Document:

Unassociated Document

     

    
      

       

      August 7,
2009

       

       

      American
Scientific Resources, Inc.

      83 South
Putt Corners Road

      New
Paltz, NY 12561

       

      Attn: Dr.
Christopher Tirotta, President & Chief Executive Officer

       

      Dear Dr.
Tirotta:

       

      Knightsbridge Holdings, LLC,
("Knightsbridge") is pleased to be retained on the terms and conditions set
forth in this letter of engagement ("Engagement Letter") as a consultant to your
company, American
Scientific Resources, Inc. (the "Company"), collectively (the
“Parties”).

       

      
        	
                1.  

              	
                Services:  For
      the Term of Engagement and with your general knowledge and consent, we
      agree to provide the following:

              

      

       

      * Obtain
for the Company a subordinated debt facility (504) in the amount of up to 1
Million Dollars.  The disbursements shall be based upon milestones to
be discussed with the Company and set by the Lender.  Knightsbridge
shall deliver a term sheet on commercially acceptable terms for such facility
within 5 business days from the execution of this Agreement.

       

      
        	
                2.  

              	
                Term of
      Engagement.  The Engagement shall be effective for a
      period of twelve (12) months commencing on the date first appearing above
      (the "Term of Engagement").

              

      

       

      
        	
                3.  

              	
                Compensation.  In
      consideration for the services rendered by Knightsbridge to the Company
      pursuant to the Engagement and throughout the Term of Engagement, the
      Company shall compensate Knightsbridge as
  follows:

              

      

       

      
        	
                3.1  

              	
                Financing Transactions
      (Knightsbridge Introduction).  For purposes of any
      Transactions involving any Financing Source or entity originally
      introduced directly or indirectly to the Company by Knightsbridge, and
      whether occurring during the Term of Engagement or during a period ending
      one (1) year following Termination, Compensation shall be payable to
      Knightsbridge upon the closing thereof in the amount of 4% of the consideration
      received by the Company.  Consideration shall include any type
      of benefit to the Company which can be
  quantified.

              

      

       

      
        	
                3.2  

              	
                Equity-Based
      Compensation.  Company and Knightsbridge agree that upon
      the initial close of a Transaction, Knightsbridge shall receive Pro-Rata common shares
      of the Company up to 200,000 Common Shares for every One Million of
      Consideration received by the Company. The shares owned by Knightsbridge
      shall have piggyback registration rights and carry full ratchet
      anti-dilution provisions for one year from the date of issuance with
      quarterly look backs during this
period.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                4.  

              	
                Role of
      Finder.  In connection with any Financing Transactions
      hereunder, the Company acknowledges that Knightsbridge is not a registered
      broker-dealer under Section 15A of the U.S. Securities Exchange Act of
      1934, or any similar state law, and that Knightsbridge cannot, and shall
      not be required hereunder to, engage in the offer or sale of securities
      for or on behalf of the Company.  While Knightsbridge has
      preexisting relationships and contacts with various investors, registered
      broker-dealers and investment funds, Knightsbridge's participation in any
      actual or proposed offer or sale of Company securities shall be limited to
      that of an advisor to the Company and, if applicable, a "finder" of
      investors, broker-dealers and/or funds. The Company acknowledges and
      agrees that the solicitation and consummation of any purchases of the
      Company's securities shall be handled by the Company or one or more NASD
      member firms engaged by the Company for such
  purposes.

              

      

       

      
        	
                5.  

              	
                Reliance by
      Knightsbridge on Accuracy of Information; 12(b)5
      Representation.  The Company recognizes and acknowledges
      that, in advising the Company and in fulfilling the Engagement hereunder,
      Knightsbridge will use and rely on data, material and other information
      furnished to Knightsbridge by the Company.  The Company agrees
      that Knightsbridge may do so without independently verifying the accuracy
      or completeness of such data, material or other
      information.  The Company represents and warrants that any such
      data, material or information shall be true and accurate and shall not, as
      of the time communicated, contain any untrue statement of a material fact
      or omit to state a material fact required to be stated therein or
      necessary in order to make the statements therein, in light of the
      circumstances under which they were made, not
  misleading.

