Document:

f10k2010ex10xi_greenchek.htm

Exhibit 10.11

 

CONSULTING AGREEMENT

 

 

This Agreement is made on December 8, 2009 between GreenChek Technologies Inc. (the "Company") and Budget Systems USA (the "Consultant"), and is effective on December 8, 2009.  The Consultant has extensive experience regarding rules and regulations of certifying and/ verifying emissions reduction technologies through various United States governmental agencies and the Company seeks to benefit from the Consultant's expertise by retaining the Consultant as a Verification Process Consultant. The Consultant wishes to perform consulting services for the Company and Consultant’s Scope of Work is attached hereto as Schedule A. Accordingly, the Company and the Consultant broadly agree as follows:

 

	
1.  

	
Services

 

	
a.  

	
The consultant shall provide advice and consulting services to the Company with respect to matters related to the Company’s ERD-2.0 technical product and assisting the Company in becoming a verified technology under California law and the laws and rules administered by the US Environmental Protection Agency (US EPA). The Consultant shall be engaged by the Company as a consultant for the exchange of ideas and under the terms of this Agreement, may direct or conduct research for or on behalf of the Company for the sole purpose of assisting the Company obtaining verification for its technical product.

 

	
2.  

	
Compensation

 

	
a.  

	
Restricted Shares:  For the consulting services provided by the Consultant, the Company shall pay to the Consultant 200,000 restricted shares to be delivered within sixty (60) days of the execution of this Agreement.

 

	
b.  

	
Stock Options:  The Consultant would also be entitled to receive stock options upon the implementation of an Incentive Stock Option Plan by the Company and once certain agreed upon milestones are reached by the Consultant. The number of incentive stock options will be determined at a later date but no later than March 31, 2010.

 

	
3.  

	
Competition

 

The Consultant represents to the Company that the Consultant does not have any agreement to provide consulting services to any other party, firm, or company in the emissions reduction industry on matters relating to the scope of this consultancy, and will not enter into any such agreement during the term of this Agreement.

 

	
4.  

	
Confidentiality

 

	
a.  

	
Either party may disclose to the other party any information that the disclosing party would normally freely disclose to the other members of the emissions reduction technical community at large, whether by publication, by presentation at seminars, or in informal scientific discussions.

 

	
b.  

	
The parties may wish, from time to time, in connection with work contemplated under this Agreement, to disclose confidential information to each other ("Confidential Information"). Each party will use reasonable efforts to prevent the disclosure of any of the other party's Confidential Information to third parties except for matters covering the scope of this Agreement. The recipient may acquire information that pertains to the discloser's processes, equipment, programs, developments, or plans that is both (i) disclosed or made known by the disclosure to the recipient and (ii) identified in writing as "proprietary" by the disclosure. The recipient agrees not to disclose any Confidential Information to third parties or to use any Confidential Information for any purpose other than performance of the services contemplated by this Agreement, without prior written consent of the Company.

 

	
c.  

	
Confidential Information subject to paragraph 4(b) does not include information that (i) is or later becomes available to the public through no breach of this Agreement by the recipient; (ii) is obtained by the recipient from a third party who had the legal right to disclose the information to the recipient; (iii) is already in the possession of the recipient on the date this Agreement becomes effective; (iv) is independently developed by recipient; or (v) is required to be disclosed by law, government regulation, or court order. In addition, Confidential Information subject to paragraph 4(b) does not include information generated by the Consultant unless the information is generated as a direct result of the performance of consulting services under this Agreement.

 

  

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5.  

	
Return of Materials

 

The Consultant agrees to promptly return, following the termination of this Agreement or upon earlier request by the Company, all drawings, tracings, and written materials in the Consultant's possession and (i) supplied by the Company in conjunction with the Consultant's consulting services under this Agreement or (ii) generated by the Consultant in the performance of consulting services under this Agreement.

 

	
6.  

	
Term and Termination

 

	
a.  

	
This Agreement shall be for a term of twelve (12) months, renewable upon reasonable terms and conditions as may be agreed upon by the Company and the Consultant.

 

	
b.  

	
Termination of the Agreement under paragraph 6(a) above shall not affect the Company's obligation to pay for services previously performed by the Consultant or expenses reasonably incurred by the Consultant for which the Consultant is reasonably entitled to reimbursement.

