Document:

Exhibit 10.6

                               SECURITY AGREEMENT
                               ------------------

THIS  SECURITY  AGREEMENT,  is made as of the 29th day of January, 2007, by IMAR
Group,  LLC and Challenger Powerboats, Inc., a Nevada corporation (collectively,
the  "Borrower"),  on one hand, and Mark Overbye and Gekko Sports Corporation, a
Florida  corporation  (collectively,  the  "Secured  Party"), on the other hand.

In  order  to  secure the payment of the indebtedness evidenced by the Asset and
Technology  Acquisition  Agreement  ("Agreement")  dated  January  29, 2007 (the
"Agreement")  issued  by  the  Borrower  to  the  Secured  Party in the original
principal  amount  of  $670,000  and  each  and  every other debt, liability and
obligation  of  every  type and description which the Borrower may now or at any
time  hereafter  owe  to  Secured Party pursuant to such Agreement (whether such
debt,  liability  or  obligation now exists or is hereafter created or incurred,
and  whether  it is or may be direct or indirect, due or to become due, absolute
or contingent, primary or secondary, liquidated or unliquidated, or sole, joint,
several  or  joint  and several) (all such debts, liabilities and obligations of
the  Borrower  to  Secured Party herein collectively referred to as the "Secured
Obligations"),  Borrower  hereby  agrees  as  follows:

1.     SECURITY  INTEREST  AND  COLLATERAL.  In  order to secure the payment and
       -----------------------------------
performance  of the Secured Obligations, Borrower hereby grants to Secured Party
a security interest (herein called the "Security Interest"), subject to security
interests  held  by  other lenders to Challenger and its subsidiaries, in and to
the  following  property  (hereinafter  collectively  referred  to  as  the
"Collateral")--

     (i)  the  assets,  trademarks and domain names described on Exhibit A; (ii)
any  adaptation, modification, improvement, or enhancement of the foregoing; and
(iii) all of the pending and issued patents and patent applications described on
Exhibit  A  as  well  as  any  continuations,  continuations-in-part, divisional
applications,  and  any  Letters  Patent  issued  there from including reissues,
together  with  all  non-U.S.  counterparts;

together  with  all substitutions and replacements for and products and proceeds
of  any  of  the  foregoing  property.

The  Secured  Party understands and acknowledges that lenders to Challenger (and
its  subsidiaries) maintain security interests in certain assets of the Borrower
which  may  include the Collateral and that the lenders' security interests take
priority  over  the Security Interest maintained by the Secured Party.  Borrower
has not made any representations to the Secured Party about what if any interest
would  remain  in the event that any lender exercised its rights with respect to
the  Collateral.  Nothing  in  this section shall be read to limit the rights of
Challenger  to  refinance,  renegotiate or seek loans from additional lenders by
using  the  Collateral  described  in  this agreement to secure its obligations.

2.     REPRESENTATIONS,  WARRANTIES  AND AGREEMENTS.  Borrower hereby represents
       --------------------------------------------
and  warrants  to,  and  covenants  and  agrees  with, Secured Party as follows:

     (a)  The Collateral  will  be  used  primarily  for  business  purposes.
          Borrower's  office  is  located  at 300 Westlink Drive, Washington, MO
          63090,  and  it  keeps and will keep all of its books and records with
          respect  to  all  of  its  accounts  at  such  address.

     (b)  Borrower  shall  promptly  notify  Secured  Party  of  any  change  in
          name  or  if  it operates or conducts business under any trade name or
          "d/b/a"  which  is  different  from  such  name.

     (c)  Borrower  has  (or  will  have  at  the  time Borrower acquires rights
          in  Collateral  hereafter  acquired  or  arising)  and  will  maintain
          absolute  title  to  each  item  of  Collateral  free and clear of all
          security  interests,  liens  and  encumbrances,  and  will  defend the
          Collateral  against  all  claims  or demands of all persons other than
          Secured  Party.  Borrower  will  not  sell or otherwise dispose of the
          Collateral  or  any  interest  therein  except  that until an Event of
          Default  (as  defined in the Agreement) has occurred, the Borrower may
          sell  inventory  in  the  ordinary  course  of  its  business.

     (d)  Borrower  will  not  permit  any  Collateral  to  be  located  in  any
          state  (and,  if  county filing is required, in any county) in which a
          financing  statement  covering  such Collateral is required to be, but
          has  not in fact been, filed. Borrower will not change the state under
          which  it  is  organized  or  merge  with  or  into  any other entity.

     (e)  All rights  to  payment  and  all  instruments,  documents,  chattel
          paper  and  other agreements constituting or evidencing Collateral are
          (or  will  be  when  arising or issued) the valid, genuine and legally
          enforceable obligation, subject to no defense, set-off or counterclaim
          (other  than those arising in the ordinary course of business) of each
          account debtor or other obligor named therein or in Borrower's records
          pertaining thereto as being obligated to pay such obligation. Borrower
          will  not  agree to any modification, amendment or cancellation of any
          such  obligation  without  Secured  Party's prior written consent, and
          will  not  subordinate  any  such  right to payment to claims of other
          creditors  of  such  account  debtor  or  other  obligor, except as is
          otherwise  set  forth  herein.

