Document:

Exhibit
    10.1
     

     

    GABRIEL
      TECHNOLOGIES CORPORATION

    

    PROMISSORY
      NOTE

    

    

    
      	$600,000.00	
              July
                13, 2006

            

    

    

    

    FOR
      VALUE
      RECEIVED, the undersigned, Gabriel Technologies Corporation, a Delaware
      corporation (“Company”),
      promises to pay to the order of Biscay Enterprises, LLC, an Iowa limited
      liability company (“Lender”)
      the
      principal sum of Six Hundred Thousand Dollars ($600,000.00) (the “Principal”),
      plus
      an amount equal to 15% of the Principal (the “Note
      Obligation”).
      All
      payments on this Note shall be due and payable in lawful money of the United
      States of America at such place as Lender may from time to time designate at
      the
      time provided in Section 1 below.

    

    1. Payments.
      The
      entire Principal and Note Obligation shall be due and payable on October 31,
      2006 (the “Maturity
      Date”);
      provided, however, that any part or all of the Principal and Note Obligation
      may
      be voluntarily prepaid in whole or in part at any time.

    

    2. Attorney’s
      Fees.
      If the
      indebtedness represented by this Note or any part thereof is collected in
      bankruptcy, receivership or other judicial proceedings or if this Note is placed
      in the hands of attorneys for collection after default, the Company agrees
      to
      pay, in addition to the principal and interest payable hereunder, reasonable
      attorney’s fees and costs incurred by Lender.

    

    3. Notices.
      Any
      notice, other communication or payment required or permitted hereunder shall
      be
      in writing and shall be deemed to have been given upon delivery.

    

    4. Waivers.
      The
      Company hereby waives presentment, demand for performance, notice of
      non-performance, protest, notice of protest and notice of dishonor. No delay
      on
      the part of Lender in exercising any right hereunder shall operate as a waiver
      of such right or any other right.

    

    5. Assignment.
      This
      Note is not transferable by the Company, whether by sale, pledge or other
      disposition, without the prior written consent of Lender which consent may
      be
      withheld in Lender’s sole discretion, except that the Company may transfer this
      Note without such consent in connection with a merger or other similar
      transaction involving the Company.

    

    6. Governing
      Law.
      This
      Note shall be construed in accordance with the laws of the State of Delaware,
      without regard to the conflicts of laws provisions thereof. Any lawsuit or
      litigation arising under, out of, in connection with, or in relation to this
      Agreement, any amendment thereof, or the breach thereof, shall be brought in
      the
      courts of Omaha, Nebraska, which courts shall have exclusive jurisdiction over
      any such lawsuit or litigation.

    

    

    

    

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, Gabriel Technologies Corporation has caused this Note to be
      executed by its officer thereunto duly authorized.

    

    GABRIEL
      TECHNOLOGIES CORPORATION

    

    

    

    By: /s/
      Keith
      Feilmeier                                              

    Keith
      Feilmeier

    Chief
      Executive Officer

    ACKNOWLEDGEMENT:

    

    Lender
      hereby acknowledges that the loan evidenced by this Note represents funds
      advanced to the Company by the following entities for the benefit of Lender:
      (i)
      International Capital Group ($275,000), (ii) Seven, LLC ($75,000), (iii) Durham,
      Evans and Jones ($150,000), and (iv) ACAP LLC ($100,000) (collectively, the
      “Lending
      Parties”).
      Lender hereby absolutely and unconditionally indemnifies and agrees to hold
      harmless the Company from and against any and all demands, claims, causes of
      action, expenses, costs, damages, losses and liabilities (including by not
      limited to reasonable attorneys’ fees and expenses) of any nature whatsoever,
      contingent or otherwise, from time to time arising or resulting directly from
      or
      asserted against the Company with respect to any claims by any of the Lending
      Parties regarding repayment of the sums represented by this Note.

    

    BISCAY
      ENTERPRISES, LLC

    

    

    

    By:    
       /s/
      Cindy
      Stanley                                                

    Name: Cindy
      Stanley                                                      

    Title: 
       President                                                              
      

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    ACKNOWLEDGEMENT

    

    Gabriel
      Technologies Corporation, a Delaware corporation (the “Company”), has agreed to
      pay an amount equal to $600,000 to the order of Biscay Enterprises, LLC, an
      Iowa
      limited liability company (“Lender”), evidenced by that certain promissory note
      dated July 13, 2006 (the “Note”) in the principal amount of $600,000 (the
“Principal”). Lender and the Company hereby acknowledge and agree that on or
      about September 24, 2006, the Company paid an amount equal to $250,000 to Kelly
      Fegen for the benefit of Lender as prepayment on the Principal of the Note
      and
      by its signature below, Lender acknowledges that it has received such amount
      from Kelly Fegen as prepayment on the Principal of the Note.

