Document:

Exhibit 10.4

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (this “Agreement”) is made and entered into on the February 24, 2021, but to be effective for all purposes
as of November 6, 2020 (the “Effective Date”), by and between KATEXCO PHARMACEUTICALS CORP., a British Columbia
corporation (the “Company”), and OZAN PAMIR (“Executive”), an individual living at 788 Richards
Street, Unit 2207, Vancouver, BC Canada V6B0C7. Certain capitalized terms used herein but not otherwise defined shall have the
meanings as set forth in Section 16 of this Agreement.

 

WITNESSETH:

 

WHEREAS, the
Company and Executive desire to enter into an agreement setting forth the terms and conditions of Executive’s employment
with the Company.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants, agreements and understandings contained herein, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Employment.
The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set
forth in this Agreement for the period beginning on the Effective Date and ending as provided in Section 4 hereof (the “Employment
Period”).

 

2.
Position and Duties.

 

(a) During
the Employment Period, Executive shall serve as the Interim Chief Financial Officer of the Company, and shall have the normal duties,
responsibilities and authority of such offices.

 

(b) Executive
shall devote Executive’s reasonable best efforts and substantially all of Executive’s business time and attention (except
for permitted vacation periods, reasonable periods of illness or other incapacity, and reasonable time for participation in charitable
or professional affiliation organizations) to the business and affairs of the Company and its Affiliates. Executive shall perform
Executive’s duties and responsibilities to the best of Executive’s abilities in a diligent, trustworthy, businesslike
and efficient manner. Executive shall comply with all Company policies and procedures and all applicable local, state, and federal
laws.

 

3.
Base Salary; Benefits and Bonuses.

 

(a) At
the beginning of the Employment Period, Executive’s base salary shall be Three Hundred Thousand Dollars (US$300,000) per
annum (the “Base Salary”), which salary shall be payable in regular installments in accordance with the Company’s
general payroll practices as may be in effect from time to time. The Base Salary shall be subject to deduction and withholding
authorized or required by applicable law. In addition, during the Employment Period, Executive shall be entitled to receive such
perquisites and fringe benefits and participate in all of the Company’s employee benefit programs and/or plans for
which senior executive employees of the Company are generally eligible in accordance with the policies of the Company in effect
from time to time. Upon the successful closing of an S-1 for new financing by the Company, the Base Salary shall be increased to
a to be determined amount. In addition, on the first anniversary of the Effective Date and on each anniversary thereafter, then
current base salary will be increased by a to be determined amount per year.

 

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(b) Executive
will be eligible to receive an annual bonus, with a target bonus opportunity equal to 30% of Executive’s then-current base
salary, based upon the Company’s achievement of performance and management objectives as set and approved by the CEO of the
Company, in consultation with the Executive. The annual bonus shall be paid on or before March 31 of the year following the year
in which the bonus is earned. Executive must be employed by the Company on the date of payment in order to earn and receive any
annual bonus, unless Executive is terminated without Cause or resigns with Good Reason. For calendar year 2020, such bonus will
be prorated for the approximately 2 months after the Effective Date. In addition, the bonus will be adjusted upon the successful
closing of an S-1 for new financing by the Company.

 

(c) Concurrent
with the parties entry into this Agreement, the Company shall grant the Executive an incentive stock option to purchase 180,000
shares of the fully diluted outstanding shares of the Company’s common stock (the “Options”). The Options shall
have a term of 10 years; an exercise price equal to the Fair Market Value of the Company’s common stock on the date of grant;
as defined in the Company’s 2020 Omnibus Incentive Plan (the “Plan”), shall be subject to such Plan, shall be
evidenced by a stock option agreement entered into by the Company, and shall vest at the rate of (a) 1/5th of such Options
on the execution date of this Agreement; and (b) the remaining 4/5th of such options will vest ratably on a monthly
basis over the following 36 months, on the last day of each calendar month; provided, however, that the equity awards will vest
immediately upon Executive’s death or disability (as defined in section 4(b)), termination without Cause or a termination
by Executive for Good Reason, a change in control of the Company (as defined in the Company’s equity incentive plan or agreement)
or upon a sale of the Company. Such equity awards shall be subject to such other provisions to be set forth in Company’s
equity incentive plan. Future equity rewards will be recommended by the Company’s CEO and approved by the Compensation Committee
of the Company’s Board of Directors. Future equity grants will be determined in future years.

 

(d) Executive
was a consultant to an affiliate of the Company with a compensation of US$10,000 per month (“Consulting Agreement”).
Entering into this agreement terminates that consulting agreement and the Company acknowledges that any amounts outstanding under
the Consulting Agreement is now an obligation of the Company and will pay the Executive this backpay in due course. As the Executive’s
Base Salary is effective as of the Effective Date, compensation paid under the Consulting Agreement since the Effective Date will
be offset against the Executives Base Salary until the date of termination of such Consulting Agreement.

 

(e) The
Company shall reimburse Executive for all reasonable expenses incurred by Executive in the course of performing Executive’s
duties under this Agreement, which are consistent with the Company’s policies in effect from time to time with respect
to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and
documentation of such expenses.

 

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(f) The
Executive shall have four weeks of Personal Time Off during each Fiscal Year. The Personal Time Off may be used for vacation, sick
leave, or for personal business. The Executive’s compensation will be paid in full during his use of his Personal Time Off.
Unused Personal Time Off may be carried over up to twelve months after completion of each fiscal year and any unused vacation will
be paid out in cash.

