UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 2, 2014
CORTEX
PHARMACEUTICALS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
1-16467 |
|
33-0303583 |
(State
or other jurisdiction |
|
(Commission |
|
(I.R.S
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
126
Valley Road, Suite C |
|
|
Glen
Rock, New Jersey |
|
07452 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (201) 444-4947
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement
On
September 2, 2014, Cortex Pharmaceuticals, Inc. (the “Company”) entered into a Release Agreement (the “Release
Agreement”) with the Institute for the Study of Aging (the “Institute”) to settle an outstanding Promissory
Note, dated May 30, 2000, issued by the Company in favor of the Institute for an initial principal amount of $247,300 (the “Note”),
which was made pursuant to an Agreement to Accept Conditions of Loan Support, also dated May 30, 2000 (the “Loan Support
Agreement”). At August 31, 2014, the amount owed under the Note, including accrued interest was approximately $337,000.
Pursuant to the terms of the Release Agreement, the Institute received 1,000,000 restricted shares of the Company’s common
stock as settlement of all obligations of the Company under the Note and the Loan Support Agreement. Such shares are “restricted
securities” as defined under Rule 144 promulgated under the Securities Act of 1933, as amended, and are not subject to any
registration rights. The Release Agreement also includes a mutual release between the Company and the Institute, releasing each
party from all claims up until the date of the Release Agreement. The foregoing description of the Release Agreement does not
purport to be complete and is qualified in its entirety by reference to the full text of the Release Agreement, a copy of which
is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits
(d) Exhibits.
A
list of exhibits required to be filed as part of this report is set forth in the Exhibit Index, which is presented elsewhere in
this document, and is incorporated herein by reference.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
CORTEX PHARMACEUTICALS, INC. |
Date:
September 4, 2014 |
By: |
/s/
Arnold S. Lippa |
|
|
Arnold S. Lippa |
|
|
President and
Chief Executive Officer |
EXHIBIT
INDEX
Exhibit
Number |
|
Exhibit
Description |
|
|
|
10.1 |
|
Release Agreement |
Exhibit
10.1
This
Release Agreement (this “Release Agreement”), dated as of September 2, 2014 (the “Effective Date”),
by and between Cortex Pharmaceuticals, Inc., a Delaware corporation (“Cortex”), and the Institute for the Study
of Aging, Inc., a New York corporation (the “Institute”, and together
with Cortex, the “Parties”, and each, a “Party”).
WHEREAS,
Cortex made that certain Promissory Note, dated May 30, 2000, in favor of the Institute, in the form attached hereto as Exhibit
A (the “Note”) and the Note was issued pursuant to that certain Agreement to Accept Conditions of Loan
Support, dated as of May 30, 2000, by and between the Parties, in the form attached hereto as Exhibit B (the “Loan
Support Agreement”); and the Parties desire to settle and resolve all existing and potential suits, disputes, claims,
charges, actions, causes of action, rights, demands, debts, obligations, damages, accountings, proceedings or any other matters
of whatever nature that they may have against each other related to the Note and the Loan Support Agreement.
NOW,
THEREFORE, in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:
1.
Consideration for Termination. As material consideration for the covenants, agreements and undertakings of the Parties
under this Release Agreement, promptly following the full execution of this Release Agreement, Cortex shall grant to the Institute
1,000,000 un-registered restricted shares of Cortex’s common stock (the “Stock”), subject to the terms
and conditions of such grant set forth herein (the “Stock Grant”).
2.
