Document:

Exhibit 10.24

 

Final Version

 

AMENDMENT TO CONVERTIBLE PROMISSORY
NOTE

 

This AMENDMENT TO CONVERTIBLE PROMISSORY
NOTE (this “Amendment”), made and entered into as of August 19, 2016, is by and between Airspan Networks
Inc., a Delaware corporation (the “Company”), and Golden Wayford Limited (the “Holder”).

 

WHEREAS, the Company previously issued
a Convertible Promissory Note dated August 6, 2015 to the Holder, in the original principal amount of U.S.$10,000,000 (the “Note”);

 

WHEREAS, the Holder is a wholly owned
subsidiary of Good Resources Holdings Limited, a company incorporated in Bermuda and the shares of which are listed on The Stock
Exchange of Hong Kong Limited (Good Resources Holdings Limited and the Holder shall be collectively referred to as the “Group”);and

 

WHEREAS, the Company and the Holder
desire to extend the maturity of the Note to June 30, 2017.

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby covenant and agree to be bound as
follows:

 

Section
1. Capitalized Terms. Capitalized terms used and not otherwise defined herein have the meanings assigned
to them in the Note, unless the context otherwise requires.

 

Section
2. Amendment to Note. The Note is hereby amended at and as of the Effective Time (as defined below)
by extending the Maturity Date thereof from February 16, 2016 to June 30, 2017.

 

Section
3. Approval. This Agreement is conditioned on the payment by the Company to the Holder of accrued and
unpaid interest on the unpaid principal amount of the Note due through February 16, 2016 in the amount of U.S.$427,397.26 (the
“Accrued Interest”) and on clearance by the Stock Exchange
of Hong Kong Limited of the information disclosure documents of the Group (the “Disclosure Documents”) and approval
by the shareholders in the Special General Meeting of Good Resources Holdings Limited (“Shareholder Approval”)
of the Amendment and the Disclosure Documents pursuant to the requirements of Chapter 14 of the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited (the “Hong Kong Listing Rules”). The Accrued Interest
will be placed in escrow with an escrow agent and pursuant to an escrow agreement satisfactory to the parties upon the signing
of the Amendment and will be released upon Shareholder Approval. Pacific Western Bank, as successor in interest by merger to Square
1 Bank, under the Subordination Agreement has consented to such payment subject to the effectiveness of this Agreement pursuant
to the consent attached as Annex A hereto. The Company acknowledges that, after the payment of the Accrued Interest
pursuant to this Section 3, subject to the Subordination Agreement, interest under the Note shall continue to accrue on the unpaid
principal amount of the Note at a rate equal to 8% per annum, compounded annually.

 

     

     

    

 

Section
4. Effectiveness of Amendments. The amendments in this Amendment shall become effective immediately
and without further action at the time (the “Effective Time”) of payment by the Company or the release by the
escrow agent upon the joint instructions of the Company and the Holder in the form set out in Annex B as provided
in the Escrow Agreement to the Holder of the Accrued Interest to the account specified in Annex C. Such release shall
occur following certification by the Holder to Airspan of clearance by the Stock Exchange of Hong Kong Limited of the Disclosure
Documents and Shareholder Approval of the Amendment and the Disclosure Documents pursuant to the requirements of the Hong Kong
Listing Rules. The Holder shall give immediate notice to the Company and the escrow agent of such clearance and Shareholder Approval
(accompanied by certified poll results of the shareholders meeting).

 

Section
5. Disclosure of Airspan Information. The disclosure regarding Airspan to be included in the initial
draft of the Disclosure Documents is attached hereto as Annex D. The Holder represents and warrants that such disclosure
is required by the Stock Exchange of Hong Kong Limited. Airspan undertakes to cooperate promptly with the Group in responding to
any information requests from the Stock Exchange of Hong Kong Limited. The information set out in Annex D, as it
may be amended or supplemented with the approval of Airspan after the date hereof is herein referred to as the “Airspan
Information.” Airspan represents and warrants that the Airspan Information as may be provided from time to time is true
and correct in all material respects.

