Document:

EXHIBIT
10.11

Note:   Portions of this exhibit indicated by “[*]”
are subject to a confidential treatment request, and have been omitted from
this exhibit. Complete, unredacted copies of this exhibit have been filed with
the Securities and Exchange Commission as part of this Company’s confidential
treatment request.

PRODUCT SUPPLY AGREEMENT

THIS PRODUCT SUPPLY AGREEMENT (“Agreement”) is made and entered into as of
the 23rd day of December, 2003 (“Effective Date”) by and between Airspan Networks, Inc., a corporation
organized under the laws of the Sate of Washington (“Buyer”) and Nortel Networks Limited, a corporation
organized under the laws of Canada (“Nortel Networks”).

RECITALS

WHEREAS, Nortel Networks and the Buyer are parties to that certain Purchase and
Sale Agreement, dated as of December 23, 2003 (“Purchase Agreement”), pursuant
to which certain assets of Nortel Networks’ Fixed Wireless Access Business are
being purchased by the Buyer;

WHEREAS, in connection with such purchase, the Buyer wishes to engage Nortel
Networks and certain of its Affiliates to provide certain Services (as
hereinafter defined);

WHEREAS, although Nortel Networks and its Affiliates are not in the business of
providing such Services to unaffiliated entities, Nortel Networks is willing to
provide the Services, or to cause one of its Affiliates or a third party to
provide the Services, that Nortel Networks and its Affiliates use in the
operations of their own businesses, to the Buyer and the Buyer Subsidiaries,
for the convenience of the Buyer, under the terms and conditions specified
herein; and

WHEREAS, it is a condition to the consummation of the transactions contemplated
by the Purchase Agreement that Nortel Networks and the Buyer enter into this
Agreement;

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.0     THE SERVICES

1.1     Definitions

Unless
otherwise defined herein, capitalized terms used herein have the meanings
ascribed to such terms in the Purchase Agreement.

“Base
Station Circuit Pack” shall mean a FWA base station unit sub-assembly
listed on Exhibit 1 hereto.

	
  

  
	
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“Base
Station Product” shall mean a FWA base station unit listed in Exhibit 1
hereto.

“BOM”
means bill of materials.

“Business
Case” means the information set forth in Schedule D to the Purchase
Agreement.

“Calgary
Facility” means that Calgary Westwinds facility located at 5111 47th
Street North East, Calgary, Alberta, Canada.

“End
User(s)” means a
person or entity that acquires FWA Products for its internal business use and
not for resale.

“FWA
Product(s)” means the Base Station Products, the Base Station Circuit
Packs, and the RSS Products specified in Exhibit 1 hereto that Nortel
Networks is authorized by the Buyer to acquire and to sell to the Buyer. 

“Guadalajara
Facility” means Solectron’s Guadalajara, Mexico facility.

“Milpitas
Facility” means Solectron’s Milpitas, California facility. 

“Order
Management Rate” means One Hundred and Eighty-eight Thousand dollars
(US$188, 000.00) per person per year or Fifteen Thousand Six Hundred Sixty-six
Dollars (US$15,666.00).

“Order
Management Services” means purchase order placement, accounts payable and
accounts receivable services associated with accepting purchase orders from the
Buyer and placing them upon Solectron and Tier 2 Suppliers and any associated
services as required.

“Rework”
means those services associated with putting a Rework Product in, or restoring
it to, conformance with the Specification. 

“Rework
Product” means a FWA Product in which, during the Warranty Period and
before such FWA Product is shipped to an End-User, Nortel Networks or
the Buyer discovers a defect or non-conformance to the Specification caused by
the Calgary Facility, Solectron, Solectron’s contractor or Solectron’s
supplier.

“RSS
Product” shall mean a FWA residential subscriber service unit listed in Exhibit
1 hereto.

“Service(s)”
means purchasing services and FWA Product return management for rework services
that Nortel Networks has agreed to undertake for the Buyer with regard to the
FWA Products only.

“Solectron”
means Solectron Corporation, its Subsidiaries and Affiliates.

“Specification”
means functional information and technical information relating to a FWA
Product, and may include the BOM, test procedures, functional and quality
goals, assembly documentation, circuit board art work, Gerber files, assembly
and fabrication drawings, schematics, other design documents, programs,
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related
services, as applicable, as in effect between Nortel Networks and Solectron as
of the Closing.

1.2     Parties

For
the convenience of the Parties hereto or any other reason, the Parties agree
that the delivery and acceptance, respectively, of Services under this
Agreement may be directly by the Parties hereto, and/or indirectly through an
Affiliate of such Party.  The entities
that deliver and accept any such Service shall, upon such delivery and
acceptance, become parties to this Agreement as of such date, as fully and
completely as if they had executed this Agreement on the date hereof.  Such delivery and acceptance of such Service
shall create contractual rights and obligations under this Agreement solely
between the entity that delivers such Service and the entity that accepts it.

Additionally,
in the case of Nortel Networks, certain Services may be provided by a
third-party provider with whom Nortel Networks or a Nortel Networks Affiliate
has contracted for such Service (a “Third Party Provider”).  In such instances, Nortel Networks or the
Nortel Networks Affiliate who has contracted with such Third Party Provider
shall be the party to this Agreement that is deemed to be providing such
Service through its Third Party Provider subcontractor.

1.3     Agreement to Provide Services

Subject
to the terms and conditions hereof, during the Term, the Buyer hereby engages
Nortel Networks, and Nortel Networks hereby accepts such engagement, to provide
Services to the Buyer, either directly or through an Affiliate or Third Party
Provider as provided in Section 1.2 (“Parties”).  Nortel Networks shall perform the Services
in accordance with this Agreement and shall supply FWA Products to the Buyer
that conform to the Specifications in effect immediately prior to the Closing.  Nortel Networks shall sell the FWA Products
only to the Buyer or its Affiliates.

The
Buyer acknowledges and agrees that access to and use of the Services is
provided solely for the use of the Buyer and its Affiliates and solely in
relation to the FWA Products, during the Term of the Agreement.  The Buyer shall not allow access to or use
of Services by any third party without the prior written consent of Nortel
Networks, which consent may be granted or withheld in the sole discretion of
Nortel Networks.  The Buyer shall use
its commercially reasonable efforts to become independent of Nortel Networks,
its Affiliates and its Third Party Providers with respect to each of the
Services no later than the end of the Term.

1.4     Mutual Cooperation

The
Buyer, Nortel Networks and their respective Affiliates shall cooperate with
each other in connection with the performance of the Services hereunder,
including producing on a timely basis all information that is reasonably
requested with respect to the performance of the Services and the transition
during the Term; provided, however, that such cooperation must not unreasonably
disrupt the normal operations of the Buyer, Nortel Networks and their
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2.0.     SCOPE AND GRANT OF RIGHTS

Nortel
Networks shall have the right and the Buyer hereby grants to Nortel Networks,
to the extent of its legal right to do so, a world-wide, non-exclusive,
non-transferable, royalty-free license to use Buyer proprietary information
communicated to Nortel Networks by the Buyer during the Term which is
reasonably necessary for the conduct of the Services hereunder for the purpose
of performing the Services hereunder in connection with the FWA Products.  The Buyer further agrees to provide all such
Buyer proprietary information to Nortel Networks in connection with the
foregoing license which Nortel Networks deems to be reasonably necessary for
the Services.  The Buyer shall retain
exclusive rights and title to all Buyer proprietary information provided
hereunder.  This license is
non-transferable, may be used only in connection with the performance of
Services by Nortel Networks under this Agreement, and shall expire on the date
on which Nortel Networks obligations to perform the Services terminate under
this Agreement.

3.0     PURCHASING PRODUCTS

3.1     Orders

The
Buyer shall have the right to acquire FWA Products by issuing one or more
written purchase orders signed by an authorized representative (“Order”).  Nortel Networks shall not be obligated under
this Agreement to accept an order for any product or service that is not a RSS
Product or a Base Station Circuit Pack.  Orders for Base Station Circuit Packs and RSS Products shall be
placed by Buyer on or before June 30, 2004. 
Nortel Networks shall be
obliged to accept or cause its Affiliates to accept such Orders for up to no
less in the aggregate than the number of FWA Products set forth in the Business
Case for delivery through December 31, 2004. 
Notwithstanding the generality of the foregoing, Nortel Networks shall
submit a purchase order to Solectron for any excess quantity ordered by the
Buyer for delivery prior to December 31, 2004 and, to the extent accepted by
Solectron, the Order will be accepted by Nortel Networks hereunder and Nortel
Networks shall give notice thereof to the Buyer.  If this Agreement has not been terminated in accordance with its
provisions by June 30, 2004, Buyer may submit a purchase order to Nortel
Networks for additional Base Station Circuit Packs and RSS Product in an amount
greater than the number thereof set forth in the Business Case, and Nortel
Networks shall submit such purchase order to Solectron.  To the extent such purchase order is accepted
by Solectron, Nortel Networks shall accept such Order placed after June 30,
2004.  Nortel Networks will accept
Orders for FWA Product submitted before June 30, 2004 for quantities within the
Business Case and for delivery before December 31, 2004.  Nortel Networks will submit for consideration
by Solectron Orders submitted prior to June 30, 2004 for a quantity greater
than the Business Case but Nortel Networks shall have no obligation to accept
an Order to the extent any Order is rejected by Solectron.  In addition, Nortel Networks will submit for
consideration by Solectron Orders submitted after June 30, 2004 and before
December 31, 2004 for any quantity but Nortel Networks shall have no obligation
to accept such Order to the extent it is rejected by Solectron.

