Exhibit
10.3


 


EXECUTIVE
EMPLOYMENT

AGREEMENT


between


O2 SECURE
WIRELESS, INC.


and


CRAIG C.
SELLARS















EXECUTIVE
EMPLOYMENT AGREEMENT


THIS
EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”), dated as of February      ,
2007 (the “Agreement Date”), is entered into between O2 Secure Wireless, Inc.,
a Georgia corporation (“Company”), and Craig C. Sellars (“Executive”).


WHEREAS,
the Company desires to employ Executive as its Chief Information Officer upon
the terms and subject to the conditions set forth herein;


NOW,
THEREFORE, in consideration of the premises and the mutual agreements contained
herein, the Company and Executive hereby agree as follows:


ARTICLE I

DEFINITIONS


The
terms set forth below have the following meanings (such meanings to be
applicable to both the singular and plural forms, except where otherwise
expressly indicated):


1.1           “Accrued Annual Bonus” means the
amount of any Annual Bonus earned but not yet paid with respect to the Year
ended prior to the Date of Termination.


1.2           “Accrued Base Salary” means the
amount of Executive’s Base Salary which is accrued but not yet paid as of the
Date of Termination, including any Base Salary the payment of which has been
deferred, plus any accrued but unpaid interest thereon.


1.3           “Affiliate” means any Person directly
or indirectly controlling, controlled by, or under direct or indirect common
control with, the Company.  For the
purposes of this definition, the term “control” when used with respect to any
Person means the power to direct or cause the direction of management or
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise.


1.4           “Anniversary Date” means any annual
anniversary of the Agreement Date.


1.5           “Annualized Total Compensation”
means, as of any date, the sum of Executive’s Base Salary as of such date and
maximum Annual Bonus applicable to the Year that includes such date.


1.6           “Board” means the Board of Directors
of the Company.


1.7           “Cause” means any of the following:


(a)           Executive’s conviction of a felony or
of a misdemeanor involving fraud, dishonesty or moral turpitude; or


(b)           Executive’s willful or intentional
material breach of this Agreement that results in financial detriment that is
material to the Company and its Affiliates taken as a whole.











For
purposes of clause (b) of the preceding sentence, Cause shall not include any one
or more of the following:


(i)            bad judgment;


(ii)           negligence;


(iii)          any act or omission that Executive
believed in good faith to have been in or not opposed to the interest of the
Company (without intent of Executive to gain therefrom, directly or indirectly,
a profit to which he was not legally entitled); or


(iv)          any act or omission of which any
member of the Board who is not a party to such act or omission has had actual
knowledge for at least 12 months.


1.8           “Change of Control” means any
transaction or series of related transactions during the Employment Period
occurring within a nine (9) month period, whereby (i) the beneficial ownership
of more than fifty percent (50%) of the then outstanding common stock of the
Company (or other securities having generally the right to vote for election of
the Board) shall be sold, assigned or otherwise transferred to one Person
(other than an existing shareholder or optionholder who is the holder of at
least ten percent (10%) or more of the common stock of the Company or who, upon
exercise of options for common stock of the Company, would be the holder of at
least ten percent (10%) of the common stock of the Company (“Existing Holder”))
or group of Persons acting together, other than Existing Holders, whether by
sale or issuance of common stock or other securities or otherwise, (ii) the
Company shall sell, assign or otherwise transfer assets (excluding stock or
other securities of Subsidiaries or the grant of licenses to intangible assets
or other sale of assets or inventory in the ordinary course of business) having
a fair market value of more than fifty percent (50%) of the total value of the
assets of the Company to any Person or group of Persons acting together, other
than an Existing Holder, Existing Holders, or a Subsidiary of the Company; or
(iii) any Person or group of Persons acting together, other than an Existing
Holder or Existing Holders, takes control of the Board or otherwise obtains
effective power to direct or cause the direction of management or policies of
the Company.  Notwithstanding the above,
the following shall not constitute a Change of Control:  (a) with respect to subsection (ii) above
only, any conveyance, transfer or grant to an entity a collateral assignment
of, security title to or security interest in any goods, accounts, inventory,
general intangibles or other assets of the Company or any of its subsidiaries
to secure the obligations of the Company or any of its subsidiaries to such
entity, or the exercise of any rights or remedies by such entity after a
default of corporate indebtedness, (b) corporate reorganizations where the
resulting corporate entity or entities are controlled by a majority in interest
of the then current shareholders of the Company, and (c) any of the foregoing
transactions or events if, in advance of such transaction or event, Executive
agrees in writing that such transaction or event shall not constitute a Change
of Control.


1.9           “Code” means the Internal Revenue
Code of 1986, as amended from time to time.


1.10         “Common Stock” means the common stock,
no par value, of the Company.











1.11         “Company” means the company set forth
in the recitals to this Agreement.


1.12         “Date of Termination” means the
effective date of a Termination of Employment for any reason, including death or
Disability, whether by the Company or by Executive.


