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Airbee Wireless Inc.

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Msg  32 of 41  at  6/13/2007 5:00:09 PM  by


Much more readable copy of Gunderson's contract...





Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934




Date of Report (Date of Earliest Event Reported):


June 7, 2007


Airbee Wireless, Inc.
(Exact name of registrant as specified in its charter)







(State or other jurisdiction


(I.R.S. Employer

of incorporation)

File Number)

Identification No.)




9400 Key West Avenue, Rockville, Maryland



(Address of principal executive offices)


(Zip Code)





Registrant’s telephone number, including area code:



Not Applicable
Former name or former address, if changed since last report


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Airbee Wireless announced on June 7, 2007 the appointment of Charles Gunderson as Chief Operating Officer. He assumes this role from E. Eugene Sharer who remains as President, Interim CFO, Secretary and Director. Mr. Gunderson will be responsible for all day-to-day operations of the company. Mr. Gunderson brings more than 25 years experience to this position. During his career, he has held positions of vice president, general manager, and other senior management positions at several leading high-tech firms.

Mr. Gunderson's previous positions includes Vice President, Operations at Drivecam; General Manager of Maxima; Vice President, Marketing at ICS Advent; Director, Product Mangement at Epson and Principal Engineer at Calcomp.

Mr. Gunderson is a member of the American Society of Mechanical Engineers, the National Society of Professional Engineers, the Society of Automotive Engineers, and IEEE. He holds several patents, and is an accomplished aviator. He holds an Airline Transport Pilot certificate, and is a certified flight instructor in several instructor categories.

Mr. Gunderson holds a Bachelor of Science Degree from Oregon State University in Mechanical Engineering. He holds a Professional Engineering license and an MBA from the Wharton School of Business at the University of Pennsylvania.

The Gunderson Employment Agreement is attached as Exhibit 1 and the press release announcing the appointment is attached as Exhibit 2.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Airbee Wireless, Inc.  

June 13, 2007



E. Eugene Sharer 


Name: E. Eugene Sharer
Title: President

Exhibit Index

Exhibit No.


1 Gunderson Employment Agreement



THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into effective as of the first day of June 2007 (“Effective Date”), by and between AIRBEE WIRELESS, INC. (the “ Corporation ”), a Delaware corporation, and CHARLES GUNDERSON (the “Executive”).

WHEREAS, the Corporation desires to employ Executive and Executive desires to be employed by the Corporation upon all the terms and conditions contained in this Agreement.

NOW THEREFORE, in consideration of the mutual agreement herein contained, the parties hereto hereby agree as follows:

1. Description:

Subject to the terms and conditions of this Agreement the Corporation hereby employs (“Executive”) as Chief Operating Officer and in such capacity Executive shall perform the duties and responsibilities incident to such positions, subject at all times to the control and direction of the Board of Directors of the Corporation (the “ Board ”).

2. Acceptance of Agreement; Time and Attention . Executive hereby accepts such agreement and agrees that throughout the period of this agreement hereunder, he will devote substantially all his time (but no less than 40 hours per week), attention, knowledge and skills, faithfully, diligently and to the best of his ability, in furtherance of the business of the Corporation, and will perform the duties and responsibilities assigned to him pursuant to Paragraph 1 hereof, subject, at all times, to the direction and control of the Board. As an Executive officer, Executive shall perform such specific duties and shall exercise such specific authority related to the management of the day-to-day operations of the Corporation consistent with his position as Chief Operating Officer (COO) as is normally associated with the position of COO of a company (consistent with the governing documents of the corporation) and also as may be assigned to Executive from time to time by the Board. Executive shall at all times be subject to, observe and carry out such rules, regulations, policies, directions and restrictions as the Corporation shall from time to time establish. During the period of this agreement hereunder, Executive shall not, directly or indirectly, accept employment or compensation from, or perform services of any nature for, any business enterprise that (1) competes directly or indirectly with the Corporation, or that (2) interferes with the performance of the duties of Chief Operating Officer of the Corporation . Executive shall be elected to such offices of the Corporation as may from time to time be determined by the Board.

3. Term . Except as otherwise provided herein, the term of Executive’s employment hereunder shall commence as of the date of this Agreement and shall terminate on May 31, 2008, one year from the effective date, or until this agreement is replaced by new agreement negotiated by the executive and the Board or Corporation Compensation Committee. The term of the agreement may be adjusted by the Board subsequent to the election of a newly elected Board.

4. Compensation . As compensation for services hereunder, the Corporation shall pay to Executive at the rate of $150,000 for services rendered per annum payable monthly in equal installments. The rate may be adjusted by the Board, after the company raises the initial capital of a minimum of $4,000,000. Additionally, Executive shall be eligible for stock options and bonuses as set forth by the Board subsequent to the election of a newly elected Board. Executive’s base rate may be increased but not decreased during the Term.

