SEC Contract Filing

Filing Date: 2020-03-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea119313ex10-1_adialpharma.htm
<DESCRIPTION>AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN ADIAL PHARMACEUTICALS, INC. AND JOSEPH TRULUCK, DATED AS OF MARCH 3, 2020
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Amendment (this &ldquo;Amendment&rdquo;)
effective as of the 3rd day of March, 2020, to the Employment Agreement, dated July 31, 2018, as amended on March 11, 2019 (the
&ldquo;Employment Agreement&rdquo;), by and between Adial Pharmaceuticals, Inc. (the &ldquo;Corporation&rdquo;) and Joseph Truluck
(&ldquo;Executive&rdquo;). Capitalized terms used herein without definition shall have the meanings assigned in the Employment
Agreement. &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Executive
was retained under the Employment Agreement by the Corporation to serve as its Chief Financial Officer; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, in recognition
of the hard work and performance by Executive, the Corporation desires to amend the Employment Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7.65pt; text-align: justify; text-indent: 0.5in">1. <B><U>Amendment</U></B>.
Section 3.1 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0"><B>&ldquo;3.1&#9;<U>Base
Salary</U></B>. During the Term of Employment, the Executive shall receive a base salary per annum of One Hundred Seventy Thousand
Dollars ($170,000), payable in cash in accordance with the Corporation&rsquo;s normal payroll practices as in effect from time to time.
During the Term of Employment, the Board may periodically review the Executive&rsquo;s base salary and the Board may, in its sole discretion, set such base salary to an amount it determines to be appropriate, provided, however, that
any reduction will qualify as Good Reason under Section 1.11. The Executive&rsquo;s base salary, as may be in effect from time
to time, is referred to herein as &ldquo;<U>Base Salary</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2. <B><U>Severability</U></B>.
The provisions of this Amendment are severable and if any part of it is found to be unenforceable the other paragraphs shall remain
fully valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3. <B><U>No Other Amendments;
Confirmation</U></B>. All other terms of the Employment Agreement shall remain in full force and effect. The Employment Agreement,
as amended by this Amendment, constitutes the entire agreement between the parties with respect to the subject matter thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4. <B><U>Counterparts</U></B>.
&nbsp;This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but both of which together
shall constitute one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5. <B><U>Governing Law</U></B>.
This Amendment is made and shall be construed and performed under the laws of the Commonwealth of Virginia without regard to its
choice or conflict of law principles and the parties agree to Virginia as the exclusive venue for any disputes arising hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.65pt; text-align: center"><B><I>[Signature page follows]</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

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