Document:

ex10_24.htm

    Exhibit
10.24

     

    MUTUAL
RELEASE

     

    Release

     

    1.                      ROBERT
C. SILZER, SR., of 3122 – 136th Street,
Surrey, British Columbia (the “Releasor”), and GPS
INDUSTRIES INC., of 6554 176 Street, Unit 103, Surrey, British Columbia
V3S 4G5, GREG
NORMAN, of Jupiter Florida, GREAT
WHITE SHARK ENTERPRISES, INC., of 501 North A1A, Jupiter, FL, 33477,
BART
COLLINS, of Jupiter Florida, LEISURECORP
LLC, of P.O. Box 17000, Dubai, UAE and DAVID
SPENCER, of P.O. Box 17000, Dubai, UAE (collectively referred to as the
“Releasee”) for payment of:

     

    (a)           One
($1.00) Dollar by or on behalf of the Releasor to the Releasee; and

    (b)           One
($1.00) Dollar by or on behalf of the Releasee to the Releasor;

     

    and other
good and valuable consideration, receipt of which is hereby acknowledged, HEREBY
RELEASE each other from all claims, proceedings, liabilities, obligations and
costs which now or hereafter exist by reason of any cause, events, acts or
omissions existing prior to the execution of this release, and without limiting
the generality of the foregoing, hereby release each other from all matters,
cause or events which are in any way connected with an action, save and except
the agreement with Fire at the Flag Inc. dated of this date, a copy of which is
attached hereto which remains valid and enforceable and the four (4) year
options (term of which runs from November 29, 2007) to purchase (on a cashless
exercise basis) up to 20,000,000 shares of GPS Industries Inc. Common Stock at
an exercise price of $0.06 per share as set out in the Employment Agreement
dated November 29, 2007, a copy of which is attached hereto.

     

    Definitions

     

    2.                      In
this release, the Releasor and the Releasee include their respective past and
present directors, officers, predecessors, successors, assigns, liquidators,
subsidiaries, receivers, receiver managers, trustees, heirs, executors,
administrators and assigns.

     

    Third
Party Claims and Indemnity

     

    3.                      Neither
the Releasor nor the Releasee shall commence or continue, nor does the Releasor
nor the Releasee know of, any claims or proceedings against anyone in respect of
anything hereby released which may result in a claim or proceeding against the
Releasor or the Releasee except as set out herein.  IF ANY SUCH CLAIM
or proceeding results in any claim or proceeding against the Releasor or the
Releasee, then the Releasor or the Releasee, as the case may be, shall indemnify
and save the other harmless from all resulting liabilities, obligations and
costs.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        2

      

    

     

    Change
of Facts

     

    4.                      The
Releasor and the Releasee acknowledge that the facts in respect of which this
release is made may prove to be other than or different from the facts in that
connection now known or believed by the Releasor or the Releasee to be
true.  The Releasor and the Releasee accepts and assumes the risk of
the facts being different and agrees that this release shall be in all respects
enforceable and not subject to termination, rescission or variation by discovery
of any difference in facts.

     

    No
Admission

     

    5.                      It
is agreed that the consideration and this release are not admissions of
liability.

     

    Payment

     

    6.                      The
Releasee shall pay to the Releasor upon execution expenses and interest as
agreed.

     

    Independent
Legal Advice

     

    7.                      The
Releasor and the Releasee acknowledge that this release has been executed
voluntarily after receiving independent legal advice.

     

    No
Trust, Charge, or Claim

     

    8.                      The
Releasor and the Releasee represent the consideration is not subject to any
trust, charge or claim.

     

    Counterparts

     

    9.                      This
release may be executed in one or more counterparts, each of which shall be
deemed an original and all of which shall constitute one
instrument.

     

    Authority
and Capacity

     

    10.                    David
Chester warrants that he is authorized to execute this release on behalf of the
GPS Industries Inc.

     

    11.                    Bart
Collins warrants that he is authorized to execute this release on behalf of
Great White Shark Enterprises, Inc.

     

    12.                    David
Spencer warrants that he is authorized to execute this release on behalf
of  Leisurecorp LLC.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        3

      

    

     

    Contractual,
Not Recitals

     

    12.                    The
terms of this release are contractual and not mere recitals.

     

    Governing
Law

     

    13.                    This
release is governed by the laws of the Province of British
Columbia.

     

     EXECUTED
at Vancouver, British Columbia, this ____ day of __________, 2008, by the
Releasor.

