Document:

Converted by EDGARwiz

Exhibit 10.2

PANACEA GLOBAL, INC.

NON-QUALIFIED STOCK OPTION AGREEMENT

THIS NON-QUALIFIED STOCK OPTION is granted as of April 10, 2014 by PANACEA GLOBAL, INC., a Nevada corporation (the “Company”), to Binnay Sethi (“Optionee”).

Recitals:

WHEREAS, the Optionee is employed by the Company as its Vice President and Director;

WHEREAS, the Company has established the Panacea Global, Inc. 2011 Omnibus Incentive Plan (the “Plan”);

WHEREAS, in connection with the Optionee’s employment with the Company as its Vice President and Director, the Company desires to grant, and the Optionee desires to accept, the Option (as defined below);

WHEREAS, the Option is hereby granted entirely as compensation for performance of services of employment by the Optionee for the Company; and

WHEREAS, capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:

1.

Grant. The Company hereby grants to Optionee an option (the “Option”) to purchase on the terms and conditions hereinafter set forth all or any part of an aggregate of 100,000 shares of the Company’s common stock, par value $0.001 per share (the “Option Shares”), at a purchase price of $0.55 per share (the “Option Price”). This Option is granted pursuant to the Plan. Capitalized terms used herein shall have the same meaning as set forth in the Plan except to the extent the context clearly requires otherwise. This Option is intended to be consistent with the terms of the Plan and is subject in all regards to the terms of the Plan. In any case in which there is a conflict between the terms of this Option and the terms of the Plan, the conflict shall be resolved in favor of the Plan. This Option is not intended to be an “incentive stock option” within the meaning of Section 422(b) the Internal Revenue Code of 1986, as amended (the “Code”). 

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2.

Term. 

(a)

General Rule. The Option Shares shall vest and be exercisable on April 10, 2014.  The Option shall terminate in full at 5:00 p.m. New York, New York time April 10, 2016, unless sooner terminated under Subsection 2(c) below. This Option may be exercised in whole or in part with respect to any Option Shares that have vested and become exercisable, except that this Option may in no event be exercised with respect to fractional shares. 

(b)

Termination of Employment. If the employment of Optionee by the Company or its Affiliates (as defined below) should terminate for any reason, and except as otherwise provided in Section 7 below, then any non-vested Option and/or any vested Option shall terminate on April 10, 2016. For purposes of this Option, the term “Affiliate” shall mean a corporation that is a parent corporation or a subsidiary corporation with respect to the Company within the meaning of Subsection 424(e) or (f) of the Code.

(c)

Forfeiture. If the Committee makes a finding, after full consideration of the facts presented on behalf of both the Company and Optionee, that Optionee has committed fraud, willful misconduct, misappropriation of funds or other dishonesty then the Option shall terminate on the date of such finding. In addition to immediate termination of the Option, Optionee shall forfeit all Option Shares for any exercised portion of the Option for which the Company has not yet delivered the share certificates to Optionee upon refund by the Company of the Option Price paid by Optionee with respect to such Option Shares. 

3.

Transfers. This Option may not be transferred except by will or by the laws of descent and distribution. During the lifetime of the person to whom this Option is granted, the Option may be exercised only by him or her.  Notwithstanding the foregoing, this Option may be transferred pursuant to the terms of a “qualified domestic relations order” within the meaning of Sections 401(a)(13) and 414(p) of the Code or within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended. 

4.

Method of Exercise and Payment. 

(a)

When exercisable under Section 2 or Section 7, this Option may be exercised by written notice, pursuant to Section 9, to the Company’s Chief Executive Officer specifying the number of Option Shares to be purchased (the “Notice”). The Notice shall be accompanied by payment of the aggregate Option Price of the Option Shares being purchased (a) in cash, (b) by certified check payable to the order of the Company or (c) by a combination of the foregoing.  Such exercise shall be effective upon the actual receipt by the Company’s Chief Executive Officer of such Notice and payment. 