5. Additional Benefits . In addition to such base rate paid to Executive, Executive (and his family) shall be entitled to participate, to the extent he is (and they are) eligible under the terms and conditions thereof, in any profit sharing, pension, retirement, hospitalization, insurance, disability, medical service, stock option, bonus or other benefit plan available to the Executive officers of the Corporation that may be in effect from time to time during the period of Executive’s agreement hereunder. The Corporation shall be under no obligation to institute or continue the existence of any such benefit plan.

6. Reimbursement of Expenses . The Corporation shall promptly reimburse Executive in accordance with applicable policies of the Corporation for all expenses reasonably incurred by him in connection with the performance of his duties hereunder and the business of the Corporation, upon the submission to the Corporation of appropriate expense reports, receipts or vouchers.

7. Facilities and Personnel . Executive shall be provided with (or reimbursed for) an office, secretarial services and such other facilities, supplies, personnel and services as shall be required or reasonably requested for the performance of his duties hereunder.

8. Personal Time Off . Executive shall be entitled to 4 weeks of paid personal time off (PTO) in respect of each 12-month period during the term of this agreement hereunder, such PTO to be taken at times mutually agreeable to Executive and the Board.

9. Restrictive Covenant . In consideration of this agreement hereunder, Executive agrees that during the period of this agreement hereunder and for two years (unless Executive is terminated without Cause in which case this covenant will not apply) thereafter, he will not (a) directly or indirectly own, manage, operate, join, control, participate in, invest in, or otherwise be connected with, in any manner, whether as an officer, director, employee, partner, investor or otherwise, any business entity that is engaged in the wireless software and hardware technology industry or in any other business in which the Corporation is engaged as of termination, (1) in all locations in which the Corporation is doing business, and (2) in all locations in respect of which the Corporation is actively planning for and/or pursuing a business opportunity; (b) for himself or on behalf of any other person, partnership, corporation or entity, call on any customer of the Corporation for the purpose of soliciting, diverting or taking away any customer from the Corporation (1) in all locations in which the Corporation is doing business, and (2) in all locations in respect of which the Corporation is actively planning for and/or pursuing a business opportunity, or (c) induce, influence or seek to induce or influence any person engaged as an employee, representative, agent, independent contractor or otherwise by the Corporation, to terminate his or her relationship with the Corporation. Nothing herein contained shall be deemed to prohibit Executive from (x) investing his funds in securities of an issuer if the securities of such issuer are listed for trading on a national securities exchange or are traded in the over-the-counter market and Executive’s holdings therein represent less than 2% of the total number of shares or principal amount of the securities of such issuer outstanding, or (y) owning securities, regardless of amount, of the Corporation.

Executive acknowledges that the provisions of this Paragraph 9 are reasonable and necessary for the protection of the Corporation, and that each provision, and the period or periods of time, geographic areas and types and scope of restrictions on the activities specified herein are, and are intended to be, divisible. In the event that any provision of this Paragraph 9, including any sentence, clause or part hereof, shall be deemed contrary to law or invalid or unenforceable in any respect by a court of competent jurisdiction, the remaining provisions shall not be affected, but shall, subject to the discretion of such court, remain in full force and effect and any invalid and unenforceable provisions shall be deemed, without further action on the part of the parties hereto, modified, amended and limited to the extent necessary to render the same valid and enforceable.

10. Confidential Information . Executive shall hold in a fiduciary capacity for the benefit of the Corporation all information, knowledge and data relating to or concerned with its operations, sales, business and affairs, and he shall not, at any time, use, disclose or divulge any such information, knowledge or data to any person, firm or corporation (unless the Corporation no longer treats such information as confidential) other than to the Corporation or its designees and employees or except as may otherwise be required in connection with the business and affairs of the Corporation; provided , however , that Executive may use, disclose or divulge such information, knowledge or data that (i) was previously known by the Executive; or (ii) is or becomes generally available to the public through no wrongful act on Executive’s part; or (iii) becomes available to Executive from a person or entity other than the Corporation or its agents not bound by this or a similar agreement with the Corporation; and provided , further , that the provisions of this Paragraph 10 shall not apply to Executive’s know how to the extent utilized by him in subsequent employment so long as such employment is not in breach of this Agreement.

11. Equitable Relief . The parties hereto acknowledge that Executive’s services are unique and that, in the event of a breach or a threatened breach by either party of any of its obligations under this Agreement, the other party will not have an adequate remedy at law. Accordingly, in the event of any such breach or threatened breach by one party, the other party shall be entitled to such equitable and injunctive relief as may be available to restrain the first party and any business, firm, partnership, individual, corporation or entity participating in such breach or threatened breach from the violation of the provisions hereof. Nothing herein shall be construed as prohibiting either party from pursuing any other remedies available at law or in equity for such breach or threatened breach, including the recovery of damages.

