Exhibit
10.1


 


Execution Copy


 


EXCHANGE
AGREEMENT


 


THIS
EXCHANGE AGREEMENT (the “Agreement”) is made as of the 3rd day of March, 2022 by and between Panacea Life Sciences Holdings,
Inc., a Nevada corporation (the “Company”), and the holder signatory hereto (the “Holder”).


 


WHEREAS,
the Company and the Holder entered into a share exchange agreement on February 12, 2021 pursuant to which the Company issued to the Holder
500 shares of the Company’s Series A Preferred Stock, $0.0001 par value per share of which 350 shares are held by the Holder as
of the date hereof (the “Preferred Stock”) with a stated value per share of $1,000 per share in the Certificate of Designation
of the Preferred Stock (the “Certificate of Designation”) in exchange for the convertible note.


 


WHEREAS,
on November 18, 2021, the Company issued to a third party a certain note and warrant and also entered into a related registration rights
agreement with such third party.


 


WHEREAS,
pursuant to Section 7(b) of the Certificate of Designation for the Preferred Stock, the Holder is electing to exchange the Preferred
Stock for a note, in the form attached hereto as Exhibit A (the “Note”) and a warrant, in the form attached
hereto as Exhibit B (the “Warrant”, and collectively, the “Securities”) which are substantially
the same in all material respects to the note and warrant that were issued by the Company to such third party on November 18, 2021 (other
than the dollar amount of the Note and the number of shares of the Company’s Common Stock (as defined below) issuable upon the
exercise of the Warrant).


 


WHEREAS,
subject to the satisfaction of the conditions set forth herein, the Company and the Holder desire to enter into a transaction wherein
the Company shall issue such Securities described on Schedule I in exchange for all of the Preferred Stock held by the Holder.


 


NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:


 


1.
Exchange. The closing of the Exchange (the “Closing”) will occur following the satisfaction or waiver of the conditions
set forth herein (such date, the “Closing Date”). On the Closing Date, subject to the terms and conditions of this Agreement,
the Holder and the Company shall, pursuant to Section 3(a)(9) of the Securities Act of 1933 (the “Securities Act”), exchange
the Preferred Stock for the Securities and in the amounts set forth on Schedule I hereto. At the Closing, the following transactions
shall occur (such transactions in this Section 1, the “Exchange”):


 


1.1.
On the Closing Date, the Company shall issue the Securities to the Holder (or its designees) and the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Securities with all rights and obligations set forth in such Securities irrespective
of the date the Company delivers the Securities to the Holder.


 


1.2.
Upon receipt of the Securities in accordance with Section 1.1, all of the Holder’s rights under the Preferred Stock pursuant to
the Certificate of Designation shall be extinguished and all such Preferred Stock shall be deemed cancelled and no longer outstanding.


 




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1.3.
The Company and the Holder shall execute and/or deliver such other documents and agreements as are customary and reasonably necessary
to effectuate the Exchange.


 


1.4.
At or before the Closing, the Holder shall deliver or cause to be delivered to Nason, Yeager, Gerson, Harris & Fumero, P.A., as counsel
to the Company, (i) the executed Agreement, (ii) certificates previously issued to Holder representing the Preferred Stock, and (iii)
other items required to effectuate the Exchange.


 


2.
Representations and Warranties of the Company The Company hereby represents and warrants to the Holder that:


 


2.1.
Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Nevada. The Company is duly qualified to transact business and is in good standing in each jurisdiction
in which the failure to so qualify would have a Material Adverse Effect (as defined below) on its business or properties. As used in
this Agreement, “Material Adverse Effect” means any material adverse effect on the business, properties, assets, liabilities,
operations, results of operations, condition (financial or otherwise) or prospects of the Company and its subsidiaries, if any, individually
or taken as a whole, or on the transactions contemplated hereby or on the Exchange or by the agreements and instruments to be entered
into (or entered into) in connection herewith or therewith, or on the authority or ability of the Company to perform its obligations
under this Agreement or the Exchange.


