CALYPSO
WIRELESS, INC.

EXECUTIVE
EMPLOYMENT AGREEMENT




THIS
EXECUTIVE EMPLOYMENT AGREEMENT
("Agreement"), effective as of April 15, 2005, by and between CALYPSO
WIRELESS,
INC., a
Delaware corporation (“CALYPSO”), and JOHN W. STUMP III (the
“Executive”).




WHEREAS, CALYPSO
has experienced considerable success in the business of designing, engineering,
researching and developing wireless technology, cellular telephones and other
equipment; and 

 

WHEREAS, CALYPSO
wishes to employ Executive in the capacity of CHIEF FINANCIAL OFFICER for a
minimum period of One (1) year; and 

 

WHEREAS, the
Executive wishes to become an employee of CALYPSO as its CHIEF FINANCIAL
OFFICER; and

 

WHEREAS, the
parties believe it to be in their mutual interest to set forth in writing the
terms and con-ditions of Executive’s employment by CALYPSO; and

 

WHEREAS, the
Agreement shall govern the employment relationship between the parties from and
after the effective date hereof and it supersedes all previous employment
agreements between them, except as defined below, either written or oral,
heretofore made.




NOW,
THEREFORE, in
consideration of the foregoing, the parties agree as follows:




1.  Recitals. The
above recitals are true and correct and fully incorporated herein and form an
integral part of this Agreement.




2.  Intent
and Scope of Agreement. The
purpose of this agreement is for Calypso to execute an employment agreement that
allows it to procure the services of the Executive as its Chief Financial
Officer.

 

3.  Employment. CALYPSO
hereby employs the Executive to serve as its Chief Financial Officer, and the
Executive hereby accepts such employment with CALYPSO upon the terms and
conditions hereinafter set forth. The duties, responsibilities and requisites of
Executive shall be at a minimum as set forth in the attached job description,
but shall remain commensurate with such title and shall not diminish in quality
from that currently experienced by Executive.




4.  Term. The
term (which, for purposes of the Agreement, shall include any extensions) of the
Agreement shall commence as of the date of the signing of this Agreement, and,
except as otherwise provided in Section 12 hereof, shall terminate one year from
such commencement date (the “Initial Term”), and shall include all additional
periods, as extended. At the expiration date, and each year thereafter, this
Agreement shall be renewed upon mutual consent and agreed upon terms, of CALYPSO
and Executive for an additional period to be negotiated by the
parties.

 


















Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 

5.  Compensation.




A. Base
Compensation. For all
services rendered during the term of this Agreement by the Executive to CALYPSO,
the Executive shall receive base compensation of $ 60,000.00 per annum (Sixty
Thousand US Dollars) (the “Base Compensation”). Commencing on April 15th, 2005.
CALYPSO shall pay Executive the Base Compensation in twenty-four (24) equal
Semi-Monthly payments commencing on the commencement date as provided in section
4 hereof, and paid every 15th and
every 30th of the
month (except the month of February which shall be paid on the 28th).





B. Bonus
Payment.
Executive shall receive an additional compensation of 50,000 (Fifty Thousand)
S-8 Free Trading shares of CALYPSO as a signing bonus upon signature of this
employment agreement. The stocks certificate will be delivered to the Executive
after Calypso filed the S-8 and the transfer agent issue the stock certificate.
A true and correct copy of the Stock Grant is attached hereto as Exhibit “A”.


 

C. Additional
Compensation to Executive. In
addition to the compensation stated above, Executive shall receive 100,000 (One
Hundred Thousand) stock options at a price of .98 cents (Ninety Eight cents) per
share of CALYPSO per year for the duration of this Employment Agreement that
shall vest pursuant to a pro-rated vesting schedule attached a exhibit “A” and
providing that he is not terminated pursuant to the provisions of paragraph 14
(B).



