Document:

globalres_s1a4-ex1034.htm

    Exhibit
10.34

     

    
      

       

      CONSULTING
AGREEMENT

       

      THIS
AGREEMENT ("Agreement") is dated April
6th,
2009 (the "Effective Date"), by and
between GLOBAL RESOURCE CORPORATION, a Nevada corporation (the "Company"), and LP (Origination) Limited
(formerly called Chesilton Consultancy Limited) a company incorporated in
England (company registered number 6476703) and having its registered address at
Helmores, Chartered Accountants, Grosvenor Gardens House, 35-37 Grosvenor
Gardens, London SWIW OBY, United Kingdom and a mailing address at 52 Chesilton
Road, Fulham, London, UK SW6 5AB (the "Consultant").

       

      WITNESSETH:

       

      WHEREAS,
the Company desires to consider strategic alternatives available to it and
requires various management advisory services, particularly related but not
limited) (to the Company's activities in the United Kingdom and the European
Union; and

       

      WHEREAS,
the Consultant has offered to provide various management advisory and strategic
planning services to the Company.

       

      AGREEMENT

       

      NOW,
THEREFORE, in consideration of the premises and the mutual promises, conditions
and covenants
herein contained, the parties hereto do hereby agree as
follows:

       

      1. Consultant Services.
The Consultant hereby agrees to provide to the Company during
the term of this Agreement such management advisory, strategic planning and
other similar consulting services as the Company may request from time to time
(the "Consulting Services").

       

      2. No Conflicts. In
order to induce the Company to enter into this
Agreement, the Consultant
hereby represents and warrants to and agrees with the Company that the execution
and delivery of this Agreement, and the consummation by the Consultant of the
transactions herein contemplated, and the compliance by the Agent with the terms
of this
Agreement will not conflict with or result in a breach of any of the
terms, conditions or provisions of, or constitute a default under any material
note, indenture, mortgage, deed of trust, or other agreement or instrument to
which the Consultant is a party or by which the Consultant or any property of
the Consultant is bound, or to the Consultant's knowledge, any existing law,
order, rule, regulation, writ, injunction or decree of any government,
governmental instrumentality, agency or body, arbitration tribunal or court
domestic or foreign, having jurisdiction over the Consultant or any property of
the Consultant.

       

      3. Consulting Fee. The
Company shall pay to Consultant an aggregate amount of one
hundred thousand dollars ($100,000) in cash or cash equivalents, subject to the
conditions set out in paragraph (b) following ("Conditional Cash Entitlement"), and issue to
the Consultant three hundred thousand (300,000) shares of common stock of the
Company, subject to the condition set out in paragraph (a), ("Common Stock Entitlement") for the Consulting
Services (collectively the "Consulting
Entitlements"), payable as follows:

       

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      (a) Common Stock Entitlement: The
Company shall issue to the Consultant three hundred thousand (300,000) shares of
Common Stock immediately upon the Consultant's execution of a subscription
agreement in the form attached hereto as Exhibit A (the "Subscription Agreement") for this issuance of
Common Stock to the Consultant;

      

      (b) Conditional Cash Entitlement:
Within sixty (60) days of the Company receiving actual payment, to the extent of
at least thirty per cent (30%) of the expected total invoiced price for sale and
delivery of a unit (or units) of equipment incorporating design or engineering
that exploits the Company's patent pending microwave technologies which sale is
for a minimum amount of $4 million and for which the Consultant had some
significant involvement in the process leading to such sale (without limitation,
such significant involvement may include identifying the purchaser or meeting
with the purchaser in the sale process) the Company shall pay to the Consultant
one hundred thousand dollars ($100,000) in cash or cash
equivalents.

       

      4. 
Indemnification.

       

      (a) The
Company agrees to indemnify and hold harmless the Consultant against any and all
losses, claims, damages, obligations or liabilities, joint or several, to which
they or any of them may become subject under any statute or at common law and
for any legal or other expenses (including the costs of any investigation and
preparation) incurred by them in connection with any litigation, whether or not
resulting in any liability, but only insofar as such losses, claims,
damages, liabilities and litigation arise out of or are based upon a breach of
this Agreement by the Company; provided,
however, that the indemnity agreement contained in this Section 4(a)
shall not apply to any amount paid in settlement of any such litigation, if such
settlements are made without the consent of the Company.