1.13         “Disability” determination by a
licensed physician that Executive is by reason of physical or mental incapacity
substantially unable with or without accommodations to fulfill his performance
obligations for the Company for a continuous period of six (6) months.  A good faith determination of “substantial”
or “insubstantial” performance shall be made by Company in its discretion.  A Permanent Disability shall be deemed to
commence upon the expiration of such six (6) month period.


1.14         “Fair Market Value” means, as of any
date, (a) if the Common Stock is listed on a national securities exchange such
as NASDAQ, the average of the high and low prices of the Common Stock on such
date reported by such exchange (or, if no sale of the Common Stock was reported
for such date, on the next preceding date on which such a sale of such security
was reported), (b) if the Common Stock is not listed on any national securities
exchange, the average of the high bid and low asked quotations for the Common
Stock on such date in the over-the-counter market (or, if no
quotation of the Common Stock was reported for such date, on the next preceding
date on which such a quotation of such security was reported), or (c) if there is
no public market for the Common Stock, the fair market value of the Common
Stock determined by the Board in the good faith exercise of its discretion.


1.15         “Good Reason” means the occurrence of
any one or more of the following events unless Executive specifically agrees in
writing that such event shall not be Good Reason:


(a)           any material breach of this Agreement
by the Company, including:


(b)           the failure of the Company to comply
with the provisions of Articles II, III, IV, V, VI or VII of this Agreement;


(c)            any material adverse change in the
status, responsibilities or perquisites of Executive;


(d)           any failure to nominate or elect
Executive as Chief Executive Officer of the Company and as a member of the
Board;


(e)           causing or requiring Executive to report
to anyone other than the Board; or


(f)            assignment of duties materially
inconsistent with his position and duties described in this Agreement;


(g)           the failure of the Company to assign
this Agreement to a successor to the Company or failure of a successor to the
Company to explicitly assume and agree to be bound by this Agreement;











(h)           requiring Executive to be principally
based at any office or location more than 20 miles from the Company’s principal
offices at 4898 South Old Peachtree Road, Suite 150 Norcross, GA 30071;


(i)            the delivery to Executive of a
Notice of Consideration pursuant to Section 8.1(b) if, within a period of 90
days thereafter, the Board fails for any reason to terminate Executive for
Cause in compliance with all of the substantive and procedural requirements of
Section 8.1; or


(j)            a Termination of Employment by
Executive for any reason or no reason during the 30-day period commencing
12 months after a Change of Control.


1.16         “including” means including without
limitation.


1.17         “Incurred Expenses” means the amount of
Executive’s Reimbursable Expenses which have been incurred by Executive but
have not yet been reimbursed by the Company as of the Date of Termination,
including any Reimbursable Expenses the reimbursement of which has been deferred
pursuant to Section 6.5, plus any accrued but unpaid interest thereon.


1.18          “Option” means an option to purchase
shares of Common Stock.


1.19         “Permitted Transferee” means the spouse
of Executive, a lineal descendant of Executive or a spouse of a lineal
descendant of Executive or a trust, limited partnership or other entity
principally benefiting all or a portion of such individuals.


1.20         “Person” means any individual, sole
proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, entity or
government instrumentality, division, agency, body or department.


1.21         “Prorata Annual Bonus” means the
product of (a) the amount of the Annual Bonus to which Executive would have
been entitled if he had been employed by the Company on the last day of the
Year that includes the Date of Termination and if Executive had fully achieved
his performance goals for such Year, multiplied by (b) a fraction of which the
numerator is the number of days which have elapsed in such Year through the
Date of Termination and the denominator is 365.


1.22         “Secondary Public Offering” means a
public offering of the Common Stock pursuant to the Securities Act of 1933
after the initial public offering.


1.23         “Severance Package” means the benefits
to be received by Executive pursuant to Sections 8.3(b), 8.3(c), 8.3(d) and
8.3(e).


1.24         “Severance Period” means the eighteen
(18) month period following the Date of Termination.











1.25         “Subsidiary” means, with respect to any
Person, (a) any corporation of which more than fifty percent (50%) of the
outstanding capital stock having ordinary voting power to elect a majority of
the board of directors of such corporation (irrespective of whether, at the
time, stock of any other class or classes of such corporation shall have or
might have voting power by reason of the happening of any contingency) is at
the time, directly or indirectly, owned by such Person, and (b) any partnership
in which such Person has a direct or indirect interest (whether in the form of
voting or participation in profits or capital contribution) of more than fifty
percent (50%).


1.26         “Taxes” means the United States
federal, state and local income, excise and other taxes payable by Executive
with respect to any applicable item of income.


1.27         “Tax Gross-Up Payment” means a
payment to Executive from the Company which is intended to reimburse Executive
for certain designated Taxes owing on a particular item of income such that,
after deducting from such payment any and all Taxes which will be owed by
Executive in connection with the receipt of such payment, there remains a
balance of such payment sufficient to pay the Taxes being reimbursed.


1.28         “Termination For Good Reason” means a
Termination of Employment by Executive for a Good Reason, whether during or
after the Employment Period.


1.29         “Termination of Employment” means a
termination by the Company or by Executive of Executive’s employment by the
Company.