 


2.2.
Authorization. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization,
execution and delivery of this Agreement and the other documents and agreements incident to the Exchange and the performance of all obligations
of the Company hereunder and thereunder, and the authorization of the Exchange and the issuance of the Securities and the reservation
of the Company’s coon stock (the “Common Stock”) issuable upon conversion of the Securities have been taken on or prior
to the date hereof.


 


2.3.
Exemption from Registration; Compliance with Laws. The offer and issuance of the Securities as contemplated by this Agreement
is exempt from the registration requirements of the Securities Act. Neither the Company nor any authorized agent acting on its behalf
will take any action hereafter that would cause the loss of such exemption(s). The Company has not violated any law or any governmental
regulation or requirement which violation has had or would reasonably be expected to have a Material Adverse Effect, and the Company
has not received written notice of any such violation.


 


2.4.
Consents; Waivers. No consent, waiver, approval or authority of any nature, or other formal action, by any Person, not already
obtained, is required in connection with the execution and delivery of this Agreement by the Company or the consummation by the Company
of the transactions provided for herein and therein. As used in this Agreement, “Person” means an individual or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government
(or an agency or subdivision thereof) or other entity of any kind.


 




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2.5.
Acknowledgment Regarding the Holder’s Exchange of Preferred Stock for the Securities. The Company acknowledges and agrees
that the Holder is acting solely in the capacity of an arm’s length security holder with respect to this Agreement and the Exchange
and the transactions contemplated hereby and thereby and that the Holder is not an officer or director of the Company or (ii) to the
knowledge of the Company, as of the date hereof a “beneficial owner” of more than 9.9% of the outstanding shares of Common
Stock (as defined for purposes of Rule 13d-3 under the Securities Exchange Act of 1934). The Company further acknowledges that each Holder
is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Exchange and the transactions
contemplated hereby and thereby, and any advice given by the Holder or any of its representatives or agents in connection with the Exchange
and the transactions contemplated hereby and thereby is merely incidental to the Holder’s acceptance of the Securities. The Company
further represents to the Holder that the Company’s decision to enter into the Exchange has been based solely on the independent
evaluation by the Company and its representatives.


 


2.6.
Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government
agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company,
the Common Stock, the Preferred Stock, the Securities or any of the Company’s officers or directors in their capacities as such
which would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.


 


2.7.
Validity; Enforcement; No Conflicts. This Agreement has been duly and validly authorized, executed and delivered on behalf of
the Company and shall constitute the legal, valid and binding obligations of the Company enforceable against the Company in accordance
with their respective terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies. The execution, delivery and performance by the Company of this Agreement and the consummation by
the Company of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of
the Company or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company is a party or by which it is bound, or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities or “blue sky” laws) applicable to the Company, except in the case of clause
(ii) above, for such conflicts, defaults or rights which would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.


 


2.8.
Disclosure. The Company confirms that neither it nor any other person acting on its behalf has provided the Holder or its agents
or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information. The Company
understands and confirms that the Holder will rely on the foregoing representations in effecting transactions in securities of the Company.


 




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2.9.
No Commission Paid. Neither the Company nor any of its affiliates nor any person acting on behalf of or for the benefit of any
of the foregoing, has paid or given, or agreed to pay or give, directly or indirectly, any commission or other remuneration (within the
meaning of Section 3(a)(9) of the Securities Act and the rules and regulations of the Securities and Exchange Commission (the “Commission”)
promulgated thereunder) for soliciting the Exchange.


 


3.
Representations and Warranties of the Holder. The Holder hereby represents, warrants and covenants that:


 


3.1.
Authorization. The Holder has full power and authority to enter into this Agreement, to perform its obligations hereunder and
to consummate the transactions contemplated hereby and has taken all action necessary to authorize the execution and delivery of this
Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby.


