Document:

Document

Exhibit 10.2

ELASTICSEARCH, INC.
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amended and Restated Employment Agreement (the “Agreement”) is entered into as of February 24, 2021 (the “Effective Date”) by and between Elasticsearch, Inc. (the “Company”) and Shay Banon (“Executive”).
1.Duties and Scope of Employment.
(a)Positions and Duties.  As of the Effective Date, Executive will continue to serve as an employee of the Company and as the Executive Director designated as Chief Executive Officer and Chairman of the Board (as defined below) of Elastic N.V. (the “Parent”).  Executive will render such business and professional services in the performance of his duties, consistent with Executive’s position within the Company and Parent, as will reasonably be assigned to him by the Board. The period of Executive’s employment under this Agreement is referred to herein as the “Employment Term.”
(b)Board Membership. During the Employment Term, Executive will serve as Executive Director designated as Chief Executive Officer and Chairman of the Board of Parent, subject to any required Board and shareholder approvals. Upon Executive ceasing to be the Parent’s Chief Executive Officer for any reason, he will be deemed to have resigned from his service on the Board, unless otherwise requested by the Board at that time to remain on the Board.  The Executive’s board membership shall be subject to the Articles of Association of the Parent, the Board Rules of the Parent and any required Board and shareholder approvals.
(c)Obligations.  During the Employment Term, Executive will perform his duties to the Company and Parent faithfully and to the best of his ability and will devote his full business efforts and time to the Company.  For the duration of the Employment Term, Executive agrees not to engage in any other employment or consulting activity for any direct or indirect remuneration without the prior approval of the Board.
(d)Employment.  The Company will employ Executive on the terms and conditions set forth herein.  Executive will receive his cash compensation and benefits from the Company and the Company will maintain and distribute employment-related records.  In the event that during the Employment Term Executive becomes employed by another member of the Company Group in the performance of Executive’s duties and obligations hereunder, any reference to the Company in this Agreement will be a reference to that member of the Company Group, unless the context clearly requires otherwise.
(e)Other Entities.  Executive agrees to serve and may be appointed as an officer and director for any of the Parent’s subsidiaries, partnerships, joint ventures, limited liability companies and other affiliates, including entities in which the Parent has a significant investment as determined by the Parent.  As used in this Agreement, the term “affiliates” will include any entity controlled by, controlling, or under common control of the Parent.  Upon ceasing employment with the Company for any reason, Executive agrees that he will be deemed 

