Document:

Exhibit
10.5

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”), effective as of July 21, 2020 (the “Effective Date”), is
made by and between Daniel Schneeberger (the “Executive”) and Anebulo Pharmaceuticals, Inc., a Delaware corporation
(together with any of its subsidiaries and affiliates as may employ the Executive from time to time, and any successor(s) thereto, the
“Company”).

 

RECITALS

 

A.
The Company and the Executive desire to enter into this Employment Agreement in the form hereof.

 

B.
The Company desires to assure itself of the services of the Executive by engaging the Executive to perform services under the terms hereof.

 

C.
The Executive desires to provide services to the Company on the terms herein provided.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below the parties hereto agree
as follows:

 

1.
Certain Definitions

 

(a)
“AAA” shall have the meaning set forth in Section 19.

 

(b)
“Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled
by, or under common control with, such Person where “control” shall have the meaning given such term under Rule 405 of the
Securities Act of 1933, as amended from time to time.

 

(c)
“Agreement” shall have the meaning set forth in the preamble hereto.

 

(d)
“Base Compensation” shall have the meaning set forth in Section 3(a).

 

(e)
“Board” shall mean the Board of Directors of the Company or any successor governing body.

 

(f)
The Company shall have “Cause” to terminate the Executive’s employment hereunder upon: (i) the Executive’s
willful failure to substantially perform the duties set forth herein (other than any such failure resulting from the Executive’s
Disability); (ii) the Executive’s willful failure to carry out, or comply with, in any material respect any lawful directive of
the Board; (iii) the Executive’s commission at any time of any act or omission that results in, or may reasonably be expected to
result in, a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony
or crime involving moral turpitude; (iv) the Executive’s unlawful use (including being under the influence) or possession of illegal
drugs on the Company’s premises or while performing the Executive’s duties and responsibilities hereunder; (v) the Executive’s
commission at any time of any act of fraud, embezzlement, misappropriation, material misconduct, conversion of assets of the Company
or breach of fiduciary duty against the Company (or any predecessor thereto or successor thereof); or (vi) the Executive’s material
breach of this Agreement or other agreements with the Company (including, without limitation, any breach of the restrictive covenants
of any such agreement); and which, in the case of clauses (i), (ii) and (vi), continues beyond thirty (30) days after the Company has
provided the Executive written notice of such failure or breach (to the extent that, in the reasonable judgment of the Board, such failure
or breach can be cured by the Executive), so long as such notice is provided within ninety (90) days after the Company knew or should
have known of such condition.

 

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(g)
“Change in Control” shall mean: (i) a Reorganization Event as that term is defined in the Company’s 2020 Stock
Incentive Plan; or (v) an Initial Public Offering (“IPO”) raising more $30,000,000.00 or more on a major exchange is completed.

 

(h)
“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(i)
“Company” shall, except as otherwise provided in Section 7(j), have the meaning set forth in the preamble hereto.

 

(j)
“Compensation Committee” shall mean the Compensation Committee of the Board, or if no such committee exists, the Board.

 

(k)
“Date of Termination” shall mean (i) if the Executive’s employment is terminated due to the Executive’s
death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated due to the Executive’s Disability,
the date determined pursuant to Section 4(a)(ii); (iii) if the Executive’s employment is terminated pursuant to Section 4(a)(iii)-(vi)
either the date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 4(b), whichever is earlier;
or (iv) if the Executive’s employment is terminated pursuant to Section 4(a)(vii)-(viii), the date immediately following the expiration
of the then-current Term.

 

(l)
“Disability” shall mean the Executive’s inability to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment that can be expected to result in death or that can be expected to last for
a continuous period of not less than twelve (12) months as determined by a physician jointly selected by the Company and the Executive.

 

(m)
“Effective Date” shall have the meaning set forth in the preamble hereto.

 

(n)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(o)
“Excise Tax” shall have the meaning set forth in Section 6(b).

 

(p)
“Executive” shall have the meaning set forth in the preamble hereto.

 

(q)
“First Payment Date” shall have the meaning set forth in Section 5(b)(ii).

 

(r)
“Key Holder” shall have the meaning set forth in Schedule B of the Right of First Refusal and Co-Sale Agreement of
June 18, 2020.

 

(s)
The Executive shall have “Good Reason” to terminate the Executive’s employment hereunder within two (2) years
after the occurrence of one or more of the following conditions without the Executive’s written consent: (i) a material diminution
in the Executive’s authority, duties, or responsibilities, as described herein; (ii) a material diminution in the Executive’s
Annual Base Compensation,; (iii) a material change in the geographic location at which the Executive must perform the Executive’s
services hereunder that requires the Executive to relocate his residence to a location more than fifty (50) miles from Austin, Texas;
or (iv) any other action or inaction that constitutes a material breach of this Agreement by the Company; and which, in the case of any
of the foregoing, continues beyond thirty (30) days after the Executive has provided the Company written notice that the Executive believes
in good faith that such condition giving rise to such claim of Good Reason has occurred, so long as such notice is provided within ninety
(90) days after the initial existence of such condition.

 

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(t)
“Initial Term” shall have the meaning set forth in Section 2(b).

 

(u)
“Installment Payments” shall have the meaning set forth in Section 5(b)(ii).

 

(v)
“Noncompete Option” shall mean the Company’s option, in its sole discretion, in the event of a termination of
employment pursuant to Section 4(a)(vii) (Non-Extension of Term by the Company) or Section 4(a)(viii) (Non-Extension of Term
by the Executive), to extend the Restricted Period through a date on or prior to the first (1st) anniversary of the Date of Termination,
upon advance written notice to the Executive not less than thirty (30) days prior to the end of the then-current Term in the case of
termination pursuant to Section 4(a)(vii) (Non-Extension of Term by the Company), or not less than thirty (30) days following
such Notice of Non-Extension by Executive in case of termination pursuant to Section 4(a)(viii) (Non-Extension of Term by the Executive).

 

(w)
“Notice of Termination” shall have the meaning set forth in Section 4(b).

 

(x)
“Other Stock-Based Award” shall mean an award of stock of the Company as defined in Sections 6-7 of the Company’s
2020 Stock Incentive Plan, subject to grant awards made by the Company.

 

(y)
“Original Employment Agreement” shall have the meaning set forth in the recitals hereto.

 

(z)
“Performance Targets” shall have the meaning set forth in Section 3(b).