The
Buyer may not cancel an Order after it has been placed.

All
Orders shall reference this Agreement.  All
Orders shall specify the
quantity, price, Nortel Networks’ part number, billing address, requested
delivery dates, and any other special instructions, as applicable.  All Orders will be governed by and cannot
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conditions
of this Agreement.  Nortel Networks will
respond to the Order within three (3) business days of receipt with either
acceptance or notification of any requirements or terms that are not
acceptable.  In the latter case, the
Parties will negotiate in good faith to resolve any unacceptable matters and
agree upon an Order that is acceptable to them.  Nortel Networks’
written or electronic communication accepting the Order or shipment of FWA
Products will be Nortel Networks’ acceptance of the Order.  The Buyer agrees that all electronic Orders
issued are equivalent to a written Order, are governed by the terms and
conditions of this Agreement and that in the event of any conflict between this
Agreement and the Order, this Agreement governs.  The Buyer is responsible for the use and protection from
unintended use of all electronic pass codes provided by Nortel Networks and agrees
that all Orders submitted using such pass codes are valid and binding Orders authorized by the Buyer.  Orders for FWA Products shall be placed on
the specific Nortel Networks entity and at the address specified by Nortel
Networks.

The
Buyer and each Affiliate that purchases under this Agreement agrees to be
jointly and severally liable to Nortel Networks, with respect to each and every obligation which the
Buyer and any of the Affiliates may undertake for the purchase of FWA Products pursuant to this Agreement,
as if any such purchase was made by the Buyer and each of the Affiliates for
their own account.

3.2     Delivery; Title; Risk of
Loss

Unless otherwise agreed
by the parties to this Agreement in writing, Nortel Networks will deliver RSS
Products to Nortel Networks’ warehouse location in Dallas, Texas and Base
Station Circuit Packs at the Milpitas Facility (“Delivery”).  Unless the Buyer requests a different mode of transportation, Nortel
Networks will ship all FWA Products to the Buyer by surface freight.  The Buyer agrees to pay all transportation,
handling, insurance and associated charges, including but not limited to,
additional charges for non-standard shipment.

All
risk of loss or damage to FWA Products will pass to Buyer upon Delivery.  Title to the FWA Products shall pass to
Buyer on Delivery.

Nortel
Networks will use commercially reasonable efforts to meet the Buyer’s requested
delivery dates but does not guarantee delivery dates.  If there are differences between the Buyer’s requested delivery
dates and the delivery dates Nortel Networks is willing to commit to, Nortel
Networks shall identify the cause of the discrepancy within the three (3)
business days of receipt of the order. 
The Parties shall work together within five (5) business days of receipt
of such order to agree on firm delivery dates for the FWA Products.

Nortel
Networks may make partial deliveries of Orders, provided the parties have
agreed in advance thereto in writing. 
Delay in delivery of any installment shall not relieve Buyer of its
obligation to accept the remaining deliveries. 
If the Parties agree on a partial delivery, Buyer will be obliged to
make payments in accordance with Section 3.6 (Payment) of this Agreement
only for what Nortel Networks has agreed to deliver.

3.3     Price

Nortel
Networks shall sell each FWA Product to the Buyer at the same price Nortel
Networks paid for the Product.  The
price or cost methodology for each FWA Product shall be set out in Exhibit 2
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in
U.S. dollars.  The Price does not
include any applicable handling charges, interest charges, insurance charges,
cancellation charges, or rescheduling charges, or any applicable sales, use,
and/or privilege taxes, all of which will be additionally invoiced to the
Buyer.  The Prices for FWA Products from
the Guadalajara Facility include outbound freight charges; outbound freight for
the FWA Products from the Milpitas Facility will be invoiced to the Buyer.  Nortel Networks shall not invoice the Buyer
for any federal or state sales, use, value added or privilege tax provided the
Buyer has provided Nortel Networks with a valid exemption certificate.  The Price shall always be deemed to include
all charges for any Consumable Material consumed in the production of the FWA
Product.

3.4     Implementation
of Price Changes

The
Parties will review the Price for each FWA Product as specified in Exhibit 1
unless agreed otherwise by the Parties. 
If a Price for an FWP Product will change after such review, the Parties
will agree on the implementation date of such change.  Agreed upon changes to the Price shall be documented as set forth
in the revised Costed BOM; and set forth in a new or amended Order. 

The
Parties shall meet quarterly unless otherwise agreed by the Parties to
implement any price changes pursuant to the methodologies set forth in Exhibit
2.  Agreed upon changes shall be set
forth in a new or amended Order for any affected FWA Products

3.5     Expenses and Costs of
Transition Services

The
Buyer shall reimburse Nortel Networks (or, if applicable and so requested by
Nortel Networks, the Nortel Networks Affiliate, Third Party Provider or other third
party that paid such expense) for (i) reasonable out-of-pocket expenses
incurred by and paid by such Service provider, including but not limited to
travel and lodging expenses incurred pursuant to the Buyer’s request; and (ii)
any other fees or expenses that the Buyer has agreed to pay pursuant to this
Agreement.

Nortel Networks shall
invoice the Buyer monthly at the Order Management Rate for the cost of Order
Management Services for each month or any part thereof during which Nortel Networks performs Order Management
Services.  Nortel Networks will invoice
the Buyer for one person for the Calgary Facility and one person for Caribbean
and Latin American order management.

3.6     Payment

Except
as otherwise stated herein, Nortel Networks will invoice the Buyer as of [*].  Any invoiced amount shall be due and payable
[*].  If Buyer disputes any invoice or
part thereof, it will notify Nortel Networks prior to the payment due
date.  Any part of the invoice not
disputed by Buyer will be paid as set forth above.  The parties will negotiate in good faith to resolve any disputed
invoice as soon as reasonably possible. 
Upon resolution, Buyer will pay any agreed amounts due against the
invoice within the terms of the invoice or as otherwise agreed in writing by the
parties.  In the event of non-payment,
Nortel Networks may suspend performance, FWA Product shipments or otherwise
terminate an Order or this Agreement. 
All amounts past due shall accrue interest from the thirty-first day
following the date of the invoice at the rate of 1% per month (or such lesser
rate as may be the maximum permissible rate under applicable law).  The Buyer consents to the sale of
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including
all or any part of any associated rights, remedies, and obligations, by Nortel
Networks without further notice and authorizes the disclosure of this Agreement
as necessary to facilitate such sale; provided that in no event shall Nortel
Networks sell such receivables to any entity that is, or is an Affiliate of, a
competitor of the Buyer or Buyer’s Affiliates.

3.7     Taxes

The prices for the FWA
Products and the fees for any Services are exclusive of taxes.  The Buyer shall withhold the amount of any
tax required to be withheld from payments made to Nortel Networks pursuant to
this Agreement.  To assist in obtaining
any tax credits for the amounts withheld from payments made by the Buyer
hereunder, the Buyer shall promptly furnish Nortel Networks such evidence as
may be required by the applicable taxing authorities to establish that any such
tax has been paid.  The Buyer shall pay
to Nortel Networks the amount of any applicable sales, use or service tax,
value-added taxes, goods and services taxes or any other similar taxes that
Nortel Networks may be required to collect because of its performance under or
in connection with this Agreement (except for any franchise tax, withholding
tax (as described above or any tax imposed on Nortel Networks’ net
income)).  Nortel Networks shall
identify any such tax as a separate line item on each invoice (unless taxes are
required under the law of the relevant jurisdiction to be included in the
price).  Nortel Networks shall not include
any such taxes on the invoice if the Buyer has provided Nortel Networks with
its permit number
and/or any appropriate certificate of exemption and/or other document or
evidence to support its claimed entitlement to exemption from such taxes.  The Buyer shall be solely
responsible for ensuring that such exemption applies and shall indemnify and
hold Nortel Networks harmless from any taxes (including interest and penalties)
which Nortel Networks may be required to pay as a result of its reliance on the
Buyer’s certificate of exemption and/or other document or evidence that
supports the Buyer’s claimed entitlement to exemption. 

3.8     Limited Warranty 

The
warranty period for each FWA Product is twelve (12) months from the date of
manufacture (“Warranty Period”). 

Nortel
Networks warrants to the Buyer that it has marketable title to the FWA Product
sold to the Buyer and that Nortel Networks is either the owner of or has all
rights necessary to grant the rights and licenses provided to the Buyer under
this Agreement.  

Nortel
Networks covenants and warrants that during the Warranty Period each FWA
Product shall be free from defects in workmanship, shall be free from defects
in Material under normal use and operation, and shall conform to the applicable
Specification. If a FWA Product does not function as warranted during the
Warranty Period Nortel Networks will in its sole discretion either i) make it
do so, or ii) replace it with an equivalent FWA Product 

The
Buyer represents and warrants that it has all right necessary to enter into
this Agreement.

No
warranty of any kind is provided for failures caused by the inability of a FWA
Product to operate in conjunction with hardware or software that is not
included in a FWA Product.  The warranty
will be voided by misuse, accident, damage or modification, failure to maintain
proper physical or operating environment or improper Rework performed by the
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THESE
WARRANTIES AND LIMITATIONS ARE THE BUYER’S EXCLUSIVE WARRANTIES AND SOLE
REMEDIES AND REPLACE ALL OTHER WARRANTIES OR CONDITIONS, EXPRESS OR IMPLIED,
INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OR CONDITIONS OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

The
Parties anticipate that after the Closing, Solectron will deal directly with
the Buyer regarding warranty repairs of FWA Products sold by Nortel Networks
prior to the Closing.  To the extent
Solectron is unwilling to deal directly with the Buyer on such FWA Product,
Nortel Networks agrees to repair or replace FWA Products sold to its customers
prior to the Closing in accordance with the terms of its warranties to its
customers and still within the warranty period during the Term.  