              

      

       

      
        	
                6.  

              	
                Indemnification.  Each
      party (an "Indemnifying Party") hereby agrees to indemnify and hold the
      other party and its respective affiliates, directors, officers, employees
      and agents (collectively, the "Indemnified Parties") harmless from, and to
      reimburse each of the Indemnified Parties for, any loss, damage,
      deficiency, claim, obligation, suit, action, fee, cost or expense of any
      nature whatsoever (including, but not limited to, reasonable attorney’s
      fees and costs) arising out of, based upon or resulting from any breach of
      any of the representations, warranties, covenants, agreements or
      undertakings of the Indemnifying Party contained in or made pursuant to
      this Engagement Letter.

              

      

       

      
        	
                7.  

              	
                Miscellaneous.

              

      

       

      
        	
                (a)  

              	
                This
      Engagement Letter constitutes the entire agreement and understanding of
      the parties hereto, and supersedes any and all previous agreements and
      understandings, whether oral or written, between the parties with respect
      to the matters set forth herein.

              

      

       

      
        	
                (b)  

              	
                Any
      notice or communication permitted or required hereunder shall be in
      writing and shall be deemed sufficiently given if hand-delivered via
      courier or overnight service or sent (i) postage prepaid by registered
      mail, return receipt requested, to the respective parties corporate
      address.

              

      

       

      
        	
                (c)  

              	
                The
      Engagement Letter shall be binding upon and inure to the benefit of each
      of the parties hereto and their respective successors, legal
      representatives and assigns.

              

      

       

      
        	
                (d)  

              	
                The
      Company represents that it has the power to enter into this Engagement
      Letter and to carry out its obligations hereunder.  This
      Engagement Letter constitutes the valid and binding obligation of the
      Company and is enforceable in accordance with its terms.  The
      Company further represents that this Engagement Letter does not conflict
      with or breach any agreement to which it is subject or by which it is
      bound.

              

      

       

      
        
           

        

        
          Page
2

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (e)

              	
                This
      Engagement Letter may be executed in any number of counterparts, each of
      which together shall constitute one and the same original document, each
      of which together shall constitute one and the same original
      document.

              

      

      
         

        
          	
                   
      

                	
                  (e)

                	
                        
                    No
      provision of this Engagement Letter may be amended, modified or waived,
      except in writing signed by all of the parties
      hereto.

                  

                

        

      

       

      
        	
                 
      

              	
                (g)

              	
                This
      Engagement Letter shall be construed in accordance with and governed by
      the laws of the State of Florida, without giving effect to its conflict of
      law principles.  The parties hereby agree that any dispute which
      may arise between them arising out of or in connection with this
      Engagement Letter shall be adjudicated before a court located in Dade
      County Florida, and they hereby submit to the exclusive jurisdiction of
      the courts of the State of Florida located in Dade County, Florida and of
      the federal courts in the Southern District of Florida with respect to any
      action or legal proceeding commenced by any party.  Company
      agrees to waive a trial by jury for any dispute requiring adjudication
      before a court of law.

              

      

       

      
        	
                 
      

              	
                (h)

              	
                The
      Company hereby acknowledges that it shall bear the burden of proof in any
      action or proceeding involving a claim by Knightsbridge to any Additional
      Compensation due hereunder arising out of any Compensable Event involving
      a third party claimed by Knightsbridge to have been originally introduced
      to the Company by Knightsbridge.

              

      

       

      If the
foregoing correctly sets forth the understanding between Knightsbridge and the
Company with respect to the foregoing, please so indicate by signing in the
place provided below, at which time this Engagement Letter shall become a
binding agreement.

