Document:

Exhibit 10.1

                                    AGREEMENT

     This  AGREEMENT  is entered  into  effective as of the 12th day of February
2002,  by and among TNCI UK LIMITED,  a company  incorporated  under the laws of
England and Wales ("TNCI UK"), GLOBAL TECHNOLOGIES, LTD., a Delaware corporation
("Global"),  Ocean Castle  Partners LLC, a Delaware  limited  liability  company
("Ocean  Castle"),  the Gross  Investment  Company LP ("GIC"),  and Irwin L. and
Linda Gross, as joint tenants with right of survivorship (the "Grosses").

                                   BACKGROUND

          A. Global  previously owned 60% of the outstanding  equity of TNCI UK.
TNCI UK's working  capital is currently  depleted.  Global does not have capital
available to satisfy TNCI UK's financing needs.

          B. Global and Ocean Castle have secured  financing for TNCI UK that it
is anticipated  will allow it to remain viable for up to another 12 months.  The
investor will not make the investment  unless: (1) it will control TNCI UK based
on the amount of equity obtained in connection  with the financing;  (2) it will
have the ability to  designate a majority of the Board of  Directors of the TNCI
UK; (3) Global  converts  all but $45,000 of debt owed by TNCI UK to Global into
equity (it being understood that such conversion will result in Global acquiring
4,000,000 ordinary shares (the "Conversion Shares") of 1p each in the capital of
TNCI UK ("Ordinary  Shares"),  and (4) Global waives any rights that it has with
respect to its preference  shares of TNCI UK (the "Preference  Shares") that are
in addition to rights Global would have as an ordinary  shareholder until it can
convert its  preference  shares into  Ordinary  Shares,  and that Global will so
convert  its  Preference  Shares  as  soon  as it is  possible  for it to do so.
Recognizing  that without this  investment  Global's  investment in TNCI UK will
likely be  worthless,  Global  has agreed to such  conversion  and  waiver.  The
$45,000 debt shall be  represented  by a new note in  substantially  the form of
Exhibit "A" attached hereto. The terms of the investment described above are set
out in the  Subscription  Agreement  that has been executed and delivered by the
investor, a copy of which is attached hereto as Exhibit "B".

          C. TNCI UK and the investor have agreed that as consideration  for its
services in securing the  financing  discussed  above,  (1) Global shall receive
warrants exercisable for 2,069,850 Ordinary Shares (representing 5% of TNCI UK's
outstanding  share  capital) (the form of warrant is attached  hereto as Exhibit
"C") and a grant of the  exclusive  distributorship  with respect to any of TNCI
UK's  products or  technologies  for the rail  industry for the United States of
America,  which by its terms shall terminate upon the bankruptcy of Global;  and
(2) TNCI UK shall enter into a two-year consulting and management agreement with
Ocean  Castle,  which such  agreement  shall  provide for,  among other  things,
payment of $33,000 per month (the  "Consulting  Agreement," the form of which is
attached hereto as Exhibit "D").

          D. Global  entered  into a line of credit note with the Grosses for an
aggregate  principal  amount of $500,000  (the "Gross Note") and with GIC for an
aggregate  principal amount of $167,000 (the "GIC Note"). Each of these notes is
a demand note. There is currently an outstanding balance of $13,000 on the Gross
Note and of $60,000 on the GIC Note. The Gross Note and the GIC Note are secured
by a pledge of and security  interest in the Preference  Shares and any proceeds
thereof and is a demand note. Each of the Grosses and GIC has agreed to forebear
until  the  earlier  to occur of 12 months  from the date  hereof or an event of
bankruptcy  for Global  from  demanding  repayment  of any balance due under the
Gross Note and the GIC Note in return for a pledge of and  security  interest in
the Conversion Shares.

