Document:

Filed by sedaredgar.com - Panglobal Brands Inc. - Exhibit 10.5

PARI PASSU AND LOAN MODIFICATION AGREEMENT 

                              THIS
PARI PASSU AND LOAN MODIFICATION AGREEMENT dated for reference April 9, 2009
and made, 

BETWEEN: 

  
    
      PANGLOBAL BRANDS INC., a company incorporated
        under the laws of Delaware, having an office at 2853 E. Pico Blvd, Los
        Angeles, CA 90023; 

      (the “Debtor”) 

    

  

AND: 

  
    
      SINECURE HOLDINGS LIMITED, a
        company incorporated under the laws of the British Virgin Islands, with
        an address c/o Le Hoedheu, Nazin, Pontivy, France, and PETER HOUGH,
        businessman, with an address at 63 Wallangra Road, Dover Heights, New
        South Wales 2033, Australia; and PROVIDENCE WEALTH
        MANAGEMENT LTD., a company incorporated under the laws
        of the British Virgin Islands, with an address c/o Mr. Karim Khoury, Chabrier
        & Partners (Reed Smith), 3 rue du Mont-Blanc P.O. Box 1363 CH - 1211
        Geneva 1 Switzerland; 

      (collectively, the “Original Lenders”)
      

    

  

AND: 

  
    
      CHELSEA CAPITAL CORPORATION, a British
        Columbia company with an address at 666 Burrard Street, Vancouver, BC
        V6C 2X8 Canada, on behalf of all subscribers for a Convertible Loan issue
        of the Debtor dated for reference April 9, 2009. 

      (the “New Lender”) 

      WITNESSES THAT WHEREAS: 

    

  

A.                    
As security for their current and future indebtedness to the Original Lenders,
the Debtor has executed loan agreements (the “Original Loan Agreements”)
and security agreements dated March 4, 2008 and January 16, 2009 in favour of
Original Lenders (the “Original Lenders Security Agreement”) pursuant to
which the Debtor borrowed from the Original Lenders loans (the “Original
Loans”) and granted to the Original Lenders a security interest in certain
of the Debtor’s assets (the “Original Lenders Security Interest”); 

B.                     Capella
Investments Inc. has transferred all its right, title and interest in the
Original Loan Agreements to Peter Hough and for all purposes of this Agreement,
Peter Hough will be considered an Original Lender in place of Capella
Investments Inc. Capella Investments Inc. has signed this agreement solely as
acknowledgement of the above;

C.                     The
New Lender has subscribed for convertible loans (“New Convertible Loans”)
of the Debtor pursuant to a Convertible Loan Agreement dated for
reference April 9, 2009;

- 2 - 

D.                     As
security for its current and future indebtedness to the New Lender, the Debtor
will execute a security agreement dated for reference April 9, 2009 in favour of
the New Lender (the “New Lender Security Agreement”) pursuant to which
the Debtor grants to the New Lender a security interest in certain of the
Debtor’s assets (the “New Lender Security Interest”); 

E.                     The
Original Lenders Security Agreement and the New Lender Security Agreement are
sometimes collectively called the “Security Agreements” and each a
“Security Agreement”; 

F.                     The
Original Lenders Security Interest and the New Lender Security Interest are
sometimes collectively called the “Security Interests” and each a
“Security Interest”;

G.                     The
Original Lenders have each converted $187,500 plus accrued interest of their
Original Loans to equity of the Debtor pursuant to Subscription Agreements dated
for reference April 9, 2009, and the amount remaining outstanding on such
Original Loan will be referred to as the “Residual Original Loan”;

H.                     The
Original Lenders have agreed to convert the terms of the Original Loan
Agreements to be the same terms of the Convertible Loan Agreement respecting the
Residual Original Loan; and 

I.                     The
Original Lenders and the New Lender are sometimes referred to collectively as
the “Secured Creditors” and each individually as a “Secured
Creditor” and each have agreed that their respective Security Interests
shall rank pari passu with each other in all respects. 

