Document:

ex102.htm

    Exhibit
10.2

     

    INDEMNIFICATION
AND MUTUAL RELEASE

    

    This Indemnification and Mutual Release
(this “Indemnification and Release”), dated as of November 25, 2008, and
effective as of April 1, 2008, is being executed and delivered as part of the
transactions contemplated by (i) the Rescission Agreement (the “GRDB Rescission
Agreement”), dated as of the date hereof, by and among Global Roaming
Distribution, Inc., a Florida corporation (the "Company"), Global Roaming Inc.
(“GRI”), a Nevada corporation, and certain Holders, (ii) the Rescission
Agreement (the “Cubic Rescission Agreement”), dated as of the date hereof, by
and between GRI and Cubic Telecom Limited, an Ireland
corporation (“Cubic”), and the (iii) Escrow Agreement, dated as of the date
hereof, by and among, the Company, GRI, Cubic, the Holders, and Sichenzia Ross
Friedman Ference LLP, as escrow agent (the Indemnification and Release, the GRDB
Rescission Agreement, the Cubic Rescission Agreement, and the Escrow Agreement,
collectively, the “Transaction Documents”).  The Company, GRI, Cubic,
and the Holders may be referred to herein individually as a "Party" and together
as the "Parties."

    

    Each of the undersigned acknowledges that the
Parties are expressly relying on this Indemnification and Release in
consummating the transactions contemplated by the Transaction Documents, and
would not consummate such transactions but for this Indemnification and
Release.

    

    Each of the undersigned, for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, intending to be legally bound, hereby jointly and severally agrees
as follows:

    

    1.           Indemnification.

    

    (a)           The
Company agrees to indemnify GRI and Cubic, and hold them harmless from and in
respect of any assessment, loss, damage, liability, cost and expense (including,
without limitation, interest, penalties, and reasonable attorneys’ fees) imposed
upon or incurred by GRI and Cubic resulting from (i) any breach of
representation or warranty, in any material respect, made by the Company in the
Transaction Documents, and (ii) any breach by the Company of any covenant,
obligation or other agreement made by the Company in the Transaction
Documents.  Assertion by a Party of its rights to indemnification
under this Section 1 shall not preclude any other rights or remedies of the
Party in respect thereof.

    

    (b)           GRI and
Cubic agree to indemnify the Company, and hold it harmless from and in respect
of any assessment, loss, damage, liability, cost and expense (including, without
limitation, interest, penalties, and reasonable attorneys’ fees) imposed upon or
incurred by the Company resulting from (i) any breach of representation or
warranty, in any material respect, made by GRI and Cubic in the Transaction
Documents, and (ii) any breach by GRI and Cubic of any covenant, obligation or
other agreement made by GRI and Cubic in the Transaction
Documents.  Assertion by a Party of its rights to indemnification
under this Section 1 shall not preclude any other rights or remedies of the
Party in respect thereof.

    

    (c) Cubic
agrees to indemnify GRI and the Company, and hold them harmless from and in
respect of any assessment, loss, damage, liability, cost and expense (including,
without limitation, interest, penalties, and reasonable attorneys’ fees) imposed
upon or incurred by GRI or the Company resulting from (i) any breach of
representation or warranty, in any material respect, made by Cubic in the
Transaction Documents, and (ii) any breach by Cubic of any covenant, obligation
or other agreement made by Cubic in the Transaction
Documents.  Assertion by a Party of its rights to indemnification
under this Section 1 shall not preclude any other rights or remedies of the
Party in respect thereof.

    

    (c) The Holders, severally and not
jointly, agree to indemnify the Company, and hold it harmless from and in
respect of any assessment, loss, damage, liability, cost and expense (including,
without limitation, interest, penalties, and reasonable attorneys’ fees) imposed
upon or incurred by the Company resulting from any breach of representation or
warranty, in any material respect, made by such Holder in the Transaction
Documents.  Assertion by a Party of its rights to indemnification
under this Section 1 shall not preclude any other rights or remedies of the
Party in respect thereof.

    

    (d) GRI
agrees to indemnify Cubic, and hold it harmless from and in respect of any
assessment, loss, damage, liability, cost and expense (including, without
limitation, interest, penalties, and reasonable attorneys’ fees) imposed upon or
incurred by Cubic resulting from (i) any breach of representation or warranty,
in any material respect, made by GRI in the Transaction Documents, and (ii) any
breach by GRI of any covenant, obligation or other agreement made by GRI in the
Transaction Documents.  Assertion by a Party of its rights to
indemnification under this Section 1 shall not preclude any other rights or
remedies of the Party in respect thereof.