       

      (b) The
Consultant agrees, in the same manner and to the same extent as set forth in
Section 4(a) above, to indemnify and hold harmless the Company and the Company's
employees, accountants, attorneys and agents (the "Company's Indemnitees") arising out of this
Agreement or as a result of Consultant providing the Consulting Services to the
Company. The liability of the Consultant to:

      

      (i) all
or any of the Company or the Company's Indemnitees under the indemnity in this
Section 4(b) or otherwise; and

      

      (ii) to
any other person (natural or corporate, or any combination thereof) whatsoever
for all or any losses, claims, damages, obligations or liabilities, joint or
several, to which or to the extent that the Consultant may become subject under
any statute or at common law in relation to this Consultancy Agreement or any
advice or assistance provided, or not provided, by the Consultant under
it;

      

      shall not
under any
circumstance exceed in aggregate the sum of two hundred thousand dollars
(US $200,000).

      

      5. 
Term. The term of this Agreement
shall be for the period
commencing as of the Effective
Date and ending April 5th,
2010 (the "Term"). The Term shall be
renewed for an additional year (the "Renewal Term") by either party with thirty
(30) days written notice prior to the
expiration of the Term to the other party. The terms and conditions of the
Consulting Services during the Renewal Term shall be determined by the mutual
agreement of the parties.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      6. 
Termination.

       

      (a) Either
party may terminate this Agreement upon thirty (30) days' prior written
notice.

       

      (b) Any
termination of this Agreement pursuant to this Section shall be without
liability of any character (including, but not limited to, loss of
anticipated profits or consequential damages) on the part of any party
thereto, except that the Company shall remain obligated to pay any of the
Consulting Payments (subject to any breach of this Agreement as provided in
Section 4)that has become due and payable prior to the date of termination of
this Agreement: and the Company and the Consultant shall be obligated to pay,
respectively, all losses, claims, damages or liabilities, joint or several,
under Section 4 hereof

       

      7.  
Miscellaneous.

       

      (a) Notice. Whenever notice is required by
the provisions of this Agreement to be given to the Company, such
notice shall be in writing, addressed to the Company, at

      

      
        
          
            
              
                
                  
                    	
                            if
      to Company:

                          	
                            Global
      Resource Corp.
      

                            1000
      Atrium Way,

                            Atrium
      One Building, 

                            Suite
      100,

                            Mt
      Laurel,

                            New
      Jersey 080504

                            United
      States of America

                          
	 	 
	 	Attn:
      Eric
Swain

                  

                

              

            

          

        

      

      

      Whenever
notice is required by the provisions of this Agreement to be given to the Agent,
such notice shall be given in writing, addressed to the Agent, at:

       

      
        
          	
                  If
      to the Consultant:

                	
                  LP
      (Origination) Limited

                
	 
      	
                  C/-
      Mr. P.A. Worthington

                  52
      Chesilton Road

                
	 
      	
                  Fulham,
      London, SW6 5AB

                  United
      Kingdom

                

        

      

       

      (b) Governing
Law. The
validity, interpretation, and construction of this Agreement
will be governed by the laws of the State of New Jersey.

       

      (c) Counterparts. This
Agreement may be executed in any number of counterparts, each of which may be
deemed an original and all of which together will constitute one and the same
instrument.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      

      (d) Confidential
Information. All confidential financial or business information (except
publicly available or freely usable material otherwise obtained from another
source) respecting either party will be used solely by the other party in
connection with the within transactions, be revealed only to employees or
contractors of such other party who are necessary to the conduct of such
transactions, and be otherwise held in strict confidence.