                         NOW
THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the mutual
covenants and agreements herein contained and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows: 

1.                     Each
Original Lender agrees to execute a Convertible Loan Agreement respecting the
Residual Original Loan, and upon such execution and execution of this Agreement,
the Original Loan Agreements will be cancelled and be null and of no effect. The
terms of the Convertible Loan Agreement will be in force with respect to the
Residual Original Loans.

2.                     Each
Secured Creditor hereby consents to the creation by the Debtor of the Security
Agreement and Security Interest contained therein in favour of the other Secured
Parties and agrees that the creation, registration, filing and existence of such
Security Agreement and Security Interest shall not constitute an event of
default under its Security Agreement. 

3.                     The
parties acknowledge and agree that the New Lender is executing this Agreement on
behalf of all lenders to the Debtor under the New Convertible Loans and that all
such parties are to be considered as the New Lender with respect to the
provisions of this Agreement.

4.                     Notwithstanding
the order of attachment or perfection of the Security Interests, the Secured
Creditors hereby agree that the Security Interests shall have equal priority and
that in the event that any Secured Creditor realizes on its Security Interest,
the proceeds of any such realization shall be allocated and paid as between the
Secured Creditors in proportion to the relative amounts of the indebtedness of
the Debtor to each Secured Creditor as at the date of such realization. 

5.                     Nothing
contained in this Agreement is intended to nor shall it impair the obligations
of the Debtor to pay to the Secured Creditors the indebtedness secured by
respective Security Agreements, respectively, including the principal thereof
and any interest thereon, as and when the same shall become due and payable in
accordance with their respective terms, nor shall anything herein prevent either
Secured 

- 3 - 

Creditor from exercising all remedies otherwise permitted by
applicable law upon default under its respective Security Agreement, subject to
paragraphs 2 to 4 and the priorities created by this Agreement. 

6.                     In
the event that it becomes necessary or desirable for a Secured Creditor to
enforce its security, that Secured Creditor agrees to use commercially
reasonable efforts to give the other Secured Creditors three (3) business days
notice of its intention to enforce its security. 

7.                    
Each of the Secured Creditors shall furnish to the other from time to time
forthwith upon request, information and particulars as to amounts owing by the
Debtor to such party and the Debtor hereby consents to such disclosure. 

8.                    
All dollar figures refer to $USD.

9.                     The
parties hereto shall do such further acts and things and execute, register and
file such further deeds, documents and assurances which may be reasonably
required by any party hereto to give full effect to the intent and purpose of
this Agreement. 

10.                   
This Agreement shall be governed by and construed in accordance with the laws of
the State of California and the federal laws of the United States applicable
therein and shall be treated in all respects as a California contract. 

11.                   
This Agreement may be executed simultaneously in two or more counterparts, each
of which will be deemed an original, and it will not be necessary in making
proof of this Agreement to produce or account for more than one such
counterpart. This Agreement may be executed by delivery of executed signature
pages by fax or other form of electronic transmission and such transmission will
be effective for all purposes. 

                         IN
WITNESS WHEREOF the parties hereto have caused these presents to be signed
as of __ day of April, 2009. 

PANGLOBAL BRANDS INC. 

Per:   
____________________________________
          
Authorized Signatory 

 

SINECURE HOLDINGS LIMITED

Per:   
____________________________________
          
Authorized Signatory 

 

CAPELLA INVESTMENTS INC. 

Per:   
____________________________________
          
Authorized Signatory 

- 4 - 

PROVIDENCE WEALTH MANAGEMENT LTD. 

Per:   
____________________________________
          
Authorized Signatory 

 

CHELSEA CAPITAL CORPORATION

Per:   
____________________________________
          
Authorized Signatory 

	WITNESSED BY: 	) 	  
	  	) 	  
	  	) 	  
	Name 	) 	  
	  	) 	  
	Address 	) 	 
    
	  	) 	Peter Hough 
	  	) 	  
	  	) 	  
	Occupation 	)restrictedstocknotice.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    INVENTIV
HEALTH, INC.