 


3.2.
Accredited Investor Status; Investment Experience. The Holder is an “accredited investor” as that term is defined
in Rule 501(a) of Regulation D. The Holder can bear the economic risk of its ownership of the Securities, and has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks of the Exchange and the terms of the
Securities.


 


3.3.
No Governmental Review. The Holder understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of an investment in the
Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.


 


3.4.
Validity; Enforcement; No Conflicts. This Agreement has been duly and validly authorized, executed and delivered on behalf of
the Holder and shall constitute the legal, valid and binding obligations of the Holder enforceable against the Holder in accordance with
their respective terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies.


 


3.5.
Ownership of Preferred Stock. The Holder owns and holds, beneficially and of record, the entire right, title, and interest in
and to the Preferred Stock free and clear of all liens and encumbrances. The Holder has full power and authority to transfer and dispose
of the Preferred Stock to the Company free and clear of any right or lien. Other than the transactions contemplated by this Agreement,
there is no outstanding, plan, pending proposal, or other right of any Person to acquire all or any part of the Preferred Stock or any
shares of Common Stock issuable upon conversion of the Preferred Stock.


 




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3.6
Information on the Company. The Holder has been provided access to the Company’s annual, quarterly and current reports filed
with the Commission pursuant to Section 12(g) of the Securities Exchange Act of 1934 via the Commission’s public website at www.sec.gov/EDGAR
(the “SEC Reports”), and represents and warrants that the Holder has had the opportunity to read the SEC Reports. The Holder
has relied solely on the SEC Reports in making its decision to acquire the Securities in exchange for the Preferred Stock. The Holder
is not relying on any documents or other information other than the SEC Reports in connection with its decision to enter into this Agreement
and the Exchange.


 


4.
Conditions to Closing.


 


4.1.
Conditions to Holder’s Obligations. The obligation of the Holder to consummate the Exchange is subject to the fulfillment,
to the Holder’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:


 


4.1.1.
Representations and Warranties. The representations and warranties of the Company contained in this Agreement shall be true and
correct in all material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.


 


4.1.2.
Issuance of Securities. At the Closing, the Company shall deliver the Securities to the Holder.


 


4.1.3.
No Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit or obtain substantial damages in
respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.


 


4.1.4.
Proceedings and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments
incident to such transactions shall be satisfactory in substance and form to the Holder, and the Holder shall have received all such
counterpart originals or certified or other copies of such documents as they may reasonably request.


 


4.1.5.
Consents. The Company shall have obtained all required consents and approvals required to effect the transaction hereunder.


 


4.2.
Conditions to the Company’s Obligations. The obligation of the Company to consummate the Exchange is subject to the fulfillment,
to the Company’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:


 


4.2.1.
Representations and Warranties. The representations and warranties of the Holder contained in this Agreement shall be true and
correct in all material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.


 


4.2.2.
No Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit, or obtain substantial damages in
respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.


 




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4.2.3.
Proceedings and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments
incident to such transactions shall be satisfactory in substance and form to the Company and the Company shall have received all such
counterpart originals or certified or other copies of such documents as the Company may reasonably request. The Holder shall deliver
to the Company (i) the executed Agreement, (ii) certificates previously issued to Holder representing the Preferred Stock and appropriate
stock powers, and (iii) other items required to effectuate the Exchange.


 


5.
Additional Covenants.


 