    

    (e)  If
any claim, action or proceeding is brought against a Party arising out of a
claim that is the subject of indemnification under the Transaction Documents
(“Indemnified Party”), the Indemnified Party shall provide the other party
(“Indemnifying Party”) prompt written notice of the same, together with the
basis for seeking indemnification (the “Indemnification Notice”).  Upon
receipt of an Indemnification Notice by the Indemnifying Party, the Indemnifying
Party shall inform the Indemnified Party (delivering the Indemnification
Notice), within 5 business days after receipt of the Indemnification Notice,
whether the Indemnifying Party elects to compromise or defend such claim, action
or proceeding.   The Indemnifying Party shall have the right, at its
option, to compromise the claim, at its own expense.  In the event the
Indemnifying Party elects to defend, the Indemnified Party shall have the right
to control the defense of any claim brought against him or her that is the
subject of this indemnification.  All costs and expenses incurred,
including legal fees, in connection with the compromise or defense of any claim
in which the breach by an Indemnifying Party was the cause of the loss shall be
paid by the Indemnifying Party. 

     

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
 

    2.           Release of
Claims.  Each Party, in consideration of the agreements and
other good and valuable consideration, including but not limited to the
execution of this Indemnification and Release, hereby releases and discharges
each of the other Parties, and each of their current and former heirs,
executors, administrators, predecessors, successors, affiliates, assigns, agents
and attorneys (collectively the “Releasees”), of and from and any all actions,
causes of action, suits, debts, dues, sums of money, accounts, reckonings, bond
bills, specialties covenants, contracts. controversies, agreements, promises,
damages, judgments, extents, executions, claims, demands, rights, obligations,
attorneys’ fees, costs, rights and duties, and liabilities of any nature
whatsoever, in law or equity under the laws of the United States or the laws of
any state, nation or entity anywhere in the world which against the RELEASEES,
each of the Parties and such Party’s heirs, executors, administrators,
predecessors, successors, affiliates, assigns, agents and attorneys ever had,
now have or hereafter can, shall or may have, or may claim to have against the
RELEASEES (whether directly or indirectly), or any of them, for, upon, or by
reasons of any matter, cause or thing whatsoever, whether known or not known,
from the beginning of the world to the day of the date of this Indemnification
and Release related solely to the Exchange Agreement (as defined in the GRDB
Rescission Agreement) or the Cubic Exchange (as defined in the Cubic Rescission
Agreement) and the transactions contemplated thereby; provided however that
nothing herein contained shall constitute a release of claims arising under the
Transaction Documents, among the Parties and RELEASEES, and the instruments
entered into pursuant thereto by each of Parties and each of
RELEASEES.

    

    3.           Expenses.  All
fees and expenses incurred by the parties in connection with the transactions
contemplated by this Indemnification and Release shall be borne by the
respective parties hereto.

    

               4.           Further
Assurances.  From time to time, at a Party’s request and
without further consideration, the other party, at the requesting party’s
expense, will execute and transfer such documents and will take such action as
may reasonably be requested in order to effectively consummate the transactions
contemplated herein.

    

               5.           Parties in
Interest.  All the terms and provisions of this Indemnification
and Release shall be binding upon, shall inure to the benefit of, and shall be
enforceable by the prospective heirs, beneficiaries, representatives, successors
and assigns of the Parties hereto.

    

    6.           Entire Agreement.
This Indemnification and Release supersedes all prior agreements and
understandings between the parties with respect to the subject matter
hereof.  This Indemnification and Release shall not be amended except
by a writing signed by all Parties or their respective successors or
assigns.

    

    7.           Headings.  The
section and paragraph headings contained in this Indemnification and Release are
for reference purposes only and shall not affect in any way the meaning or
interpretations of this Agreement.

    

    8.           Governing
Law.  For all purposes this Indemnification and Release will be
governed exclusively by and construed and enforced in accordance with the laws
of the State of New York and the Courts prevailing in the State of New
York.

    

    9.           Effect.  In
the event any portion of this Indemnification and Release is deemed to be null
and void under any state, provincial, or federal law, all other portions and
provisions not deemed void or voidable shall be given full force and
effect.

    

    10.                      Counterparts.  This
Indemnification and Release may be executed in one or more counterparts and by
transmission of a facsimile or digital image containing the signature of an
authorized person, each of which shall be deemed and accepted as an original,
and all of which together shall constitute a single instrument.  Each
Party represents and warrants that the person executing on behalf of such party
has been duly authorized to execute this Indemnification and
Release.

    

    [Signature Page
Follows]

     

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    

    IN WITNESS WHEREOF, the undersigned
have executed and delivered this Indemnification and Release as of the date
first above written.

