Exhibit 10.7
Global Payment Technologies, Inc.
425-B Oser Avenue
Hauppauge, NY 11788
Effective November 7, 2005
Mr. Stephen Nevitt
8176 Natures Way
Apartment 21
Bradenton, Florida 34202
Dear Mr. Nevitt:
This letter constitutes our agreement with respect to your
employment
as Chief Executive Officer and President of
Global Payment Technologies, Inc.
(the "Company").
1. Employment. You are hereby employed as
the Company's President and Chief
Executive Officer with duties and
responsibilities customary to such positions.
During the employment term, you will devote
your full business time and
attention to the affairs of the
Company.
2. Salary; Benefits. The Company will pay
you an annual salary of $225,000 per
year. You shall also be eligible to receive
all benefits available to senior
executives of the Company in accordance
with Company plans in effect during your
employment.
3. Term. Subject to the provisions hereof,
your employment commences effective
on the date hereof and will continue for
one year and will continue thereafter
for consecutive periods of one year,
unless, no later than ninety (90) days
prior to the expiration of the then-current
employment year, either you or the
Company give written notice to other
electing not to extend your employment.
Your employment will terminate immediately upon (i) your death,
(ii) or
upon written notice from the Board of
Directors as a result of your incapacity
due to physical or mental illness,
resulting in your inability to perform the
essential functions of your position for a
period of ninety days during any
twelve month period. In addition, the
Company may terminate your employment for
"good cause" which shall mean (i) your
conviction, or the entering of a plea of
nolo contendere, with respect to a felony
or any material criminal action on
your part or; (ii) your willful and
continued failure to perform your material
duties as Chief Executive Officer and
President of the Company, which failure is
not remedied within a reasonable cure
period after notice from the Board of
Directors.
Notwithstanding any other provision hereof, in the event that there
is
a change of control of the Company where
the transaction is entered into during
the first six months hereof, the Company
sh