 

4.
Term; Termination.

 

(a) The
Employment Period shall commence upon the date first set out above and shall continue until terminated in accordance with the provisions
of this agreement; provided, that, (i) the Employment Period shall terminate immediately upon Executive’s death,
resignation (which must be accompanied by at least sixty (60) days’ prior written notice) or Disability, (ii) the Employment
Period may be terminated by the Company at any time prior to such date for Cause or without Cause (any such termination without
Cause must be accompanied by at least sixty (60) days’ prior written notice, and the Company may require Executive not to
perform his duties hereunder or enter Company premises during the period prior to the date that any such termination without Cause
becomes effective), and (iii) the Employment Period may be terminated by Executive at any time for Good Reason or for any reason
(with at least sixty (60) days’ prior written notice); provided further that, in the event the Company wishes to terminate
the Employment Period for Cause solely based on events described in clauses (iii) and/or (ix) of the definition of “Cause”,
the Company shall provide Executive with written notice of such intention and such termination shall not become effective until
the sixth (6th) day after such notice is delivered to Executive (provided that the Company shall be permitted to withdraw such
notice at any time prior to such sixth (6th) day, and provided further that the Company may require Executive not to perform
his duties hereunder or enter Company premises during the period prior to the date that such termination becomes effective); provided
further that, in the event Executive wishes to terminate the Employment Period for Good Reason based on events described in
clause (ii) of the definition of “Good Reason”, Executive shall provide the Company with written notice of such intention
and such termination shall not become effective until the sixth (6th) day after such notice is delivered to the Company (provided
that Executive shall be permitted to withdraw such notice at any time prior to such sixth (6th) day). At the end of the initial
term, this Agreement shall automatically renew for an additional one (1) year terms, unless either party provides notice of non-renewal
at least sixty (60) days prior to the expiration of such initial term or any renewal term.

 

(b) Upon
a termination of the Employment Period, other than a termination prior to the end of the Employment Period by the Company without
Cause or by the Executive within thirty (30) days of the occurrence of Good Reason, all future compensation or bonuses to which
Executive would otherwise be entitled and all future benefits for which Executive would otherwise be eligible shall cease and terminate
as of the date of such termination; provided, that Executive shall receive any salary earned through the date
of termination, payable pursuant to the Company’s general payroll practices as may be in effect from time to time and subject
to deduction and withholding authorized or required by applicable law.

 

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(c) Upon
a termination of Executive’s employment prior to the end of the Employment Period by the Company without Cause or by Executive
within thirty (30) days of the occurrence of Good Reason, the Company shall pay and/or provide Executive, in consideration of Executive’s
continuing obligations hereunder after such termination (including, without limitation, Executive’s non-competition obligations),
an amount equal to Executive’s then current Base Salary for a period of (3) months, payable bi-weekly and otherwise
pursuant to the Company’s regular payroll policies. The payments described above shall be subject to Executive’s execution
and delivery to the Company within 30 days of the date of termination an executed Separation Agreement and General Release in a
form approved by the Company.

 

(d) The
parties agree that the obligations created in Sections 5, 6, 7, 11, 14, and 15 of this Agreement will survive the termination of
Executive’s employment with the Company.

 

(e)
Executive expressly covenants and agrees that for a period two years following termination, Executive will not, and Executive
will cause Executive’s affiliates not to (i) engage or employ, or solicit or contact with a view to the engagement or employment
of, any person who is an officer or employee of the Company or any of its affiliates or (ii) canvass, solicit, approach or entice
away or cause to be canvassed, solicited, approached or enticed away from the Company or any of its affiliates any person who
or which is a customer of any of such entities during the period during which Executive is employed by the Company.

 

5. Confidential
Information. The Company will provide Executive with confidential and proprietary information concerning the business and affairs
of the Company and its Affiliates, and Executive acknowledges that such information, along with other data and observations obtained
by Executive while employed by the Company (prior to or after the date hereof) (“Confidential Information”) shall be
the property of the Company or such Affiliate. Therefore, Executive agrees that Executive shall not disclose to any unauthorized
person or use for Executive’s own purposes any Confidential Information without the prior written consent of the Board, unless
and to the extent that (a) the aforementioned matters become generally known to and available for use by the public other than
as a result of Executive’s acts or omissions, or (b) the disclosure of Confidential· Information is made in response
to a valid order of a court or other governmental body, or was otherwise required by law. Executive shall deliver to the Company
at the termination of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records,
reports, computer tapes, printouts and software and other documents and data (and copies thereof) relating to the Confidential
Information, Work Product (as defined below) or the business of the Company or any Affiliate which Executive may then possess or
have under Executive’s control.

 

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6. Inventions
and Patents. Executive acknowledges that all inventions, innovations, improvements, developments, methods,· designs,
analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the Company’s
or any of its Affiliates’ actual or anticipated business, research and development or existing or future products or services
and which are conceived, developed or made by Executive while employed by the Company and its Affiliates (“Work Product”)
belong to the Company or such Affiliate. Executive shall promptly disclose such Work Product to the Board and perform all actions
reasonably requested by the Board (whether during or after the Employment Period) to establish and confirm such ownership (including,
without limitation, assignments, consents, powers of attorney and other instruments).