to have resigned from all officer positions with the Parent, the Company and any affiliates and Executive agrees to execute such documents and take such actions as the Company reasonably requests to give effect to the same.
2.At-Will Employment.  The parties agree that Executive’s employment with the Company will be “at-will” employment and may be terminated at any time with or without cause or notice; provided that the Company will provide any notice required by applicable law or provide any payment in lieu of notice as required by applicable law.  Executive understands and agrees that neither his job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of his employment with the Company.  However, as described in this Agreement, Executive may be entitled to severance benefits depending on the circumstances of Executive’s termination of employment with the Company.
3.Compensation.
(a)Base Salary.  During the Employment Term, the Company will pay Executive an annual salary of $400,000 as compensation for his services (the “Base Salary”).  The Base Salary will be paid in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings, including paying compensation in the local currency where Executive is employed, as applicable.  Executive’s salary will be subject to review and may be increased (but not decreased) based upon the Company’s normal performance review practices.
(b)Annual Bonus. Executive will be eligible to receive an annual bonus (the “Target Bonus”) of up to 60% of his Base Salary, less applicable withholdings, upon achievement of performance objectives to be mutually agreed upon between the Board and Executive under the Company’s Executive Incentive Compensation Plan or any successor plan or arrangement adopted and implemented by the Company.  The Target Bonus, or any portion thereof, will be paid as soon as practicable after the Board determines that the Target Bonus has been earned, subject to Executive’s continued employment with the Company through the payment date.  Executive must be employed through the payment date to earn and receive any Target Bonus.
4.Employee Benefits.  During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other senior executives of the Company and as applicable for the jurisdiction in which Executive is providing services, including any medical, dental, vision, life, flexible spending account, disability, and retirement plans, provided that Executive will be entitled to receive any statutory benefits required under applicable law.  The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.
5.Paid Time Off.  During the Employment Term, Executive will be entitled to twenty-five (25) days of paid time off (“PTO”), in accordance with the Company’s PTO policy, or such other period as required under applicable law.  PTO shall be taken at such time as mutually and reasonably agreed by Executive and the Board and in accordance with the 
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Company’s policies in effect from time to time for other similarly situated employees.  For purposes of clarity, any PTO to which Executive is entitled by statute or other applicable law or regulation will offset and be counted against any contractual PTO provided in accordance with this Agreement and the Company’s PTO policy.  Executive will receive paid holidays in accordance with the Company’s regular holiday practices.
6.Expenses.  The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.  
7.Severance Benefits.
(a)Qualifying Non-CIC Termination.  On a Qualifying Non-CIC Termination (as defined below), the Executive will be eligible to receive the following payments and benefits from the Company, subject to Section 7(e):
(i)Salary Severance.  A single, lump sum payment equal to six (6) months of the Executive’s Salary (as defined below), less applicable withholdings.  
(ii)Bonus Severance.  A single, lump sum payment equal to 50% of the Executive’s target annual bonus as in effect for the fiscal year in which the Qualifying Non-CIC Termination occurs, less applicable withholdings.
(iii)Health Insurance Coverage.  Subject to Section 7(d), the Company will pay the premiums for coverage under COBRA (as defined below) for the Executive and the Executive’s eligible dependents, if any, at the rates then in effect, subject to any subsequent changes in rates that are generally applicable to the Company’s active employees (the “Health Insurance Coverage”), until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA.  
(b)Qualifying CIC Termination.  On a Qualifying CIC Termination, the Executive will be eligible to receive the following payments and benefits from the Company, subject to Section 7(e):
(i)Salary Severance.  A single, lump sum payment equal to twelve (12) months of the Executive’s Salary, less applicable withholdings.
(ii)Bonus Severance.  A single, lump sum payment equal to 100% of the Executive’s Target Bonus as in effect for the fiscal year in which the Qualifying CIC Termination occurs, less applicable withholdings.
(iii)Health Insurance Coverage.  Subject to Section 7(d), the Company will provide Health Insurance Coverage until the earliest of (A) a period of twelve (12) months 
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from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA.
(iv)Equity Vesting.  Vesting acceleration (and exercisability, as applicable) as to 100% of the then-unvested shares subject to each of the Executive’s then-outstanding Company equity awards.  In the case of an equity award with performance-based vesting, unless otherwise specified in the applicable equity award agreement governing such award, all performance goals and other vesting criteria will be deemed achieved at the greater of actual performance measured as of the date of termination or 100% of target levels.  For the avoidance of doubt, in the event of the Executive’s Qualifying Pre-CIC Termination (as defined below), any unvested portion of the Executive’s then-outstanding equity awards will remain outstanding until the earlier of (x) three (3) months following the Qualifying Termination or (y) the occurrence of a Change in Control, solely so that any benefits due on a Qualifying Pre-CIC Termination can be provided if a Change in Control occurs within three (3) months following the Qualifying Termination (provided that in no event will the Executive’s stock options or similar equity awards remain outstanding beyond the equity award’s maximum term to expiration).  If no Change in Control occurs within three (3) months following a Qualifying Termination, any unvested portion of the Executive’s equity awards automatically and permanently will be forfeited on the date that is three (3) months following the date of the Qualifying Termination without having vested.  
(c)Termination Other Than a Qualifying Termination.  If the termination of the Executive’s employment with the Company Group is not a Qualifying Termination, then the Executive will not be entitled to receive severance or other benefits, except with respect to any statutory benefits required under applicable law.
(d)Conditions to Receipt of Health Insurance Coverage.  The Executive’s receipt of Health Insurance Coverage is subject to the Executive electing COBRA continuation coverage within the time period prescribed pursuant to COBRA for the Executive and the Executive’s eligible dependents, if any.  If the Company determines in its sole discretion that it cannot provide the Health Insurance Coverage pursuant to COBRA either (i) because COBRA is not available in the jurisdiction in which Executive is employed, or (ii) without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of any Health Insurance Coverage, the Company will provide to the Executive a taxable monthly payment payable on the last day of a given month (except as provided by the immediately following sentence), in an amount equal to (A) if Health Insurance Coverage pursuant to COBRA is not available in the jurisdiction in which Executive is employed, an amount equal to the premium that was required to be paid for health coverage in effective immediately prior to Executive’s termination, which will include employer and employee contributions to payment of those premiums), or (B) the monthly COBRA premium that the Executive would be required to pay to continue his or her group health coverage in effect on the date of his or her Qualifying Termination (which amount will be based on the premium rates applicable for the first month of Health Insurance Coverage for the 
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Executive and any of eligible dependents of the Executive) (each, a “Health Coverage Replacement Payment”), which Health Coverage Replacement Payments will be made regardless of whether the Executive elects COBRA continuation coverage, if applicable, and will end on the earlier of (x) the date upon which the Executive obtains other employment or (y) the date the Company has paid an amount totaling the number of Health Coverage Replacement Payments equal to the number of months in the applicable Health Insurance Coverage period.  For the avoidance of doubt, the Health Insurance Replacement Payments may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings as required by applicable law.  Notwithstanding anything to the contrary under this Agreement, if the Company determines in its sole discretion at any time that it cannot provide the Health Insurance Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Executive will not receive the Health Insurance Replacement Payments or any further Health Insurance Coverage.
(e)Non-Duplication of Payment or Benefits.  For purposes of clarity, in the event of a Qualifying Pre-CIC Termination, any severance payments and benefits to be provided to the Executive under Section 7(b) will be reduced by any amounts that already were provided to the Executive under Section 7(a).  Notwithstanding any provision of this Agreement to the contrary, if the Executive is entitled to any cash severance, continued health coverage benefits, or vesting acceleration of any equity awards (other than under this Agreement) by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any member of the Company Group is a party, including, but not limited to, Statutory Severance Benefits (collectively, “Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to the Executive. 
(f)Death of the Executive.  In the event of the Executive’s death before all payments or benefits the Executive is entitled to receive under this Agreement have been provided, the unpaid amounts will be provided to the Executive’s designated beneficiary, if living, or otherwise to the Executive’s personal representative in a single lump sum as soon as possible following the Executive’s death.
(g)Transfer Between Members of the Company Group.  For purposes of this Agreement, if the Executive is involuntarily transferred from one member of the Company Group to another, the transfer will not be a termination without Cause but may give the Executive the ability to resign for Good Reason.
(h)Exclusive Remedy.  In the event of a termination of the Executive’s employment with the Company Group, the provisions of this Agreement are intended to be and are exclusive and in lieu of any other rights or remedies to which the Executive may otherwise be entitled, whether at law, tort or contract, or in equity.  The Executive will be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in this Agreement.
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(i)Statutory Severance.  In the event that Executive becomes eligible to receive statutory severance payments or benefits required under applicable law (“Statutory Severance Benefits”), such Statutory Severance Benefits will be provided to Executive in accordance with applicable law.
8.Accrued Compensation.  On any termination of the Executive’s employment with the Company Group, the Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to the Executive under any Company-provided plans, policies, and arrangements in accordance with applicable law.
9.Conditions to Receipt of Severance.
(a)Separation Agreement and Release of Claims.  The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 7 is subject to the Executive signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage any member of the Company Group, non-solicit provisions, an agreement to assist in any litigation matters, and other standard terms and conditions) (the “Release”), which must become effective and irrevocable no later than the 60th day following the Executive’s Qualifying Termination (the “Release Deadline”).  If the Release does not become effective and irrevocable by the Release Deadline, the Executive will forfeit any right to severance payments or benefits under Section 7.
(b)Payment Timing.  Any lump sum Salary or bonus payments under Sections 7(a)(i), 7(a)(ii), 7(b)(i), and 7(b)(ii) will be provided on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and irrevocable (the “Severance Start Date”), subject to any delay required by Section 9(d) below.  Any restricted stock units, performance shares, performance units, and/or similar full value awards that accelerate vesting under Section 7(b)(iv) will be settled (x) on a date no later than ten (10) days following the date the Release becomes effective and irrevocable, or (y) if later, in the event of a Qualifying Pre-CIC Termination, on a date no later than the Change in Control.   
(c)Return of Company Property.  The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 7 is subject to the Executive returning all documents and other property provided to the Executive by any member of the Company Group (with the exception of a copy of the Company employee handbook and personnel documents specifically relating to the Executive), developed or obtained by the Executive in connection with his employment with the Company Group, or otherwise belonging to the Company Group.  
(d)Section 409A.  The Company intends that all payments and benefits provided under this Agreement or otherwise are exempt from, or comply with, the requirements of Section 409A of the Code and any guidance promulgated under Section 409A of the Code (collectively, “Section 409A”) so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities in this Agreement will be interpreted in accordance with this intent.  No payment or benefits to be paid to the Executive, if any, under this Agreement or otherwise, when considered together with any other severance 