12. Survival of Provisions . Neither the termination of this Agreement, nor of Executive’s services hereunder, shall terminate or affect in any manner any provision of this Agreement that is intended by its terms to survive such termination.

13. Death; Disability . In the event that during the term of this agreement with the Corporation, Executive shall die or become Disabled (as such term is hereinafter defined) Executive shall continue to receive the full amount of the base annual contract, as well as bonus and stock rights earned as at that time, to which he was theretofore entitled for the lesser of (i) one year or (ii) the remainder of the Term. Thereafter, Executive shall not be entitled to receive any further payments on account of its base contract amount until the Executive shall cease to be Disabled and shall have resumed his duties hereunder and provided that the Corporation shall not have theretofore terminated this Agreement as hereinafter provided. This Agreement shall automatically terminate upon the death of Executive. The Corporation may terminate this Agreement hereunder at any time after Executive is Disabled, upon at least 30 days’ prior written notice. For the purposes of this Agreement, Executive shall be deemed to have become “ Disabled ” when (x) by reason of physical or mental incapacity, Executive is not able to perform a substantial portion of his duties hereunder for a period of 135 consecutive days or for 135 days in any consecutive 225-day period or (y) when Executive’s physician and a physician designated by the Corporation shall have determined that Executive shall not be able, by reason of physical or mental incapacity, to perform a substantial portion of his duties hereunder. In the event that such physicians are unable to agree on whether the Executive is Disabled pursuant to clauses (x) or (y) above, the matter shall be resolved by the determination of a third physician qualified to practice medicine in the United States of America and selected by the designated physicians. If Executive shall receive benefits under any disability policy maintained by the Corporation, the Corporation shall be entitled to deduct the amount equal to the benefits so received from base contract amount that it otherwise would have been required to pay to EXECUTIVE as provided above.

14. Termination for Cause . The Corporation may at any time upon written notice to Executive terminate this agreement for Cause. For purposes of this Agreement, the following shall constitute “ Cause ”: (i) the willful and repeated failure of Executive to perform his material duties hereunder or gross negligence of Executive in the performance of such duties, and if such failure or gross negligence is susceptible of cure by Executive, the failure to effect such cure within 20 days after written notice of such failure or gross negligence is given to Executive; (ii) excessive use of alcohol or illegal drugs interfering with the performance of Executive’s duties hereunder; (iii) theft, embezzlement, fraud, misappropriation of funds, other acts of dishonesty or the violation of any law relating to this agreement (iv) the conviction of Executive of a felony; or (v) the breach by Executive of any other material provision of this Agreement, and if such breach is susceptible of cure by Executive, the failure to effect such cure within 30 days after written notice of such breach is given to Executive. For purposes of this Agreement, an action shall be considered “willful” if it is done intentionally, purposely or knowingly, distinguished from an act done carelessly, thoughtlessly or inadvertently. In any such event, Executive shall be entitled to receive its base contract amount to and including the date of termination. Should Executive in good faith dispute his termination for cause, he shall give prompt written notice thereof to the Corporation, in which event such dispute shall be submitted to and determined by arbitration in San Diego, CA, before an arbitrator appointed pursuant to the rules of the American Arbitration Association (the “ Arbitrator ”). Such arbitration shall be conducted in accordance with the rules then obtaining of the American Arbitration Association. Any award or decision of the Arbitrator shall be conclusive in the absence of fraud and judgment thereon may be entered in any court having jurisdiction thereof. The costs of such arbitration shall be borne by the party against whom any award or decision is rendered.

15. Termination for Corporation Breach . Executive may upon written notice to the Corporation terminate this Agreement (a termination for “ Corporation Breach ”) in the event of the breach by the Corporation of any material provision of this Agreement, and if such breach relates to a provision of this Agreement and is susceptible of cure, the failure to effect such cure within 30 days after written notice of such breach is given to the Corporation.

16. Insurance Policies . The Corporation shall have the right but not the commitment from time to time to purchase, increase, modify or terminate insurance policies on the life of Executive for the benefit of the Corporation, in such amounts as the Corporation shall determine in their sole discretion. In connection therewith, Executive shall, at such place or places as the Corporation may reasonably direct, submit himself to physical examinations on an annual basis (or more frequently) should an insurer or prospective insurer so require, and execute and deliver such documents as the Corporation may deem necessary to obtain such insurance policies.

17. Entire Agreement; Amendment . This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and any other prior agreement between the Corporation and Executive with respect to the subject matter hereof is hereby superseded and terminated effective immediately and shall be without further force or effect. No amendment or modification shall be valid or binding unless made in writing and signed by the party against whom enforcement thereof is sought.