When
the Buyer returns a FWA Product to Nortel Networks under the warranty created
by this Section 3.8, the Buyer agrees to ship it prepaid and suitably
packaged to a location Nortel Networks designates.  Nortel Networks will send a replacement FWA Product to the Buyer
at Nortel Networks’ expense.  Nortel
Networks is responsible for loss of or damage to the Buyer’s FWA Product while
it is a) in Nortel Networks’ possession or b) in transit back to the Buyer.  Any returned FWA Product becomes Nortel
Networks’ property and, subject to Nortel Networks’ receipt of the exchanged
FWA Product, its replacement becomes the Buyer’s property.  The replacement FWA Product may not be new
but will be in working order and equivalent to the item exchanged.  The Warranty Period for the FWA Product
shall be the greater of ninety (90) days from the date of replacement or the
remaining FWA Product warranty period. 
The Buyer agrees to ensure that returned FWA Product is free of any
legal obligations or restrictions that prevent its exchange and represents that
all returned items are genuine and unaltered. 
Where applicable, the Buyer agrees to follow the problem determination
and problem analysis that Nortel Networks specifies.

4.0     TRADEMARKS 

The
Buyer’s use of trademarks owned by Nortel Networks shall be as set forth in the
Purchase Agreement.

5.0     RECORD KEEPING AND REPORTING

Nortel
Networks shall maintain true and accurate records, in accordance with generally
accepted accounting principles and industry standards, of all FWA Products it
sells to the Buyer.  Nortel Networks
shall prepare and forward to the Buyer reports reasonably required by the
Buyer.

The
Buyer shall track all FWA Products by serial number and End User.  Upon request, the Buyer shall provide Nortel
Networks with the End User name, the location of any such FWA Product and any
applicable serial numbers.  Nortel
Networks and any of Nortel Networks’ suppliers shall have a right, upon
reasonable notice, to examine all such records.

	
  

  
	
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6.0.     RESERVED

7.0     CONFIDENTIAL INFORMATION

7.1     Confidentiality Agreement

Nortel
Networks and the Buyer acknowledge that Nortel Networks and the Buyer have
entered into a Mutual Non-Disclosure Agreement, dated as of April 28, 2003
relating to the transactions contemplated by the Purchase Agreement (and the
Ancillary Agreements referred to therein) (the “Confidentiality Agreement”),
which shall remain in full force and effect after and notwithstanding the
execution and delivery of this Agreement or termination of the same.
Notwithstanding the expiration of the “Disclosure Period” (as defined in the
Confidentiality Agreement) or the other termination of the Confidentiality
Agreement, the information obtained from the Buyer or its Affiliates by Nortel
Networks or its representatives or Affiliates or by the Buyer or its
representatives or Affiliates from Nortel Networks or any its Affiliates,
pursuant to this Agreement or otherwise, shall be deemed “Confidential
Information” (as that term is defined in the Confidentiality Agreement) and the
Parties agree that Sections 3 through 10 of the Confidentiality
Agreement, the terms of which are incorporated by this reference as though set
forth in full, shall apply to such information (regardless of whether the
Confidentiality Agreement has been terminated).

Notwithstanding
the foregoing and notwithstanding any previous agreement between the Parties,
for activities under this Agreement that are subject to taxation by the United
States, either Party (including its officers, directors, employees,
representatives and agents) may disclose to any and all persons without any
limitation the tax treatment and tax structure of this Agreement and/or
transactions under it, as well as materials detailing the tax treatment and tax
structure thereof.  However, the
disclosing party will not disclose specific details of this Agreement or any
activity or transaction hereunder, not necessary to an understanding of the tax
treatment and tax structure thereof, including but not limited to, descriptions
of the particular technologies, activities, or developments involved and the
identity of the parties involved, unless otherwise required by law.

7.2     Access

The
Parties agree that each shall, without charge, provide the other Party (or any
Affiliate thereof or Third Party Provider) with such access to the Party’s
premises and/or personnel, and such assistance as may reasonably be required
for the other Party to perform its obligations under this Agreement.  In addition, if the Buyer has access (either
on-site or remotely) to any of Nortel Networks’ computer systems and/or
information stores in relation to this Agreement, the Buyer shall limit such
access solely to the use of such systems for purposes of this Agreement and
shall not access or attempt to access any of Nortel Networks’ computer systems,
files, software or services other than those required for this Agreement, or
those that are publicly available (e.g., public websites).  The Buyer shall limit such access to those
of its employees, agents or contractors with a bona fide need to have such
access in connection with this Agreement, and shall follow all of Nortel
Networks’ security rules and procedures for restricting access to its computer
systems.  All user identification
numbers and passwords disclosed to the Buyer and any information obtained by
the Buyer as a result of the Buyer’s access to and use of Nortel Networks’
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confidential
information hereunder.  Nortel Networks
and the Buyer shall cooperate in the investigation of any apparent unauthorized
access to any Nortel Networks computer system and/or information stores.  These provisions concerning computer access
shall apply equally to any access and use by the Buyer of Nortel Networks’
electronic mail system, Nortel Networks’ electronic switched network, either
directly or via a direct inward service access (DISA) or calling card feature,
Nortel Networks’ data network or any other property, equipment or service of
Nortel Networks, and any third party software not proprietary to Nortel
Networks but that may be accessible by the Buyer in connection with this
Agreement.  

7.3     Irreparable Harm; Remedies

Each
Party acknowledges and agrees that any violation or threatened violation by
such Party of any of the terms set forth in Section 7.1 hereof would
cause irreparable injury to the other Party, that the remedies at law for any
violation or threatened violation thereof would be inadequate, and that such
other Party will, in addition to and not in limitation of any rights or
remedies available at law or in equity, be entitled to temporary and permanent
injunctive relief and specific performance without the necessity of proving
actual damages.

7.4     Remedies Generally

If
Nortel Networks shall be in breach of, or fail to perform any material
obligation under this Agreement, the Buyer may, by written notice to Nortel
Networks, require the remedy of the breach or the performance of the obligation
within thirty (30) days and if Nortel Networks fails to remedy the breach or
perform the obligation within such period, the Buyer may, at its option,
declare Nortel Networks to be in default and terminate this Agreement.  Such termination shall be in addition to any
other remedies that the Buyer may have under this Agreement or at law or
equity, including without limitation, the right to assume Nortel Networks’ responsibilities
in the supply of the FWA Products.  In
addition, Nortel Networks agrees to pay the Buyer all of the reasonable
out-of-pocket costs and expenses incurred by the Buyer in obtaining its supply
of the FWA Products directly from Solectron. 
The Buyer shall invoice Nortel Networks monthly for any such payment,
and Nortel Networks shall pay any such invoice in full within forty-five (45)
days of receipt.  If Nortel Networks
interferes in the direct relationship between Solectron and the Buyer with regard
to the FWA Products, then Nortel Networks shall pay the Buyer all of the
reasonable costs and expenses incurred by the Buyer in obtaining its supply of
the FWA Products from a third party. 
The Buyer shall invoice Nortel Networks monthly for any such payment,
and Nortel Networks shall pay any such invoice in full within forty-five (45)
days of receipt.

8.0     LIMITATION OF LIABILITY

8.1     Limitation

In
no event shall Nortel Networks or its agents or suppliers be liable to the
Buyer for more than the amount of any actual direct damages up to the charges
for the FWA Products that are the subject of the claim regardless of the cause
and whether arising in contract, tort (including negligence) or otherwise.  This limitation will not apply to claims for
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NOTWITHSTANDING
ANY PROVISION OF THIS AGREEMENT EXCEPT FOR BREACH OF THE OBLIGATIONS IN SECTION
7, TO THE MAXIMUM EXTENT PERMITTED BY LAW, UNDER NO CIRCUMSTANCES AND UNDER
NO LEGAL THEORY, WHETHER TORT (INCLUDING NEGLIGENCE), PRODUCT LIABILITY,
CONTRACT, OR OTHERWISE, SHALL ONE PARTY BE LIABLE TO THE SECOND PARTY OR ANY
OTHER PERSON FOR ANY LOSS OF, OR DAMAGE TO, THE SECOND PARTY’S OR AN END-USER’S
RECORDS, FILES, OR DATA OR FOR LOSS OF PROFIT OR SAVINGS, OR FOR ANY INDIRECT,
SPECIAL, INCIDENTAL, PUNITIVE, RELIANCE OR CONSEQUENTIAL DAMAGES, EVEN IF THE
FIRST PARTY SHALL HAVE BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES.  NOTHING IN THIS AGREEMENT SHALL ACT TO
RESTRICT OR EXCLUDE LIABILITY FOR DEATH OR PERSONAL INJURY CAUSED BY THE
NEGLIGENCE OF ANY PARTY.