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payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until the Executive has a “separation from service” within the meaning of Section 409A.  If, at the time of the Executive’s termination of employment, the Executive is a “specified employee” within the meaning of Section 409A, then the payment of the Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally means that the Executive will receive payment on the first payroll date that occurs on or after the date that is 6 months and 1 day following the Executive’s termination of employment.  The Company reserves the right to amend this Agreement as it considers necessary or advisable, in their sole discretion and without the consent of the Executive or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax.  Each payment, installment, and benefit payable under this Agreement is intended to constitute a separate payment for purposes of U.S. Treasury Regulation Section 1.409A-2(b)(2).  In no event will any member of the Company Group reimburse, indemnify, or hold harmless the Executive for any taxes, penalties and interest that may be imposed, or other costs that may be incurred, as a result of Section 409A. 
(e)Resignation of Officer and Director Positions.  The Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 7 is subject to the Executive resigning from all officer and director positions with all members of the Company Group and the Executive executing any documents the Company may require in connection with the same.
10.Limitation on Payments.  
(a)Reduction of Severance Benefits.  If any payment or benefit that the Executive would receive from any Company Group member or any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount.  The “Best Results Amount” will be either (x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount.  If a reduction in payments or benefits constituting parachute payments is necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the excise tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of 
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grant of the awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and  (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the excise tax will be the first benefit to be reduced).  In no event will the Executive have any discretion with respect to the ordering of Payment reductions.  The Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax liability.
(b)Determination of Excise Tax Liability.  Unless the Company and the Executive otherwise agree in writing, the Company will select a professional services firm (the “Firm”) to make all determinations required under this Section 10, which determinations will be conclusive and binding upon the Executive and the Company for all purposes.  For purposes of making the calculations required by this Section 10, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The Company and the Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations under this Section 10.  The Company will bear the costs and make all payments for the Firm’s services in connection with any calculations contemplated by this Section 10.  The Company will have no liability to the Executive for the determinations of the Firm.
11.Definitions.  The following terms referred to in this Agreement will have the following meanings:
(a)“Board” means the Parent’s Board of Directors.
(b)“Cause” means the occurrence of any of the following:  (i) any willful, material violation by the Executive of any law or regulation applicable to the business of any Company Group member, the Executive’s conviction for, or plea of guilty or no contest to, a felony or a crime involving moral turpitude, or any willful perpetration by the Executive of a common law fraud, (ii) the Executive’s commission of an act of personal dishonesty which involves personal profit in connection with any Company Group member or any other entity having a business relationship with any Company Group member; (iii) any material breach by the Executive of any provision of any agreement or understanding between any Company Group member and the Executive regarding the terms of the Executive’s service as an employee, officer, director or consultant to any Company Group member, including without limitation, the willful and continued failure or refusal of the Executive to perform the material duties required of the Executive as an employee, officer, director or consultant of any Company Group member, other than as a result of having a Disability, or a breach of any applicable invention assignment and confidentiality agreement or similar agreement between any Company Group member and the Executive, (iv) the Executive’s disregard of the policies of any Company Group member so as to cause loss, damage or injury to the property, reputation or employees of any Company Group member, or (v) any other misconduct by the Executive which is materially injurious to the 
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financial condition or business reputation of, or is otherwise materially injurious to, any Company Group member.
(c)“Change in Control” means the occurrence of any of the following events:
(i)A change in the ownership of the Parent which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of shares in the capital of the Parent that, together with the shares held by such Person, constitutes more than 50% of the total voting power in the Parent; provided, however, that for purposes of this subsection, (A) the acquisition of additional shares by any one Person, who is considered to own more than 50% of the total voting power in the Parent will not be considered a Change in Control, and (B) if the shareholders of the Parent immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares in the capital of the Parent immediately prior to the change in ownership, the direct or indirect beneficial ownership of 50% or more of the total voting power in the Parent or of the ultimate parent entity of the Parent, such event will not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership will include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Parent, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or 
(ii)A change in the effective control of the Parent which occurs on the date that a majority of members of the Board is replaced during any 12 month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any Person is considered to be in effective control of the Parent, the acquisition of additional control of the Parent by the same Person will not be considered a Change in Control; or
(iii)A change in the ownership of a substantial portion of the Parent’s assets which occurs on the date that any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Parent that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Parent immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Parent’s assets: (A) a transfer to an entity that is controlled by the Parent’s shareholders immediately after the transfer, or (B) a transfer of assets by the Parent to: (1) a shareholder of the Parent (immediately before the asset transfer) in exchange for or with respect to the shares in the Parent’s share capital, (2) an entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Parent, (3) a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding shares in the capital of the Parent, or (4) an entity, at least 50% of the total value or voting power of which is owned, directly or indirectly, by a Person described in 
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this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Parent, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar capital reorganization or business combination transaction with the Parent.
Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A.
Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Parent’s incorporation, (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Parent’s securities immediately before such transaction, or (iii) its sole purpose is to effect a private financing of the Parent through a change in the ownership of the stock of the Parent that is approved by the Board.
(d)“Change in Control Period” means the period beginning three (3) months prior to a Change in Control and ending twelve (12) months following a Change in Control. 
(e)“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.
(f)“Code” means the Internal Revenue Code of 1986, as amended.
(g)“Company Group” means the Parent and its subsidiaries, including, for the avoidance of doubt, the Company.
(h)“Confidentiality Agreement” means the Company’s Confidential Information and Invention Assignment Agreement for employees located in California.
(i)“Disability” means a total and permanent disability as defined in Section 22(e)(3) of the Code.
(j)“Good Reason” means the termination of the Executive’s employment with the Company Group by the Executive in accordance with the next sentence after the occurrence of one or more of the following events without the Executive’s express written consent: (i) a material reduction of the Executive’s duties, authorities, or responsibilities relative to the Executive’s duties, authorities, or responsibilities in effect immediately prior to the reduction; provided, however, that continued employment following a Change in Control with substantially the same duties, authorities, or responsibilities with respect to the Company Group’s business and operations will not constitute “Good Reason” (for example, “Good 
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Reason” does not exist if the Executive is employed by the Company Group or a successor with substantially the same duties, authorities, or responsibilities with respect to the Company Group’s business that the Executive had immediately prior to the Change in Control regardless of whether the Executive’s title is revised to reflect the Executive’s placement within the overall corporate hierarchy or whether the Executive provides services to a subsidiary, affiliate, business unit or otherwise); (ii) a reduction by a Company Group member in the Executive’s rate of annual base salary by more than 10%; provided, however, that, a reduction of annual base salary that also applies to substantially all other similarly situated employees of the Company Group members will not constitute “Good Reason”; (iii) a material change in the geographic location of the Executive’s primary work facility or location by more than thirty-five (35) miles from the Executive’s then present location; provided, that a relocation to a location that is within thirty-five (35) miles from the Executive’s then-present primary residence will not be considered a material change in geographic location, or (iv) failure of a successor corporation to assume the obligations under this Agreement as contemplated by Section 12.  In order for the termination of the Executive’s employment with a Company Group member to be for Good Reason, the Executive must not terminate employment without first providing written notice to the Company of the acts or omissions constituting the grounds for “Good Reason” within sixty (60) days of the initial existence of the grounds for “Good Reason” and a cure period of 30 days following the date of written notice (the “Cure Period”), the grounds must not have been cured during that time, and the Executive must terminate the Executive’s employment within thirty (30) days following the Cure Period.
(k)“Qualifying Termination” means a termination of the Executive’s employment either (i) by a Company Group member without Cause (excluding by reason of Executive’s death or Disability) or (ii) by the Executive for Good Reason, in either case, during the Change in Control Period (a “Qualifying CIC Termination”) or outside of the Change in Control Period (a “Qualifying Non-CIC Termination”).
(l)“Qualifying Pre-CIC Termination” means a Qualifying CIC Termination that occurs prior to the date of the Change in Control.
(m)“Salary” means the Executive’s annual base salary as in effect immediately prior to the Executive’s Qualifying Termination (or if the termination is due to a resignation for Good Reason based on a material reduction in base salary, then the Executive’s annual base salary in effect immediately prior to the reduction) or, if the Executive’s Qualifying Termination is a Qualifying CIC Termination and the amount is greater, at the level in effect immediately prior to the Change in Control.  
12.Successors.  This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal representatives of the Executive upon the Executive’s death, and (b) any successor of the Company.  Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes.  For this purpose, “successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  None of the rights of the Executive to 
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receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.  Any other attempted assignment, transfer, conveyance, or other disposition of the Executive’s right to compensation or other benefits will be null and void.
13.Notice. 
(a)General.  All notices and other communications required or permitted under this Agreement shall be in writing and will be effectively given (i) upon actual delivery to the party to be notified, (ii) upon transmission by email, (iii) 24 hours after confirmed facsimile transmission, (iv) 1 business day after deposit with a recognized overnight courier, or (v) 3 business days after deposit with the U.S. Postal Service by first class certified or registered mail, return receipt requested, postage prepaid, addressed (A) if to the Executive, at the address the Executive shall have most recently furnished to the Company in writing, (B) if to the Company, at the following address:
Elasticsearch, Inc.
800 West El Camino Real, Suite 350
Mountain View, CA 94040
Attention: Senior Vice President, Global Human Resources
(b)Notice of Termination.  Any termination by a Company Group member for Cause will be communicated by a notice of termination to the Executive, and any termination by the Executive for Good Reason will be communicated by a notice of termination to the Company, in each case given in accordance with Section 13(a) of this Agreement.  The notice will indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30) days after the later of (i) the giving of the notice or (ii) the end of any applicable cure period).  
14.Resignation.  The termination of the Executive’s employment for any reason will also constitute, without any further required action by the Executive, the Executive’s voluntary resignation from all officer and/or director positions held at any member of the Company Group, and at the Board’s request, the Executive will execute any documents reasonably necessary to reflect the resignations.
15.Confidential Information.  Executive agrees to enter into the Confidentiality Agreement on or promptly following executing this Agreement.  Further, Executive and the Parent entered into the Assignment of Technology Agreement dated September 3, 2012 (the “Assignment Agreement”), which will continue in full force and effect.
16.Protected Activity Not Prohibited.  Executive understands that nothing in this Agreement, or any other agreement or policy with or by the Company, will in any way limit or prohibit Executive from engaging in any Protected Activity. For purposes of this Agreement, “Protected Activity” will mean filing a charge, complaint, or report with, or otherwise 
-12-

