Exhibit 10.02


 


GENERAL RELEASE AND WAIVER OF DEBT 


 


This General Release and Waiver of Debt (hereinafter
referred to as the "Agreement") is made this 11th day of May, 2015 by and between il2m Global Ltd., a Belize corporation
(hereinafter, the "Claimant") and il2m International Corp., a Nevada corporation (the “Company”).


 


RECITALS:


 


WHEREAS the Company owes the Claimant
an aggregate of $125,000.00 (the "Debt"), which Debt is evidenced in that certain convertible promissory note dated
March 14, 2014 in the principal amount of $125,000.00 issued by the Company to the Claimant (the "Convertible Note"),
and which Convertible Note is reflected on the Company's audited and/or reviewed financial statements filed with the Securities
and Exchange Commission together with its annual and/or quarterly reports on Form 10-K and 10-Q, respectively;


 


WHEREAS Hovsep Karapetian ("Karapetian")
had simultaneously loaned Claimant $125,000.00 for the purposes of providing working capital to the Company, which loan was evidenced
by that certain promissory note dated March 14, 2014 in the principal amount of $125,000.00 issued by il2m Global to Karapetian
(the "il2m Global Promissory Note"), which provided that in the event the Claimant was unable to repay the $125,000
on the demand date, the Claimant in its sole discretion without the consent of Karapetian would transfer 500,000 shares of common
stock of the Company that Claimant held of record;


 


WHEREAS the Claimant acknowledges that
500,000 shares of common stock of the Company held of record by Claimant has been transferred to Karapetian and that the il2m
Global Promissory Note is deemed satisfied;


 


WHEREAS the Claimant is willing to
provide to the Company a full waiver and release of the Debt and to deem the Convertible Note null and void (the "Waiver
and Release"); and


 


WHEREAS the parties to this Agreement
have agreed to the Waiver and Release subject to the terms and conditions set forth below.


 


NOW THEREFORE THIS AGREEMENT WITNESSES
that for and in consideration of the mutual premises and the mutual covenants and agreements contained herein, the parties
covenant and agree each with the other as follows:


 


		1	In consideration of this Agreement, Claimant
                                         individually and on behalf of his successors, heirs and assigns, forever releases, remises,
                                         waives, acquits, covenants not to sue or file any complaints with any court of competent
                                         jurisdiction or with any regulatory office, and specifically releases and waives any
                                         claims or rights it may have under common law and statutory law, common law fraud or
                                         deceit, and discharges the Company, together with any firms, successors, predecessors,
                                         assigns, directors, officers, shareholders, supervisors, employees, attorneys, agents
                                         and representatives from any and all actions, causes of action, claims, demands, losses,
                                         damages, costs, attorneys' fees, causes in action, indebtedness and liabilities, known
                                         or unknown, which he may now have resulting or arising from the Debt, or any other matter,
                                         occurrence or event whatsoever from the beginning of time to the date of this Agreement.



 






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		2.	It is understood and agreed by Claimant
                                         and the Company that the entering into of this Agreement is not any admission of liability
                                         by the Company nor is it to be construed as an admission by the Company or Claimant as
                                         to the merits of any claim not expressly set forth in this Agreement relating to the
                                         Debt.



 


		3.	As a result of Claimant's decision to
                                         provide to the Company the Waiver and Release, Claimant acknowledges that it is foregoing
                                         the possibility of any future accrual of interest or repayment of interest and principal
                                         by any other terms, and that the consideration for the Waiver and Release agreed upon
                                         with the Company is in its view fair and reasonable.



 


		4.	This Agreement shall be interpreted
                                         pursuant to Nevada law. If any provision in this Agreement shall be declared unenforceable
                                         by any administrative agency or court of law, the remainder of the Agreement shall remain
                                         in full force and effect and shall be binding upon the parties hereto as if the invalidated
                                         provisions were not part of this Agreement. Each party has cooperated in the drafting
                                         and preparation of this Agreement. As a result, in any construction to be made of this
                                         Agreement, the same shall not be construed against any party on the basis that the party
                                         was the drafter.



 


		5.	Each covenant, agreement and provision
                                         of this Agreement shall be construed to be a separate covenant, agreement and provision.
                                         If any covenant, agreement or provision of this Agreement is breached, the remainder
                                         of this Agreement shall not be effected thereby. No waiver of any breach of any term
                                         or provision of this Agreement shall be considered to be, nor shall be, a waiver of any
                                         other breach of this Agreement. No waiver shall be binding unless in writing and signed
                                         by the party waiving the breach.



 


APPROVED AND ACCEPTED this  13th day of
May, 2015.


 


	Date:  May
    13, 2014 	IL2M
    INTERNATIONAL CORP.
	 	 	 
	 	By:	/s/
    Sarkis Tsaoussian
	 	 	Sarkis
    Tsaoussian, President/CEO
	 	 	 
	Date:  May
    13, 2014 	IL2M
    GLOBAL LTD.
	 	 	 
	 	By:	/s/
    Sarkis Tsaoussian
	 	 	President


 


 


 


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