1.30         “Termination Without Cause” means a Termination
of Employment by the Company for any reason other than Cause or Executive’s
death or Disability, whether during or after the Employment Period, including a
Termination of Employment at the end of the Employment Period after the Company’s
giving notice as set forth in Section 3.2.


1.31         “Withholding Taxes” means any United
States federal, state, local or foreign withholding taxes and other deductions
required to be paid in accordance with applicable law by reason of compensation
received pursuant to this Agreement.


1.32         “Year” means a calendar year period
ending on December 31.


ARTICLE II

DUTIES


2.1           Employment.  The Company shall employ Executive during the
Employment Period (as defined below) as its Chief Information Officer.  During the Employment Period, Executive shall
perform the duties properly assigned to him hereunder, shall devote all of his
business time, attention and effort to the affairs of the Company and shall use
his reasonable best efforts to promote the interests of the Company.   It is also contemplated that, in connection
with each annual meeting of shareholders (or action by written consent in lieu
thereof) of the Company during the Employment Period, the Board will nominate
Executive for election as a member of the Board, and the shareholders of the
Company will reelect Executive as a member











of
the Board.  The Company shall ensure
that, under the Company’s Articles of Incorporation, Bylaws and other corporate
documents, Executive and the Company’s other directors and officers, in
discharging their duties to the Company and in determining what is in the best
interests of the Company, (a) are indemnified in connection with same, (b) are
to be advanced and reimbursed expenses incurred as a result of any legal
proceeding in connection with same (including any proceeding brought by or in
the name of the Company), and (c) are to have limited liability for breach of
duty of care or any other similar duty, each of (a), (b) and (c) to the fullest
extent permitted under applicable law. 
In addition, the Company agrees to acquire and maintain at its own
expense a commercially reasonable amount of director’s and officer’s liability
insurance coverage to meet the Company’s obligations pursuant to the preceding
sentence and other contingencies to which such insurance is customarily
addressed.


2.2           Other Activities.  Executive may serve on corporate, civic or
charitable boards or committees, deliver lectures, fulfill speaking
engagements, teach at educational institutions, or manage personal investments;
provided that such activities do not individually or in the aggregate
significantly interfere with the performance of his duties under this
Agreement.


ARTICLE III

EMPLOYMENT PERIOD


3.1           Employment Period.  Subject to Section 3.2 and the termination provisions
hereinafter provided, the term of Executive’s employment under this Agreement
(the “Employment Period”) shall begin on the Agreement Date and end on the
Anniversary Date which is five years after such date.  The employment of Executive by the Company
shall not be terminated other than in accordance with Article VIII.


3.2           Extensions of Employment Period.  Commencing on the third Anniversary Date, if
on or before that date the Company has not delivered to Executive, and
Executive has not delivered to the Company, a written notice that the
Employment Period will not be extended, the Employment Period will be
automatically extended each day by one day, until a date which is two years
following the first date, if any, on which the Company delivers to Executive or
Executive delivers to the Company, as the case may be, such a written notice.


ARTICLE IV

COMPENSATION


4.1           Base Salary.


(a)           The Company shall pay Executive in
accordance with its normal payroll practices (but not less frequently than
monthly) an annual salary at the starting rate of $80,000 per year (“Base
Salary”).


(b)           Executive and the Company agree that
the Base Salary shall be increased by a minimum of $2,000.00 on January 1 of
each Year during the Employment Period.


 











(c)            The Board shall have the right to
increase Executive’s Base Salary by more than $2,000.00 on January 1 of any
Year or by smaller or greater amounts at any other time during any Year in the
sole discretion of the Board.


(d)           Effective as of the date of any such
increase in Base Salary, the Base Salary as so increased shall be considered
the new Base Salary for all purposes of this Agreement and may not thereafter
be reduced.


(e)            Any increase in Base Salary shall not limit or
reduce any other obligation of the Company to Executive under this Agreement.


4.3           Annual Bonus.


(a)           The Company shall pay to Executive an
annual bonus (“Annual Bonus”) in accordance with the terms hereof for each Year
which begins during the Employment Period.


(b)           The maximum amount of Annual Bonus to
be paid to Executive for performance during a given Year, the terms of such
Annual Bonus, and the objective performance criteria for same shall be
determined by the Board within 60 days after the first day of such Year.  Each Year, such terms and conditions shall be
set forth in writing and attached hereto as an exhibit.


(c)           The parties agree that the Annual
Bonus terms and conditions for the Year 2007 are set forth on the attached Exhibit
A.


(d)           The Company shall deliver the Annual
Bonus that is payable with respect to a Year (whether in securities, options,
cash or other compensation, as described in the Annual Bonus exhibit for such
Year) as soon as practicable after the Board determines the extent to which the
performance criteria have been met by Executive.  Any such Annual Bonus shall in any event be
paid/issued within 90 days after the end of the Year.