 

(aa)
“Person” shall mean any individual, natural person, corporation (including any nonprofit corporation), general partnership,
limited partnership, limited liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited
liability company or joint stock company), incorporated or unincorporated association, governmental authority, firm, society or other
enterprise, organization or other entity of any nature.

 

(bb)
“Proprietary Information” shall have the meaning set forth in Section 7(d).

 

(cc)
“Prorated Termination Bonus” shall have the meaning set forth in Section3(b).

 

(dd)
“Release” shall have the meaning set forth in Section 5(b)(ii).

 

(ee)
“Reorganization Event” shall have the meaning set forth in Section 8(b)(i) of the Company’s 2020 Stock Incentive
Plan.

 

(ff)
“Restricted Period” shall mean the period from the Effective Date through (i) with respect to any termination of employment
(other than a termination of employment pursuant to Section 4(a)(vii) (Non-Extension of Term by the Company) or Section 4(a)(viii)
(Non-Extension of Term by the Executive)), the first (1st) anniversary of the Date of Termination, and (ii) with respect to a
termination of employment pursuant to Section 4(a)(vii) (Non-Extension of Term by the Company) or Section 4(a)(viii) (Non-Extension
of Term by the Executive), the Date of Termination or, in the event that the Company exercises its Noncompete Option, the date elected
by the Company thereunder.

 

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(gg)
“Section 409A” shall mean Section 409A of the Code and the Department of Treasury regulations and other interpretive
guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective
Date.

 

(hh)
“Severance Payment” shall have the meaning set forth in Section 5(b)(i).

 

(ii)
“Severance Period” shall mean: (A) if the Executive’s employment shall be terminated by the Company without
Cause pursuant to Section 4(a)(iv) or by the Executive’s resignation for Good Reason pursuant to Section 4(a)(v), the period beginning
on the Date of Termination and ending on the first (1st) anniversary of the Date of Termination, and (B) if the Executive’s
employment shall be terminated due to non-extension of the Initial Term or any Extension Term by the Company pursuant to Section 4(a)(vii)
or by the Executive pursuant to Section 4(a)(viii), but only if the Company exercises its Noncompete Option in connection with
such termination, the period beginning on the Date of Termination and ending on the expiration date of the Restricted Period (as elected
by the Company pursuant to its Noncompete Option).

 

(jj)
“SIP” shall mean the Company’s 2020 Stock Incentive Plan adopted by the Company on or about June 18, 2020 and
any additional long-term incentive plan adopted in the future and identified by the Company, in the adopting resolution or otherwise,
as an “SIP” pursuant hereto, and all associated agreements and restrictions relating thereto.

 

(kk)
“Company Agreement” shall mean that certain Company Agreement of Anebulo Pharmaceuticals, Inc., as it may be amended,
modified or supplemented from time to time.

 

(ll)
“Term” shall have the meaning set forth in Section 2(b).

 

(mm)
“Total Payments” shall have the meaning set forth in Section 6(b).

 

2.
Employment 

 

(a)
In General. The Company shall employ the Executive and the Executive shall enter the employ of the Company, for the period set
forth in Section 2(b), in the position set forth in Section 2(c), and upon the other terms and conditions herein provided.

 

(b)
Term of Employment. The initial term of employment under this Agreement (the “Initial Term”) shall be for the
period beginning on the Effective Date and ending on August 1, 2023, unless earlier terminated as provided in Section 4. The Initial
Term shall automatically be extended for successive one (1) year periods (each, an “Extension Term” and, collectively
with the Initial Term, the “Term”), unless either party hereto gives notice of non-extension to the other no later
than thirty (30) days prior to the expiration of the then-applicable Term.

 

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(c)
Position and Duties. During the Term, the Executive: (i) shall serve as Executive Chief Executive Officer (“CEO”),
with responsibilities, duties and authority customary for such position, including directing research and development of the medical
technologies of the Company; (ii) shall report directly to the Board; (iii) shall devote a substantial and primary, but not exclusive
(estimated to be 30 hours per week which Executive shall be responsible for reporting to the Board or its designee weekly), portion of
the Executive’s working time and efforts to the business and affairs of the Company and its subsidiaries, provided that
the Executive may (1) serve on corporate, civic, charitable, industry or professional association boards or committees, and engage in
other professional business ventures, subject to the Board’s prior written consent (which consent shall not unreasonably be withheld),
(2) deliver lectures, fulfill speaking engagements or teach at educational institutions and (3) manage his personal investments, so long
as none of such activities meaningfully interferes with the performance of the Executive’s duties and responsibilities hereunder,
or involves a conflict of interest with the Executive’s duties or responsibilities hereunder or a breach of the covenants contained
in Section 7; and (iv) agrees to observe and comply with the Company’s rules and policies as adopted by the Company from time to
time, which have been made available to the Executive. Company shall elect Executive to serve on its Board upon the Effective Date of
this Agreement and Executive shall so serve in that fiduciary role until the termination of his employment.

 

3.
Compensation and Related Matters

 

(a)
Annual Base Compensation. During the Term, as required by law, the Executive shall receive Base Compensation at a rate of USD
$7.25 per hour, which shall be paid in accordance with the customary payroll practices of the Company, subject to review and adjustment
by the Board in its sole discretion (the “Base Compensation”).

 

(b)
Other Stock-Based Awards. Executive understands and agrees that the significant portion of the compensation for his services shall
be derived from the Other Stock-Based Awards under the SIP upon the reaching of certain Performance Targets set forth below, and as approved
by the Board, to the satisfaction of the Board on or before the dates set forth in the chart below. A separate grant document will be
issued for the Other Stock-Based Award. All Other Stock-Based Awards under the SIP shall be subject to all terms and conditions imposed
by the SIP, Company Agreements, and any other agreements concerning the sale, disposal, encumberment, transfer or ownership rights of
such Other Stock-Based Award and/or class of shares, as well as timely execution by Executive of all agreements associated with such
Other Stock-Based Award in the discretion of the Company and its advisors. All Performance Targets which have not been achieved upon
the third anniversary of the Effective Date of this Agreement shall be forfeit. The Board may elect to revive a forfeited award or provide
new Other Stock-Based Awards at its sole discretion. The Executive shall have the right, subject to the SIP, to request that the Other
Stock-Based Award be made with withholding for his federal income tax and taxes and withholdings to be made in the form of shares.

