Exhibit
10.2


 


STOCK
OPTION GRANT


 


This
STOCK OPTION GRANT, dated as of June 15, 2020 is delivered by Healthcare Integrated Technologies, Inc., a Nevada
corporation (the “Company”) to Kenneth M. Greenwood, an individual resident of the Florida (the “Employee”).


 


RECITALS


 


	 	A.	The
    Board of Directors of the Company has decided to make a stock option grant to Employee as part of the consideration payable
    to Employee pursuant to an Employee Agreement between the Company and Employee dated even herewith (the “Agreement”).
	 	 	 
	 	B.	The
    Board of the Company has approved the Agreement and the grant of the options included in the Agreement.


 


NOW,
THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows:


 


1.
Grant of Option. Subject to the terms and conditions set forth in this Agreement, the Company hereby grants to the
Employee an option (“Option”) to purchase 2,000,000 shares of common stock of the Company (“Option Shares”)
at an exercise price of $0.30 per share, the price as reported on the OTC Markets on the date immediately preceding the date of
this Agreement (the “Option Price”). The Option shall become exercisable according to Paragraph 2 below.


 


2.
Exercisability of Option. The option shall be a non-qualified option and shall become vested 25% at execution of this
agreement and the balance in equal annual installments over a period of three (3) years from the grant date, or immediately with
respect to all shares underlying the option in the event of a Change in Control (as defined in Section 5(c) hereof). The expiration
date of the option shall be the fifth anniversary of the date of grant, subject to earlier termination of the option at the date
three (3) years after a termination due to death, Disability , or by the Company not for Cause (as defined in the Agreement),
or at the date six (6) months after any other termination of Employee’s employment.


 


3.
Term of Option. The stated expiration date of the option shall be the fifth (5th) anniversary of the date
hereof, subject to earlier termination as provided under the Agreement.


 


4.
Exercise Procedures.


 


(a)
Subject to the provisions of Paragraphs 2 and 3 above, the Employee may exercise part or all of the exercisable Option by giving
the Board written notice of intent to exercise in the manner provided in this Agreement, specifying the number of Option Shares
as to which the Option is to be exercised. On the delivery date, the Employee shall pay the exercise price (i) in cash, or (ii)
in the event the Company’s Common Stock is publicly traded, with the approval of the Board, by delivering Option Shares
of the Company which shall be valued at their Fair Market Value (as defined below) on the date of delivery, or (iii) with the
approval of the Board, by a combination of (i) and (ii). “Fair Market Value” of a share of Common Stock as of a particular
date (the “Determination Date”) shall mean: (i) If the Company’s Common Stock is traded on an exchange or is
quoted on the NASDAQ Global Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the New York Stock Exchange or the
NYSE American, then the average of the closing sale prices of the Common Stock for the five (5) trading days immediately prior
to (but not including) the Determination Date; or (ii) If the Company’s Common Stock is not traded on an exchange or on
the NASDAQ Global Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the New York Stock Exchange or NYSE American,
but is quoted on the OTC Markets or in the over-the-counter market, then the average of the closing bid and ask prices reported
for the five (5) trading days immediately prior to (but not including) the Determination Date.


 




    	 



     


    

 


(b)
The obligation of the Company to deliver Option Shares upon exercise of the Option shall be subject to all applicable laws, rules,
and regulations and such approvals by governmental agencies as may be deemed appropriate by the Board, including such actions
as Company counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. The Company may
require that the Employee represent that the Employee is purchasing Option Shares for the Employee’s own account and not
with a view to or for sale in connection with any distribution of the Option Shares, or such other representation as the Board
deems appropriate. The Company shall withhold amounts required to be withheld for any taxes, if applicable. Subject to Board approval,
the Employee may elect to satisfy any income tax withholding obligation of the Company with respect to the Option by having Option
Shares withheld up to an amount that does not exceed the minimum applicable withholding tax rate for federal (including FICA),
state and local tax liabilities.