 

7. Enforcement.
If, at the time of enforcement of Sections 5 or 6 of this Agreement, a court holds that the restrictions stated herein are unreasonable
under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable under
such circumstances shall be substituted for the stated period, scope or area. Because Executive’s services are unique and
because Executive has access to Confidential Information and Work Product, the parties hereto agree that money damages would not
be an adequate remedy for any breach of this Agreement. Therefore, in the event a breach or threatened breach of this Agreement,
the Company or its successors or assigns may, in addition to other rights and remedies existing in their favor, apply to any court
of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations
of, the provisions hereof (without posting a bond or other security). Executive agrees that the restrictions contained in Sections
5, 6 and 7 of this Agreement are reasonable.

 

8. Withholding.
The Company and its Affiliates shall be entitled to deduct or withhold from any amounts owing from the Company or any of its Affiliates
to Executive under this Agreement between the Company and any of its Affiliates, on the one hand, and Executive and any of his
Affiliates, on the other hand, any United States federal, state or local or non-United States withholding taxes, excise taxes or
employment taxes (collectively, “Taxes”) imposed with respect to Executive’s compensation or other payments from
the Company or any of its Affiliates under this Agreement (including wages and bonuses). In the event that the Company or any of
its Affiliates incorrectly makes or fails to make such deductions or withholdings, (a) Executive shall, within thirty (30) calendar
days after receipt of a reasonably detailed written notice from the Company, reimburse the Company and its Affiliates for any such
amounts paid by the Company with respect to Taxes attributable to Executive but not deducted or withheld from Executive by the
Company and (b) the Company and its Affiliates shall, within thirty (30) calendar days after the Company determines that it has
incorrectly made any deduction or withholding, pay to the Executive any amounts deducted or withheld from Executive in excess of
the Taxes attributable to Executive (to the extent such amounts have not been paid to a government authority).

 

9. Insurance.
The Company or any of its Affiliates may, at its discretion, apply for and procure in its own name and for its own benefit life
and/or disability insurance on Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical
or other examination, supply any information and execute and deliver any applications or other instruments in writing as may be
reasonably necessary to obtain and constitute such insurance.

 

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10. Corporate
Opportunities. During the Employment Period, Executive shall submit to the Board all business, commercial and investment opportunities
or offers presented to Executive or of which the Executive becomes aware which relate to the Company’s business at any time
during the Employment Period.

 

11. Executive’s
Cooperation. During the Employment Period and at any time thereafter, Executive shall, at reasonable times and with due regard
for his other obligations, cooperate with the Company and its Affiliates in any internal investigation, any administrative, regulatory
or judicial proceeding or any dispute with a third Person as reasonably requested by the Company or any of its Affiliates (including
Executive being available to the Company and its Affiliates upon reasonable notice for interviews and factual investigations, appearing
at the Company’s or any of its Affiliates’ request to give testimony without requiring service of a subpoena or other
legal process, volunteering to the Company and its Affiliates all pertinent information and turning over to the Company and its
Affiliates all relevant documents which are or may come into the Executive’s possession, all at times and on schedules that
are reasonably consistent with the Executive’s other permitted activities and commitments). Following the termination or
expiration of the Employment Period, if the Company or any of its Affiliates requires the Executive’s cooperation in accordance
with this Section 11, the Company or such Affiliate shall reimburse Executive solely for reasonable travel expenses (including
lodging and meals) upon submission of receipts, and the Company shall pay to Executive a fee equal to Two Hundred Dollars ($200)
per hour for Executive’s time spent in connection with such matters.

 

12. Definitions.
For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person controlling, controlled by, or under common control with such Person. For purposes
of this Agreement, the term “control” (including, with correlative meanings, the terms “controlled by”
and “under common control with” as used with respect to any Person) means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of such Person whether through ownership of voting securities,
by contract or otherwise.

 

“Board”
means the board of directors or managers, as the case may be, of the Company.

 

“Cause”
means, with respect to Executive, one or more of the following, in each case as determined by the Board in good faith: (i) Executive
is formally charged by a governmental agency or authority with a felony or other crime involving moral turpitude (not including
a felony or other crime based upon the operation of a motor vehicle while under the influence of alcohol), (ii) an intentional
act or omission by Executive involving dishonesty or fraud with respect to the Company or any of its Affiliates or any of their
customers or suppliers; (iii) failure to perform material duties as lawfully directed by the Board which is not cured to the Board’s
reasonable satisfaction within five (5) days after written notice thereof to Executive; (iv) any act or omission aiding or abetting
a competitor, supplier or customer of the Company or any of its Affiliates to the material disadvantage or detriment of the Company
and/or its Affiliates; (v) breach of fiduciary duty which results in material harm to the Company; (vi) gross negligence or willful
misconduct with respect to the Company or any of its Affiliates (which, in the case of gross negligence, results in material harm
to the Company); (vii) continued or repeated absence from the workplace, unless such absence is (A) in compliance with this Agreement,
Company policy or approved or excused by the Board or (B) is the result of Executive’s illness or Disability; (viii) continued
abuse of alcohol or illegal drugs (whether or not at the workplace) or other repeated conduct causing the Company or its Affiliates
substantial public disgrace or disrepute or substantial economic harm; or (ix) any other material breach of this Agreement which
is not cured to the Board’s reasonable satisfaction within five (5) days after written notice thereof to Executive.

 

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“Disability”
means Executive’s inability, due to illness, accident, injury, physical or mental incapacity or other disability, to
carry out effectively Executive’s duties and obligations to the Company or to participate effectively and actively in
the management of the Company for a period of at least ninety (90) consecutive days or for shorter periods aggregating thirty
(30) business days (whether or not consecutive) during consecutive three (3) month periods, as determined by an independent
physician.

 

“Fiscal Year” means the fiscal year of the Company.