     (f)  Borrower  will  (i)  keep  all  Collateral  in  good  repair,  working
          order  and  condition,  normal  wear and tear excepted, and will, from
          time  to  time,  replace  any worn, broken or defective parts thereof;
          provided,  however,  that  nothing in this Section 2 (f) shall prevent
          the  Borrower  from discontinuing the operation and maintenance of any
          of  its  properties  if  such  discontinuance  is,  in  the Borrower's
          reasonable  business  judgment,  desirable  in  the  conduct  of  the
          Borrower's business and not disadvantageous in any material respect to
          the  Secured  Party;  (ii)  other  than  taxes  and other governmental
          charges  contested  in  good  faith  and  by  appropriate proceedings,
          promptly  pay  all  taxes  and  other  governmental  charges levied or
          assessed  upon  or  against  any  Collateral  or  upon  or against the
          creation,  perfection  or  continuance of the Security Interest; (iii)
          keep  all  Collateral free and clear of all security interests, except
          as  is otherwise set forth herein, liens and encumbrances; (iv) at all
          reasonable  times,  permit  Secured  Party  or  its representatives to
          examine  or  inspect any Collateral, wherever located, and to examine,
          inspect  and  copy  Borrower's  books  and  records  pertaining to the
          Collateral  and  its  business  and financial condition and to discuss
          with  account debtors and other obligors requests for verifications of
          amounts  owed  to  Borrower;  (v)  keep  accurate and complete records
          pertaining to the Collateral and pertaining to Borrower's business and
          financial  condition  and  will  submit to Secured Party such periodic
          reports  concerning  the  Collateral  and  Borrower's  business  and
          financial  condition as Secured Party may from time to time reasonably
          request;  (vi)  promptly  notify Secured Party of any loss or material
          damage  to  any  Collateral  in  excess  of $10,000 or of any material
          adverse  change,  known to Borrower, in the prospect of payment of any
          sums  due  on  or  under  any  instrument,  chattel  paper  or account
          constituting Collateral; (vii) if Secured Party at any time reasonably
          requests promptly deliver to Secured Party any instrument, document or
          chattel  paper  constituting  Collateral, duly endorsed or assigned by
          Borrower  to  Secured  Party;  (viii) at all times keep all Collateral
          insured against risks of fire (including so called extended coverage),
          theft,  collision (in case of collateral consisting of motor vehicles)
          and  such  other  risks  and  in  such  amounts  as  Secured Party may
          reasonably  request,  with  any  loss  payable to Secured Party to the
          extent  of its interest and notify the Secured Party in writing of any
          loss  or  damage to the Collateral or any part; (ix) from time to time
          execute such financing statements as Secured Party may reasonably deem
          required to be filed in order to perfect the Security Interest and, if
          any  Collateral  is  covered  by  a certificate of title, execute such
          documents  as  may  be required to have the Security Interest properly
          noted on a certificate of title; (x) pay when due or reimburse Secured
          Party  on  demand  for  all  costs of collection of any of the Secured
          Obligations  and,  subject  to  any  limitations  set  forth  in  the
          Agreement,  all  other  out-of-pocket expenses (including in each case
          all  attorneys' fees) incurred by Secured Party in connection with the
          creation,  perfection,  satisfaction  or  enforcement  of the Security
          Interest  or  the execution or creation, continuance or enforcement of
          this  Agreement  or  any  or  all of the Secured Obligations including
          expenses  incurred  in  any  litigation  or  bankruptcy  or insolvency
          proceedings; (xi) execute, deliver or endorse any and all instruments,
          documents,  assignments,  security agreements and other agreements and
          writings  which  Secured  Party  may at any time reasonably request in
          order to secure, protect, perfect or enforce the Security Interest and
          Secured  Party's  rights  under  this  Agreement  including,  without
          limitation,  an  assignment of claim with respect to any account which
          is  a  government receivable; (xii) not use or keep any Collateral, or
          permit it to be used or kept, for any unlawful purpose or in violation
          of  any  federal,  state  or  local  law, statute or ordinance; (xiii)
          permit  Secured  Party  at  any  time  and  from  time to time to send
          requests  (after the occurrence and during the continuance of an Event
          of  Default  under the Agreement) to account debtors or other obligors
          for verification of amounts owed to Borrower; and (xiv) not permit any
          Collateral  to  become  part  of or to be affixed to any real property
          without first assuring to the reasonable satisfaction of Secured Party
          that the Security Interest will be prior and senior to any interest or
          lien  then  held  or thereafter acquired by any mortgagee of such real
          property  or  the  owner  or  purchaser  of  any  interest therein. If
          Borrower  at  any  time  fails  to  perform  or  observe any agreement
          contained in this Section 2(f), and if such failure shall continue for
          a  period  of  thirty  (30)  calendar  days  after Secured Party gives
          Borrower  written  notice  thereof  (or, in the case of the agreements
          contained in clauses (viii) and (ix) of this Section 2(f), immediately
          upon the occurrence of such failure, without notice or lapse of time),
          Secured  Party may (but need not) perform or observe such agreement on
          behalf  and  in  the name, place and stead of Borrower (or, at Secured
          Party's  option,  in  Secured Party's own name) and may (but need not)
          take any and all other actions which Secured Party may reasonably deem
          necessary  to  cure  or  correct  such  failure  (including,  without
          limitation,  the  payment  of  taxes,  the  satisfaction  of  security
          interests, liens or encumbrances, the performance of obligations under
          contracts  or  agreements  with account debtors or other obligors, the
          procurement  and  maintenance of insurance, the execution of financing
          statements,  the  endorsement  of  instruments, and the procurement of
          repairs,  transportation or insurance); and, except to the extent that
          the  effect of such payment would be to render any loan or forbearance
          of  money  usurious  or  otherwise  illegal  under any applicable law,
          Borrower shall thereupon pay Secured Party on demand the amount of all
          moneys  expended  and  all  costs  and  expenses (including reasonable
          attorneys'  fees) incurred by Secured Party in connection with or as a
          result  of  Secured Party's performing or observing such agreements or
          taking  such  actions,  together  with  interest thereon from the date
          expended  or incurred by Secured Party at the rate provided for in the
          Agreement.  To  facilitate  the  performance  or observance by Secured
          Party  of  such  agreements  of  Borrower, Borrower hereby irrevocably
          appoints  (which  appointment  is  coupled  with  an interest) Secured
          Party,  or  its delegate, as the attorney-in-fact of Borrower with the
          right  (but  not  the  duty)  from  time  to  time to create, prepare,
          complete, execute, deliver, endorse or file, in the name and on behalf
          of Borrower, any and all instruments, documents, financing statements,
          applications  for insurance and other agreements and writings required
          to be obtained, executed, delivered or endorsed by Borrower under this
          Section  2.