          E. The parties hereto desire to enter into this Agreement with respect
to the transactions described above.

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

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          1.  CONVERSION  OF  INDEBTEDNESS.  Global  hereby  agrees that all but
$45,000  of its  debt  position  in TNCI UK shall be  converted  into  4,000,000
Ordinary  Shares.  Contemporaneously  with the  execution  and  delivery of this
Agreement, (A) TNCI UK shall prepare and deliver a stock certificate in the name
of Global Technologies,  Ltd.  representing  4,000,000 Ordinary Shares and shall
deliver the same to Global,  and (B) TNCI UK shall execute and deliver to Global
the form of note  attached  hereto as Exhibit  "A"  representing  the  remaining
unconverted  indebtedness  owed by TNCI UK to Global.  At such time as the stock
certificate  is received by Global,  Global shall mark any and all notes that it
may have  representing the indebtedness  converted as "cancelled and satisfied",
and shall provide copies of such cancelled and satisfied notes to TNCI UK.

          2. WAIVER OF RIGHTS.  Global hereby agrees to waive any rights that it
has with respect to its Preference  Shares that are in addition to rights Global
would have as an ordinary shareholder until it can convert its preference shares
into Ordinary Shares,  and that Global will so convert its Preference  Shares as
soon as it is possible for it to do so. Contemporaneously with the execution and
delivery of this  Agreement,  Global  shall  provide a letter to TNCI UK setting
forth such waiver and request for conversion.

          3.  FINANCING  SERVICES  COMPENSATION.  TNCI UK hereby  agrees that in
consideration of its services in securing the financing discussed above, TNCI UK
shall  execute  and  deliver to Global the form of  warrant  attached  hereto as
Exhibit  "C", and hereby  grants to Global the  exclusive  distributorship  with
respect to any of TNCI UK's products or  technologies  for the rail industry for
the United  States of America,  which by its terms shall  terminate  immediately
upon any event of Bankruptcy for Global (as defined in paragraph 5 below).  TNCI
UK agrees that contemporaneously with the execution and delivery hereof, TNCI UK
shall  execute and  deliver to Global the warrant and shall  provide a letter to
Global the terms of which  shall grant to Global the  exclusive  distributorship
discussed above.

          4. CONSULTING  AGREEMENT.  TNCI UK hereby agrees that in consideration
of its services in securing the  financing  discussed  above and for the further
consideration   provided  for  in  the  Consulting  Agreement,   TNCI  UK  shall
contemporaneously  with the execution and delivery hereof execute and deliver to
Ocean Castle the form of Consulting Agreement attached hereto as Exhibit "D".

          5.  FORBEARANCE.  Each of the Grosses and GIC hereby  agree to forbear
from  demanding  repayment of any and all principal  balance  outstanding  under
either of the Gross Note and the GIC Note until the  earlier of the date that is
12 months from the date hereof or an event of Bankruptcy  for Global (as defined
below) in  exchange  for a pledge of and  security  interest  in the  Conversion
Shares as additional security for the Gross Note and the GIC Note. Global hereby
agrees to pledge such Conversion Shares to the Grosses and to GIC and to provide
a  security  interest  in  such  Conversion  Shares  to the  Grosses  and GIC in
consideration of such agreement to forbear. Contemporaneously with the execution
and delivery  hereof,  Global agrees that it shall prepare,  execute and deliver
such pledge agreements and financing statements,  and/or amend any existing loan
and pledge  documentation  and  financing  statements,  as may be  necessary  to
perfect  such  pledge  and  security  interest.  "Bankruptcy"  shall  mean (A) a
receiver,  liquidator  or  trustee  of  Global or of a  substantial  part of its
properties  shall be  appointed  by court order and such order  shall  remain in
effect  for more than 30 days;  (B)  Global  shall be  adjudicated  bankrupt  or
insolvent; (C) a substantial part of the property of Global shall be sequestered
by court order and such order shall remain in effect for more than 30 days;  (D)
a  petition  to  reorganize  Global  under  any  bankruptcy,  reorganization  or
insolvency law shall be filed against  Global and shall not be dismissed  within
30 days  after such  filing;  (E) Global  shall  file a  petition  in  voluntary
bankruptcy  or request  reorganization  under any  provision of any  bankruptcy,
reorganization  or insolvency  law, or Global shall consent to the filing of any
petition  against it under any such law; or (F) Global shall make an  assignment
for the benefit of its  creditors,  or admit in writing its inability to pay its
debts generally as they become due, or consent to the appointment of a receiver,
trustee  or  liquidator  of  Global,  or of all or any  substantial  part of its
properties.