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(b)

Unless the Option Shares are covered by a then current registration statement or a Notification under Regulation A under the Securities Act of 1933, as amended (the “Act”), and current registrations under all applicable state securities laws, the Notice shall include Optionee’s acknowledgement, in form and substance satisfactory to the Company, that Optionee (a) is purchasing such Option Shares for investment and not for distribution or resale (other than a distribution or resale which, in the opinion of counsel satisfactory to the Company, may be made without violating the registration provisions of the Act or any state securities laws), (b) has been advised and understands that (i) the Option Shares have not been registered under the Act and are “restricted securities” within the meaning of Rule 144 under the Act and are subject to restrictions on transfer, (ii) the Company is under no obligation to register the Option Shares under the Act or to take any action which would make available to Optionee any exemption from such registration, and (iii) the Option Shares may not be transferred without compliance with all applicable federal and state securities laws. 

(c)

In addition, except as provided below, Optionee may make payment in whole or in part in shares of the Company’s Common Stock held by the Optionee for more than six months.  If payment is made in whole or in part in shares of the Company’s Common Stock, then Optionee shall deliver to the Company certificates registered in the name of Optionee representing shares of the Company’s Common Stock legally and beneficially owned by Optionee, free of all liens, claims and encumbrances of every kind and having a Fair Market Value (as defined in the Plan) on the date of delivery of such notice that is not greater than the Option Price of the Option Shares with respect to which the Option is to be exercised, accompanied by stock powers duly endorsed in blank by the record holder of the shares represented by such certificates. Notwithstanding the foregoing, the Committee, in its sole discretion, may refuse to accept shares of the Company’s Common Stock in payment of the Option Price. In that event, any certificates representing shares of the Company’s Common Stock which were delivered to the Company shall be returned to Optionee with notice of the refusal of the Committee to accept such shares in payment of the Option Price. Furthermore, the Committee may impose such limitations and prohibitions on the use of shares of the Company’s Common Stock to exercise the Option as it deems appropriate. 

5.

Adjustments on Changes in Capitalization. In the event that, prior to the delivery by the Company of all the Option Shares in respect of which the Option is granted, there shall be a stock dividend, stock split, recapitalization or other change in the number or class of issued and outstanding equity securities of the Company resulting from a subdivision or consolidation of the Company’s Common Stock and/or other outstanding equity security or a recapitalization or other capital adjustment affecting the Company’s Common Stock or an equity security of the Company which is effected without receipt of consideration by the Company, the remaining number of Option Shares (or class of shares) subject to the Option and Option Price therefor shall be adjusted in a manner determined by the Committee so that the adjusted number of Option Shares (or class of shares) and the adjusted Option Price shall be the substantial equivalent of the remaining number of Option Shares subject to the Option and Option Price thereof prior to such change. For purposes of this Section 5, no adjustment shall be made as a result of the issuance of the Company’s Common Stock upon the conversion of other securities of the Company which are convertible into Common Stock. 

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6.

Legal Requirements. If the listing registration or qualification of the Option Shares upon any securities exchange or under any federal or state law, or the consent or approval of any governmental regulatory body is necessary as a condition of or in connection with the purchase of such Option Shares, the Company shall not be obligated to issue or deliver the certificates representing the Option Shares as to which the Option has been exercised unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained. If registration is considered unnecessary by the Company or its counsel, the Company may cause a legend to be placed on the Option Shares being issued calling attention to the fact that they have been acquired by Optionee for investment and have not been registered. 

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7.

Change of Control of Company. In the event of a Change of Control, the Committee may take whatever action with respect to the Option it deems necessary or desirable, including, without limitation, removing any restrictions or imposing any additional restrictions on the Option or Option Shares. 

8.

Administration. This Option has been granted pursuant to and is subject to the terms and provisions of the Plan, as it may be amended from time to time. All questions of interpretation and application of the Plan and this Option shall be determined by the Committee. The Committee’s determination shall be final, binding and conclusive. 

9.

