Summary by Futu AI
On May 7, 2024, 180 Life Sciences Corp. experienced significant leadership changes, as detailed in a Form 8-K report filed with the SEC. Dr. James N. Woody resigned as CEO and from the Board of Directors, entering into a separation agreement that includes a severance package and potential future contingent payment. Dr. Jonathan Rothbard also resigned as Chief Scientific Officer, with a modest cash settlement and a subsequent consulting agreement. Dr. Lawrence Steinman stepped down as Executive Chairman but remains on the Board and was appointed to the Strategy and Alternatives Committee. Blair Jordan was appointed as Interim CEO and entered into an Executive Consulting Agreement with the company. The Board of Directors set new compensation rates for non-executive Board members and entered into indemnity agreements with its directors and officers, excluding the CFO who already had such an agreement. These leadership transitions and contractual agreements are part of the company's ongoing governance and management adjustments.