SEC Contract Filing

Filing Date: 2015-07-07

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Supplement
to Agreement of the Executive Chairman</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
supplement (this &ldquo;<U>Supplement</U>&rdquo;) is dated as of June 30, 2015.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reference
is hereby made to that certain Agreement (the &ldquo;<U>Agreement</U>&rdquo;) that was made as of February 7, 2014 by and between
CARDAX, INC., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), and Nicholas Mitsakos, an individual (the &ldquo;<U>Executive
Chairman</U>&rdquo;). Capitalized terms used in this Supplement that are not otherwise defined in this Supplement shall have the
respective meanings ascribed thereto in the Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
good and valuable consideration, the receipt and sufficiency is hereby acknowledged, the parties to the Agreement hereby agree
to amend and supplement the Agreement as provided in this Supplement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.
<U>Compensation</U>. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.1
Effective April 1, 2015, Section 2 of the Agreement is amended to delete such section in its entirety and replace such section
with the following:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.
<U>Compensation</U>. The aggregate annual compensation of the Executive Chairman shall be equal $150,000. Such compensation shall
be paid quarterly in arrears as of the last day of each fiscal quarter in equity of the Company in the form of a grant of shares
of common stock, par value $0.001 per share (&ldquo;<U>Common Stock</U>&rdquo;) or non-qualified stock options (&ldquo;<U>Options</U>&rdquo;)
under the Company&rsquo;s 2014 Equity Compensation Plan, as amended or supplemented (the &ldquo;<U>Plan</U>&rdquo;) as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.1
The Executive Chairman shall provide a notice to the Company of his election to receive a grant of shares of Common Stock or Options
not later than the business day that is at the end of the applicable fiscal quarter or such other time as mutually agreed by the
Company and the Executive Chairman. If a notice is not duly and timely received, then the Executive Chairman shall be deemed to
have elected to receive the compensation for such quarter in Options.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2
If the Executive Chairman elects to receive compensation for any quarterly period in a grant of Common Stock, then the number
of shares that shall be issued will equal the amount payable during such quarter (i.e., $37,500) divided by the volume weighted
average closing price (&ldquo;VWAP&rdquo;) for the 20 trading days ending on the last trading day of such quarter.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3
If the Executive Chairman elects to receive compensation for any quarterly period by the grant of Options, then</FONT></P>

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