Document:

globalres_ex1036.htm

    Exhibit
10.36

     

     

    
      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

       

      BLACK DIAMOND FUND, LLLP, a
limited liability limited partnership organized undeer the laws of Minnesota
with principal offices located at 155 Revere Drive, Suite 10, Northbrook,
Illinois (hereinafter "Black Diamond")

       

      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 Black Diamond and one other fund had
invested, and Black Diamond had subscribed for $300,000 and had paid in 50% of
that ($150,000) and the private placement, as a whole, had not been completed as
between Global and Westor;

       

      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,
Black Diamond 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 Black Diamond 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:

       

       

      
        
          
          

        

        
          Page 1 of
5

          
            

          

        

        
          
          

        

      

      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 Black Diamond the sum invested ($150,000)
together with interest at the rate of 9% (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
Black Diamond, the following:

       

      a. One
Hundred Fifty Thousand (150,000) 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 Black Diamond has been at
market risk during the period from April 17, 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. One
Hundred Fifty Thousand (150,000) Common Stock Purchase Warrants, of which 50,000
shall be exercisable at one dollar and sixty-five cents ($1.65), 50,000 shall be
exercisable at one dollar and eighty-five cents ($1.85) and 50,000 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 Black Diamond has been at market
risk during the period from April 17, 2007 to the date hereof, the Warrants
shall bear an issuance date of April 27, 2007.

       

      Global
shall include the shares underlying the foregoing 300,000 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
Black Diamond 18,750 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 Black Diamond 18,750 shares of its Common Stock
as a penalty.

       

      
        
          
          

        

        
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      ARTICLE
II

      RELEASES,
COVENANTS NOT TO SUE AND CONSIDERATION THEREFOR

       

       

      
        Black
Diamond 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 Black Diamond ever had, now has, or which Black
Diamond'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.

         

        Black
Diamond 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 Black Diamond, 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 Black Diamond, 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.

         

        
          
            
            

          

          
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        ARTICLE
III

        ADDITIONAL
INVESTMENT

         

        During
the period from the date hereof to October 31, 2007 Global shall advise Black
Diamond, 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 Black Diamond shall have the right to participate in
such financing upon the same terms and conditions as the third party to the
dollar amount ($300,000) of its original, rescinded subscription under Article
I.

         

        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. Black
Diamond 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, Black Diamond 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 appeal.

         

        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.

         

         

        
          
            
            

          

          
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        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.

         

        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

                  
	 
      	 
      
	 
      	 
      
	 
      	
                    BLACK
      DIAMOND FUND, LLLP

                  
	 
      	 
      
	 
      	
                    By:
      /s/ signature            

                  
	 
      	
                    Manager

                  

          

        

      

    

     

     

     

     

     

     

     

     

     

     

     

    Page 5 of
5THOROUGHBRED INTERESTS, INC

THIS DEBENTURE, AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE (COLLECTIVELY, THE “SECURITIES”), HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE.  THE SECURITIES ARE BEING OFFERED PURSUANT TO A SAFE HARBOR FROM REGISTRATION UNDER REGULATION S AND/OR REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMEMDED (THE “ACT”). THE SECURITIES ARE “RESTRICTED” AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS SUCH TERM IS DEFINED IN REGULATION S PROMULGATED UNDER THE ACT) UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT, PURSUANT TO REGULATION S AND/OR REGULATION D OR PURSUANT TO AVAILABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND THE COMPANY WILL BE PROVIDED WITH OPINION OF COUNSEL OR OTHER SUCH INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH EXEMPTIONS ARE AVAILABLE.  FURTHER HEDGING TRANSACTION INVOLVING THE SECURITIES MAY NOT BE MADE EXCEPT IN COMPLIANCE WITH THE ACT.

DEBENTURE

UNICO, INCORPORATED

8% Convertible Debenture

Due September 13, 2009

No. 201

$62,500.00

This Debenture is issued by Unico, Incorporated, an Arizona corporation (the “Company”), and Moore Investment Holdings, LLC. (together with its permitted successors and assigns, the “Holder”) pursuant to exemptions from registration under the Securities Act of 1933, as amended.

ARTICLE I.

Section 1.01

Principal and Interest.  For value received on March 13, 2009, the Company hereby promises to pay to the order of Holder in lawful money of the United States of America and in immediately available funds the principal sum of $62,500.00, together with interest on the unpaid principal of this Debenture at the rate of eight percent (8%) per year (computed on the basis of the 365-day year and the actual days elapsed) from the date of this Debenture until paid.  At the Company’s option, the entire principal amount and all accrued interest shall be either (a) paid to the Holder on or before the due date of this Debenture or (b) converted in accordance with Section 1.02 herein.

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Section 1.02

Optional Conversion.  The Holder is entitled, at its option, to convert, at any time and from time to time, until payment in full of this Debenture, all or any part of the principal amount of this Debenture, plus accrued interest, into shares (the “Conversion Shares”) of the Company’s common stock, par value $0.0010 per share (“Common Stock”), at a price per share equal to fifty percent (50%) of the closing bid price of the Common Stock on the date that the Company receives notice of conversion. To convert this debenture, the Holder shall deliver written notice (the “Conversion Notice”) thereof, such Conversion Notice containing such information necessary including amount of conversion and number of shares, to the Company at its address set forth herein.  The date upon which the conversion shall be effective (the “Conversion Date”) shall be deemed to be the date set forth in the Conversion Notice.  The Conversion Shares shall be delivered to the Holder at the address indicated herein.