Notices. Any notice to be given to the Company shall be addressed to the Chief Executive Officer of the Company at its principal executive office, and any notice to be given to Optionee shall be addressed to Optionee at the address then appearing on the personnel records of the Company or the Affiliate of the Company by which Optionee is employed, or at such other address as either party hereafter may designate in writing to the other. Any such notice shall be deemed to have been duly given when personally delivered, sent by recognized courier service or by other messenger, or when deposited in the United States mail, addressed as aforesaid, registered or certified mail, and with proper postage and registration or certification fees prepaid. 

10.

Not to Affect Employment. Nothing herein contained shall affect the right of the Company or any Affiliate to terminate Optionee’s employment, services, responsibilities, duties or authority to represent the Company or any Affiliate at any time or for any reason whatsoever. 

11.

Withholding of Taxes. Whenever the Company proposes or is required to deliver or transfer Option Shares in connection with the exercise of this Option, the Company shall have the right to (a) require Optionee to remit to the Company an amount sufficient to satisfy any federal, state and/or local withholding tax requirements prior to the delivery or transfer of any certificate or certificates for such Option Shares or (b) take whatever action it deems necessary to protect its interest with respect to tax liabilities. 

12.

Governing Law. The validity, performance, construction and effect of this Agreement shall be governed by the laws of the State of Nevada, without giving effect to principles of conflicts of law. 

13.

Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.  This Agreement and any amendments thereto, may not be amended or modified in any way, except with the express written consent of the Optionee.

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IN WITNESS WHEREOF, the Company has granted this Option on the day and year first above written. 

PANACEA GLOBAL, INC.

	
	 

	/s/ Mahmood Moshiri

	Mahmood Moshiri

Title: CEO

ACCEPTED BY:

/s/ Binnay Sethi

BINNAY SETHI

6Converted by EDGARwiz

Exhibit 10.3

EMPLOYMENT SERVICES AGREEMENT

This Employment Services Agreement (the “Agreement”) is entered into as of the  17 day of April , 2014, by and between Panacea Global, Inc., a Nevada corporation, with a business address of 330 High Way #7 East, Suite #502, Richmond hill, Ontario, L4B3P8, Canada. (the “Company”), and Mahmood Moshiri, an individual residing at 47 Brillinger Street, Richmond hill, Ontario, L4C8Y5, Canada (“Executive”). 

INTRODUCTION

WHEREAS, the Company desires to employ the Executive under the title and capacity set forth on Schedule A hereto and the Executive desires to be employed by the Company in such capacity, subject to the terms of this Agreement;

AGREEMENT

NOW, THEREFORE, in consideration of the premises and mutual promises herein below set forth, the parties hereby agree as follows:

1.

Employment Period.  The term of the Executive’s employment by the Company pursuant to this Agreement (the “Employment Period”) shall commence upon the date hereof (the “Effective Date”) and shall continue for that period of calendar months from the Effective Date set forth on Schedule A hereto.  Thereafter, the Employment Period shall automatically renew for successive periods of one (1) year each, unless either party shall have given to the other at least one hundred and eighty (180) days’ prior written notice of their intention not to renew the Executive’s employment prior to the end of the Employment Period or then applicable renewal term, as the case may be.  

2.

Employment; Duties.   

(a)

General.

Subject to the terms and conditions set forth herein, the Company shall employ the Executive to act for the Company during the Employment Period in the capacity set forth on Schedule A hereto, and the Executive hereby accepts such employment.  The duties and responsibilities of the Executive shall include such duties and responsibilities appropriate to such office as the Company’s Board of Directors (the “Board”) may from time to time reasonably assign to the Executive, as initially specified on Schedule A attached hereto, with such authority and responsibilities, including Company-wide executive, administrative and finance functions as are normally associated with and appropriate for such position.

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(b)

Place of Employment.

  The Executive’s services shall be performed at the Company’s offices located in Canada, USA, or any other Countries, any other locus where the Company now or hereafter has a business facility and at any other location where Executive’s presence is necessary to perform his duties.  The parties acknowledge, however, that the Executive may be required to travel in connection with the performance of his duties hereunder.