 

“Good
Reason” means the occurrence of any of the following events without Executive’s express written consent:

 

(i) The
assignment to Executive by the Board of any duties or responsibilities which are materially inconsistent with Executive’s
position as Chief Executive Officer, or a material reduction in the duties and responsibilities previously exercised by Executive,
or a loss of the title of Chief Executive Officer, except in connection with the termination of his employment for Cause or Disability,
or as a result of Executive’s death;

 

(ii) Any
material breach by Company of any provision of this Agreement which is not cured to the Executive’s reasonable satisfaction
within five (5) days after written notice thereof has been provided to the Board; or

 

The expiration
of the Employment Period or the termination of the Employment Period for Cause shall preclude Executive’s resignation with
Good Reason.

 

“Person”
means any natural person, corporation, partnership, limited liability company, trust, unincorporated organization or other entity.

 

13. Notices.
Any notice provided for in this Agreement must be in writing and must be either personally delivered, mailed by first class mail
(postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the addresses
indicated below:

 

		If to Executive:	Ozan Pamir

788 Richards Street Unit 2207

Vancouver, BC Canada V6B0C7

 

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		If to the Company:	Katexco Pharmaceuticals Corp.

1305-1090 w Georgia Street

Vancouver, BC Canada V6E3V7

 

or such other address or to the
attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice
under this Agreement shall be deemed to have been given when so personally delivered or sent by overnight courier service or, if
mailed, five (5) days after deposit in the U.S. mail.

 

14. Non-disparagement.
The Executive agrees and promises that, during the term of and after the termination of this Agreement (regardless of whether the
Executive is terminated with or without Cause, voluntarily resigns or otherwise), not to make any libelous, disparaging or otherwise
injurious statements about or concerning the Company, its officers, employees or representatives. Such prohibited statements include
any statement that is injurious to the business or business reputation of the Company, its Affiliates or their employees or representatives.
Nothing herein shall prevent Executive or the Company from complying with applicable law or orders.

 

15. Waiver
of Right to Jury Trial. NOTWITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT, THE EXECUTIVE SHALL, AND HEREBY DOES, IRREVOCABLY
WAIVE THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY DISPUTE, CONTROVERSY, CLAIM, OR CAUSE OF ACTION ARISING OUT OF OR RELATNG
TO THE EXECUTIVE’S EMPLOYMENT WITH THE COMPANY, THE TERMINATION OF THAT EMPLOYMENT, OR THIS AGREEMENT (EITHER ALLEGED BREACH
OR ENFORCEMENT).

 

16.
General Provisions.

 

(a) Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

 

(b) Complete
Agreement. This Agreement, those documents expressly referred to herein and other documents of even date herewith embody the
complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

 

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(c) Counterparts.
This Agreement may be signed in one or more counterparts, each of which once signed shall be deemed to be an original. All such
counterparts together shall constitute one and the same instrument. Notwithstanding the date of execution of any counterpart,
each counterpart shall be deemed to bear the effective date first written above. This Agreement, any and all agreements and instruments
executed and delivered in accordance herewith, along with any amendments hereto or thereto, to the extent signed and delivered
by means of a facsimile machine or other means of electronic transmission, shall be treated in all manner and respects and for
all purposes as an original signature, agreement or instrument and shall be considered to have the same binding legal effect as
if it were the original signed version thereof delivered in person.

 

(d) Successors
and Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable
by Executive, the Company and their respective successors and assigns; provided, that, the rights and obligations
of Executive under this Agreement shall not be assignable.

 

(e) Governing
Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of British Columbia, without giving
effect to any choice of law or conflict of law rules or provisions (whether of British Columbia or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than British Columbia.

 

(f) Remedies.
Each of the parties to this Agreement shall be entitled to enforce its rights under this Agreement specifically, to recover damages
and costs (including reasonable attorney’s fees) caused by any breach of any provision of this Agreement and to exercise
all other rights existing in its favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy
for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity
of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order
to enforce or prevent any violations of the provisions of this Agreement.

 

(g) Amendment
and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the Company (as
approved by the Board) and Executive.

 

[Remainder of Page Intentionally
Left Blank]

 

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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement to be effective as of the Effective Date.

 

	COMPANY:	KATEXCO PHARMACEUTICALS CORP.
	 	A subsidiary of 180 Life Sciences

 

	Date:	2/25/2021	 	By:	/s/ James N. Woody
	 	 	Name: James N. Woody
	 	 	Title: CEO 180 Life Sciences

 

EXECUTIVE:

 

	Date: 	02.24.2021	 	/s/ Ozan Pamir
	 	 	Name: Ozan Pamir

 

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AMENDMENT AND
CORRECTION TO 

EMPLOYMENT AGREEMENT

 

This Amendment and
Correction to Employment Agreement (this “Amendment”), dated March 1, 2021, and effective for all purposes
as of November 6, 2020 (the “Effective Date”), amends and corrects that certain Employment Agreement
dated February 24, 2021, and effective as of the Effective Date (the “Employment Agreement”), by and
between Ozan Pamir, an individual (“Pamir”) and Katexco Pharmaceuticals Corp., a British Columbia corporation
(“Katexco”), and adds 180 Life Sciences Corp., a Delaware corporation, and the indirect parent company
of Katexco (“180 Life”), as a party to such Employment Agreement, on, and subject to, the terms below.
Certain capitalized terms used below but not otherwise defined shall have the meanings given to such terms in the Employment Agreement.