 

	
7.  

	
Miscellaneous

 

	
a.  

	
This Agreement shall inure to the benefit of and be binding upon the respective heirs, executors, successors, representatives, and assigns of the parties, as the case may be.

 

	
b.  

	
The relationship created by this Agreement shall be that of independent contractor, and the Consultant shall have no authority to bind or act as agent for the Company or its employees for any purpose.

 

	
c.  

	
The Company will not use the Consultant's name in any commercial advertisement or similar material used to promote or sell products, unless the Company obtains in advance the consent of the Consultant.

 

	
d.  

	
This Agreement replaces all previous agreements and the discussions relating to the subject matters hereof and constitutes the entire agreement between the Company and the Consultant with respect to the subject matters of this Agreement. This Agreement may not be modified in any respect by any verbal statement, representation, or agreement made by any employee, officer, or representative of the Company, or by any written documents unless it is signed by an officer of the Company and by the Consultant.

 

	
e.  

	
If any term or provision of this Agreement is deemed invalid, contrary to, or prohibited under applicable laws or regulation of any jurisdiction, this Agreement (save only this sentence) shall be invalid.

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement effective the date first stated above.

 

GREENCHEK TECHNOLOGY INC.

BY:   ”Lincoln Parke”   

Name:  Lincoln Parke

Title:    President and CEO

CONSULTANT:

BUDGET SYSTEMS USA

BY:     ”Signed”      

Name:  Consultant

Title:    Principal

 

 

2f10k2010ex10xii_greenchek.htm

Exhibit 10.12

 

English Translation

 

 

 

Loan(s) Initiation Contract

 

(In USD)

 

 

Type of Loan(s) for Application: Bridge Loan(s)

 

 

The Borrower (Party A): GreenChek Technology Inc.

 

Domicile: 2450-101 California Street, San Francisco, CA, USA 94111

 

Principal: Lincoln Parke

 

Tel: (888)775-7579                     Fax: (647)350-6859

 

 

The Lender (Party B): Gold Spread Trading Limited

 

Domicile: 1301 Bank of America Tower, 12 Harcourt Road, Central Hong Kong, SAR, People’s Republic of China

 

Principal: Li Kwok Chan for Asia Success Holdings Limited

 

Tel: (852)2115-9878                   Fax: (852)2115-9818

 

  

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Loan(s) application period is for two years commencing from the date of this contract and retiring on November 27, 2010 whereby Party A may make application to Party B for loan(s) and Party B agrees to grant loan(s) to Party A. In accordance with relevant laws and regulations of Hong Kong, the parties hereby enter into this Loan Initiation Contract after negotiations.

 

Article 1 Amount(s)

 

 Party A may apply to borrow up to USD one hundred thousand (in words) from Party B.

 

Article 2 Purpose(s) of Use

 

Party A shall use the loan(s) for the purpose of working capital, manufacturing or license fee payments, and shall not use such loan(s) for any other purposes without the written consent of Party B.

 

Article 3 Loan(s) Application Term and Loan(s) Rate

 

The loan(s) application term is two years, namely from November 28, 2008 to November 27, 2010.  Loan(s) rate shall be calculated as fixed interest rate, which remains the same during each loan(s) term, and to be determined at such date as when Party A enters into loan(s) agreement with Party B.

 

Article 4 Loan Initiation Fee

 

A one-time loan(s) initiation fee of 3,000,000 restricted shares of Party A’s common stock is payable to Party B due upon execution of this Contract.

 

Article 5 Granting and Drawing of Loan(s)

 

Preconditions for granting loan(s)

 

Unless Party B waives in entirety or in part, Party B shall be obligated to grant the loan(s) only if the following preconditions are satisfied consistently:

 

1. Party A has informed Party B verbally or in writing of its desire to obtain loan(s);

 

2. No default event or circumstance has occurred on previous loan(s) taken out by Party A from Party B;

 

3. There are no relevant laws, regulations, rules or competent authorities prohibiting or restricting Party B from granting the loan(s);

 

Article 6 Rights and Obligations of Party A

 

 I. Rights of Party A

 

(1) Party A has the right to request Party B to grant the loan(s) as agreed under this Contract;

 

(2) Party A has the right to use the loan(s) for purposes provided herein;

 

  