 

	Date
    

    or
    

    Event
	 	Performance
    Target	 	Other Stock-

                                                                     Based Award

	8/1/20

    11/1/20

    2/1/21

    5/1/21

    8/1/21

    11/1/21
	 	Common
    equity shares shall vest ratably in 6 quarterly installments (approximately 6,822 shares each Quarter until the final Quarter award
    of 6,827 shares) over an 18-month period, provided Executive remains employed with Company 	 	40,937
    shares 
	Event	 	Upon
    the first patient dosed in phase 2 clinical trial with V24343	 	40,937
    shares 
	Event	 	Availability
    of newly synthesized active pharmaceutical ingredient acceptable for dosing in a US clinical trial	 	40,937
    shares 
	Event	 	Company
    completes a successful Initial Public Offering defined as raising $30,000,000.00 or more and a public listing on a major exchange	 	40,939
    shares 

 

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(c)
Benefits. The Executive is eligible to participate in any benefit plans which may be made available from time to time. Executive
shall be entitled to work from his personal offices but is expected to perform at least 50% of his day-to-day activities in the Company’s
offices, which are presently located at 1415 Ranch Road, 620 South, Suite 201, Lakeway, Texas 78734.

 

(d)
Paid Time Off; Holidays. During the Term, the Executive shall be entitled to 3 weeks of paid time off (“PTO”)
each full calendar year. The PTO shall be used for vacation and sick days. Any vacation shall be taken at the reasonable and mutual convenience
of the Company and the Executive and shall be counted as PTO. Any PTO that the Executive is entitled to in any calendar year that is
not used by the end of such calendar year shall be forfeited. Holidays shall be provided in accordance with Company policy, as in effect
from time to time.

 

(e)
Business Expenses. During the Term, the Company shall reimburse the Executive for all reasonable travel and other business expenses
incurred by the Executive in the performance of the Executive’s duties to the Company in accordance with the Company’s applicable
expense reimbursement policies and procedures and Board directive.

 

4.
Termination 

 

The
Executive’s employment hereunder may be terminated by the Company or the Executive, as applicable, without any breach of this Agreement
only under the following circumstances:

 

(a)
Circumstances.

 

(i)
Death. The Executive’s employment hereunder shall terminate upon the Executive’s death.

 

(ii)
Disability. If the Executive incurs a Disability, the Company may give the Executive written notice of its intention to terminate
the Executive’s employment. In that event, the Executive’s employment with the Company shall terminate, effective on the
later of the thirtieth (30th) day after receipt of such notice by the Executive or the date specified in such notice; provided
that within the thirty (30) day period following receipt of such notice, the Executive shall not have returned to full-time performance
of the Executive’s duties hereunder.

 

(iii)
Termination for Cause. The Company may terminate the Executive’s employment for Cause.

 

(iv)
Termination without Cause. The Company may terminate the Executive’s employment without Cause.

 

(v)
Resignation for Good Reason. The Executive may resign from the Executive’s employment for Good Reason.

 

(vi)
Resignation without Good Reason. The Executive may resign from the Executive’s employment without Good Reason.

 

(vii)
Non-Extension of Term by the Company. The Company may give notice of non-extension to the Executive pursuant to Section 2(b).
For the avoidance of doubt, non-extension of the Term by the Company shall not constitute termination by the Company without Cause.

 

(viii)
Non-Extension of Term by the Executive. The Executive may give notice of non-extension to the Company pursuant to Section 2(b).
For the avoidance of doubt, non-extension of the Term by the Executive shall not constitute resignation for Good Reason.

 

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(b)
Notice of Termination. Any termination of the Executive’s employment by the Company or by the Executive under this Section
4 (other than a termination pursuant to Section 4(a)(i) above) shall be communicated by a written notice to the other party hereto: (i)
indicating the specific termination provision in this Agreement relied upon, (ii) except with respect to a termination pursuant to Sections
4(a)(iv), (vi), (vii) or (viii), setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provision so indicated, and (iii) specifying a Date of Termination which, if submitted
by the Executive (or, in the case of a termination described in Section 4(a)(ii), by the Company), shall be at least thirty (30) days
following the date of such notice (a “Notice of Termination”); provided, however, that a Notice of Termination
delivered by the Company pursuant to Section 4(a)(ii) shall not be required to specify a Date of Termination, in which case the Date
of Termination shall be determined pursuant to Section 4(a)(ii); and provided, further, that in the event that the Executive
delivers a Notice of Termination (other than a notice of non-extension under Section 4(a)(viii) above) to the Company, the Company may,
in its sole discretion, accelerate the Date of Termination to any date that occurs following the date of Company’s receipt of such
Notice of Termination (even if such date is prior to the date specified in such Notice of Termination). A Notice of Termination submitted
by the Company may provide for a Date of Termination on the date the Executive receives the Notice of Termination, or any date thereafter
elected by the Company in its sole discretion. The failure by the Company or the Executive to set forth in the Notice of Termination
any fact or circumstance which contributes to a showing of Cause or Good Reason shall not waive any right of the Company or the Executive
hereunder or preclude the Company or the Executive from asserting such fact or circumstance in enforcing the Company’s or the Executive’s
rights hereunder. In connection with any termination of Executive’s employment with the Company, Executive agrees to immediately
tender written resignation of any officer or director positions to which he has been appointed or elected, subject to the direction of
the Board on timing.

 

5.
Company Obligations Upon Termination of Employment

 

(a)
In General. Upon a termination of the Executive’s employment for any reason, the Executive (or the Executive’s estate)
shall be entitled to receive: (i) any portion of the Executive’s Annual Base Compensation through the Date of Termination not theretofore
paid, (ii) any expenses owed to the Executive under Section 3(e), (iii) any accrued PTO owed to the Executive pursuant to Section 3(d),
and (iv) any amount arising from the Executive’s participation in, or benefits under, any employee benefit plans, programs or arrangements
under Section 3(c), which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs
or arrangements. Except as otherwise set forth in Section 5(b) below, the payments and benefits described in this Section 5(a) shall
be the only payments and benefits payable in the event of the Executive’s termination of employment for any reason.