     

    
      
        
          	SIGNED, SEALED AND
      DELIVERED 	
                  )

                	 	 	 
	By ROBERT
      C. SILZER, SR.	
                  )

                	 	 	 
	in the presence
      of:	
                  )

                	 	 	 
	 	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	Signature of
      Witness	
                   )

                	 	ROBERT
      C. SILZER, SR.	 
	 	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	Name
    (print)	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	Address  	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	Occupation 	 	 	 	 

        

         

      

    

     EXECUTED
at _________________________________, this ____ day of __________, 2008, by the
Releasee.

     

    
      
        
          	SIGNED, SEALED AND
      DELIVERED 	
                  )

                	 	 	 
	By GREG
      NORMAN	
                  )

                	 	 	 
	in the presence
      of:	
                  )

                	 	 	 
	 	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	Signature of
      Witness	
                   )

                	 	GREG
      NORMAN	 
	 	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	Name
    (print)	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	Address  	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	 	
                   )

                	 	 	 
	Occupation 

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        4

      

    

     

     EXECUTED
at _______________________________, this ____ day of __________, 2008, by the
Releasee.

     

    
      
        
          
            	SIGNED, SEALED AND
      DELIVERED 	
                    )

                  	 	 	 
	By BART
      COLLINS  	
                    )

                  	 	 	 
	in the presence
      of:	
                    )

                  	 	 	 
	 	
                     )

                  	 	 	 
	 	
                     )

                  	 	 	 
	Signature of
      Witness	
                     )

                  	 	BART
      COLLINS  	 
	 	
                     )

                  	 	 	 
	 	
                     )

                  	 	 	 
	Name
    (print)	
                     )

                  	 	 	 
	 	
                     )

                  	 	 	 
	 	
                     )

                  	 	 	 
	Address  	
                     )

                  	 	 	 
	 	
                     )

                  	 	 	 
	 	
                     )

                  	 	 	 
	Occupation 

          

        

      

    

     

     EXECUTED
at _________________________, this ____ day of __________, 2008, by the
Releasee.

     

    
      
        
          
            
              	SIGNED, SEALED AND
      DELIVERED 	
                      )

                    	 	 	 
	By DAVID
      SPENCER  	
                      )

                    	 	 	 
	in the presence
      of:	
                      )

                    	 	 	 
	 	
                       )

                    	 	 	 
	 	
                       )

                    	 	 	 
	Signature of
      Witness	
                       )

                    	 	DAVID
      SPENCER  	 
	 	
                       )

                    	 	 	 
	 	
                       )

                    	 	 	 
	Name
    (print)	
                       )

                    	 	 	 
	 	
                       )

                    	 	 	 
	 	
                       )

                    	 	 	 
	Address  	
                       )

                    	 	 	 
	 	
                       )

                    	 	 	 
	 	
                       )

                    	 	 	 
	Occupation 

            

          

        

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        5

      

    

     

     EXECUTED
at _____________________________, this ____ day of __________, 2008, by the
Releasee.

    
       

      
        
          
            
              
                	THE CORPORATE SEAL
      OF  	
                        )

                      	 	 	 
	GPS
      INDUSTRIES INC.  	
                        )

                      	 	 	 
	was affixed hereto
      in the presence of:  	
                        )

                      	 	 	 
	 	
                         )

                      	 	 	 
	 	
                         )

                      	 	 	 
	Authorized
      Signatory    	
                         )

                      	 	  c/s 	 
	 	
                         )

                      	 	 	 
	 	
                         )

                      	 	 	 
	 	
                         )

                      	 	 	 
	Authorized
      Signatory  	
                         )

                      	 	 	 

              

            

          

        

      

    

     

    
      
        
          
            
              
                	THE CORPORATE SEAL
      OF  	
                        )

                      	 	 	 
	GREAT
      WHITE SHARK    	
                        )

                      	 	 	 
	ENTERPRISES,
      INC., was affixed hereto 	 	 	 	 
	in the presence
      of: 	
                        )

                      	 	 	 
	 	
                         )

                      	 	 	 
	 	
                         )

                      	 	 	 
	Authorized
      Signatory    	
                         )

                      	 	  c/s 	 
	 	
                         )

                      	 	 	 
	 	
                         )

                      	 	 	 
	Authorized
      Signatory  

              

            

          

        

      

    

     

    
      
        
          
            
              
                	THE CORPORATE SEAL
      OF  	
                        )

                      	 	 	 
	LEISURECORP
      LLC was affixed  	
                        )

                      	 	 	 
	hereto in the
      presence of: 	
                        )