8.2     Third Party Indemnity

This
Agreement is for the sole and exclusive benefit of the Parties, and it shall
not be deemed to be for the direct or indirect benefit of any other person or
entity, including without limitation either Party’s customers, suppliers or
employees.  The Buyer shall indemnify
and hold harmless Nortel Networks, and its Affiliates and each of their
respective officers, directors, employees, managers, partners and agents,
against and from any liability, loss, damage, cost and expense (including
attorneys’ fees and costs of litigation) (collectively, “Losses”) arising out
of or in connection with any claim or action solely to the extent arising after
the Closing that any person or entity (other than the Buyer) may make or file
against Nortel Networks or its Affiliates or any of their respective officers,
directors, employees, managers, partners or agents in connection with this
Agreement or the Services, regardless of the standard of negligence or
culpability alleged

9.0     TERM OF AGREEMENT; DEFAULT;
TERMINATION

9.1     Term and Termination

The
term (“Term”) of this Agreement shall commence on the Effective Date and
continue until termination.  The
Agreement shall terminate upon the earliest to occur of the following:  (a) mutual agreement of the Parties; (b)
December 31, 2004; (c) the occurrence and continuation of a Default by one
Party thirty (30) days following receipt from the non-defaulting Party of a
written demand for termination and the opportunity to cure during such 30-day
period; or (d) Nortel Networks’ termination of this Agreement pursuant to Section
9.2 hereof.

9.2     Termination upon Sale of
Buyer

In
addition to the grounds for termination set forth in Section 9.1 (Term
and Termination) hereof, the whole or part of this Agreement may be terminated
by Nortel Networks in its sole discretion in the event of (i) the sale of all
or substantially all of the assets or capital stock of the Buyer to, (ii) a
merger of the Buyer with any third party in which the Buyer is not the
surviving corporation with, or (iii) an assignment by the Buyer of all or some
of the Buyer’s rights under this Agreement to, any entity which is a direct
competitor of Nortel Networks.  In such
event, the Buyer shall promptly notify Nortel Networks of any such sale, merger
or intended assignment, 

	
  

  
	
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  CONFIDENTIAL
  INFORMATION
	
  Page 11 of 20

and
if Nortel Networks elects to terminate this Agreement, it shall so notify the
Buyer and such termination shall be effective upon the Buyer’s receipt of such
notice.

9.3     Effect of Termination

Upon
termination of this Agreement by either Party: 

	
   
	
  (a)        The
  Buyer shall pay all undisputed amounts or charges owed to Nortel Networks as
  provided in this Agreement, provided that the Buyer shall have the right to
  set-off any amounts or charges owed to Nortel Networks against any amounts
  owing to Buyer by Nortel Networks pursuant to this Agreement.  If the aggregate
  amount owing by Nortel Networks to the Buyer is less than the aggregate amount owing by the Buyer to Nortel Networks,
  the Buyer shall
  pay the net amount in full within thirty (30) days of termination.

	
   
	
   

	
   
	
  (b)        Provided
  the Buyer has made all payments required pursuant to paragraph (a) above,
  Nortel Networks shall deliver to the locations designated by the Buyer within
  three (3) weeks of the date of termination, all deliverables, if any, with
  respect to the Products, in exchange for payment by the Buyer of all amounts
  due with respect to such FWA Products.

9.4     Default

	
   
	
  (a)        Either
  Party shall be deemed to be in default (such defaults, together with the
  defaults described in Section 9.4(b), each a “Default”) hereunder upon
  the occurrence of any one or more of the following events with respect to it:

	
   
	
   

	
   
	
   
	
  (i)     Failure
  to perform or fulfill any material obligation or condition of this Agreement
  to be performed or fulfilled by such Party, if such failure continues for
  thirty (30) days (or such longer period of time as is agreed by the Parties
  to be reasonably necessary to allow such Party to so perform or observe such
  obligation) after written notice thereof is given by the other Party; or

	
   
	
   
	
   

	
   
	
   
	
  (ii)     The
  making of any general assignment or arrangement for the benefit of creditors,
  the filing of a voluntary or involuntary petition in bankruptcy by or against
  such Party under any bankruptcy or insolvency law or similar proceeding, the
  appointment of a trustee or receiver or the commencement of a similar
  proceeding to take possession of, or the attachment or other judicial seizure
  of, substantially all of such Party’s assets, or the taking by such Party of
  any action in furtherance of the foregoing.

	
   
	
   
	
   

	
   
	
  (b)        The
  Buyer shall be deemed to be in default hereunder if it fails to make any
  payment when due hereunder, if such failure continues for thirty (30) days
  after such payment was due, unless such payment is being actively contested
  in good faith by the Buyer.

	
  

  
	
  Airspan Supply Agreement 12-23-03

  	
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  INFORMATION
	
  Page 12 of 20

9.5     Survival

Notwithstanding
any termination of this Agreement, (i) the terms of Section 3.5
(Expenses), Section 3.6 (Payment) and Section 3.7 (Taxes), Section
7.1 (Confidential Information), Section 7.3 (Irreparable Harm;
Remedies) Section 8.1 (Limitation), Section 8.2 (Third Party
Indemnity), Section 11.2 (Governing Law), Section 11.3
(Submission to Jurisdiction) and this Section 9.5 shall survive any such
termination; and (ii) any outstanding payment obligations of the Buyer to
Nortel Networks, and all provisions of this Agreement relating to payment of
amounts due, shall survive any such termination, until all such sums are paid
in full.

10.0     INSURANCE 

Both
Nortel Networks and the Buyer shall maintain, during the term of this
Agreement, all insurance and/or bonds required by any applicable law, including
but not limited to:  a) workers’
compensation insurance as prescribed by the laws of all states in which work
pursuant to this Agreement is performed; b) employer’s liability insurance with
limits of at least $5,000,000 per occurrence and $15,000,000 in the aggregate;
and c) comprehensive general liability insurance (including products liability
coverage, and contractual liability coverage) with each coverage having limits
of at least $5,000,000 per occurrence and $15,000,000 in the aggregate.  Either party shall furnish certificates or
other adequate proof of such insurance to the other upon written request.  Proof of a program of self-insurance acceptable
to the requesting party (which acceptance shall not be unreasonably withheld)
shall satisfy any such request.  Both
Nortel Networks and the Buyer shall require any subcontractors and sales agents
involved with the performance of work pursuant to this Agreement, to agree to
maintain insurance coverage and to furnish certificates or other adequate proof
thereof to both Nortel Networks and the Buyer upon written request.

11.0     GENERAL

11.1     Notice

All
notices, requests, demands, claims and other communications hereunder shall be
in writing.  Any notice, request,
demand, claim or other communication hereunder shall be deemed duly
delivered one business day after it is sent by (a) a reputable courier
service guaranteeing delivery within one business day or (b) telecopy,
provided electronic confirmation of successful transmission is received by the
sending Party and a confirmation copy is sent on the same day as the telecopy
transmission by certified mail, return receipt requested, in each case to the
intended recipient as set forth below:

	
  If to the Buyer:
	
  Copy to:

	
   
	
   

	
  Airspan Networks Inc.
	
  Adorno & Yoss, P.A.

	
  777 Yamato Road, Suite 105
	
  2601 S. Bayshore Drive,
  Suite 1600

	
  Boca Raton, Florida 33431
	
  Miami, Florida 33133

	
  Telecopy:  (561) 893-8671
	
  Telecopy:  (305) 858-4777

	
  Attention:  Senior Vice President and 
     Chief Financial
  Officer
	
  Attention:  Seth P. Joseph

	
  

  
	
  Airspan Supply Agreement 12-23-03

  	
  CONFIDENTIAL
  INFORMATION
	
  Page 13 of 20

	
  If to Nortel Networks:
	
  Copy to:

	
   
	
   

	
  Nortel Networks Limited
	
  Nortel Networks Inc.

	
  8200
  Dixie Road
	
  200 Athens Way

	
  Suite
  100
	
  Nashville, TN  37228

	
  Brampton,
  Ontario
	
  Telecopy:  (615) 432-4067

	
  L6T
  5P6
	
  Attention:  Law Department

	
  Telecopy:  (905) 863-8386
	
   

	
  Attention:  Secretary
	
   

Any
Party may give any notice, request, demand, claim, or other communication
hereunder using any other means (including personal delivery, expedited
courier, messenger service, telex, ordinary mail, or electronic mail), but no
such notice, request, demand, claim or other communication shall be deemed to
have been duly given unless and until it actually is received by the Party for
whom it is intended.  Any Party may
change the address to which notices, requests, demands, claims and other
communications hereunder are to be delivered by giving the other Parties notice
in the manner herein set forth.

11.2     Governing Law 

This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York without giving effect to any choice or conflict
of law provision or rule (whether of the State of Florida or any other
jurisdiction) that would cause the application of laws of any jurisdiction
other than those of the State of New York. 

11.3     Submission to Jurisdiction

Each
Party (a) submits to the exclusive jurisdiction of any state or federal court
sitting in the State of New York in any action or proceeding arising out of or
relating to this Agreement, (b) agrees that all claims in respect of such action
or proceeding may be heard and determined only in any such court, and (c)
agrees not to bring any action or proceeding arising out of or relating to this
Agreement in any other court.  Each
Party waives any defense of inconvenient forum to the maintenance of any action
or proceeding so brought and waives any bond, surety or other security that
might be required of the other Party with respect thereto.  Either Party may make service on the other
Party by sending or delivering a copy of the process to the Party to be served
at the address and in the manner provided for the giving of notices in Section
8.1.  Nothing in this Section 8.3,
however, shall affect the right of any Party to serve legal process in any
other manner permitted by law.

