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EXHIBIT 10.2 EMPLOYMENT AGREEMENT

Employment Agreement

EXHIBIT 10.2 EMPLOYMENT AGREEMENT | Document Parties: Gabriel Technologies Corporation You are currently viewing:
This Employment Agreement involves

Gabriel Technologies Corporation

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Title: EXHIBIT 10.2 EMPLOYMENT AGREEMENT
Governing Law: Nebraska     Date: 11/16/2006
Industry: Software and Programming     Sector: Technology

EXHIBIT 10.2 EMPLOYMENT AGREEMENT, Parties: gabriel technologies corporation
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EXHIBIT 10.2

 

EMPLOYMENT AGREEMENT

This employment agreement ("Agreement") is made as of the 31st day of March, 2004, between Gabriel Technologies Corporation, organized and existing under the laws of Nevada, with its principal office located at Omaha, Douglas County, Nebraska ("Employer"), and Maurice Shanley, whose address is, 1325 N. 131 Circle, Omaha, Nebraska ("Employee").

RECITALS

A.   Employer is engaged in the business of producing and distributing locking devices for use in the transportation industry and maintains business premises at 4538 So. 140 th Omaha, Nebraska 68137 (the "business premises").

B.   Employee is willing to be employed by Employer, and Employer is willing to employ   Employee, on the terms and conditions set forth below. In consideration of the matters described above, and of the mutual benefits arid obligations set forth in this agreement, the parties agree as follows:

1.   EMPLOYMENT. Employer employs Employee at the business premises to serve in the position of its Chief Financial Officer and Employee   accepts and agrees to such employment.

2.   DUTIES. Subject to the supervision arid pursuant to the orders, advice, and direction of employer, Employee shall perform such duties as are customarily performed by one holding such position in other businesses or enterprises of the same or similar nature as that engaged in by employer. Employee shall additionally render such other and unrelated services and duties as may be assigned to him from time to time by Employer.

3.   MANNER OF PERFORMANCE. Employee shall at all times faithfully, industriously, and to the best of his ability, experience, and talent, perform all duties that may be required of and from him pursuant to the express and implicit terms of this agreement, to the reasonable satisfaction of Employer. Such duties shall be rendered at the business premises and at such other place or places as Employer shall in good faith require or as the interests, needs, business, and opportunities of Employer shall require or make advisable.

4 .   TERM. The term of employment shall be three year, commencing on April 1, 2004 and terminating December 31, 2005,   subject, however, to prior termination as otherwise provided in this agreement. Upon expiration of the term of this Agreement, or any renewal thereof, this Agreement will be automatically renewed. for an additional one year term unless on party gives the other party written notice of its intent to terminate the Agreement at least forty five (45) days prior to the end of the term, or any extension thereof.

 

 

 

5.   COMPENSATION. Employer shall pay Employee and Employee agrees to accept from Employer, in full payment for Employee’s services under this agreement, compensation at the rate of One Hundred Thirty Thousand and 00 / l00ths Dollars $130,000.00 per annum, payable bi monthly,   which shall be payable of the first clay of each month and the 15 day of each month. In addition to the foregoing, Employer will permit Employee to participate in any health insurance, retirement plans and other fringe benefit: programs that are provided to Employees of the Company generally, and, will reimburse Employee for any and all necessary, customary, and usual expenses incurred by him while traveling for and on behalf of Employer pursuant to Employer’s directions.

In addition to Employee’s regular salary and benefits, Employer will pay a cash bonus to Employee in the amount of One Hundred Fifty Thousand and no/ l00ths Dollars ($150,000.00) within sixty (60) days of a successful private placement of the Company’s equity securities for $6,500,000 with EIC. Upon the completion of the EIC PPM Employee shall receive warrants / options for 230,000 shares at $0.25 cents per share. Other bonus opportunities include:

 

Annual Sales

Number of Warrants

Completion of Locate

 

And initial product

200,000

Completion of Locates

 

Full implementation of Locates

 

Business Plan

200,000

Listing on NASDAQ

 

*See Attachment

200,000



 

6.   LOYALTY. Employee shall devote all of his time, attention, knowledge,   and skill solely and exclusively to the business and interests of Employer, and Employer shall be entitled to all benefits, emoluments, profits, or other


 
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