of (w) the then outstanding principal amount of this Note plus (x)
accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Repayment
Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any
amounts owed to the Holder pursuant to Section and 1.4(g) hereof (the then outstanding principal amount of this Note to the date
of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Sum”)
or (ii) the “parity value” of the Default Sum to be prepaid, where parity value means (a) the highest number of shares
of Common Stock issuable upon conversion of or otherwise pursuant to such Default Sum in accordance with Article I, treating the
Trading Day immediately preceding the Mandatory Repayment Date as the “Conversion Date” for purposes of determining
the lowest applicable Conversion Price, unless the Default Event arises as a result of a breach in respect of a specific Conversion
Date in which case such Conversion Date shall be the Conversion Date), multiplied by (b) the highest closing price for
the Common Stock during the period beginning on the date of first occurrence of the Event of Default and ending one day prior
to the Mandatory Repayment Date (the “Default Amount”) and all other amounts payable hereunder shall immediately become
due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs,
including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other
rights and remedies available at law or in equity. If at any time while this Note is outstanding the Borrower’s Common Stock
trades below $0.0011, the principal amount of the Note shall automatically and without further action increase by twenty-five
thousand dollars ($25,000).

 

    	 

    	 

    

 

The
Holder shall have the right at any time after the occurrence of an Event of Default, to require the Borrower, to immediately issue,
in lieu of the Default Amount and/or Default Sum, the number of shares of Common Stock of the Borrower equal to the Default Amount
and/or Default Sum divided by the Conversion Price then in effect, subject to issuance in tranches due to the beneficial ownership
limitations provided in this Note.

 

ARTICLE
IV. MISCELLANEOUS

 

4.1.
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder
are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

4.2.
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 facsimile or email, with accurate confirmation generated
by the transmitting facsimile machine or computer, at the address, email or number designated in the Purchase Agreement (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.

 

4.3.
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and
the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
(and the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

 

4.4.
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined
in Rule 501(a) of the 1933 Act). Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral
in connection with a bona fide margin account or other lending arrangement.

 

4.5.
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

    	 

    	 

    

 

4.6.
Governing Law. This Note shall be governed by and construed in accordance with the
laws of the State of Delaware without regard to conflicts of laws principles that would result in the application of the substantive
laws of another jurisdiction. Any action brought by either party against the other concerning the transactions contemplated by
this Agreement must be brought only in the civil or 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. Both parties and the individual signing this Agreement on behalf of the Borrower
agree to submit to the jurisdiction of such courts. 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 Note 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 unenforceability of any other provision of this Note. Nothing contained herein
shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Borrower in any
other jurisdiction to collect on the Borrower’s obligations to Holder, to realize on any collateral or any other security
for such obligations, or to enforce a judgment or other decision in favor of the Holder. This Note shall be deemed an unconditional
obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder, may be enforced against
Borrower by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute
in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other document or agreement to which
Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient or necessary to determine Holder’s
rights hereunder or Borrower’s obligations to Holder are deemed a part of this Note, whether or not such other document
or agreement was delivered together herewith or was executed apart from this Note.

 

4.7.
Certain Amounts. Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding
principal amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest
on such interest, the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on
this Note may be difficult to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty
and is intended to compensate the Holder in part for loss of the opportunity to convert this Note and to earn a return from the
sale of shares of Common Stock acquired upon conversion of this Note at a price in excess of the price paid for such shares pursuant
to this Note. The Borrower and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate
to the possible loss to the Holder from the receipt of a cash payment without the opportunity to convert this Note into shares
of Common Stock.

 

4.8.
Disclosure. Upon receipt or delivery by the Company of any notice in accordance with
the terms of this Note, unless the Company has in good faith determined that the matters relating to such notice do not constitute
material, non-public information relating to the Company or any of its Subsidiaries, the Company shall within one (1) Trading
Day after any such receipt or delivery, publicly disclose such material, non-public information on a Current Report on Form 8-K
or otherwise. In the event that the Company believes that a notice contains material, non-public information relating to the Company
or any of its Subsidiaries, the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in
the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice do not constitute
material, non-public information relating to the Company or its Subsidiaries.