 

Section
6. Affirmation of Note, Further References. The Company and the Holder each acknowledge and affirm
that the Note, as hereby amended, is hereby ratified and confirmed in all respects; and all terms, conditions, and provisions of
the Note, except as amended by this Amendment, shall remain unmodified and in full force and effect and subject to the Subordination
Agreement. All references in any document or instrument to the Note are hereby amended to refer to the Note as amended by this
Amendment.

 

Section
7. Merger and Integration, Superseding Effect. This Amendment, from and after the date hereof, embodies
the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral
and written agreements on the same subjects by and between the parties hereto with the effect that this Amendment shall control
with respect to the specific subjects hereof.

 

Section
8. Successors; Binding Agreement. This Amendment has been duly authorized, executed and delivered by
the parties and is enforceable in accordance with its terms and shall be binding upon the Company, the Holder, and their respective
successors and assigns and shall inure to the benefit of the Company, the Holder, and their respective successors and assigns.

 

Section
9. Headings. The headings of various sections of this Amendment are for reference only and shall not
be deemed to be a part of this Amendment.

 

Section
10. Counterparts. This Amendment may be executed in several counterparts as deemed necessary or convenient,
each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and
the same document.

 

[Signature page follows]

 

    2

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be executed as of the date and year first above written.

 

	 	
        COMPANY:

	 	 
	 	AIRSPAN NETWORKS INC.
	 	 
	 	By:	/s/ David Brant 
	 	Name: 	David Brant
	 	
        Title:
	Senior Vice President and

Chief Financial Officer

 

	 	HOLDER:
	 	 
	 	GOLDEN WAYFORD LIMITED
	 	 
	 	By:	/s/ Lu Sheng 
	 	Name: 	Lu Sheng
	 	Title:	Director

 

	 	Witness:	/s/ Chan Chi Ming Tony

 

[Signature Page to Amendment to Promissory
Note]

 

     

     

    

 

ANNEX A

 

Consent of

Pacific Western Bank

(as successor in interest by merger to Square 1 Bank)

 

[Schedule containing
consent of Pacific Western Bank agreement omitted pursuant to Item 601(a)(5) of Regulation
S-K. Schedule will be furnished to the SEC upon request.]

 

     

     

    

 

ANNEX B

 

Form of Joint Instruction to the Escrow
Agent

 

Date: [*]

 

Angela Ho & Associates

Escrow Agent

Unit 1405, 14/F., Tower 1

Admiralty Centre, 18 Harcourt Road

Hong Kong

 

Attn: Ms. Angela Ho, Escrow Agent
Representative

 

Dear Sirs,

 

Escrow Agreement dated 19 August 2016
(the “Agreement”)

Instruction to Release and Deliver
the Escrowed Money

 

Terms used in this notice shall have the
same meaning as defined in the Agreement.

 

We hereby instruct you, pursuant to Clause
4.2 of the Agreement, to release the amount of USD$427,397.26 being the Escrowed Money to the Holder’s Account within 2 Business
Days after receiving this instruction.

 

This instruction may be executed by us
on separate counterparts, but shall not be effective until each of us has executed at least one counterpart and each counterpart
shall constitute an original of this instruction but all the counterparts shall together constitute one and the same instrument.

 

	SIGNED by	)
	for and on behalf of the Holder	)
	GOLDEN WAYFORD LIMITED	)
	in the presence of:	)
	 	 
	SIGNED by	)
	for and on behalf of the Company	)
	AIRSPAN NETWORKS INC.	)
	in the presence of:	)

 

     

     

    

 

ANNEX C

 

Golden Wayford Wire Transfer Instructions

 

[Schedule
of wire transfer instructions omitted pursuant to Item 601(a)(6) of Regulation S-K.]

 

     

     

    

 

ANNEX D

 

Airspan Disclosure for

Hong Kong Circular Disclosure Documents

 

About Airspan Networks Inc.