4.4           Change of Control Bonus.  Upon any Change of Control during the
Employment Period, Executive shall receive a bonus equal to two percent (2%) of
the total value of the consideration actually paid in connection with same
(whether such consideration is paid to the Company or its shareholders, or
both).  The bonus shall be paid to
Executive in accordance with the same payment structure (including, without
limitation, cash, shares of common or preferred stock, debentures or other
securities), payment terms and time period as paid, conveyed or applicable to
the consideration recipient(s) in the Change of Control (whether the Company or
its shareholders, or both) and the Executive shall agree in advance in writing
to submit to such terms and conditions. 
Executive shall not solicit or encourage the sale of the Company or its
assets unless specifically directed by the Board to do so.   Immediately after the Change of Control, the
Company shall also pay to Executive in immediately available funds any amount
payable pursuant to Section 6.7 hereof.


4.5           Secondary Public Offering Bonus.  In the event of any Secondary Public Offering
during the Employment Period pursuant to which a total of at least Twenty
Million Dollars











($20,000,000) is
raised, Executive shall receive a cash sum in the amount of Tewnty thousand
dollars ($20,000.00) payable within thirty (30) days after the completion of
such Secondary Public Offering (the “Offering Bonus”).  Executive may elect in his discretion to have
the Company pay the Offering Bonus into a “rabbi trust” to be disbursed to him
over a period not to exceed ten (10) years; provided, however, that any such
election must be made by Executive in writing at least five (5) days in advance
of consummation of the Secondary Public Offering.  Any unpaid portion of the Secondary Public
Offering Bonus shall be payable to the Executive’s Beneficiaries upon his
death.  Immediately after the Secondary
Public Offering, the Company shall also pay to Executive in immediately
available funds any amount payable pursuant to Section 6.7 hereof.


ARTICLE V

EQUITY COMPENSATION


5.1           Option Grants.  The Board may, but shall not be required to,
at any time in its discretion consider Executive for possible future annual or
other grants of Options (such Options collectively, the “Subsequent Options”)
and, commencing in the Year 2008, shall at least once during each Year consider
Executive for a grant of a Subsequent Option.


5.2           Terms and Conditions of Options.  The Subsequent Options shall be incentive
stock options pursuant to Code Section 422 and the Company’s Incentive
Compensation Plan (the “Plan”), if any. 
The terms and conditions of same shall be set forth in Incentive Stock
Option Agreements to be entered into by and between Executive and the Company
and subject to the terms and conditions of the Plan.


5.3           Manner of Exercise of Options.  Options shall be exercised in accordance with
the applicable Incentive Stock Option Agreements and the Plan.


5.4           Adjustment of Options.  Options shall be adjusted in accordance with
the Plan.


5.5           Transferability. The Options
may not be transferred in any manner except by will or the laws of descent and
distribution and, during the lifetime of Executive, may be exercised only by
Executive.  The terms of the Plan and the
Incentive Stock Option Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of Executive.


5.6           Registration Rights.


(a)           Executive may at any time before the
first anniversary of the date of any Termination of Employment (other than by
the Company for Cause or by Executive without Good Reason), including a
Termination of Employment as a result of Executive’s death or Disability,
request in writing that the Company prepare and file as soon as reasonably
practicable and in any event within 30 days after the Company’s receipt of
Executive’s request a registration statement under the Securities Act of 1933 (“Registration
Statement”) to register the offer and sale of shares of Common Stock then owned
by Executive pursuant to a firm-commitment underwritten public
offering.  The Company shall not be
required to undertake more than one 











registration
pursuant to this Section nor shall it be required to undertake any registration
of less than 100,000 shares of Common Stock.


(b)           Subject to the next sentence of this
paragraph, the Company shall be entitled to postpone, for a reasonable period
of time, the filing or effectiveness of, or suspend the rights of Executive to
make sales pursuant to the Registration Statement otherwise required to be
prepared, filed and made and caused to become effective by it pursuant to this
Section; provided, however, that the duration of such postponement or suspension
may not exceed the earlier to occur of (i) 15 days after the cessation of the
circumstances described in the next sentence of this paragraph on which such
postponement or suspension is based or (ii) 90 days after the date of the
determination of the Board referred to in the next sentence.  Such postponement or suspension may be
effected only if the Board determines that the filing or effectiveness of, or
sales pursuant to, such Registration Statement would (i) materially impede,
delay or interfere with any material financing, offer or sale of securities,
acquisition, corporate reorganization or other significant transaction
involving the Company or any of its Subsidiaries (a “Significant Transaction”)
or (ii) require the Company to make public disclosures or file publicly-available
documents with the Securities and Exchange Commission (the “Commission”) sooner
than otherwise required by applicable securities laws, which disclosure or
filings, as applicable, would materially impede, delay or interfere with any
Significant Transaction or otherwise have a material adverse effect on the
Company and its Subsidiaries taken as a whole; provided, however, that the
Company shall not be entitled to such postponement or suspension more than once
in any 12-month period.