 

    	 

    	 

    

 

4.9.
Notice of Corporate Events. Except as otherwise provided below, the Holder of this Note shall have no rights as a Holder
of Common Stock unless and only to the extent that it converts this Note into Common Stock. The Borrower shall provide the Holder
with prior notification of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information
sent to shareholders). In the event of any taking by the Borrower of a record of its shareholders for the purpose of determining
shareholders who are entitled to receive payment of any dividend or other distribution, any right to subscribe for, purchase or
otherwise acquire (including by way of merger, consolidation, reclassification or recapitalization) any share of any class or
any other securities or property, or to receive any other right, or for the purpose of determining shareholders who are entitled
to vote in connection with any proposed sale, lease or conveyance of all or substantially all of the assets of the Borrower or
any proposed liquidation, dissolution or winding up of the Borrower, or any Reorganization Event, the Borrower shall mail a notice
to the Holder, to the extent practicable, at least twenty (20) days prior to the record date specified therein (but in any event
at least fifteen (15) days prior to the record date specified therein), or if there is no such record date, the consummation of
the transaction or event, of the date on which any such record is to be taken or the consummation of the transaction or event
is to occur, as applicable, for the purpose of such dividend, distribution, right or other event, and a brief statement regarding
the amount and character of such dividend, distribution, right or other event to the extent known at such time. The Borrower shall
make a public announcement of any event requiring notification to the Holder hereunder substantially simultaneously with the notification
to the Holder in accordance with the terms of this Section 4.9.

 

4.10.
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that
the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened
breach by the Borrower of the provisions of this Note, that the Holder 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 Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

4.11.
Usury. This Note shall be subject to the anti-usury limitations contained in the Purchase Agreement.

 

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IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer as of the Issue Date first
set forth above.

 

	RESPIRERX PHARMACEUTICALS, INC.	 
	 	 	 
	By:	/s/
Jeff Eliot Margolis	 
	Name:	Jeff Eliot Margolis	 
	Title:	Senior Vice President, Chief Financial Officer,
Treasurer, Secretary	

 

    	 

    	 

    

 

EXHIBIT
A

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert principal under the 10% convertible note of RespireRx Pharmaceuticals, Inc., a Delaware corporation
(the Company”), into shares of common stock (the “Common Stock”), of the Company according to the conditions
hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions
as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except
for such transfer taxes, if any. By the delivery of this Notice of Conversion the undersigned represents and warrants to the Company
that its ownership of the Common Stock does not exceed the amounts specified under Section 1.1 of this Note, as determined in
accordance with Section 13(d) of the Exchange Act. The undersigned agrees to comply with the prospectus delivery requirements
under the applicable securities laws in connection with any transfer of the aforesaid shares of Common Stock pursuant to any prospectus.

 

Conversion
calculations:

 

Issue
Date of Note: ______________________________________

Date
to Effect Conversion: _________________________________

 

Conversion
Price: ________________________________________

Principal
Amount of Note to be Converted: _____________________

Less
applicable fees under the Note: __________________________

Amount
of Note to be Converted: ____________________________

 

Interest
Amount to be Converted: ____________________________

Less
applicable fees under the Note: __________________________

Amount
of Note to be Converted: ____________________________

 

Additional
Principal on Account of Conversion

Pursuant
to Section 1.2(b) of the Note: _________________________

 

Number
of shares of Common Stock to be issued: _________________

Remaining
Principal Balance of Note: ___________________________

 

Signature:
____________________________________

 

Name:
____________________________________

 

Address
for Delivery of Common Stock Certificates:_______________

_______________________________________________________

_______________________________________________________

 

Or

 

DWAC
Instructions:

DTC
No: ____________________________________

Account
No: ____________________________________Exhibit 99.6

 

WARRANT

 

NEITHER
THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN OR THEREIN MAY BE SOLD, DISTRIBUTED,
ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION, (B) THESE SHARES ARE INCLUDED ALONG WITH THE HOLDER AS A SELLING
STOCKHOLDER IN A QUALIFIED OFFERING PURSUANT TO REGULATION A, (C) THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF
SUCH SECURITIES (CONCURRED IN BY COUNSEL FOR THE COMPANY) THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR (D) THE COMPANY
OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.

 

WARRANT
TO PURCHASE COMMON STOCK

 

RespireRx
Pharmaceuticals Inc.