 

WHEREAS,
the Employment Agreement incorrectly defined the “Company” as Katexco, instead of 180 Life, and was incorrectly
signed by Katexco, instead of 180 Life; and

 

WHEREAS,
Executive, Katexco and 180 Life desire to enter into this Amendment to amend and correct the Employment Agreement on the terms
and subject to the conditions set forth below.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants, agreements, and considerations herein contained, and
other good and valuable consideration, which consideration the parties hereby acknowledge and confirm the receipt and sufficiency
thereof, the parties hereto agree as follows:

 

1. Amendments
to Employment Agreement. Effective as of the Effective Date:

 

(a) “Company”
as used in the introductory paragraph of the Agreement is amended and corrected to read “180 Life Sciences Corp., a Delaware
corporation”;

 

(b) A
new Section 3(g) shall be deemed added to the Employment Agreement immediately following current Section 3(f), which
shall read as follows:

 

“(g)All cash compensation
payable to Executive pursuant to this Agreement shall be paid to Executive by the Company, through its indirect subsidiary, Katexco
Pharmaceuticals Corp., a British Columbia corporation.”

 

(c) The
address for notice of the Company in Section 13 is amended and corrected to read as follows:

 

830 Menlo Avenue, Suite 100

Menlo Park, CA 94025

 

    Page 1 of 3
Amendment and Correction to Employment Agreement

     

    

 

(d) Section
16(e), “Governing Law”, is amended and corrected to read as follows:

 

“Governing
Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of Delaware, without giving effect
to any choice of law or conflict of law rules or provisions (whether of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than Delaware.”; and

 

(e) The
reference to Katexco on the signature page of the Employment Agreement is amended and corrected to refer to 180 Life, with Mr.
Woody’s signature as Chief Executive Officer being deemed in his capacity as Chief Executive Officer of 180 Life instead
of Katexco.

 

2. Effect
of Amendment. Upon the effectiveness of this Amendment, each reference in the Employment
Agreement to “Employment Agreement”, “Agreement,”
“hereunder,” “hereof,”
“herein” or words of like import shall mean and be a reference to such
Employment Agreement, as applicable, as modified, corrected and amended hereby.

 

3. Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without reference
to conflicts of law principles.

 

4. Heirs,
Successors and Assigns. This Amendment shall bind and inure to the benefit of the parties and their respective successors
and permitted assigns. Neither party shall be able to assign this Amendment without the prior written consent of the other party.

 

5. Counterparts
and Signatures. This Amendment and any signed agreement or instrument entered into in connection with this Amendment, 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. 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.

 

[Remainder of page left intentionally blank.
Signature page follows.]

 

    Page 2 of 3
Amendment and Correction to Employment Agreement

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Amendment as of the day and year first above written to be effective as of the Effective
Date.

 

	EXECUTIVE	 
	 	 
	 	/s/ Ozan Pamir	 
		Ozan Pamir	 
	 	 	 
	KATEXCO	 	 
	 	 	 
	 	Katexco Pharmaceuticals Corp.	 
	 	 	 
	 	By:	/s/ James N. Woody	 
	 	 	 
	 	Its:	CEO	 
	 	 	 
	 	Printed Name:	 	 
	 	 	 
	180 LIFE	 
	 	 	 
	 	180 Life Sciences Corp.	 
	 	 	 
	 	By:	/s/ James N. Woody	 
	 	 	 
	 	Its:	CEO	 
	 	 	 
	 	Printed Name:	 	 

 

Page 3 of 3

Amendment and Correction to Employment
AgreementExhibit 10.5

 

180 LIFE SCIENCES CORP.

 

2020 OMNIBUS INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

Unless otherwise defined
herein, the terms in the Stock Option Agreement (the “Option Agreement”) have the same meanings as defined
in the 180 Life Sciences Corp. 2020 Omnibus Incentive Plan (as amended from time to time)(the “Plan”).

 

	I.	NOTICE OF STOCK OPTION GRANT

 

Optionee: Ozan
Pamir

 

Address: ___________________________________

 

You have been granted
an Option to purchase Company Common Stock (the “Option”), subject to the terms and conditions of the
Plan and this Option Agreement, as follows:

 

Grant Date: February
26, 2021

 

Vesting Commencement
Date: February 26, 2021

 

Exercise Price per
Share: $4.43

 

Total Number of
Shares Granted: 180,000

 

Total Exercise Price:
$797,400

 

Type of Option:
Incentive as to the first $100,00 of value which vests each year and Non-Qualified for any additional value which vests each
year

 

Expiration Date:
February 26, 2031

 

Vesting Schedule: The
Options vest at the rate of (a) 1/5th of such options on the Grant Date; and (b) 4/5th of such options vesting ratably on a monthly
basis over the following 36 months, on the last day of each calendar month, subject to the Optionee’s continued service to
the Company. Notwithstanding the above, all of the unvested Options shall vest immediately upon Optionee’s death or Disability,
termination of employment without cause or a termination of Optionee for good reason (each as defined and described in Optionee’s
employment agreement), a Change in Control of the Company.

 

    

     

    

 

To the extent vested,
this Option will be exercisable for three (3) months following the termination of service of Optionee, unless termination is due
to Optionee’s death or Disability, in which case this Option will be exercisable for twelve (12) months following
the termination of service of Optionee. In the event of termination due to Optionee’s death, the Company shall use commercially
reasonable efforts to notify Optionee’s estate of the exercisability of the Option following Optionee’s death. Notwithstanding
the foregoing sentence, in no event may this Option be exercised following the termination of service of Optionee as determined
by the Company’s Board to be for Cause or after the Expiration Date as provided above and this Option may be subject to earlier
termination as provided in the Plan.