       

       

      KNIGHTSBRIDGE
HOLDINGS, LLC.

       

       

      
        
          	
                  By:

                	
                   

                	
                   

                

        

      

      
        	
                 
      

              	
                Alyce
      B. Schreiber

              

      

      
        	
                 
      

              	
                Managing
      Member

              

      

       

      Accepted
and Agreed:

       

      AMERICAN
SCIENTIFIC RESOURCES, INC.

       

      
        
          
            	
                    By:

                  	
                     

                  	
                     

                  

          

        

        
          
          

        

        
          
          

        

      

      Name:     Dr. Christopher
Tirotta

      Title:       President &
CEO

       

      Date:  8/21/09

       

      
        
           

        

        
          Page
3Unassociated Document

     

    
      

      STOCK
PURCHASE AGREEMENT

       

      This
Stock Purchase Agreement (the “Agreement”) dated as of
February 16, 2010, by and among American Scientific Resources, Incorporated, a
Nevada  corporation, with headquarters located at 1112 Weston Road,
Unit 278, Weston Florida 33326 (the “Company”), and the purchaser
identified on the signature page hereto (including its successors and assigns
(the “Purchaser”).

       

      WHEREAS,
the Purchaser desires to purchase from the Company convertible debentures in the
aggregate amount of up to $200,000 in substantially the form attached hereto as
Exhibit A (the “Cash Debentures”);

       

      WHEREAS,
in connection with the purchase of the Cash Debentures, the Company will also
issue Purchaser warrants to purchase up to 10,000,000 shares of the Company’s
common stock at $.01 per share (“Cash Debenture Warrants”) in substantially the
form attached hereto as Exhibit B;

       

      WHEREAS,
the Company and the Purchaser desire that the Purchaser will exchange 33,333,333
shares of the Company’s common stock in exchange for a debenture, which the
Company will issue to the Purchaser, substantially in the form of Exhibit A
hereto, in the principal amount of $200,000 (the “Exchange Debenture”, and
collectively with the Cash Debentures, the “Debentures”);

       

      WHEREAS,
in connection with the issuance of the Exchange Debenture, the Company will also
issue Purchaser warrants to purchase up to 10,000,000 shares of the Company’s
common stock at $.01 per share (the “Exchange Debenture Warrant”, and
collectively with the Cash Debenture Warrants, the “Warrants”) in substantially
the form attached hereto as Exhibit B;

       

      WHEREAS,
the Debentures and Warrants are collectively referred to as the
“Securities”;

       

      WHEREAS,
the Company desires that Purchaser purchase the Securities; and

       

      NOW,
THEREFORE, in consideration of the foregoing and on the basis of the respective
representations, warranties, covenants, agreements, undertakings and obligations
set forth herein, and intending to be legally bound hereby, the parties agree as
follows:

       

      ARTICLE
1

       

      PURCHASE
AND SALE OF THE CASH DEBENTURES AND THE CASH DEBENTURE WARRANTS

      

      1.1           Purchase
and Sale of Securities.  Upon the terms and subject to the
conditions set forth in this Agreement, the Company agrees to sell, assign,
transfer and deliver to Purchaser and Purchaser hereby agrees to purchase at
each the Closing (as defined in Section 2) and accept delivery from the Company,
the Cash Debentures free of all liens, pledges, mortgages, security interests,
charges, restrictions, adverse claims or other encumbrances of any kind or
nature whatsoever, for the consideration specified herein.

       

      ARTICLE
2

       

      CLOSING

       

      
        
           

        

        
          -1-

          
            

          

        

        
           

        

      

       

      2.1           Closing.  As
used herein the Closing Date shall mean the day when all conditions precedent to
(i) the Purchaser’s obligations to purchase the Cash Debentures and (ii) the
Company’s obligations to issue the Cash Debentures and Cash Debenture Warrants
have been satisfied or waived.  On each Closing Date, upon the terms
and subject to the conditions set forth herein, the Company agrees to sell and
the Purchaser agrees to purchase $100,000 of Debentures. The closing of the
purchase and sale of Cash Debentures is referred to herein as the
“Closing”.