    

    Notice of Grant
of

    Shares of Restricted Common
Stock

    

    Grantee:                                                      

    Number of
Shares:                                                                

    Grant
Date:                                                      ,
20

    

    The Grantee named above has been
awarded
[                                                                                                ]
restricted shares (the “Restricted Stock”) of
the common stock, par value $.001 per share (the “Common Stock”), of
inVentiv Health, Inc. (the "Company").  This
Notice of Grant outlines certain terms and conditions of the
award.  The Restricted Stock is granted under and will be governed by
terms of the inVentiv Health, Inc. 2006 Long-Term Incentive Plan (the “Plan”).  Capitalized
terms used and not otherwise defined herein have the meanings assigned to them
in the Plan.

    

    1. Rights as
Stockholder. Subject to the terms of the award, from and after the Grant
Date, the Grantee will have all of the rights of a stockholder with respect to
the Restricted Stock, including the right to vote shares of Restricted Stock
and, subject to Section 7.3 of the Plan, the right to participate in all
dividends and distributions with respect to the Company’s Common Stock;
provided, however, that any additional shares of common stock or other
securities that the Grantee may become entitled to receive pursuant to a stock
dividend, stock split, combination of shares, recapitalization, merger,
consolidation, separation or reorganization or any other change in the capital
structure of the Company will be subject to the same restrictions as the shares
of Restricted Stock included in the award.

    

    2. Restrictions;
Delivery.  (a)  Until the Restricted Stock granted
hereunder vests in accordance with Section 3 hereof, one or more stock
certificates representing the unvested portion of the Restricted Stock will be
issued in the Grantee's name, but will be held in custody by the Company or an
escrow agent (which may be a brokerage firm) appointed by the
Company.  The Grantee will not be permitted to sell, transfer, assign,
give, place in trust or otherwise dispose of or pledge, grant a security
interest in or otherwise encumber unvested shares of Restricted Stock, other
than by will or the laws of descent and distribution, and any such attempted
disposition or encumbrance will be void and unenforceable against the Company,
provided that the Grantee may assign or transfer unvested shares of Restricted
Stock with the consent of the Committee to (a) the Grantee’s spouse, children or
grandchildren (including any adopted and step children or grandchildren), (b) to
a trust or partnership for the benefit of one or more of the Grantee or the
persons referred to in clause (a), or (c) for charitable donations; provided
that the recipient shall be bound by and subject to all of the terms and
conditions of the Plan and this Agreement and shall execute an agreement
satisfactory to the Company evidencing such obligations; and provided further
that such Grantee shall remain bound by the terms and conditions of the
Plan.  Subject to applicable law, the Grantee may sell, transfer,
assign, give, place in trust, or otherwise dispose of or pledge, grant a
security interest in, or otherwise encumber vested shares of Restricted
Stock.

    

    (b)  Subject to the
provisions of this award, upon the vesting of any shares of Restricted Stock,
the Company will deliver to the Grantee a certificate or certificates for the
number of shares of Restricted Stock which have so
vested.  Alternatively, the Company may elect to deliver vested shares
of Restricted Stock electronically, and if it does so, Grantee must establish an
account with a brokerage firm selected by the Company as a condition to
receiving such shares.

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3. Vesting of Restricted
Stock.  (a)  The Restricted Stock will vest (and
become non-forfeitable) as follows:

    

    
      	
              ·  

            	
              25%
      of the shares of Restricted Stock will vest on the first anniversary of
      the Grant Date;

            

    

    

    
      	
              ·  

            	
              25%
      of the shares of Restricted Stock will vest on the second anniversary of
      the Grant Date;

            

    

    

    
      	
              ·  

            	
              25%
      of the shares of Restricted Stock will vest on the third anniversary of
      the Grant Date; and

            

    

    

    
      	
              ·  

            	
              25%
      of the shares of Restricted Stock will vest on the fourth anniversary of
      the Grant Date.

            

    

    

     (b)  Any unvested
shares of Restricted Stock will immediately become vested in the event that (i)
there is a Change of Control with respect to the Company while the Grantee is a
member of the Board of Directors or (ii) the Grantee dies or becomes disabled
while the Grantee is a member of the Board of Directors.

    

    4.  Taxes.  The
Company will not withhold or pay any local, state or federal taxes on the
Grantee's behalf.  The Grantee shall be solely responsible for the
payment of any such taxes.