D. Board
of Directors Compensation. If
during the term of this Agreement the Executive participates as a member of the
Board of Directors, in addition to the compensation stated above, Executive
shall receive a compensation for serving as a member of the Board of Directors
of Calypso Wireless, Inc. in the amount determined by the Board of Directors of
CALYPSO in its absolute and sole discretion for all members of the Board. Said
Board of Directors Compensation shall be in addition to the base compensation
and all other forms of compensation described herein in 5(A)-(C).






6. Duties
and Restrictions.





6.1 Position. During
the term of this Agreement, the Executive shall serve as Chief Financial Officer
of CALYPSO and shall devote time, attention, energy and skills to the faithful
and diligent performance of his duties, including, without limitation,
participating in the prosecution or defense of any litigation on behalf of
CALYPSO, which may include traveling as reasonably requested by CALYPSO. Except
as otherwise agreed between CALYPSO and EXECUTIVE from time to time Employee
agrees to devote 50% of his business time, attention, skill, and efforts to the
performance of his duties and responsibilities on behalf of CALYPSO which shall
be assigned to him from time to time by the CALYPSO. The CFO shall work on site
at Calypso’s offices at least five days per month and devote at least twenty
hours per week to Calypso and shall be responsible for performing all of the
functions expected of a CFO of a publicly traded company. Nothing in this
Agreement shall preclude Executive from devoting reasonable periods required
for:










2










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 


	
      
	
      (a)
	
      serving
      as a director or member of a committee of any organization or corporation
      involving no conflict of interest with the interests of
      Calypso;








	
      
	
      (b)
	
      serving
      as a consultant or an academic faculty in his area of expertise (in areas
      other than in connection with the business of Calypso), to government,
      industrial, and academic panels where it does not conflict with the
      interests of Calypso; and








	
      
	
      (c)
	
      managing
      his personal investments or engaging in any other noncompeting
      business;







provided
that such activities do not materially interfere with the regular performance of
his duties and responsibilities under this Agreement. “The Business of Calypso”
for purposes of this paragraph and this Agreement shall mean work in the area of
telecommunications. 







6.2
 Non-Disclosure.
Executive agrees that he will not disclose, now or at anytime in the future, any
information which is treated by Calypso as confidential, including, but not
limited to, information relating to the business of Calypso, any of Calypso's
products, customers, affairs, trade secrets, developments, methods of
distribution and any other information relating to Calypso which Calypso shall
deem proprietary, to any person, firm, company, corporation, association, or any
other entity provided that disclosure of confidential information may be made
(i) to the extent that such information is generally available and known in the
industry, through no action of Executive, or (ii) as required by
law.




6.3
 Return
of Documents. Upon
the expiration or termination of this Agreement, Executive shall not remove from
Calypso, without written consent of Calypso, any manuals, records, drawings,
blueprints, data, tables, calculations, letters, documents, or any copy or other
reproduction thereof, or any other property or confidential information, of or
pertaining to Calypso or any of its subsidiaries. All of the foregoing shall be
returned to Calypso on or before the date of expiration or termination of
employment.




6.4 No
Actions In Conflict of Calypso’s Interest.
Executive recognizes that the services to be performed by him pursuant to this
Agreement are special, unique and extraordinary. The parties confirm that it is
reasonably necessary for the protection of Calypso’s goodwill that Executive
agree not to act in any way that would be detrimental to Calypso and constitute
a conflict of interest. Therefore, during the term of this Agreement, Executive
will not, directly or indirectly, except for the benefit of
Calypso:










3










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 



	
      
	
      
	
      (i)
	
      
	
      solicit,
      cause or authorize, directly or indirectly, to be solicited for or on
      behalf of himself or third parties from parties who are or were customers
      of Calypso (including its present and future subsidiaries and affiliates)
      at any time during the term of this Agreement, any business similar to the
      business transacted by Calypso with such customer. This shall not preclude
      Executive from soliciting the services of a supplier or customer of
      Calypso in furtherance of a noncompeting business as allowed under
      Paragraph 6(a) hereof; or





	 	 	 	 	 




	 	 	(ii)	 	accept or cause or authorize, directly or indirectly, to
      be accepted for or on behalf of himself or third parties, business from
      any such customers of Calypso (including its present and future
      subsidiaries and affiliates), except as allowed in the last sentence of
      Paragraph 6.4 (i) above; or