1.

Base Salary.  The Executive shall be entitled to receive a salary from the Company during the Employment Period at a rate per year indicated on Schedule A hereto (the “Base Salary”).  Once the Board has established the Base Salary, such Base Salary may be increased on each anniversary of the Effective Date, at the Board’s sole discretion.  The parties expressly agree that what the Executive receives now or in the future, in addition to the regular Base Salary, whether this be in the form of benefits or regular or occasional aid/assistance, such as recreation, club memberships, meals, education for his family, vehicle, lodging or clothing, occasional bonuses or anything else he receives, during the Employment Period and any renewals thereof, in cash or in kind, shall not be deemed as salary.  Bonus.  (a) The Company may pay the Executive an annual bonus (the “Annual Bonus”), at such time and in such amount as may be determined by the Board in its sole discretion.  The Board may or may not determine that all or any portion of the Annual Bonus shall be earned upon the achievement of operational, financial or other milestones (“Milestones”) established by the Board in consultation with the Executive and that all or any portion of any Annual Bonus shall be paid in cash, securities or other property.

(b) The Executive shall be eligible to participate in any other bonus or incentive program established by the Company for executives of the Company.  

2.

Other Benefits

()

Stock Option Grant.

The Executive shall be entitled to receive those stock options under the Company’s 2014 Equity Incentive Plan as specified in Schedule A hereto.  Any additional option grants to the Executive shall be at the option of the Board.

(b)

Insurance and Other Benefits.  During the Employment Period, the Executive and the Executive’s dependents shall be entitled to participate in the Company’s insurance programs and any ERISA benefit plans, as the same may be adopted and/or amended from time to time (the “Benefits”).  

(c)

Vacation.  During the Employment Period, the Executive shall be entitled to an annual vacation of at least that number of working days set forth on Schedule A hereto.

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(d)

Expense Reimbursement.  The Company shall reimburse the Executive for all reasonable business, promotional, travel and entertainment expenses incurred or paid by the Executive during the Employment Period in the performance of Executive’s services under this Agreement, provided that the Executive furnishes to the Company appropriate documentation required by the Internal Revenue Code in a timely fashion in connection with such expenses and shall furnish such other documentation and accounting as the Company may from time to time reasonably request.

3.

Termination; Compensation Due.   The Executive's employment hereunder may terminate, and the Executive’s right to compensation for periods after the date the Executive’s employment with the Company terminates shall be determined. (a)  Voluntary Resignation; Termination without Cause.  

(i) Voluntary Resignation.

The Executive may terminate his employment at any time upon thirty (30) days prior written notice to the Company.  

 (c)

Disability.  The Company shall have the right, but shall not be obligated to terminate the Executive's employment hereunder in the event the Executive becomes disabled such that he is unable to discharge his duties to the Company for a period of ninety (90) consecutive days or one hundred twenty (120) days in any one hundred eighty (180) consecutive day period, provided longer periods are not required under applicable local labor regulations (a "Permanent Disability").  In the event of a termination of employment due to a Permanent Disability, the Company shall be obligated to continue to make payments to the Executive in an amount equal to the then applicable Base Salary for the Severance Period (as defined below) after the Executive’s employment with the Company is terminated due to a Permanent Disability.  A determination of a Permanent Disability shall be made by a physician satisfactory to both the Executive and the Company; provided, however, that if the Executive and the Company do not agree on a physician, the Executive and the Company shall each select a physician and those two physicians together shall select a third physician, whose determination as to a Permanent Disability shall be binding on all parties.

(d)

Death.  The Executive's employment hereunder shall terminate upon the death of the Executive.  The Company shall have no obligation to make payments to the Executive in accordance with the provisions of Sections  or  above, or, except as otherwise required by law or the terms of any applicable benefit plan, to provide the benefits described in Section 5 above, for periods after the date of the Executive's death except for then applicable Base Salary earned and accrued through the date of death, payable to the Executive or his successor.

