Document:

EXHIBIT 10.3

                              EMPLOYMENT AGREEMENT

          This Employment Agreement (the "Agreement"), dated as of August 22,
2006 (the "Effective Date"), by and between the Gateway Energy Corporation, a
Delaware corporation (the "Employer"), and Christopher M. Rasmussen (the
"Executive").

                              W I T N E S S E T H:

          In consideration of the promises, the agreements and mutual covenants
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Employer and the Executive
hereby agree as follows:

          1. Agreement of Employment. The Executive's future employment with the
Employer shall be subject to the terms and conditions of this Agreement. Various
capitalized terms are defined either where they first appear in this Agreement
or in Sections 7(b) and 8.

          2. Term, Position and Responsibilities.

                    (a) Term of Employment. Pursuant to this Agreement, Employer
          shall employ the Executive for a term commencing on the Effective Date
          and ending upon termination pursuant to Section 6 (such period to be
          known as the "Term"). The respective rights and obligations of the
          parties hereunder shall survive the end of the Term to the extent that
          any obligation of the Employer under this Agreement remains unpaid (or
          otherwise not fully discharged) as of such time, and to the extent
          provided in Sections 7 and 18.

                    (b) Position and Responsibilities. During the Term, the
          Executive shall serve as Chief Financial Officer of the Employer
          reporting directly to its Board. The Executive shall devote
          substantially all of his skill, knowledge and working time to the
          conscientious performance of such duties, except for reasonable
          vacation time (as described in Section 5(b)), absence for sickness or
          similar Disability and authorized leaves of absence.

                    (c) Place of Employment. During the Term, the Executive's
          primary place of employment shall be at the Employer's headquarters
          located in Houston, Texas, except as travel to other locations is
          warranted by the business of the Employer.

          3. Base Salary. As partial compensation for the services to be
performed by the Executive hereunder, the Employer shall pay the Executive an
annualized base salary of at least $90,000.00 during each year of the Term. The
Compensation and Stock Option Committee of the Employer's Board of Directors
(the "Committee") shall review Executive's base salary at least annually during
the Term and, in its discretion, may increase (but not decrease) such base
salary from time to time based upon the performance of the Executive, the
financial condition of the Employer, prevailing industry salary scales and such
other factors as it may consider relevant. The annualized base salary payable to
the Executive under this Section 3, as the same may be increased from time to

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time and without regard to any reduction therefrom in accordance with the next
sentence, shall hereinafter be referred to as the "Base Salary." The Base Salary
actually payable under this Section 3 shall be reduced to the extent that the
Executive elects to defer any portion of such Base Salary under the terms of any
section 401(k) savings plan or nonqualified deferred compensation plan
maintained or established by the Employer and shall be reduced for applicable
statutory reductions and withholding. The Employer shall pay the Executive the
Base Salary in semi-monthly installments, or in such other installments as may
be mutually agreed upon by the Employer and the Executive.

          4. Benefits.

                    (a) Welfare Benefits. During the Term, the Employer shall
          arrange for the provision to the Executive and his family of medical,
          dental, prescription drug, vision, life insurance and long-term
          disability benefits. The benefits so required shall be comparable to
          those benefits presently available to the Executive by the Employer,
          as the same may be amended and in effect from time to time.

                    (b) Retirement Benefits. During the Term, the Executive
          shall be entitled to participate in a tax-qualified "section 401(k)"
          retirement plan as made generally available to employees of the
          Employer and such other retirement plans as are generally available
          from time to time to senior executive officers of the Employer.

          5. Perquisites and Expenses.

                    (a) General. During the Term, the Executive shall be
          entitled to participate in such perquisites as are generally available
          from time to time to senior executive officers of the Employer, on the
          terms and conditions then prevailing under such perquisites.

                    (b) Vacation. During the Term, the Executive shall be
          entitled to three (3) weeks of paid vacation per year, without
          carry-over accumulation, consistent with the Employer's vacation
          policy generally applicable to other employees of the Employer.

                    (c) Expense Reimbursement. During the Term, the Executive
          shall be entitled to receive prompt reimbursement upon a timely basis
          (according to the then-current practices of the Employer) for all
          reasonable expenses incurred by the Executive in performing his duties
          and responsibilities hereunder upon the presentation by the Executive
          of an itemized monthly accounting of such expenditures, including
          receipts where required by the Employer's policy or federal income tax
          regulations.