communicating, cooperating, or participating in any investigation or proceeding that may be conducted by, any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (“Government Agencies”). Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Confidentiality Agreement to any parties other than the Government Agencies. Executive further understands that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications. Any language in the Confidentiality Agreement, or any other agreement or policy of the Company, regarding Executive’s right to engage in Protected Activity that conflicts with, or is contrary to, this paragraph is superseded by this provision. In addition, pursuant to the Defend Trade Secrets Act of 2016, Executive is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.
17.Miscellaneous Provisions.
(a)No Duty to Mitigate.  The Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any payment be reduced by any earnings that the Executive may receive from any other source except as specified in Section 7(e).
(b)Waiver; Amendment.  No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by an authorized officer of the Company (other than the Executive) and by the Executive.  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(c)Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
(d)Entire Agreement.  This Agreement, the Assignment Agreement, and the Confidentiality Agreement constitute the entire agreement of the parties and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter of this 
-13-

Agreement, including, for the avoidance of doubt, any other employment letter or agreement, severance policy or program, or equity award agreement.  
(e)Choice of Law.  This Agreement will be governed by the laws of the State of California without regard to California’s conflicts of law rules that may result in the application of the laws of any jurisdiction other than California.  To the extent that any lawsuit is permitted under this Agreement, Executive hereby expressly consents to the personal and exclusive jurisdiction and venue of the state and federal courts located in California for any lawsuit filed against the Executive by the Company.  In the event Executive becomes employed by a member of the Company Group and is primarily providing services hereunder in a jurisdiction other than California, then the laws and venue of that jurisdiction will apply for purposes of this Agreement.
(f)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect.
(g)Taxation.  All payments made pursuant to this Agreement will be subject to withholding of any applicable taxes.  Executive acknowledges that he has reviewed with his own tax advisors the federal, state, local and foreign tax consequences of payments and transactions described in this Agreement, and he is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  Executive understands that Executive (and not the Company or any other member of the Company Group) shall be responsible for any tax liability (other than employment tax liability owed by the Company or any other member of the Company Group) that may arise as a result of the payments and transactions contemplated by this Agreement.
(h)Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.
(i)Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
[Remainder of Page Intentionally Left Blank]

-14-

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.
COMPANY:
Elasticsearch, Inc.

												
	By:	/s/ Leah Sutton
		Date: February 24, 2021

	Title:	SVP, Global Human Resources
		

EXECUTIVE:

												
	/s/ Shay Banon		Date: February 23, 2021

	Shay Banon
		

[SIGNATURE PAGE TO BANON AMENDED AND RESTATED
 EMPLOYMENT AGREEMENT]

-15-Exhibit 10.1

 

CONSULTANCY AGREEMENT

 

 

 

February 22, 2021

 

 

180 LIFE SCIENCES CORP.

 

and

 

Prof Jagdeep Nanchahal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allen & Overy LLP

 

    

     

    

 

THIS AGREEMENT is made on February
22, 2021

 

BETWEEN:

 

		(1)	180 LIFE SCIENCES CORP., a Delaware corporation (the Company or 180 LS); and

 

		(2)	Prof Jagdeep Nanchahal (the Consultant)

 

IT IS AGREED as follows:

 

		1.	Interpretation

 

		1.1	In this agreement:

 

Board
means the board of directors of the Company from time to time.

 

The Business of the Company
means the research and development of therapies targeting indications within inflammation. Specifically, early stage Dupuytren’s
disease (DD), frozen shoulder, lung and liver fibrosis (NASH), and Post-Operative Delirium/Post-Operative Cognitive Decline (POCD).

 

Commencement
Date means 1 December, 2020.

 

Confidential
Information means information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory)
relating, without limitation, to the business, clients, customers, products, affairs and finances of the Company or any
Group Company for the time being confidential to the Company or any Group Company or in relation to which the Company or
any Group Company is subject to a duty of confidentiality and trade secrets including, without limitation, technical data and know-how
relating to the business of the Company or any Group Company or of any persons having dealings with the Company or any Group Company,
whether or not such information (if it is not in oral form) is marked confidential, and includes, without limitation:

 

		(a)	existing and prospective activities of the Company or any Group Company, including timing, business
plans and financial information;

 

		(b)	existing and prospective terms of business, prices and pricing strategies and structures, profit
margins, trading arrangements and rebates of the Company or any Group Company;

 

		(c)	existing and prospective marketing information, plans, strategies, tactics and timings relating
to the Company or any Group Company;

 

		(d)	existing and prospective lists of suppliers and rates of charge relating to the Company or any
Group Company;
	 	 	 

		(e)	existing and prospective financial and other products or services, including applications, designs,
technical data and qualifications relating to the Company or any Group Company;
	 	 	 

		(f)	existing and prospective software applications relating to the Company or any Group Company;

 

    2

     

    

 

		(g)	information relating to existing and prospective officers, employees and consultants of the Company
or any Group Company including their engagement, their contractual terms including commission and bonuses and information relating
to the termination of their employment or appointment with the Company or any Group Company;

 

		(h)	any disputes and litigation proposed, in progress or settled in relation to the Company or any
Group Company; and

 

		(i)	any Invention, technical data, or other know-how of the Company or any Group Company; and existing
and prospective research and development activities.