 


5.
Reservation of Common Stock. The Company hereby represents and warrants that there have been reserved, and the Company
shall at all applicable times keep reserved until issued (if necessary) as contemplated by this Section 5, out of the authorized
and unissued shares of Common Stock, sufficient shares to provide for the exercise of the rights of purchase represented by this
Option. The Company agrees that all Option Shares issued upon due exercise of the Option shall be, at the time of delivery of
the certificates for such Option Shares, duly authorized, validly issued, fully paid and non-assessable shares of Common Stock
of the Company.


 


6.
Adjustments. Subject and pursuant to the provisions of this Section 6, the Option Price and number of Option Shares
subject to this Option shall be subject to adjustment from time to time as set forth hereinafter.


 


(a)
If the Company shall, at any time or from time to time while this Option is outstanding, pay a dividend or make a distribution
on its Common Stock in shares of Common Stock, subdivide its outstanding shares of Common Stock into a greater number of shares
or combine its outstanding shares of Common Stock into a smaller number of shares or issue by reclassification of its outstanding
shares of Common Stock any shares of its capital stock (including any such reclassification in connection with a consolidation
or merger in which the Company is the continuing corporation), then (i) the Option Price in effect immediately prior to the date
on which such change shall become effective shall be adjusted by multiplying such Option Price by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately prior to such change and the denominator of which
shall be the number of shares of Common Stock outstanding immediately after giving effect to such change and (ii) the number of
Option Shares purchasable upon exercise of this Option shall be adjusted by multiplying the number of Option Shares purchasable
upon exercise of this Option immediately prior to the date on which such change shall become effective by a fraction, the numerator
of which is shall be the Option Price in effect immediately prior to the date on which such change shall become effective and
the denominator of which shall be the Option Price in effect immediately after giving effect to such change, calculated in accordance
with clause (i) above. Such adjustments shall be made successively whenever any event listed above shall occur.


 




    	 



     


    

 


(b)
In case the Company shall do any of the following (each, a “Triggering Event”): (i) consolidate or merge with or into
any other Person (as defined below) and the Company shall not be the continuing or surviving corporation of such consolidation
or merger, or (ii) permit any other Person to consolidate with or merge into the Company and the Company shall be the continuing
or surviving Person but, in connection with such consolidation or merger, any capital stock of the Company shall be changed into
or exchanged for securities of any other Person or cash or any other property, or (iii) transfer all or substantially all of its
properties or assets to any other Person, or (iv) effect a capital reorganization or reclassification of its capital stock, then,
and in the case of each such Triggering Event, proper provision shall be made to the Option Price and the number of Option Shares
that may be purchased upon exercise of this Option so that, upon the basis and the terms and in the manner provided in this Option,
the Option holder of this Option shall be entitled upon the exercise hereof at any time after the consummation of such Triggering
Event, to the extent this Option is not exercised prior to such Triggering Event, to receive at the Option Price as adjusted to
take into account the consummation of such Triggering Event, in lieu of the Common Stock issuable upon such exercise of this Option
prior to such Triggering Event, the securities, cash and property to which the Employee would have been entitled upon the consummation
of such Triggering Event if the Employee had exercised the rights represented by this Option immediately prior thereto (including
the right of a shareholder to elect the type of consideration it will receive upon a Triggering Event), subject to adjustments
(subsequent to such corporate action) as nearly equivalent as possible to the adjustments provided for elsewhere in this Section
6, and the Option Price shall be adjusted to equal the product of (A) the closing price of the common stock of the continuing
or surviving corporation as a result of such Triggering Event as of the date immediately preceding the date of the consummation
of such Triggering Event multiplied by (B) the quotient of (i) the Option Price divided by (ii) the Fair Market Value per share
of Common Stock as of the date immediately preceding the issuance date of this Option. Immediately upon the occurrence of a Triggering
Event, the Company shall notify the Employee in writing of such Triggering Event and provide the calculations in determining the
number of Option Shares issuable upon exercise of the new Option and the adjusted Option Price. Upon the Employee’s request,
the continuing or surviving corporation as a result of such Triggering Event shall issue to the Employee a new Option of like
tenor evidencing the right to purchase the adjusted number of Option Shares and the adjusted Option Price pursuant to the terms
and provisions of this Section 6(b). For purposes of this Section 6(b), “Person” means any individual, corporation,
partnership, joint venture, limited liability company, association or any other entity.