 

	Warrant
    Number: EMA-1 07302020	 
	 	 
	Number
    of Shares: 3,750,000	Initial
    Exercise Date: July 30, 2020

 

THIS
WARRANT TO PURCHASE COMMON STOCK (the “Warrant”) certifies that, for value received, EMA Financial LLC or its
permitted assigns (the “Holder”) is entitled, upon the terms and conditions hereof, and subject to the limitations
on exercise hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and
on or prior to 5:00 p.m. New York time on September 30, 2023 (the “Termination Date”) but not thereafter, to
subscribe for and purchase from RespireRx Pharmaceuticals Inc., a Delaware corporation (the “Company”), 3,750,000
shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of each
share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1.       Definition. “Common Stock” as used in this Warrant means the common stock of the Company, par value
$0.001.

 

    	 	1	Investor Initials:

     

    

 

Section
2.       Exercise and Call Provision.

 

a)       Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on any Business Day (as defined below) on or after the Initial Exercise Date and on or before the Termination Date by delivery
to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder
at the address of the Holder appearing on the books of the Company) of a duly completed and executed facsimile or electronic mail
copy of the Notice of Exercise form annexed hereto (the “Notice of Exercise”). The Company shall use reasonable
best efforts to not affect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any
portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and
treated as if never made, to the extent that after giving effect to such exercise, the Holder together with any parties with whom
or with which the Holder’s ownership interest must be aggregated (“Attribution Parties”), collectively
would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by the Holder and the other Attribution Parties shall include the number of shares of Common Stock held
by the Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant
with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be
issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the
other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of
the Company (including, without limitation, any convertible notes) beneficially owned by the Holder or any other Attribution Party
subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 2(a). For purposes of
this Section 2(a), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended (the “1934 Act”) and the rules promulgated thereunder. For purposes of determining the number
of outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage,
the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual
Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC, as the case
may be, (y) a more recent public announcement by the Company or (z) any other more recent written notice by the Company or the
Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share
Number”). If the Company receives a Notice of Exercise from the Holder at a time when the actual number of outstanding
shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing
of the number of shares of Common Stock then outstanding and, to the extent that such Notice of Exercise would otherwise cause
the Holder’s beneficial ownership, as determined pursuant to this Section 2(a), to exceed the Maximum Percentage, the Holder
must notify the Company of a reduced number of Warrant Shares to be acquired pursuant to such Notice of Exercise (the number of
shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable,
the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time,
upon the written or oral request of the Holder, the Company shall within one (1) Business Day (as defined below) confirm orally
and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. If, in the opinion of
the Company, the number of shares of Common Stock then outstanding is materially different from the most current publicly available
source of such information, the Company shall, prior to disclosing the actual number of shares of Common Stock outstanding, disclose
the actual number in any of the manners described above, prior to disclosing such number to the Holder. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding
Share Number was reported. In the event that the issuance of shares of Common Stock to the Holder upon exercise of this Warrant
results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum
Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act and the rules
promulgated thereunder), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate
beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and
shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably
practicable after the issuance of the Excess Shares has been deemed null and void, (i) the Company shall return to the Holder
the exercise price paid by the Holder for the Excess Shares, and (ii) the Holder shall provide any documentation reasonably requested
by the Company to effect such cancellation on the records of the Company and its transfer agent. Upon delivery of a written notice
to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage as specified
in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st)
day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to the Holder and the
other Attribution Parties and not to any other holder of Warrants issued in connection with the Purchase Agreement that is not
an Attribution Party of the Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this
Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including
for purposes of Section 13(d) of the 1934 Act or Rule 16a-1(a)(1) promulgated under the 1934 Act. No prior inability to exercise
this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect
to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(a) to the extent necessary to correct this paragraph or any
portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in
this Section 2(a) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation
contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. Within three (3) Business
Days (as defined below) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price (as
defined below) for the shares specified in the applicable Notice of Exercise by wire transfer in immediately available funds or
cashier’s check drawn on a United States bank in immediately available funds. A “Business Day” means
any day other than a Saturday or Sunday or any day that national commercial banks in New York City, New York are authorized or
required to close or any day that the NADSAQ stock markets or any other nationally recognized stock markets are closed. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within three (3) Business Days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Company, either directly or through its representative,
shall maintain, or cause to be maintained, records showing the number of Warrant Shares purchased and the date of such purchases,
which records shall be deemed to be accurate absent manifest error. The Company shall deliver any objection to any Notice of Exercise
within two (2) Business Days of actual receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face
hereof.