 

Data Protection
Legislation means all applicable data protection and all privacy legislation in force from time to time in the United Kingdom,
or the United States (where they afford additional protections to individuals) including without limitation the UK retained EU
law version of the General Data Protection Regulation ((EU) 2016/679) (UK GDPR), the Data Protection Act 2018 (and regulations
made thereunder) or any similar or successor data protection legislation in either jurisdiction which apply to a party relating
to the use of personal data (including, without limitation, the privacy of electronic communications).

 

Group means
the Company, its subsidiaries, its holding company or any subsidiary of its holding company and Group Company means any
one of them.

 

Invention
means any invention, development, discovery, idea, improvement, or innovation made by the Consultant in the provision of the Services
whether patentable or capable of registration or not and whether or not recorded in any medium.

 

Personal
Data means information relating to an identified or identifiable natural person as defined in the Data Protection Legislation
and includes, but is not limited to, names, contact information, addresses, banking details, racial or ethnic origin, religious
or philosophical beliefs, political opinions, medical history or conditions, online identifiers and biometric data.

 

Purpose
means for the administrative and/or legal purposes required for, or in connection with, the proper performance of the terms
of this Agreement.

 

Services
means the services to be provided by the Consultant on the terms contained in this agreement as described in the Schedule 1.

 

Working
Day means a day other than a Saturday, Sunday or other public holiday in UK.

 

		1.2	References in this agreement to a person include a body corporate and an unincorporated association
of persons and references to a company include anybody corporate.

 

		1.3	Any reference in this agreement to a statutory provision includes any statutory modification or
re-enactment of it for the time being in force.

 

		1.4	The Schedule forms part of this agreement, and any reference to this agreement includes the Schedule.

 

		1.5	The headings in this agreement do not affect its interpretation.

 

    3

     

    

 

		2.	Services

 

		2.1	With effect from the Commencement Date, the Company shall engage the Consultant, and the Consultant
shall make himself available, to provide the Services to the Company and the Group and such other services consistent with the
Services as the Company may require of the Consultant from time to time on the terms set out in this agreement. Services are more
clearly defined in the Schedule 1.

 

		3.	Duties of Consultant

 

		3.1	The Consultant shall:

 

		(a)	Serve as Chairman of the 180 LS Clinical Advisory Board (CAB), serve as the senior medical advisor
for initiating similar clinical trials in North America, and assist with regulatory agencies;

 

		(b)	perform the Services with due diligence and in a safe and competent manner;

 

		(c)	acquaint himself and comply with any working practices, rules or procedures applicable to independent
contractors at any location where the Services are being performed (whether or not the Company’s premises);

 

		(d)	comply with all applicable laws and regulations, including, but not limited to all regulations
of any and all employers of the Consultant;

 

		(e)	act in, and use his best endeavours to promote and protect, the interests of the Group in accordance
with the general policy and directions of the Company;

 

		(f)	comply with all reasonable instructions given to him by the Company provided that the Consultant
shall not be subject to the direction of the Company as to the manner in which the Services are to be provided; and

 

		(g)	give to the Company such information regarding the provision of the Services or obtained by him
in the course of performing the Services as the Company may require.

 

		3.2	The Consultant shall provide the full benefit of his knowledge, expertise, technical skill and
ingenuity in connection with the provision of the Services and shall devote his time, attention and abilities to the Services at
such times as may be necessary for the proper performance of the Services.

 

		3.3	If the Consultant is unable to provide the Services due to illness or injury, the Consultant shall
inform the Company and, if the absence continues, shall keep the Company informed of the reason for the absence and its expected
duration.

 

		3.4	The Consultant shall immediately disclose any conflict of interest to the Company which arises
in relation to the provision of the Services as a result of any present or future appointment, employment or other interest of
the Consultant.

 

		4.	COMPENSATION AND BONUS

 

		4.1	In consideration of the provision of the Services, the Company shall pay the Consultant 15,000
GBP per month during the term of this agreement (collectively, the “Fee”). The consulting fee will increase
to 23,000 GBP on the date (a) of publication of the data from the phase 2b clinical trial for Dupuytren’s disease (RIDD)
and (b) the Company has successfully raised over $15M in capital. The fee will increase annually thereafter to reflect progression
in other clinical trials and laboratory research as approved by the 180 LS Board of Directors.

 

    4

     

    

 

		4.2	The Consultant shall invoice the Company on the same day of each month as the Commencement Date,
for the Fee incurred in respect of the preceding month. The Company shall pay any invoice submitted within 30 calendar days of
receipt.

 

		4.3	The Company shall be entitled to deduct from the Fee due to the Consultant any sums that the Consultant
may owe to the Company at any time.

 

		4.4	The Consultant shall be eligible to participate in the Company’s stock option plan, as in
effect from time to time (the “Stock Option Plan”). All grants of stock options made to the Consultant will
be made in accordance with and subject to the terms of the Stock Option Plan (including after applicable blackout periods) and
subject to approval of the Board and any stock exchange on which the Company’s shares are traded. The grant of any stock
options will be made at the discretion of the Board in accordance with the terms of the Stock Option Plan. The Consultant acknowledges
that the Board will be entitled to impose vesting conditions in connection with any grant of options.

 

		4.5	The Consultant shall receive a bonus (“Bonus 1”) in the sum of 100,000 GPB upon
submission of the Duputyren’s disease clinical trial data for publication in a peer-reviewed journal. In addition, for prior
work performed, including completion of the recruitment to the RIDD (Dupuytrens) trial on 9 April 2019, the Consultant shall receive
434,673 GBP (“Bonus 2”). At the election of the Consultant, this Bonus 2 shall be paid at least 50% (fifty percent)
or more, as the Consultant elects, in 180 LS stock at a share price of $3.00 USD, or on the date of the grant, whichever is lower,
with the remainder in GBP.

 

		4.6	The Bonus 2 shall be deemed earned and payable upon the Company raising a minimum of $15 million
USD in additional funding, through the sale of debt or equity, after the Commencement Date (the “Vesting Date”)
and shall not be accrued, due or payable prior to such Vesting Date. Bonus 2 shall be payable by the Company within 30 calendar
days of the Vesting Date.

 

The Consultant shall receive
another one-time bonus (“Bonus 3”) of 5,000 GBP on enrollment of the first patient to the phase 2 frozen shoulder
trial, and another one-time bonus (“Bonus 4”) of 5,000 GBP for enrollment of the first patient to the phase
2 delirium/POCD trial.

 

		5.	Expenses

 

All
expenses, including but not limited to travel, reasonably incurred and pre-approved, and for the purposes of fulfilling your duties,
will be reimbursed.

 

		6.	Confidential Information

 

		6.1	The Consultant acknowledges that in the course of the provision of the Services, he will have access
to Confidential Information belonging to the Group. The Consultant has therefore agreed to accept the provisions of this Clause
6.