3.     ASSIGNMENT  OF  INSURANCE.  Borrower  hereby assigns to Secured Party, as
       -------------------------
additional  security  for  the  payment  of the Secured Obligations, any and all
moneys  (including,  but  not  limited  to, proceeds of insurance and refunds of
unearned  premiums) due or to become due under, and all other rights of Borrower
under  or  with  respect  to,  any  and  all  policies of insurance covering the
Collateral, and Borrower hereby directs the issuer of any such policy to pay any
such  moneys  to  the  Secured  Party.  Upon  the  occurrence  and  during  the
continuance  of  an Event of Default under the Agreement, Secured Party may (but
need  not)  in its own name or in Borrower's name, execute and deliver proofs of
claim,  receive  all  such monies (subject to Borrower's rights), endorse checks
and other instruments representing payment of such monies, and adjust, litigate,
compromise  or  release  any  claim  against  the  issuer  of  any  such policy.

4.     COLLECTION  OF  ACCOUNTS.  Secured  Party  may,  or  at  Secured  Party's
       ------------------------
request,  Borrower  shall,  upon the occurrence and during the continuance of an
Event  of  Default under the Agreement, notify any account debtor or any obligor
on  an instrument to make payment directly to a post office box specified by and
under  the  sole  control  of  Secured  Party,  whether or not Secured Party was
theretofore  making collections with respect thereto, and Secured Party shall be
entitled  to  take  control of any proceeds thereof.  If so requested by Secured
Party,  Borrower shall insert appropriate language on each invoice directing its
customers  to  make payment to such post office box.  Borrower hereby authorizes
and  directs  Secured  Party  to deposit into a special collateral account to be
established  and  maintained  with  Secured  Party  all  checks, drafts and cash
payments,  received  in  said lock box.  All deposits in said collateral account
shall  constitute proceeds of Collateral and shall not constitute payment of any
of  the  Secured  Obligations.  At  its  option, Secured Party may, at any time,
apply  finally  collected  funds  on  deposit  in said collateral account to the
payment of the Secured Obligations in such order of application as Secured Party
may  determine, or permit Borrower to withdraw all or any part of the balance on
deposit  in  said collateral account.  If a collateral account is so established
Borrower  agrees that it will promptly deliver to Secured Party for deposit into
said  collateral account, all payments on accounts and chattel paper received by
it.  All  such payments shall be delivered to secured Party in the form received
(except  for  Borrower's  endorsement where necessary).  Until so deposited, all
payments on accounts and chattel paper received by the Borrower shall be held in
trust  by  Borrower  for  and  as the property of Secured Party and shall not be
commingled  with  any  funds  or  property  of  Borrower.

5.     REMEDIES.  Upon  the  occurrence  of  an  Event  of  Default  under  the
       --------
Agreement,  and  at  any  time thereafter, Secured Party may exercise any one or
more  of  the  following  rights  or  remedies  if  any  or  all  of the Secured
Obligations  are  not  paid when due: (i) exercise and enforce any or all rights
and  remedies  available  after  default  to  a  secured party under the Uniform
Commercial  Code,  including  but not limited to the right to take possession of
any  Collateral,  proceeding  without  judicial  process  or by judicial process
(without  a  prior  hearing  or  notice thereof, which Borrower hereby expressly
waives),  and the right to sell, lease or otherwise dispose of or use any or all
of  the  Collateral;  (ii)  Secured  Party  may require Borrower to assemble the
Collateral and make it available to Secured Party at a place to be designated by
Secured Party which is reasonably convenient to both parties; (iii) exercise its
rights  under  any lessors' agreements regardless of whether or not the Borrower
is  in  default under such leases; and (iv) exercise or enforce any or all other
rights  or  remedies  available to Secured Party by law or agreement against the
Collateral,  against  Borrower or against any other person or property.  Secured
Party  is  hereby granted a non-exclusive, worldwide and royalty-free license to
use  or  otherwise exploit all trademarks, franchises, copyrights and patents of
Borrower that Secured Party deems necessary or appropriate to the disposition of
any Collateral.  If notice to Borrower of any intended disposition of Collateral
or  any  other intended action is required by law in a particular instance, such
notice shall be deemed commercially reasonable if given (in the manner specified
in  Section  6  hereof)  at  least  ten  (10) calendar days prior to the date of
intended  disposition  or  other  action.