 

(b)
Severance Payment

 

(i)
In the event of the Executive’s termination of employment under the circumstances described below, then, in addition to the
payments and benefits described in Section 5(a) above, the Company shall, during the Severance Period, pay to the Executive an amount
(the “Severance Payment”) calculated as described below:

 

(A)
If the Executive’s employment shall be terminated by the Company without Cause pursuant to Section 4(a)(iv) or by the Executive’s
resignation for Good Reason pursuant to Section 4(a)(v), then the Severance Payment shall be an amount equal the remainder of the Annual
Base Compensation for the year in which the Date of Termination occurs, and the immediate award and vesting of the next quarterly Other
Stock-Based Awards under the SIP, however, all other Other Stock-Based Awards under Section 3(b) shall be forfeit.

 

(B)
If the Executive’s employment shall be terminated due to non-extension of the Initial Term or any Extension Term by the Executive
pursuant to Section 4(a)(viii), but only if the Company exercises its Noncompete Option in connection with such termination, then
the Severance Payment shall be an amount equal to the Annual Base Compensation for the year in which the Date of Termination occurs,
multiplied by a fraction, the numerator of which is equal to the number of days from the Date of Termination through the expiration date
of the Restricted Period (as elected by the Company pursuant to its Noncompete Option), and the denominator of which is 365.

 

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(ii)
The Severance Payment shall be in lieu of notice or any other severance benefits to which the Executive might otherwise be entitled.
Notwithstanding anything herein to the contrary, (A) no portion of the Severance Payment shall be paid unless, on or prior to the thirtieth
(30th) day following the Date of Termination, the Executive timely executes a general waiver and release of claims agreement substantially
in the form attached hereto as Exhibit A (the “Release”), which Release shall not have been revoked by the
Executive prior to the expiration of the period (if any) during which any portion of such Release is revocable under applicable law,
and (B) as of the first date on which the Executive violates any covenant contained in Section 7, any remaining unpaid portion of the
Severance Payment shall thereupon be forfeited. Subject to the provisions of Section 9, the Severance Payment shall be paid in equal
installments during the Severance Period, at the same time and in the same manner as the Annual Base Compensation would have been paid
had the Executive remained in active employment during the Severance Period, in accordance with the Company’s normal payroll practices
in effect on the Date of Termination; provided that any installment that would otherwise have been paid prior to the first normal
payroll payment date occurring on or after the thirtieth (30th) day following the Date of Termination (such payroll date, the “First
Payment Date”) shall instead be paid on the First Payment Date. For purposes of Section 409A (including, without limitation,
for purposes of Section 1.409A-2(b)(2)(iii) of the Department of Treasury Regulations), the Executive’s right to receive the Severance
Payment in the form of installment payments (the “Installment Payments”) shall be treated as a right to receive a
series of separate payments and, accordingly, each Installment Payment shall at all times be considered a separate and distinct payment.

 

(c)
The provisions of this Section 5 shall supersede in their entirety any severance payment provisions in any severance plan, policy, program
or other arrangement maintained by the Company.

 

6.
Change in Control

 

(a)
Other Stock-Based Awards. Notwithstanding anything to the contrary in this Agreement or any other agreement, including the SIP
and any award agreement thereunder, all Other Stock-Based Awards granted to the Executive under the SIP and held by the Executive, but
which have not yet been completed, as of immediately prior to a Change in Control, to the extent unvested, shall become 50% vested on
a date set by the Board, not less than six (6) months after the Change in Control, provided Executive remains employed by the Company.
If the Change in Control is an IPO under Section 1(g)(v), Executive shall be entitled to full vesting of the associated Other Stock-Based
Award.

 

(b)
Golden Parachute Excise Tax Protection. Notwithstanding any provision of this Agreement, if any portion of the payments or benefits
provided to the Executive hereunder, or under any other agreement with the Executive or any plan, policy or arrangement of the Company
or any of its Affiliates (in the aggregate, “Total Payments”), would constitute an “excess parachute payment”
and would, but for this Section 6(b), result in the imposition on the Executive of an excise tax under Section 4999 of the Code (the
“Excise Tax”), then the Total Payments to be made to the Executive shall either be (i) delivered in full, or (ii)
reduced by such amount such that no portion of the Total Payments would be subject to the Excise Tax, whichever of the foregoing results
in the receipt by the Executive of the greatest benefit on an after-tax basis (taking into account the applicable federal, state and
local income taxes and the Excise Tax). The determination of whether a reduction in Total Payments is necessary and the amount of any
such reduction shall be made by the Company in its reasonable discretion and in reliance on its tax advisors. If the Company so determines
that a reduction in Total Payments is required, such reduction shall apply first pro rata to (A) cash payments subject to Section 409A
of the Code as “deferred compensation” and (B) cash payments not subject to Section 409A of the Code (in each case with the
cash payments otherwise scheduled to be paid latest in time reduced first), and then pro rata to (C) equity-based compensation subject
to Section 409A of the Code as “deferred compensation” and (D) equity-based compensation not subject to Section 409A of the
Code.

 

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7.
Restrictive Covenants

 

(a)
The Executive shall not, at any time during the Restricted Period, directly or indirectly engage in, have any equity interest in, or
manage or operate any person, firm, corporation, partnership, business or entity (whether as director, officer, employee, agent, representative,
partner, security holder, consultant or otherwise) that engages in (either directly or through any subsidiary or Affiliate thereof) any
business or activity (i) relating to pharmaceutical research and the development of therapeutic antidotes for treatment of drugs of abuse,
which competes with the business of the Company or any entity owned by the Company, or (ii) which the Company or any of its Affiliates
has taken active steps to engage in or acquire, but only if the Executive directly or indirectly engages in, has any equity interest
in, or manages or operates, such business or activity (whether as director, officer, employee, agent, representative, partner, security
holder, consultant or otherwise). Notwithstanding the foregoing, the Executive shall be permitted to acquire a passive stock or equity
interest in such a business; provided that such stock or other equity interest acquired is not more than five percent (5%) of
the outstanding interest in such business.

 

(b)
The Executive shall not, at any time during the Term or during the twelve (12)-month period immediately following the Date of Termination,
directly or indirectly, either for himself or on behalf of any other entity, (i) recruit or otherwise solicit or induce any employee,
customer, subscriber or supplier of the Company to terminate its employment or arrangement with the Company, or otherwise change its
relationship with the Company, or (ii) hire, or cause to be hired, any person who was employed by the Company at any time during the
twelve (12)-month period immediately prior to the Date of Termination.

 

(c)
The provisions contained in Sections 7(a) and (b) may be altered and/or waived to be made less restrictive on the Executive with the
prior written consent of the Board or the Compensation Committee.