 

Airspan is a company
incorporated in the state of Delaware, principally engaged in the provision of LTE RAN solution services, with over 1000 customers
in over 100 countries. Airspan is regularly recognized as a leader and pioneer in LTE Access and innovative Backhaul solutions.
Airspan has an expansive product portfolio, which includes indoor and outdoor small cells, and all-outdoor, compact Micro and Macro
base stations, a wide variety of user devices, and advanced core network products. These connectivity solutions operate in bands
from 400 MHz up to 6.4 GHz. Airspan’s web site can be found at www.airspan.com. Airspan had unaudited total assets of $62,529,000
at December 31, 2015. Airspan is not a publicly listed company and does not disclose information or file reports with any U.S.
stock exchange.Exhibit 10.25

 

AMENDMENT NO. 2 TO

CONVERTIBLE PROMISSORY NOTE

 

This AMENDMENT NO.
2 TO CONVERTIBLE PROMISSORY NOTE (this “Amendment”), made and entered into as of November 28, 2017, is by
and between Airspan Networks Inc., a Delaware corporation (“Airspan” or the “Company”), and
Golden Wayford Limited (the “Holder”).

 

WHEREAS, the
Company previously issued a Convertible Promissory Note dated August 6, 2015 to the Holder, in the original principal amount of
U.S.$10,000,000 (the “Note”);

 

WHEREAS, the
Note was amended by an Amendment to Convertible Promissory Note dated as of August 19, 2016;

 

WHEREAS, the
Holder is a wholly owned subsidiary of Good Resources Holdings Limited, a company incorporated in Bermuda and the shares of which
are listed on The Stock Exchange of Hong Kong Limited (Good Resources Holdings Limited and the Holder shall be collectively referred
to as the “Group”); and

 

WHEREAS, the
Company and the Holder desire to amend the Note to extend the maturity of the Note to June 30, 2020, and to make the further
amendments as set forth in the Amended and Restated Note (the “Amended Note”) set forth in Annex A.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby covenant and
agree to be bound as follows:

 

Section
1. Capitalized Terms. Capitalized terms used and not otherwise defined herein have the meanings assigned
to them in the Note, unless the context otherwise requires.

 

Section
2. Amendment to Note.

 

(a) The
Note is hereby amended and restated at and as of the Effective Time (as defined below) as set forth in Annex A, including
by extending the Maturity Date thereof from June 30, 2017 to June 30, 2020, and by making the other changes set forth
therein and in this Section 2.

 

(b) The
interest rate on the Note from July 1, 2017 to the Maturity Date shall be reduced to 5.0% per annum; provided that no interest
shall be payable for the four-month period from July 1, 2017 through October 31, 2017 (the “Interest Holiday”).
For the avoidance of doubt, interest on the Note shall accrue from November 1, 2017.

 

(c) The
Company shall make a principal payment on the Note in the amount of U.S.$1,000,000.00 within three (3) U.S. business days after
the execution of this Agreement by all parties and delivery of the PacWest Consent as provided in Section 3 (the “Principal
Reduction Payment”).

 

(d) The
conversion provisions of the Note are amended as set forth in Section 3 of the Amended Note.

 

     

     

    

 

Section
3. Approval. This Agreement is conditioned on the payment by the Company to the account of the Holder
set forth in Annex C of (i) accrued and unpaid interest on the unpaid principal amount of the Note due
through June 30, 2017 in the amount of U.S.$1,098,082.00 (the “Accrued Interest”) within three (3)
U.S. business days after the execution of this Agreement by all parties and delivery of the PacWest Consent, and (ii) the Principal
Reduction Payment. Pacific Western Bank, as successor in interest by merger to Square 1 Bank, under the Subordination Agreement
has consented to such payment subject to the effectiveness of this Agreement pursuant to the consent attached as Annex B
hereto (the “PacWest Consent”). The Company acknowledges that, after the payment of the Principal Reduction
Payment and the Accrued Interest pursuant to Section 2 and this Section 3, subject to the Subordination Agreement, interest under
the Note shall accrue on the unpaid principal amount of the Note (1) at a rate equal to 8.0% per annum, compounded annually
to and including June 30, 2017, (2) at a rate equal to zero percent (0%) per annum during the Interest Holiday and (3) at
a rate equal to 5.0% per annum from November 1, 2017, compounded annually.