	 	 	 	 	 




	 	 	(iii) 	 	solicit, or cause or authorize, directly or indirectly,
      to be solicited for employment for or on behalf of himself or third
      parties, any persons who was at any time during the term of this
      Agreement, employees of Calypso (including its present and future
      subsidiaries and affiliates); or




	 	 	 	 	 




	 	 	(iv)	 	employ or cause or authorize, directly or indirectly, to
      be employed for or on behalf of himself or third parties, any such
      employees of Calypso (including its present and future subsidiaries and
      affiliates); or








	
       
	
      
	
      (v)
	
      
	
      use
      the trade names, trademarks, or trade dress of any of the products of
      Calypso (including its present and future subsidiaries and affiliates); or
      any substantially similar trade name, trademark or trade dress likely to
      cause, or having the effect of causing, confusion in the minds of
      manufacturers, customers, suppliers and retail outlets and the public
      generally.







6.5 Assignment
of Inventions. If at
any time during the term of this Agreement (either alone or with others)
Executive makes, conceives, creates, discovers, invents or reduces to practice
any invention, modification, discovery, design, development, improvement,
process, software program, work of authorship, documentation, formula, data,
technique, know-how, trade secret, or intellectual property right whatsoever or
any interest therein (whether or not patentable or registrable under copyright,
trademark or similar statutes or subject to analogous protection (each, an
“Invention”) that (i) relates to the Business of Company or any of its
Affiliates or any customer of or supplier to Company or any of its Affiliates or
any of the products or services being developed, manufactured or sold by Calypso
or any of its Affiliates or which may be used in relation therewith; or (ii)
results from tasks assigned to Executive by Calypso or any of its Affiliates; or
(iii) results from the use of premises or personal property (whether tangible or
intangible) owned, leased or contracted for by Calypso or any of its Affiliates,
then all such Inventions and the benefits thereof are and shall immediately
become the sole and absolute property of Calypso and its assigns, as works made
for hire or otherwise. Executive hereby agrees that he shall promptly disclose
to Calypso (or any persons designated by it) each such Invention. Executive
hereby assigns all rights (including, but not limited to, rights to any
inventions, patentable subject matter, copyrights and trademarks) he may have or
may acquire in the Inventions and all benefits and/or rights resulting therefore
to Calypso and its assigns without further compensation and shall communicate,
without cost or delay, and without disclosing to others the same, all available
information relating thereto (with all necessary plans and models) to Calypso.
Notwithstanding anything contained in this Agreement or in this Paragraph, any
Invention that does not relate to the area
of telecommunications shall remain the exclusive property of Executive and
Calypso shall have no claim to such Invention, and under no circumstances shall
Executive have the duty or obligation to assign all rights (including,
but not limited to, rights to any inventions, patentable subject matter,
copyrights and trademarks) he may
have or may acquire to such Inventions and all benefits and/or rights resulting
therefore.



 







4










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 

7. Facilities. The
Executive shall be furnished with such facilities and services as are adequate
and sufficient in the reasonable opinion of the Executive for the per-formance
of his duties, this shall include without limitation a private office, computer
equipment, administrative assistant, office furniture and similar
facilities..




8. Employee
Benefits. CALYPSO
agrees to provide the Executive with the following benefits:




A.  Vacation.
The Executive shall be entitled each year to vacation time that totals two (2)
weeks, during which time his compensation shall be paid in full. All vaca-tion
time shall be taken at times and in duration convenient to CALYPSO. The vacation
time provided herein shall not be cumulative and not carried forward to any
subsequent year(s) by the Executive.




B.  Holidays.
Executive shall be entitled to the following Holidays: New Year’s Day, Good
Friday, Memorial Day, 4th of July, Labor Day, Thanksgiving, the Friday after
Thanksgiving, Christmas Eve, Christmas Day, and one Floating
Holiday.




C.  Employee
Benefits.During
the Term of this Agreement, CALYPSO shall provide the Executive with any other
fringe benefits generally available to employees of CALYPSO, such as medical -
health plan.