       

      The first Closing Date shall occur on
the date of this Agreement and the Second Closing Date, subject to the
conditions set forth herein shall occur on March 16, 2010.  Each
closing shall occur at the offices of Sichenzia Ross Friedman Ference LLP, New
York, New York 10066, at 10:00 a.m., or at such other time and place as the
parties may agree.

       

      2.2  Deliveries.

       

             (a)
On or prior to the first Closing Date, the Company shall deliver or cause to be
delivered to the Purchaser:

       

      (i)   this Agreement
duly executed by the Company;

       

      (ii)  a Debenture in the
principal amount equal to $100,000; and

       

      (iii) a Warrant registered in the name
of Purchaser to purchase up to 5,000,000 shares of common stock at an exercise
price of $.01 per share.

       

            (b)  On
or prior to the first Closing Date, the Purchaser shall deliver or cause to be
delivered to the Company:

       

               (i)  this
Agreement duly executed by the Purchaser; and

       

               (ii)  the
amount of $100,000 by wire to the account specified in writing by the
Company.

       

            (c)  On
or prior to the second Closing Date, the Company shall deliver or cause to be
delivered to the Purchaser:

       

      (i)  a Debenture in the
principal amount equal to $100,000; and

       

      (ii)  a Warrant registered in
the name of Purchaser to purchase up to 5,000,000 shares of Common Stock at an
exercise price of $.01 per share.

       

           (d)  On
or prior to the second Closing Date, the Purchaser shall deliver or cause to be
delivered to the Company:

       

               (i)   the
amount of $100,000 by wire to the account specified in writing by the
Company.

       

         2.3   Closing
Conditions

       

            (a)  The
obligations of the Company hereunder in connection with each Closing are subject
to the following conditions being met:

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

       

      (i)  the accuracy in all
material respects on each Closing Date of the representations and warranties of
the Purchaser contained herein;

       

      (ii)   the delivery by
the Purchaser of the items set forth in Section 2.2 (b) (in the case of the
first Closing) and 2.2(d) (in the case of the second Closing).

       

       (b)  The
obligations of the Purchaser hereunder in connection with the Closing are
subject to the following conditions being met:

       

      (i)  the
accuracy in all material respects when made and on each Closing Date of the
representations and warranties of the Company contained herein;

       

      (ii)  all
obligations, covenants and agreements of the Company required to be performed at
or prior to the relevant Closing Date shall been performed;

       

      (iii)  the
delivery by the Company of the items set forth in Section 2.2 (a) (in the case
of the first Closing and 2.2 (c)  (in the case of the second
Closing).

       

      ARTICLE
3

       

      REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

       

      3.           Representations
and Warranties of the Company.  The Company represents and
warrants to the Purchaser as follows:

       

      (a) The Company is a corporation duly organized, validly
existing, and in good standing under the laws of Nevada, and is qualified in no
other state.

      

      (b)           This
Agreement has been duly executed and delivered by Company and constitutes the
valid, binding and enforceable obligation of Company, subject to the applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally
and rights of stockholders.

      

      (c) The
authorized capital stock of the Company consists of 2,500,000,000 shares of common
stock, 1,922,027,167 of which are validly issued and outstanding, fully
paid and non-assessable and 1,000,000 shares of blank check preferred stock of
which 500,000 have been designated as Series A Preferred Stock of which 0 are
issued and outstanding and 500,000 have been designated as Series B Preferred
Stock of which 0 are issued and outstanding.  The Common Stock
issuable upon the conversion of the Debentures and exercise of the Warrants will
be when issued in accordance with the Debenture and or the Warrant validly
issued, are fully paid and non-assessable.  The Company has the
unqualified right to sell, assign, and deliver the Securities, and, upon
consummation of the transactions contemplated by this Agreement, the Purchaser
will acquire good and valid title to the Securities, free and clear of all
liens, claims, options, charges, and encumbrances of whatsoever
nature.  The Company’s subsidiaries are set forth on Schedule (c)
(such subsidiaries and any direct or indirect subsidiary of the Company formed
or acquired after the date hereof shall be referred as a
“Subsidiary”)