                      	 	 	 
	 	
                         )

                      	 	 	 
	 	
                         )

                      	 	 	 
	Authorized
      Signatory    	
                         )

                      	 	  c/s 	 
	 	
                         )

                      	 	 	 
	 	
                         )

                      	 	 	 
	Authorized
      Signatoryex10_25.htm

    EXHIBIT 10.25

     

    FIRE AT THE FLAGTM ASSIGNMENT
AGREEMENT

    

    THIS FIRE
AT THE FLAGTM ASSIGNMENT AGREEMENT (this “Agreement”) is made as of November __,
2008 by and between Robert C. Silzer, Sr., an individual with an address 3122
136th Street,
Surrey, British Columbia (“Mr. Silzer”), Dream Shot, Inc., a company duly
incorporated under the laws of Nevada with its registered office at 1880 – 1066
West Hastings Street, Vancouver, B.C. V6E 3X1 (“Dream Shot;”  Dream
Shot and Mr. Silzer are referred to collectively as the “Assignee”) and GPS
Industries, Inc., a Nevada corporation having an office located at 1358
Fruitville Road, Suite 210, Sarasota, FL 34236 (the “Assignor”).  For
purposes of this Agreement, the term “Assignor” shall also refer to Golf
Academies Ltd., a wholly-owned subsidiary of GPS Industries, Inc.

    

    WHEREAS,
Mr. Silzer was the chief executive of the Assignor pursuant to an employment
agreement dated as of December 19, 2006, which employment agreement was
terminated and replaced by that certain “Employment Agreement” dated as of
November 29, 2007 whereby Mr. Silzer resigned as the chief executive and board
chairman and accepted a position as Special Advisor to the Chief Executive
Officer of the Company;

    

    WHEREAS,  Concurrently
with the execution of the Employment Agreement, Mr. Silzer and the Assignor
entered into that certain Special Projects Agreement dated as of November 29,
2007 (the “SPA”);

    

    WHEREAS,
pursuant to the terms of the Employment Agreement and the SPA, Mr. Silzer was to
develop that certain business initiative on behalf of the Assignor known as the
Fire at the FlagTM initiative (“FAF” or the “FAF Program”), a plan to partner
with golf courses to place a hole-in-one contests on golf courses worldwide,
whereby golf patrons of partner golf courses pay a fee to attempt to make a
hole-in-one to win cash and/or prizes;

    

    WHEREAS,
Mr. Silzer and the Assignor agreed to terminate the Employment Agreement and the
SPA and, as part of that termination, agreed to enter into an agreement whereby
the Assignor would license the FAF initiative to Mr. Silzer’s entity, Dream
Shot, and to further assign certain of the Assignor’s rights and obligations
under the attached rental agreements referenced below arising out of or in
connection with the FAF initiative;

    

    WHEREAS,
the Assignor presently conducts and operates the FAF Program in Europe through
its wholly-owned subsidiary Golf Academies Ltd. on several golf courses located
predominately in the United Kingdom, Spain and Portugal and in that regard has
certain assets, rights and properties in connection therewith and as set forth
in Schedule “A”, attached hereto;

    

    WHEREAS,
Dreamshot desires to administer and operate the FAF pursuant to the terms and
conditions hereof; and

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        2

      

       

    

    WHEREAS,
subject to the limitations and terms hereof, in consideration of the Release
Agreement entered into contemporaneously herewith by and between the Assignor
and Mr. Silzer, the Assignor agrees to assign to Dream Shot certain of its
rights and obligations, under the FAF Program and the Assignor’s existing FAF
agreements (attached) with certain of its golf course customer.

    

    NOW, THEREFORE, in consideration of the
mutual covenants and promises made herein and for other good and valuable
consideration, the parties agree as follows:

    

    
      	
              1.  

            	
              Definitions.

            

    

    

    
      	
              a.  

            	
              “Course”
      shall mean a golf course at a specified
  location.

            

    

    

    
      	
              b.  

            	
               “FAF
      Program” has a meaning ascribed to it by the recital A of this
      Agreement.

            

    

    

    
      	
              c.  

            	
              “Dream
      Shot Program” shall mean any and all programs associated with Dream Shot,
      Inc.

            

    

    

    
      	
              d.  

            	
              “Territory”
      shall mean worldwide territory.

            

    

    

    
      	
              e.  

            	
              “Revenue”
      means gross revenue for a calendar month less returns, bad debts, value
      added taxes, sales taxes or similar taxes and refunds in regard to that
      calendar month.