 

    	 	2	Investor Initials:

     

    

 

b)       Exercise
Price. The exercise price per share of the Common Stock under this Warrant initially shall be $0.007 per share, subject to
adjustment hereunder (including, without limitation, under Sections 2 and 3 hereof) (as adjusted, the “Exercise Price”).

 

c)       Mechanics
of Exercise.

 

i.       Delivery
of Certificates Upon Exercise. Certificates for shares issuable upon the exercise hereof shall be transmitted by the transfer
agent of the Company to the Holder by crediting the account of the Holder’s broker with the Depository Trust Company through
its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in such system and
such shares are eligible for legend removal, and otherwise by physical delivery to the address specified by the Holder in the
Notice of Exercise on the date that is no more than three (3) Business Days after the latest of (A) the delivery to the Company
of the Notice of Exercise, (B) surrender of this Warrant (if required), and (C) payment of the aggregate Exercise Price as set
forth above (such date, the “Warrant Share Delivery Date”). Upon (A) delivery of Notice of Exercise, (B) payment
to the Company of the Exercise Price in good funds by either certified check, wire transfer or other similar payment method, and
(C) payment of all taxes, if any, required to be paid by the Holder prior to the issuance of such shares pursuant to Section 2(c)(v),
then, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the
certificates evidencing such Warrant Shares (as the case may be), the Warrant Shares shall be deemed to have been issued, and
Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares
for all purposes.

 

ii.       Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

iii.       Rescission
Rights. If the Company fails to transmit, or to cause the transfer agent of the Company to transmit, to the Holder a certificate
or the certificates representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder
will have the right to rescind such exercise.

 

iv.       No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

v.       Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
(the “Assignment Form”) duly executed by the Holder and the Company may require, as a condition thereto, the
payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

vi.       Closing
of Books. The Company will not close its stockholder books or records in any manner that prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

    	 	3	Investor Initials:

     

    

 

vii.       Acquisitions.
If at any time while this Warrant is outstanding there is an Acquisition (as defined below) in which the Company is not the surviving
entity, then the Holder shall receive from any surviving entity or successor to the Company, in exchange for this Warrant, a new
warrant in the surviving entity or successor to the Company substantially in the form of this Warrant and with an exercise price
adjusted to reflect the nearest equivalent exercise price of common stock (or other applicable equity interest) of the surviving
entity that would reflect the economic value of this Warrant, but in the surviving entity. An “Acquisition”
shall mean the closing of a merger, share exchange, consolidation, acquisition of all or substantially all of the assets or stock,
reorganization or liquidation of the Company that results in the stockholders of the Company immediately prior to such transaction
owning less than 50% of the voting capital stock of the Company (or its successor or parent corporation) immediately after the
transaction or, in the case of a sale of assets or liquidation, the Company owning after the transaction less than substantially
all of the assets owned by the Company prior to the transaction (other than an issuance of equity securities for the primary purpose
of raising capital) or any other event that constitutes a “Capital Change” under the Company’s Second Restated
Certificate of Incorporation, as it may be amended, restated or otherwise modified from time to time. The Holder shall execute
all documentation required to be executed by the Company or the acquirer or successor of the Company in connection with the Acquisition,
including, without limitation, escrow, indemnification and other similar agreements. Subject to and to the extent permitted by
applicable law, the Company will endeavor to notify the Holder of any proposed Acquisition at least 30 days prior to the date
of any Acquisition (or such shorter period as reasonably practicable under the circumstances); provided that the failure
to so notify the Holder shall not in any way impair the Acquisition.