    

    GLOBAL
ROAMING DISTRIBUTION, INC.

    

    

    By:  _/s/ Yakov
Sarousi_____________

    Name:
Yakov Sarousi

    Title:
Chief Executive Officer

    

    

    GLOBAL
ROAMING INC.

    

    By:  _/s/ Yakov
Sarousi_____________

    Name:
Yakov Sarousi

    Title:
Chief Executive Officer

    

    CUBIC
TELECOM LIMITED

    

    

    By:
_/s/ Pat
Phelan_     _____________

    Name:
Patrick Phelan

    Title:
Chief Executive Officer

    

    

    

    THE
HOLDERS:

    

    

    /s/ Michael
Thaler_________________

    Michael
Thaler

     

    /s/ Yakov
Sarousi_________________

    Yakov
Sarousi

    

     

    /s/ Jenny
Callicott_________________

    Jenny
Callicott

    

    

    

    

    3ex103.htm

    Exhibit 10.3

     

    SETTLEMENT AGREEMENT AND
MUTUAL GENERAL RELEASE

    

    

    This
SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE (hereinafter referred to as the
“Agreement”) is made and entered into by Goldrange Trading Ltd. (“Claimant”) and
Global Roaming Distribution, Inc. (“GRDB”), (collectively “Parties”) for the
following purpose and with reference to the following facts:

    

    A.           “Releasee”
is defined herein as GRDB and includes Global Roaming, Inc., an affiliate of
GRDB as of the execution of this Agreement.

    

    B.           The
Parties hereto are involved in a dispute concerning the purchase of SIM cards as
evidenced by the invoice attached hereto as Exhibit
A (“Purchase Order”).  Wherein, Claimant alleges that the
Releasee failed to deliver on time and completely the SIM cards paid for in the
amount of $450,000.

    

    C.           Releasee
has delivered to Claimant 554 SIM cards with a total value of
$55,400.

    

    D.           Releasee
has informed Claimant that it is not able to deliver the balance of the order as
a result of Releasee’s financial condition.

    

    E.           Releasee
has offered to provide Claimant a refund of $394,600 in the form of a
convertible promissory note in substantially the same form as attached hereto as
Exhibit
B (“Note”).

    

    F.           With
this Agreement, the parties and each of them intend to release and discharge
each other, collectively and individually, of and from any and all rights,
duties, obligations, claims, demands, causes of action, damages, loss, costs,
attorneys’ fees and expenses of any kind or nature whatsoever, known or unknown,
which the parties, and each of them, have against any or all of each other by
reason of the Purchase Order, as well as any and all matters known, unknown or
discoverable at the time of this Agreement.  This Agreement is
intended to mutually discharge Claimant and Releasee from any liability, known
or unknown, relating to, arising out of, associated with and/or in any manner
connected with the Purchase Order pursuant to the full and timely performance of
the following terms and conditions in the manner prescribed herein.

    

    NOW
THEREFORE, for good and valuable consideration, including the general release
described and contained below, and the compromise, settlement of all claims
asserted by the parties to this Agreement each hereby agrees as
follows:

    

    
      	
              1.  

            	
              Releasee
      represents and warrants that each of the 2,500 SIM cards paid for by
      Claimant on the Purchase Order carried an airtime of $100, and that of the
      2500 SIM cards, 554 SIM cards have been delivered.  Immediately
      prior to the execution of this Agreement, the balance of the Purchase
      Order included 1,996 SIM cards and related services for all 2,500 SIM
      Cards that were not delivered.

            

    

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              2.  

            	
              As consideration and payment in
      full and complete settlement of all claims, actions, causes of
      action, demands, rights, damages, costs, loss of service, expenses,
      compensation, charges, demands, and/or obligations whatsoever that
      Claimant has or may have as to Releasee, arising out of the Purchase
      Order, Releasee shall deliver to Claimant the
  Note.

            

    

    

    
      	
              3.  

            	
              In
      consideration of, and upon receipt of the Note, and for other valuable
      consideration, the Parties shall forego any rights they have or may have
      against each other now and in the
future.

            

    

    

    
      	
              4.  

            	
              Each
      party shall bear its own attorney’s fees and
  costs.

            

    

    

    
      	
              5.  

            	
              This
      Agreement shall not be construed in any way as an admission by any party
      of any unlawful or wrongful acts against, or other liability whatsoever to
      each other or any other person.  All parties specifically
      disclaim any liability to, or wrongful acts against each other or any
      other person on the part of themselves, their agents, representatives or
      successors-in-interest and assigns.

            

    

    

    
      	
              6.  