 

    5

     

    

 

		6.2	The Consultant shall not make use of or divulge to any person any Confidential Information:

 

		(a)	concerning the business of the Company or any Group Company and which comes to his knowledge during
the course of or in connection with the provision of the Services or his holding of any office within the Group from any source
within the Company or any Group Company; or

 

		(b)	concerning the business of any person having dealings with the Company or any Group Company and
which is obtained directly or indirectly in circumstances in which the Company or any Group Company is subject to a duty of confidentiality
in relation to that information.

 

		6.3	This clause shall not apply to information which:

 

		(a)	is used or disclosed in the proper performance of the Services or with the prior written consent
of the Company, or which may be disclosed pursuant to duties of the Consultant in his employment at the University of Oxford;

 

		(b)	or comes to be in the public domain (except as a result of a breach of the Consultant’s obligations
under Clause 6.2 above); or

 

		(c)	is ordered to be disclosed by a court of competent jurisdiction or otherwise required to be disclosed
by law.

 

		7.	DATA PROTECTION

 

		7.1	The Company shall collect and process Personal Data relating
to the Consultant in accordance with the terms of this Clause 7 and applicable Data Protection Legislation. In particular it shall:

 

		(a)	process Personal Data only for the Purpose;

 

		(b)	not disclose or allow access to the Personal Data to anyone outside of the Company without prior
written consent;

 

		(c)	ensure that it has in place appropriate technical and organisational measures, to protect against
unauthorised or unlawful processing of Personal Data and against accidental loss or destruction of, or damage to, any of Personal
Data;

 

		(d)	notify the Consultant without undue delay:

 

		(i)	if the Purpose for processing Personal Data changes; and

 

		(ii)	on becoming aware of any breach of the applicable Data Protection Legislation;

 

		(e)	maintain complete and accurate records and information in respect of the processing of Personal
Data; and
	 	 	 

		(f)	retain the Personal Data only so long as is necessary to fulfil the Purpose.
	 	 	 

		(g)	The Consultant will update the Company if there is any material change to Personal Data requested
by the Company during the working relationship.
	 	 	 

    6

     

    

 

		8.	Company Property

 

For the avoidance of doubt, all
documents, manuals, hardware and software provided for the Consultant’s use by the Company, and any data or documents (including
copies) produced, maintained or stored on the Company’s computer systems or other electronic equipment (including mobile or smart
phones and tablets, if provided by the Company) remain the property of the Company and must be returned by the Consultant at any
time on the Company’s request.

 

		9.	Intellectual Property

 

	9.1	The parties foresee that the Consultant will make, conceive, develop and/or create Intellectual
Property Rights in the course of providing the Services.
	 	 

		9.2	In this clause:

 

		(a)	Intellectual Property Rights means patents, rights to Inventions, copyrights and related
rights, trademarks and service marks, trade names and domain names, rights in get-up, goodwill and the right to sue for passing
off or unfair competition, rights in designs, rights in computer software, database rights, rights to preserve the confidentiality
of information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered
or unregistered and including all applications (or rights to apply for and be granted), renewals or extensions of, and rights to
claim priority from, such rights, and all similar or equivalent rights or forms of protection which subsist or will subsist now
or in the future in any part of the world, that relate to the Business of the Company; and
	 	 	 

		(b)	IP Materials means all records, reports, documents, papers, drawings, designs, typographical
arrangements, software, photographic or graphic works of any type, and all other materials in any medium or format, which are created
by or on behalf of the Consultant in the course of providing the Services and that relate to the Business of the Company.

 

		9.3	The Company acknowledges that all existing and future (foreground
and background) Intellectual Property Rights in IP Materials made, conceived, developed, or created by the Consultant whilst providing
Services, and that relate to the Business of the Company, automatically belong to the University of Oxford to the extent permitted
by law and as governed by the agreements set out below (together the “University Agreements”);
except where any rights are granted to the Company under those University Agreements from time to time:

 

		(a)	Licence Agreement between (i) Isis Innovation Limited (now Oxford Innovation) and (ii) 180 Therapeutics
LP dated 30 October 2013;

 

		(b)	the Research Contract between the (i) the Secretary of State for Health and Social Care and (ii)
Oxford University Hospitals NHS Foundation Trust dated 11 May 2020;

 

		(c)	Research Agreement between (i) The Chancellor Masters and Scholars of the University of Oxford
and (ii) Cannibiorex Pharma Ltd dated 18 September 2020
	 	 	 

		(d)	License agreement between (i) the Kennedy Trust for Rheumatology Research and (ii) 180 Therapeutics
LP dated September 2019; and
	 	 	 

		(e)	any future agreement entered into between the Company and the University of Oxford from time to
time.
	 	 	 

    7

     

    

 

		9.4	If,

 

		(a)	in the course of providing the Services, the Consultant makes, conceives, develops, or creates
any Intellectual Property Rights that fall outside of the provisions in Clause 9.3 above; and
	 	 	 

		(b)	the University of Oxford does not have ownership of those Intellectual Property Rights (whether
pursuant to the University Agreements, or otherwise),
	 	 	 

the Consultant
agrees that such Intellectual Property Rights shall belong to the Company. The Consultant agrees that they shall be assigned to
the Company to the extent that they do not vest automatically.

 

		9.5	For the avoidance of doubt:

 

		(a)	the Consultant does not, and will not have, ownership of any Intellectual Property Rights relevant
to the Business of the Company during the engagement; and

 

		(b)	the Company confirms and agrees that any rights granted under the University Agreements supersede
any Intellectual Property Rights that the Company may have to intellectual property made, conceived, developed or created by the
Consultant during his engagement. In the event there is any conflict between the terms of this Agreement and the University Agreements,
the University Agreements shall prevail to the fullest extent permitted by law.

 

		9.6	The Consultant agrees that he shall co-operate with the Company,
to assist it in determining the rights of the University under the University Agreements, to the extent there is, or may be a potential
conflict in respect of any Intellectual Property Rights. The Company confirms and agrees that the rights of the University under
the terms of the University Agreements prevail over any rights that the Company may assert in respect of any Intellectual Property
Rights at all times, and in any jurisdiction. 

 

		9.7	Any assignment under this Clause 9, as applicable, shall take
effect immediately on the creation of each of the Intellectual Property Rights and without payment to the Consultant, other than
the Fee.

 

		9.8	The Consultant agrees, to the extent reasonably required, to
sign all documents and do all other acts (including joining in any application which may be made for the registration of any Intellectual
Property Rights) that the Company reasonably requests (at its expense) to enable the Company to enjoy the full benefit of this
Clause. 

 

		9.9	This clause shall survive expiry of this agreement, or its termination,
for any reason.

 

		10.	Other Activities

 

		10.1	Nothing in this agreement shall prevent the Consultant from undertaking any other business activities
while this agreement is in force, provided that:

 

		(a)	such activity does not cause a breach of any of the Consultant’s obligations under this agreement
or any other agreement governing the actions of the Consultant;

 

    8

     

    

 

		(b)	the Consultant shall not engage in any such activity if it relates to a business which is in any
way competitive with the business of the Company (or any Group Company) without the prior written consent of the Company; and

 

		10.2	The Consultant shall not enter into any publicity or make any announcement with regard to this
agreement unless with the Company’s prior written consent.