6.     MISCELLANEOUS.  This Agreement does not contemplate a sale of accounts or
       -------------
chattel  paper, and, as provided by law, Borrower is entitled to any surplus and
shall  remain liable for any deficiency. This Agreement can be waived, modified,
amended,  terminated  or  discharged, and the Security Interest can be released,
only  explicitly  in  a  writing  signed  by  Secured Party.  A waiver signed by
Secured  Party  shall  be  effective  only  in the specific instance and for the
purpose  given.  Mere delay or failure to act shall not preclude the exercise or
enforcement  of  any  of  Secured  Party's  rights  or  remedies. All rights and
remedies of Secured Party shall be cumulative and may be exercised singularly or
concurrently,  at Secured Party's option, and the exercise or enforcement of any
one such right or remedy shall neither be a condition to nor bar the exercise or
enforcement  of  any  other. All notices to be given to Borrower shall be deemed
sufficiently given if given in accordance with the Agreement, to Borrower at its
address  set  forth  herein.  Secured  Party's  duty  of  care  with  respect to
Collateral  in  its  possession (as imposed by law) shall be deemed fulfilled if
Secured  Party  exercises  reasonable  care  in  physically  safe  keeping  such
Collateral  or,  in  the  case  of  Collateral in the custody or possession of a
bailee  or other third person, exercises reasonable care in the selection of the
bailee  or  other  third  person, and Secured Party need not otherwise preserve,
protect, insure or care for any Collateral. Secured Party shall not be obligated
to  preserve any rights Borrower may have against any other party, to realize on
the  Collateral  at  all  or in any  particular manner or order, or to apply any
cash  proceeds  of  Collateral  in  any  particular  order of application.  This
Agreement shall be binding upon and inure to the benefit of Borrower and Secured
Party  and  their  respective heirs, representatives, successors and assigns and
shall  take  effect  when signed by Borrower and delivered to Secured Party, and
Borrower  waives  notice of Secured Party's acceptance hereof. Secured Party may
execute this Agreement if appropriate for the purpose of filing, but the failure
of  Secured  Party  to  execute  this  Agreement  shall not affect or impair the
validity  or  effectiveness  of  this  Agreement. Except to the extent otherwise
required  by  law,  this Agreement shall be governed by the laws of the State of
Missouri and, unless the context otherwise requires, all terms used herein which
are  defined  in  the  Uniform Commercial Code, as in effect in said state shall
have the meanings therein stated and all capitalized terms used herein which are
defined  in  the  Agreement  shall  have  the  meanings  therein  stated. If any
provision  or application of this Agreement is held unlawful or unenforceable in
any  respect,  such  illegality  or  unenforceability  shall  not  affect  other
provisions  or  applications which can be given effect, and this Agreement shall
be  construed  as  if the unlawful or unenforceable provision or application had
never  been  contained  herein  or  prescribed  hereby.  All representations and
warranties contained in this Agreement shall survive the execution, delivery and
performance  of  this  Agreement  and  the  creation  and payment of the Secured
Obligations.

                                      - 1 -
<PAGE>

IN  WITNESS  WHEREOF,  Borrower has executed and delivered to Secured Party this
Security  Agreement  as  of  the  day  and  year  first  above  written.

IMAR  GROUP,  LLC

               Signed:
                      ------------------------
               By:
                  ----------------------------
               Its:
                   ---------------------------

CHALLENGER  POWERBOATS,  INC.

               Signed: /s/ Laurie  Phillips
                       --------------------

               By:  Laurie  Phillips
                    ----------------

               Its: President  and  Cheif  Executive  Officer
                    -----------------------------------------

                                      - 2 -
<PAGE>

                                    EXHIBIT A
                            DESCRIPTION OF COLLATERAL

                         Description of Gekko Technology
                         -------------------------------

ASSET
-----

BOAT  MOLDS
-----------

     Revo7.1 stringer  mold,  gas  tank  door  mold,  back  seat mold, 2ea. Hull
          molds,  Deck  mold

     Revo 6.7  stringer  mold,  Hull  mold,  Deck  mold,  2  ea. Back seat molds

     Revo 6.7  hull,  deck  and  liner  plugs

     GTR  22  trunk  mold,  Bow  ring,  Hull  mold

     GTX  22  Deck  mold,  Hull  mold

     GTO  22 Bow  ring,  Hull  mold,  Deck  mold,  Engine  cover  mold (used for
          all  in-line  Gekko)

     GTS  20  Hull  mold,  Deck  mold,  Deck  Plug

REGISTERED  TRADEMARKS
----------------------

Gekko

OTHER  TRADEMARKS
-----------------

GTS  20,  GTO  22,  GTR  22,  REVO  6.7,  REVO  6.7i,  REVO  7.1

COPYRIGHTS
----------

USPTO  #DVH0066

INTERNET  DOMAIN  NAME  AND  CONTENT
------------------------------------

www.gekkosports.com
-------------------Exhibit 10.7

                              EMPLOYMENT AGREEMENT
                              --------------------

      THIS  EMPLOYMENT  AGREEMENT  (the  "Agreement"),  dated  as  of
January _1_, 2007, is entered into between Challenger Powerboats, Inc., a Nevada
corporation  (the  "Company"  or  "Xtreme"),  and Mark Overbye (the "Employee").