            	
              Except
      as set forth herein, each party to this Agreement does hereby, for
      themselves and for their heirs, successors, assigns, legal or other
      representatives, executors, agents, attorneys, administrators,
      successors-in-interest, irrevocably and unconditionally release, acquit
      and forever discharge each other, their heirs, legal or other
      representatives, executors, agents attorneys, administrators,
      successors-in-interest, employees, owners and assigns, and each of them,
      from any and all administrative claims, lawsuits, claims, actions, demands
      or other legal responsibilities of any kind which they may have based on
      or arising out of the Purchase
Order.

            

    

    

    Without
in any way limiting the generality of the foregoing language, this release shall
include all claims arising out of the Purchase Order, or the incidents leading
to this dispute, or any occurrences, acts, omissions, transactions or policies,
which were or could have been asserted hereunder, and other federal or state
common law or any other federal, state or local statute, law, regulation or
ordinance pursuant to said claims.  In addition, each party also
waives any right to recover any relief as a result of any such proceeding, any
administrative proceeding, or any proceeding initiated on their
behalf.  The parties acknowledge and agree that this release is an
essential and material term of this Agreement and without such release no
settlement would have been reached by the parties.

    

    
      	
              7.  

            	
              For
      the purpose of implementing a full and complete release and discharge of
      each party, the parties expressly acknowledge that this Agreement is also
      intended to include in its effect, without limitation, all presently
      existing claims which they do not know or suspect to exist in their favor
      at the time of the execution hereof, and that this Agreement contemplates
      the extinguishment of any such claim or claims arising out of the Purchase
      Order.  In this connection, the parties expressly waive and
      relinquish all rights and benefits to claims which the creditor does not
      know or suspect to exist in his or her favor at the time of executing the
      release, which if known by him or her must have materially affected his or
      her settlement with the debtor.

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              8.  

            	
              The
      parties warrant that they have not assigned to any other person or entity
      the claims which may be the subject of a complaint or this
      Agreement.

            

    

    

    
      	
              9.  

            	
              In
      the event of any claim, counter-claim, action or litigation involving the
      parties to this Agreement to enforce any provision of this Agreement, to
      enforce any remedy available upon default under this Agreement, or to seek
      a declaration of the rights of that party under this Agreement, the
      prevailing party shall be entitled to recover from the other such party
      its attorney’s fees and costs as may be reasonably incurred, including the
      costs of reasonable investigation, preparation and professional or expert
      consultation incurred by reason of such
  litigation.

            

    

    

    
      	
              10.  

            	
              No
      waiver by any party of any breach of any term or provision of this
      Agreement shall be construed to be, nor be a waiver of any proceeding,
      concurrent or succeeding breach of the same, or any other term or
      provision thereof.  No waiver shall be binding unless in writing
      and signed by an authorized representative of party against whom the
      waiver would be asserted.

            

    

    

    
      	
              11.  

            	
              Should
      any part of this Agreement be declared invalid, void or unenforceable, all
      remaining parts shall remain in full force and effect and shall in no way
      be invalidated or affected.

            

    

    

    
      	
              12.  

            	
              Each
      party hereto shall be responsible for any tax liability incurred by that
      party as a result of this Agreement, if
any.

            

    

    

    
      	
              13.  

            	
              This
      Agreement contains the entire agreement of the parties regarding the
      subject matter of this Agreement.  Any prior agreements,
      promises, negotiations, expressly set forth in this Agreement, whether by
      additions, deletions, waivers, amendments or modifications, may only be
      made in writing, signed by the
parties.

            

    

    

    
      	
              14.  

            	
              This
      Agreement can be modified only by a writing signed by all of the
      parties.

            

    

    

    
      	
              15.  

            	
              Each
      of the parties hereto has been involved in the negotiation, drafting,
      review and execution of this Agreement; and each has had the opportunity
      to receive independent legal advice from an attorney or attorneys of its
      choice with respect to the advisability of making and executing this
      Agreement.  In the event of any dispute or controversy regarding
      this Agreement, the parties hereto shall be considered to be the joint
      authors of this Agreement and no provision shall be interpreted against a
      party hereto because of authorship.

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              16.  

            	
              This
      Agreement may be executed in one or more counterparts, each of which shall
      be deemed an original, but all of which together shall constitute one and
      the same instrument and if an original signature is affixed by a Party to
      a counterpart of this Agreement, and a facsimile of such originally
      executed counterpart signature is thereafter telecopied to a Party or
      Parties attorney of record, the telecopied facsimile shall be afforded the
      same validity as the originally executed
  counterpart.

            

    

    

    
      	
              17.  