 

		10.3	The Consultant shall not at any time after the termination of this agreement for whatever reason
represent himself as being in any way connected with the business or activities of the Company or any Group Company.

 

		10.4	In this clause:

 

		(a)	Relevant Period means the period of 12 months ending on the Termination Date;

 

		(b)	Relevant Area means any part of any country in which the Consultant was actively involved
in the business of the Company or another Group Company at any time during the Relevant Period; and

 

		(c)	Termination Date means the date on which this agreement terminates.

 

		10.5	In consideration for $10 USD and other good and valuable consideration, which the Consultant acknowledges
the receipt and sufficiency of, and in consideration for the Company providing the Consultant the Company’s Confidential
Information, which the Consultant agrees is valuable to the Company and which the Company takes reasonable precautions to protect,
the Consultant covenants with the Company that:

 

		(a)	he will not for a period of 12 months after the Termination Date be concerned in any business which
is carried on in the Relevant Area and which is competitive or likely to be competitive with any business in which the Consultant
was actively involved during the provision of the Services during the Relevant Period and which is carried on by the Company or
another Group Company at the Termination Date, except for research conducted at the University of Oxford, which research and results
thereof are owned solely by the University of Oxford; and

 

		(b)	he will not directly or indirectly on his/her own account or on behalf of or in conjunction with
any person for a period of 12 months after the Termination Date (except on behalf of the Company or any Group Company):

 

		(i)	canvass or solicit business or custom for treatments, therapies drug candidates or products of
a similar type to those being developed, manufactured or dealt with or activities similar to those being conducted by the Company
or any Group Company at the Termination Date, and with which development or activities the Consultant was actively involved during
the Relevant Period, from any person who has been at any time during the Relevant Period a customer of the Company or any Group
Company with whom the Consultant was actively involved during the provision of the Services during the Relevant Period, except
in connection with the Consultant’s employment at the University of Oxford; or

 

		(ii)	deal with any such person; and

 

    9

     

    

 

		(c)	The Consultant covenants with the Company that he/she will not directly or indirectly on his own
account or on behalf of or in conjunction with any person for a period of 12 months after the Termination Date induce or attempt
to induce any supplier or contract research organisation of the Company or any Group Company or distributor of the Company’s or
any Group Company’s intended treatments, therapies, drug candidates or products with whom the Consultant was actively involved
during the provision of the Services during the Relevant Period, to cease to supply, or to restrict or vary the terms of supply
to, the Company or any Group Company or to cease to distribute any of the Company’s or any Group Company’s products or restrict
or vary the terms of the distributorship or otherwise interfere with the relationship between a supplier or distributor and the
Company or any Group Company; and

 

		(d)	The Consultant covenants with the Company that he will not directly or indirectly on his own account
or on behalf of or in conjunction with any person for a period of 12 months after the Termination Date induce or attempt to induce
any employee to whom this subclause applies to leave the employment of the Company or any Group Company (whether or not this would
be a breach of contract by the employee). This subclause applies to an employee of the Company or any Group Company with whom the
Consultant had material dealings during the provision of the Services during the Relevant Period.

 

		10.6	The covenants in this clause are for the benefit of the Company itself and as trustee for each
other Group Company.

 

		10.7	Each of the restrictions in each paragraph or subclause of this Section 10 above are enforceable
independently of each of the others and its validity is not affected if any of the others is invalid. If any of those restrictions
is void but would be valid if some part of the restriction (including part of any of the definitions) were deleted, the restriction
in question applies with such modification as may be necessary to make it valid.

 

		10.8	This Section 10 shall survive expiry of this agreement, or its termination for any reason.

 

		10.9	If Consultant materially breaches any of the provisions of this Clause 10 or Clause 6, above or
in the event that any such breach is threatened by Consultant, in addition to and without limiting or waiving any other remedies
available to the Company at law or in equity, the Company shall be entitled to immediate injunctive relief in any court, domestic
or foreign, having the capacity to grant such relief, to restrain any such breach or threatened breach and to enforce the provisions
of this Clause 10 and Clause 6.

 

		10.10	The Consultant acknowledges that the foregoing restrictions, as well as the duration and the territorial
scope thereof as set forth in this Clause 10, are under all of the circumstances reasonable and necessary for the protection of
the Company and its business.

 

		10.11	Consultant acknowledges and agrees that the Company’s remedies at law for a breach or threatened
breach of any of the provisions of Clause 10 or Clause 6 hereof would be inadequate and, in recognition of this fact, Consultant
agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting
any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary
or permanent injunction or any other equitable remedy which may then be available.

 

    10

     

    

 

		11.	Termination

 

		11.1	This agreement shall continue in force until the date three years after the Commencement Date and
can be terminated in accordance with this Clause 11, by the Company or the Consultant prior to such date, only as set out below.

 

		11.2	If neither party terminates the agreement in accordance with this Clause 11, this agreement shall
automatically renew on the date three years after the Commencement Date for a further three years, and continue to do so, until
terminated as provided herein.

 

		11.3	The Consultant shall be entitled to terminate this agreement on giving to the Company 12-months’
notice in writing.

 

		11.4	The Company shall be entitled to terminate this agreement on giving to the Consultant 12-months’
notice in writing only if the consultant fails to perform the duties detailed in Schedule 1.

 

		11.5	If this agreement is terminated by the Company for any reason
other than cause, the Consultant shall be entitled to a lump sum payment of 12 months of his fee as at the date of termination.

 

		11.6	The Company may, without prejudice to any other rights it may have, terminate this agreement immediately
by written notice to the Consultant if:

 

		(a)	the Consultant fails or neglects efficiently and diligently to perform the Services or is guilty
of any breach of its or his obligations under this agreement (including any consent granted under it);

 

		(b)	the Consultant is guilty of any fraud or dishonesty or acts in a manner (whether in the performance
of the Services or otherwise) which, in the reasonable opinion of the Company, has brought or is likely to bring the Consultant,
Company or any Group Company into disrepute or is convicted of an arrestable offence (other than a road traffic offence for which
a non-custodial penalty is imposed); or

 

		(c)	the Consultant becomes bankrupt or makes any arrangement or composition with his creditors.

 

		11.7	Upon termination of this agreement for whatever reason the Consultant
shall:

 

		(a)	deliver to the Company all books, documents, papers, materials, records, correspondence (on whatever
media and wherever located) relating to the business of the Company or its customers, and any keys, mobile telephones or other
property which may then be in his possession or under his power or control; and

 

		(b)	delete any information relating to the business of any Group Company or its customers stored on
any computer, disk, memory stick or other storage media which is in the Consultant’s possession or control outside the premises
of the Company.

 

		11.8	Clauses 1, 6, 7, 9, 10, this Clause 11, 12, 14, and 15 shall survive the termination of this agreement.

 

    11

     

    

 

		12.	Warranty

 

		12.1	The Consultant warrants to the Company that (i) by entering into this agreement and performing
the Services, he shall not be in breach of any contract or other obligation, or rule or regulation, and (ii) he shall not
use the confidential information of any third party for the benefit of the Company, unless allowed under any agreement between
the Company and such third party.

 

		13.	INDEPENDENT CONTRACTOR; No Employment or Partnership

 

		13.1	It is the express intention of the Company and Consultant that the Consultant performs the Services
as an independent contractor to the Company.