5.1.
Disclosure. The Company shall, on or before 8:30 a.m., New York time, on the fourth business day after the Closing, file with
the Commission a Current Report on Form 8-K disclosing all material terms of the transactions contemplated hereby and attaching the form
of this Agreement and other relevant exhibits thereto (collectively with all exhibits attached thereto, the “8-K Filing”).
From and after the issuance of the 8-K Filing, the Holder shall not be in possession of any material, nonpublic information received
from the Company or any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agents that is not
disclosed in the 8-K Filing. The Company shall not, and shall cause its officers, directors, employees, affiliates and agents, not to,
provide the Holder with any material, nonpublic information regarding the Company from and after the filing of the 8-K Filing without
the express written consent of the Holder. To the extent that the Company delivers any material, non-public information to the Holder
without the Holder’s express prior written consent, the Company hereby covenants and agrees that the Holder shall not have any
duty of confidentiality to the Company, any of its subsidiaries or any of their respective officers, directors, employees, affiliates
or agent with respect to, or a duty to the Company, any of its subsidiaries or any of their respective officers, directors, employees,
affiliates or agent or not to trade on the basis of, such material, non-public information. The Company shall not disclose the name of
the Holder in any filing, announcement, release or otherwise, unless such disclosure is required by law or regulation. In addition, effective
upon the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under
any agreement, whether written or oral, between the Company, any of its subsidiaries or any of their respective officers, directors,
affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate and be
of no further force or effect. The Company understands and confirms that the Holder will rely on the foregoing representations in effecting
transactions in securities of the Company.


 


5.2.
Blue Sky. The Company shall make all filings and reports relating to the Exchange required under applicable securities or “Blue
Sky” laws of the states of the United States following the date hereof, if any.


 


5.3.
Fees and Expenses. Each party to this Agreement shall pay the fees and expenses of its advisers, counsel, accountants and other
experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance
of this Agreement.


 




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7.
Miscellaneous.


 


7.1.
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit
of and be binding upon the parties hereto and the respective successors and assigns of the parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.


 


7.2.
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of
this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of
any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state
or federal courts sitting in New York County, New York, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each of the parties hereby waives
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.


 


7.3.
Notices. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall
be sufficiently given if delivered to the addressees in person, by FedEx or similar overnight next business day delivery, or by email
followed by overnight next business day delivery, to the address as provided for on the signature page to this agreement.


 


7.4.
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Holder.


 


7.5.
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall
be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall
be enforceable in accordance with its terms so long as this Agreement as so modified continues to express, without material change, the
original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s)
in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization
of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the
prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of
the prohibited, invalid or unenforceable provision(s).


 


7.6.
Counterparts. This Agreement may be executed in two or more counterparts, via PDF or electronic signature, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument.


 


7.7.
Survival. The representations, warranties and covenants of the Company and the Holder contained herein shall survive the Closing
and delivery of the Securities.


 


[SIGNATURES
ON THE FOLLOWING PAGE]


 




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IN
WITNESS WHEREOF, this Agreement is executed as of the date first set forth above.


 


	PANACEA LIFE SCIENCES HOLDINGS, INC.	 
	 	 	 
	By:
    	/s/ Leslie
    Buttorff	 
	Name:	Leslie Buttorff	 
	Its:	Chief Executive Officer	 


 


	Address
    for Notice:	5910
    South University Blvd, C18-13
	 	Greenwood
    Village, CO 80121
	 	Email:
    leslie.buttorff@panacealife.com


 


FIRSTFIRE
GLOBAL OPPORTUNITIES FUND, LLC


 


	By:	FirstFire
Capital Management, LLC, Its Manager	 


 


	By:
    	/s/ Eli
    Fireman	 
	Name:	Eli Fireman	 
	Its:	Manager	 


 


	Address
    for Notice:		 
	 	 	 





	Email:	 	 


 




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Schedule
I


 


	Description
    of Securities to be Issued by the Company to the Holder	 	 
	 	 	 
	$385,000
    principal amount 12% Original Issue Discount Senior Convertible Note Due November 18, 2022, as extended, attached hereto as Exhibit
    A

     

    Warrant
    to purchase 275,000 shares of the Company’s Common Stock attached hereto as Exhibit B.
	 	 
	 	 	 
	Total
    No. of shares of Preferred Stock to be delivered by the Holder in Exchange for the Securities	 	50,000


 




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EXHIBIT
A


 


Form
of Note


 




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EXHIBIT
B


 


Form
of Warrant


 




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