     WHEREAS,  the  parties  are entering into this Agreement to set forth their
respective  rights  and obligations with respect to the Employee's employment by
the  Company;

     WHEREAS,  the  parties anticipate the Company's purchase of IMAR Group LLC,
on  which  this  Agreement  is  contingent;

     NOW  THEREFORE,  in  consideration of the mutual covenants contained herein
and  other good and valuable consideration, the receipt and sufficiency of which
are  hereby  acknowledged,  the  parties  agree  as  follows:

     1.     EMPLOYMENT.  The  Company shall employ the Employee and the Employee
            ----------
hereby  accepts  such employment with the Company, upon the terms and conditions
hereinafter  set  forth  for  the  period  beginning  on  January _1_, 2007 (the
                                                                   -
"Effective  Date")  and  ending  on  the Termination Date determined pursuant to
Section  4  (the  "Employment  Term").

     2.     POSITION  AND  DUTIES.
            ---------------------

     (a)  During  the  Employment  Term,  the  Employee  shall  serve  as  the
          Marketing  Director of Challenger Powerboats and Challenger subsidiary
          companies,  Marine  Holdings,  Inc.  d/b/a  Challenger  Powerboats
          ("Marine")  and  IMAR  Group,  LLC,  d/b/a  Sugar  Sand and Gekko. The
          Employee  shall report to the Company's CEO and perform such duties as
          are  assigned  to him by the CEO. The Employee acknowledges and agrees
          that  he  owes a fiduciary duty of loyalty to the Company and he will,
          at  all  times,  discharge  his  duties  and otherwise act in a manner
          consistent  with  the  best interests of the Company by faithfully and
          diligently  executing  all  duties  assigned  to  him.

     (b)  During  the  Employment  Term,  the  Employee  shall  devote  his best
          efforts  and  his full time, attention and energies to the performance
          of  his  duties  and responsibilities under this Agreement. During the
          Employment  Term  and  as  set forth in section 8, below, the Employee
          shall  not  engage  in any business activity, which conflicts with the
          duties  of  Employee  hereunder.

     (c)  Employee  shall  not  hire  any  employees  or  officers  without  the
          approval  of  the  Company's  CEO  and  Board  of  Directors.

     3.     COMPENSATION AND BENEFITS.  As compensation in full for the services
            -------------------------
to  be  rendered  by  the  Employee  under this Agreement, the Company agrees to
compensate  the  Employee  as  follows:

     (a)  During  the  Employment  Term,  the  Company  shall  pay  Employee  an
          annual  salary  of  one-hundred  thousand  dollars  ($100,000)  ("Base
          Salary"),  which shall be paid semi-monthly, which may be increased at
          the  discretion  of  the  CEO  of  the  Company.

     (b)  The Employee  shall  also  be  entitled  to  receive  a quarterly cash
          bonus  ("Cash  Bonus")  of up to five percent (5%) of the Base Salary.
          The Cash Bonus shall be calculated based on actual performance applied
          to  performance  metrics  ("the  Metrics"), as well as a discretionary
          portion  to  be  determined  by  the  CEO  and  the Company's Board of
          Directors.  The Metrics shall be mutually agreed upon by the Company's
          Board  of  Directors,  the  CEO  and  the  Employee.

     (c)  Employee  shall  be  eligible  to  participate  in  those  non-salary
          benefits  and  programs  generally  made available to employees of the
          Company,  as  are  in  effect  from  time  to time, including, but not
          limited  to,  any  health,  dental, life or disability insurance plan,
          401(k)  or  other  retirement  savings  plan,  and  any other employee
          benefit  plan,  subject  to  any  and  all  terms,  conditions,  and
          eligibility  requirements  of said plans or benefits, as may from time
          to  time  be  prescribed by the Company. Full family health insurance,
          individual  life  and  disability insurance (short-term and long-term)
          coverage  shall  be  provided  for  Employee  at the Company's expense
          immediately upon execution of this Employment Agreement and throughout
          the  Employment  Term.  The life insurance policy shall be for $20,000
          per  the  Company  policy  currently  in  place.

     (d)  Employee  shall  be  entitled  to  a  vacation  period or periods each
          year  during  the  Employment  Term  in  accordance with the Company's
          vacation  policy  for  officers.

     (e)  Upon submission  of  proper  vouchers  and  evidence, the Company will
          promptly  pay  or  reimburse  Employee  for reasonable transportation,
          hotel,  travel  and  related expenses incurred by Employee on business
          trips  away  from  Employee's principal office, and for other business
          expenses  reasonably  incurred  by  Employee  in  connection  with the
          business  of  the  Company  during the Employment Term, all subject to
          such limitations and procedures as may from time to time be prescribed
          by  the  Board  of  Directors  of  the  Company  or  the  CEO.