 

(d)
Except as the Executive reasonably and in good faith determines to be required in the faithful performance of the Executive’s duties
hereunder or in accordance with Section 7(f), the Executive shall, during the Term and after the Date of Termination, maintain in confidence
and shall not directly or indirectly, use, disseminate, disclose or publish, or use for the Executive’s benefit or the benefit
of any person, firm, corporation or other entity, any confidential or proprietary information or trade secrets of or relating to the
Company, including, without limitation, information with respect to the Company’s operations, processes, protocols, products, inventions,
business practices, finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual
relationships, regulatory status, compensation paid to employees or other terms of employment (“Proprietary Information”),
or deliver to any person, firm, corporation or other entity, any document, record, notebook, computer program or similar repository of
or containing any such Proprietary Information. The Executive’s obligation to maintain and not use, disseminate, disclose or publish,
or use for the Executive’s benefit or the benefit of any person, firm, corporation or other entity, any Proprietary Information
after the Date of Termination will continue so long as such Proprietary Information is not, or has not by legitimate means become, generally
known and in the public domain (other than by means of the Executive’s direct or indirect disclosure of such Proprietary Information)
and continues to be maintained as Proprietary Information by the Company. The parties hereby stipulate and agree that as between them,
the Proprietary Information identified herein is important, material and affects the successful conduct of the businesses of the Company
(and any successor or assignee of the Company).

 

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(e)
Upon termination of the Executive’s employment with the Company for any reason, the Executive will promptly deliver to the Company
all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other
documents concerning the Company’s customers, business plans, marketing strategies, products or processes.

 

(f)
The Executive may respond to a lawful and valid subpoena or other legal process but shall give the Company (if lawfully permitted to
do so) the earliest possible notice thereof, and shall, as much in advance of the return date as possible, make available to the Company
and its counsel the documents and other information sought, and shall assist such counsel in resisting or otherwise responding to such
process. Upon notification from Executive of such subpoena or other legal process, but only to the extent that such notification is provided
during the Restricted Period, the Company shall, at its reasonable expense, retain mutually acceptable legal counsel to represent Executive
in connection with Executive’s response to any such subpoena or other legal process. The Executive may also disclose Proprietary
Information if: (i) in the reasonable written opinion of counsel for the Executive furnished to the Company, such information is required
to be disclosed for the Executive not to be in violation of any applicable law or regulation or (ii) the Executive is required to disclose
such information in connection with the enforcement of any rights under this Agreement or any other agreements between the Executive
and the Company.

 

(g)
The Executive agrees not to disparage the Company, any of its products or practices, or any of its directors, officers, agents, representatives,
equity holders or Affiliates, either orally or in writing, at any time; provided that the Executive may confer in confidence with
the Executive’s legal representatives, make truthful statements to any government agency in sworn testimony, or make truthful statements
as otherwise required by law. The Company agrees that, upon the termination of the Executive’s employment hereunder, it shall advise
its directors and executive officers not to disparage the Executive, either orally or in writing, at any time; provided that they
may confer in confidence with the Company’s and their legal representatives and make truthful statements as required by law.

 

(h)
Prior to accepting other employment or any other service relationship during the Restricted Period, the Executive shall provide a copy
of this Section 7 to any recruiter who assists the Executive in obtaining other employment or any other service relationship and to any
employer or person with which the Executive discusses potential employment or any other service relationship.

 

(i)
In the event the terms of this Section 7 shall be determined by any court of competent jurisdiction to be unenforceable by reason of
its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other
respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical
area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined
by such court in such action.

 

(j)
As used in this Section 7, the term “Company” shall include the Company, its parent, related entities, and any of its direct
or indirect subsidiaries.

 

(k)
Executive acknowledges that Company’s Confidential Information and Company’s ability to reserve it for the exclusive knowledge
and use of Company is of great competitive importance and commercial value to Company, and that improper use or disclosure of the Confidential
Information by Employee will cause irreparable harm to Company, for which remedies at law will not be adequate. In the event of a breach
or threatened breach by Executive of any of the provisions of this Agreement, Executive hereby consents and agrees that Company shall
be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such
breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that monetary
damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable
relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief. Executive further
acknowledges that each member of Company is an intended third-party beneficiary of this Agreement.

 

    	Page 10

     

    

 

(l)
Proprietary Rights.

 

(i)
Work Product. Executive acknowledges and agrees that all writings, works of authorship, technology, inventions, discoveries, ideas
and other work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived or reduced
to practice by Executive individually or jointly with others during the period of Executive’s employment by Company and relating
in any way to the business or contemplated business, research or development of Company (regardless of when or where the Work Product
is prepared or whose equipment or other resources is used in preparing the same) and all printed , physical and electronic copies, all
improvements, rights and claims related to the foregoing, and other tangible embodiments thereof (collectively, “Work Product”),
as well as any and all rights in and to copyrights, trade secrets, trademarks (and related goodwill), patents and other intellectual
property rights therein arising in any jurisdiction throughout the world and all related rights of priority under international conventions
with respect thereto, including all pending and future applications and registrations therefor, and continuations, divisions, continuations-in-part,
reissues, extensions and renewals thereof (collectively, “Intellectual Property Rights”), shall be the sole and exclusive
property of Company.

 

(ii)
For purposes of this Agreement, Work Product includes, but is not limited to, Company information, including plans, publications, research,
strategies, techniques, agreements, documents, contracts, terms of agreements, negotiations, know-how, work in process, databases, manuals,
results, developments, reports, drawings, market studies, formulae, communications, algorithms, product plans, product designs, models,
audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes,
experimental results, specifications, customer information, customer lists, manufacturing information, marketing information, advertising
information, and sales information.

 

(iii)
Work Made for Hire; Assignment. Executive acknowledges that, by reason of being employed by Company at the relevant times, to
the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is “work ‘made for hire”
as defined in the Copyright Act of 1976 (17 U.S.C. § 101), and such copyrights are therefore owned by Company. To the extent that
the foregoing does not apply, Executive hereby irrevocably assigns to Company, for no additional consideration, Executive’s entire
right, title and interest in and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim
and recover for all past, present and future infringement, misappropriation or dilution thereof, and all rights corresponding thereto
throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit Company’s rights, title or interest
in any Work Product or Intellectual Property Rights so as to be less in any respect than that Company would have had in the absence of
this Agreement.