 

Section
4. Effectiveness of Amendments. The amendments in this Amendment shall become effective immediately
and without further action at the time (the “Effective Time”) of payment by the Company of the Accrued Interest
and the Principal Reduction Payment.

 

Section
5. Disclosure of Airspan Information. The only disclosure regarding Airspan's business which is authorized
to be disclosed to the public in connection with the transactions contemplated hereby is attached hereto as Annex D.
The Holder is also authorized to disclose to the Stock Exchange of Hong Kong Limited information regarding the transactions contemplated
hereby, including the amendments to the Note as contemplated by Section 2 and Section 3. The Holder represents and warrants that
such disclosures may be required by the Stock Exchange of Hong Kong Limited. Airspan undertakes to cooperate promptly with the
Group in responding to any information requests from the Stock Exchange of Hong Kong Limited. The information set out in Annex
D, as it may be amended or supplemented with the approval of Airspan after the date hereof is herein referred to as the
“Airspan Information.” Airspan represents and warrants that any Airspan Information provided from time to time
will be true and correct in all material respects.

 

Section
6. Affirmation of Note, Further References. The Company and the Holder each acknowledge and affirm
that the Note, as hereby amended, is hereby ratified and confirmed in all respects; and all terms, conditions, and provisions of
the Note, except as amended by this Amendment, shall remain unmodified and in full force and effect and subject to the Subordination
Agreement. All references in any document or instrument to the Note are hereby amended to refer to the Note as amended by this
Amendment.

 

Section
7. Merger and Integration, Superseding Effect. This Amendment, from and after the date hereof, embodies
the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral
and written agreements on the same subjects by and between the parties hereto with the effect that this Amendment shall control
with respect to the specific subjects hereof.

 

    2

     

    

 

Section
8. Successors; Binding Agreement. This Amendment has been duly authorized, executed and delivered by
the parties and is enforceable in accordance with its terms and shall be binding upon the Company, the Holder, and their respective
successors and assigns and shall inure to the benefit of the Company, the Holder, and their respective successors and assigns.

 

Section
9. Headings. The headings of various sections of this Amendment are for reference only and shall not
be deemed to be a part of this Amendment.

 

Section
10. Counterparts. This Amendment may be executed in several counterparts as deemed necessary or convenient,
each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and
the same document.

 

[Signature page follows]

    3

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed as of the date and year first above written.

 

	 	COMPANY:
	 	 
	 	AIRSPAN NETWORKS INC.
	 	 
	 	By:  	/s/ David Brant 
	 	Name: 	 David Brant
	 	
        Title:
	Senior Vice President and

Chief Financial Officer

 

	 	HOLDER:
	 	 
	 	GOLDEN WAYFORD LIMITED
	 	 
	 	By: 	/s/ Lu Sheng 
	 	Name: 	Lu Sheng
	 	Title:  	Director

 

[Signature Page to Amendment No. 2 to
Convertible Promissory Note]

 

     

     

    

 

ANNEX A

 

Form of Amended and Restated Convertible
Promissory Note

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH,
THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED
THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933.