 

e.       Call
Provision. If at any time prior to the expiration of, or the exercise by the Holder of this Warrant the closing price of Company’s
Common Stock closes at $0.075 or more for five (5) consecutive trading days (the “Trading Price Condition”),
the Company shall have the right to call, redeem and cancel this Warrant on the tenth day after written notice by the Company
to the Holder and payment to the Holder in cash of $0.001 per Warrant Share. To effectively exercise this call provision, such
written notice of intent to exercise the call provision under this Section 2(e) must be provided by the Company by the close of
business on the second trading day following satisfaction of the Trading Price Condition. The Holder may exercise this Warrant
after written notice by the Company, but before the tenth day after such written notice, which exercise shall nullify the Company’s
right to call, redeem and cancel this Warrant. Failure by the Company to provide timely notice shall preclude the Company from
exercising this call provision with respect to the satisfaction of the Trading Price Condition over that five (5) consecutive
trading day period but shall not preclude the Company from exercising this call provision with respect to satisfaction of the
Trading Price Condition over any other subsequent five (5) consecutive trading days. The Company may not call, redeem or cancel
any portion of this Warrant that may not be exercised during the ten (10) day notification period pursuant to the restrictions
on exercise in Section 2(a). This Call Provision shall not be applicable to the portion of the Warrant, which if exercised would
cause Holder or Attribution Parties to hold in excess of the Maximum Percentage described in Section 2(a) above.

 

Section
3.       Certain Adjustments.

 

a)       Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that
the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)       Calculations.
All calculations under this Section 3 shall be made to the nearest 1/100th of a cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

    	 	4	Investor Initials:

     

    

 

c)       Notice
to Holder.

 

i.       Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to this Section 3, the Company shall promptly mail to
the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant
Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.       Notice
to Allow Exercise by Holder. If (A) the Company shall declare a special nonrecurring cash dividend on or a redemption of the
Common Stock, (B) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe
for or purchase any shares of capital stock of any class or of any rights, or (C) the Company shall authorize the voluntary or
involuntary dissolution, liquidation or winding up of the affairs of the Company, any of the events in Section 3.(c)ii (A), (B)
or (C) being an “Event”, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register (as defined below) of the Company, at least ten (10) calendar days prior
to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken
for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as
of which the holders of the Common Stock of record shall be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such Event is expected to become effective or close, as applicable, and the date
as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such Event; provided that the failure to mail such notice or any
defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such
notice. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the
effective date of the Event triggering such notice except as may otherwise be expressly set forth herein.

 

Section
4.       Transfer of Warrant.

 

a)       Transferability.
Subject to compliance with any applicable securities laws, the conditions set forth in Section 4(d) hereof, and the prior written
consent of the Company, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
an Assignment Form duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable
upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a
new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a
new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b)       New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

    	 	5	Investor Initials:

     

    

 

c)       Warrant
Register. The Company shall, either directly or through its representative, record or cause to be recorded, this Warrant,
upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the
record Holder hereof from time to time, which Warrant Register shall be deemed to be accurate absent manifest error. The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)       Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of
this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under
applicable state securities or blue sky laws or (ii) qualified in a qualified offering pursuant to Regulation A, (ii) eligible
for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144 promulgated
under the Securities Act, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of
this Warrant satisfy any other reasonable conditions established by the Company, including, without limitation, a legal opinion
reasonably acceptable to the Company with respect to such transfer.

 

e)       Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered, qualified or exempted under the Securities Act. The Holder acknowledges that the Warrant
Shares will not initially be registered under the Securities Act of 1933, as amended, or any applicable statute or foreign securities
law, and will therefore not be freely transferable.

 

Section
5.       Miscellaneous.

 

a)       No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).

 

b)       Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)       Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

    	 	6	Investor Initials:

     

    

 

d)       Authorized
Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the trading market upon which the Common Stock may be listed. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase
rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued,
fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except
and to the extent waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue
or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or reasonably appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or reasonably appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant
Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)       Jurisdiction.
This Warrant is a contract between the Company and the Holder and its terms shall be governed by and construed in accordance with
the laws of the State of New York applicable to contracts made and to be performed in the State of New York, without giving effect
to any choice or conflict of law provision or rule of that or any other jurisdiction. The Company and each Holder irrevocably
consent to the jurisdiction of the United States federal courts and the state courts located in New York City, in any suit or
proceeding based on or arising under this Warrant and irrevocably agree that all claims in respect of such suit or proceeding
may be determined in such courts. The Company and each Holder irrevocably waives the defense of an inconvenient forum to the maintenance
of such suit or proceeding in such forum. The Company further agrees that service of process upon the Company mailed by first
class mail shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. Nothing
herein shall affect the right of any Holder to serve process in any other manner permitted by law. The Company agrees that a final
non-appealable judgment in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on such judgment or in any other lawful manner.