 

“Cause”
has the meaning ascribed to such term or words of similar import in Optionee’s written employment or service contract with
the Company or its parent or any subsidiary and, in the absence of such agreement or definition, means Optionee’s (i) conviction
of, or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (ii) fraud on or misappropriation
of any funds or property of the Company or its subsidiaries, or any affiliate, customer or vendor; (iii) personal dishonesty,
incompetence, willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar
offenses), or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with Optionee’s
duties or willful failure to perform Optionee’s responsibilities in the best interests of the Company or its subsidiaries;
(v) illegal use or distribution of drugs; (vi) violation of any material rule, regulation, procedure or policy of the
Company or its subsidiaries, the violation of which could have a material detriment to the Company; or (vii) material breach
of any provision of any employment, non-disclosure, non-competition, non-solicitation or other similar agreement executed by Optionee
for the benefit of the Company or its subsidiaries, all as reasonably determined by the Company’s Board of Directors, which
determination will be conclusive.

 

Legends.

 

(a) All
certificates representing the Shares issued upon exercise of this Option shall, prior to such date as the Plan and Company Common
Stock hereunder are covered by a valid Form S-8 or similar U.S. federal registration statement, where applicable, have endorsed
thereon the following legend:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT
TO THE RELEVANT PROVISIONS OF U.S. FEDERAL, STATE AND FOREIGN SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER U.S. FEDERAL, STATE AND FOREIGN SECURITIES LAWS IS NOT REQUIRED.

 

    2020 Stock Option Agreement
Page 2 of 12

     

    

 

(b) If
the Option is an incentive stock option (ISO), then the following legend will be included:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED UPON EXERCISE OF AN INCENTIVE STOCK OPTION, AND THE COMPANY MUST BE NOTIFIED
IF THE SHARES SHALL BE TRANSFERRED BEFORE THE LATER OF THE TWO (2) YEAR ANNIVERSARY OF THE DATE OF GRANT OF THE OPTION OR THE ONE
(1) YEAR ANNIVERSARY OF THE DATE ON WHICH THE OPTION WAS EXERCISED. THE REGISTERED HOLDER MAY RECOGNIZE ORDINARY INCOME IF THE
SHARES ARE TRANSFERRED BEFORE SUCH DATE.

 

II. AGREEMENT

 

1. Grant of Option.
The Administrator grants to the Optionee named in the Notice of Stock Option Grant in Part I of this Option Agreement,
an Option to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth
in the Notice of Stock Option Grant (the “Exercise Price”), and subject to the terms and conditions of
the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and
this Option Agreement, the terms and conditions of the Plan prevail.

 

If designated in the
Notice of Stock Option Grant as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option as defined
in Code section 422. Nevertheless, to the extent that it exceeds the $100,000 rule of Code section 422(d), this Option
will be treated as a Nonstatutory/Non-Qualified Stock Option.

 

2. Exercise of Option.

 

(a) Right to Exercise.
This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Stock Option Grant
and with the applicable provisions of the Plan and this Option Agreement.

 

(b) Method of Exercise.
This Option is exercisable by (i) delivery of an exercise notice in the form attached as Exhibit A (the “Exercise
Notice”) or in a manner and pursuant to procedures as the Administrator may determine, which will state the election
to exercise the Option, the number of Shares with respect to which the Option is being exercised, and other representations and
agreements as may be required by the Company and (ii) paying the Company in full the aggregate Exercise Price as to all Shares
being acquired, together with any applicable tax withholding.

 

This Option will be deemed
to be exercised upon receipt by the Company of a fully executed Exercise Notice accompanied by the aggregate Exercise Price, together
with any applicable tax withholding.

 

No Shares will be issued
pursuant to the exercise of an Option unless the issuance and exercise of Shares complies with applicable state and federal laws
(“Applicable Laws”). Assuming compliance, for income tax purposes the Shares will be considered transferred
to the Optionee on the date on which the Option is exercised with respect to the Shares.

 

    2020 Stock Option Agreement
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3. Method of Payment.
The aggregate Exercise Price may be paid by any of the following, or a combination thereof, at the election of the Optionee:

 

(a) cash;

 

(b) check;

 

(c) to the extent not
prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, a promissory note;

 

(d) other shares of Company
Common Stock, provided Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares
as to which said Option will be exercised;

 

(e) by asking the Company
to withhold Shares from the total Shares to be delivered upon exercise equal to the number of Shares having a value equal to the
aggregate Exercise Price of the Shares being acquired;

 

(f) any combination of
the foregoing methods of payment; or

 

(g) such other consideration
and method of payment for the issuance of Shares to the extent permitted by Applicable Laws.

 

4. Restrictions
on Exercise. This Option may not be exercised if the issuance of such Shares upon such exercise or the method of payment of
consideration for such shares would constitute a violation of any Applicable Laws. The Company will be relieved of any liability
with respect to any delayed issuance of shares or its failure to issue shares if such delay or failure is necessary to comply with
Applicable Laws.

 

5. Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement are binding
upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

6. Term of Option.
This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised during the
term only in accordance with the Plan and the terms of this Option.