            

    

    

    
      	
              2.  

            	
              Assignment and
      Administration of the FAF
Program.

            

    

    

    
      	
              a.  

            	
              The
      Assignor hereby assigns and the Assignee hereby accepts all the rights,
      assets and properties under the FAF Program (except for the three Courses
      listed in Subsection (g) below) in each country of the Territory to make,
      use, sell, operate or license the FAF Program in whole or in part in and
      into the Territory.

            

    

    

    
      	
              b.  

            	
              The
      Assignee shall have an exclusive right to assign, in whole or in part, the
      FAF Program, or to continue to operate or cancel or amend any aspect of
      the program or existing installation subject to the terms
      hereof.  Any future assignee shall be bound by all the terms of
      this Agreement and in particular, without limiting the generality of the
      foregoing, by section 3(a).

            

    

    

    
      	
              c.  

            	
              Assignee
      is, and shall act as, an independent contractor and shall not have any
      authority to make any commitments, statements or representations, or incur
      any obligations, on behalf of the Assignor, or to bind or commit the
      Assignor in any manner, to make, alter, or execute any document or
      agreement on behalf of the Assignor save and except circumstances outlined
      in Section 11(d).  The parties are and shall at all times be and
      remain independent contractors with respect to the subject matter of this
      Agreement.

            

    

    

    
      	
              d.  

            	
              At
      the Assignor’s sole discretion, Assignor may elect to allow its salaried
      employees, agents and distributors to sell the Dream Shot
      Program.  If this occurs, Dream Shot shall use its best efforts
      to train the employees of the
Assignor.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        3

      

       

    

    
      	
              e.  

            	
              Dream
      Shot will use a standard agreement, which Dream Shot has the right to
      modify at its sole discretion, to document any and all Dream Shot Program
      sales to any Assignor customer, attached hereto as Exhibit
    B.

            

    

     

    
      	
              f.  

            	
              Assignee
      will not pay nor offer to pay any Assignor employee, agent or distributor
      any compensation, commissions or any remuneration
      whatsoever.  Further, contact between Assignee and Assignor
      employees, distributors and agents will be limited to leads or
      introductions made by Assignor to
Assignee.

            

    

     

    
      	
              g.  

            	
              Anything
      to the contrary herein or otherwise notwithstanding, in regards to the
      three (3) Courses in Europe that have an FAF contract linked to an
      Assignor GPS golf course management system agreement, (1) Quinta Do Lago;
      (2) Villa Sol; and (3) Mijas, those FAF Programs are not assigned pursuant
      hereto and such FAF Programs, as it relates to those three Courses, will
      continue to be managed by GPSI until the parties and those three courses
      can be transferred pursuant to an agreement acceptable to all three
      parties in each case.  Both parties hereto acknowledge that the
      parties must mutually agree upon a commission/compensation package to
      reflect the terms of the original FAF/GPS system agreement; i.e., certain
      Courses the leased or purchased a GPS system at a reduced rate in exchange
      for Assignor having the ability to operate the FATF program at no cost to
      the course.  For such Courses, Assignee agrees that the Royalty
      paid on such Courses shall correspond with similarly situated Dream Shot
      Programs.

            

    

     

    
      	
              h.  

            	
              Assignee
      agrees to assume the obligations listed on Exhibit C, including without
      limitation the employment of certain mutually agreeable staff employed by
      Assignor in Europe and the obligations on the rental agreements attached
      hereto.

            

    

     

    
      	
              i.  

            	
              Assignee
      shall have the sole discretion to accept or reject Courses for the Dream
      Shot Program.

            

    

     

    
      

      
        	
                 
      

              	
                3.

              	
                Payments to the
      Assignor.

              

      

      

      
        	
                 
      

              	
                a.

              	
                Fee/Royalty.  The
      Assignee shall pay the Assignor a fee/royalty (the “Royalty”)
      of:

              

      

      
        	
                                                  
      

              	
                i.

              	
                Ten
      percent (10%) of the revenue generated from the hole in one shot unless
      otherwise agreed to in writing by both parties (A) GPSI-installed golf
      courses currently operating the FAF Program on a worldwide basis as of the
      date of this Agreement, as set forth on Schedule A; and (B) GPSI-installed
      golf courses not currently operating the FAF Program which are introduced
      to Dream Shot by the Assignor pursuant to the pre-qualification lead sheet
      attached hereto as Exhibit D (see Subsection (ii)
  below);

              

      

      

      
        	
                      
                                                    
      

                

              	
                ii.