          6. Termination of Employment.

                    (a) Due to Death or Disability. Upon the Executive's death
          or Disability, all obligations of the Employer and the Executive under
          Sections 1 through 5 of this Agreement shall immediately cease;
          provided, however, the Employer shall pay, and the Executive (or his
          estate) shall be entitled to receive, the following:

                    (i)       any accrued, unpaid portion of Base Salary and
                              accrued vacation through the Date of Termination;

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                    (ii)      in lieu of any annual incentive compensation for
                              the period in which Executive's applicable Date of
                              Termination occurs, but subject to the terms of
                              any annual incentive compensation plan or program
                              which would provide for greater compensation upon
                              the Date of Termination, the Executive shall be
                              paid the amount produced by multiplying:

                              (A)       the Executive's annual incentive bonus
                                        for the year in which the Executive's
                                        Date of Termination occurs determined as
                                        of the end of such year in accordance
                                        with the applicable plan, by

                              (B)       a fraction, the numerator of which is
                                        the number of days the Executive was
                                        employed in the year through the Date of
                                        Termination, and the denominator of
                                        which is the total number of days in the
                                        year relevant to the annual incentive
                                        compensation plan; and

                    (iii)     all amounts owing and accrued at the Date of
                              Termination, after taking into account such death
                              or Disability, under any long-term incentive
                              compensation and deferred compensation plans in
                              which the Executive theretofore participated,
                              under the terms and conditions of such plans.

          Amounts which are immediately payable will be paid as promptly as
          reasonably practicable, but no later than thirty (30) days, after the
          Executive's Date of Termination, except that the amounts payable under
          clause (ii) above shall be paid as promptly as reasonably practicable
          after the end of the year in which the Date of Termination occurs. In
          addition, the Employer shall continue to provide at its expense the
          benefits described in Section 4(a) of this Agreement, as in effect at
          the time of Executive's death or Disability, to the Executive (if
          disabled) and Executive's immediate family for a period of eighteen
          (18) months.

                    (b) Termination by the Employer for Cause and Voluntary
          Termination by the Executive. Upon the Executive's termination of
          employment during the Term (i) by the Employer for Cause or (ii) by
          the Executive without Good Reason (other than due to the Executive's
          death or Disability), in which case Executive agrees to deliver to the
          Board the Notice of Termination at least thirty (30) days prior to
          termination of employment, all obligations of the Employer under
          Sections 1 through 5 of this Agreement shall immediately cease;
          provided, however, the Employer shall pay the Executive, and the
          Executive shall be entitled to receive, any accrued, unpaid portion of
          Base Salary through the Date of Termination. In addition, the
          Executive shall be entitled to any vested, non-forfeitable amounts
          owing and accrued at the Date of Termination under any long-term
          incentive compensation and deferred compensation plans in which the
          Executive theretofore participated, under the terms and conditions of
          such plans. Amounts which are immediately payable will be paid as
          promptly as reasonably practicable, but no later than thirty (30)
          days, after the Executive's Date of Termination.

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                    (i)       Termination by the Employer without Cause and
                              Termination by the Executive for Good Reason. Upon
                              the Executive's termination of employment during
                              the Term either (1) by the Employer for any reason
                              other than death, Disability, Retirement or for
                              Cause, or (2) by the Executive for Good Reason,
                              all obligations of the Employer and the Executive
                              under Sections 1 through 5 of this Agreement shall
                              immediately cease; provided, however, the Employer
                              shall provide to the Executive and the Executive
                              shall be entitled to receive:

                    (ii)      payment of the aggregate of the following amounts:

                              (A)       the Executive's accrued and unpaid Base
                                        Salary and accrued vacation through the
                                        Date of Termination to the extent not
                                        theretofore paid; and

                              (B)       one (1) times an amount equal to the
                                        highest sum of the Executive's Base
                                        Salary plus annual incentive bonus
                                        earned, in each of the three most
                                        recently completed fiscal years of the
                                        Employer, provided that in the event a
                                        Change of Control has occurred prior to
                                        the Date of Termination, such highest
                                        sum shall be multiplied times one and
                                        one-half (1 1/2); and

                    (iii)     the Employer shall continue to provide at its
                              expense the benefits described in Section 4(a) of
                              this Agreement, as in effect at the Date of
                              Termination to the Executive and Executive's
                              immediate family for a period of up to eighteen
                              (18) months. The Executive's coverage for the
                              remainder of such eighteen-month period shall not
                              be included in the calculation of the period of
                              coverage to be provided pursuant to any statutory
                              continuation of benefits obligation (such as
                              COBRA). The Executive's right to statutory
                              continuation coverage shall commence on the first
                              day following the end of such eighteen-month
                              period. If such welfare benefit plans and programs
                              do not allow the Executive's continued
                              participation, a cash payment shall be made to the
                              Executive equal to the value of the additional
                              benefits the Executive would have received under
                              such benefit programs in which the Executive was
                              participating immediately prior to the Date of
                              Termination. With respect to any payment under the
                              immediately preceding sentence, the value of any
                              insurance-provided benefits shall be based on the
                              premium cost to the Executive, which shall not
                              exceed the highest risk premium charged by a
                              carrier having an investment grade or better
                              credit rating. These benefits shall be reduced by
                              the amount of similar benefits Executive is
                              eligible to receive during such period from or
                              through a subsequent employer, as determined
                              solely by the Board. For the purposes of enforcing

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                              this offset provision, Executive shall notify the
                              Board as to the terms and conditions of any
                              subsequent employment and the corresponding
                              benefits received pursuant thereto, and shall
                              provide, or cause to provide the Board, correct,
                              complete, and timely information concerning the
                              same.