 

AMENDED AND RESTATED

CONVERTIBLE PROMISSORY NOTE

 

	$9,000,000	November 28, 2017
	 	Hong Kong

 

For value received,
Airspan Networks Inc., a Delaware corporation (the “Company”), promises to pay to Golden Wayford Limited (the
“Holder”), the principal sum of nine million US Dollars (US$9,000,000). Subject to that certain debt subordination
agreement, dated as of August 6, 2015, between the Holder and Square 1 Bank (the “Subordination Agreement”),
interest shall accrue from November 1, 2017, on the unpaid principal amount at a rate equal to 5.0% per annum, compounded
annually and shall be payable in arrears on January 15, April 15, July 15 and October 15 of each year subject to the
Subordination Agreement. This Note amends, restates and replaces that certain Convertible Promissory Note referenced in the Convertible
Promissory Note Purchase Agreement dated August 6, 2015 (the “Purchase Agreement”). This note is referred to
herein as the “Note.” This Note is subject to the following terms and conditions. Capitalized terms used herein
and not defined shall have the meaning set forth in the Purchase Agreement.

 

Section
11. Interest. Unless sooner paid upon a Repayment Event, accrued interest under this Note with respect
to each calendar year shall be payable in arrears on January 15, April 15, July 15 and October 15 of each calendar year; provided,
however, that if such payment is prohibited under the Subordination Agreement, such accrued interest shall be added to the principal
balance hereof on such interest payment date, and such accreted principal balance shall continue to bear interest at the rate set
forth herein. No interest shall accrue on this Note from July 1, 2017 through October 31, 2017.

 

Section
12. Maturity. Subject to Section 3, except as may be prohibited by the Subordination Agreement,
unless sooner paid, principal and any accrued but unpaid interest under this Note shall be due and payable upon the earliest to
occur of the following (a “Repayment Event”): (a) June 30, 2020 (the “Maturity Date”),
(b) upon the insolvency of the Company, the commission of any act of bankruptcy by the Company, the execution by the Company of
a general assignment for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy or any petition
for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of 90 days or more,
or the appointment of a receiver or trustee to take possession of the property or assets of the Company, and (c) a “Liquidation”
(as defined in the Company’s Amended and Restated Certificate of Incorporation as in effect on the date this Note was issued)
prior to the conversion of this Note pursuant to Section 3, except for a merger or share exchange effected exclusively
for the purpose of changing the domicile of the Company.

 

     

     

    

 

Section
13. Conversion.

 

(a) Conversion.
The entire principal amount of this Note and accrued interest on this Note may be converted, in the discretion of the Holder, on
not more than sixty (60) nor less than thirty (30) days’ notice to the Company, in whole, at the option of the Holder either
(i) at any time prior to June 30, 2020, into shares of the Company’s Series E Senior Preferred Stock or (ii) into shares
of the Company’s equity securities (the “Equity Securities”) issued and sold at the close of the Company’s
next equity financing after November 28, 2017 in a single transaction or a series of related transactions yielding gross proceeds
to the Company of at least $50,000,000.00 in the aggregate (excluding the value resulting from the conversion of the Note) (the
“Next Equity Financing”) consummated prior to June 30, 2020. Such conversion right with respect to the Next
Equity Financing shall expire if not exercised by the earlier of (x) the date that is three (3) months after the closing of the
Next Equity Financing, or (y) June 30, 2020. The number of shares of Equity Securities to be issued upon any such conversion shall
be equal to the quotient obtained by dividing (1) the entire principal amount of this Note plus accrued interest by (2) 100% of
the price per share of the Equity Securities issued in the Next Equity Financing, or, in the case of the Series E Senior Preferred
Stock, at the then applicable conversion price per share provided in the Company’s Amended and Restated Certificate of Incorporation,
as amended, in each case, rounded to the nearest whole share, and the issuance of such shares of Equity Securities or Series E
Senior Preferred Stock upon such conversion shall be upon the terms and subject to the conditions applicable to the Next Equity
Financing, or, in the case of the Series E Senior Preferred Stock, in the Company’s Amended and Restated Certificate
of Incorporation. Upon such conversion of this Note with respect to the Next Equity Financing, the Holder hereby agrees to execute
and deliver to the Company all transaction documents related to the Next Equity Financing, including a purchase agreement and other
ancillary agreements, with customary representations and warranties and transfer restrictions (including a lock-up agreement in
connection with an initial public offering), and having terms and conditions not less favorable to the Holder than those contained
in the agreements as may be entered into by the other purchasers of the Equity Securities in the Next Equity Financing. This Note
shall cease to be convertible under this Section 3 upon the occurrence of a “Qualified Public Offering”
as defined in the Amended and Restated Certificate of Incorporation, as amended, of the Company.