    

    5. Regulatory
Compliance.  The issuance and delivery of any vested shares of
Restricted Stock may be postponed by the Company for such period as may be
required to comply with any applicable requirements under the federal securities
laws or under any other law or regulation applicable to the issuance or delivery
of such shares. The Company will not be obligated to deliver any vested shares
of Restricted Stock to the Grantee if the Company believes that such delivery
would constitute a violation of any applicable law or regulation.

    

    6. Representations and
Warranties.  The Grantee is prohibited from selling vested
shares of Restricted Stock other than pursuant to either (i) a registration
statement on an appropriate form under the Securities Act of 1933, as amended
(the “Securities
Act”), which registration statement has become effective and is current
with regard to the shares being sold, or (ii) if a registration statement
covering the Restricted Stock is not effective at the time of issuance, a
specific exemption from the registration requirements of the Securities Act that
is confirmed in a favorable written opinion of counsel, in form and substance
satisfactory to counsel for the Company, prior to any such sale or distribution,
provided that the Company will not require opinions of counsel for transfers of
shares of Restricted Stock made pursuant to Rule 144 if the Company is provided
with any certificates or other evidence of compliance with Rule 144 reasonably
required by it in connection with such transfer (including a copy of the
relevant Form 144).

    

    7. Legends. (a) Each
certificate representing any unvested shares of Restricted Stock shall be
endorsed with a legend in substantially the following form:

    

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A CERTAIN RESTRICTED
STOCK AWARD NOTICE, DATED AS OF [], WHICH PROVIDES, AMONG OTHER THINGS, FOR
CERTAIN RESTRICTIONS ON THE TRANSFER AND ENCUMBRANCE OF SUCH SHARES. A COPY OF
SUCH NOTICE IS ON FILE AT THE PRINCIPAL OFFICES OF THE COMPANY

    

    (b) In
addition to the legend set forth in paragraph (a) and above, until registered
under the Securities Act, each certificate representing shares of Restricted
Stock shall be endorsed with a legend in substantially the following
form:

    

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE. SUCH
SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
WITHOUT SUCH REGISTRATION, EXCEPT UPON DELIVERY TO THE COMPANY OF SUCH EVIDENCE
AS MAYBE SATISFACTORY TO COUNSEL FOR THE COMPANY TO THE EFFECT THAT ANY SUCH
TRANSFER SHALL NOT BE IN VIOLATION OF THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS OR ANY RULE OR REGULATION PROMULGATED
THEREUNDER;

    

    8. Miscellaneous.

    

    (a) Construction. This
award will be construed by and administered under the supervision of the
Committee, and all determinations of the Committee will be final and binding on
the Grantee.

    

    (b) Dilution. Nothing in
this award will restrict or limit in any way the right of the Board of Directors
of the Company to issue or sell stock of the Company (or securities convertible
into stock of the Company) on such terms and conditions as it deems to be in the
best interests of the Company, including, without limitation, stock and
securities issued or sold in connection with mergers and acquisitions, stock and
securities issued or sold in connection with investments in the Company, stock
issued or sold in connection with any stock option or similar plan, and stock
issued or contributed to any qualified stock bonus or employee stock ownership
plan.

    

    (c) Dispute
Resolution.  Any controversy or claim arising out of or
relating to this award will be submitted to arbitration under the auspices of
the American Arbitration Association in accordance with its Commercial Dispute
Resolution Procedures and Rules and at its office in Wilmington,
Delaware.  The award of the arbitrator will be final and binding upon
the parties, and judgment may be entered with respect to such award in any court
of competent jurisdiction. The award or decision rendered by the arbitrator will
be final, binding and conclusive and judgment may be entered upon such award by
any court of competent jurisdiction.

    

    (d)  Forfeiture of Restricted
Stock. The Restricted Stock is subject to forfeiture upon a determination
by the Committee that the Executive has engaged in any of the conduct described
in the first sentence of Section 13.5 of the Plan and that the Restricted Stock
should be forfeited as a consequence.

    

    INVENTIV HEALTH, INC.

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