Document:

globalres_ex1001.htm

    
      

    

    Exhibit 10.1

     

    CONSULTING
SERVICES AGREEMENT

     

    THIS
AGREEMENT is made this 1st day
of January,
2010 (the "Effective Date") by and
between Global Resource Corporation, a Nevada corporation with address being
1000 Atrium Way, Atrium One, Suite 100, Mount Laurel, NJ 08054 ("GBRC") and
Brian Ettinger, Individually ("Ettinger) with address being 5120 Woodway Drive,
Suite 5004, Houston, Texas 77056.

     

    BACKGROUND

     

    GBRC
wishes to engage Ettinger to provide general consulting services promoting the
commercialization of the company's technology, identify business opportunities
utilizing the company's patented technologies in the private and public sectors,
including but not limited to obtaining public funds for R&D research,
grants, loan guarantees available to GBRC or other specific tasks requested by
GBRC of Ettinger outside his duties as COB.

     

    Ettinger
wishes to accept such engagement on the terms and conditions set forth
herein.

     

    NOW
THEREFORE, in consideration of the mutual agreements contained herein, the
parties agree as follows:

     

    1.            Services
Provided. Ettinger shall assist GBRC in developing their technology and
products for business opportunities in the U.S. as well as internationally such
as U.S. and NATO military bases, other governmental agencies, Indian Tribe
reservation public lands, as recognized under the Department of Interior Bureau
of Indian Affairs as landfills, as well as internationally with foreign
governments and foreign entities.

     

    If
the CEO determines that it is in the best interest of the company to retain
Ettinger as in-house legal counsel, it will be handled under a separate legal
fee agreement approved by the CEO
of GBRC.

     

    Ettinger
shall provide priority services under the terms of the contract for an expected
minimum of 40 hours per month and additionally as directed from time to time by
the Executive Management team of GBRC during the Term of this Agreement
(collectively, the "Services").

     

    2.            Consideration:

     

    Compensation: The fair market value
established by GBRC on the effective date of execution of this agreement for the
services to be performed by Ettinger are agreed to be valued at 375,000 shares
of GBRC common stock based the effective date of December 15, 2009 approved by
the Board of Directors of which is $0.58 per share, designated during the term
of this agreement. The vesting date established under this agreement based on
market risk factors shall be January 1, 2010, even though the shares will be
issued on a subsequent date. GBRC will issue these Rule 144 restricted shares in
the amount of 375,000 shares on the date of execution of this agreement. GBRC
will issue shares in compliance with SEC Rules and Regulations governing
consulting agreements. GBRC and Ettinger agree that upon mutual agreement they
can extend this agreement for another 12 month term under the same terms and
conditions. Under Section 8 of this Agreement, either party may terminate the
agreement after six months by giving notice to the other party. In addition GBRC
gants Ettinger the right to acquire shares under a stock option of 500,000
shares at a designated price of $0.58 per share which Ettinger can exercise a
portion or the
full amount of the stock option within 24 months under the following vesting
stock option schedule. The fair market date for the stock options is considered
January 1, 2010, and is vested and available to be exercised on the dates
reflected below.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              250,000
      shares 

            	
              July
      1, 2010

            

    

     

    
      	
            	
              250,000
      shares 

            	
              January
      1, 2011

            

    

     

    Under
Ettinger's past Consulting Agreement dated October 1, 2008 and Addendum to
Consulting Agreement entered into April 1, 2008, Ettinger received 500,000 stock
options as follows:

     

    
      	
            	
              100,000
      shares

            	
              Vested
      June 10, 2009 at $2.00 per share

            

    

     

    
      	
            	
              100,000
      shares

            	
              To
      be vested January 10, 2010 at $2.00 per
share

            

    

     

    
      	
            	
              100,000
      shares

            	
              To
      be vested June 10, 2010 at $2.00 per
share

            

    

     

    
      	
            	
              100,000
      shares

            	
              To
      be vested Janury 10, 2010 at $1.10 per
share

            

    

     

    
      	
            	
              100,000
      shares

            	
              To
      be vested June 10, 2010 at $1.10 per
share

            

    

     

    All
these stock options have a 24 month period following the vesting
dates.

     

    This
represents the total compensation GBRC will owe Ettinger. GBRC will issue the
share option in compliance with the SEC rules and regulations.

     

    3.            
Additional
Reimbursement. GBRC agrees to reimburse Ettinger for travel and lodging
incurred on behalf of GBRC, both domestically and internationally. Ettinger will
submit these proposed expenses for pre-approval by GBRC before they are
incurred. GBRC will pay Ettinger within 10 working days after receipt of these
expenses.

     

    4.           
Term. This
Agreement shall commence on the Effective Date and shall continue until December
31, 2010 (the 'Term"), or unless otherwise terminated in accordance with the
provisions set forth in Section 8.