 

(b) Mechanics
and Effect of Conversion. No fractional shares of the Company’s capital stock will be issued upon conversion of this
Note. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company will pay to the Holder in cash
the amount of the unconverted principal and interest balance of this Note that would otherwise be converted into such fractional
share. To convert the Note on any date (a “Conversion Date”), the Holder shall (i) transmit by facsimile (or
otherwise deliver), for receipt on or prior to 11:59 p.m., New York time, on such date, a copy of an executed notice of conversion
in the form attached hereto as Exhibit A (the “Conversion Notice”) to the Company, and (ii) surrender
this Note to the Company as soon as practicable on such date. Upon conversion of this Note pursuant to this Section 3,
the Holder shall surrender this Note, duly endorsed, at the principal offices of the Company or any transfer agent of the Company.
At its expense, the Company will, as soon as practicable thereafter, issue and deliver to such Holder, at such principal office,
a certificate or certificates for the number of shares to which such Holder is entitled upon such conversion, together with any
other securities and property to which the Holder is entitled upon such conversion under the terms of this Note, including a check
payable to the Holder for any cash amounts payable as described herein. Upon conversion of this Note, the Company will be forever
released from all of its obligations and liabilities under this Note with regard to that portion of the principal amount and accrued
interest being converted including without limitation the obligation to pay such portion of the principal amount and accrued interest.

 

    2

     

    

 

Section
14. Payment; Prepayment. All payments shall be made in lawful money of the United States of America
at such place as the Holder hereof may from time to time designate in writing to the Company. Payment shall be credited first to
the accrued interest then due and payable and the remainder applied to the principal amount. Subject to the provisions of the Subordination
Agreement, prepayment of this Note may not be made without the prior written consent of the Holder. Any unpaid interest shall be
added to the principal of this Note.

 

Section
15. Seniority. This Note is subject to the Subordination Agreement and is subordinated in right of
payment to all indebtedness of the Company arising under that certain Loan and Security Agreement, dated as of June 29, 2017, among
Pacific Western Bank, the Company, Airspan Networks (SG) Inc., Airspan Communications Limited and Airspan Networks Pty Limited,
as amended (the “PacWest Loan Agreement”), whether existing on the date hereof or hereafter arising. This Note
shall rank pari passu with the most senior existing debt of the Company that does not arise under the PacWest Loan Agreement.

 

Section
16. Transfer; Successors and Assigns. The Holder shall have the right to transfer this Note freely
and without consent of the Company; provided, however, that the transfer of this Note by the Holder may only be effected if the
transferee becomes a party to the Subordination Agreement. The terms and conditions of this Note shall inure to the benefit of
and be binding upon the respective successors and assigns of the parties. This Note may be transferred only upon surrender of the
original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in
form satisfactory to the Company. Thereupon, a new note for the same principal amount and interest will be issued to, and registered
in the name of, the transferee. Interest and principal are payable only to the registered holder of this Note.

 

Section
17. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of New York, without regard to principles of conflicts of laws. ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY
CLAIM, ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS NOTE OR ANY OF THE MATTERS CONTEMPLATED HEREBY IS WAIVED.

 

Section
18. Notices. Any notice required or permitted by this Note shall be in writing and shall be deemed
sufficient upon receipt, when delivered personally or by courier, overnight delivery service or confirmed facsimile, or 48 hours
after being deposited in the U.S. mail as certified or registered mail with postage prepaid, if such notice is addressed to the
party to be notified at such party’s address or facsimile number as set forth below or as subsequently modified by written
notice.