       

      (d)           Other
than as set forth on the financial statements attached hereto, the Company is
not a party to or bound by any unexpired, undischarged or unsatisfied written or
oral contract, agreement, indenture, mortgage, debenture, note or other
instrument under the terms of which performance by Purchaser according to the
terms of this Agreement will be a default or an event of acceleration, or
grounds for termination, or whereby timely performance by Purchaser according to
the terms of this Agreement may be prohibited, prevented or
delayed.

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

       

      (e)           Company
has full power and authority to sell and transfer the Securities to Purchaser
without obtaining the waiver, consent, order or approval of (i) any state or
federal governmental authority or (ii) any third party or other
person.  The Company has the corporate power, authority and
capacity to carry on its business as presently conducted.

      

      (f)           Neither
the execution and delivery of this Agreement nor the consummation of the
transactions contemplated hereby will constitute a violation or default under
any term or provision of the Certificate of Incorporation or By-Laws of the
Company or of any contract, commitment, indenture,
other agreement or restriction of any kind or character to which the Company is
a party to or by which the Company is bound.  

      

      (g)           As of September 30, 2009, the Company has no
outstanding liabilities or obligations to any party except as reflected on the
Company’s financial statements (attached hereto
as Exhibit C). 

      

      (h)           The Company has the
corporate power to own its properties and to carry on its business as now being
conducted and is duly qualified to do business and is in good standing in each
jurisdiction in which the failure to be so qualified and in good standing would
have a material adverse effect on the Company.  The Company is not in
violation of any of the provisions of its certificate of incorporation or
by-laws.  No consent, approval or agreement of any individual or
entity is required to be obtained by the Company in
connection with this Agreement.  

      

      (i)           There is no private or governmental action, suit,
proceeding, claim, arbitration or investigation pending before any agency, court
or tribunal, foreign or domestic, or, to the Company’s best
knowledge, threatened against the Company or any of
its properties or any of its officers or directors (in their capacities as
such).  There is no judgment, decree or order against the Company that could
prevent, enjoin, alter or delay any of the transactions contemplated by this
Agreement.  

      

      (j)           There are no material claims, actions, suits,
proceedings, inquiries, labor disputes or investigations (whether or not
purportedly on behalf of the Company) pending
or, to the Company’s  knowledge, threatened against the Company or any of
its assets, at law or in equity or by or before any governmental entity or in
arbitration or mediation.  No bankruptcy, receivership or debtor
relief proceedings are pending or, to the best of the Company’s
knowledge, threatened against the Company.

      

      (k)           Other
than with respect to the filing of tax returns, the Company has
complied with, is not in violation of, and has not received any notices of
violation with respect to, any federal, state, local or foreign laws, judgment,
decree, injunction or order, applicable to it, the conduct of its business, or
the ownership or operation of its business.    References in
this Agreement to “Laws” shall refer to any laws, rules or regulations of any federal, state or local
government or any governmental or quasi-governmental agency, bureau, commission,
instrumentality or judicial body
(including, without limitation, any federal or state securities law, regulation,
rule or administrative order).

       

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

       

       (l)           All representations, covenants and warranties of the
Company contained in this Agreement shall be true and correct
on and as of the Closing date with the same effect as though the same had been
made on and as of such date.

      

      (m)           The Company has the
corporate power, authority and capacity to carry on its business as presently
conducted.