     

    5.            
Proprietary
Rights; Disclosures of Intellectual Property. All work performed under
this Agreement, and all Services, materials, products, deliverables developed or
prepared for GBRC by Ettinger under this Agreement, are the property of GBRC and
all title and interest therein shall vest in GBRC and shall be deemed to be a
Work Made for Hire and made in the course of performing the Services. To the
extent that title to any such works may not, by operation of law, vest in GBRC
or such works may not be considered Works Made for Hire under applicable law,
all rights, title and interest therein are hereby irrevocably assigned to GBRC.
All such materials shall belong exclusively to GBRC, with GBRC having the right
to obtain and to hold in its own name, copyrights, registrations or such other
protection as may be appropriate to the subject matter, and any extensions and
renewals thereof. Ettinger agrees to give GBRC and any person designated by
GBRC, reasonable assistance required to perfect the rights defmed in this
Paragraph without further payment or compensation.

     

    Unless
otherwise requested by GBRC, upon the completion of the Services to be performed
under this Agreement or upon the earlier termination of this Agreement (other
than upon default for non-payment by GBRC that is not later cured either through
written agreement of the parties hereto or through satisfaction by GBRC of a
judgment against it to make such payments), Ettinger shall immediately turn over
to GBRC all materials and deliverables acquired or developed by Ettinger
pursuant to this Agreement.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    6.           Confidential
Information. GBRC and Ettinger each acknowledge the sensitivity of the
subject
matter of this Agreement. Any specifications, drawings, sketches, models,
samples, data, computer programs (including all source code and object code) or
documentation, technical information, methods of operation, GBRC client
information or other business information or confidential information of either
GBRC or Ettinger (the "Confidential Information") and furnished or disclosed by
one party to the other hereunder shall be deemed the property of and, when in
tangible form, shall be returned to the providing party upon completion or
termination of this Agreement. Unless such information was previously known to
the receiving party free of any obligation to keep it confidential, or has been
or is subsequently made public by the providing party or a third party with a
right to disclose such information, it shall be held in confidence by the
receiving party, shall not be disclosed to any third party by the receiving
party, shall be used only for the purposes hereunder, and may be used for other
purposes only upon such terms and conditions as may be mutually agreed upon in
writing; provided,
however, that the receiving party may disclose the Confidential
Information as may be required by law, rule, regulation or court order or
decree, or if the receiving party reasonably determines (following advance
notice to and opportunity to comment by the other party) that such disclosure is
necessary in order to comply with applicable law.

     

    Both
parties acknowledge that disclosure of any Confidential Information by the
receiving party will give rise to irreparable injury to the providing party,
inadequately compensable in damages. Accordingly, the providing party may seek
and obtain injunctive relief against the breach or threatened breach of the
foregoing undertakings, in addition to any other legal remedies which may be
available. Both parties acknowledge and agree that the covenants contained
herein are necessary for the protection of legitimate business interests of the
providing party and are reasonable in scope and content.

     

    Notwithstanding
anything to the contrary, in the event that Ettinger incorporates any of its
Confidential Information into the Services, GBRC shall have the right to use,
disclose and sublicense such Confidential Information.

     

    7.           
Warranty.
The Services provided by Ettinger shall be produced in a workmanlike manner and
shall be rendered by qualified personnel who will perform the tasks assigned
consistent with good professional practice and the state of the art involved.
Ettinger warrants and represents that he has not and shall not grant any rights
to any third parties inconsistent with the provisions of this
Agreement.

     

    EXCEPT
FOR THE LIMITED WARRANTIES SET FORTH IN THIS SECTION 8, ETTINGER MAKES NO
ADDITIONAL WARRANTIES.

     

    8.            Termination
and Cancellation.
Either party may terminate this Agreement anytime
after six months from the effective date of this Agreement with or without cause
or
reason. In the event either party elects to terminate this agreement,
they must give the other party written notice by facsimile or registered mail 30
days before the effective date of termination. In the event of such termination
by GBRC, Ettinger shall retain all Shares previously issued or earned by
Ettinger up to the date of termination. In the event of such termination by
Ettinger, Ettinger shall retain such number of Shares as are pro-rated for such
12 month period to the date of termination. Ettinger must assign all other
Shares to GBRC within 10 days of termination. GBRC grants Ettinger the right to
keep his stock option under this agreement regardless of which party
terminates.

     

    9.           Limitation
of Liability. IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY
FOR ANY SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, WHETHER BASED ON BREACH
OF CONTRACT, TORT (INCLUDING NEGLIGENCE), PRODUCT LIABILITY, OR OTHERWISE, AND
WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.
The parties have agreed that the
limitations specified in this Section 10 will survive and apply even if any
limited remedy specified in this Agreement is found to have failed of its
essential purpose.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    10.   Compliance
with Laws. Ettinger shall comply with all applicable federal and state
laws
and regulations relating in any way to its performance or compensation under
this Agreement.