(c)           The Company will use its reasonable
best efforts to cause the Registration Statement to be declared effective on
the date requested by Executive.  The
Company and Executive shall enter into an underwriting agreement containing
customary terms, representations and covenants (including customary
indemnification provisions and customary contribution provisions based on the
relative fault of the parties) with one or more managing underwriters selected
by Executive (subject to the approval of the Company, which approval shall not
unreasonably be withheld).  The Company
shall pay all of the legal, accounting, printing, filing and other fees and
expenses of such registration, except that Executive shall pay all underwriters’
discounts and commissions relating to the sale of his shares of Common Stock
and the fees and disbursements of his legal counsel, if any.  No other securities of the Company except
equity securities to be offered and sold for the account of the Company and any
equity securities of the Company held by any Person having “piggyback”
registration rights pursuant to any contractual obligation of the Company shall
be included in the Registration Statement.


(d)           In addition to the above, each time
the Company proposes to register any of its securities under the Securities Act
of 1933, either for its own account or for the account of others, in connection
with the public offering, including a Secondary Public Offering, of such
securities for cash, on a registration form that would also permit the
registration of securities owned by Executive, the Company shall, each such
time, give the Executive written notice of such proposal at least 30 days prior
to the filing of a Registration Statement with the Commission with respect to
such registration.  Upon the written
request of Executive given to the Company within twenty (20) days after
delivery of any such notice by the Company, the Company shall use commercially
reasonable efforts to cause to be registered under the Securities Act of 1933
all











the shares of
Common Stock then owned by Executive that Executive has requested be
registered.


(e)           In connection with any offering to
which Section 5.6(d) hereof is applicable, the Company will have the right to
select any investment banker(s) and manager(s) to administer such
offering.  If a registration under
Section 5.6(d) is an underwritten primary registration on behalf of the
Company, or an underwritten secondary registration on behalf of other holders
of securities of the Company (or a combined primary offering by the Company and
secondary offering by the Company’s other shareholders), and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number
which can be sold at the desired price in such offering, the Company will
include in such registration (i) first, the securities the Company proposes to
sell, (ii) second, the securities requested to be included therein by Executive
and any other holders of securities of the Company who possess registration
rights similar to Executive’s and who desire to include their securities in
such offering, pro rata among Executive and such holders on the basis of the
number of shares requested to be included therein, and (iii) third, all other
securities requested to be included in such secondary registration.


(f)            Executive shall not be entitled to
participate in any underwritten registration pursuant to Section 5.6(d) unless
Executive (i) agrees to sell his securities on the basis provided in any
underwriting arrangements approved by the Company and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, market standoff
agreements, underwriting agreements and other documents required under the
terms of such underwriting arrangements and reasonably requested by the
Company.


ARTICLE VI

OTHER BENEFITS


6.1           Incentive, Savings and Retirement
Plans.  In addition to his other
compensation hereunder, Executive shall be entitled to participate during the
Employment Period in all incentive, savings and retirement plans, practices,
policies and programs that are from time to time applicable to other senior
executives of the Company.


6.2           Welfare Benefits.  During the Employment Period, Executive and
his family, as the case may be, shall be eligible for participation in and
shall receive all benefits under welfare benefit plans, practices, policies and
programs provided by the Company (including medical, prescription, dental,
disability, salary continuance, employee life, group life, dependent life,
accidental death and travel accident insurance plans and programs) applicable
to other senior executives of the Company. Such welfare benefits shall include,
at a minimum, full family medical and dental insurance coverage paid entirely
by Company.


6.3           Fringe Benefits.  During the Employment Period, Executive shall
be entitled to all fringe benefits that are from time to time available to
other senior executives of the Company.


6.4           Vacation.  During the Employment Period, Executive shall
be entitled to paid vacation time in accordance with the plans, practices,
policies, and programs applicable to other











senior executives
of the Company, but in no event shall such vacation time be less than four (4)
weeks per calendar year.


6.5           Expenses. During the
Employment Period, Executive shall be entitled to receive prompt reimbursement
for all reasonable employment-related expenses incurred by Executive (“Reimbursable
Expenses”) in accordance with practices, policies and procedures applicable to
other senior executives of the Company.


6.6           Office; Support Staff.  During the Employment Period, Executive shall
be entitled


to an office or
offices of a size and with furnishings and other appointments, and to personal
secretarial and other assistance, appropriate to his position and duties under
this Agreement.


6.7           Tax Gross-Up Payment.  If it shall be determined that any payment to
Executive pursuant to this Agreement or any other payment or benefit from the
Company, any Affiliate, any shareholder of the Company or any other Person
would be subject to the excise tax imposed by Section 4999 of the Code or any
similar tax payable under any United States federal, state, local or other law,
then Executive shall receive a Tax Gross-Up Payment with respect to all
such excise taxes and similar taxes.


ARTICLE VII

ARBITRATION


Any
dispute, controversy or claim arising out of or in connection with, or relating
to, this Agreement or any breach or alleged breach hereof shall, upon the
request of either party, be submitted to, and settled by, arbitration in the
Atlanta, Georgia, pursuant to the commercial arbitration rules then in effect
of the American Arbitration Association (or at any time or at any other place
or under any other form of arbitration mutually acceptable to the
parties).  Any award rendered shall be
final and conclusive upon the parties and a judgment thereon may be entered in
the highest court of the forum, state or federal, having jurisdiction.  The expenses of the arbitration shall be
borne equally by the parties and each party shall pay for and bear the cost of
its own experts, evidence and counsel’s fees, except that in the discretion of
the arbitrator, any award may include the cost of a party’s counsel if the
arbitrator expressly determines that the party against whom such award is
entered has caused the dispute, controversy or claim to be submitted to
arbitration as a dilatory tactic.