 

9. Development
and Other Activity Expenses. CALYPSO
recognizes that the Executive will have to incur certain out-of-pocket expenses,
including, but not limited to, travel expenses, relating to his services and
CALYPSO’s business, and CALYPSO agrees to promptly reimburse the Executive for
all reasonable expenses necessarily incurred by him in the performance of his
duties to CALYPSO upon presentation of a receipt, voucher, copy of credit card
statement or documentation indicating the amount and business purposes of any
such expenses. These expenses include, but are not limited to, travel, meals,
entertainment, etc. 










5










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 

10. Sick
Leave. The
Executive shall be entitled to five (5) days sick leave during each calendar
year, which amounts shall not be cumulative.




11. Office
and Support Staff. During
the term of this Agreement, Executive shall be entitled to an office of a size
and with furnishings and other appointments, and to secretarial and other
assistants, at least equal to those provided to other management level employees
of CALYPSO and as further addressed in section 7 herein.




12. Termination.





A.  Grounds.
This agreement is at will and may be terminated by either party at any time.





B.  Notice of
Termination. Any termination by CALYPSO shall be communicated by Notice of
Termination to the Executive and vice versa. For purposes of this Agreement, a
“Notice of Termination” means a written notice which indicates the date of
termination. 




13. Definitions. For the
purposes of this Agreement, the following terms shall have the following
definitions:



A. “Disability”
means a complete physical or mental inability, confirmed by an independent
licensed physician, to perform substantially all of the services described in
Section 3 hereof that continues for a period of 30 consecutive days during any
six month period.




B. “Voluntary
Termination” means the Executive’s voluntary termination of his employment.
Voluntary refusal to perform services shall not include taking a vacation in
accordance with Section 8.(A.) hereof, or the Executive’s failure to perform
services on account of his illness or the illness of a member of his immediate
family, provided such illness is adequately substantiated at the reasonable
request of CALYPSO, or any other absence from service with written consent of
the Board of Directors.





	14.  	
       Compensation
      Upon Termination - Obligations of CALYPSO Upon
      Termination.







A. If the
Executive shall suffer a death or a termination hereunder based upon Executive’s
Disability, as defined under Section 13, CALYPSO shall pay the Executive the
following:




(i). the
Executive’s full Base Compensation up to the Date of Termination at the rate in
effect on the Date of Termination;




B. If the
Executive shall suffer a Termination based upon any of the following
circumstances, he shall receive no compensation, separation pay, stock options
or any employment benefits referenced in this or any other
agreement:










6










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 


	1.  	
      He
      commits a felony, or any misdemeanor criminal offense involving a crime of
      dishonesty, moral turpitude or violence;





	2.  	
      He
      abuses alcohol or uses illegal narcotics;





	3.  	
      Engages
      in insubordination;





	4.  	
      He
      commits gross negligence in the performance of his
  duties;





	5.  	
      He
      breaches his fiduciary obligations as Chief Financial
    Officer;




 


	C.  	
      If
      the Executive is terminated for any other reason, he shall receive sixty
      (60) days pay, plus pro-rated stock options as enumerated
      herein.







15.
Change
in Control. In the
event of a Change in Control, as defined below, the Executive or CALYPSO, shall
have the option at any time within 30 days after the Change in Control occurs to
terminate Executive’s employment.




A. Notice. Written
notice that a “Change in Control” has occurred must be delivered by CALYPSO
within five (5) days after such “Change in Control” occurs. Proper notice to
effectuate a termination upon Change in Control shall be the date the Executive
or CALYPSO receive written notice which (i) indicates that this Employment
Agreement is being terminated on the basis of Change in Control, and, (ii) sets
forth in reasonable detail the facts and circumstances claimed to provide a
basis for such termination.




B. Definitions
- Change in Control.





	(i)  	
      “Acquiring
      Person” means that a Person, considered alone or together with all Control
      Affiliates and Associates of that Person, is or becomes directly or
      indirectly the beneficial owner of securities representing at least
      fifty-one (51) percent of CALYPSO’s then outstanding securities entitled
      to vote generally in the election of the
Board.