     4.     TERMINATION.
            -----------

     (a)  The Employee's  employment  under  this  Agreement  shall  terminate
          upon  the  earliest to occur of (the date of such occurrence being the
          "Termination  Date")  (1)  two  (2)  years  of  employment  under this
          Agreement,  unless  the  parties  mutually  agree to extend Employee's
          employment,  (2)  the Employee's resignation, (3) the Employee's death
          or a Disability (an "Involuntary Termination"), or (4) the termination
          of the Employee by theCompany's Board of Directors. The effective date
          of  a  resignation by Employee or termination without "Cause," as such
          term  is  defined below, shall be thirty (30) days after the date of a
          written  or  oral resignation by the Employee which is received by the
          Company's CEO in the case of resignation, or the Employee, in the case
          of  termination  without  Cause.  The effective date of an Involuntary
          Termination  shall  be  the  date  of  death  or,  in  the  event of a
          Disability,  the  date specified in a notice delivered to the Employee
          by the Company. The effective date of a Termination for Cause shall be
          the  date  specified  in  a  notice  delivered  to the Employee by the
          Company.

     (b)  For purposes  of  this  Agreement,  "Cause"  shall  mean  those
          instances  in  which  Employee  actually,  or  the  Board of Directors
          (excluding  the  Employee  if the Employee is a member of the Board at
          such  time)  determines  in  good  faith  that  Employee  has  (i)
          intentionally  furnished materially false or misleading information to
          the  Company's  CEO  or  Board  of  Directors  that  results  or could
          reasonably  be  expected  to  result in detriment to the Company, (ii)
          willfully refused or failed to follow the material instructions of the
          CEO  with respect to any matter related to the operation or management
          of  the  Company,  (iii)  engaged in the use of alcohol or drugs to an
          extent  that,  in  the good faith determination of the CEO or Board of
          Directors  (excluding  the Employee if the Employee is a member of the
          Board  at  such  time),  such  use  interferes with performance of the
          Employee's  duties  and responsibilities, (iv) committed or engaged in
          any  felony or gross misdemeanor under applicable law, or (v) breached
          his  obligations  under  this  Agreement  in  any  material  respect.

     (c)  For purposes  of  this  Agreement,  the  term  "Disability" shall mean
          the  physical  or  mental  inability  of the Employee to substantially
          perform  all of his duties under this Agreement for a period of ninety
          (90)  consecutive days or longer or for any 90 days in any consecutive
          twelve  (12)  month period as determined by the Company's CEO or Board
          of  Directors.

     5.     EFFECT  OF  TERMINATION.
            -----------------------

     (a)  In the  event  the  Company  terminates  this Agreement without Cause,
          the  Employee  shall  only  have  the  right to receive the following:

          (i)  the continuation  of  the  Employee's  Base  Salary  for the time
               remaining  under  this Agreement as set forth in Section 4(a)(1).

          (ii) a pro-rated  portion  of  the  Cash  Bonus  set  forth in Section
               3, provided that the Employee has been employed for not less than
               18 months under this Agreement and the Metrics have been achieved
               as  provided  for  in  Section  3(b)(i)  and  3(b)(ii);  and

          (iii) reimbursement  of  any  expenses  incurred  prior  to  the
               Termination  Date  for  which  the  Employee  shall not have been
               previously  reimbursed  in  accordance  with  the  provisions  of
               Section  3(e),  above.

     (b)  In the  event  this  Agreement  is  terminated  for  any  other reason
          other  than  without Cause, including the additional reasons set forth
          in  Section  4,  above,  the  Employee  shall  only  be  entitled  to
          reimbursement  of  expenses  as  set  forth  above  at  Section  3(e).

     (c)  Upon any  Termination  of  this  Agreement,  neither  the Employee nor
          his  beneficiaries  or estate shall have any further rights under this
          Agreement  or  any  rights arising out of this Agreement other than as
          provided  in  this  Section 5. The rights of the Employee set forth in
          this  Section 5 are intended to be the Employee's exclusive remedy for
          termination  and,  to the greatest extent permitted by applicable law,
          the  Employee  waives  all  other  remedies.

     (d)  Following  any  termination,  Employee  shall  fully  cooperate  with
          Company  in  all  matters relating to the winding up of the Employee's
          work on behalf of Company and the orderly transfer of any such pending
          work and of Employee's duties and responsibilities for Company to such
          other  person  or  persons  as may be designated by the Company in its
          sole  discretion. Employee shall not be entitled to any additional pay
          or  severance  in  connection  with  such  cooperation.

     6.     NONDISCLOSURE AND NONUSE OF CONFIDENTIAL INFORMATION.   The Employee
            ----------------------------------------------------
will  not disclose, disseminate or use at any time, either during the Employment
Term  or  thereafter,  any  Confidential Information of which the Employee is or
becomes  aware,  whether  or  not  such  information is or was developed by him,
except  to  the  extent  that  such disclosure or use is directly related to and
required by the Employee's performance of duties assigned to the Employee by the
Company.  For  purposes  of  this Agreement, the term "Confidential Information"
shall  mean  information  that  is not generally known to the public and that is
used,  developed  or  obtained  by  the Company in connection with the Business,
including, without limitation (a) information, observations, procedures and data
obtained  by  the Employee while employed by the Company concerning the business
or affairs of the Company; (b) planned or actual products or services; (c) costs
and  pricing  structures,  customer,  supplier  or employee lists; (d) analyses,
drawings, photographs and reports; (d) computer software and hardware, including
operating  systems,  applications  and  program  listings;  (e)  data bases; (f)
accounting  and  business  methods;  (g)  research  and  development,  and  (h)
inventions,  devices,  new  developments,  method  and processes, technology and
trade  secrets  (including,  without  limitation  all  Work  Product).

