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EXHIBIT 10.2
 
May 2, 2008           
 
PERSONAL AND CONFIDENTIAL
 
Great White Shark Enterprises LLC
501 N. Highway A1A
Jupiter, Florida 33477
 
Attn: Bart Collins

Re:
Facility Fees for up to $3.5 Million Pledge

 
Dear Bart:
 
Reference is made to (i) that certain Term Sheet (the “Term Sheet”), by and
between GPS Industries, Inc., a Nevada corporation (“GPSI”) and Silicon Valley
Bank (“SVB”), dated as of April 18, 2008, (ii) that certain [Amended Loan and
Security Agreement] (the “Amended Loan and Security Agreement”), by and between
GPSI and SVB, dated as of May 2, 2008, and (iii) that certain Pledge Agreement
(the “Pledge Agreement”, and collectively with the Amended Loan and Security
Agreement and the Pledge Agreement, the “Agreements”), by and between Great
White Shark Enterprises LLC, a Florida limited liability company (“GWSE” or
“you”) and SVB, pursuant to which you have agreed to pledged up to $3.5 million
as security (the "Security") for advances made by SVB under the Amended Loan and
Security Agreement. This letter agreement (the “Fee Letter”) is the facility fee
agreement referred to in the Term Sheet.
 
In addition to any fees or other amounts payable by GPSI to you under the terms
of the Agreements, GPSI hereby agrees to pay to you a facility fee (the
“Facility Fee”) equal to the sum of (i) the total of all certificates of deposit
purchased by you and pledged to SVB pursuant to the terms and conditions of the
Pledge Agreement times (ii) (A) the difference between seven (7) percent and the
yield of the certificates of deposit and (B) divided by twelve (12) (the purpose
of this Facility Fee being to permit GWSE to obtain a net annual interest rate
of 7% for the Security). The Facility Fee shall accrue monthly and shall be paid
by quarterly, beginning on July 31, 2008.
 
This Fee Letter may not be amended or any provision hereof waived or modified
except by an instrument in writing signed by you. This Fee Letter may be
executed in any number of counterparts, each of which shall be an original and
all of which, when taken together, shall constitute one agreement. Delivery of
an executed counterpart of a signature page of this Fee Agreement by facsimile
transmission shall be effective as delivery of a manually executed counterpart
of this Fee Letter. This Fee Letter shall be governed by and shall be construed
in accordance with the laws of the State of Florida without regard to principles
of conflict of laws.
 

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5500 - 152nd Street, Suite 214, Surrey B.C. Canada V3S 5J9
Telephone: (604) 576-7442 Facsimile: (604) 576-7460
 
 

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Please confirm that the foregoing is our mutual understanding by signing and
returning to us an executed copy of this Fee Letter.
 

     
Very truly yours,
             
GPS INDUSTRIES, INC.
 
 
     
Joe Miller, CFO
Agreed and accepted this 2 day of May, 2008.     GREAT WHITE SHARK ENTERPRISES
LLC             By:
    
     
Name: 
     
Title:
   

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5500 - 152nd Street, Suite 214, Surrey B.C. Canada V3S 5J9
Telephone: (604) 576-7442 Facsimile: (604) 576-7460
 
 

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