          Amounts which are payable above will be paid as promptly as reasonably
          practicable, but no later than thirty (30) days, after the Executive's
          Date of Termination, provided however, if a Change of Control has not
          occurred prior to the Date of Termination, then the Company may elect
          to pay such amounts in twelve (12) equal monthly installments with the
          first such installment being due and payable on the first day of the
          first calendar month following the Date of Termination. If the Company
          elects to make such payments in installments, the Company shall secure
          the entire amount due pursuant to a letter of credit issued by a bank.

                    (c) Notice of Termination. Any purported termination of the
          Executive's employment (other than by reason of death) or notice on
          non-renewal of the Term pursuant to Section 2(d) shall be communicated
          by written "Notice of Termination" from one party hereto to the other
          party hereto. For purposes of this Agreement, a "Notice of
          Termination" shall mean a notice that indicates the specific
          termination provision in this Agreement relied upon. Any Notice of
          Termination shall set forth in reasonable detail the facts and
          circumstances claimed to provide a basis for termination of the
          Executive's employment under the provision so indicated and the
          effective date of termination of this Agreement and Executive's
          employment.

                    (d) Notices of Cause and Good Reason. A termination for
          Cause shall be permitted hereunder only if an Employer provides the
          Notice of Termination not later than six (6) months after the date the
          Employer first knew or should have known of the act or omission to act
          giving rise to the termination for Cause. A termination for Good
          Reason shall be permitted hereunder only if the Executive provides the
          Notice of Termination not later than six (6) months after the date the
          Executive first knew or should have known of the act or omission to
          act giving rise to the termination for Good Reason. In either case,
          the six (6)-month period shall be tolled during any permitted period
          of correction or administrative procedure.

                    (e) Discharge of Obligations. The payments and benefits
          under Section 6 shall fully and totally satisfy the Executive's
          entitlement, and shall fully discharge the Employer, in respect of all
          statutory compensation and benefits and any notice obligation under
          applicable law. Any payments and benefits provided for in this Section
          6 shall be contingent upon Executive executing a full release of any
          and all claims against the Employer, the Board and officers of the
          Employer and any affiliates and representatives of the Employer
          arising out of Executive's employment with the Employer or this
          Agreement.

                    (f) Termination by Either Party After the Term Hereof.
          Notwithstanding any of the provisions of Section 7 hereof, if
          Executive's employment is terminated for any reason after the
          expiration of the Term hereof and no other written employment

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          agreement between the Executive and the Employer is in effect,
          Executive will be free of all his obligations under second sentences
          of Section 7(d), (e) and (e) hereof.

                    (g) Resignation. In the event of termination of Executive's
          employment hereunder (for any reason other than death), the Executive
          agrees that if at such time he is a member of the Board or officer of
          this Employer or a director or officer of any of its subsidiaries, he
          will promptly deliver to the Employer his written and executed
          resignation from all such positions, such resignation to be effective
          as of the Executive's Date of Termination.

          7. Non-Disclosure, Non-Competition and Non-Solicitation Covenants. Set
out in this Section are certain covenants regarding non-disclosure,
non-competition and non-solicitation which the Executive acknowledges, accepts
and agrees to by entering into this Agreement.

                    (a) Acknowledgements. The Executive acknowledges that, as
          Chief Executive Officer and President of the Employer, the Executive
          frequently is or will be exposed to certain "Trade Secrets" and
          "Confidential Information" (as those terms are defined in Section
          7(b)). Accordingly, the Executive acknowledges and agrees that it is
          reasonable for the Employer to require the Executive to abide by the
          covenants set forth in this Section 7 during and after Executive's
          term of employment.

                    (b) Definitions. For purposes of this Section 7, the
          following terms shall have the following meanings:

                    (i)       "Competitive Position" means a position as an
                              employee, employer, consultant, agent, principal,
                              partner, shareholder, officer, director or other
                              individual or representative capacity with a
                              competitor whereby Executive is required to
                              perform executive level services substantially
                              similar to those that the Executive performs for
                              the Employer.

                    (ii)      "Competitor" refers to any person or entity
                              engaged, wholly or partly, in the business of
                              owning or operating natural gas gathering,
                              transportation and distribution systems and
                              related facilities or nitrogen rejection processes
                              which would result in direct competition with the
                              Employer.