 

    3

     

    

 

Section
19. Amendments and Waivers. Any term of this Note may be amended only with the written consent of the
Company and the Holder. Any amendment or waiver effected in accordance with this Section 9 shall be binding upon the
Company, each Holder and each transferee of any Note.

 

Section
20. Shareholders, Officers and Directors Not Liable. In no event shall any shareholder, officer or
director of the Company be liable for any amounts due or payable pursuant to this Note.

 

Section
21. Counterparts. This Note may be executed in any number of counterparts, each of which will be deemed
to be an original and all of which together will constitute a single agreement.

 

Section
22. Loss of Note. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction
or mutilation of this Note or any Note exchanged for it, and indemnity satisfactory to the Company (in case of loss, theft or destruction)
or surrender and cancellation of such Note (in the case of mutilation), the Company will make and deliver in lieu of such Note
a new Note of like tenor.

 

[Signature Page Follows]

 

    4

     

    

	 	COMPANY:
	 	 	 
	 	AIRSPAN NETWORKS INC.
	 	 	 
	 	By:	________________________
	 	Name: 	David Brant
	 	Title:	Senior Vice President and
	 	 	Chief Financial Officer

 

	 	Address:	777 Yamato Road, Suite 310
	 	 	Boca Raton, Florida 33431

 

	AGREED TO AND ACCEPTED:	 
	 	 	 
	GOLDEN WAYFORD LIMITED	 
	 	 	 
	By:	________________________	 
	Name:	 	 
	Title:	 	 

 

	Address:	 	 
	 	 	 
	 	 	 

 

[Signature Page to Amended and Restated Convertible Promissory
Note]

 

     

     

    

 

EXHIBIT A

CONVERSION NOTICE

 

Reference is made to the Convertible Promissory
Note (the “Note”) dated _____________, 2017, issued to Golden Wayford Limited, Inc., (the “Company”).
In accordance with and pursuant to the Note, the undersigned hereby elects to convert, in whole, the principal and any accrued
interest of the Note into Series E Senior Preferred Stock or Equity Securities referenced in the Note to which this notice is attached
of the Company, as of the date specified below.

 

Conversion into (check one):

 

	 	☐	Series E Senior Preferred Stock
	 	 	 
	 	☐	Equity Securities issued in the Next Equity Financing

 

Date of Conversion:
______________________________________________ 

 

Please confirm the following information:

 

Conversion Price: _______________________________________________ 

 

Principal and
accrued interest to be converted (must be in whole): _________ 

_______________________________________________________________ 

 

Number of Shares
of Series E Senior Preferred Stock/Equity Securities to be issued:

_______________________________________________________________ 

 

Please issue the Series E Senior Preferred
Stock/Equity Securities into which the Note is being converted in the following name and to the following address:

 

Issue
to:        ________________________________________________________ 

______________________________________________________ 

______________________________________________________ 

 

Facsimile Number: ______________________________________________ 

 

Authorization: __________________________________________________ 

 

By: ___________________________________________________________ 

 

Title: _________________________________________________________ 

 

Dated: ________________, 2017

 

     

     

    

 

ANNEX B

November ___, 2017

 

Golden Wayford Limited

Unit 3310, 33rd Floor

West Tower, Shun Tak Centre

168-200 Connaught Road Central

Sheung Wan, Hong Kong

 

Airspan Networks Inc.

Airspan Networks (SG) Inc.

Airspan Communications Limited

Airspan Networks Pty Limited

Airspan Networks Ltd.