 


7.
Piggy Back Registration Rights. Whenever the Company proposes to register any of its equity securities under the Securities
Act of 1933, as amended, whether for its own account or for the account of one or more stockholders of the Company, and the registration
form to be used may be used for the registration of the Option Shares, the Company shall give the Employee prompt written notice
of its intention to effect such a registration and, at the Employee’s one time option, shall include in such registration
all Option Shares with respect to which the Employee has given a written request to the Company for inclusion therein within 15
days after the receipt of the Company’s notice; provided, however, that if, in the opinion of the Company or its
managing underwriter, if any, for such offering, the inclusion of a specific percentage (up to 100%) of the Option Shares requested
to be registered, when added to the securities being registered by the Company or the selling shareholder(s), including the Employee,
will exceed the maximum amount of the Company’s securities which can be marketed (i) at a price reasonably related to their
then current market value, or (ii) without otherwise materially adversely affecting the entire offering, then the Company may
exclude from such offering the percentage of the Option Shares which it has been requested to register.


 


8.
No Employment or Other Rights. The grant of the Option shall not confer upon the Employee any right to be retained
by or in the employ or service of the Company and shall not interfere in any way with the right of the Company to terminate the
Agreement. The right of the Company to terminate the Agreement at any time for any reason is specifically reserved, as provided
in the Agreement.


 


9.
No Shareholder Rights. Neither the Employee, nor any person entitled to exercise the Employee’s rights in the
event of Employee’s death, shall have any of the rights and privileges of a shareholder with respect to the Option Shares
subject to the Option, until certificates for Option Shares have been issued upon the exercise of the Option.


 


10.
Assignment and Transfers. The rights and interests of the Employee under this Agreement may not be sold, assigned,
encumbered or otherwise transferred except, in the event of the death of the Employee, by will or by the laws of descent and distribution.
In the event of any attempt by the Employee to alienate, assign, pledge, hypothecate, or otherwise dispose of the Option or any
right hereunder, except as provided for in this Agreement, or in the event of the levy or any attachment, execution or similar
process upon the rights or interests hereby conferred, the Company may terminate the Option by notice to the Employee, and the
Option and all rights hereunder shall thereupon become null and void.


 


11.
Applicable Law. The validity, construction, interpretation and effect of this instrument shall be governed by and construed
in accordance with the laws of the State of Tennessee, without giving effect to the conflicts of laws provisions thereof.


 


12.
Notice. Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the
Chief Financial Officer at the Company’s principal executive offices at 1462 Rudder Lane, Knoxville, TN 37919, and any notice
to the Employee shall be addressed to Employee at 404 Citrus Ridge Drive, Davenport, FL 33837, or to such other address as the
Employee may designate to the Company in writing. Any notice shall be delivered by hand, sent by electronic communication or enclosed
in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly
maintained by the United States Postal Service.


 






    	 	 	 



     


    

 


IN
WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest this Agreement, and the Employee
has executed this Agreement, effective as of the Date of Grant.


 


	Healthcare
    Integrated Technologies, Inc.	 	Kenneth
    M. Greenwood
	 	 	 	 	 
	By:	/s/
    Scott M. Boruff	 	Accepted:	/s/
    Kenneth M. Greenwood
	 	Scott
    M. Boruff, CEO and Sole Board Member	 	 	Kenneth
    M. Greenwood