SEC Contract Filing

Filing Date: 2019-08-19

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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>gs_ex10z2.htm
<DESCRIPTION>TERMINATION OF EMPLOYMENT AGREEMENT
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<TITLE>TERMINATION OF EMPLOYMENT AGREEMENT</TITLE>
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<DIV style=margin-left:72pt;width:468pt><P align=right style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:18pt'><FONT style=font-size:10pt><B>EXHIBIT 10.2</B></FONT></P>
<P align=center style='font:10pt Times New Roman;margin-top:0pt;margin-bottom:18pt'><FONT style=font-size:10pt><B>TERMINATION OF EMPLOYMENT AGREEMENT</B></FONT></P>
<P align=justify style='font:12pt Times New Roman;margin-top:18pt;margin-bottom:18pt'>This Termination of Employment Agreement (&#8220;Agreement&#8221;) is entered into as of July 18, 2019 by and between Geospatial Corporation, a Nevada corporation (the &#8220;Company&#8221;), and Thomas Oxenreiter (&#8220;Oxenreiter&#8221;), an employee of the Company who is currently serving as the CFO of the Company. The Company and Oxenreiter shall collectively be referred to as the &#8220;Parties.&#8221;</P>
<P align=center style='font:12pt Times New Roman;margin-top:18pt;margin-bottom:18pt'><FONT style='border-bottom:1px solid #000000'><B>RECITALS</B></FONT></P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>A. &nbsp;The Parties entered into an Employment Agreement dated October 18, 2013 (the &#8220;Employment Agreement&#8221;).</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>B. &nbsp;Due to the financial stress of the Company and the recent change in the Board of Directors and Executive Management of the Company, the Company no longer deems this Employment Agreement to be in the best interest of the Company or its shareholders.</P>
<P align=justify style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:18pt'>NOW, THEREFORE, the Parties agree as follows:</P>
<P align=center style='font:12pt Times New Roman;margin-top:18pt;margin-bottom:18pt'><FONT style='border-bottom:1px solid #000000'><B>AGREEMENT</B></FONT></P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>1. &nbsp;<FONT style='border-bottom:1px solid #000000'>Termination of Employment Agreement</FONT>. &nbsp;The Company and Oxenreiter agree to terminate the Employment Agreement. &nbsp;From and after July 18, 2019, Oxenreiter shall serve as the CFO of the Company as an <I>&#8220;at will&#8221;</I> employee at his current salary with standard Company benefits just like all of the other employees of the Company.</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>2. &nbsp;<FONT style='border-bottom:1px solid #000000'>Board of Directors</FONT>. &nbsp;The Parties acknowledge that Oxenreiter is currently serving as a member of the Board of Directors and he shall continue to serve as a member of the Board of Directors of the Company.</P>
<P align=justify style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:12pt'>3. &nbsp;<FONT style='border-bottom:1px solid #000000'>Shareholder Rights</FONT>. &nbsp;The Parties expressly acknowledge that this Agreement does not affect any rights that Oxenreiter has as a shareholder of the Company.</P>
<P align=justify style='font:12pt Times New Roman;margin-top:18pt;margin-bottom:24pt'><B>IN WITNESS WHEREOF,</B> the Parties hereby enter into this Agreement.</P>
<P style='font:12pt Times New Roman;margin-top:24pt;margin-bottom:24pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:0pt'><B>THOMAS OXENREITER</B></KBD><KBD style=margin-left:252pt></KBD><B>GEOSPATIAL CORPORATION</B>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:0pt'><FONT style='border-bottom:1px solid #000000'>&#160;&#160;/s/ Thomas Oxenreiter</FONT>____________</KBD><KBD style=margin-left:252pt></KBD>By: <FONT style='border-bottom:1px solid #000000'>&#160;&#160;/s/ David Truitt</FONT>__________________&nbsp;</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:24pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:0pt'>Thomas Oxenreiter, Employee/CFO</KBD><KBD style=margin-left:252pt></KBD> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Truitt, CEO and Director&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;text-indent:36pt;margin-left:216pt'>By: <FONT style='border-bottom:1px solid #000000'>&#160;&#160;/s/ Troy Taggart</FONT>_________________</P>
<P style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:36pt'><KBD style=margin-left:252pt></KBD> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Troy Taggart, President and Director &nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=center style='font:10pt Times New Roman;margin:0'>1</P>
<P style='font:10pt Times New Roman;margin:0'>&nbsp;</P>
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