	(ii)  	
      “Affiliate”
      means any “subsidiary” or “parent” corporation (within the meaning of
      Section 424 of the Code) of CALYPSO.








	(iii)  	
      “Board”
      means the Board of Directors of CALYPSO.








	(iv)  	
      “Control
      Affiliate” with respect to any Person, means an Affiliate as defined in
      Rule 12B-2 of the General Rules and Regulations under the Exchange Act, as
      amended as of January 1, 1990.








	(v)  	
      “Exchange
      Act” means the Securities Exchange Act of 1934, as amended and as in
      effect from time to time.













7










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 


	(vi)  	
      “Person”
      means any human being, firm, corporation, partnership, or other entity.
      Person also includes any human being, firm, corporation, partnership, or
      other entity as defined in Section 13(d)(3) and 14 (d)(2) of the Exchange
      Act, as amended as of January 1, 1990. The term Person does not include
      CALYPSO or any related entity within the meaning of Code Section 1563(a),
      414(b) or 414(c), and the term Person does not include any
      employee-benefit plan maintained by CALYPSO or by any Related Entity, and
      any Person or entity organized, appointed, or established by CALYPSO or by
      any subsidiary for or pursuant to the terms of any such employee-benefit
      plan, unless the Board determines that such an employee-benefit plan, or
      such Person or entity is a Person








	(vii)  	
      “Change
      in Control”. For purposes of this Agreement, a “Change in Control” shall
      mean any of the following events:








	(a)  	
      In
      the event a Person is or becomes an Acquiring
Person;








	(b)  	
      In
      the event a Person enters into a agreement that would result in that
      Person becoming an Acquiring Person;








	(c)  	
      In
      the event that CALYPSO enters into any agreement with Person that involves
      the transfer of at least fifty-one (51) percent of CALYPSO’s total assets
      on a consolidated basis, as reported in CALYPSO’s consolidated financial
      statements filed with the Securities and Exchange Commission, or, if
      CALYPSO is not required to file consolidated financial statements with the
      Securities and Exchange Commission, similar financial
      statements;








	(d)  	
      In
      the event that CALYPSO enters into an agreement to merge or consolidate
      CALYPSO or to effect a statutory share exchange with another Person, where
      the Person and its subsidiaries and affiliates own at least fifty-one (51)
      percent of the company, if CALYPSO is not intended to be the surviving or
      resulting entity after the merger, consolidation, or statutory share
      exchange;








	(e)  	
      A
      complete liquidation or dissolution of
CALYPSO;








	(f)  	
      Notwithstanding
      the foregoing, a Change in Control shall not be deemed to occur solely
      because any Person acquired Beneficial Ownership as defined in the
      Exchange Act of more than the permitted amount of the then outstanding
      securities as a result of the acquisition of securities by CALYPSO which
      by reducing the number of securities then outstanding, increased the
      proportional number of shares Beneficially Owned by the subject Person(s)
      provided that if a Change in Control would occur as a result of the
      acquisition of securities by CALYPSO, and after such share acquisition by
      CALYPSO, the Person becomes the Beneficial Owner of any additional
      securities which increases the percentage of the then outstanding
      securities Beneficially Owned by the subject Person, then a Change in
      Control shall occur. 













8










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 

C.
 Compensation
Upon Termination Based Upon Change in Control - Payment of Excise
Taxes. If a
termination occurs upon a Change in Control as defined above, and the change
control takes place during the first twelve months of this agreement hen the
Company shall pay the Executive those same amounts at the same time as indicated
in Section (14).




16. Notices. All
notices required to be given under the Agreement shall be in writing, sent
certified mail, return receipt requested, postage prepaid, to the following
addresses:




(A) If to the
Executive, then to:




John W.
Stump III

1702
Tannehill Drive

Houston,
TX 77008

 

(B) If to
CALYPSO, then to: 

 

Calypso
Wireless, Inc.