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(3) Party A has the right to apply to Party B for extension(s) provided that conditions set forth by Party B are satisfied;

 

(4) Party A has the right to request Party B to keep relevant financial information and trade secrets with respect to manufacturing and operation provided by Party A confidential, unless otherwise required by laws, regulations and rules and competent authorities or otherwise agreed by the parties;

 

II. Obligations of Party A

 

(1) Party A shall draw loan(s), repay the principal(s) and interest(s) in full;

 

(2) Party A shall, as required by Party B, provide to Party B relevant financial and accounting information as well as information about manufacturing and operation conditions, including but not limited to balance sheet and income statement (statement of revenues and expenditures in case of a public institution) as of the end of the previous quarter within the first ten business days of the first month of each quarter, provide statement of cash flow of relevant year at the year-end in a timely manner, and shall be responsible for authenticity, entirety and validity of information provided by Party A and shall not provide false materials or conceal material operational and financial information from Party B;

 

(3) In the event that Party A changes its registration information such as name, legal representative(s), principal, domicile, business of scope, registered capital or articles of association etc., it shall give written notice with updated information attached to Party B within five business days following such change;

 

(4) Party A shall use the loan(s) for purposes provided herein and shall not appropriate or use the loan(s) for illegal purposes or transactions not in compliance with regulations; Party A shall cooperate with and allow Party B ’s inspection and supervision of its manufacturing, operation and financial activities as well as the use of the loan(s); Party A shall not move funds, transfer assets or otherwise enter into related party transactions for the purposes of avoidance of liability to Party B; nor shall it obtain bank loans or credits by using phantom contracts with related parties or by pledging or cashing-out unsubstantiated trade receivables or account receivables;

 

(5) Party A shall comply with relevant national provisions with respect to environmental protection in the event that it uses the loan(s) for production, manufacturing and other factory-related activities;

 

(6) Party A, without the consent of Party B, shall not provide security for loans of a third party with assets derived from the loan(s) before repayment of principal(s) and interest(s) in full;

 

Article 7 Rights and Obligations of Party B

 

I. Party B has the right to request Party A to repay principal(s), interest(s) and charges of loan(s) on time;

 

II. Party B shall grant loan(s) as agreed hereby, except for delays caused by Party A or due to other causes not attributable to Party B;

 

III. Party B shall keep relevant financial information, trade secrets with regard to manufacturing and operation provided by Party A confidential, unless otherwise required by laws, regulations, rules and competent authorities or otherwise agreed by the parties;

 

  

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IV. Party B shall act in good faith and shall not jeopardize legitimate interests of Party A.

 

Article 8 Dispute Resolution

 

Any dispute arising from performances hereof may be settled through negotiation. In the event that no agreement is reached through negotiation, such disputes shall be settled by the first of the following:

 

	
1.  

	
Filing a lawsuit to the people’s court located in Party B’s domicile;

	
2.  

	
Submitting such dispute to Arbitration Commission (arbitration to be held in Hong Kong) for arbitration in accordance with its rules then in effect. The arbitration award shall be final and binding upon the parties. During the term of lawsuit or arbitration, provisions in loan(s) agreement that are not involved in the dispute shall be performed by the parties.

 

Article 9 Representations

 

I. Party A is fully aware of Party B’s business scope and its authorization.

 

II. Party A has read all the provisions herein. Per Party A’s request, Party B has clarified relevant provisions herein and Party A fully understands and is aware of the meaning and corresponding legal consequences of provisions herein.

 

III. Party A’s execution and performance of this Contract are in compliance with provisions of laws, administrative regulations, rules and its articles of association or internal documents, and have been approved by its internal competent department and/or competent governmental authorities.

 

IV. Conditions precedent to effectiveness: This Contract shall come into effect upon it is signed by the parties or its authorized representative.

 

V. This Contract shall be signed in five counterparts.

 

 

SIGNED, DATED AND DELIVERED as below:

 

Party A: GreenChek Technology Inc.

 

Legal representative or authorized representative (signature): /s/ Lincoln Parke __”Signed”__

 

Date: November 28, 2008 

 

 

 

Party B: Gold Spread Trading Limited

 

Legal representative or authorized representative (signature): /s/ Li Kwok Chan for Asia Success Holdings Limited __”Signed”__

 

Date: November 28, 2008 

 

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