    

    

    GABRIEL
      TECHNOLOGIES CORPORATION

    

    

    

    By:
       /s/
      Keith
      Feilmeier                                      
                     

    Keith
      Feilmeier

    Chief
      Executive Officer

    

    

    BISCAY
      ENTERPRISES, LLC

    

    

    

    By:    
       /s/
      Cindy
      Stanley                                                          

    Name: Cindy
      Stanley                                                                

    Title: 
       President                                                                         
      

     

     

     

    3Anderson Note

    Exhibit
      10.6

    GABRIEL
      TECHNOLOGIES CORPORATION

    

    PROMISSORY
      NOTE

    

    

    
      	$125,000.00	
              August
                24, 2006

            

    

    

    

    FOR
      VALUE
      RECEIVED, the undersigned, Gabriel Technologies Corporation, a Delaware
      corporation ("Company"), promises to pay to the order of Les Anderson ("Lender")
      the principal sum of One Hundred Twenty-Five Thousand Dollars ($125,000.00)
      (the
“Principal”),
      plus
      an amount equal to 10% of the Principal (the “Note
      Obligation”).
      All
      payments on this Note shall be due and payable in lawful money of the United
      States of America at 14301 FNB Parkway, Suite 207, Omaha, Nebraska 68154 (or
      such other place as Lender may from time to time designate), at the time
      provided in Section 1 below. Further, the Lender will receive Warrants to
      purchase 50,000 shares of the Company’s common stock at an exercise price of One
      Dollar ($1.00) per share, pursuant to the terms and conditions of a Warrant
      Certificate to be delivered by Company.

    

    1. Payments.
      The
      entire Principal and Note Obligation shall be due and payable on October 24,
      2006; provided, however, that any part or all of the Principal and Note
      Obligation may be voluntarily prepaid in whole or in part at any time. In the
      event that the Note is not paid in full on the Maturity Date, interest will
      accrue on the outstanding balance at a rate of 18% per annum.

    

    2. Security.
      This
      Note is collateralized by all of the assets of the Company. Lender acknowledges
      that its security interest shall be subordinate to pre-existing secured
      indebtedness of the Company.

    

    3. Attorney’s
      Fees.
      If the
      indebtedness represented by this Note or any part thereof is collected in
      bankruptcy, receivership or other judicial proceedings or if this Note is placed
      in the hands of attorneys for collection after default, the Company agrees
      to
      pay, in addition to the principal and interest payable hereunder, reasonable
      attorney’s fees and costs incurred by Lender.

    

    4. Notices.
      Any
      notice, other communication or payment required or permitted hereunder shall
      be
      in writing and shall be deemed to have been given upon delivery.

    

    5. Waivers.
      The
      Company hereby waives presentment, demand for performance, notice of
      non-performance, protest, notice of protest and notice of dishonor. No delay
      on
      the part of Lender in exercising any right hereunder shall operate as a waiver
      of such right or any other right. This Note shall be construed in accordance
      with the laws of the State of Delaware, without regard to the conflicts of
      laws
      provisions thereof. Any lawsuit or litigation arising under, out of, in
      connection with, or in relation to this Agreement, any amendment thereof, or
      the
      breach thereof, shall be brought in the courts of Omaha, Nebraska, which courts
      shall have exclusive jurisdiction over any such lawsuit or
      litigation.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. Assignment.
      This
      Note is not transferable by the Company, whether by sale, pledge or other
      disposition, without the prior written consent of Lender which consent may
      be
      withheld in Lender’s sole discretion, except that the Company may transfer this
      Note without such consent in connection with a merger or other similar
      transaction involving the Company.

    

    7. Delaware
      Law.
      This
      Note shall be governed by and interpreted in accordance with the laws of the
      State of Delaware.

    

    IN
      WITNESS WHEREOF, Gabriel Technologies Corporation has caused this Promissory
      Note to be executed by its officer thereunto duly authorized.

    

    GABRIEL
      TECHNOLOGIES CORPORATION

    

    

    

    By:
       /s/
      Keith R.
      Feilmeier                                        
 

    Keith
      Feilmeier

    Chief
      Executive Officer

    

      2

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