                    (iii)     "Confidential Information" means the proprietary
                              and confidential data or information of the
                              Employer, other than "Trade Secrets" (as defined
                              below), which is of tangible or intangible value
                              to the Employer and is not public information or
                              is not generally known or available to the
                              Employer's Competitors.

                    (iv)      "Trade Secrets" means information of the Employer,
                              including, but not limited to, technical or
                              non-technical data, compilations, programs,
                              devices, methods, techniques, financial data,
                              financial plans, product plans or lists of actual
                              or potential customers or suppliers, which (a)
                              derives economic value, actual or potential, from

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                              not being generally known to, and not being
                              readily ascertainable by proper means by, other
                              persons who can obtain economic value from its
                              disclosure or use; and (b) is the subject of
                              efforts that are reasonable under the
                              circumstances to maintain its secrecy.

                    (c) Non-disclosure, Ownership of Proprietary Property.

                    (i)       The Executive hereby covenants and agrees that (A)
                              with regard to information constituting a Trade
                              Secret, at all times during the Executive's
                              employment with the Employer and all times
                              thereafter during which such information continues
                              to constitute a Trade Secret; and (B) with regard
                              to any Confidential Information, at all times
                              during the Term and for a period of five (5) years
                              after his Date of Termination, the Executive shall
                              regard and treat all information constituting a
                              Trade Secret or Confidential Information as
                              strictly confidential and wholly owned by the
                              Employer and will not, for any reason in any
                              fashion, either directly or indirectly, use, sell,
                              lend, lease, distribute, license, give, transfer,
                              assign, show, disclose, disseminate, reproduce,
                              copy, appropriate or otherwise communicate any
                              such information to any party for any purpose
                              other than strictly in accordance with the express
                              terms of this Agreement and other than as may be
                              required by law.

                    (ii)      In addition to complying with the provisions of
                              Section 7(c)(i) and except as provided in Section
                              6(g), the Executive shall exercise the Executive's
                              best efforts to assist the Employer, to the extent
                              the Employer deems reasonably necessary, in the
                              procurement of any protection of its rights to or
                              in any of the Trade Secrets or Confidential
                              Information.

                    (d) Immediately upon the Executive's Date of Termination
          with the Employer, or at any point prior to or after that time upon
          the specific request of the Employer, the Executive shall return to
          the Employer all written or descriptive materials of any kind in the
          Executive's possession or to which the Executive has access that
          constitute or contain any Confidential Information or Trade Secrets.

                    (e) Non-Competition. The Executive agrees that during the
          Term of this Agreement, the Executive will not, either directly or
          indirectly, alone or in conjunction with any other party, take any
          action in furtherance of or in conjunction with a Competitive Position
          with a Competitor of the Employer. Except as provided in Section 6(g),
          the Executive agrees that for a period of twelve (12) months after his
          Date of Termination, the Executive will not, either directly or
          indirectly, alone or in conjunction with any other party, take any
          action in furtherance of or in conjunction with a Competitive Position
          with a Competitor within the continental United States.

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                    (f) Non-Solicitation of Customers. The Executive agrees
          that, while employed with the Employer, the Executive will not, either
          directly or indirectly, alone or in conjunction with any other party,
          solicit, divert or appropriate, or attempt to solicit, divert or
          appropriate, any customer or actively sought prospective customer of
          the Employer for on behalf of himself or any Competitor. Except as
          provided in Section 6(g), the Executive agrees that for a period of
          twelve (12) months after his Date of Termination, the Executive will
          not, either directly or indirectly, alone or in conjunction with any
          other party, for or on behalf of himself or a Competitor, solicit,
          divert or appropriate, or attempt to solicit, divert or appropriate
          any customer or actively sought prospective customer of the Employer
          with whom the Executive had substantial contact during a period of
          time up to, but no longer than two (2) years prior to the Executive's
          Date of Termination.

                    (g) Non-Solicitation of Personnel. The Executive agrees
          that, while employed with the Employer, the Executive will not, either
          directly or indirectly, alone or in conjunction with any other party,
          solicit or attempt to solicit any employee or other personnel of the
          Employer to terminate, alter or lessen that party's affiliation with
          the Employer or to violate the terms of any agreement or understanding
          between such employee or other person and the Employer. The Executive
          agrees that, for a period of twelve (12) months after the Executive's
          Date of Termination, the Executive will not, either directly or
          indirectly, alone or in conjunction with any other party, solicit or
          attempt to solicit any "material" or "key" (as those terms are defined
          in the next sentence) employee or other personnel of the Employer to
          terminate, alter or lessen that party's affiliation with the Employer
          or to violate the terms of any agreement or understanding between such
          employee or other person and the Employer. For purposes of the
          preceding sentence, "material" or "key" employees or other personnel
          of the Employer are those who have access to the Employer's Trade
          Secrets and Confidential Information.

