Confirmation of Rescission of Note Amendments between 180 Life Corp. and Dr. Lawrence Steinman

Contract Categories: Business Finance › Modification Agreements
Summary

180 Life Corp., a subsidiary of 180 Life Sciences Corp., and Dr. Lawrence Steinman confirm that three amendments to loan agreements made on February 10, 2021, were entered into by mistake and do not reflect their true agreement. Both parties agree to rescind and terminate these amendments, making them void as if they were never executed. This confirmation is effective as of February 10, 2021, and applies to the specific loan amendments listed in the attached exhibit.

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EX-10.16 3 f10q0321ex10-16_180life.htm DR. LAWRENCE STEINMAN CONFIRMATION OF RESCISSION OF NOTE AMENDMENTS EFFECTIVE FEBRUARY 25, 2021

Exhibit 10.16

 

CONFIRMATION OF RESCISSION OF NOTE AMENDMENTS

 

On February 10, 2021 (the “Effective Date”), 180 Life Corp., a Delaware corporation, and a wholly-owned subsidiary of 180 Life Sciences Corp. (the “Company”), entered into three Amendment to Loan Agreements with Dr. Lawrence Steinman, as more fully described in Exhibit A (collectively, the “Note Amendments”).

 

The Note Amendments were entered into in error, and by their execution of this Confirmation of Rescission of Note Amendments below, both Dr. Lawrence Steinman and the Company, agree, confirm and acknowledge that:

 

●The Note Amendments were entered into error and did not reflect the agreement of the parties thereto;

 

●Such Note Amendments are rescinded and terminated, effective as of the Effective Date (as applicable); and

 

●The effect of this Confirmation of Rescission of Note Amendments shall be as if such Note Amendments were never entered into by the parties, never effective and never binding, effective as of the Effective Date (as applicable).

 

    180 Life Corp.
       
       
    By: /s/ James Woody
       
    Printed Name:  James Woody
       
    Its: CEO 180 Life Sciences
/s/ Dr. Lawrence Steinman    
Dr. Lawrence Steinman    

 

 

 

 

EXHIBIT A

 

Number  Noteholder Name 

Date of

Amendment

  Borrower  Currency  Amount   Date of Original Note
1  Lawrence Steinman  2/10/2021  180 Life Corp.  USD   4,726   1/14/2020
2  Lawrence Steinman  2/10/2021  180 Life Corp.  USD   12,875   4/13/2020
3  Lawrence Steinman  2/10/2021  181 Life Corp.  USD   10,000   10/29/2019