Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K - GABRIEL TECHNOLOGIES CORP | gabriel_8k-082109.htm |
| EX-10.1 - EMPLOYMENT AGREEMENT - GABRIEL TECHNOLOGIES CORP | gabriel_8k-ex1001.htm |
| EX-10.3 - FORM OF PROMISSORY NOTE PURCHASE AGREEMENT - GABRIEL TECHNOLOGIES CORP | gabriel_8k-ex1003.htm |
| EX-99.1 - SHAREHOLDER LETTER - GABRIEL TECHNOLOGIES CORP | gabriel_8k-ex9901.htm |
Exhibit 10.2
AMENDMENT
TO
EMPLOYMENT
AGREEMENT
This
Amendment to Employment Agreement, effective as of the 2nd day
of December, 2009, is made and entered into as of the 25th day
of January, 2010, by and between Gabriel Technologies Corporation, a Delaware
Corporation (the “Company”), and George Tingo (hereinafter called
“Executive).
WHEREAS,
the Company and the Executive have entered into that certain Employment
Agreement, dated as of August 21, 2009 and effective as of June 2, 2009, (the
“Agreement”); and
WHEREAS,
under Section II(D) of the Agreement, Executive is entitled to a salary of
$12,500 per month for the first 6 months of employment, and $10,000 per month
thereafter; and
WHEREAS,
the Board of Directors of the Company has reviewed Executive’s salary and has
determined to continue to pay Executive a salary of $12,500 per month throughout
the term of Executive’s employment with the Company; and
WHEREAS,
the Company and the Executive desire to amend the Agreement to reflect the Board
of Directors’ decision with respect to the amount of salary per month to which
Executive is entitled.
NOW,
THEREFORE, in consideration of the foregoing premises and the mutual promises
and covenants contained herein and other valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto agree as
follows:
1. Amendment to Section II(D)
of Agreement.
Section
II(D) of the Agreement is hereby amended and restated in its entirety as
follows:
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D.
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Salary. In
consideration of the employment services to be rendered hereunder, the
Company shall pay Employee a monthly salary as
follows:
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Twelve
thousand five hundred dollars ($12,500) per month, payable at the time and
pursuant to the procedures regularly established and as may be amended by the
Company during the course of this Agreement, which unless changed by the Company
shall be bi-weekly. Such compensation is subject to the usual and
required employee payroll deductions, withholding and
reductions. Following the Effective Date of the Agreement, Employee’s
Salary shall be reviewed by the Company on the first anniversary of the
Effective Date (“Interval”). Nothing contained herein shall obligate
the Company to revise Employee’s salary. Should the Company fail to
review and/or revise Employee’s Salary within thirty (30) days following the
conclusion of any Interval, Employee’s Salary from that concluded Interval shall
carry over and apply to the immediately succeeding interval.
2. No Other
Changes.
Except as
amended hereby, the Agreement shall remain in full force and
effect.
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to Employment
Agreement to be duly executed as of the date first above set forth.
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GABRIEL
TECHNOLOGIES CORPORATION
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EMPLOYEE:
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By: /s/ John
Hall
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/s/ George
Tingo
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John Hall
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George
Tingo, an individual
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Its: Authorized
Signatory
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