       

      ARTICLE
4

       

      REPRESENTATIONS
AND WARRANTIES OF BUYER

       

      4.           Representations
and Warranties of Buyer.  The Purchaser hereby represents and
warrants to the Company as follows:

       

      (a)  Organization;
Authority.  Purchaser is an entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization with full right, corporate or partnership power and authority to
enter into and to consummate the transactions contemplated by this
Agreement.   and otherwise to carry out its obligations hereunder
and thereunder. The execution and delivery of this Agreement and performance by
Purchaser of the transactions contemplated by this Agreement have been duly
authorized by all necessary corporate or similar action on the part of
Purchaser.  This Agreement has been duly executed by Purchaser, and
when delivered by Purchaser in accordance with the terms hereof, will constitute
the valid and legally binding obligation of Purchaser, enforceable against it in
accordance with its terms, except: (i) as limited by general equitable
principles and applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as
indemnification and contribution provisions may be limited by applicable
law.

       

      (b)  Own
Account.  Purchaser understands that the Securities are
“restricted securities” and have not been registered under the Securities Act of
1933, as amended (the “Securities Act”) or any applicable state securities law
and is acquiring the Securities as principal for its own account and not with a
view to or for distributing or reselling such Securities or any part thereof in
violation of the Securities Act or any applicable state securities law, has no
present intention of distributing any of such Securities in violation of the
Securities Act or any applicable state securities law and has no direct or
indirect arrangement or understandings with any other persons to distribute or
regarding the distribution of such Securities (this representation and warranty
not limiting Purchaser’s right to sell the Securities pursuant to an effective
registration statement  or otherwise in compliance with applicable
federal and state securities laws) in violation of the Securities Act or any
applicable state securities law.

       

      (c)  Purchaser
Status.  At the time Purchaser was offered the Securities, it
was, as of the date hereof it is, as of the date of each Closing, when it
receives the Exchange Debenture, and when it converts any portion of the
Debentures or when it exercises any portion of the Warrant it will be either:
(i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional
buyer” as defined in Rule 144A(a) under the Securities Act.  Purchaser
is not required to be registered as a broker-dealer under Section 15 of the
Exchange Act.  Purchaser has (i) a preexisting personal or business
relationship with the Company or one or more of its directors, officers or
control persons or (ii) by reason of Purchaser’s business or financial
experience Purchaser is capable of evaluating the risks and merits of this
investment and of protecting Purchaser’s own interests in connection with an
investment in the Securities.

       

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

       

      (d)  Experience of
Purchaser.  Purchaser, either alone or together with its
representatives, has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of
the prospective investment in the Securities, and has so evaluated the merits
and risks of such investment.  Purchaser is able to bear the economic
risk of an investment in the Securities and, at the present time, is able to
afford a complete loss of such investment.

       

      (e)  General
Solicitation.  Purchaser is not purchasing the Securities as a
result of any advertisement, article, notice or other communication regarding
the Securities published in any newspaper, magazine or similar media or
broadcast over television or radio or presented at any seminar or any other
general solicitation or general advertisement.

       

      (f)  Receipt of
Information.  Purchaser believes it has received all the information
it considers necessary or appropriate for deciding whether to purchase the
Securities.  Purchaser further represents that through its
representatives it has had an opportunity to ask questions and receive answers
from the Company regarding the terms and conditions of the offering of the
Securities and the business, properties and financial condition of the Company
and to obtain additional information (to the extent the Company possessed such
information or could acquire it without unreasonable effort or expense)
necessary to verify the accuracy of any information furnished to it or to which
it had access.  The foregoing, however, does not limit or modify the
representations and warranties of the Company in Section 3 of this Agreement or
the right of Purchaser to rely thereon.