              	
                Five
      percent (5%) of the revenue generated from the hole in one shot unless
      otherwise agreed to in writing by both parties, from any Course introduced
      to Dream Shot by the Assignor pursuant to the pre-qualification lead sheet
      attached hereto as Exhibit D.  Such pre-qualification lead sheet
      introduction will be defined as a lead sheet sent from Assignor for a
      course that has not previously signed any LOI, MOU or other such
      documentation with Dream Shot.  All introductions will be passed
      to Dreamshot by a designated person at Assignor, initially Company COO
      Benjamin E. Porter and accepted by Dream Shot at its sole
      discretion

              

      

    

    
       

      
        
        

      

      
        
        

        
          

        

      

      
        4

      

       

    

    
      	
              b.  

            	
              Double
      Taxation Treaties.  The Assignor and the Assignee agree
      to cooperate to make use of any double taxation treaties that may be
      available to enable the Assignee to pay royalties without deduction of
      withholding taxes.

            

    

     

    
      	
              c.  

            	
              Payment
      Default.  Notwithstanding anything to the contrary
      herein, Assignee shall have sixty (60) calendar days to cure a payment
      default.  Such 60-day period shall commence upon the due date of
      any Royalty payment and shall not require any notice provision to
      commence.

            

    

     

    
      	
              4.  

            	
              Accounting,
      Records,
Payment.

            

    

     

    
      	
              a.  

            	
              The
      Assignee shall keep accurate records of the number of golf holes and
      locations.  The Assignee shall pay the Royalty within fifteen
      (15) days at the end of each calendar quarter.  The Assignee
      shall pay interest on the amount of the Royalty past due at a rate of one
      percent (1.0%) per month from the actual due date.  The Assignee
      shall accompany each payment with a report specifying the installed
      Courses for the month and the Royalty due.  The Assignee and
      Assignor shall
      keep the contents of each report
confidential.

            

    

     

    
      	
              b.  

            	
              Payment
      shall be made by wire transfer directly to an account as directed by
      Assignor, presently and until further notice to the following
      account:

            

    

     

    GPS
Industries, Inc.--Account Number #526199-070

    Beneficiary
Bank - HSBC Bank Canada

    885 W.
Georgia Street, Vancouver, BC Canada V6C 3G1

    Swift
Code - HKBCCATT Bank Number #016

    Transit
Number #10020

     

    
      	
              c.  

            	
              Assignor
      may, upon request annually, inspect the records and facilities of the
      Assignee to verify the Assignee’s reports and payments under this
      Agreement.  Only records and facilities in regard to the
      payments under this Agreement may be inspected.  The inspection
      shall be made on a reasonable notice, during regular business hours and
      without interference with the regular business of the
      Assignee.  The entire cost for such inspection shall be borne by
      the Assignor unless the inspection reveals the Assignee’s reports or
      payments to be in error by five percent (5%) or more, in which case, the
      Assignee shall reimburse the Assignor for the cost of such
      inspection.

            

    

     

    
      	
              5.  

            	
              Warranties
      and Representations of Assignor.  The Assignor
      represents, warrants, confirms, to the best of its
      knowledge:

            

    

     

    
      	
              a.  

            	
              The
      Assignor is a corporation duly organized, validly existing and in good
      standing under its laws of incorporation, has all requisite corporate
      power and authority to own, lease and operate its properties and the
      properties it purports to own and to carry on its business as is now being
      conducted, to perform its obligations under all agreements or contracts by
      which it is bound and is duly qualified or licensed and is in good
      standing to do business in each jurisdiction, in which the nature of its
      business or the ownership or leasing of its properties makes such
      qualification necessary.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        5

      

       

    

    
      	
              b.  

            	
              The
      execution and delivery of this Agreement by the Assignor does not, and the
      performance by the Assignor of the transactions contemplated hereby will
      not violate, conflict with, or result in any breach of any provision of
      the Assignor’s charter documents, contracts with third parties, any order,
      writ, judgment, injunction, decree, statute, law, rule or regulation;
      invalidate or adversely affect any permit used in the conduct of the
      Assignor’s business.

            

    

     

    
      	
              c.  

            	
              Except
      as otherwise disclosed herein, no consent of, or registration, declaration
      or filing with any governmental entity nor any governmental authorization
      is required by or with respect to the Assignor or the FAF Program in
      connection with its operation of the business or the execution and
      delivery of this Agreement by the Assignor or the consummation of the
      transactions contemplated hereby.

            

    

     

    
      	
              d.  