     7.     INVENTIONS  AND  PATENTS.  The Employee agrees that all Work Product
            ------------------------
belongs  to  the  Company  (including  any and all Work Product developed by the
Company  prior  to  the  date  of  this  Agreement).  The Employee will promptly
disclose  such  Work  Product  to the Board of Directors and perform all actions
reasonably  requested by the Board (whether during or after the Employment Term)
to  establish  and  confirm  such  ownership (including, without limitation, the
execution  and  delivery  of assignments, consents, powers of attorney and other
instruments)  and  to provide reasonable assistance to the Company in connection
with  the  prosecution  of any application for patents, trademarks, trade names,
service marks or reissues thereof or in the prosecution or defense of any claims
by  or  against the Company relating in any way to Work Product. For purposes of
this  Agreement, the term "Work Product" shall mean all inventions, innovations,
improvements,  technical  information,  systems,  software  or  equipment
developments,  methods,  designs,  analyses,  drawings,  reports, service marks,
trademarks,  trade  names, logos and all similar or related information (whether
patentable or unpatentable) which relates to the Company's actual or anticipated
business,  research  and  development or existing or future products or services
and  which  are  conceived,  developed  or  made by the Employee (whether or not
during  usual business hours and whether or not alone or in conjunction with any
other  person, group or entity) while employed by the Company, together with all
patent  applications,  letters  patent,  trademark,  trade name and service mark
applications  or  registrations,  copyrights  and  reissues  thereof that may be
granted  for  or  upon the foregoing.  The Employee and the Company specifically
intend  that  this Section shall apply, without limitation, to the "Gekko Assets
and  Technology"  as  such  term  is  defined  and  referred to in the Asset and
Technology  Acquisition  Agreement  between  IMAR  Group, LLC and Employee dated
January  _1_,  2007.

     8.     NON-COMPETE,  NON-SOLICITATION,  NON-DISPARAGEMENT.  The  Employee
            --------------------------------------------------
acknowledges  and  agrees  with  the  Company  that  during  the  course  of the
Employee's  employment  with the Company, the Employee will have the opportunity
to  develop  relationships with existing employees, customers and other business
associates  of  the  Company  which  relationships  constitute  goodwill  of the
Company,  and  the  Company would be irreparably damaged if the Employee were to
take  actions  that  would damage or misappropriate such goodwill.  Accordingly,
the  Employee  agrees  as  follows:

     (a)  The Employee  acknowledges  that  the  Business  is  operated  in  the
          United  States and markets for the Company's products and services are
          located  in the United States. Accordingly, during the Employment Term
          until  the  sixth  (6)  month anniversary of the Termination Date (the
          "Non-Compete Period"), the Employee shall not, directly or indirectly,
          enter  into,  engage  in,  assist,  give or lend funds to or otherwise
          finance,  be employed by or consult with, or have a financial or other
          interest  in, any business which is similar to or competitive with the
          Business,  whether for himself or as an independent contractor, agent,
          stockholder,  partner, or joint venture for any other person, group or
          entity. To the extent that the covenant provided in this Section 8 (a)
          may  later  be  deemed  by a court to be too broad to be enforced with
          respect  to its duration or with respect to any particular activity or
          geographic  area,  the  court making such determination shall have the
          power  to  reduce  the  duration or scope of the provision, and add or
          delete  specific  words  or  phrases  to  or  from  the provision. The
          provision,  as  modified,  shall  then  be  enforced.

     (b)  The Employee  covenants  and  agrees  that  during  the  term  of  his
          employment  and for six (6) months following the Termination Date, the
          Employee  will  not, directly or indirectly, either for himself or for
          any  other  person,  group  or  entity  (i)  solicit  any  employee,
          independent contractor or service provider of the Company to terminate
          or  modify  his,  her or its employment or other relationship with the
          Company  or  employ  or  retain any person or entity, (ii) solicit any
          customer,  licensee,  or  licensor,  of  the  Company  or  any service
          provider to the Company to purchase or provide products or services on
          behalf  of the Employee or such other person, group or entity that are
          competitive  with the products or services provided by the Company, or
          (iii)  disparage  the  business  reputation  of  the  Company  or  its
          management  team.

     (c)  Employee  acknowledges  that  the  restrictions  placed  upon Employee
          by  this  Section  8 are reasonable given the Employee's position with
          the  Company,  the  geographic  area  in which the Company markets its
          products  and  services,  and  the  consideration  furnished  in  this
          Agreement.  Further,  Employee also agrees that the provisions of this
          section are fair and necessary to protect the Company and its business
          interests  and, that such provisions do not preclude the Employee from
          utilizing  unprotected  information or from engaging in occupations in
          unrelated  fields  or  in a manner consistent with the requirements of
          this  Agreement.