11.4     Binding Effect

This
Agreement shall be binding upon and inure to the benefit of the Parties hereto
and their respective successors and assigns, subject to the limitations on
assignment in Section 11.10 (Assignability) hereof.

	
  

  
	
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  CONFIDENTIAL
  INFORMATION
	
  Page 14 of 20

11.5     Counterparts

This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
agreement.

11.6     Entire Agreement

This
Agreement (including the documents referred to herein) constitutes the entire
agreement between the Buyer, on the one hand, and Nortel Networks, on the other
hand.  All Schedules attached hereto are
incorporated herein by reference.  This
Agreement (including the documents referred to herein) supersedes any prior
understandings, agreements, or representations by or between the Buyer, on the
one hand, and Nortel Networks, on the other hand, whether written or oral, with
respect to the subject matter hereof.  

11.7     Independent Contractor

In
performing the Services hereunder, Nortel Networks shall operate as and have
the status of an independent contractor, subject only to the general direction
of the Buyer regarding the Services to be rendered, as opposed to the method of
performance of such Services.  No
Party’s employees shall be considered employees or agents of the other Party,
nor shall the employees of any Party be eligible or entitled to any benefits,
perquisites or privileges given or extended to any of the other Party’s
employees.  Nothing contained in this
Agreement shall be deemed or construed to create a joint venture or partnership
between the Parties.  No Party shall
have any power to control the activities and/or operations of the other
Party.  No Party shall have any power or
authority to bind or commit any other Party.

11.8     Severability

Any
term or provision of this Agreement that is invalid or unenforceable in any
situation in any jurisdiction shall not affect the validity or enforceability
of the remaining terms and provisions hereof or the validity or enforceability
of the offending term or provision in any other situation or in any other
jurisdiction.  If the final judgment of
a court of competent jurisdiction declares that any term or provision hereof is
invalid or unenforceable, the Parties agree that the body making the
determination of invalidity or unenforceability shall have the power to reduce
the scope, duration or area of the term or provision, to delete specific words
or phrases, or to replace any invalid or unenforceable term or provision with a
term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision, and
this Agreement shall be enforceable as so modified after the expiration of the
time within which the judgment may be appealed.

11.9     Headings

The
section headings contained in this Agreement are inserted for convenience only
and shall not affect in any way the meaning or interpretation of the provisions
of this Agreement.

	
  

  
	
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  CONFIDENTIAL
  INFORMATION
	
  Page 15 of 20

11.10     Assignability

This
Agreement may not be transferred by either Party without the prior written
consent of the other Party, and any such purported transfer shall be void.  Notwithstanding the foregoing, either Party
may, upon written notice to the other Party, transfer its rights under this
Agreement to any Affiliate, in which case such Party shall remain jointly or
severally liable with any such Affiliate for the fulfillment of all the terms
and conditions hereof.  Neither Party
shall transfer its rights nor obligations under this Agreement to any Affiliate
unless and until any and all required government or third party approvals
respecting such transfer (if any) have been received by Nortel Networks and the
Buyer.

11.11     Force Majeure

Nortel
Networks shall be excused for failure to provide any Service to the extent that
such failure is directly or indirectly caused by acts of God, national
emergency, labor dispute, software, equipment or electrical malfunction,
transportation delays, telecommunication failures, or any other event or
circumstance beyond the reasonable control of Nortel Networks, but only until
the cessation of such event or circumstance, and if Nortel Networks shall have
used its commercially reasonable efforts to avoid such occurrence and minimize
its duration.  In the event that Nortel Networks’
performance hereunder is affected by such an event or circumstance, Nortel
Networks shall promptly notify the Buyer of same, giving reasonably full
particulars thereof and, insofar as known, the probable extent to which it will
be unable to perform, or will be delayed in performing, its obligations
hereunder, and Nortel Networks shall use reasonable efforts to remove such
force majeure.  

11.12     Amendments and Waivers

The Parties may mutually amend or waive any
provision of this Agreement at any time. 
No amendment or waiver of any provision of this Agreement shall be valid
unless the same shall be in writing and signed by both of the Parties. 
No waiver by either Party of any default, misrepresentation, or breach
of warranty or covenant hereunder, whether intentional or not, shall be deemed
to extend to any prior or subsequent default, misrepresentation or breach of
warranty or covenant hereunder or affect in any way any rights arising by
virtue of any prior or subsequent such occurrence.

11.13     Currency

All
references to dollar amounts in this Agreement and its Schedules are, unless
otherwise explicitly stated in this Agreement or on such Schedule, in United
States Dollars.  

11.14     Language

The
Parties have requested that this Agreement be prepared in the English
language.  Les parties ont demandé que la
présente convention soit rédigée en anglais.

	
  

  
	
  Airspan Supply Agreement 12-23-03
	
  CONFIDENTIAL
  INFORMATION
	
  Page 16 of 20

IN WITNESS WHEREOF, the
parties have caused this Agreement to be executed by their respective duly
authorized representatives.

	
  NORTEL NETWORKS LIMITED
	
  AIRSPAN NETWORKS, INC.

	
   
	
   

	
  By:
	
  /s/ Arno Nadolny
	
   
	
  By:
	
  /s/ Peter Aronstam
	
   

	
   
	
  

  	
   
	
   
	
  

  	
   

	
   
	
   
	
   
	
   
	
   
	
   

	
  Name:  Arno Nadolny
	
  Name:  Peter Aronstam

	
   
	
   

	
  Title:  Attorney-in-fact
	
  Title:  Senior Vice President

	
   
	
   

	
  Date:  December 18, 2003
	
  Date:  December ____, 2003

	
   
	
   

	
   
	
  Federal Tax I.D.
  Number:  75-2743995

	
  

  
	
  Airspan Supply Agreement 12-23-03

  	
  CONFIDENTIAL
  INFORMATION
	
  Page 1 of 20

[*]
Certain information on this Exhibit has been omitted and filed separately with
the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions.

EXHIBIT 1

FWA PRODUCTS

	
   
	
  RSS PRODUCTS
	
   

	
   
	

	
   

	
   
	
  [*]
	
   

	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
  Solectron Guadalajara
	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
   
	
   
	
   
	
  [*]
	
   
	
   
	
  [*]
	
   

	
  Material Cost
	
   
	
   
	
  [*]
	
   
	
   
	
  [*]
	
   

	
  Full Cost
	
   
	
   
	
  [*]
	
   
	
   
	
  [*]
	
   

	
   
	
   
	
   
	
  [*]
	
   
	
   
	
   
	
   

	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
  Material Cost
	
   
	
   
	
  [*]
	
   
	
   
	
   
	
   

	
  Full Cost
	
   
	
   
	
  [*]
	
   
	
   
	
   
	
   

	
   
	
   
	
   
	
  RSS Product

  Costs Include

  Outbound freight
	
   
	
   
	
   
	
   

	
  BASE-STATION
  PRODUCTS

  	
   

  	
  Other
  FWA PCBAs

  
	

  	
   

  	

  
	
  [*]

  	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
   

  	
  [*]
	
  [*]
	
  [*]
	
  [*]

	
   
	
   
	
   
	
   
	
   
	
   
	
   
	
   

  	
   
	
   
	
   
	
   

	
  Solectron Milpitas Prices

	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
   

  	
  [*]
	
  [*]
	
  [*]
	
  [*]

	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
   

  	
  [*]
	
  [*]
	
  [*]
	
  [*]

	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
  [*]
	
   

  	
  [*]
	
  [*]
	
  [*]
	
  [*]

Cost for each [*],[*],[*],[*],[*],[*],[*] are subject to the following:

[*]

Min [* ]to update [*] for all except [*] and [*], which have already
been updated.

[*].

[*]

Minimum Yield required for ICT is [*].

Minimum build quantity for each model is as noted above each PEC.

	
  

  
	
  Airspan Supply Agreement 12-23-03
	
  CONFIDENTIAL
  INFORMATION
	
  Page 2 of 20

[*]
Certain information on this Exhibit has been omitted and filed separately with
the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions.

EXHIBIT 2

COST METHODOLOGY AND PRICES

F2 Design

The
F2 design price will be locked at [*] for 2004.  Any manufacturing yield improvements or yield degradation will be
retained or absorbed by the EMS Provider. 
Similarly, any positive or negative impacts in the cost structure due to
material price changes or freight costs will be retained or absorbed by the EMS
Provider.  Any material BOM changes due
to Engineering Changes (“EC”) may cause the [*] price to be adjusted depending
upon the amount of change directly tied to the component or components that
changed per the EC.  If new material
purchases are required beyond the amount of components currently on hand in
Consignment inventories, then any price differentials will also be retained and
absorbed by the EMS Provider.  This
assumes pricing for Consignment inventories sold to the EMS Provider will
remain constant at current cost.  The
only exception would be tied to component part number A0740715 used on the F2
design.  For example, if quantities of
this component are needed beyond what is available in consignment inventory,
then the purchase price from the component supplier will be fixed at [*] versus
the consignment selling price of [*] and the selling price of the F2 will be
increased accordingly to $[*].  The F2
locked price of [*] assumes a minimum monthly run rate of [*] units and an
annual minimum rate of [*] units.  If
such run rates are not achieved, the [*] price for the F2 design may be subject
to price increases.  The EMS Provider
has agreed in principle to extend the aforementioned pricing methodology to the
Buyer if the transition period is completed prior to the end of 2004.