Mutual Release. In consideration of the covenants, agreements and undertakings of the Parties under this Release Agreement,
effective upon the Stock Grant, each Party, on behalf of itself and its respective present and former parents, subsidiaries, affiliates,
officers, directors, shareholders, members, successors and assigns (collectively, “Releasors”) hereby releases,
waives and forever discharges the other Party and its respective present and former, direct and indirect, parents, subsidiaries,
affiliates, employees, officers, directors, shareholders, members, agents, representatives, permitted successors and permitted
assigns (collectively, “Releasees”) of and from any and all actions, causes of action, suits, losses, liabilities,
rights, debts, dues, sums of money, accounts, reckonings, obligations, costs, expenses, liens, bonds, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, claims, and demands,
of every kind and nature whatsoever, whether now known or unknown, foreseen or unforeseen, matured or unmatured, suspected or
unsuspected, in law, admiralty or equity (collectively, “Claims”), which any of such Releasors ever had, now
have, or hereafter can, shall, or may have against any of such Releasees for, upon, or by reason of any matter, cause, or thing
whatsoever from the beginning of time through the Effective Date arising out of or relating to the Note and the Loan Support Agreement,
except for any Claims relating to rights and obligations preserved by, created by or otherwise arising out of this Release Agreement
(including any surviving indemnification obligations under the Agreement). Each Party, on behalf of itself and each of its respective
Releasors, understands that it may later discover Claims or facts that may be different than, or in addition to, those that it
or any other Releasor now knows or believes to exist regarding the subject matter of the release contained in this Section
2, and which, if known at the time of signing this Release Agreement, may have materially affected this Release Agreement
and such Party’s decision to enter into it and grant the release contained in this Section 2. Nevertheless, the Releasors
intend to fully, finally and forever settle and release all Claims that now exist, may exist or previously existed, as set forth
in the release contained in this Section 2, whether known or unknown, foreseen or unforeseen, or suspected or unsuspected,
and the release given herein is and will remain in effect as a complete release, notwithstanding the discovery or existence of
such additional or different facts. The Releasors hereby waive any right or Claim that might arise as a result of such different
or additional Claims or facts.
3.
Representations and Warranties.
(a)
Mutual Representations and Warranties. Each Party hereby represents and warrants to the other Party that: (i) such Party
has the full right, corporate power and authority to enter into this Release Agreement, to grant the release contained herein
and to perform its obligations hereunder, (ii) he execution of this Release Agreement by the individual whose signature is set
forth at the end of this Release Agreement on behalf of such Party, and the delivery of this Release Agreement by such Party,
have been duly authorized by all necessary corporate action on the part of such Party, (iii) this Release Agreement has been executed
and delivered by such Party and (assuming due authorization, execution and delivery by the other Party hereto) constitutes the
legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, except as may
be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws and equitable principles related
to or affecting creditors’ rights generally or the effect of general principles of equity, and (iv) such Party (A) knows
of no Claims against the other Party relating to or arising out of the Note and the Loan Support Agreement that are not covered
by the release contained in Section 2, and (B) has neither assigned nor transferred any of the Claims released herein to
any person or entity and no person or entity has subrogated to or has any interest or rights in any Claims.
(b)
Representations and Warranties of the Institute. The Institute hereby makes the following additional representations and
warranties to Cortex: (i) there are no additional persons or entities affiliated with the Institute that are necessary to effectuate
the release and extinguishment contemplated herein, (ii) the Institute acknowledges and agrees that Cortex has not fully complied
with, and is not current with respect to, all United States federal and state securities laws and its reporting obligations thereunder,
including the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Securities
Exchange Act of 1934, as amended, (iii) the Institute is acquiring the Stock solely for the Institute’s own beneficial account,
for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Stock. The Institute
understands that the Stock has not been registered under the Securities Act or any “blue sky” or similar state laws
by reason of specific exemptions under the provisions thereof which depend in part upon the intent of the Institute and of the
other representations made by the Institute in this Release Agreement. The Institute understands that Cortex is relying upon the
representations and agreements contained in this Release Agreement for the purpose of determining whether the Stock Grant meets
the requirements for such exemptions, (iv) the Institute understands that the shares of Stock are “restricted securities”
under applicable federal securities laws and that the Securities Act and the rules of the United States Securities and Exchange
Commission (the “SEC”) provide in substance that the Institute may dispose of the Stock only pursuant to an