(e)

Termination for Good Reason.  The Executive may terminate this Agreement at any time for Good Reason.  In the event of termination under this Section (e), the Company shall pay to the Executive severance in an amount equal to the then applicable Base Salary for a period equal to the number of months set forth on Schedule A hereto (the “Severance Period.

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4.

 (f)    Notice of Termination.    Any termination of employment by the Company or the Executive shall be communicated by a written ‘‘Notice of Termination’’ to the other party hereto given in accordance with Section  of this Agreement. 

5.

Confidentiality Covenants.

(a)

The Executive agrees as follows: (1) only to use the Confidential Information to provide services to the Company and its Affiliates; (2) only to communicate the Confidential Information to fellow employees, agents and representatives on a need-to-know basis.

6.

Governing Law/Jurisdiction.  This Agreement and any disputes or controversies arising hereunder shall be construed and enforced in accordance with and governed by the internal laws of the Ontario without regard to the conflicts of laws principles thereof.

7.

Public Company Obligations.  Executive acknowledges that the Company is a public company whose Common Stock has been registered under the US Securities Act of 1933, as amended (the “Securities Act”), and registered under the Exchange Act, and that this Agreement may be subject to the public filing requirements of the Exchange Act.  

8.

Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and thereof and supersedes and cancels (i) any and all previous agreements, written and oral, regarding the subject matter hereof between the parties.

9.

Notices.  All notices, requests, demands and other communications called for or contemplated hereunder shall be in writing and shall be deemed to have been given when delivered to the party to whom addressed or when sent by telecopy (if promptly confirmed by registered or certified mail, return receipt requested, prepaid and addressed) to the parties, their successors in interest, or their assignees at the following addresses, or at such other addresses as the parties may designate by written notice in the manner aforesaid:

(a)

to the Company at:

 330 High Way #7 East, Suite #502, 

Richmond hill, Ontario, L4B 3P8, Canada.

Phone:905-881-1049

Fax: 905-881-2241

Attn: Binnay Sethi

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with a copy to:

Szaferman, Lakind, Blumstein & Blader, P.C.

101 Grovers Mill Road, Second Floor

Lawrenceville, New Jersey 08648

Attn: Gregg E. Jaclin

Fax: (609) 275-4511

(b)

to the Executive at:

Address listed on Schedule A attached hereto.

           47 Brillinger Street, Richmond Hill , ON, Canada, L4B 3P8

           Tel: +416-450-6414      moshiri@panaceaglobalinc.com

10.

Headings.  Headings in this Agreement are for reference purposes only and shall not be deemed to have any substantive effect.

11.

Opportunity to Seek Advice.  The Executive acknowledges and confirms that he has had the opportunity to seek such legal, financial and other advice and representation as he has deemed appropriate in connection with this Agreement, that the Executive is fully aware of its legal effect, and that Executive has entered into it freely based on the Executive’s judgment and not on any representations or promises other than those contained in this Agreement.

12.

Withholding and Payroll Practices.  All salary, severance payments, bonuses or benefits payments made by the Company under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law and shall be paid in the ordinary course pursuant to the Company’s then existing payroll practices.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

[The next page is the signature page]

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 EXECUTIVE:

    /s/ Mahmood Moshiri

Name: Mahmood Moshiri

                                                                  

  

[COMPANY]

By: /s/ Binnay Sethi

Name: Binnay Sethi

Title: Vice-President, Director, 

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Schedule A

1.

Employment Period: 120 calendar months.

2.

Employment 

a.

Title: President, CEO, CFO, COO

b.

Executive Duties: President, CEO, COO , CFO

3.

Base Salary:  $240,000 per year.

4.

Initial Stock Option Grant: Five Hundred Thousands Options  Per Year 

5.

Vacation:  (8) weeks per Year.

6.

Severance Period: Ten Years

7.

Executive Contact Information:

47 Brillinger Street, Richmond Hill , ON, Canada, L4C 8Y5

Phone: +416-450-6414

            moshiri@panaceaglobalinc.com

April 17, 2014

/s/ Mahmood Moshiri

/s/ Binnay Sethi

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