F5 Design

The
pricing methodology for the F5 design will be structured in the same general
way as the F2 design.  Once production
of the F5 product is restarted and manufacturing and test yield data are
captured and a final set of material prices are determined, a locked 2004 F5
price will be determined between the Parties. 
2004 volumes are forecasted to be between [*] units and locked F5
pricing will assume 2004 production in this range.

F6 Design

As
the F6 design is not complete, the Parties agree to determine the price for
this design upon release of a final design and bill of materials, which the
Parties expect to occur some time in Q2 of 2004.

Base Stations

Pricing
methodology for the Base Station products will be as follows: 

The Solectron Base
Station Prices will be locked, with the exception of Material Cost
changes.  If new material purchases are
required beyond the amount of components currently on hand in

	
  

  
	
  Airspan Supply Agreement 12-23-03
	
  CONFIDENTIAL
  INFORMATION
	
  Page 3 of 20

Consignment inventories,
then any price
differentials will directly reflected in Total Product Cost.  Any manufacturing yield improvements or
yield degradation will be retained or absorbed by the EMS Provider.  Any material BOM changes due to Engineering
Changes (“EC”) may cause a price to be adjusted depending upon the amount of
change directly tied to the component or components that changed per the
EC.  The locked prices assume a minimum
build quantity as noted below along with ICT Yields of [*].

	
  NTEG72AD: [*] units

  
	
  NTEG71HA: [*] units

  
	
  NTEG7776: [*] Units

  
	
  NTEG7730: [*] Units

  
	
  NTEG7760: [*] Units

  
	
  NTEG7744: [*] Units

  
	
  NTEG7753: [*] Units

  

If such run rates are not achieved, the price for these products may be
subject to price increases.  The EMS
Provider has agreed in principle to extend the aforementioned pricing
methodology to the Buyer if the transition period is completed prior to the end
of 2004.

	
  

  
	
  Airspan Supply Agreement 12-23-03
	
  CONFIDENTIAL
  INFORMATION
	
  Page 4 of 20FY2003 10K Exhibit 4.04

Exhibit 4.04

FIRST AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT

This First Amended and Restated Stockholders' Agreement (this
"Agreement") is entered into as of March 23, 2004 and
deemed effective as of January 16, 2004, by and among CBS Broadcasting Inc.
("CBS"), Pearson Overseas Holdings Limited
("Pearson") (collectively, the
"Stockholders" and each singly a
"Stockholder"), MarketWatch.com, Inc.
("MarketWatch") and NMP, Inc. (the
"Company").

RECITALS

WHEREAS, CBS, Data Broadcasting Corporation
("DBC"), MarketWatch and MarketWatch.com LLC (the
"LLC") entered into a Stockholder's Agreement on
January 13, 1999 (the "Original Agreement");

WHEREAS, the LLC merged into MarketWatch and has ceased to exist; 

WHEREAS, Pearson acquired DBC and as a result succeeded to the interests of
DBC in the Original Agreement;

WHEREAS, MarketWatch is to be merged into a subsidiary of the Company in
connection with its acquisition of Pinnacor Inc. and as a result CBS, Pearson,
MarketWatch and the Company wish to assign MarketWatch's rights and obligations
under this Agreement to the Company upon consummation of such merger;

WHEREAS, the Company is to be renamed "MarketWatch.com, Inc." upon
consummation of the merger of MarketWatch into a subsidiary of the Company;
and

WHEREAS, the Company, MarketWatch, CBS and Pearson desire to enter into this
Agreement in order to clarify the parties' rights and obligations under this
Agreement and to amend certain other provisions.

NOW THEREFORE, in consideration of the mutual promises, representations,
warranties, covenants and conditions set forth in this Agreement and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereby, intending to be legally bound by the terms
hereof, agree as follows: 

	CERTAIN DEFINITIONS.

1.1.    Business.  The term "Business" means,
collectively the Internet-based business and financial news and information
service offered by the Company.

1.2.    Business Day.  The term "Business Day"
means a day that is not a Saturday, Sunday or other day on which banking
institutions in the State of New York are authorized or required by law,
regulation or executive order to be closed.

1.3.     Common Stock.  The term "Common Stock"
means the Common Stock, $0.01 par value per share, of the Company.

1.4.     Convertible Securities.  The term "Convertible
Securities" mean any securities convertible into or exchangeable
for Voting Securities or any options, warrants or other rights exercisable to
acquire Voting Securities.

1.5.     Initial Percentage.  The term "Initial
Percentage" means the percentage of the Total Voting Power of the
Company represented by the Voting Securities held by a Stockholder at the time
of the consummation of the Company's initial public offering.

1.6.     Offered Securities.  The term "Offered
Securities" means all Securities proposed to be Transferred by a
Stockholder or, if applicable, an affiliate of a Stockholder.

1.7.     Person.  The term "Person" means any
natural person, legal entity, or other organized group of persons or entities.
(All pronouns, whether personal or impersonal, which refer to Person include
natural persons and other Persons).

1.8.     Securities.  The term "Securities"
shall mean Voting Securities and Convertible Securities.

1.9.     Total Voting Power.  The term "Total Voting
Power" means, at any time, the total number of votes that may be
cast in the election of directors of the Company at any meeting of the holders
of Voting Securities held at such time for such purpose.

1.10.     Transfer and Transferred.  The terms
"Transfer" and "Transferred"
mean and include any sale, assignment, encumbrance, hypothecation, pledge,
conveyance in trust, gift, transfer by bequest, devise or descent, or other
transfer or disposition of any kind, including but not limited to, transfers to
receivers, levying creditors, trustees or receivers in bankruptcy proceedings or
general assignments for the benefit of creditors, whether voluntary or by
operation of law, directly or indirectly, except for:

(a)any transfer of Securities by CBS or Pearson to any
entity controlling, controlled by or under common control with CBS or Pearson,
or to any entity that acquires CBS or Pearson by purchase of stock or by merger
or otherwise;

(b)any transfer of Securities by a Stockholder made:
(i) pursuant to a statutory merger or statutory consolidation of the
Company with or into another corporation or corporations; or (ii) pursuant
to the winding up and dissolution of the Company; or

(c)any transfer of Securities by a Stockholder pursuant
to a Stockholder's exercise of such Stockholder's right of first refusal
hereunder.

1.11.     Voting Power.  The term "Voting Power"
means, as to any Voting Security at any time, the number of votes such Voting
Security is entitled to cast for directors of the Company at any meeting of the
holders of Voting Securities held at such time for such purpose.

1.12.     Voting Securities.  The term "Voting
Securities" means the Common Stock and any other securities issued
by the Company having the power to vote in the election of directors of the
Company, including without limitation any securities having such power only upon
the occurrence of a default or any other extraordinary contingency.

	ASSIGNMENT TO THE COMPANY.  At the Effective Time (as such
term is defined in the Agreement and Plan of Merger, dated July 22, 2003, by and
among the Company, MarketWatch, Pinnacor Inc., Maple Merger Sub, Inc. and Pine
Merger Sub, Inc.) and with no further action by any of the parties hereto,
MarketWatch hereby assigns all of its rights and obligations under this
Agreement to NMP, Inc. (to be renamed "MarketWatch.com, Inc."
following consummation of the merger) and NMP, Inc. hereby accepts such
assignment and assumes and agrees to observe and perform all of MarketWatch's
obligations under this Agreement.

	MANDATORY TRANSFERS.

3.1.     Pearson Change of Control.  Notwithstanding anything herein to
the contrary, and absent agreement of the Stockholders to do otherwise, CBS
shall have the right (but not the obligation) in its sole discretion to purchase
Pearson's Securities or require that such Securities be transferred to an
independent trustee, as provided in Section 2.2 within 60 days after a
competitor of CBS has directly or indirectly acquired beneficial ownership of
more than 30% of the outstanding shares of the common stock, or securities
representing, in the aggregate, more than 30% of the voting power, of Pearson
(or any Person controlling Pearson), or all or substantially all of Pearson's
assets (a "Pearson Change of Control"), at a time when
Pearson and its affiliates shall then own in the aggregate a number of shares of
Common Stock equal to at least ten percent (10%) of the outstanding shares of
Common Stock (appropriately adjusted to reflect any stock splits, reverse stock
splits, stock dividends, recapitalizations and other similar transactions),
without the prior written consent of CBS (a "Triggering
Event").  The parties hereby agree that Pearson may give CBS
confidential written notice of its intent to enter into an agreement that would
cause a Pearson Change of Control, together with a description of the party with
whom Pearson intends to effect such a transaction.  CBS shall have twenty (20)
days from receipt of such notice to respond to Pearson in writing as to whether
it would elect to trigger the provisions of this Section 2 with respect
to such potential Pearson Change of Control.  If, and only if, CBS notifies
Pearson in writing that it would not make such election, CBS shall be deemed to
have waived its right to trigger such mandatory transfer provisions with respect
to such potential Pearson Change of Control.

3.2.      Transfer of Shares.  Upon the occurrence of a Pearson Change
of Control, CBS may elect one of the following within 45 days after receipt of
written notice from Pearson that a Pearson Change of Control has
occurred:

(a)

(i)CBS may offer to purchase the Securities then held by Pearson
and its affiliates, and Pearson and its affiliates shall be required to sell to
CBS, such sale to occur no later than 10 days after Pearson's receipt of CBS'
written offer to purchase such Securities, at a purchase price for the
Securities held by Pearson and its affiliates equal to the Fair Market Value of
the Securities on the date of the Triggering Event.