5753 NW
158th 

Miami
Lakes, FL 33014

Attention:
 President
& CEO

 

17. Governing
Law and Venue. The
Agreement shall be governed by and construed in accordance with the laws of the
State of Florida. Venue for any action or suit brought hereunder or in
connection herewith, or relating hereto, shall lie with the Courts in and for
Miami-Dade County, Florida.




18. Waiver. The
waiver by either party hereto of any breach of any provision of the Agreement
shall not operate or be construed as a waiver of any subsequent breach by either
party hereto.










9










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement



 

19. Binding
Effect and Assignment. The
Executive acknowledges that his services are unique and personal. Accordingly,
the Executive may not assign his rights or delegate his duties or obligations
under this Agreement. The Executive’s rights and obligations under this
Agreement shall inure to the benefit of and shall be binding upon the
Executive’s heirs, personal representatives and successors and assigns. The
Agreement shall be binding upon CALYPSO’s successors and/or assigns.





20. Attorneys
Fees. In the
event either party files any action or suit regarding any of the terms of this
Agreement or in relation to, or involving, Executive’s employment by CALYPSO,
then the prevailing party shall be entitled to recover upon final judgment on
the merits its or his reasonable attorney's fees and court costs (including,
without limitation, appellate attorney’s fees and court costs) incurred in
bringing such action and all costs or expenses, including, without limitation,
attorney’s fees and court costs, incurred in collecting any judgment
..




21. Indemnification
and Hold Harmless Provision. CALYPSO
hereby agrees to indemnify Executive, his heirs, successors, and assigns and
hold Executive harmless from any and all liabilities, obligations, expenses,
fees, and costs (including attorney’s and professional fees) of every kind,
nature, and description, which now exist or may exist now or hereafter with
respect to Executive’s activities, duties, or responsibilities as Chief
Financial Officer of
CALYPSO, or any subsequent position, or in relation to any of CALYPSO’s
subsidiaries, affiliates, or related entities. Such indemnification and hold
harmless benefits shall be payable by CALYPSO whenever incurred by Executive so
long as such costs or expenses relate to or arise from such activities, duties,
and responsibilities of Executive and shall not be in any way be dependent upon
Executive’s employment with CALYPSO. Calypso shall be required to purchase
adequate directors/officers insurance, or other adequate insurance insuring
Calypso’s obligation as set forth in this Section 21. 




In the
event Executive is made a party to a lawsuit or is involved in a legal
proceeding in any manner (including by subpoena or as a witness), which relates
directly or indirectly to Calypso or the Executive’s performance of his duties
under this Agreement, in which Executive in his sole discretion believes that it
is in his best interest to retain independent legal and other professional
counsel.




22.  Non-Compete
Clause. For a
period of two (2) years after the conclusion of his employment with Calypso, the
Executive shall not engage in any employment or work for any company or third
party, including consulting engagements, that is directly or indirectly involved
in competition with Calypso Wireless or any of its subsidiaries or successors in
interest. This shall include but not be limited to any business entity involved
in the development, servicing or manufacture of wireless communications of any
type, including but not limited to cellular telephones. In addition, the
Executive shall not directly or indirectly solicit any Calypso employees,
contractors, or vendors to gain employment or business affiliation with any
business that competes directly or indirectly with Calypso. 

 







10










Calypso
Wireless, Inc.

John
Stump Executive

Employment
Agreement




 

23.  Entire
Understanding; Amendment. The
Agreement contains the entire understanding of the parties relating to the
employment of the Executive by CALYPSO and supersedes any and all previous
agreements among the parties. It may not be changed orally but only by an
agreement in writing signed by the party or par-ties against whom enforcement of
any waiver, change, modifica-tion, extension or discharge is
sought.


 

****




IN
WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals the
day and year first above written.





	 	EXECUTIVE:

      


      John
      W. Stump III

       

      _________________________

       

      


      CALYPSO
      WIRELESS, INC.,

      A
      DELAWARE CORPORATION

      __________________________

      Name:
      George Schilling

      Title:
      President & CEO




 






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