 

    	Page 11

     

    

 

(iv)
Further Assurances; Power of Attorney. During and after Executive’s employment, Executive agrees to reasonably cooperate
with Company to (i) apply for, obtain, perfect and transfer to Company the Work Product and Intellectual Property Rights in the Work
Product in any jurisdiction in the world; and (ii) maintain, protect and enforce the same, including, without limitation, executing and
delivering to Company any and all applications, oaths, declarations, affidavits, waivers, assignments and other documents and instruments
as shall be requested by Company. Executive hereby irrevocably grants Company power of attorney to execute and deliver any such documents
on Executive’s behalf in Executive’s name and to do all other lawfully permitted acts to transfer the Work Product to Company
and further the transfer, issuance, prosecution and maintenance of all Intellectual Property Rights therein, to the full extent permitted
by law, if Executive does not promptly cooperate with Company’s request (without limiting the rights Company shall have in such
circumstances by operation of law). The power of attorney is coupled with an interest and shall not be affected by Executive’s
subsequent incapacity.

 

(v)
Moral Rights. To the extent any copyrights are assigned under this Agreement, Executive hereby irrevocably waives, to the extent
permitted by applicable law, any and all claims Executive may now or hereafter have in any jurisdiction to all rights of paternity, integrity,
disclosure and withdrawal and any other rights that may be known as “moral rights” with respect to all Work Product and all
Intellectual Property Rights therein.

 

(vi)
No License. Executive agrees that this Agreement does not, and shall not be construed to grant Executive any license or right
of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials, software,
tools or other property, real, personal or intellectual, made available to Executive by Company.

 

(m)
Executive hereby consents to any and all uses and displays, by Company and its agents, of Executive’s name, voice, likeness, image,
appearance and biographical information in, on or in connection with any pictures, photographs, audio and video recordings, digital images,
websites, other advertising, sales and marketing brochures, books, magazines, other publications, COs, DVDs, tapes and all other printed
and electronic forms and media throughout the world , at any time during the period of Executive’s employment by Company, for all
legitimate business purposes of Company (“Permitted Uses”). Executive hereby forever releases Company and its directors,
officers, employees and agents from any and all claims, actions, damages, losses, costs, expenses and liability of any kind, arising
under any legal or equitable theory whatsoever at any time during or after the period of Executive’s employment by Company, m connection
with any Permitted Use.

 

8.
Injunctive Relief

 

The
Executive recognizes and acknowledges that a breach of the covenants contained in Section 7 will cause irreparable damage to the Company
and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach
will be inadequate. Accordingly, the Executive agrees that in the event of a breach of any of the covenants contained in Section 7, in
addition to any other remedy which may be available at law or in equity, the Company will be entitled to specific performance and injunctive
relief.

 

    	Page 12

     

    

 

9.
Section 409A

 

(a)
General. The parties hereto acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance
with, and incorporate the terms and conditions required by, Section 409A. Notwithstanding any provision of this Agreement to the contrary,
in the event that the Company determines that any amounts payable hereunder will be immediately taxable to the Executive under Section
409A, the Company reserves the right to (without any obligation to do so or to indemnify the Executive for failure to do so) (i) adopt
such amendments to this Agreement or adopt such other policies and procedures (including amendments, policies and procedures with retroactive
effect) that it determines to be necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Agreement,
to preserve the economic benefits of this Agreement and to avoid less favorable accounting or tax consequences for the Company and/or
(ii) take such other actions it determines to be necessary or appropriate to exempt the amounts payable hereunder from Section 409A or
to comply with the requirements of Section 409A and thereby avoid the application of penalty taxes thereunder. Notwithstanding anything
herein to the contrary, no provision of this Agreement shall be interpreted or construed to transfer any liability for failure to comply
with the requirements of Section 409A from the Executive or any other individual to the Company or any of its Affiliates, employees or
agents.

 

(b)
Separation from Service under Section 409A; Section 409A Compliance. Notwithstanding anything herein to the contrary: (i) no termination
or other similar payments and benefits hereunder shall be payable unless the Executive’s termination of employment constitutes
a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations; (ii) if
the Executive is deemed at the time of the Executive’s separation from service to be a “specified employee” for purposes
of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of any termination or other similar payments
and benefits to which the Executive may be entitled hereunder (after taking into account all exclusions applicable to such payments or
benefits under Section 409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such
portion of such payments and benefits shall not be provided to the Executive prior to the earlier of (x) the expiration of the six (6)-month
period measured from the date of the Executive’s “separation from service” with the Company (as such term is defined
in the Department of Treasury Regulations issued under Section 409A) or (y) the date of the Executive’s death; provided
that upon the earlier of such dates, all payments and benefits deferred pursuant to this Section 9(b)(ii) shall be paid in a lump sum
to the Executive, and any remaining payments and benefits due hereunder shall be provided as otherwise specified herein; (iii) the determination
of whether the Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of
the Executive’s separation from service shall be made by the Company in accordance with the terms of Section 409A (including, without
limitation, Section 1.409A-1(i) of the Department of Treasury Regulations and any successor provision thereto); (iv) to the extent that
any Installment Payments under this Agreement are deemed to constitute “nonqualified deferred compensation” within the meaning
of Section 409A, for purposes of Section 409A (including, without limitation, for purposes of Section 1.409A-2(b)(2)(iii) of the Department
of Treasury Regulations), each such payment that the Executive may be eligible to receive under this Agreement shall be treated as a
separate and distinct payment; (v) to the extent that any reimbursements or corresponding in-kind benefits provided to the Executive
under this Agreement are deemed to constitute “deferred compensation” under Section 409A, such reimbursements or benefits
shall be provided reasonably promptly, but in no event later than December 31 of the year following the year in which the expense was
incurred, and in any event in accordance with Section 1.409A-3(i)(1)(iv) of the Department of Treasury Regulations; and (vi) the amount
of any such payments or expense reimbursements in one calendar year shall not affect the expenses or in-kind benefits eligible for payment
or reimbursement in any other calendar year, other than an arrangement providing for the reimbursement of medical expenses referred to
in Section 105(b) of the Code, and the Executive’s right to such payments or reimbursement of any such expenses shall not be subject
to liquidation or exchange for any other benefit.

