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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:
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Annual Sales
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Number of
Warrants
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Completion of Locate
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And initial product
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200,000
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Completion of Locates
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Full implementation of Locates
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Business Plan
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200,000
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Listing on NASDAQ
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*See Attachment
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200,000
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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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