CORTEX PHARMACEUTICALS INC/DE/
AMENDMENT TO CONSULTING AGREEMENT
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<DESCRIPTION>AMENDMENT TO CONSULTING AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.95 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMENDMENT TO CONSULTING AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This AMENDMENT TO CONSULTING AGREEMENT (the
&#147;<U>Amendment</U>&#148;) is made and entered into as of May&nbsp;16, 2006, by and between Cortex Pharmaceuticals, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and Gary D. Tollefson, M.D., Ph.D., an individual residing in the
State of Indiana (&#147;<U>Consultant</U>&#148;). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>RECITALS </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A. The Company currently engages Consultant pursuant to the terms and conditions of that certain Consulting Agreement dated April&nbsp;16, 2004 (the
&#147;<U>Consulting Agreement</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">B. The Company and Consultant desire to amend the Consulting Agreement to extend the term set
forth therein and to modify the compensation arrangement set forth therein, as provided in greater detail below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, in
consideration of the mutual agreements and covenants hereinafter set forth and for other valuable consideration, the Company and Consultant hereby agree as follows: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <B>Definitions</B>. Unless otherwise defined, capitalized terms used herein shall have
the meanings assigned to them in the Consulting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <B>Term</B>. Section&nbsp;2(a) of the Consulting Agreement is hereby amended
and restated in its entirety to read as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;<U>Term</U>. Consultant&#146;s engagement with the Company shall commence on the
Effective Date and shall continue for a period of thirty-six (36)&nbsp;months thereafter, subject to earlier termination as hereinafter provided.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">3. <B>Consideration</B>. Section&nbsp;3(a) of the Consulting Agreement is hereby amended and restated in its entirety to read as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">&#147;<U>Compensation for Services</U>. During the term of this Agreement, commencing April&nbsp;16, 2006, Consultant shall be paid six thousand dollars ($6,000) per calendar month, payable by the tenth
(10th)&nbsp;day of such month, pro-rated for any partial month. Such payment shall entitle the Company to two (2)&nbsp;Billing Days of Consultant&#146;s time per month, at three thousand dollars ($3,000) per Billing Day. A &#147;Billing Day&#148; as
used in this Agreement shall mean eight hours of work, not including travel time to and from the Company. In the event that Consultant incurs less than two (2)&nbsp;Billing Days of service in any given month, such unused time shall accrue to the
credit of the Company for future use. In the event that Consultant incurs more than two (2)&nbsp;Billing Days of service in any given month, such excess time shall accrue to the credit of Consultant and be offset against future requirements in the
Company&#146;s discretion. However, Consultant shall obtain the prior consent of the Chief Executive Officer of the Company to provide services in excess of twenty-four (24)&nbsp;Billing Days per year. Consultant shall send the Company written
notice of his actual time spent performing consulting services hereunder within ten (10)&nbsp;days following the end of each calendar quarter during the term of this Agreement. Any time spent on activities or services provided to the Company
relating to Consultant&#146;s membership on the Company&#146;s Board of Directors or any committee thereof, if applicable, shall not be included in the calculation of Consultant&#146;s time spent performing consulting services under this
Agreement.&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <B>Continuing Force and Effect</B>. Except as herein expressly amended, modified and/or supplemented,
all terms, covenants and provisions of the Consulting Agreement are and shall remain in full force and effect and all references therein to such Consulting Agreement shall henceforth refer to the Consulting Agreement as amended by this Amendment.
This Amendment shall be deemed incorporated into, and a part of, the Consulting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Remainder of Page Intentionally Left Blank;
Signature Page Follows] </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, this Amendment has been made and entered into as of the date and year first above
written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&#147;Company&#148;</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Cortex Pharmaceuticals, Inc.</FONT></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Roger G. Stoll</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Roger G. Stoll, Ph.D.</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&#147;Consultant&#148;</FONT></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Gary D. Tollefson</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Gary D. Tollefson, M.D., Ph.D.</FONT></TD></TR>
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