                    (h) Remedies. The Executive agrees that damages at law for
          the Executive's violation of any of the covenants in this Section 7
          would not be an adequate or proper remedy and that should the
          Executive violate or threaten to violate any of the provisions of such
          covenants, an Employer or its successors or assigns shall be entitled
          to obtain a temporary or permanent injunction against the Executive in
          any court having jurisdiction prohibiting any further violation of any
          such covenants.

                    (i) Ability to Earn Livelihood. Executive expressly agrees
          and acknowledges that the covenants and restrictions contained in
          Section 7 do not preclude Executive from earning a livelihood, nor do
          they unreasonably impose limitations on Executive's ability to earn a
          living. In addition, Executive agrees and acknowledges that the
          potential harm to the Employer of its non-enforcement outweighs any
          harm to the Executive of its enforcement by injunction or otherwise.

                    (j) Enforcement. If any court of competent jurisdiction or
          arbitrator deems any term, or the scope of any provision, of Section 7
          unenforceable, the aspects of this Section 7 so deemed shall be
          reduced, reformed or modified by appropriate order and shall
          thereafter continue, as so modified, in full force and effect, and the
          remainder of Section 7 of the Agreement shall nevertheless stand and
          shall remain in full force and effect.

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          8. Definitions. For purposes of this Agreement, the following terms
shall have the following meanings (unless expressly indicated to the contrary)
and the term shall be capitalized when the meaning is intended:

          (a) "Board" means the Board of Directors of the Employer.

          (b) "Cause" means, as to the Executive, any of the following:

                    (i)       the Executive's conviction of any felony, or any
                              other crime involving misuse or misappropriation
                              of money, or entering a plea of no contest in a
                              court of law to a felonious crime or other crime
                              involving a misuse or misappropriation of money or
                              property; or

                    (ii)      the Executive's engaging in one or more acts of
                              dishonesty which (A) result in material and
                              demonstrable damage to the Employer or (B)
                              materially and demonstrably impair the value of
                              the Executive's services to the Employer; or

                    (iii)     a fraudulent certification under Section 302 or
                              Section 906 of the Sarbanes-Oxley Act of 2002, as
                              amended from time to time; or

                    (iv)      the Executive's violation of any of the covenants
                              set out in Section 7 of this Agreement.

                    Notwithstanding the foregoing, the Executive may not be
          terminated for Cause unless and until there shall have been delivered
          to the Executive a copy of a notice specifying the nature of the
          grounds for such termination. The notice also shall afford the
          Executive with the opportunity, together with the Executive's counsel,
          to be heard regarding the existence of Cause. The Executive shall have
          thirty (30) days to correct the acts or omissions complained of, if
          correctable. Nothing contained in the foregoing provisions of this
          Section or elsewhere in this Agreement shall be deemed to interfere in
          any way with the right to terminate the Executive's employment at any
          time without Cause.

                    (c) "Change in Control" means the occurrence of any of the
          following events during the Term of this Agreement and shall be deemed
          to have occurred on the date the first such event occurs:

                    (i)       Change in Voting Power. Any person or persons
                              acting together which would constitute a "group"
                              for purposes of Section 13(d) of the Exchange Act
                              (other than the Employer, or any Subsidiary, or
                              any entity beneficially owned by any of the
                              foregoing) beneficially own (as defined in Rule
                              13(d)-3 under the Exchange Act) without Board
                              approval or consent, directly or indirectly, at

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                              least thirty percent (30%) of the total voting
                              power of the Employer entitled to vote generally
                              in the election of the Board;

                    (d) Change in Board of Directors. Either:

                    (i)       the Current Directors (as hereinafter defined)
                              cease for any reason to constitute at least a
                              majority of the members of the Board (for these
                              purposes, a "Current Director" means any member of
                              the Board as of the date of this Agreement, and
                              any successor of a Current Director whose election
                              or nomination for election by the Employer's
                              stockholders was approved by at least a majority
                              of the current Directors then on the Board); or

                    (ii)      at any meeting of the stockholders of the Employer
                              called for the purpose of electing directors, a
                              majority of the persons nominated by the Board for
                              election as directors fail to be elected; or