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          6. MISCELLANEOUS.

               (a) BINDING AND BENEFIT. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs,  personal
representatives,  successors and permitted  assigns;  provided that no party may
assign any of its rights and/or obligations  hereunder without the prior written
consent of all other parties hereto.

               (b)  INDULGENCES,  ETC.  Neither the failure nor any delay on the
part of either party to exercise  any right,  remedy,  power or privilege  under
this  Agreement  shall  operate  as a waiver  thereof,  nor shall any  single or
partial exercise of any right,  remedy, power or privilege preclude any other or
further exercise of the same or of any other right,  remedy, power or privilege,
nor shall any waiver of any right,  remedy,  power or privilege  with respect to
any  occurrence  be  construed  as a  waiver  of such  right,  remedy,  power or
privilege  with  respect to any other  occurrence.  No waiver shall be effective
unless it is in writing and is signed by the party asserted to have granted such
waiver.

               (c) CONTROLLING LAW. This Agreement and all questions relating to
its validity,  interpretation,  performance and enforcement shall be governed by
and construed in accordance with the laws of the England and Wales.

               (d)  FURTHER  ASSURANCES.  Each of the parties  hereto  agrees to
execute and deliver or cause to be executed and delivered  all such  instruments
and to take all such action as the other party may reasonably  request or as may
become  necessary in order to effectuate the intent and purposes of and to carry
out the terms of this Agreement.

               (e) EXECUTION IN COUNTERPARTS.  This Agreement may be executed in
any number of  counterparts,  each of which shall be deemed to be an original as
against  any party  whose  signature  appears  thereon,  and all of which  shall
together  constitute one and the same  instrument.  This Agreement  shall become
binding when one or more  counterparts  hereof,  individually or taken together,
shall  bear  the  signatures  of all  of the  parties  reflected  hereon  as the
signatories.

               (f)  PROVISIONS  SEPARABLE.  The provisions of this Agreement are
independent of and separable from each other, and no provision shall be affected
or rendered  invalid or  unenforceable by virtue of the fact that for any reason
any other or others of them may be invalid or unenforceable in whole or in part.

               (g)  ENTIRE  AGREEMENT.   This  Agreement   contains  the  entire
understanding  between the parties  hereto  with  respect to the subject  matter
hereof,   and   supersedes   all  prior  and   contemporaneous   agreements  and
understandings,  inducements or conditions, express or implied, oral or written,
except as herein  contained.  The express terms hereof control and supersede any
course of  performance  and/or usage of the trade  inconsistent  with any of the
terms  hereof.  This  Agreement  may not be modified or amended other than by an
agreement in writing.

               (h) PARAGRAPH HEADINGS.  The Paragraph and subparagraph  headings
in this Agreement have been inserted for  convenience  of reference  only;  they
form no part of this Agreement and shall not affect its interpretation.

               (i) GENDER, ETC. Words used herein,  regardless of the number and
gender  specifically  used,  shall be deemed and  construed to include any other
number, singular or plural, and any other gender, masculine, feminine or neuter,
as the context indicates is appropriate.

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     In WITNESS  WHEREOF,  the  undersigned  parties have executed and delivered
this Agreement as of the 12th day of February 2002.

                                       TNCI UK LIMITED

                                       By: /s/ Stephen J. Ollier
                                           -------------------------------------
                                           Name: Stephen J. Ollier
                                                 -------------------------------
                                           Title: Managing Director
                                                  ------------------------------

                                       GLOBAL TECHNOLOGIES, LTD.