 

		13.2	Nothing contained in this agreement shall be construed or have effect as constituting any relationship
of employer and employee, worker status, agency or partnership between the Company and the Consultant.

 

		13.3	The Consultant shall be responsible for, and indemnify the Company in respect of, the payment of
national insurance, income tax and any other form of taxation in respect of the Fee (including any interest or penalties imposed
on the Company in respect of such payments).

 

		13.4	The Consultant shall not be entitled by virtue of this agreement to bind the Company or any Group
Company or to contract in the name or create liability against the Company or any Group Company in any way and for any purpose
except as expressly authorised in writing by the Company.

 

		13.5	Consultant is acquiring the shares of 180 LS stock issuable, or issued, pursuant to this Agreement
(the “Stock”), for his own account, for investment purposes only and not with a view to, or for sale in connection
with, a distribution, as that term is used in Section 2(11) of the Securities Act of 1933, as amended (the “Securities
Act”), in a manner which would require registration under the Securities Act or any state securities laws. Consultant
can bear the economic risk of investment in the Stock, has knowledge and experience in financial business matters, is capable of
bearing and managing the risk of investment in the Stock and is an “accredited investor” as defined in Regulation
D under the Securities Act. Consultant recognizes that the Stock has not been registered under the Securities Act, nor under the
securities laws of any state and, therefore, cannot be resold unless the resale of the Stock is registered under the Securities
Act or unless an exemption from registration is available. Consultant has carefully considered and has, to the extent he believes
such discussion necessary, discussed with his respective professional, legal, tax and financial advisors, the suitability of an
investment in the Stock for his particular tax and financial situation and his respective advisers, if such advisors were deemed
necessary, have determined that the Stock is a suitable investment for him. Consultant has not been offered the Stock by any form
of general solicitation or advertising, including, but not limited to, advertisements, articles, notices or other communications
published in any newspaper, magazine, or other similar media or television or radio broadcast or any seminar or meeting where,
to Consultant’s knowledge, those individuals that have attended have been invited by any such or similar means of general
solicitation or advertising. Consultant has had an opportunity to ask questions of and receive satisfactory answers from the Company,
or persons acting on behalf of the Company, concerning the terms and conditions of the Stock and the Company, and all such questions
have been answered to the full satisfaction of Consultant. Consultant is relying on his own investigation and evaluation of the
Company and the Stock and not on any other information.

 

    12

     

    

 

		14.	General

 

		14.1	With effect from the Commencement Date, all other agreements and arrangements between the Consultant
and the Company relating to the provision of Services by the Consultant shall cease to have effect and accordingly any sum or sums
paid to the Consultant by way of fees under any such other agreements or arrangements in respect of any periods since that date
shall be deemed to have been received by the Consultant on account of the Fee. This agreement constitutes the entire agreement
and understanding between the parties.

 

		14.2	No variation of this agreement shall be valid unless it is in writing and signed by or on behalf
of each of the parties.

 

		14.3	The Consultant shall not assign this agreement to any person; nor shall he sub-contract or delegate
to any person any of his obligations under this agreement (other than to a successor-in-interest of the Company).

 

	14.4	This agreement is governed by and shall be construed in accordance with the laws of the State of
California.
	 	 

		14.5	The parties submit to the exclusive jurisdiction of the State and federal courts in the State of
Delaware for all purposes relating to this agreement.

 

		14.6	If any provision of this agreement, or portion thereof, shall be held invalid or unenforceable
by a court of competent jurisdiction, such invalidity or unenforceability shall attach only to such provision or portion thereof,
and shall not in any manner affect or render invalid or unenforceable any other provision of this agreement or portion thereof,
and this agreement shall be carried out as if any such invalid or unenforceable provision or portion thereof were not contained
herein. In addition, any such invalid or unenforceable provision or portion thereof shall be deemed, without further action on
the part of the parties hereto, modified, amended or limited to the extent necessary to render the same valid and enforceable.

 

		14.7	This agreement and any signed agreement or instrument entered into in connection with this agreement,
and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same
instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar
attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner and
respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. At the request of any party, each other party shall re-execute the original form of
this agreement and deliver such form to all other parties. No party shall raise the use of Electronic Delivery to deliver a signature
or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery
as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense
relates to lack of authenticity.

 

    13

     

    

 

		14.8	Each party herein expressly represents and warrants to all other parties hereto that (a) before
executing this agreement, said party has fully informed itself of the terms, contents, conditions and effects of this agreement;
(b) said party has relied solely and completely upon its own judgment in executing this agreement; (c) said party has had the opportunity
to seek the advice of its own legal, tax and business advisors before executing this agreement; (d) said party has acted voluntarily
and of its own free will in executing this agreement; and (e) this agreement is the result of arm’s length negotiations conducted
by and among the parties.

 

		13.9	As used in this Agreement, GBP means pounds sterling and
USD means U.S. dollars.

 

		15.	Notices

 

		15.1	Any notices or other document to be served under this agreement may be delivered via courier (FedEx,
UPS or similar international shipping company), sent by email or by first class post to the party to be served, in the case of
the Company, at the Company’s registered office for the time being or, in the case of the Consultant, to his last known address.

 

		15.2	Any such notice or other document shall be deemed to have been served to the address for notice
set forth on the signature page hereof:

 

		(a)	if delivered via courier, at the time of delivery;

 

		(b)	if delivered via email, effective only when the recipient, by return or reply email or notice delivered
by other method provided for in this Section 15.1, acknowledges having received that email (with an automatic “read receipt”
or similar notice constituting an acknowledgement of an email receipt for purposes of this Section 15.1, and which acknowledgement
of acceptance shall also include cases where recipient ‘replies’ to such prior email, including the body of the prior
email in such ‘reply’); and

 

		(c)	if posted, at 10am on the fifth Working Day after it was put into the post (if sent within the
United States) and the 10th Working day after it was put into the post (if sent from the U.K.).

 

		15.3	In proving such service, it shall be sufficient to prove that delivery was made or that the envelope
containing such notice or other document was properly addressed and posted as a first class letter.

 

AS WITNESS the hands of the duly
authorised representative of the Company and the Consultant on the date which appears first on page 1.

 

    14

     

    

 

Schedule
1

The Services

 

The Consultant should serve as a consultant
to the Company and shall provide such services as the Chief Executive Officer and/or the Board of Directors of the Company shall
request from time to time. Such duties shall include but not be limited to the following:

 

Conducting clinical trials in the fields
of Dupuytren’s disease, frozen shoulder and post-operative delirium/cognitive decline.

 

Conducting laboratory research in other
fibrotic disorders, including fibrosis of the liver and lung.

 

    15

     

    

 

Signatories

 

EXECUTED

 

James N. Woody MD PhD

 

CEO 180 Life Sciences Corp.

____________________________-

 

	Signature:	/s/ James
                                         N. Woody	 

 

Date: 2/25/2021

 

Address for notice: ___________________

 

Email: jim@180lifesciences.com

 

EXECUTED

 

by Prof Jagdeep Nanchahal

 

	/s/ Prof Jagdeep Nanchahal	 

 

Signature

 

Date: February 22nd 2021

 

 

16

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