                    (iii)     Liquidation, Merger or Consolidation. The
                              stockholders of the Employer approve an agreement
                              providing for the merger or consolidation of the
                              Employer (i) in which the Employer is not the
                              continuing or surviving corporation (other than
                              consolidation or merger with a wholly owned
                              subsidiary of the Employer in which all shares
                              outstanding immediately prior to the effectiveness
                              thereof are changed into or exchanged for the same
                              consideration) or (ii) pursuant to which the
                              shares are converted into cash, securities or
                              other property, except a consolidation or merger
                              of the Employer in which the holders of the shares
                              immediately prior to the consolidation or merger
                              have, directly or indirectly, at least a majority
                              of the common stock of the continuing or surviving
                              corporation immediately after such consolidation
                              or merger, or in which the Board immediately prior
                              to the merger or consolidation would, immediately
                              after the merger or consolidation, constitute a
                              majority of the board of directors of the
                              continuing or surviving corporation; or

                    (iv)      Sale of Assets. The stockholders of the Employer
                              approve an agreement (or agreements) providing for
                              the sale or other disposition (in one transaction
                              or a series of transactions) of all or
                              substantially all of the assets of the Employer or
                              a plan of complete liquidation of the Employer.

                    (e) "Code" means the Internal Revenue Code of 1986, as
          amended.

                    (f) "Date of Termination" means, (i) if the Executive's
          employment with the Employer (or a successor) is terminated by the
          Executive's death, the date of the Executive's death; (ii) if such
          employment is terminated by the Employer for Cause, the date on which
          Notice of Termination is given; and (iii) if such employment is

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          terminated for any other reason, the date on which Notice of
          Termination is given or, if no such Notice of Termination is given,
          the day after the date the Executive ceases to render services.

                    (g) "Disability" means a determination by the Board, in its
          reasonable discretion, that the Executive is unable to engage in the
          customary duties and responsibilities of his position by reason of any
          medically determinable physical or mental impairment which can be
          expected to result in death or which has lasted or can be expected to
          last for a continuous period of at least six (6) months. If the
          Executive disputes the determination of the Board, the dispute shall
          be resolved by a mutually agreed upon physician. Upon the failure of
          the Employer and the Executive to agree upon a physician, the
          Executive and the Employer shall each select, at their own expense, a
          physician, duly licensed to practice in that field of medicine
          encompassing the area of alleged disability, to examine the Executive.
          The physicians selected by Executive and the Employer, respectively,
          shall mutually select a third physician, duly licensed to practice in
          that field of medicine encompassing the area of alleged disability, to
          examine Executive. Each such physician selected shall be a
          disinterested person of recognized competence who, at the time of his
          or her selection, has no professional or business relationship with
          the other physicians selected, Executive or the Employer. Thereafter,
          within a reasonable time period after the selection of the three (3)
          physicians, not to exceed thirty (30) days after the selection of the
          final physician, Executive shall submit to an examination by each such
          physician. Each physician shall then determine whether Executive is
          disabled within the meaning of this Agreement, and shall provide
          written notice of his or her determination to both Executive and the
          Employer. The decision reached by a majority of the physicians shall
          be conclusive on the parties hereto. The cost of each physician shall
          be borne equally by the Executive and the Employer. In no event shall
          the good faith determination of any physician selected pursuant to
          this Agreement give rise to liability of any kind whatsoever by such
          physician to either Executive or the Employer.

                    (h) "Good Reason" means the occurrence of any of the
          following events:

                    (i)       the assignment to the Executive of duties
                              materially inconsistent with the Executive's
                              position (including status, titles and reporting
                              requirements), authority, duties or
                              responsibilities as contemplated by Section 2(b)
                              of this Agreement, or any other action by the
                              Employer which results in a significant diminution
                              in such position, authority, duties;

                    (ii)      the Employer's requiring the Executive to be based
                              at any office or location more than fifty (50)
                              miles from the location described in Section 2(c);

                    (iii)     a reduction by the Employer in the Executive's
                              rate of annual Base Salary; or

                                       11

<PAGE>

                    (iv)      the failure of the Employer to obtain from a
                              successor (including a successor to a material
                              portion of the business or assets of the Employer)
                              a satisfactory assumption in writing of the
                              Employer's obligations under this Agreement.

          Notwithstanding the foregoing, Good Reason shall not exist if (i) such
          event occurs with the Executive's express prior written consent; (ii)
          the event is an isolated, insubstantial and inadvertent action or
          failure to act which was not taken in bad faith and which is remedied
          by the Employer promptly after receipt of notice thereof given by the
          Executive; or (iii) the event occurs in connection with the
          termination of the Executive's employment for Cause or due to
          Disability or death.

                    (i) "Retirement" means termination of Executive's employment
          by the Employer after Executive has reached the Employer's retirement
          age, as established from time to time by the Employer for its senior
          executive officers, which in no event shall be earlier than 65 years
          of age.