            	
              The
      Assignor is the owner, beneficially and of record, of the FAF Program with
      good and marketable title thereto, free of any claim, lien, security
      interest or encumbrance of any nature or kind, and as such has the
      exclusive right and full power to sell, transfer and assign the FAF
      Program to the Assignee free of any claim, lien, security interest or
      encumbrance of any nature or kind.

            

    

     

    
      	
              e.  

            	
              In
      addition, no person has any agreement or any right capable of becoming an
      agreement for the purchase of the FAF
Program.

            

    

     

    
      	
              f.  

            	
              There
      are no threatened or pending suits, actions or other legal proceedings of
      any sort or in any manner, which may restrain or prevent the Assignor from
      effectually and legally transferring the FAF Program to the Assignee, free
      and clear of all claims, liens, security interests and encumbrances of any
      nature or kind.

            

    

     

    
      	
              g.  

            	
              The
      execution and delivery of this Agreement by the Assignor as contemplated
      herein has been duly authorized by all necessary action and the Assignor
      has the legal capacity to enter into this Agreement and to carry out the
      transaction contemplated herein and to perform its obligations hereunder
      and pursuant to all other agreements required to be delivered
      hereunder.

            

    

     

    
      	
              h.  

            	
              This
      Agreement has been duly and validly executed and delivered by the Assignor
      and constitutes a valid and legally binding agreement, enforceable against
      the Assignor in accordance with its terms subject to and affected by the
      laws relating to bankruptcy, insolvency, reorganization and creditors’
      rights generally and except that a court may or may not order an
      injunction, specific performance or other equitable remedies with respect
      to any particular provision of this
Agreement.

            

    

     

    
      	
              i.  

            	
              No
      representation or warranty by the Assignor contained in this Agreement or
      in any exhibit, schedule, written statement, certificate or other document
      delivered or to be delivered by the Assignor pursuant to this Agreement or
      in connection with the consummation of the transactions contemplated
      hereby contains or will contain any untrue statement of a material fact,
      or omits or will omit to state any material facts known to the Assignor
      necessary, in light of the circumstances under which it was or will be
      made, in order to make the statements herein or therein not
      misleading.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        6

      

       

    

    
      	
              j.  

            	
              The
      golf courses as listed in Schedule A all have duly and validly executed
      FAF contracts delivered by the Assignor and any corresponding 3rd
      party.

            

    

     

    
      	
              k.  

            	
              The
      Assignor is not in material default in any respect of any obligation under
      any of the Assumed Contracts to which it is a party or by which it is
      bound.

            

    

     

    
      	
              6.  

            	
               Representations
      and Warranties of the Assignee.  The Assignee represents,
      warrants, confirms, to the best of it
knowledge:

            

    

     

    
      	
              a.  

            	
              The
      Assignee is a corporation duly organized, validly existing and in good
      standing under its laws of incorporation, has all requisite corporate
      power and authority to acquire, own, lease and operate its properties and
      the properties it purports to acquire, own and to carry on its business as
      is now being and will be conducted, to perform its obligations under all
      agreements or contracts by which it is bound and will be bound and is duly
      qualified or licensed and is in good standing to do business in each
      jurisdiction, in which the nature of its business or the ownership or
      leasing of its properties makes such qualification
    necessary.

            

    

     

    
      	
              b.  

            	
              The
      execution and delivery of this Agreement by the Assignee does not, and the
      performance by the Assignee of the transactions contemplated hereby will
      not violate, conflict with, or result in any breach of any provision of
      the Assignee’s charter documents, contracts with third parties, any order,
      writ, judgment, injunction, decree, statute, law, rule or regulation;
      invalidate or adversely affect any permit used in the conduct of the
      Assignee’s business.

            

    

     

    
      	
              c.  

            	
               The
      execution and delivery of this Agreement by the Assignee as contemplated
      herein has been duly authorized by all necessary action and the Assignee
      has the legal capacity to enter into this Agreement and to carry out the
      transaction contemplated herein and to perform its obligations hereunder
      and pursuant to all other agreements required to be delivered
      hereunder.

            

    

     

    
      	
              d.  

            	
               This
      Agreement has been duly and validly executed and delivered by the Assignee
      and constitutes a valid and legally binding agreement, enforceable against
      the Assignee in accordance with its terms subject to and affected by the
      laws relating to bankruptcy, insolvency, reorganization and creditors’
      rights generally and except that a court may or may not order an
      injunction, specific performance or other equitable remedies with respect
      to any particular provision of this
Agreement.

            

    

     

    
      	
              e.  