     

    11.   Applicable
Law. This Agreement shall be deemed to be a contract made under the laws
of
Nevada and for all purposes it, plus any related or supplemental documents and
notices, shall be construed in accordance with and governed by the laws of the
Nevada exclusive of its choice of law rules. Any dispute by either party arising
out of or relating to this Agreement shall be finally settled by binding
arbitration in the State of Delaware or such other place as the parties may
mutually agree, under the Rules of the American Arbitration Association (the
"AAA"), by one (1) or more arbitrators reasonably familiar with the technology
and business covered by this Agreement, appointed by mutual agreement of the
parties. If the parties cannot agree upon an arbitrator, then each shall appoint
one (1) arbitrator and the two (2) arbitrators shall select a third (3rd)
arbitrator. If the arbitrators selected by the parties cannot agree upon the
choice of
a third (3rd) arbitrator within ten (10) days after their nomination,
then the third (3rd) arbitrator shall be appointed by the AAA. The arbitrators
shall apply Nevada law to the merits of
any dispute or claim. No depositions or discovery request shall be
allowed and all parties may make one submission only before a hearing, if one is
requested. The decision of the arbitrators shall be final and binding upon the
parties, shall not be subject to appeal, and shall address the issues of costs
of the arbitration and all matters relating to such arbitration. Judgment on the
award entered by the arbitrators may be entered in any court having jurisdiction
thereof and neither party shall sue the other party except for enforcement of
the arbitrator's decision.

     

    12.   Assignment
and Delegation.

     

    (a) By
Ettinger: Ettinger may not sell, transfer, assign or otherwise convey any
of its rights or obligations under this Agreement to any other person without
the express prior written consent of GBRC. Any such assignment without such
consent shall be null and void.3

     

    (b) By
GBRC: GBRC may not sell, transfer, assign or otherwise convey any of its
rights or obligations under this Agreement to any other person without the
express prior written consent of Ettinger. Any such assignment without such
consent shall be null and void.

     

    13.   Sub-Contractors.
Ettinger may engage or make use of subcontractors for the purpose
of
providing the Services. If GBRC requests these sub-contractors to perform
separate or distinct services in addition to what Ettinger is performing, then
GBRC will enter into an agreement with them directly. If these sub-contractors
are only assisting Ettinger in performing services to GBRC, then Ettinger will
pay them out of his earned compensation.

     

    14.   Notices.
All notices to either party shall be in writing and shall be directed to
the address
stated below (unless notice of an address change is given). Any notices or other
communications so addressed shall be deemed duly served if delivered in person
or sent by certified mail or facsimile, confirmed by certified mail, return
receipt requested.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	If
      to GBRC:	
              GBRC
      INC.

              
                1000
      Atrium Way

                Atrium
      One, Suite 100 Mount Laurel NJ 08054

                Attn:
      Jeff Andrews, CFO

              

            
	 	 
	
              If
      to Ettinger:

            	
              Brian
      Ettinger

              5120
      Woodway Drive, Suite 5004 Houston, Texas 77056

              713.266.1112
      Office

              713.266.8243
      Telefax

            

    

     

    15.           No
Waiver. No failure on the part of either party to exercise, and no delay
in exercising, any right or remedy hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right or remedy hereunder
preclude any other or further exercise thereof or the exercise of any other
right or remedy granted hereby or by any related document or by
law.

     

    16.           Entire
Agreement. This Agreement, including any Schedules hereto and made a part
hereof, constitutes and expresses the entire agreement and understanding between
the parties, on the subject matter herein. All previous discussions, promises,
representations and understandings between the parties relative to this
Agreement, if any, have been merged into this document.

     

    17.           Independent
Contractors. The relationship of the parties is that of independent
contractors. Nothing in the Agreement shall be construed to mean that the
parties are members of any partnership, joint venture, association, syndicate or
other entity or to confer on either party any express, implied or apparent
authority to incur any obligation or liability on behalf of the other
party.

     

    18.           Severability.
In the event that any term or provision of this Agreement is determined to be
unlawful or unenforceable, such term or provision shall be deemed severed from
this Agreement and all remaining terms and provisions of this Agreement shall
remain in full force and effect.

     

    19.            Disclosure.
Both parties acknowledge and agree that it may be necessary for one party to
disclose the fact of the Ettinger's retention, the duties performed and the
compensation paid, should there be proper inquiry from such a source as an
authorized U.S. or state government agency or should either party believe it has
a legal obligation to disclose such information and each party hereby authorizes
any such disclosures.

     

    20.            Amendments.
This Agreement may not be and shall not be deemed or construed to have been
modified, amended, rescinded, canceled or waived in whole or in part, except by
written instrument signed by the parties hereto.