          9. Assumption of Agreement. The Employer will require any successor
(by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Employer, by agreement in form and substance
reasonably satisfactory to the Executive, to expressly assume and agree to
perform this Agreement in the same manner and to the same extent that Employer
would be required to perform it if no such succession had taken place. Failure
of the Employer to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle the Executive
to compensation from the Employer in the same amount and on the same terms as
the Executive would be entitled hereunder if the Executive incurred a
termination of employment for Good Reason, except that for purposes of
implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination. As used in this Agreement,
the term "Employer" shall mean the Employer as herein previously defined and any
successor to its business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, written agreement or otherwise.

          10. Entire Agreement. Except as otherwise expressly provided herein,
this Agreement constitutes the entire agreement among the parties hereto with
respect to the subject matter hereof, and all promises, representations,
understandings, arrangements and prior agreements relating to such subject
matter (including those made to or with the Executive by any other person or
entity) are merged herein and superseded hereby.

          11. Successors and Assigns. This Agreement shall inure to the benefit
of and be enforceable by the Executive and the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees, and shall be binding upon and inure to the benefit of the
Employer and its permitted successors and assigns as provided. This Agreement is
a personal contract and the rights and interests of the Executive hereunder may
not be sold, transferred, assigned, pledged, encumbered, margined, conveyed,
gifted, alienated, or hypothecated by the Executive, except as otherwise
expressly permitted by the provisions of this Agreement. The Employer shall have
the right to assign this Agreement to any corporation with which it may merge or
consolidate.

                                       12

<PAGE>

          12. Arbitration. Except for the rights and duties of the parties set
forth in Section 7(g) of this Agreement, any dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by
arbitration in Houston, Texas, according to the rules of the American
Arbitration Association then in effect. Judgment may be entered on the
arbitrator's award in any court having jurisdiction; provided, however, that
Executive shall be entitled to seek specific performance of his right to be paid
for all periods up to the Date of Termination during the pendency of any dispute
or controversy arising under or in connection with this Agreement. If the
Executive is the prevailing party with respect to enforcement of this Agreement,
Employer shall pay all costs and expenses, including but not limited to,
reasonable attorneys' fees actually incurred by the Executive in the successful
enforcement in respect to any of his rights under this Agreement.

          13. Governing Law. This Agreement is governed by and is to be
construed, administered, and enforced in accordance with the laws of the State
of Texas, without regard to Texas conflicts of law principles, except in so far
as federal laws and regulations may be applicable.

          14. Withholding. The foregoing and other provisions of this Agreement
notwithstanding, all payments to be made to the Executive under this Agreement
will be subject to required withholding taxes and other required deductions, and
the Executive shall provide the Employer such information as the Employer
reasonably requests so that such Employer may implement and verify the operation
of this Section.

          15. Amendments and Waivers. No provisions of this Agreement may be
modified, waived or discharged unless such modification, waiver or discharge is
approved by the Committee or a person authorized thereby and is agreed to in
writing by the Executive and such officer as may be specifically designated by
the Committee. No waiver by any party hereto at any time of any breach by any
other party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.

          16. Severability. In the event that all or any part of any provision
of this Agreement shall be determined to be invalid or unenforceable for any
reason, the remaining provisions of this Agreement or such provision shall be
unaffected thereby and shall remain in full force and effect. If any provision
of this Agreement or portion thereof is so broad as to be unenforceable, it
shall be interpreted to be only so broad as is enforceable. Nothing in this
Agreement is intended to or shall be construed to violate any federal or state
law or regulation.

          17. Notices. Any notice or other communication required or permitted
to be delivered under this Agreement shall be in writing, delivered personally,
by courier service or by certified or registered mail, first-class postage
prepaid and return receipt requested, deemed to have been received on the date
of delivery or on the third business day after the mailing thereof, and
addressed as follows (or to such other address as the party entitled to notice
shall hereafter designate in accordance with the terms hereof):

                    (a) if to the Employer, to it at its headquarters, to the
          attention of the chairman of its Board of Directors; and

                                       13

<PAGE>

                    (b) if to the Executive, to the Executive at the last
          address the Executive has filed in writing with the Employer.

          18. Assistance in Litigation. During the Term and for a period of
three (3) years thereafter, the Executive shall, upon reasonable notice, furnish
such information and proper assistance to the Employer as may reasonably be
required by the Employer in connection with any litigation in which the Employer
or any of its subsidiaries or affiliates is, or may become, a party. The
Employer shall reimburse the Executive for all reasonable out-of-pocket expenses
incurred by the Executive in rendering such assistance and, in the event
Executive is no longer employed by the Employer, the Employer shall pay
Executive reasonable compensation for his time spent rendering such assistance.
The provisions of this Section 18 shall continue in effect notwithstanding
termination of the Executive's employment hereunder for any reason. If
assistance is required after the Term, Executive shall not be required to
provide assistance to the extent it unreasonably interferes with Executive's new
employment.