effective registration statement under the Securities Act or an exemption therefrom, and the Institute understands that Cortex
has no obligation or intention to register any of the Stock, or to take action so as to permit sales pursuant to the Securities
Act (including Rule 144 thereunder). Accordingly, the Institute understands that under the SEC’s rules, the Institute may
dispose of the Stock principally only in “private placements” which are exempt from registration under the Securities
Act, in which event the transferee will acquire “restricted securities” subject to the same limitations as in the
hands of the Institute. Consequently, the Institute understands that the Institute must bear the economic risks of the investment
in the Stock for an indefinite period of time, (v) the Institute agrees: (A) that the Institute will not sell, assign, pledge,
give, transfer or otherwise dispose of the Stock or any interest therein, or make any offer or attempt to do any of the foregoing,
except pursuant to a registration of the Stock under the Securities Act and all applicable “blue sky” or similar state
laws, or in a transaction which is exempt from the registration provisions of the Securities Act and all applicable “blue
sky” or similar state laws; (B) that the certificates representing the Stock will bear a legend making reference to the
foregoing restrictions; and (C) that Cortex and its affiliates shall not be required to give effect to any purported transfer
of such Stock except upon compliance with the foregoing restrictions, (vi) the Institute understands and accepts that accepting
the Stock Grant involves various risks and the Institute represents that it is able to bear any loss associated with accepting
the Stock Grant, (vii) the Institute confirms that it is not relying on (and will not at any time rely on) any communication (written
or oral) of Cortex or any of its affiliates, as investment advice or as a recommendation to accept the Stock Grant. It is understood
that information and explanations related to the terms and conditions of the Stock and this Release Agreement or otherwise by
Cortex or any of its affiliates shall not be considered investment advice or a recommendation to accept the Stock Grant, and that
neither Cortex nor any of its affiliates is acting or has acted as an advisor to the Institute in deciding to accept the Stock
Grant. The Institute acknowledges that neither Cortex nor any of its affiliates has made any representation regarding the proper
characterization of the Stock for purposes of determining the Institute’s authority to accept the Stock Grant, (viii) the
Institute is familiar with the business and financial condition and operations of Cortex, and has had access to such information
concerning Cortex and the Stock as it deems necessary to enable it to make an informed decision concerning the acceptance of the
Stock Grant, (ix) the Institute understands that no federal or state agency has passed upon the merits or risks of accepting the
Stock Grant or made any finding or determination concerning the fairness or advisability of this Release Agreement, (x) the Institute
confirms that Cortex has not (A) given any guarantee or representation as to the potential success, return, effect or benefit
(either legal, regulatory, tax, financial, accounting or otherwise) of accepting the Stock Grant, (B) made any representation
to the Institute regarding the legality of the Stock Grant under applicable legal investment or similar laws or regulations and
(C) agreed to registered any the securities that the subject matter of the Stock Grant. In deciding to accept the Stock Grant,
the Institute is not relying on the advice or recommendations of Cortex, and the Institute has made its own independent decision
that accepting the Stock Grant is suitable and appropriate for the Institute, (xi) the Institute has such knowledge, skill and
experience in business, financial and investment matters that the Institute is capable of evaluating the merits and risks of accepting
the Stock Grant. With the assistance of the Institute’s own professional advisors, to the extent that the Institute has
deemed appropriate, the Institute has made its own legal, tax, accounting and financial evaluation of the merits and risks of
accepting the Stock Grant and the consequences of this Release Agreement. The Institute has considered the suitability of accepting
the Stock Grant in light of its own circumstances and financial condition and the Institute is able to bear the risks associated
with owning the Stock and its authority to accept the Stock Grant, and (xii) the Institute is an “accredited investor”
as defined in Rule 501(a) under the Securities Act. The Institute agrees to furnish any additional information requested by Cortex
or any of its affiliates to assure compliance with applicable United States federal and state securities laws in connection with
the Stock Grant.
Cortex
Pharmaceuticals, Inc. 126 Valley Road, Suite C, Glen Rock, NJ 07452
www.cortexpharm.com
(c)
Disclaimer. EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS SECTION 3 OF THIS RELEASE AGREEMENT,
(A) NEITHER PARTY HERETO NOR ANY PERSON ON SUCH PARTY’S BEHALF HAS MADE OR MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR
WARRANTY WHATSOEVER, EITHER ORAL OR WRITTEN, WHETHER ARISING BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE
OR OTHERWISE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED, AND (B) EACH PARTY HERETO ACKNOWLEDGES THAT, IN ENTERING INTO THIS RELEASE
AGREEMENT, IT HAS NOT RELIED UPON ANY REPRESENTATION OR WARRANTY MADE BY THE OTHER PARTY, OR ANY OTHER PERSON ON SUCH OTHER PARTY’S
BEHALF, EXCEPT AS SPECIFICALLY PROVIDED IN THIS SECTION 3.