            	
              No
      representation or warranty by the Assignee contained in this Agreement or
      in any exhibit, schedule, written statement, certificate or other document
      delivered or to be delivered by the Assignee pursuant to this Agreement or
      in connection with the consummation of the transactions contemplated
      hereby contains or will contain any untrue statement of a material fact,
      or omits or will omit to state any material facts known to the Assignee
      necessary, in light of the circumstances under which it was or will be
      made, in order to make the statements herein or therein not
      misleading.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        7

      

       

    

    
      	
              7.  

            	
              Indemnification
      and
Assumption.

            

    

     

    
      	
              a.  

            	
              The
      Assignor shall indemnify and hold harmless the Assignee, its directors,
      officers, employees and agents from and against any claims, actions, cause
      of action, losses, costs and damages including, without limitation,
      reasonable legal and attorney’s fees and costs of every kind and nature
      which the Assignee, its directors, officers employees and agents may incur
      in respect of the Assignor’s grossly negligent, fraudulent and/or willful
      misconduct or material breach of any terms of this
      Agreement.  However, the Assignor shall not be responsible for
      losses arising from a breach of this Agreement as a result of any
      fraudulent or negligent act or willful misconduct of the Assignee or any
      of its directors, officers, employees or
agents.

            

    

     

    
      	
              b.  

            	
              The
      Assignee shall indemnify and hold harmless the Assignor, its directors,
      officers, employees and agents from and against any claims, actions, cause
      of action, losses, costs and damages including, without limitation,
      reasonable legal and attorney’s fees and costs of every kind and nature
      which the Assignor, its directors, officers employees and agents may incur
      in respect of the Assignee’s negligent, fraudulent and/or willful
      misconduct or material breach of any terms of this
      Agreement.  However, the Assignee shall not be responsible for
      losses arising from a breach of this Agreement as a result of any
      fraudulent or negligent act or willful misconduct of the Assignor or any
      of its directors, officers, employees or
agents.

            

    

     

    
      	
              c.  

            	
              The
      Assignee shall assume all the rights of the Assignor under FAF
      Program.  Furthermore, the Assignee and Assignor shall work
      together to address any problems or issues with any FAF Program courses,
      without in any manner implying that the Assignee accepts assignment of any
      liabilities or obligations in these or any other contract.  The
      previous notwithstanding, Assignee shall not assume any liabilities of
      GPSI under the FAF Program; provided however, that (i) Assignee will
      provide accounting for all monies paid to a participating golf course that
      has a first monies in or guaranteed contract with GPSI, those courses
      listed on Schedule 9(c)(i) attached hereto, and these monies will be
      credited towards the Royalty; and (ii) Assignee will assume rental
      obligations for courses in Europe contracted under a FAF agreement,
      specifically, those courses listed on Schedule 9(c)(ii) attached hereto,
      at Dream Shot’s sole discretion.

            

    

     

    
      	
              8.  

            	
               Effective
      Date; Termination.

            

    

     

    
      	
              a.  

            	
              This
      Agreement shall be effective as of November ____, 2008, the launch date of
      the Dream Shot Program, the release of a mutually agreeable press release
      regarding the transactions contemplated hereby and commencement of cross
      training of each of the party’s
employees.

            

    

     

    
      	
              b.  

            	
              This
      Agreement may be terminated:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        8

      

       

      
        
          	
                        
                                                      
      

                  

                	
                  i.

                	
                  By
      the mutual, written agreement of the Assignor and Assignee;
    or

                

        

        

        
          	
                        
                                                      
      

                  

                	
                  ii.

                	
                  In
      the event either party defaults or breaches any of the provisions of this
      Agreement, the other party may terminate this Agreement by giving the
      defaulting/breaching party ninety (90) days written notice thereof;
      provided, however, that if the defaulting or breaching party, within the
      ninety (90) day period referred to, cures said default or breach,
      this Agreement shall continue in full force and effect the same as if such
      default or breach had not
occurred.

                

        

      

       

    

    
      	
              c.  

            	
              If
      a breach of this Agreement is not cured within 90 days as a result of
      default by the Assignee the non-competition agreement shall be at an end,
      therefore, allowing the Assignor to compete with the Assignee as it sole
      remedy.

            

    

     

    
      	
              9.  