       

      [signature
page follows]

       

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

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

       

       

      
      

       

      
        	 	
                COMPANY

                 

                 

                

                 

                By: Peter A.
      Worthington

                Managing
      Director

              

      

       

       

       

       

       

       

       

       

       

       

       

       

       

      5globalres_ex1035.htm

Exhibit 10.35

    

    RESCISSION
AND SUBSTITUTION AGREEMENT AND RELEASE

    

    THIS RESCISSION AND SUBSTITUTION
AGREEMENT, made this 24th day of August, 2007 by and
between:

    

    GLOBAL RESOURCE CORPORATION, a
Nevada corporation with its principal offices located at 408 Bloomfield Park,
Unit #3, West Berlin, New Jersey 08091 (hereinafter "Global")

    

    AND

    

    NUTMEG/MERCURY FUND, LLLP, a
limited liability limited partnership organized under the laws of Minnesota with
principal offices located at 155 Revere Drive, Suite 10, Northbrook, Illinois
(hereinafter "Nutmeg")

    

    WITNESSETH
THAT:

    

    WHEREAS, Global engaged Westor
Capital Group, Inc. ("Westor") to conduct a private placement of its securities
(the "Westor investment transaction"), such "securities" consisting of 10%
Convertible Debentures together with Class A Common Stock Purchase Warrants,
Class B Common Stock Purchase Warrants, and Class C Common Stock Purchase
Warrants;

    

    WHEREAS, such private
placement offering was to have been completed within 45 days following certain
defined events which, in fact, occurred by April 26, 2007;

    

    WHEREAS, by the end of the 45
days thereafter only Nutmeg and one other fund had invested, and Nutmeg had
subscribed for $500,000 and had paid in 50% of that ($250,000) and the private
placement, as a whole, had not been completed as between Westor and
Global;

    

    WHEREAS, certain events
occurred, including (1) the de-listing of Global's Common Stock from the OTC
Bulletin Board and its trading on the so-called Pink Sheets and (2) the refusal
of the trustee of the liquidating trusts to delay the distribution of the Global
shares held by it for a period of 6 months after effectiveness of the
registration statement, as a result of which Global violated certain covenants
and/or representations contained in the private placement documents or related
documents and Global determined not to extend the offering, but to withdraw it,
and Westor and the Escrow (Citizens Bank) were so notified;

    

    WHEREAS, Nutmeg and the other
fund, as the two investors, have notified Global of what it believes to be
misrepresentations and Global made an offer of rescission to both Nutmeg and the
other fund;

    

    WHEREAS, the parties have
negotiated, have reached certain understandings, and desire to formalize and
evidence their understandings;

    

    NOW, THEREFORE, intending to
be legally bound, and in consideration of the mutual promises and covenants
contained herein, the parties have agreed, and do hereby agree, as
follows:

    

    ARTICLE
I

    RESCISSION
AND SUBSTITUTION

    

    The
parties hereby mutually rescind the entire Westor investment transaction. The
intent is: (i) to nullify and void, ab initio,
the execution by the parties of:

    a. The
10% Secured Convertible Debenture;

    b. The
Class A Common Stock Purchase Warrants;

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

     

    c. The
Class B Common Stock Purchase Warrants;

    d. The
Class C Common Stock Purchase Warrants;

    e. The
Registration Rights Agreement;

    f. The
Securities Purchase Agreement; and

    g. All
other documents and instruments related to the Westor investment transaction;
and (ii) to return the parties to their original status as though such documents
had never been executed and none of such documents shall have any legal effect.
Global has previously repaid to Nutmeg the sum invested ($250,000) together with
interest at the rate of9% (being the legal rate of interest on judgments in the
State of Illinois) from April 27, 2007 to the date of such rescission
repayment.

    

    In
substitution and exchange for the rescinded investments, Global shall
issue to Nutmeg, the following:

    

    a. Two
Hundred Fifty Thousand (250,000) Common Stock Purchase Warrants, exercisable at
eighty cents ($.80) per share, at any time and from time to time until the
expiration date, at the option of the warrant holder. The expiration date shall
be December 31, 2009. In
recognition of the fact that Nutmeg has been at market risk during the
period from April 27, 2007 to the date hereof, the Warrants shall bear an
issuance date of April 27, 2007. These warrants shall not contain any
anti-dilution or cashless exercise provisions.