777 Yamato Road, Suite 310

Boca Raton, FL 33431

 

Re: Consent Regarding Subordinated Debt

 

Gentlemen:

 

Reference is made to
(i) the Amended and Restated Loan and Security Agreement dated June 29, 2017, between, on the one hand, Pacific Western Bank (successor
in interest by merger to Square 1 Bank) (“Lender”), and, on the other hand, jointly and severally, Airspan Networks
Inc. (“ANI”), Airspan Networks (SG) Inc., Airspan Communications Limited, Airspan Networks Pty Limited, and
Airspan Networks Ltd. (jointly and severally and collectively referred to herein as “Borrower”) (as amended,
the “PWB Loan Agreement”) and (ii) the Subordination Agreement dated August 6, 2015 between, on the one hand,
the Lender, and on the other hand, Golden Wayford Limited, a company incorporated in Hong Kong (“GW”) (as amended,
the “Subordination Agreement”). Any capitalized terms used herein which are not defined herein shall have the
meanings set forth in the Subordination Agreement.

 

Notwithstanding anything
to the contrary in the Subordination Agreement, this will confirm Lender’s consent to (i) the terms of Amendment No. 2 to
the Convertible Promissory Note in the form attached hereto as Exhibit A, including the extension of the maturity date of
the original Convertible Promissory Note dated as of August 6, 2015 (as amended) issued by ANI in favor of GW to June 30,
2020, and (ii) at execution of Amendment No. 2 to the Convertible Promissory Note, the payment by Borrower to GW, and GW’s
receipt of, interest in an amount not to exceed U.S.$ 1,098,082 and principal in the amount of U.S.$1,000,000.

 

Except for the consent
granted above, the Subordination Agreement shall remain unmodified and in full force and effect. Any consent set forth herein is
limited to the matters specifically set forth herein, and shall not be deemed to be a consent to any other prior, present or future
transaction, whether or not similar to the matters set forth herein.

 

     

     

    

 

	 	Sincerely yours,
	 	 	 
	 	Pacific Western Bank
	 	 	 
	 	By: 	                           
	 	Name: 	 
	 	Title: 	 

 

Acknowledged and agreed:

  

	GOLDEN WAYFORD LIMITED	 	AIRSPAN NETWORKS INC.
	 	 	 
	By:  ____________________	 	By:  ____________________
	Name: __________________	 	Name: __________________
	Title:  __________________	 	Title:  __________________
	 	 	 
	 	 	 
	AIRSPAN NETWORKS (SG) INC.	 	AIRSPAN COMMUNICATIONS LIMITED
	 	 	 
	By:  ____________________	 	By:  ____________________
	Name: __________________	 	Name: __________________
	Title:  __________________	 	Title:  __________________
	 	 	 
	 	 	 
	AIRSPAN NETWORKS PTY LIMITED	 	AIRSPAN NETWORKS LTD.
	 	 	 
	By:  ____________________	 	By:  ____________________
	Name: __________________	 	Name: __________________
	Title:  __________________	 	Title:  __________________
	 	 	 
	 	 	 

 

     

     

    

 

EXHIBIT A

 

Amendment No. 2 to Convertible Promissory
Note

 

     

     

    

 

ANNEX C

 

Golden Wayford Wire Transfer Instructions

 

[Schedule
of wire transfer instructions omitted pursuant to Item 601(a)(6) of Regulation S-K.]

 

     

     

    

 

ANNEX D

 

Airspan Disclosure for Announcement

 

About Airspan Networks Inc.

 

Airspan Networks Inc.,
a Delaware corporation (“Airspan”), is a leading vendor of LTE small cells and backhaul technologies. Established
originally in 1992 as a product division of DSC Communications, Airspan became a standalone company in 1998.

 

Airspan has a complete
range of LTE and 4G base stations and complementary small cell backhaul solutions using both LTE Relay and proprietary technologies.
Airspan also addresses non mobile carrier and private network deployment including the needs of fixed Internet Service Providers,
and a number of vertical market segments including Smart Grids, Public Safety, Transportation and Oil & Gas. Airspan has been
at the forefront of breakthrough RAN solutions and technologies and has deep in-house expertise in LTE and LTE-Advanced, OFDMA,
Wi-Fi and VoIP. Airspan’s web site can be found at www.airspan.com. Airspan is not a publicly listed company and does not
disclose information or file reports with the U.S. Securities and Exchange Commission or any U.S. stock exchange.

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