The Company is entitled, at its option, to convert, at any time and from time to time, until payment in full of this Debenture, all or any part of the principal amount of this Debenture, plus accrued interest, into shares (the “Conversion Shares”) of the Company’s common stock, par value $0.0010 per share (“Common Stock”), at a price per share equal to fifty percent (50%) of the closing bid price of the Common Stock on the date that the Company issues such notice of conversion. To convert this debenture, the Company shall deliver written notice (the “Conversion Notice”) thereof, such Conversion Notice containing such information necessary including amount of conversion and number of shares, to the Holder at its address set forth herein.  The date upon which the conversion shall be effective (the “Conversion Date”) shall be deemed to be the date set forth in the Conversion Notice.  The Conversion Shares shall be delivered to the Holder at the address indicated herein.

Section 1.03

Reservation of Common Stock.  The Company shall reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of this Debenture, such number of shares of Common Stock as shall from time to time be sufficient to effect such conversion, based on the Conversion Price.  If at any time the Company does not have a sufficient number of Conversion Shares authorized and available, then the Company shall call and hold a special meeting of its stockholders within sixty (60) days of that time for the sole purpose of increasing the number of authorized shares of Common Stock.

Section 1.04

Registration Rights.  The Company is obligated to register the resale of the Conversion Shares under the Securities Act of 1933, as amended, or provide Holder with an appropriate exemption from registration.

Section 1.05

Interest Payments.  The interest so payable will be paid at the time of maturity or conversion to the person in whose name this Debenture is registered.  At the time such interest is payable, the Company, in its sole discretion, may elect to pay interest in cash or in the form of Common Stock.  If paid in Common Stock, the amount of stock to be issued shall be calculated in accordance with the formula and procedure set forth in Section 1.02 above. 

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Section 1.06

Right of Redemption.  The Company shall have the right to redeem, with thirty (30) business days advance notice to the Holder, any or all outstanding Debentures remaining in its sole discretion (“Right of Redemption”).  The redemption price shall be equal to 100% of the face amount of the Debenture redeemed plus all accrued interest (“Redemption Price”).   

Section 1.07

Subordinated Nature of Debenture.  This Debenture and all payments hereon, including principal or interest, shall be subordinated and junior in right of payment to all accounts payable of the Company incurred in the ordinary course of business and/or bank debt of the Company not to exceed $30,000.

ARTICLE II.

Section 2.01

Amendments and Waiver of Default.  The Debenture may be amended with the consent of Holder.  Without the consent of Holder, the Debenture may be amended to cure any ambiguity, defect or inconsistency, to provide assumption of the Company obligations to the Holder or to make any change that does not adversely affect the rights of the Holder.

ARTICLE III.

Section 3.01

Events of Default.  An Event of Default is defined as follows: (a) failure by the Company to pay amounts due hereunder within fifteen (15) days of the date of maturity of this Debenture; (b) failure by the Company for thirty (30) days after notice to it to comply with any of its other agreements in the Debenture; (c) events of bankruptcy or insolvency; (d) a breach by the Company of its obligations under the Registration Rights Agreement which is not cured by the Company within ten (10) days after receipt of written notice thereof.  The Holder may not enforce the Debenture except as provided herein.

Section 3.02

Failure to Issue Unrestricted Common Stock. As indicated above, a breach by the Company under its obligation under the Registration Rights Agreement shall be deemed an Event of Default, which if not cured with ten (10) days, shall entitle the Holder accelerated full payment of all debentures outstanding.  The Company acknowledges that failure to honor a Notice of Conversion shall cause hardship to the Holder.

ARTICLE IV.

Section 4.01

Anti-dilution.  In the event that the Company shall at any time subdivide the outstanding shares of Common Stock, or shall issue a stock dividend on the outstanding Common Stock, the Conversion Price in effect immediately prior to such subdivision of the issuance of such dividend shall be proportionately decreased and, in the event that the Company shall at any time combine the outstanding shares of Common stock, the Conversion price in effect immediately prior to such combination shall be 

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proportionally increased, effective at the close of business on the date of such subdivision, dividend or combination as the case may be.

ARTICLE V.

Section 5.01

Notice.  Notices regarding this debenture shall send to the parties at the following addresses, unless a party notifies the other parties, in writing, of a change of address:

If to the Company:

Unico, Incorporated

Attn:  Mark A. Lopez, CEO

8880 Rio San Diego Drive, Suite 800

San Diego, CA 92108

Telephone: (619) 209-6124 

If to the Holder:

Moore Investment Holdings, LLC

Attn: Joseph Lopez

1575 Delucchi Lane, Ste. 115

Reno, Nevada 89502

Section 5.02

Governing Law.  This Debenture shall be deemed to be made under and shall be construed in accordance with the laws of the State of California without giving effect to the principals of conflict of the laws thereof.  Each of the parties consents to the jurisdiction of the U.S. District Court sitting in the District of the State of California or the state courts of the State of California sitting in Riverside in connection with any dispute arising under this debenture and hereby waives, to the maximum extent permitted by law, any objection, including the objection based on forum non conveniens to the bringing of any such proceeding in such jurisdictions.

Section 5.03

Severability.  The invalidity of any of the provisions of this Debenture shall not invalidate or otherwise affect any of the other provisions of this Debenture, which shall remain in full force effect.

Section 5.04

Entire Agreement and Amendments.  This Debenture represents the entire agreement between the parties hereto with respect to the subject matter hereof and there are no representations, warranties or commitments, except as set forth herein.  This Debenture may be amended only by an instrument in writing executed by the parties hereto.

Section 5.05

Counterparts.  This Debenture may be executed in multiple counterparts, each of which shall be an original, but all of which shall be deemed to constitute and instrument.

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IN WITNESS WHEREOF, with the intent to legally bound hereby, the Company has executed this Debenture as of the date first written above.

UNICO, INCORPORATED

By:/s/ Mark A. Lopez

Name: Mark A. Lopez

Title: Chief Executive Officer

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