(ii)Notwithstanding the foregoing provisions of Section 2.2(a)(i),
if (y) any legal or regulatory requirements, including, without limitation,
those imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended must be first satisfied prior to making such sale or (z) the Fair Market
Value must be determined according to the terms of subsection (b) of the
definition of Fair Market Value, then such sale shall be made within two days of
the satisfaction of such legal requirements or of the determination of the Fair
Market Value of the Securities, as applicable.

(iii)Upon the date that payment is made for the Securities, Pearson and
its affiliates will have no further rights as a holder of such Securities and
Pearson and its affiliates will forthwith cause all certificate(s) evidencing
such Securities to be surrendered to the Company or its transfer agent for
cancellation and new certificates evidencing such Securities will be promptly
delivered to CBS.

(b)CBS may require Pearson to transfer all Securities then held by
Pearson and its affiliates to an independent trustee reasonably satisfactory to
CBS, which trustee shall then dispose of such Securities formerly held by
Pearson and its affiliates to purchaser(s) that is/are not competitor(s) of CBS,
subject to the foregoing, in such a manner as such trustee shall determine with
a view to maximizing the sale price of the shares formerly held by Pearson and
its affiliates, while disposing of such shares as promptly as reasonably
practicable.  Upon such transfer, such trustee shall have sole voting and
dispositive control over such Securities, Pearson shall no longer be entitled to
appoint any Pearson Designees and all current Pearson Designees shall resign
from their positions as members of the Company's Board of Directors.  Unless
otherwise agreed in writing by CBS, any trustee appointed pursuant to this
Section 2.2(b) shall be a bank or trust company incorporated or otherwise
organized under the laws of the United States or a state thereof and having a
combined capital and surplus of at least $100,000,000.  The provisions of
Article 4 of this Agreement shall not be applicable to such trustee.  Any
such trustee shall perform its duties upon customary terms pursuant to
documentation reasonably satisfactory to CBS, it being understood and agreed
that, without the prior written consent of CBS, no such trustee shall vote any
Securities held by it at any meeting of the stockholders of the Company or
otherwise.

"Fair Market Value" of the Securities shall mean (a),
for any Security that is listed on a national securities exchange or authorized
for trading on the National Association of Securities Dealers Nasdaq Stock
Market or other automated quotation system, the average of the closing prices
for the five day period ending on the date of the Triggering Event; and (b), for
any other Security, such price as is determined by an appraiser chosen by the
members of the Company's Board of Directors who are neither employees of the
Company, CBS Designees (defined below) or Pearson Designees (defined below) or
otherwise affiliated with or employed by either of CBS, Pearson or one of their
respective affiliates (other than as serving as an independent member of the
Company's Board of Directors) (the "Independent
Directors").  If there are no Independent Directors, then Fair
Market Value for purposes of this Subsection (b) only, shall be determined by a
panel of appraisers, one (1) chosen by CBS, one (1) chosen by Pearson and the
third to be chosen by the first two (2) appraisers.  If the appraisers cannot
reach agreement within thirty (30) days of the date of the Triggering Event,
then each appraiser shall deliver its appraisal within 40 days of the Triggering
Event and the appraisal that is neither the highest nor the lowest shall
constitute the Fair Market Value.  In the event either Stockholder fails to
choose an appraiser within thirty (30) days of the date of the Triggering Event,
then the appraisal of the sole appraiser shall constitute the Fair Market Value.
Each party shall bear the cost of the appraiser selected by such Stockholder and
the cost of the third appraiser shall be borne one-half by each Stockholder.  In
the event either party fails to choose an appraiser, the cost of the sole
appraiser shall be borne one-half by each Stockholder.

	DIRECTOR NOMINATION RIGHTS.

4.1.     Board Size.  The Company shall maintain a Board of Directors of at
least seven (7) members and shall use its best efforts to maintain a Board of
Directors of nine (9) members.

4.2.      Designee.  For so long as CBS continues to own a number of
Voting Securities equal to at least one percent (1%) of the Company's
outstanding Voting Securities, the Company shall provide CBS, and for so long as
Pearson continues to own a number of Voting Securities equal to at least one
percent (1%) of the outstanding Voting Securities, the Company shall provide
Pearson, thirty (30) days prior written notice of any Stockholder solicitation
or action relating to the election of directors.  After receipt of such notice
by Pearson, Pearson may, and after receipt of such notice by CBS, CBS may, by
written notice sent to the Company within ten (10) days of receipt of such
notice, request that the Company nominate, and the Company shall nominate, for
election to the Company's Board of Directors (the "Board of
Directors"), in connection with such Stockholder solicitation or
action:

(a)one, if CBS holds a number of Voting Securities greater than or equal
to one percent (1%) but less than twenty percent (20%) of the Company's
outstanding Voting Securities, two, if CBS holds a number of Voting Securities
greater than or equal to twenty percent (20%) but less than thirty percent (30%)
of the Company's outstanding Voting Securities, and three, if CBS holds a number
of Voting Securities greater than or equal to thirty percent (30%) of the
outstanding Voting Securities, candidates designated in the CBS notice, who
shall be reasonably acceptable to the Company (collectively, the "CBS
Designees"); and

(b)one, if Pearson holds a number of Voting Securities greater than or
equal to one percent (1%) but less than twenty percent (20%) of the Company's
outstanding Voting Securities, two, if Pearson holds a number of Voting
Securities greater than or equal to twenty percent (20%) but less than thirty
percent (30%) of the outstanding Voting Securities, and three, if Pearson holds
a number of Company's outstanding Voting Securities greater than or equal to
thirty percent (30%) of the Company's outstanding Voting Securities, candidates
designated in the Pearson notice, who shall be reasonably acceptable to the
Company (collectively, the "Pearson Designees").

In the event that CBS or Pearson shall desire to appoint CBS Designees or
Pearson Designees, as applicable, otherwise than in connection with a
Stockholder solicitation or action relating to the election of directors, then
as soon as practicable upon written notice from CBS or Pearson, as applicable,
the Company shall appoint the CBS Designees or Pearson Designees, as applicable,
to the Board of Directors.  

In the event that the size of the Company's Board of Directors is greater
than nine (9), the number of CBS and Pearson Designees shall be a number equal
to the product of (A) the percentage of outstanding Voting Securities held by
such Stockholder times (B) the number of authorized members of the Company's
Board of Directors, rounded up to the nearest whole number.

Notwithstanding the foregoing, for so long as the Amended and Restated
License remains in effect, CBS shall be entitled to select at least one CBS
Designee, regardless of the number of Voting Securities held by it.

4.3.      Affiliates.  For purposes of this Agreement, all shares held
by an affiliate (as defined in Rule 405 promulgated under the Securities Act of
1933, as amended (the "Securities Act")) (each, an
"Affiliate") of CBS or Pearson, will be deemed to be
owned by CBS or Pearson, as applicable.

4.4.      Voting of Shares.  

(a)The Company shall use its best efforts (i) to cause to be voted the
shares of Voting Securities for which the Company's management or the Board of
Directors holds proxies or is otherwise entitled to vote in favor of the
election of the CBS Designees and Pearson Designees nominated pursuant to
Section 3.2 to this Agreement; and (ii) to cause the Board of Directors
to unanimously recommend to its stockholders to vote in favor of the CBS
Designees and the Pearson Designees.

(b)Each of CBS and Pearson shall vote the shares of
Voting Securities held by it for the CBS Designees and the Pearson
Designees.

4.5.      Vacancies.  In the event that any CBS or Pearson Designee
shall cease to serve as a director of the Company for any reason, the vacancy
resulting therefrom shall be filled by another CBS Designee or Pearson Designee,
as applicable.

4.6.      Equal Treatment.  The Company shall offer the same
compensation and shall provide rights and benefits of indemnity to each CBS
Designee or Pearson Designee as are provided to other non-employee directors.
None of the CBS Designees or Pearson Designees shall be entitled to participate
in the Company's proposed 2004 Stock Incentive Plan or any other equity based
plan.

	RIGHT OF FIRST REFUSAL.  

5.1.      Notice.  Before any Stockholder or affiliate of any
Stockholder may effect any Transfer of any Securities, such Stockholder or
affiliate (the "Selling Stockholder") must give at the
same time to the Company and the other Stockholder a written notice signed by
the Selling Stockholder (the "Selling Stockholder's
Notice") stating (a) the Selling Stockholder's bona fide
intention to transfer such Offered Securities; (b) the number of Offered
Securities proposed to be transferred to each proposed purchaser or other
transferee ("Proposed Transferee"); (c) the name,
address and relationship, if any, to the Selling Stockholder of each Proposed
Transferee; and (d) the bona fide cash price or, in reasonable detail,
other consideration, per share for which the Selling Stockholder proposes to
transfer such Offered Securities to each Proposed Transferee (the
"Offered Price") and the proposed time of payment and
other relevant terms of the proposed sale.  If such Selling Stockholder desires
to effect sales into the open market pursuant to Rule 144 promulgated under the
Securities Act ("Open Market Sale"), the Selling
Stockholder's Notice shall also contain the closing price of the Securities on
the date prior to the date of such notice which price shall constitute the
Offered Price.  Upon the request of the Company or the other Stockholder, the
Selling Stockholder will promptly furnish to the Company and to the other
Stockholder such other information as may be reasonably requested to establish
that the offer and Proposed Transferee(s) are bona fide.  In the event that the
notice provisions of this Section 4 make it impractical or
impossible to comply with the notice provisions of Section 1 of the
Registration Rights Agreement, the parties hereto agree that the notice
provisions of the Registration Rights Agreement shall be modified or waived to
the extent necessary so as to permit the operation of this Section 4
in conjunction with the provisions of Section 1 of the Registration Rights
Agreement.

