SEC Contract Filing

Filing Date: 2023-05-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>3
<FILENAME>f10q0323ex10-12_180lifesci.htm
<DESCRIPTION>AMENDED AND CORRECTED THIRD AMENDMENT TO EMPLOYMENT AGREEMENT DATED MAY 9, 2023, BETWEEN 180 LIFE SCIENCES CORP. AND OZAN PAMIR
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.12</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 168pt; text-indent: -61.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">AMENDED AND CORRECTED THIRD AMENDMENT
TO EMPLOYMENT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">This Amended and
Corrected Third Amendment to Employment Agreement (this &ldquo;<B><U>Amendment</U></B>&rdquo;), dated May 9, 2023, and effective for all
purposes as of January 1, 2023 (the &ldquo;<B><U>Effective Date</U></B>&rdquo;), amends that certain Employment Agreement dated February
24, 2021, as amended by the First Amendment and Correction to Employment Agreement dated March 1, 2021 and Second Amendment to Employment
Agreement dated May 26, 2021, and corrects that certain Third Amendment to Employment Agreement dated April 27, 2023 (such Employment
Agreement as amended to date, the &ldquo;<B><U>Employment Agreement</U></B>&rdquo;), by and between Ozan Pamir, an individual (&ldquo;<B><U>Pamir</U></B>&rdquo;)
and 180 Life Sciences Corp., a Delaware corporation (&ldquo;<B><U>180 Life</U></B>&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
that certain Third Amendment to Employment Agreement dated April 27, 2023 entered into between Executive and 180 Life (the &ldquo;<B><U>Third
Amendment</U></B>&rdquo;) contained certain errors, and Executive and 180 Life desire to enter into this Amendment to amend and correct
the Third Amendment on the terms and subject to the conditions set forth below, which Amendment shall replace and supersede the Third
Amendment for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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 <TD STYLE="width: 0.65in">&nbsp;</TD>
 <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
 <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Effective from January 1, 2023 to March 31, 2023, the Base Salary shall be $326,025 and effective April 1, 2023, the Base Salary shall be $380,000.</FONT></TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
 <TD><FONT STYLE="font-size: 10pt">Effective April 1, 2023, the target bonus shall be 40%.</FONT></TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
 <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Effective as of the date of this amendment, Executive shall serve as the Chief Financial Officer of 180 Life.</FONT></TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
 <TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
 <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Board of Directors of 180 Life may increase the salary of the Executive from time to time, with the recommendation of the Compensation Committee of the Board of Directors, and such increases shall not require an amendment to the Employment Agreement.</FONT></TD></TR>
 </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B>2.&nbsp;<U>Effect
of Amendment</U></B>. Upon the effectiveness of this Amendment, each reference in the Employment Agreement to &ldquo;<B><U>Employment
Agreement</U></B>&rdquo;, &ldquo;<B><U>Agreement,</U></B>&rdquo; &ldquo;<B><U>hereunder,</U></B>&rdquo; &ldquo;<B><U>hereof,</U></B>&rdquo;
&ldquo;<B><U>herein</U></B>&rdquo; or words of like import shall mean and be a reference to such Employment Agreement, as applicable,
as modified and amended hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;<U>Gov