ARTICLE VIII

TERMINATION BENEFITS


8.1           Termination for Cause or Other
Than for Good Reason.


(a)           If the Company terminates Executive’s
employment for Cause or Executive terminates his employment other than for Good
Reason, death or Disability, the Company shall pay to Executive immediately
after the Date of Termination an amount equal to the sum of Executive’s Accrued
Base Salary, Accrued Annual Bonus and Incurred Expenses.  Executive shall not be entitled to receive
the Prorata Annual Bonus or the Severance Package.











(b)           The Company may not terminate
Executive’s employment for Cause unless:


(i)            no fewer than 60 days prior to the
Date of Termination, the Company provides Executive with written notice (the “Notice
of Consideration”) of its intent to consider termination of Executive’s
employment for Cause, including a detailed description of the specific reasons
which form the basis for such consideration;


(ii)
          for a period of not less than 30
days after the date Notice of Consideration is provided, Executive shall have
the opportunity to appear before the Board, with or without legal
representation, at Executive’s election, to present arguments and evidence on
his own behalf; and


(iii)          following the presentation to the
Board as provided in (ii) above or Executive’s failure to appear before the
Board at a date and time specified in the Notice of Consideration (which date
shall not be less than 30 days after the date the Notice of Consideration is
provided), Executive may be terminated for Cause only if (x) the Board, by the
affirmative vote of all of its members (excluding Executive if he is a member
of the Board, and any other member of the Board reasonably believed by the
Board to be involved in the events leading the Board to terminate Executive for
Cause), determines that the actions or inactions of Executive specified in the
Notice of Termination constituted occurred, that such actions or inactions
constitute Cause, and that Executive’s employment should accordingly be
terminated for Cause; and (y) the Board provides Executive with a written
determination (a “Notice of Termination for Cause”) setting forth in specific
detail the basis of such Termination of Employment, which Notice of Termination
for Cause shall be consistent with the reasons set forth in the Notice of
Consideration.


(b)           Unless the Company establishes both
(i) its full compliance with the substantive and procedural requirements of
this Section 8.1 prior to a Termination of Employment for Cause, and (ii) that
Executive’s action or inaction specified in the Notice of Termination for Cause
did occur and constituted Cause, any Termination of Employment shall be deemed
a Termination Without Cause for all purposes of this Agreement.


(c)           After providing a Notice of
Consideration pursuant to the provisions of Section 8.1(b), the Board may, by
the affirmative vote of all to its members (excluding for this purpose
Executive if he is a member of the Board, and any other member of the Board
reasonably believed by the Board to be involved in the events issuing the
Notice of Consideration), suspend Executive with pay until a final
determination pursuant to such Section 8.1(b) has been made.


8.2           Termination for Death or
Disability.  If Executive’s
employment terminates during the Employment Period due to his death or
Disability, the Company shall pay to Executive or his Beneficiaries, as
applicable, immediately after the Date of Termination an amount which is equal
to the sum of Executive’s Accrued Base Salary, Accrued Annual Bonus, Incurred
Expenses and Prorata Annual Bonus. 
Executive shall not be entitled in such event to the Severance Package.











8.3           Termination Without Cause or for
Good Reason.  In the event of a
Termination Without Cause or a Termination for Good Reason:


(a)           Executive shall receive, immediately
after the Date of Termination, a lump-sum amount in immediately available
funds equal to the sum of Executive’s Accrued Base Salary, Accrued Annual
Bonus, Incurred Expenses and Prorata Annual Bonus;


(b)           Executive shall receive, immediately
after the Date of Termination, a lump-sum amount in immediately available
funds equal to the total amount (if any) of Executive’s unvested benefits under
any plan or program sponsored by the Company which is forfeited due to
Executive’s employment being terminated, including, for example, payment for
all unused vacation days, which payment shall be calculated as the product of
(i) the number of such unused vacation days, multiplied by (ii) a fraction of
which the numerator is Executive’s Annualized Total Compensation as of the Date
of Termination and the denominator is 365;


(c)           Immediately after the Date of
Termination, a lump-sum amount in immediately available funds equal to
150% of the total amount of Executive’s Annualized Total Compensation (as in
effect immediately prior to the Date of Termination) shall be placed in a “rabbi
trust” by the Company to be disbursed to Executive in equal monthly
installments over the course of the Severance Period; provided, however, that,
if as of the Date of Termination, the Company has insufficient funds to place
such lump-sum amount in such trust, and such financial condition can be
documented by the Company’s bank statements or other evidence reasonably
satisfactory to Executive, then Company shall commence paying Executive such
monthly payments during the Severance Period as would have been disbursed from
the rabbi trust, but shall not have the obligation to place the entire lump-sum
amount in such trust immediately after the Date of Termination;


(d)           Executive shall receive, for the
duration of the Severance Period, the continuation of the benefits (or, if such
benefits are not available, the after-tax economic equivalent thereof)
specified in Sections 6.1 and 6.2 to which Executive was entitled immediately
prior to the Date of Termination (including, at a minimum, full family medical
and dental insurance coverage paid entirely by Company); and


(e)           Executive shall receive, immediately
after the Date of Termination, a lump-sum amount in immediately available
funds of any amount then payable to Executive pursuant to Section 6.7.