18. Notices . Any notice required, permitted or desired to be given pursuant to any of the provisions of this Agreement shall be deemed to have been sufficiently given or served for all purposes if and when delivered in person or by responsible overnight delivery service or sent by certified mail, return receipt requested, postage and fees prepaid as follows:

If to the Corporation, to:

Airbee Wireless, Inc.
ATTN: Raj Sundaresan
9400 Key West Avenue
Rockville, MD 20850


If to Executive:

Charles Gunderson
5680 Skylark Place
La Jolla, CA 92037

Any of the parties hereto may at any time and from time to time change the address to which notice shall be sent hereunder by notice to the other parties given under this Paragraph 18. The date of the giving of any notice hand delivered or delivered by responsible overnight carrier shall be the date of its delivery and of any notice sent by mail shall be the date five days after the date of the posting of the mail.

19. No Assignment; Binding Effect . Neither this Agreement, nor the right to receive any payments hereunder, may be assigned by Executive or the Corporation without the prior written consent of the other party hereto. This Agreement shall be binding upon Executive, his officers, executors and administrators and upon the Corporation, their respective successors and permitted assigns.

20. Waivers . Neither course of dealing nor any delay on the part of the Corporation or Executive in exercising any rights hereunder shall operate as a waiver of any such rights. No waiver of any default or breach of this Agreement shall be deemed a continuing waiver or a waiver of any other breach or default.

21. Invalidity . If any clause, paragraph, section or part of this Agreement shall be held or declared to be void, invalid or illegal, for any reason, by any court of competent jurisdiction, such provision shall be ineffective but shall not in any way invalidate or affect any other clause, paragraph, section or part of this Agreement.

22. Further Assurances . Each of the parties shall execute such documents and take such other actions as may be reasonably requested and agreed to by the other party to carry out the provisions and purposes of this Agreement in accordance with its terms.

23. Attorneys’ Fees . If any action, suit or proceeding is filed by any party to enforce or rescind this Agreement or otherwise with respect to the subject matter of this Agreement, the party prevailing on an issue shall be entitled to recover with respect to such issue, in addition to costs, reasonable attorneys’ fees incurred in preparation or in prosecution or defense of such action, suit or proceeding as fixed by the arbitrator or trial court, and if any appeal is taken from the decision of the trial court, reasonable attorneys’ fees as fixed on appeal.

24. Governing Law . This Agreement shall be governed, interpreted and construed in accordance with the terms of the State of California, except that body of law relating to choice of laws.

IN WITNESS WHEREOF, the parties hereto have caused this Employment Agreement to be duly executed and made effective as of the day and year first above written.


By: /s/ Raj Sundaresan
Name: Raj Sundaresan
Title: Chief Executive Officer


/s/ Charles Gunderson

Charles Gunderson


Exhibit A


Performance bonus: up to a maximum of 100% of the then current Executive base annual contract and evaluated on the following categories and weighted as indicated:

1. Financing (20%): Support financing activities necessary to achieve corporate performance objectives which objectives shall be set with Executive participation and leadership.
2. EBITDA (30%): Targets as in approved financial projections

3. Revenue (50%): Targets as in approved financial projections

If achieve over 100% of target, then receive proportional amount to a limit of 150% of then current base annual contract;

If achieve 100% of target, then get 100% of category bonus;

If achieve 75% of target, then get 30% of category bonus;

If achieve 50% of target, then get 10% of category bonus

Intermediate achievements shall not be proportionally rewarded.

All performance bonus awards subject to the approval by the Board of the bonus plan allocation each fiscal year.

Note: Since the first calendar year of the agreement (2007) is a partial year, and Executive has not had the opportunity to influence the financial performance or plan thus, Executive shall be eligible to receive a subjectively awarded bonus of up to $30,000 as awarded by Board action.

Stock Option:

The Corporation has established stock option plan(s) for employees, consultants and non-employee

directors which shall govern the issuance and award of options.


Executive shall be awarded the following stock options:

Stock Option award to be determined by the newly elected Board subsequent to the recapitalization of the Corporation.

In the event that the Executive agreement is terminated WITHOUT cause, all stock options then earned shall immediately be vested at the time of termination. Additionally, in the event of a Change of Control of the Company, consisting of an entity, group, corporation, or individual acquiring over 50% of the voting shares of the company, or a Change of Control as defined by the Securities and Exchange Commission, it is understood that all earned and as of then unvested options shall immediately be vested.


By: /s/ Raj Sundaresan
Name: Raj Sundaresan
Title: Chief Executive Officer


/s/ Charles Gunderson



Charles Gunderson

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