     9.     RETURN  OF  COMPANY'S PROPERTY UPON TERMINATION.  The Employee shall
            -----------------------------------------------
immediately  deliver to the Company at the termination of the Employment Term or
at  any time the Board of Directors may request, all Company property (including
but  not  limited  to  all  documents,  electronic files/records, keys, records,
computer  disks,  or  other  tangible  or  intangible things that may or may not
relate  to  or  otherwise  constitute Confidential Information, Work Product, or
trade  secrets  (as  defined  by  applicable  law)  that Employee created, used,
possessed,  or  maintained  while  in  the  employ of the Company, from whatever
source.

     10.     ENFORCEMENT.  Because  the  Employee's  services  are  unique  and
             -----------
because  the  Employee  has access to Confidential Information and Work Product,
the  parties  hereto  agree that money damages would be an inadequate remedy for
any breach of this Agreement.  Therefore, in the event of a breach or threatened
breach  of  this  agreement,  the  Company  or its successors or assigns may, in
addition  to  other  rights  and  remedies existing in their favor, apply to any
court  of  competent  jurisdiction for specific performance and/or injunctive or
other  relief  in  order to enforce, or prevent any violation of, the provisions
hereof  (without  posting  a  bond  or  other  security).

     11.     MISCELLANEOUS.
             -------------

     (a)  This Agreement  shall  be  binding  upon  and  inure to the benefit of
          Employee  and  his heirs and personal representatives, and the Company
          and  its successors, assigns and legal representatives. This Agreement
          and  the  responsibilities/benefits hereunder are personal to Employee
          and  are  not  assignable  or  transferable  by  Employee.

     (b)  The Company  shall  have  the  right  to offset against amounts due to
          Employee  hereunder  by  any  amounts  owed  by  Employee  to Company,
          including  any  advances.

     (c)  This Agreement  constitutes  the  entire  agreement  between  the
          Company  and  Employee  with  respect to the subject matter hereof and
          supersedes  any  and all previous agreements or understandings between
          Employee  and  the  Company concerning the subject matter hereof. This
          Agreement  may  not  be  changed  or amended without the prior written
          consent  of  both  of  the  parties  hereto.

     (d)  All notices  hereunder  shall  be  in  writing  unless  otherwise
          specified  and  shall  be  deemed given on the third day after mailing
          through  the  United  States  mail,  certified  mail,  return  receipt
          requested,  postage  prepaid,  or by overnight delivery to the persons
          listed  below  or  to  such other person(s) and/or addresses as may be
          designated  from  time  to  time  in  writing.

               If  to  the  Company:

                          Challenger Powerboats, Inc.
                      C/O Dutchess Capital Management LLC
                              50 Commonwealth Ave.
                                Boston, MA 02116
                     Attention: Michael Novielli, Chairman
                              Fax: (617) 249-0947

               If  to  Employee:

                                  Mark Overbye
                                587 Vista Ridge
                               Shakopee, MN 55379

     With  a  copy  to:

                                Jeffrey R. Ansel
                           Winthrop & Weinstine, P.A.
                       225 South Sixth Street, Suite 3500
                           Minneapolis, MN 55402-4629
                                Fax 612-604-6800

     (e)  This Agreement  shall  be  governed  by  and  construed  in accordance
          with  the  laws  of  the  State  of  Missouri.

     (f)  Any waiver  by  either  party  of  any  breach  of any of the terms of
          this  Agreement  shall  not  be  considered a waiver of any subsequent
          breach.

     (g)  In the  event  that  any  provision  of  this  Agreement is held to be
          unenforceable,  then  such  enforceability  shall in no way affect the
          other  terms  and  provisions  of this Agreement which shall remain in
          full  force  and  effect.

     (h)  The captions  herein  are  for  the  convenience  of  the  parties and
          are  not  to  be  construed  as  part  of the terms of this Agreement.

     (i)  This Agreement  may  be  amended,  modified  or  supplemented  only by
          written  agreement  of  the parties hereto, which agreement shall have
          been  duly authorized and approved by the CEO or Board of Directors of
          the  Company.

     (j)  The failure  of  the  Company  at  any  time  or  from time to time to
          require  performance  of  any of the Employee's obligations under this
          Agreement shall in no manner affect the Company's right to enforce any
          provision  of this Agreement at any subsequent time, and the waiver by
          the  Company  of  any  right  arising  out  of any breach shall not be
          construed  as  a  waiver  of  any  right arising out of any subsequent
          breach.

     (k)  Any dispute  or  controversy  arising  under  or  in  connection  with
          this Agreement, other than for injunctive relief sought by the Company
          under Sections 6 and or 8 shall be settled exclusively by arbitration,
          conducted  before  a panel of one arbitrator in the State of Missouri,
          County  of  St.  Louis  in  accordance  with the rules of the American
          Arbitration Association then in effect, and judgment may be entered on
          the  arbitrator's award in any court having jurisdiction. The decision
          of  the  arbitrator  shall  be  final and binding on the parties. Each
          party  shall  bear  its  own  legal  fees  in  any  dispute.

     IN  WITNESS  WHEREOF,  the  parties  hereto  have  signed  and  sealed this
Agreement  as  of  the  day  and  year  first  above  written.

     COMPANY:
     CHALLENGER  POWERBOATS,  INC.

     By: /s/ Laurie Phillips
         -------------------
         Laurie  Phillips,  President  and  CEO

     EMPLOYEE:

     By: /s/ Mark Overbye
         ----------------
         Mark  Overbye

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]