8.4           Termination After a Change of
Control. If a Termination Without Cause or a Termination for Good Reason
occurs within sixty (60) days before or one (1) year after a Change of Control,
then Executive shall receive the payments required by Section 8.3.


8.5           Other Termination Benefits.  In addition to any amounts or benefits
payable upon a Termination of Employment hereunder, Executive shall, except as
otherwise specifically provided herein, be entitled to any payments or benefits
provided hereunder or under the terms of any plan, policy or program of the Company
or as otherwise required by applicable law.











ARTICLE IX

RESTRICTIVE COVENANTS


9.1           Non-Solicitation of
Employees; Confidentiality; Non-Competition.


(a)           Executive covenants and agrees that,
at no time during the Employment Period nor during the one-year period
immediately following a Termination of Employment by the Company for Cause or
by Executive other than for Good Reason, death or Disability, will Executive:


(i)            directly or indirectly employ or
seek to employ any person employed at that time by the Company or any of its
Subsidiaries or otherwise encourage or entice any such person to leave such
employment;


(ii)           become employed by, enter into a
consulting arrangement with or agree to perform personal services for a
Competitor (as defined in Section 9.1(b)) located within the state of Georgia
in a capacity similar or identical to the services he provided to the Company
during the Employment Period, or acquire a substantial ownership interest in a
Competitor; or


(iii)          solicit any customers or vendors of the
Company with whom Executive had material contact during the Employment Period
on behalf of or for the benefit of a Competitor.


(b)           For purposes of this Section, “Competitor”
means any Person that sells goods or services which are directly competitive with
those sold by a business that (i) is being conducted by the Company or any
Subsidiary at the time in question and (ii) was being conducted at the Date of
Termination and, for the Company’s most recently-completed fiscal year,
contributed more than 10% of the Company’s consolidated revenues.  Notwithstanding anything to the contrary in
this Section, goods or services shall not be deemed to be competitive with
those of the Company (A) solely as a result of Executive being employed by or
otherwise associated with a business of which a unit is in competition with the
Company or any Subsidiary but as to which unit Executive does not have direct
or indirect responsibilities for the products or services involved or (B) if
the activity contributes less than 10% of the consolidated revenues for the
most recently-completed fiscal year of the business by which Executive is
employed or with which he is otherwise associated.


(c)           Executive covenants and agrees that
at no time during the Employment Period nor at any time within three (3) years
following any Termination of Employment will Executive communicate, furnish,
divulge or disclose in any manner to any Person, or use for the benefit of any
Person other than the Company, any Confidential Information (as defined in Section
9.1(d)) without the prior express written consent of the Company; provided,
however, that to the extent any Confidential Information constitutes a Company “trade
secret” (as defined in the Georgia Trade Secrets Act, O.C.G.A. § 10-1-761(4),
as now in effect or hereafter amended), such obligations shall remain in effect
for so long beyond such period as such information remains a trade secret as so
defined.











(d)           For purposes of this Section, “Confidential
Information” shall mean financial information about the Company, contract terms
with vendors and suppliers, customer and supplier lists and data, trade secrets
and such other competitively-sensitive information to which Executive has
access as a result of his positions with the Company, except that Confidential
Information shall not include any information which was or becomes generally
available to the public (i) other than as a result of a wrongful disclosure by
Executive, (ii) as a result of disclosure by Executive during the Employment
Period which he reasonably and in good faith believes is required by the
performance of his duties under this Agreement, or (iii) any information
compelled to be disclosed by applicable law or administrative regulation;
provided that Executive, to the extent not prohibited from doing so by
applicable law or administrative regulation, shall give the Company written
notice of the information to be so disclosed pursuant to clause (iii) of this
sentence as far in advance of its disclosure as is practicable.


9.2           Injunction.  Executive acknowledges that monetary damages
will not be an adequate remedy for the Company in the event of a breach of this
Article IX, and that it would be impossible for the Company to measure damages
in the event of such a breach. 
Therefore, Executive agrees that, in addition to other rights that the
Company may have, the Company shall be entitled to an injunction from a court
of competent jurisdiction preventing Executive from any breach of this Article
IX.


