Exhibit 10.36
 
IRREVOCABLE TRANSFER AGENT INSTRUCTIONS
 
December 15, 2011
 
Empire Stock Transfer Inc.
1859 Whitney Mesa Dr.
Henderson, NV, 89014
 
RE:    Medical Care Technologies Inc.
 
Ladies and Gentlemen:
 
Reference is made to that certain Convertible Debenture (the "Convertible
Debenture"), dated the date hereof, by and between Medical Care Technologies,
Inc., a corporation organized under the laws of Nevada (the "Company"), and the
Holders set forth on Schedule I attached thereto (collectively the "Holder"),
pursuant to which the Holder has loaned certain amounts to the Company, which
shall be convertible into shares of the Company's common stock, par value
$.00001 per share (the "Common Stock"). The shares of Common Stock to be
converted thereunder plus interest which may be converted into Common Stock and
any Liquidated Damages, which may be converted into Common Stock thereunder are
referred to herein as the "Conversion Shares." This letter shall serve as our
irrevocable authorization and direction to you (provided that you are the
transfer agent of the Company at such time) to issue the Conversion Shares in
shares of the Company's Common Stock, in the event the Holder has elected to
have the interest of the Convertible Debenture, paid in Common Stock (the
"Interest Shares"), to the Holder from time to time upon surrender to you of a
properly completed and duly executed Conversion Notice, in the form attached
hereto as Exhibit I, delivered on behalf of the Company by Jonathan D. Leinwand,
P.A..
 
Specifically, upon receipt by the Company of a copy of a Conversion Notice, the
Company shall, as soon as practicable, but in no event later than one (1)
Trading Day (as defined below) after receipt of such Conversion Notice, send,
via facsimile a Conversion Notice, which such document shall constitute an
irrevocable instruction to you to process such Conversion Notice in accordance
with the terms of these instructions. Upon your receipt of a copy of the
executed Conversion Notice, you shall use your best efforts to, within three (3)
Trading Days following the date of receipt of the Conversion Notice, (A) issue
and surrender to a common carrier for overnight delivery to the address as
specified in the Conversion Notice, a certificate, registered in the name of the
Holder or its designee, for the number of shares of Common Stock to which the
Holder shall be entitled as set forth in the Conversion Notice ("Trading Day"
shall mean any day on which the Nasdaq Market is open for customary trading.)
 
 
 

--------------------------------------------------------------------------------

 
 
The Company hereby confirms to you and the Holder that certificates representing
the Conversion Shares, the Interest Shares and/or the Liquidated Damages Shares
shall not bear any legend restricting transfer of the Conversion Shares thereby
and should not be subject to any stop-transfer restrictions and shall otherwise
be freely transferable on the books and records of the Company provided that the
Company counsel delivers an opinion of counsel in the form set forth in attached
hereto, and that if the Conversion Shares, the Interest Shares, and/or the
Liquidated Damages Shares are not registered for sale under the Securities Act
of 1933, as amended, or not eligible for resale pursuant to Rule 144, then the
certificates for the Conversion Shares shall bear the following legend:
 
"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE
SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A FORM REASONABLY
ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID
ACT."
 
The Company hereby confirms and you acknowledge that in the event Counsel to the
Company does not issue an opinion of counsel as required to issue the Conversion
Shares and the Interest Shares free of legend the Company authorizes and you
will accept an opinion of Counsel from Jonathan D. Leinwand, P.A.
 
The Company hereby confirms that 40 million shares shall be reserved for
issuance pursuant to the conversion requests as referred to herein and that 30
million shares shall be issued in Escrow to Jonathan D. Leinwand, P.A. as Escrow
Agent.
 
The Company hereby confirms to you and the Holder that no instructions other
than as contemplated herein will be given to you by the Company with respect to
the Conversion Shares or the Interest Shares. The Company hereby agrees that it
shall not replace you as the Company's transfer agent without the prior written
consent of the Holder.
 