 

    	Page 13

     

    

 

10.
Assignment and Successors

 

The
Company may assign its rights and obligations under this Agreement to any entity, including any successor to all or substantially all
the assets of the Company, by merger or otherwise, and may assign or encumber this Agreement and its rights hereunder as security for
indebtedness of the Company and its Affiliates. The Executive may not assign the Executive’s rights or obligations under this Agreement
to any individual or entity. This Agreement shall be binding upon and inure to the benefit of the Company, the Executive and their respective
successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as
applicable.

 

11.
Governing Law

 

This
Agreement shall be governed, construed, interpreted and enforced in accordance with the substantive laws of the State of Texas, without
reference to the principles of conflicts of law of Texas or any other jurisdiction, and where applicable, the laws of the United States.
Venue of any action arising hereunder shall lie exclusively in Travis County, Texas.

 

12.
Validity 

 

The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, which shall remain in full force and effect.

 

13.
Notices 

 

Any
notice, request, claim, demand, document and other communication hereunder to any party hereto shall be effective upon receipt (or refusal
of receipt) and shall be in writing and delivered personally or sent by telex, telecopy, or certified or registered mail, postage prepaid,
to the following address (or at any other address as any party hereto shall have specified by notice in writing to the other party hereto):

 

	 	(a)	If
    to the Company:
	 	 	 
	 	 	Anebulo
    Pharmaceuticals, Inc. 
	 	 	Attn:
    Joseph F. Lawler, M.D., Ph.D.
	 	 	Email:
    Joe@iflcapitalmanagement.com
	 	 	 
	 	 	with
    copies to:
	 	 	 
	 	 	_______________________
	 	 	_______________________
	 	 	_______________________
	 	 	_______________________

 

	 	(b)	If
    to the Executive, at the address set forth on the signature page hereto.

 

    	Page 14

     

    

 

14.
Counterparts 

 

This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute
one and the same Agreement.

 

15.
Entire Agreement

 

This
Agreement (together with any other agreements and instruments contemplated hereby or referred to herein) is intended by the parties hereto
to be the final expression of their agreement with respect to the employment of the Executive by the Company and may not be contradicted
by evidence of any prior or contemporaneous agreement (including, without limitation, any term sheet or offer letter). The parties hereto
further intend that this Agreement shall constitute the complete and exclusive statement of its terms and that no extrinsic evidence
whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. This Agreement
expressly supersedes the Original Employment Agreement.

 

16.
Amendments; Waivers

 

This
Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by the Executive and a duly authorized
officer of the Company and approved by the Board, which expressly identifies the amended provision of this Agreement. By an instrument
in writing similarly executed and approved by the Board, the Executive or a duly authorized officer of the Company may waive compliance
by the other party or parties hereto with any provision of this Agreement that such other party was or is obligated to comply with or
perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or
subsequent failure to comply or perform. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall
preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.

 

17.
No Inconsistent Actions

 

The
parties hereto shall not voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or
essential intent of this Agreement. Furthermore, it is the intent of the parties hereto to act in a fair and reasonable manner with respect
to the interpretation and application of the provisions of this Agreement.

 

18.
Construction 

 

This
Agreement shall be deemed drafted equally by both of the parties hereto. Its language shall be construed as a whole and according to
its fair meaning. Any presumption or principle that the language is to be construed against any party hereto shall not apply. The headings
in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs,
subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also,
unless the context clearly indicates to the contrary, (a) the plural includes the singular and the singular includes the plural; (b)
“and” and “or” are each used both conjunctively and disjunctively; (c) “any,” “all,”
“each,” or “every” means “any and all,” and “each and every”; (d) “includes”
and “including” are each “without limitation”; (e) “herein,” “hereof,” “hereunder”
and other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph,
section or subsection; and (f) all pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular
or plural as the identity of the entities or persons referred to may require.

 

    	Page 15

     

    

 

19.
Arbitration 

 

Any
dispute or controversy based on, arising under or relating to this Agreement shall be settled exclusively by final and binding arbitration,
conducted before a single neutral arbitrator in Austin, Texas in accordance with the Employment Arbitration Rules and Mediation Procedures
of the American Arbitration Association (the “AAA”) then in effect. Arbitration may be compelled, and judgment may
be entered on the arbitration award in any court having jurisdiction; provided, however, that the Company shall be entitled
to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of the
provisions of Section 7, and the Executive hereby consents that such restraining order or injunction may be granted without requiring
the Company to post a bond. Only individuals who are (a) lawyers engaged full-time in the practice of law and (b) on the AAA roster of
arbitrators shall be selected as an arbitrator. Within twenty (20) days of the conclusion of the arbitration hearing, the arbitrator
shall prepare written findings of fact and conclusions of law. The arbitrator shall be entitled to award any relief available in a court
of law. Each party shall bear its own costs and attorneys’ fees in connection with an arbitration; provided that the Company
shall bear the cost of the arbitrator and the AAA’s administrative fees.

 

20.
Enforcement 

 

If
any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term
of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid
or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain
in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.
Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as part of this Agreement
a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

 

21.
Withholding 

 

The
Company shall be entitled to withhold from any amounts payable under this Agreement, any federal, state, local or foreign withholding
or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if
any questions as to the amount or requirement of withholding shall arise.

 

22.
Absence of Conflicts; Executive Acknowledgement

 

The
Executive hereby represents that from and after the Effective Date the performance of the Executive’s duties hereunder will not
breach any other agreement to which the Executive is a party. The Executive acknowledges that the Executive has read and understands
this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company
other than those contained in writing herein, and has entered into this Agreement freely based on the Executive’s own judgment.

 

23.
Survival 

 

The
expiration or termination of the Term shall not impair the rights or obligations of any party hereto which shall have accrued prior to
such expiration or termination.

 

[Signature
pages follow]

 

    	Page 16

     

    

 

IN
WITNESS WIIEREOF, the parties hereto have executed this Agreement on the date and year first above written.