    

    b. Two
Hundred Fifty Thousand (250,000) Common Stock Purchase Warrants, of which 83,333
shall be exercisable at one dollar and sixty-five cents ($1.65), 83,333 shall be
exercisable at one dollar and eighty-five cents ($1.85) and 83,334 shall be
exercisable at two dollars. The warrants shall be exercisable at any time and
from time to time until the expiration date, at the option of the warrant
holder. The expiration date shall be December 31, 2009. These warrants shall
contain a cashless exercise provision but shall not contain any anti-dilution
provisions. In
recognition of the fact that Nutmeg has been at market risk during the
period from April 27, 2007 to the date hereof, the Warrants shall bear an
issuance date of April 27, 2007.

    

    Global
shall include the shares underlying the foregoing 500,000 warrants in its SB-2
Registration Statement currently in preparation and, following effectiveness,
shall keep such Registration Statement current at all times until December 31,
2009. In
the event that Global does not file the Registration Statement including
such shares with the SEC by September 30, 2007 Global shall issue to Nutmeg
31,250 shares of its Common Stock as penalty. In
the event that Global has not secured effectiveness of the Registration
Statement by February 29, 2008, Global shall issue to Nutmeg an additional
31,250 shares of its Common Stock as a penalty.

    

    ARTICLE
II

    RELEASES,
COVENANTS NOT TO SUE AND CONSIDERATION THEREFOR

    

    Nutmeg
hereby remises, releases and forever discharges Global, its subsidiaries and
affiliates, its past, present and future officers, directors, employees,
accountants, attorneys, agents and representatives and stockholders of and from
any and all debts, demands, actions, causes of action, suits, proceedings,
agreements, contracts, judgments, damages, accounts, reckonings, executions,
claims and liabilities whatsoever of every name and nature, whether known or
unknown, whether or not well founded in fact or in law, and whether in law or in
equity or otherwise, which Nutmeg ever had, now has, or which Nutmeg's
assignees, shareholders, members, partners and successors can, shall or may have
for or by reason of any matter, cause, or anything whatsoever, arising, directly
or indirectly, from the Westor investment transaction and/or the documents
rescinded above.

    
      
         

      

      
        Page 2 of
5

        
          

        

      

      
         

      

    

    

     

    Nutmeg
shall not, directly, or indirectly, as an investor in the Westor investment
transaction, file, commence, initiate or instigate any formal or informal
investigation by any regulatory or administrative agency or body, or any suit
(at law or in Equity), arbitration, administrative proceeding, or any other
action or proceeding of any kind against Global, its past, present and future
officers, directors, employees, accountants, attorneys, agents, consultants and
representatives and stockholders.

    

    Global
hereby remises, releases and forever discharges Nutmeg, their members, managers
and affiliates, their past, present and future officers, directors, employees,
accountants, attorneys, agents and representatives and stockholders of and from
any and all debts, demands, actions, causes of action, suits, proceedings,
agreements, contracts, judgments, damages, accounts, reckonings, executions,
claims and liabilities whatsoever of every name and nature, whether known or
unknown, whether or not well founded in fact or in law, and whether in law or in
equity or otherwise, which Global ever had, now has, or Global and/or Global's
assignees, shareholders, members, partners and successors can, shall or may have
for or by reason of any matter, cause, or anything whatsoever, arising, directly
or indirectly, from the Westor investment transaction and/or the documents
rescinded above.

    

    Global
shall not, in connection with the Westor investment transaction, directly, or
indirectly, file, commence, initiate or instigate any suit (at law or in
Equity), arbitration, administrative proceeding, or any other action or
proceeding of any kind against Nutmeg, its past, present and future officers,
directors, employees, accountants, attorneys, agents, consultants and
representatives and stockholders.

    

    The
parties acknowledge and agree that the foregoing releases and covenants are
related solely to the rescission of the Westor Investment Transaction and are in
consideration for each other, not separate or additional consideration
hereunder. No claim shall be made by either party that its release and/or
covenant constitutes consideration with respect to the substituted securities or
the exercise of the warrants.

