SEC Contract Filing

Filing Date: 2021-05-27

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea141822ex10-1_180life.htm
<DESCRIPTION>FORM OF DIRECTOR NOMINEE OFFER LETTER (MAY 2021)
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">Dear :</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">On behalf of 180 Life Sciences Corp., a Delaware corporation (the
&ldquo;<B><I>Company</I></B>&rdquo;), I am pleased to extend to you an offer to join the Company&rsquo;s Board of Directors (the &ldquo;<B><I>Board</I></B>&rdquo;),
effective June 15, 2021. This offer is contingent upon (i)&nbsp;your completion of the enclosed Officers, Directors, Managers and Principal
Stockholders Questionnaire, (ii)&nbsp;receipt of a background check satisfactory to the Company, (iii)&nbsp;your confirmation of the enclosed
Policy on Insider Trading and Policy on Control and Disclosure of Confidential Information, and (iv)&nbsp;formal approval of your appointment
by the Board.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">The Company&rsquo;s current schedule includes approximately four
regular meetings of the Board, which are currently held by telephone/video conference, but may in the future be held in person in a convenient
location plus additional special meetings as called by the Board from time to time which usually take place by telephone/video conference.
In addition to your attendance at Board meetings, we expect to take advantage of your expertise by reaching out to you for advice and
counsel between meetings. To the extent that you are appointed as a member of the Audit Committee, you will need to meet at least quarterly
with the other members of the committee around the time of quarterly and annual earnings releases and related filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">As a member of the Board, you will owe fiduciary duties to the Company
and its stockholders, such as the duty of care, duty of loyalty and the duty of disclosure, which include protecting Company proprietary
information from unauthorized use or disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0">The following summarizes the compensation that will be provided to
you effective upon your appointment to the Board:&nbsp;</P>

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 <TD STYLE="vertical-align: top; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Option Grant</U>: You will receive an initial option grant to purchase $425,000 of value of shares of the Company&rsquo;s common stock (value per share and number of shares determined by the Black-Scholes calculation on the date of grant) (the &ldquo;<B><I>Initial Option Grant</I></B>&rdquo;).<B>&nbsp;</B>To the extent this grant results in less than an option to purchase 100,000 shares of the Company&rsquo;s common stock, it is expected that the difference in shares between the Initial Option Grant and 100,000 shares would be granted (<B><I>Second Year Option Grant) </I></B>in the next compensation year. Compensation year means the period from one annual meeting of shareholders to the next following annual meeting of shareholders. The Initial Option Grant will vest as to 1/48 of the balance of the option shares upon each month of service after the date of grant and have an exercise price per share equal to the closing sales price of a share of common stock on the grant date. The Second Year Option Grant, to the extent later granted by the Board, will vest as to 1/36 of the balance of the option shares upon each month of service after the date of grant and have an exercise price per share equal to the closing sales price of a share of common stock on the grant date. Although it is anticipated that no additional option grants will be made for three (3) years after the Second Year Option Grant, you also will be eligible to receive future option (or other equity) grants for continued Board service pursuant to the Company&rsquo;s then current outside director compensation policy.&nbsp;</FONT></TD></TR>
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 <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Cash Fees</U>: Initially, your cash compensation will consist of $40,000 per compensation year for an annual retainer fee plus additional committee fees. Committee chair fees range from $10,000 to $15,000 per year and committee member fees range f