 

	 	COMPANY
	 	 
	 	By:	/s/
    Joseph F. Lawler
	 	Name:	Joseph
    F. Lawler
	 	Title:	Founder

 

	 	EXECUTIVE
	 	 
	 	/s/Daniel
    Schneeberger
	 	Daniel
    Schneeberger
	 	 
	 	Residential
    Address:
	 	 
	 	 
	 	 

 

Signature
Page to Employment Agreement

 

    	 

     

    

 

EXHIBIT
A

 

FORM
OF RELEASE

 

Daniel
Schneeberger (the “Executive”) agrees for the Executive, the Executive’s spouse and child or children (if any),
the Executive’s heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, successors and
assigns, hereby forever to release, discharge, and covenant not to sue Anebulo Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and any of its past, present, or future parent, affiliated, related, and/or subsidiary entities, and all of the past and present directors,
shareholders, officers, general or limited partners, employees, agents, and attorneys, and agents and representatives of such entities,
and employee benefit plans in which the Executive is or has been a participant by virtue of his employment with the Company (collectively,
the “Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable
relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation, responsibility
and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or
unknown, asserted or unasserted, suspected or unsuspected, which the Executive has or may have had against such Releasees based on any
events or circumstances arising or occurring on or prior to the date this release (the “Release”) is executed, arising
directly or indirectly out of, relating to, or in any other way involving in any manner whatsoever, (a) the Executive’s employment
with the Company or its subsidiaries or the termination thereof or (b) the Executive’s status at any time as a holder of any securities
of the Company, and any and all claims arising under federal, state, or local laws relating to employment, or securities, including without
limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, or liability in
tort, claims of any kind that may be brought in any court or administrative agency, any claims arising under Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Fair Labor Standards Act, the Employee
Retirement Income Security Act, the Family and Medical Leave Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the
Sarbanes-Oxley Act, and similar state or local statutes, ordinances, and regulations; provided, however, notwithstanding
anything to the contrary set forth herein, that this Release shall not extend to (i) benefit claims under employee pension or welfare
benefit plans in which the Executive is a participant by virtue of his employment with the Company or its subsidiaries, (ii) any rights
under that certain Amended and Restated Employment Agreement, dated as of March 1, 2017, by and between the Company and the Executive,
(iii) any rights of indemnification the Executive may have under any written agreement between the Executive and the Company (or its
affiliates), the Company’s Certificate of Incorporation, the Partnership’s LP Agreement, the General Corporation Law of the
State of Delaware, any applicable statute or common law, or pursuant to any applicable insurance policy, (iv) unemployment compensation,
(v) contractual rights to vested equity awards, (vi) COBRA benefits and (viii) any rights that may not be waived as a matter of law.

 

The
Executive understands that this Release includes a release of claims arising under the Age Discrimination in Employment Act (ADEA). The
Executive understands and warrants that he has been given a period of 21 days to review and consider this Release. The Executive further
warrants that he understands that he may use as much or all of his 21-day period as he wishes before signing, and warrants that he has
done so. The Executive further warrants that he understands that, with respect to the release of age discrimination claims only, he has
a period of seven (7) days after executing on the second signature line below to revoke the release of age discrimination claims by notice
in writing to the Company.

 

    	A-1

     

    

 

The
Executive is hereby advised to consult with an attorney prior to executing this Release. By his signature below, the Executive warrants
that he has had the opportunity to do so and to be fully and fairly advised by that legal counsel as to the terms of this Release.

 

ACKNOWLEDGEMENT
(AS TO ALL CLAIMS

OTHER
THAN AGE DISCRIMINATION CLAIMS)

 

The
undersigned, having had full opportunity to review this Release with counsel of his choosing, signifies his agreement to the terms of
this Release (other than as it relates to age discrimination claims) by his signature below.

 

	Daniel
    Schneeberger	 	Date	7/21/20
	 	 	 	 
	/s/
    Daniel Schneeberger	 	 

 

ACKNOWLEDGEMENT
(AGE DISCRIMINATION CLAIMS)

 

The
undersigned, having had full opportunity to review this Release with counsel of his choosing, signifies his agreement to the terms of
this Release (as it relates to age discrimination claims) by his signature below.

 

	Daniel
    Schneeberger	 	Date	7/21/20
	 	 	 
	/s/
    Daniel Schneeberger	 	 

 

    	A-2Exhibit
10.6

 

AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT

 

This
Amendment No. 1 to the Employment Agreement (this “Amendment”) is made as of the 22nd day of January,
2021 (the “Effective Date”) by and between Daniel Schneeberger, whose address is 7816 Lynchburg Drive, Austin,
TX 78738 (the “Employee”) and Anebulo Pharmaceuticals, Inc. (the “Company”).

 

WHEREAS,
the Company and Employee entered into an Employment Agreement effective July 21, 2020 (the “Original Agreement”);
and

 

WHEREAS,
the parties now desire to amend certain provisions of the Original Agreement.

 

NOW
THEREFORE, in consideration of the mutual promises and covenants contained in this Amendment, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and Company agree as follows:

 

	1.	Change
    in Control Definition. The definition of “Change in Control” is deleted in its entirety and replaced with
    the following:
	 	 
	 	“Change
    in Control” shall mean: (i) a Reorganization Event as that term is defined in the Company’s 2020 Stock Incentive
    Plan; or (ii) the initial listing of the Company’s common stock on a national securities exchange, which such listing
    raises gross proceeds of at least $15,000,000 (the “Initial Public Offering”).”
	 	 
	2.	No
    Other Amendment. Except as expressly amended hereby, the Original Agreement shall remain in full force and effect
    in accordance with its terms, without any waiver, amendment or modification of any provision thereof. All references in the
    Original Agreement to “this Agreement” shall be deemed to refer to the Original Agreement as amended by this Amendment.
	 	 
	3.	Governing
    Law; Jurisdiction. This Amendment shall be construed, performed and enforced in accordance with, and governed by,
    the laws of the State of Texas, without giving effect to the principles of conflicts of laws thereof. The venue of any action
    arising hereunder shall lie in Travis County, Texas. 
	 	 
	4.	Section
    and Paragraph Headings. The section and paragraph headings in this Amendment are for reference purposes only and shall
    not affect the meaning or interpretation of this Amendment.
	 	 
	5.	Counterparts.
    This Amendment may be executed in two or more counterparts, each and all of which shall be deemed to be an original, but all
    of which together shall constitute one and the same instrument.

 

[Remainder
of Page Intentionally Left Blank]

 

    	 

     

    

 

This
Amendment has been executed as of the date first set forth above.

 

	Anebulo Pharmaceuticals, Inc.	 	Employee
	 	 	 	 
	By:	/s/
    Joseph F. Lawler	 	/s/
    Daniel Schneeberger
	Name:
     	Joseph
    F. Lawler	 	Daniel
    Schneeberger
	Title:
    	Director	 	 

 

	By:
    	/s/
    Aron English	 
	Name: 
    	Aron
    English	 
	Title:
    	Director

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