    

    ARTICLE
III

    ADDITIONAL
INVESTMENT

    

    During the period from the date hereof
to October 31, 2007 Global shall advise Nutmeg, within three (3) business days
thereof, of the terms of each and every financing offer (and any amendments
thereto) made to Global by any third party and each and every financing offer
(and any amendments thereto) made by Global to any third party, and Nutmeg shall
have the right to participate in such financing upon the same terms and
conditions as the third party to the dollar amount ($500,000) of its original,
rescinded subscription under Article I.

    
      
         

      

      
        Page 3 of
5

        
          

        

      

      
         

      

    

    

     

    

    ARTICLE
IV

    MISCELLANEOUS

    

    1.
THIRD
PARTY BENEFICIARY.
This Agreement shall not confer any rights or remedies upon any person
other than the parties and their respective successors and permitted
assigns.

    

    2. CONTROLLING LAW;
VENUE. This
Agreement and each of the other documents ancillary hereto shall be governed by,
and interpreted and construed in accordance with, the internal laws of the State
of Illinois (without regard to its conflicts of law principles). Venue for the
adjudication of any claim or dispute arising out of this Agreement or any of the
other ancillary documents shall be proper only in the state or federal courts of
the State of Illinois, and all parties to this Agreement and its ancillary
documents hereby consent to such venue.

    

    3. EXPENSES. Each party shall be
responsible for its own costs and expenses) incurred in connection with this
Agreement and the transactions contemplated hereby.

    

    4. PUBLIC
DISCLOSURE. Nutmeg
acknowledges that Global is a reporting company under the Securities Exchange
Act of 1934 and must disclose this Agreement and the terms and conditions
hereof. Accordingly, Nutmeg authorizes Global to issue such press release and
file such periodic report as may be required.

    

    5. ATTORNEY
FEES. Should a
party default in the terms or conditions of this Agreement and suit be filed as
a result of such default, the prevailing party shall be entitled to recover all
costs incurred as a result of such default including all costs and reasonable
attorney fees, expenses and court costs through trial and appea1.

    

    6. WAIVER OF
BREACH. The
waiver by a party of a breach of any provision of this Agreement by another
party shall not operate or be construed as a waiver of any subsequent breach by
the breaching party.

    

    7. BENEFIT OF AGREEMENT
AND ASSIGNMENT. The
rights and obligations of the parties under this Agreement shall inure to the
benefit of, and shall be binding upon, the successors and assigns of the
parties. This agreement may not be assigned by either party or by operation of
law or otherwise.

    

    8. NOTICES. Any notice required or
permitted to be given under this Agreement shall be sufficient if in writing,
and if sent by certified mail, return receipt requested, to the principal office
or residence of the party being notified.

    
      
         

      

      
        Page 4 of
5

        
          

        

      

      
         

      

    

    

     

    

    9. ENTIRE
AGREEMENT. This instrument contains the entire
agreement of the parties and may be modified only be agreement in
writing, signed by the party against whom enforcement of any waiver,
change, modification, extension or discharge is sought. If any provision of this
Agreement is declared void, such provision shall be deemed severed from this
Agreement, which shall otherwise remain in full force and effect. The terms
herein may not be modified or waived orally, but only by an instrument in
writing signed by the party against which enforcement of the modification
or waiver (as the case may be) is sought.

    

    10.
ARBITRATION. Any controversy or claim arising out of
or relating to this Agreement shall be settled by arbitration in Cook County,
Illinois, in accordance with the applicable rules, then obtaining, of the
American Arbitration Association.

    

    11. COUNTERPARTS. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same
instrument.

    

    IN WITNESS
WHEREOF, the
parties hereto, intending to be
legally bound, have executed this Agreement.

    

    

    
      	 
      	
              GLOBAL
      RESOURCE CORPORATION

            
	 
      	 
      
	 
      	
              By:
      /s/ Frank G.
      Pringle                                      
      

            
	 
      	
              Frank
      G. Pringle, Pres./CEO

            
	 
      	 
      
	 
      	 
      
	 
      	
              NUTMEG/MERCURY FUND, LLLP

            
	 
      	 
      
	 
      	
              By:
      /s/
      signature                                                   
      

            
	 
      	
              Manager

            

    

    

    

     

     

     

    Page
5 of 5

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