                                       By: /s/ Irwin L. Gross
                                           -------------------------------------
                                           Name: Irwin L. Gross
                                                 -------------------------------
                                           Title: Chariman & CEO
                                                  ------------------------------

                                       /s/ Irwin L. Gross
                                       -----------------------------------------
                                       Irwin L. Gross

                                       /s/ Linda Gross
                                       -----------------------------------------
                                       Linda Gross

                                       OCEAN CASTLE PARTNERS LLC

                                       By: /s/ Irwin L. Gross
                                           -------------------------------------
                                           Name: Irwin L. Gross
                                                 -------------------------------
                                           Title: Manager
                                                  ------------------------------

                                       GROSS INVESTMENT COMPANY LP
                                       By: GEG, Inc., General Partner

                                       By: /s/ Irwin L. Gross
                                           -------------------------------------
                                           Name: Irwin L. Gross
                                                 -------------------------------
                                           Title: President
                                                  ------------------------------

4Exhibit 10.2

                                 PROMISSORY NOTE

Principal Sum: $45,000                                  Dated: February 12, 2002

Holder:  Global Technologies, Ltd.
Address: 1811 Chestnut Street
         Suite 120
         Philadelphia, PA  19103
         Attention: Chairman
         Facsimile No.: 215.972.8183

     TNCI UK LIMITED, a company incorporated under the laws of England and Wales
(the  "Company"),  hereby  promises to pay the  Principal Sum plus interest at a
rate or 7% per  annum to the  order  of  Holder,  its  successors  or  permitted
assigns.  The Principal Sum plus interest shall be repaid to Holder in ten equal
installments  of principal  and  interest of $4,353.50  each with the first such
payment due within 15 days of the date hereof, but in no event after the 28th of
February 2002, and each of the successive  nine payments due on the first day of
each of March 2002 through and including  November 2002, with a final payment of
$4,352.50 due on the first day of December  2002,  unless the Principal Sum, any
accrued  interest  and any other  charges  become due  earlier as a result of an
Acceleration  Declaration (as defined below). Any principal balance  outstanding
after the  Maturity  Date (the earlier to occur of December 1, 2002 and the date
of an  Acceleration  Notice is referred to herein as the "Maturity  Date") shall
bear  interest  at the rate of 18% per annum  (or,  if less,  the  highest  rate
permitted  by law)  ("Default  Interest").  Any payment  not  received by Holder
within two days of the due date therefor shall be subject to a late charge of 5%
of the amount  then due.  Payments  shall be made to Holder by wire  transfer of
immediately available funds pursuant to the wire instructions attached hereto as
Exhibit "A".

     The  Company  may at any time  prepay  the  outstanding  principal  balance
represented  by this  Note,  in  whole.  Any  such  prepayment  shall be by wire
transfer of immediately available funds in accordance with the wire instructions
provided  by Holder  that are  attached  hereto as Exhibit  "A",  together  with
written notice to Holder  advising it of such  prepayment.  Prepayments  will be
applied first to any charges due, then to the reduction of any accrued  interest
and then to principal.

     An "event of default"  with  respect to this Note shall exist if any of the
following shall occur:

     (i) The Company shall breach or fail to comply with any material  provision
     of this Note and such breach or failure to comply  shall  continue  for two
     days after written notice by Holder to the Company for a monetary  default,
     and  five  days  after  written  notice  by  Holder  to the  Company  for a
     non-monetary default.

     (ii) A receiver,  liquidator  or trustee of the Company or of a substantial
     part of its  properties  shall be  appointed  by court order and such order
     shall  remain in  effect  for more than 60 days;  or the  Company  shall be
     adjudicated bankrupt or insolvent; or a substantial part of the property of
     the Company shall be sequestered by court order and such order shall remain
     in effect for more than 60 days;  or a petition to  reorganize  the Company
<PAGE>
     under  any  bankruptcy,  reorganization  or  insolvency  law shall be filed
     against the Company  and shall not be  dismissed  within 60 days after such
     filing.