       

      

      ARTICLE
5

       

      MISCELLANEOUS

       

      

       

      5.1 Exchange
of  Common Stock.  Within days of the date of this
Agreement, the Purchaser shall return 33,333,333 shares of the Company’s common
stock that were issued to Purchaser along with stock powers medallion signature
guaranteed and within seven days of the receipt of such common stock and
medallion signature guaranteed stock powers, the Company shall issue and deliver
to the Purchaser the Exchange Debenture (in the same form as the Cash
Debentures) in the principal amount of $200,000 and the Exchange Debenture
Warrant for the purchase of 10,000,000 shares of common stock at $.01 per
share.

       

      5.2           Further
Assurances.  By its signature hereto, each party consents and
agrees to all of the transactions contemplated hereby.  Each party
hereto shall execute, deliver, file and record any and all instruments,
certificates, agreements and other documents, and take any and all other
actions, as reasonably requested by any other party hereto in order to
consummate the transactions contemplated hereby and, in the case of the Company,
to ensure that Purchaser receive in full the benefits of the equity interests to
which they are entitled hereby.

       

      5.3           Notices.  All
notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given or made if (i) sent by
registered or certified mail, return receipt requested, postage prepaid, (ii)
hand delivered, (iii) sent by prepaid overnight carrier, with a record of
receipt or (iv) sent by facsimile (with confirmation of receipt), to the parties
at the following address (or at such other addresses as shall be specified by
the parties by like notice):

       

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

       

      (i)           To the
Company:

      American Scientific Resources,
Incorporated

      1112 Weston Road, Unit 278

      Weston, Florida, 33326

      Fax: (954) 659-3412

      Attention:  Christopher
Tirotta

      

      With a copy to:

      Sichenzia Ross Friedman Ference
LLP

      61 Broadway

      New York 10006

      Fax:  (212)
930-9725

      Attention:  David B. Manno,
Esq.

      

      (ii)           To
Purchaser:

      Granite
Financial Group, LLC

      135
Liverpool Drive, Suite 200

      Cardiff,
California 92007

      Attention:
Daniel Schreiber

      

      Each
notice or other communication shall be deemed to have been given on the date
received.

       

      5.4           Entire
Agreement.  This Agreement constitutes the entire agreement and
supersedes all prior agreements and understandings, oral and written, between
the parties hereto with respect to the subject matter hereof.

      

      5.5           Headings.  The
section and other headings contained in this Agreement are for reference
purposes only and shall not be deemed to be a part of this Agreement or to
affect the meaning or interpretation of this Agreement.

      

      5.6           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which, when
executed, shall be deemed to be an original and all of which together shall be
deemed to be one and the same instrument.

      

      5.7           Governing
Law and Jurisdiction.  This Agreement shall be construed as to
both validity and performance and enforced in accordance with and governed by
the laws of the State of Florida, without giving effect to the conflicts of law
principles thereof. Any action brought by either party against the other
concerning the transactions contemplated by this Agreement shall be brought only
in the civil or state courts of Florida or in the federal courts located in the
State of Florida.  The parties executing this Agreement and other
agreements referred to herein or delivered in connection herewith on behalf of
the Company agree to submit to the jurisdiction of such courts.

       

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

       

      5.8           Severability.  If
any term or provision of this Agreement shall to any extent be invalid or
unenforceable, the remainder of this Agreement shall not be affected thereby,
and each term and provision of the Agreement shall be valid and enforced to the
fullest extent permitted by law.

      

      5.9           Amendments.  This
Agreement may not be modified or changed except by an instrument or instruments
in writing executed by the parties hereto.

      

       

      

       

      

       

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

       

      THE COMPANY:

       

      AMERICAN SCIENTIFIC RESOURCES,
INCORPORATED

       

      By:                                                                

      Name:  Christopher
F. Tirotta, MD, MBA

      Title:  CEO

      

      PURCHASER:

      

      GRANITE FINANCIAL GROUP,
LLC

      

      By:                                                                

      Name:

      Title:

      

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

      

      
        AMERICAN
SCIENTIFIC RESOURCES, INCORPORATED’S

        WIRE
INFORMATION

      

      

       

      
        
           

        

        
          -1-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]