          19. No General Waivers. The failure of any party at any time to
require performance by any other party of any provision hereof or to resort to
any remedy provided herein or at law or in equity shall in no way affect the
right of such party to require such performance or to resort to such remedy at
any time thereafter, nor shall the waiver by any party of a breach of any of the
provisions hereof be deemed to be a waiver of any subsequent breach of such
provisions. No such waiver shall be effective unless in writing and signed by
the party against whom such waiver is sought to be enforced.

          20. Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original and all of which together shall constitute
one and the same instrument.

          21. Headings. The section and other headings contained in this
Agreement are for the convenience of the parties only and are not intended to be
a part hereof or to affect the meaning or interpretation hereof.

                                       14

<PAGE>

          IN WITNESS WHEREOF, the Employer has duly executed this Agreement by
its authorized representative and the Executive has hereunto set his hand, in
each case effective as of the date first above written.

                                            GATEWAY ENERGY CORPORATION

                                            By:  /s/  Robert Panico
                                               --------------------------------
                                            Name:     Robert Panico
                                            Title:    President and
                                                      Chief Executive Officer

                                            THE EXECUTIVE:

                                            /s/  Christopher M. Rasmussen
                                            -----------------------------------
                                                 Christopher M. Rasmussen

                                       15<PAGE>

                                                                     Exhibit 4.1

    NUMBER                                    UNITS
U-__________

  SEE REVERSE FOR         HARBOR BUSINESS ACQUISITION CORP.
CERTAIN DEFINITIONS

                                                                    CUSIP ______

     UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS EACH TO
                       PURCHASE ONE SHARE OF COMMON STOCK

THIS CERTIFIES THAT_____________________________________________________________

is the owner of_________________________________________________________________
Units.

Each Unit ("Unit") consists of one (1) share of common stock, par value $0.001
per share ("Common Stock"), of Harbor Business Acquisition Corp., a Delaware
corporation (the "Company"), and two (2) warrants (the "Warrant(s)"). Each
Warrant entitles the holder to purchase one (1) share of Common Stock for $5.00
per share (subject to adjustment). Each Warrant will become exercisable on the
later of (i) the Company's completion of a merger, capital stock exchange, asset
acquisition or other similar business combination and (ii) ___________, 2007,
and will expire unless exercised before 5:00 p.m., New York City Time, on
____________, 2010, or earlier upon redemption (the "Expiration Date"). The
Common Stock and Warrants comprising the Units represented by this certificate
are not transferable separately prior to __________, 2006, subject to earlier
separation in the discretion of H.C. Wainwright & Co., Inc. The terms of the
Warrants are governed by a Warrant Agreement, dated as of _______, 2006, between
the Company and Continental Stock Transfer & Trust Company, as Warrant Agent,
and are subject to the terms and provisions contained therein, all of which
terms and provisions the holder of this certificate consents to by acceptance
hereof. Copies of the Warrant Agreement are on file at the office of the Warrant
Agent at 17 Battery Place, New York, New York 10004, and are available to any
Warrant holder on written request and without cost.

This certificate is not valid unless countersigned by the Transfer Agent and
Registrar of the Company.

Witness the facsimile seal of the Company and the facsimile signatures of its
duly authorized officers.

By:

                       [HARBOR BUSINESS ACQUISITION CORP.
                                    CORPORATE
                                    DELAWARE
                                      SEAL
                                     2006]

_________________________________              _________________________________
            Chairman of the Board              Secretary

<PAGE>

                        HARBOR BUSINESS ACQUISITION CORP.

         The Company will furnish without charge to each stockholder who so
requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series
thereof of the Company and the qualifications, limitations, or restrictions of
such preferences and/or rights.

         The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                        <C>                                         <C>
         TEN COM -         as tenants in common                        UNIF GIFT MIN ACT - _____ Custodian _______
         TEN ENT -         as tenants by the entireties                                    (Cust)          (Minor)
         JT TEN -          as joint tenants with right of survivorship           under Uniform Gifts to Minors
                           and not as tenants in common                          Act ______________
                                                                                      (State)
</TABLE>

Additional Abbreviations may also be used though not in the above list.

         For value received, ___________________________ hereby sell, assign and
transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
|-------------------------------------|
|                                     |
|-------------------------------------|

________________________________________________________________________________
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ Units

represented by the within Certificate, and do hereby irrevocably constitute and
appoint

______________________________________________________________________  Attorney
to transfer the said Units on the books of the within named Company will full
power of substitution in the premises.

Dated_______________________

                           _____________________________________________________
                           NOTICE: The signature to this assignment must
                                   correspond with the name as written upon the
                                   face of the certificate in every particular,
                                   without alteration or enlargement or any
                                   change whatever.

Signature(s) Guaranteed:

____________________________________________
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

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