     

    21.            Force
Maieure. Neither party shall be liable to the other party for any delay
in performance or nonperformance of any provision of this Agreement resulting
from state or governmental action; riots, war, acts of terrorism, sabotage,
strikes, lock-outs, prolonged shortage of energy, fire, flood, hurricane,
earthquakes, lightning, and explosion, provided that each party shall promptly
notify the other party of the occurrence of such event and shall estimate the
probable delay resulting therefrom.

     

    22.            Headings.
The headings in this Agreement are inserted for convenience and identification
only and are not intended to describe, interpret, define, or limit the scope,
extent, or intent of this Agreement or any other provision
hereof.

     

    23.            Authority
to Execute. Each party represents and warrants that it has the legal
power and authority
to enter into this Agreement and that it has not made and will not make any
commitments to the other inconsistent with such rights.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    ETTINGER
ACKNOWLEDGES AND UNDERSTANDS THAT THIS CONSULTING AGREEMENT MAY REQUIRE APPROVAL
BY THE BOARD OF DIRECTORS.

     

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

     

    
    

     

    
      	GLOBAL RESOURCE CORPORATION	BRIAN ETTINGER
	 	 
	 	 
	By:  /s/ Jeff
      Andrews                                         
      	By: /s/ Brian
      Ettinger                                               
      
	Name: Mr. Jeff
      Andrews 	Name: Brian
      Ettinger 
	Title:  
      CFO 	 

    

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        6<PAGE>

Exhibit 10.1

                              TERMINATION AGREEMENT

      THIS TERMINATION AGREEMENT (this "AGREEMENT") is made as of January 5,
2010, by and among Ivivi Technologies, Inc. a New Jersey corporation (the
"COMPANY"), Ivivi Technologies, LLC, a Delaware limited liability company (the
"BUYER") and the other parties listed on the signature pages hereto (each, a
"SHAREHOLDER" and collectively, the "SHAREHOLDERS"). Capitalized terms used but
not otherwise defined herein shall have the respective meanings ascribed to such
terms in the Voting Agreement (as defined below).

      WHEREAS, the Company, Buyer and Stockholders are parties to that certain
Voting Agreement (the "VOTING AGREEMENT"), dated as of September 24, 2009; and

      WHEREAS, in connection with that certain Memorandum of Understanding,
dated January 5, 2010, by and among Law Offices of James V. Bashian, P.C. Gardy
& Notis, LLP, Lowenstein Sandler P.C. and Ferro Labella & Zucker LLC, the
Company, Buyer and Stockholders desire to terminate the Voting Agreement,
effective as of the date hereof.

      NOW, THEREFORE, in consideration of the foregoing premises, the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

      1.    TERMINATION. The Voting Agreement is hereby terminated in all
respects and the parties thereto shall have no further obligations to each other
thereunder.

      2.    ENTIRE AGREEMENT. This Agreement constitutes the entire agreement by
and among the parties hereto with respect to the subject matter hereof, there
being no other written, oral or other agreements or understanding between the
parties regarding the subject matter hereof.

      3.    COUNTERPARTS. This Agreement may be executed in counterparts (which
may be exchanged by facsimile), each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written.

                                              IVIVI TECHNOLOGIES, INC.

                                              By: /s/ Andre' A. DiMino
                                                 ----------------------------
                                                 Name:  Andre' A. DiMino
                                                 Title: Executive Vice President

                                              IVIVI TECHNOLOGIES, LLC

                                              By: /s/ Steven M. Gluckstern
                                                 ----------------------------
                                                 Name:  Steven M. Gluckstern
                                                 Title: Managing Member

                                              ADM TRONICS UNLIMITED, INC.

                                              By: /s/ Andre' A. DiMino
                                                 ----------------------------
                                                 Name:  Andre' A. DiMino
                                                 Title: President

                                                  /s/ Andre' A. DiMino
                                                 ----------------------------
                                                 Andre A. DiMino

                                                  /s/ David Saloff
                                                 ----------------------------
                                                 David Saloff

                                                  /s/ Arthur Pilla, Ph.D.
                                                 ----------------------------
                                                 Arthur Pilla, Ph.D.

                                                  /s/ Berish Strauch, M.D.
                                                 ----------------------------
                                                 Berish Strauch, M.D.

<PAGE>

                                                  /s/ Sean Hagberg, Ph.D.
                                                 ----------------------------
                                                 Sean Hagberg, Ph.D.

                                                  /s/ Ed Hammel
                                                 ----------------------------
                                                 Ed Hammel

                                              KENNETH S. ABRAMOWITZ & CO.

                                              By: /s/ Kenneth S. Abramowitz
                                                 ----------------------------
                                                 Name:  Kenneth S. Abramowitz
                                                 Title: President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]