 

    2020 Stock Option Agreement
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7. Tax Obligations.

 

(a) Withholding Taxes.
Optionee agrees to arrange for the satisfaction of all Federal, state, local and foreign income and employment tax withholding
requirements applicable to the Option exercise. Optionee acknowledges and agrees that the Company may refuse to honor the exercise
and refuse to deliver the Shares if withholding amounts are not delivered at the time of exercise.

 

(b) Notice of Disqualifying
Disposition of ISO Shares. If the Option granted to Optionee is an Incentive Stock Option (“ISO”),
and if Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the
date two (2) years after the Grant Date, or (ii) the date one (1) year after the date of exercise, the Optionee must immediately
notify the Company of the disposition in writing. Optionee agrees that Optionee may be subject to income tax withholding by the
Company on the compensation income recognized by the Optionee.

 

(c) Code Section 409A.
Under Code section 409A, an Option that was granted with a per Share exercise price that is determined by the Internal Revenue
Service (the “IRS”) to be less than the Fair Market Value of a Share on the Grant Date (a “discount
option”) may be considered deferred compensation. An Option that is a discount option may result in (i) income recognition
by the Optionee prior to the exercise of the Option, (ii) an additional tax, and (iii) potential penalty and interest charges.
Optionee acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share Exercise Price
of this Option equals or exceeds Fair Market Value of a Share on the Grant Date in a later examination. Optionee agrees that if
the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share
on the Grant Date, Optionee will be solely responsible for any and all resulting tax consequences.

 

8. No Guarantee
of Continued Service. OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS
EARNED ONLY BY CONTINUING AS AN EMPLOYEE AND/OR DIRECTOR (AS APPLICABLE) AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY
EMPLOYING OR RETAINING OPTIONEE) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER.
OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE
SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE AND/OR DIRECTOR (AS APPLICABLE)
FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE RIGHT OF
THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING OPTIONEE) TO TERMINATE OPTIONEE’S RELATIONSHIP AS AN EMPLOYEE
OR DIRECTOR AT ANY TIME, WITH OR WITHOUT CAUSE.

 

    2020 Stock Option Agreement
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9. Notices.
All notices or other communications which are required or permitted hereunder will be in writing and sufficient if (i) personally
delivered or sent by telecopy, (ii) sent by nationally-recognized overnight courier or (iii) sent by registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:

 

(a) if to the Optionee,
to the address (or telecopy number) set forth on the Notice of Stock Option Grant; and

 

(b) if to the Company,
to its principal executive office as specified in any report filed by the Company with the Securities and Exchange Commission or
to such address as the Company may have specified to the Optionee in writing, Attention: Corporate Secretary;

 

or to any other address
as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any communication
will be deemed to have been given (i) when delivered, if personally delivered, or when telecopied, if telecopied, (ii) on the first
Business Day (as hereinafter defined) after dispatch, if sent by nationally-recognized overnight courier and (iii) on the fourth
Business Day following the date on which the piece of mail containing the communication is posted, if sent by mail. As used herein,
“Business Day” means a day that is not a Saturday, Sunday or a day on which banking institutions in the
city to which the notice or communication is to be sent are not required to be open.

 

10. Specific Performance.
Optionee expressly agrees that the Company will be irreparably damaged if the provisions of this Option Agreement and the Plan
are not specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this Option Agreement
or the Plan by the Optionee, the Company will, in addition to all other remedies, be entitled to a temporary or permanent injunction,
without showing any actual damage, and/or decree for specific performance, in accordance with the provisions hereof and thereof.
The Administrator has the power to determine what constitutes a breach or threatened breach of this Option Agreement or the Plan.
The Administrator’s determinations will be final and conclusive and binding upon the Optionee.

 

11. No Waiver.
No waiver of any breach or condition of this Option Agreement will be deemed to be a waiver of any other or subsequent breach or
condition, whether of like or different nature.

 

12. Optionee Undertaking.
The Optionee agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable
judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on
the Optionee pursuant to the express provisions of this Option Agreement.

 

13. Modification
of Rights. The rights of the Optionee are subject to modification and termination in certain events as provided in this Option
Agreement and the Plan.

 

    2020 Stock Option Agreement
Page 6 of 12

     

    

 

14. Governing Law.
This Agreement is governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to its
conflict or choice of law principles that might otherwise refer construction or interpretation of this Agreement to the substantive
law of another jurisdiction.

 

15. Counterparts;
Facsimile Execution. This Option Agreement may be executed in one or more counterparts, each of which will be deemed to be
an original, but all of which together constitute one and the same instrument. Facsimile execution and delivery of this Option
Agreement is legal, valid and binding execution and delivery for all purposes.

 

16. Entire Agreement.
The Plan, this Option Agreement, and upon execution, the Exercise Notice, constitute the entire agreement of the parties with respect
to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee
with respect to the subject matter hereof, and may not be modified adversely to the Optionee’s interest except by means of
a writing signed by the Company and Optionee.

 

17. Severability.
In the event one or more of the provisions of this Option Agreement should, for any reason, be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Option Agreement,
and this Option Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

18. WAIVER OF JURY
TRIAL. THE OPTIONEE EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS OPTION AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[Remainder of page left intentionally blank.]

 

    2020 Stock Option Agreement
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Optionee acknowledges
receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and accepts this
Option subject to all of the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has
had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option.
Optionee agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions
arising under the Plan or this Option. Optionee further agrees to notify the Company upon any change in the residence address indicated
below.

 

	OPTIONEE 	 	180 LIFE SCIENCES CORP.
	 	 	 