4.
Indemnification; Confidentiality. This Release Agreement may be pleaded by any of the Releasees as a full and complete
defense and may be used as the basis for an injunction against any action at law or equity instituted or maintained against any
of them in violation hereof. If any Claim is brought or maintained by the Releasors against any of the Releasees in violation
of this Release Agreement, the Releasors will be responsible for all costs and expenses, including reasonable attorneys’
fees, incurred by the Releasees in defending same. The Institute hereby agrees (i) to keep the existence of this Release Agreement
and the terms and conditions contained in this Release Agreement confidential, and (ii) to not disclose any such information concerning
this Release Agreement unless required to do so by law (in which case prompt written notice shall be given to Cortex so as to
allow it an opportunity to seek appropriate limitations and protections in connection with such disclosure).
5.
Legend. The certificates representing the Stock granted pursuant to this Release Agreement will be imprinted with a legend
in substantially the following form:
“THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS
OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE ISSUER HAS RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER
APPLICABLE LAWS.”
Cortex
Pharmaceuticals, Inc. 126 Valley Road, Suite C, Glen Rock, NJ 07452
www.cortexpharm.com
6.
Miscellaneous. All notices, requests, consents, claims, demands, waivers, summons and other legal process, and other similar
types of communications hereunder (each, a “Notice”) must be in writing and addressed to the relevant Party
at the address set forth on the first page of this Release Agreement (or to such other address that may be designated by the receiving
Party from time to time in accordance with this Section 6). All Notices must be delivered by personal delivery,
nationally recognized overnight courier (with all fees pre-paid), or certified or registered mail (in each case, return receipt
requested, postage prepaid). A Notice is effective only (i) upon receipt by the receiving Party and (ii) if the Party giving the
Notice has complied with the requirements of this Section 7. This Release Agreement and all matters arising out of or relating
to this Release Agreement are governed by, and construed in accordance with, the laws of the State of Delaware, without regard
to the conflict of laws provisions of such State. Any legal suit, action or proceeding
arising out of or relating to this Release Agreement must be instituted in the federal courts of the United States of America
or the courts of the State of Delaware, in each case located in the City of Wilmington and County of New Castle, and each Party
irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons,
notice or other document by certified mail in accordance with Section 7 will be effective service of process for any suit,
action or other proceeding brought in any such court. Each of the Parties waives trial by jury in any litigation, suit or proceeding
between them in any court with respect to, in connection with or arising out of this Release Agreement, or the validity, interpretation
or enforcement thereof. This Release Agreement, and each of the terms and provisions hereof, may only be amended, modified,
waived or supplemented by an agreement in writing signed by each Party. Neither Party may assign, transfer or delegate any or
all of its rights or obligations under this Release Agreement without the prior written consent of the other party. No assignment
will relieve the assigning party of any of its obligations hereunder. Any attempted assignment, transfer or other conveyance in
violation of the foregoing will be null and void. This Release Agreement will inure to the benefit of and be binding upon each
of the Parties and each of their respective permitted successors and permitted assigns. This Release Agreement may be executed
in counterparts, each of which is deemed an original, but all of which constitutes one and the same agreement. Delivery of an
executed counterpart of this Release Agreement electronically or by facsimile shall be effective as delivery of an original executed
counterpart of this Release Agreement. This Release Agreement constitutes the sole and entire agreement of the Parties with respect
to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations
and warranties, both written and oral, with respect to such subject matter.
Cortex
Pharmaceuticals, Inc. 126 Valley Road, Suite C, Glen Rock, NJ 07452
www.cortexpharm.com
IN
WITNESS WHEREOF, the Parties have executed this Release Agreement on the Effective Date.
|
Cortex
Pharmaceuticals, Inc. |
|
By: |
/s/
Arnold Lippa |
|
Name: |
Arnold Lippa |
|
Title: |
Chief Executive
Officer |
|
Institute
for the Study of Aging, Inc. |
|
By: |
/s/
Howard Fillit |
|
Name: |
Howard Fillit |
|
Title: |
Executive Director |
Cortex
Pharmaceuticals, Inc. 126 Valley Road, Suite C, Glen Rock, NJ 07452
www.cortexpharm.com
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