            	
              The
      Parties represent and warrant that they have not filed, and agree that
      they will not file, any complaint, claim, demand, or grievance regarding
      the subject matter of this Agreement, or institute any other proceedings,
      including but not limited to an action for malicious prosecution, against
      any other party to this Agreement and the persons and entities released,
      their employees, officers, shareholders, insurers, brokers, agents,
      principals or attorneys in connection with the allegations released,
      including but not limited to any civil or administrative actions or claims
      with any professional organization, governmental agency, private entity
      and/or any other Federal, State or Local governmental
      authority.

            

    

    

    This
Agreement is made and entered into in the State of New York and shall be in all
respects be interpreted, enforced, and governed by New York law excepting
conflict of laws provisions.  By signing this Agreement, the Parties
select New York County, New York, as the proper and sole venue for any action
filed to enforce, construe, or interpret this Agreement.

    

    PLEASE
READ CAREFULLY: This Settlement Agreement and General Release includes a release
of all known and unknown claims.

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Settlement Agreement and Mutual General
Release.

     

    
      
        	 	GLOBAL
      ROAMING DISTRIBUTION, INC.	 
	 	 	 	 
	
                Dated:
      November 25, 2008   

              	
                By:
      

              	/s/ Yakov
      Sarousi 	 
	 	 	Name:
      Yakov Sarousi	 
	 	 	Title:  CEO	 
	 	 	 	 

      

    

     

    
      
        	 	GOLDRANGE
      TRADING LTD.	 
	 	 	 	 
	
                Dated:
      November 25, 2008 

              	
                By:
      

              	/s/ M.
      Gold 	 
	 	 	Name:
      M. Gold	 
	 	 	Title:  Director	 
	 	 	 	 

      

    

     

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
A

    INVOICE

     

    

     

    
      	 
      	
              BILL
      TO

            	 
      	
              SHIP
      TO

            	
              Goldrange
      Trading Ltd.

              5
      Cranwich Road N6

              London,
      England

               

               

               

            	
              Invoice
      #

            	
              100
      CTD

            
	
              Invoice
      Date

            	
              004/2008

            
	
              Contract
      #

            	
              CTD001

            
	 
      
	
              Date

            	
              Your
      Order #

            	
              Our
      Order #

            	
              Sales
      Rep.

            	
              COTR

            	
              Ship
      Via

            	
              Terms

            	
              payment
      by:

            
	
              04/08

            	
              100CTD

            	
              10001

            	
              LSH

            	 
      	 
      	
              Pre-paid

            	
              wire

            
	 
      
	
              Qty

            	
              Item

            	 
      	
              Description

            	 
      	
              Taxable

            	
              Unit
      Price

            	
              Total

            
	
              1

            	 
      	 
      	
              Reseller
      WEB SITE

            	 
      	 
      	
              $50,000

            	
              $50,000

            
	
              2500

            	
              CelTrek
      SIMs

            	 
      	
              World
      wide SIM Card

            	 
      	 
      	
              20.00

            	
              $50,000

            
	 
      	
               Hosting

            	 
      	
              Web
      Site Hosting service 1 year

            	 
      	 
      	
              10,000

            	
              $10,000

            
	 
      	
              Airtime

            	 
      	
              $100
      applied to each SIM

            	 
      	 
      	
              $100

            	
              $250,000

            
	
              2500

            	
              DID

            	 
      	
              Phone
      number per SIM $2 each/6 months

            	 
      	 
      	
              $12

            	
              $30,000

            
	 
      	
              Customer
      Support

            	 
      	
              $2.50
      per SIM per month for 12 months

            	 
      	 
      	
              $5000
      month

            	
              $60,000

            
	
              Payable  by
      credit card by Electronic Funds Transfer to:

               

              CelTrek
      Global Roaming, Inc.

              Routing
      Number:  121000248

              Account
      Number:  3725151108

              Wells
      Fargo Bank

              2959
      College Ave.

              Berkeley,
      CA  94705

              510
      649 3620

               

              CelTrek
      offices:

              20801
      Biscayne Blvd.  #101 Miami
      FL  33180   305 249 3121

               

               

            	
              Subtotal

            	
              $450,000

            
	
              Tax

            	
              0

            
	
              Shipping
      and Handling

            	 
      
	
              Miscellaneous

            	 
      
	
              Balance
      due in full before shipment

            	
              $450,000

               

            

    

    
      	 
      

    

    
      	 
      

    

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

     

    

    EXHIBIT
B

    CONVERTIBLE
NOTE

    

    

    Please
refer to Exhibit 10.4 of this Form 10-Q.

     

     

     

     

     

     

     

     

     

    6

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