	Signature	
        /s/ Ozan Pamir
	 	By:	
        /s/ James N. Woody

	 	 	 
	Print Name:	Ozan Pamir	 	 	Print Name:	
        ________________

	 	 	 
	Address:	
        ________________

        ________________
	 	Address:	
        ________________

        ________________

        ________________

	 	 	 
	Date Signed: 	March 2, 2021
	 	Date Signed:	
        March 2, 2021

 

    2020 Stock Option Agreement
Page 8 of 12

     

    

 

EXHIBIT A

 

2020 OMNIBUS INCENTIVE PLAN

 

EXERCISE NOTICE

 

180 Life Science Corp.

30 Menlo Avenue, Suite 100

Menlo Park, CA 94025

 

Attention: 180 Life Sciences Corp., Corporate
Secretary

 

1.  Exercise
of Option. Effective as of today, _____________, _____, the undersigned (“Optionee”) elects to exercise
Optionee’s option to purchase ___________ shares of the Company Common Stock (the “Shares”) of
180 Life Sciences Corp. (the “Company”) under and pursuant to the 180 Life Sciences Corp. 2020 Omnibus
Incentive Plan (as amended from time to time, the “Plan”) and the Stock Option Agreement effective February
26, 2021 (the “Option Agreement”).

 

2.  Delivery
of Payment. Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement,
and any and all withholding taxes due in connection with the exercise of the Option.

 

3.  Representations
of Optionee. Optionee acknowledges that Optionee has received, read and understood the Plan and the Option Agreement and agrees
to abide by and be bound by their terms and conditions.

 

4.  Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder exists
with respect to the Optioned Stock, notwithstanding the exercise of the Option. Subject to the requirements of Section
6 below, the Shares will be issued to the Optionee as soon as practicable after the Option is exercised in accordance
with the Option Agreement. No adjustment will be made for a dividend or other right for which the record date is prior to the date
of issuance except as provided in the Plan.

 

5.  Tax
Consultation. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee’s purchase
or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable
in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.

 

6.  Refusal
to Transfer. The Company will not (i) transfer on its books any Shares that have been sold or otherwise transferred in violation
of any of the provisions of this Exercise Notice, or (ii) be required to treat as owner of such Shares or to accord the right to
vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.

 

    2020 Stock Option Agreement
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7.  Successors
and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice inures to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein
set forth, this Exercise Notice is binding upon Optionee and his or her heirs, executors, administrators, successors and assigns.

 

8.  Interpretation.
Any dispute regarding the interpretation of this Exercise Notice will be submitted by Optionee or by the Company forthwith to the
Administrator for review at its next regular meeting. The resolution of disputes by the Administrator will be final and binding
on all parties.

 

9.  Governing
Law; Severability. This Exercise Notice is governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to its conflict or choice of law principles that might otherwise refer construction or interpretation of
this Exercise to the substantive law of another jurisdiction. In the event that any provision hereof becomes or is declared by
a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice will continue in full force and effect.

 

		10.	Optionee Representations.

 

(a) With
respect to a transaction occurring prior to such date as the Plan and Company Common Stock thereunder are covered by a valid Form
S-8 or similar U.S. federal registration statement, Optionee agrees that in no event shall Optionee make a disposition of any of
the Company Common Stock, unless and until: (i) Optionee shall have notified the Company of the proposed disposition and shall
have furnished the Company with a statement of the circumstances surrounding the proposed disposition; and (ii) Optionee shall
have furnished the Company with an opinion of counsel satisfactory to the Company to the effect that (A) such disposition will
not require registration or qualification of such Company Common Stock under applicable U.S. federal, state or foreign securities
laws or (B) appropriate action necessary for compliance with the U.S. federal, state or foreign securities laws has been taken;
or (iii) the Company shall have waived, expressly and in writing, its rights under clauses (i) and (ii) of this Subsection.

 

(b) Optionee
understands that if a registration statement covering the Company Common Stock under the Securities Act is not in effect when Optionee
desires to sell the Company Common Stock, Optionee may be required to hold the Company Common Stock for an indeterminate period.
Optionee also acknowledges that Optionee understands that any sale of the Company Common Stock which might be made by Optionee
in reliance upon Rule 144 under the Securities Act may be made only in limited amounts in accordance with the terms and conditions
of that Rule.

 

    2020 Stock Option Agreement
Page 10 of 12

     

    

 

11. Other
Documents. Optionee hereby acknowledges receipt or the right to receive a document providing the information required by Rule
428(b)(1) promulgated under the Securities Act of 1933, as amended, including, but not limited to, the information required by
Part I of Form S-8, if applicable.

 

12.  Notices.
Any notice required or permitted hereunder will be provided in writing and deemed effective if provided in the manner specified
in the Option Agreement.

 

13.  Further
Instruments. The parties agree to execute any further instruments and to take any further action as may be reasonably necessary
to carry out the purposes and intent of the Option Agreement and this Exercise Notice.

 

14.  Entire
Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, and the Option
Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety
all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified
adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee.

 

[Signature page follows.]

 

    2020 Stock Option Agreement
Page 11 of 12

     

    

 

	Submitted by:	Accepted by:
	 	 
	OPTIONEE	180 LIFE SCIENCE CORP.
	 	 
	Signature
    _______________________	By:
    __________________________
	 	 
	Print Name:	Ozan Pamir            	 	Print Name:
    ____________________
	 	 
	Address: _______________________	
	 	 
		Date Received: __________________
	 	 
	 	 
	 	 

  

 

2020 Stock Option Agreement

Page 12 of 12

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