            	
              Disputes,
      Governing Law, Forum Selection.  This Agreement is made
      pursuant to the law of the State of Nevada and shall be construed in
      accordance with the law of the State of Nevada, excluding the body of law
      relating to conflicts of law. The parties hereby consent to the personal
      jurisdiction of the courts of the State of Nevada and agree that any
      dispute arising out of or in connection with this Agreement or the matters
      referenced herein shall be subject to the exclusive venue of the courts
      located in Nevada, to the exclusion of any other court or tribunal, and
      the parties waive any defenses or claims or objections to such venue,
      including without limitation objections based on convenience or personal
      jurisdiction.  The parties acknowledge that neither party hereto
      has agreed to arbitrate any issue or dispute arising out or in connection
      with this Agreements and the agreements and transactions contemplated
      hereby.  THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND
      INTENTIONALLY WAIVE ANY RIGHT IT OR THEY MAY HAVE TO A TRIAL BY JURY IN
      RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
      AGREEMENT.

            

    

     

    
      	
              10.  

            	
              Notices.  Any
      notice or report made shall be considered proper and effective if mailed
      by registered mail addressed as shown below, or delivered in person or in
      writing.

            

    

     

    
      
        	
                Assignor:

              	
                GPS
      Industries, Inc.

              
	
                 

              	
                Attn:  Benjamin
      E. Porter, Chief Operating Officer

              
	 
      	
                1358
      Fruitville Road

              
	 
      	
                Suite
      210

              
	 
      	
                Sarasota,
      Florida 34236

              
	 
      	 
      
	
                Assignee:

              	
                Dream
      Shot, Inc.

              
	
                 

              	
                c/o
      Holmes & Company

              
	 
      	
                Barristers
      and Solicitors

              
	 
      	
                1880
      – 1066 West Hastings Street

              
	 
      	
                Vancouver,
      B.C. Canada V6E 3X1

              

      

     

    
      	
              11.  

            	
              General
      Provisions.

            

    

     

    
      	
              a.  

            	
              Waiver.  Waiver
      by either party of any breach or default of any of the terms herein set
      forth shall not be deemed a waiver as to any subsequent or any other
      breach or default.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        9

      

       

    

    
      	
              b.  

            	
              Modification,
      Force Majeure.  Any amendment or modification of this
      Agreement or any right hereunder shall not be effective unless made in
      writing and signed by both of the parties hereto.  Neither party
      will be liable for delays in performance due to circumstances beyond its
      reasonable control.

            

    

     

    
      	
              c.  

            	
              Successors
      and Assigns.  All terms and provisions of this Agreement
      shall be binding upon and inure for the benefit of the parties hereto, and
      their successors and assigns and legal
      representatives.

            

    

     

    
      	
              d.  

            	
              Further
      Assurances.  The Assignor authorizes the Assignee to
      perform on the Assignor’s behalf any acts and execute any documents
      necessary to carry out the intent of the transaction contemplated
      herein.

            

    

     

    
      	
              e.  

            	
              Governing
      law; Severability.  This Agreement shall be governed by
      the laws of the State of Nevada, exclusive of any Conflict of Laws
      doctrine.  If any provisions of the Agreement or the application
      of any such provision shall be held to be contrary to law, the remaining
      provisions of this Agreement shall continue in full force and
      effect.

            

    

     

    
      	
              f.  

            	
              Entire
      Agreement.  The parties acknowledge that this Agreement
      expresses their entire understanding and agreement, and that there have
      been no warranties, representations, covenants of understandings made by
      either party to the other except such as are expressly set forth
      herein.

            

    

     

    
      	
              g.  

            	
              Construction.  This
      Agreement has been negotiated and reviewed by the parties and their
      counsel. Therefore, the language in this Agreement will not be construed
      against any particular party as the drafter of such
      language.

            

    

     

     

    IN
WITNESS WHEREOF the parties hereto have duly executed this Agreement as of the
date first above written.

     

     

    
      
        
          
            
              
                
                  	
                          GPS
      INDUSTRIES, INC.

                        	 
      	
                          ROBERT
      C. SILZER

                        	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                          By:    
      

                        	
                          /s/
      David L Chessler

                        	 
      	
                          /s/
      Robert C. Silzer,
      Sr.                    
      

                        	 
      
	 
      	
                          David
      L. Chessler

                        	 
      	 
      	 
      
	 
      	
                          Chief
      Executive Officer

                        	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                          DREAM
      SHOT, INC.

                        	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                          By:    
      

                        	
                          /s/
      Robert C. Silzer, Sr.

                        	 
      
	 
      	 
      	 
      	 
      	
                          Robert
      C. Silzer, Sr.

                        	 
      
	 
      	 
      	 
      	 
      	
                          Chief
      Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]