 

    	 	7	Investor Initials:

     

    

 

f)
       Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the
exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

 

g)       Nonwaiver.
No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder
terminate on the Termination Date.

 

h)       Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be deemed
delivered the day after the date sent if sent by overnight courier, the same day sent if sent by facsimile transmission or email
with confirmation of receipt by the Holder, or three (3) days after deposit with the US Postal Service if sent via certified mail
or first class mail if sent to the Holder at the address, facsimile number or email address provided by the Holder as of the last
date on which Holder communicated in writing such contact information to the Company.

 

i)       Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

j)       Successors
and Assigns. Subject to applicable securities laws, the provisions and limitations of this Warrant, and the prior written
consent of the Company, the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors
and permitted assigns of the Company and the successors and permitted assigns of Holder. Such successors or permitted assigns
of the Holder shall be deemed to be the Holder for all purposes hereunder. The provisions of this Warrant are intended to be for
the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
Nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit
or remedy of any nature whatsoever, under or by reason of this Warrant.

 

k)       Entire
Agreement. This Warrant constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject
matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with
respect to such subject matter.

 

l)       Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m)       Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n)       Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

o)       Waiver
of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve
complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have
to a trial by jury in respect of any legal action arising out of or relating to this Warrant or the transactions contemplated
hereby.

 

(Signature
Page Follows)

 

    	 	8	Investor Initials:

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the 30th day
of July, 2020.

 

	 	RespireRx
    Pharmaceuticals Inc. 
		 	 
	 	By:	/s/
    Jeff Eliot Margolis
	 	Name:	Jeff
    Eliot Margolis
	 	Title:	Senior
    Vice President, Chief Financial Officer, Treasurer, Secretary

 

    	 	 	Investor Initials:

     

    

 

AGREED
AND ACCEPTED:

 

EMA
FINANCIAL LLC

 

	Signature:	/s/ Felicia Preston	 

 

Name (print): _Felicia Preston_  

 

Address:
_________________________

 

_________________________

 

_________________________

 

Email:
_________________________

 

Facsimile
Number: _________________

 

Investor
Warrant Signature Page

 

    	 	 	Investor Initials:

     

    

 

NOTICE
OF EXERCISE

 

To:      RespireRx Pharmaceuticals Inc.

 

(1)       The
undersigned, pursuant to the provisions set forth in the attached Warrant No. ______, hereby irrevocably elects to purchase (check
applicable box):

 

[  ]       ____________
shares of the Common Stock of RespireRx Pharmaceuticals Inc. covered by such Warrant. 

 

(2)       The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant.
Such payment takes the form of (check applicable box or boxes):

 

[  ]       check
in the amount of $__________ in lawful money of the United States

 

[  ]       certified
check in the amount of $__________ in lawful money of the United States

 

[  ]       ACH
transfer in the amount of $__________ in lawful money of the United States

 

[  ]       wire
transfer in the amount of $__________ in lawful money of the United States

 

[  ]       Other
(describe) __________ in the amount of $__________ in lawful money of the United States

 

(3)       Please
issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

 

_________________________________________________

 

_________________________________________________

(please
print or type name and address)

 

_________________________________________________

(please
insert social security or other identifying number)

 

The
Warrant Shares shall be delivered to the following:

 

_______       ___________________________________________

 

_______       ___________________________________________

 

_______       ___________________________________________

 

(please
print or type name and address)

 

and
if such number of shares of Common Stock shall not be all the shares evidenced by this Warrant Certificate, that a new Warrant
for the balance of such shares be registered in the name of, and delivered to, Holder.

 

_______________________________

 

 

    	 	 	Investor Initials:

     

    

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended. If this representation cannot be made, please explain the basis upon which the Holder
is eligible to exercise this Warrant.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: _________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: ___________________________________________

 

Name
of Authorized Signatory: _____________________________________________________________

 

Title
of Authorized Signatory: ______________________________________________________________

 

Date:
__________________________________________________________________________________

 

    	 	2	Investor Initials:

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated:
______________, _______

 

Holder’s
Signature:_____________________________

 

Holder’s
Address:_____________________________

 

_____________________________

 

Assignee’s
Signature: ___________________________________________

 

Company’s
Signature: ___________________________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 

    	 	3	Investor Initials:

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