     (iii) The Company shall file a petition in voluntary  bankruptcy or request
     reorganization  under any provision of any  bankruptcy,  reorganization  or
     insolvency  law, or shall consent to the filing of any petition  against it
     under any such law.

     (iv) The Company shall make an assignment for the benefit of its creditors,
     or admit in writing its inability to pay its debts generally as they become
     due, or consent to the appointment of a receiver,  trustee or liquidator of
     the Company, or of all or any substantial part of its properties.

     If an event of default referred to above shall occur, the Holder may at any
time  thereafter,  in addition to Holder's other remedies,  by written notice to
the Company (an  "Acceleration  Declaration"),  declare the principal  amount of
this Note,  plus any Default  Interest and any other amounts due hereunder to be
due and payable immediately.

     All notices and other  communications  required  or  permitted  to be given
hereunder  shall be in writing  and shall be given by  delivery  in  person,  by
facsimile,  recognized overnight courier,  e-mail, or by registered or certified
mail, postage prepaid, return receipt requested, addressed as follows: (i) if to
the Holder, to such address,  e-mail address or facsimile number as is set forth
in the  heading  hereof  or as the  Holder  shall  furnish  to  the  Company  in
accordance  with  this  paragraph,  and  (ii)  if to the  Company,  to it at its
headquarters  office,  e-mail address or facsimile number as set forth below, or
to such other  address as the Company  shall furnish to the Holder in accordance
with this paragraph. Delivery in person shall be deemed received by the intended
recipient thereof upon delivery,  by recognized overnight courier two days after
receipt by such  courier,  by e-mail  upon  actual  receipt,  by  registered  or
certified  mail five days after  posted,  and by fax at the time  indicated  for
delivery  by  a  facsimile  transmission  confirmation  sheet  produced  by  the
facsimile machine that originated the facsimile transmission.

     This Note shall be governed and  construed in  accordance  with the laws of
England and Wales  applicable  to agreements  made and to be performed  entirely
within such  jurisdiction.  The courts in London,  England shall have  exclusive
jurisdiction over this instrument and the enforcement hereof.

     The  Company  waives  protest,  notice of protest,  presentment,  dishonor,
notice of dishonor and demand.

     If any provision of this Note shall for any reason be held to be invalid or
unenforceable,  such invalidity or  unenforceability  shall not affect any other
provision  hereof,  but this  Note  shall be  construed  as if such  invalid  or
unenforceable provision had never been contained herein.

     The waiver of any event of default or the failure of the Holder to exercise
any right or remedy to which it may be entitled  shall not be deemed a waiver of
any subsequent event of default or of the Holder's right to exercise that or any
other right or remedy to which the Holder is entitled.

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<PAGE>
     The Holder of this Note shall be  entitled  to recover  its legal and other
costs of  collecting  on this Note,  and such costs shall be deemed added to the
principal amount of this Note.

     This Note may be changed,  terminated or otherwise modified only in writing
executed by the party against whom such modification is sought to be enforced.

     Any notices  required  hereunder to the Company shall be sent,  e-mailed or
faxed to the Company's principal business address at:

         TNCI UK LIMITED
         The Mill
         Lodge Lane
         Derby DE1 3HB
         England
         Tel:  44(0) 1332 202 172
         Fax: 44(0) 1332 202 173
         Attention: Stephen J. Ollier, Managing Director

            [THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK]

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<PAGE>
         IN  WITNESS  WHEREOF,  the  Company  has  caused  this  Note to be duly
executed on the date first above written.

TNCI UK LIMITED

By: /s/ Stephen J. Ollier
    ---------------------------------
Name: Stephen J. Ollier
Title: Managing Director

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                                    EXHIBIT A

                            -------------------------

                                WIRE INSTRUCTIONS

Chase Manhattan Bank
Beneficiary: Global Technologies, Ltd.
ABA:  021000021
Account #: 530768119

5

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