SEC Contract Filing

Filing Date: 2017-05-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>4
<FILENAME>cvscience_10q-ex1005.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
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<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 10.5</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment to Employment
Agreement (this &ldquo;Amendment&rdquo;) is entered into by and between MICHAEL MONA, JR., an individual (&ldquo;Executive&rdquo;),
and CV SCIENCES, INC., a Delaware corporation (the &ldquo;Company&rdquo;) as of March 16, 2017 (the &ldquo;Effective Date&rdquo;),
with reference to the following facts:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On July 6, 2016 Executive and the Company entered into that certain Employment Agreement (the &ldquo;Agreement&rdquo;),
a copy of which is attached hereto and incorporated herein by this reference as Exhibit A;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the parties hereto desires to enter into this Amendment to amend the Agreement as set forth herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bonus Compensation</U></B>. A new subsection (c) of Section 2.2 is added to the Agreement, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: 0in">&ldquo;(c)&#9;<U>Additional
Bonus Compensation</U>. Upon the closing of a Liquidity Event, the Company shall pay (or arrange for the payment) to Executive
in cash the sum equal to four percent (4%) of the Gross Closing Proceeds (the &ldquo;Liquidity Bonus&rdquo;), subject to a cumulative
cap of $750 million for payment of the Liquidity Bonus and any liquidity bonus payable to Michael Mona, Jr..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;Liquidity Event&rdquo; shall mean and include (A) a licensing of the CBD Drug Product or any other intellectual property
asset of the Company, or (B) (i) the direct or indirect sale or transfer, in a single transaction or a series of related transactions,
by the stockholders of the Company of voting securities, in which the holders of the outstanding voting securities of the Company
immediately prior to such transaction or series of transactions hold securities possessing less than twenty percent (20%) of the
total combined voting power of all outstanding voting securities of the Company or of the acquiring entity immediately after such
transaction or series of related transactions, (ii) a merger or consolidation in which the Company is not the surviving entity,
except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to such merger
or consolidation hold, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power
of all outstanding voting securities of the surviving entity (or the parent of the surviving entity) immediately after such merger
or consolidation, (iii) a