Unless the Company is in breach of its agreement with the Transfer Agent, any
attempt by the Transfer Agent to resign as the Company's transfer agent
hereunder shall not be effective until such time as the Company provides to the
Transfer Agent written notice that a suitable replacement has agreed to serve as
transfer agent and to be bound by the terms and conditions of these Irrevocable
Transfer Agent Instructions.
 
 
 

--------------------------------------------------------------------------------

 
 
The Company and you hereby acknowledge and confirm that complying with the terms
of this Agreement does not and shall not prohibit you from satisfying any and
all fiduciary responsibilities and duties it may owe to the Company.
 
The Company and you acknowledge that the Holder is relying on the
representations and covenants made by the Company and you hereunder and are a
material inducement to the Holder purchasing convertible debentures under the
Securities Purchase Agreement. The Company and you further acknowledge that
without such representations and covenants of the Company and you made
hereunder, the Holder would not enter into the Securities Purchase Agreement and
purchase convertible debentures pursuant thereto.
 
Each party hereto specifically acknowledges and agrees that in the event of a
breach or threatened breach by a party hereto of any provision hereof, the
Holder will be irreparably damaged and that damages at law would be an
inadequate remedy if these Irrevocable Transfer Agent Instructions were not
specifically enforced. Therefore, in the event of a breach or threatened breach
by a party hereto, including, without limitation, the attempted termination of
the agency relationship created by this instrument, the Holder shall be
entitled, in addition to all other rights or remedies, to an injunction
restraining such breach, without being required to show any actual damage or to
post any bond or other security, and/or to a decree for specific performance of
the provisions of these Irrevocable Transfer Agent Instructions.
 
IN WITNESS WHEREOF, the parties have caused this letter agreement regarding
Irrevocable Transfer Agent Instructions to be duly executed and delivered as of
the date first written above.
 

COMPANY:   THE FOREGOING INSTRUCTIONS ARE ACKNOWLEDGED AND AGREED TO
THIS 15th DAY OF DECEMBER, 2011
  MEDICAL CARE TECHNOLOGIES INC.           EMPIRE STOCK TRANSFER              
By:
 /s/ Ning C. Wu
  By: /s/ Matthew Blevins   Name: Ning C. Wu   Name:
Matthew Blevins
  Title:     Title: VP                          

 
 
 
 

--------------------------------------------------------------------------------

 
 
 
SCHEDULE I
 
SCHEDULE OF HOLDERS
 
 

Name Signature
Address/Fascimile
Number of Holder
      Long Side Ventures LLC   1800 Ocean Blvd.. PH2   By:Ben Kaplan Hallandale
Beach, FL 33309   Its:  Managing Member       Facsimile:

 
 
 

--------------------------------------------------------------------------------

 
 
EXHIBIT I
 
TO IRREVOCABLE TRANSFER AGENT INSTRUCTIONS
 
FORM OF CONVERSION NOTICE
 
NOTICE OF CONVERSION
(To be executed by the Holder in order to Convert the Note)
 
TO:
 
The undersigned hereby irrevocably elects to convert
$                                 of the principal amount of the above Note into
Shares of Common Stock of Medical Care Technologies., according to the
conditions stated therein. as of the Conversion Date written below.
 

Conversion
Date:                                                       ______________________________________

Applicable Conversion
Price:                                  ______________________________________

Signature:                                                                   
______________________________________
 
Name:                                                                         
 ______________________________________

Address:                                                                    
______________________________________

Amount to be
converted:                                         $_____________________________________

Amount of Note
unconverted:                                $_____________________________________

Conversion Price per
share:                                     $_____________________________________

Number of  shares to be
issued:                              ______________________________________

Amount of Interest
Converted:                               $_____________________________________

Conversion Price per
share:                                     $_____________________________________

Number of  shares of to be issued:                       
 ______________________________________

Please  issue  the  shares  of  to:                              ______________________________________

Issue to:                                                                     
______________________________________

Authorized Signature:                                             
 ______________________________________

Name:                                                                          
______________________________________

Title:                                                                           
 ______________________________________

Phone
Number:                                                           ______________________________________

Broker DTC Participant
Code:                                  ______________________________________

Account
Number:                                                      ______________________________________