ARTICLE X

MISCELLANEOUS


10.1         Full Settlement.  The Company’s obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any circumstances, including set-off,
counterclaim, recoupment, defense or other claim, right or action which the
Company may have against Executive or others. 
In no event shall Executive be obligated to seek other employment or
take any other action to mitigate the amounts payable to Executive under any of
the provisions of this Agreement, nor shall the amount of any payment hereunder
be reduced by any compensation earned as a result of Executive’s employment by
another employer, except that any continued welfare benefits provided for by
Section 6.2 shall not duplicate any benefits that are provided to Executive and
his family by such other employer and shall be secondary to any coverage
provided by such other employer.


10.2         Beneficiary.  If Executive dies prior to receiving all of
the amounts payable to him in accordance with the terms of this Agreement, such
amounts shall be paid to one or more beneficiaries (each, a “Beneficiary”)
designated by Executive in writing to the Company during his lifetime, or if no
such Beneficiary is designated, to Executive’s estate.  Such payments shall be made in a lump sum to
the extent so payable and, to the extent not payable in a lump sum, in
accordance with the terms of this Agreement. 
Executive, without the consent of any prior Beneficiary, may change his
designation of Beneficiary or Beneficiaries at any time or from time to time by
a submitting to the Company a new designation in writing.











10.3         Assignment;
Successors.  The Company may not
assign its rights and obligations under this Agreement without the prior
written consent of Executive except to a successor of the Company’s business
which expressly assumes the Company’s obligations hereunder in writing.  This Agreement shall be binding upon and
inure to the benefit of Executive, his estate and Beneficiaries, the Company
and the successors and permitted assigns of the Company.


10.4         Nonalienation.   Benefits payable under this Agreement shall
not be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, charge, garnishment, execution or levy of any
kind, either voluntary or involuntary, prior to actually being received by
Executive or a Beneficiary, as applicable, and any such attempt to dispose of
any right to benefits payable hereunder shall be void.


10.5         Severability.  If one or more parts of this Agreement are
declared by any court or governmental authority to be unlawful or invalid, such
unlawfulness or invalidity shall not invalidate any part of this Agreement not
declared to be unlawful or invalid.  Any
part so declared to be unlawful or invalid shall, if possible, be construed in
a manner which will give effect to the terms of such part to the fullest extent
possible while remaining lawful and valid.


10.6         Captions.  The names of the Articles and Sections of
this Agreement are for convenience of reference only and do not constitute a
part hereof.


10.7         Amendment; Waiver.  This Agreement shall not be amended or
modified except by a written instrument executed by the Company and
Executive.  A waiver of any term,
covenant or condition contained in this Agreement shall not be deemed a waiver
of any other term, covenant or condition, and any waiver of any default in any
such term, covenant or condition shall not be deemed a waiver of any later
default thereof.


10.8         Notices.  All notices hereunder shall be in writing and
delivered by hand, by a nationally-recognized delivery service that
guarantees overnight delivery, or by first-class, registered or certified
mail, return receipt requested, postage prepaid, addressed as follows:


If
to the Company, to:


4898 South Old Peachtree Road


Suite 150                

Norcross, GA 30071


Attn:
Board of Directors


If
to Executive, to:


4898 South Old Peachtree Road


Suite 150                

Norcross, GA 30071


Attn:
Craig C. Sellars











Either
party may from time to time designate a new address by notice given in
accordance with this Section.  Notice
shall be effective when actually received by the addressee.


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


10.10       Entire Agreement.  This Agreement forms the entire agreement
between the parties hereto with respect to the subject matter contained in this
Agreement and, except as otherwise provided herein, shall supersede all prior
agreements, promises and representations regarding employment, compensation,
severance or other payments contingent upon termination of employment, whether
in writing or otherwise.


10.11       Applicable Law.  This Agreement shall be interpreted and
construed in accordance with the laws of the state of Georgia, without regard
to any contrary conflict of laws principles.


10.12       Survival of Executive’s Rights.  All of Executive’s rights hereunder,
including his rights to compensation and benefits, and his obligations under
Section 9.1 hereof, shall survive the termination of Executive’s employment
and/or the termination of this Agreement.


[SIGNATURES ON
FOLLOWING PAGE]











IN WITNESS
WHEREOF, the parties have executed this Agreement under seal on the date first
above written.


	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  O2 SECURE
  WIRELESS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ T. Scott
  Conley

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name: T.
  Scott Conley

  
	
   

  	
   

  
	
   

  	
  Title: President

  



 


[CORPORATE SEAL]


	
  

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
  CRAIG C. SELLARS

  
	
   

  	
   

  
	
   

  	
  

  
	
   

  	
   

  
	
   

  	
  /s/ Craig C. Sellars

  	
   

  	
  (SEAL)

  












Exhibit A


YEAR 2007 ANNUAL
BONUS CRITERIA


In the event the
company experiences a gross growth percentage for the one year period beginning
on October 1, 2006 to September 30, 2007 of at least Thirty five percent (35%),
the company agrees to compensate the Executive a bonus in the amount of Ten
Thousand Dollars ($5,000.00). For gross percentages of less than thirty five
percent (35%) no bonus shall be paid. In the event cash flow is not sufficient
to meet the bonus and thirty five percent gross revenue growth has occurred,
the company shall issue stock at the current market value in the same amount.