5.2.      Stockholders' Right of First Refusal.  The non-Selling
Stockholder will have a right of first refusal (the "Right of First
Refusal") to purchase any portion of the Offered Securities made
available for purchase in the manner provided in this Section 4.2
unless (a) the Offered Securities are to be sold in a private sale to one
purchaser, in which case the non-Selling Stockholder will only be permitted to
exercise its Right of First Refusal if it purchases all of the Offered
Securities, or (b) the Selling Stockholder is selling the Offered Securities
through a registered offering and the quantity of Offered Securities that the
non-Selling Stockholder proposes to purchase would, in the good faith opinion of
the managing underwriter, jeopardize the success of the offering.  In such a
circumstance, the non-Selling Stockholder will only be permitted to purchase
either all of the Offered Securities or such Offered Securities, if any, that
would not, in the good faith opinion of the managing underwriter, jeopardize the
success of such offering.  If the non-Selling Stockholder desires to purchase
any or all, as applicable, of the Offered Securities made available for purchase
such Stockholder must give written notice within the fifteen (15) day period
commencing on the date of the Selling Stockholder's Notice (the
"Refusal Period"), to the Selling Stockholder (the
"Purchase Notice") and to the Company of such
Stockholder's election to purchase the Offered Securities, and the number of
shares and type of Offered Securities that such Stockholder desires to purchase,
provided however, that in the case of a proposed Open Market Sale, the non-
Selling Stockholder must give the Purchase Notice prior to 5:00 pm. Pacific time
on the second Business Day after the non-Selling Stockholder receives the
Purchase Notice.

5.3.      Purchase Price.  The purchase price for the Offered Securities
to be purchased by the non-Selling Stockholder exercising its Right of First
Refusal under this Agreement will be the Offered Price, and will be payable as
set forth in Section 4.4 hereof.  If the Offered Price includes
consideration other than cash, the cash equivalent value of the non-cash
consideration will be the Fair Market Value of such noncash consideration.

5.4.      Payment.  Payment of the purchase price for Offered Securities
purchased by a Stockholder exercising its Right of First Refusal will be made in
cash within ten (10) days after the date of the Purchase Notice, or if any legal
or regulatory requirements, including, without limitation, those imposed by the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, must be first satisfied
prior to making such payment, within two (2) days after the satisfaction of such
legal requirements.

5.5.      Rights of Stockholder.  Upon the date that payment is made for
the Offered Securities purchased by the non-Selling Stockholder pursuant to the
Right of First Refusal hereunder, the Selling Stockholder will have no further
rights as a holder of such Offered Securities and the Selling Stockholder will
forthwith cause all certificate(s) evidencing such Offered Securities to be
surrendered to the Company or its transfer agent for cancellation and new
certificates evidencing such Offered Securities will be promptly delivered to
the purchasing Stockholder.

5.6.      Selling Stockholder's Right to Transfer.  If the non-Selling
Stockholder has not elected pursuant to its Right of First Refusal to purchase
all or a portion, as applicable, of the Offered Securities, the Selling
Stockholder may Transfer the Offered Securities to any Person named as a
Proposed Transferee in the Selling Stockholder's Notice, at the Offered Price or
at a higher price, provided that such transfer (a) is consummated within
one hundred twenty (120) days after the date of the Selling Stockholder's Notice
and (b) is in accordance with the terms and conditions of this Agreement;
provided however, that in the case of a proposed Open Market Sale, such
transfers must take place within the six (6) week period following the date of
the Selling Stockholder's Notice.  If the Offered Stock is transferred in
accordance with the terms and conditions of this Agreement to a non-affiliate,
then the transferee(s) of the Offered Stock will thereafter hold such Offered
Securities free of the Right of First Refusal and all other restrictions imposed
by this Agreement.  If the Offered Securities are not so transferred during such
one hundred twenty (120) day period or such six (6) week period, as the case may
be, then the Selling Stockholder will not transfer any of such Offered Stock
without complying again in full with the provisions of this Agreement.

5.7.      Certain Transfers.  

Notwithstanding the foregoing:

(i)If the Offered Securities will be sold by means of a registered
underwritten offering, then the Selling Stockholder's Notice need not name any
Proposed Transferee if such notice (x) states that the Offered Securities will
be sold by means of a broadly distributed offering and (y) contains the proposed
underwriter's good faith estimate of the public offering price (the
"Proposed Public Offering Price") based on then-current
market conditions.  If the non-Selling Stockholder does not elect, pursuant to
its Right of First Refusal, to purchase all or a portion, as applicable, of the
Offered Securities at the proposed Public Offering Price, the Selling
Stockholder may transfer such Offered Securities as the non-Selling Stockholder
has not elected to so purchase at prices that are based on the prevailing market
price for the Offered Securities at the time of the sale of such Offered
Securities even if such market price is lower than the Proposed Public Offering
Price.

(ii)If the Offered Securities will be sold pursuant to block trades or
other brokerage transactions, then the Selling Stockholder's Notice need not
name any Proposed Transferee nor any Offered Price.  If the non-Selling
Stockholder does not elect, pursuant to its Right of First Refusal, to purchase
all of the Offered Securities on the date of the Selling Stockholder's Notice at
the closing market price for the Offered Securities on the date of the Selling
Stockholder's Notice, the Selling Stockholder may transfer such Offered
Securities at prices that are based on the prevailing market price in effect for
the Offered Securities at the time of the sale of such Offered Securities
through block trades or other brokerage transaction, even if such market price
is lower than the closing market price for such Offered Securities on the date
of the Selling Stockholder's Notice.

5.8.      Legend.  Each Stockholder understands and agrees that the
Company will cause the legend set forth below, or a legend substantially
equivalent thereto, to be placed upon any certificate(s) or other documents or
instruments evidencing ownership of Securities by the
Stockholder:

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
CERTAIN RIGHTS OF FIRST REFUSAL AS SET FORTH IN A FIRST AMENDED AND RESTATED
STOCKHOLDERS' AGREEMENT EFFECTIVE AS OF JANUARY 16, 2004 ENTERED INTO BY THE
HOLDER OF THESE SHARES, THE COMPANY AND CERTAIN STOCKHOLDERS OF THE COMPANY.  A
COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.  SUCH
RIGHT OF FIRST REFUSAL IS BINDING ON CERTAIN TRANSFEREES OF THESE SHARES.

The Company will cause such legend to be removed upon the termination of this
Agreement.

5.9.      Stock Transfer Instructions.  Each Stockholder agrees, to
ensure compliance with the restrictions referred to herein, that the Company may
issue appropriate "stop transfer" certificates or instructions and
that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its records.

	PARTICIPATION RIGHTS.  

6.1.      New Securities.  If from time to time the percentage of the Total
Voting Power represented by the Voting Power of all Voting Securities then
owned, directly or indirectly, by a Stockholder (the "Applicable
Percentage") would be reduced as a result of any issuance of Voting
Securities by the Company or could be reduced as a result of any issuance of
Convertible Securities by the Company (in either case, whether for cash,
property or otherwise and, such securities are referred to herein as
"New Securities"), the Company shall so notify the
Stockholder in writing not less than ten (10) Business Days prior to the
proposed date of any such issuance and shall offer to sell to the Stockholder,
and, if such offer is accepted in writing by (x) if such issuance is made
pursuant to an underwriting or private placement purchase agreement, the second
Business Day prior to the date of execution of any such agreement (it being
understood that the Company will give the Stockholder at least four (4) Business
Day's prior notice of such date of execution) or (y) if such issuance is not
made pursuant to such an agreement, the fifth (5th) Business Day
prior to the proposed date of such issuance, the Company shall sell to the
Stockholder that portion of the Voting Securities or Convertible Securities to
be issued that would result in such Stockholder's Applicable Percentage
immediately following such issuance equaling the Stockholder's Applicable
Percentage in effect immediately prior to such issuance (assuming, in the case
of Convertible Securities, the conversion, exchange or exercise at such time of
all Convertible Securities), or any lesser portion of the Voting Securities or
Convertible Securities to be issued in such issuance as may be designated by the
Stockholder, in either case at a price per share or other trading unit of such
Voting Securities or Convertible Securities, as the case may be, equal to the
price per share or other trading unit of such Voting Securities or Convertible
Securities, as the case may be, to be received by the Company in such issuance,
less any underwriting discounts and commissions (the "Purchase
Price"), and otherwise on the same terms as may be applicable to
such issuance; provided, however, that a Stockholder shall not be
entitled to purchase such Voting Securities or Convertible Securities from the
Company pursuant to this Section 5.1 to the extent that such purchase
would cause such Stockholder to own, directly or indirectly, Voting Securities
representing an aggregate Voting Power in excess of a percentage of the Total
Voting Power of the Company equal to the Initial Percentage after giving effect
to the proposed issuance; provided, further, however, that
the preceding provisions shall not apply to issuances of:

(a)up to an aggregate of 4,300,000 shares of the Company's Common Stock
(and/or options or warrants therefor) issued to employees, officers, directors,
contractors, advisors or consultants of the Company pursuant to incentive
agreements or plans approved by the Board of Directors of the Company, such
number of shares being subject to proportional adjustment to reflect
subdivisions, combinations and stock dividends affecting the number of
outstanding shares of such stock; or

(b)up to an aggregate of 500,000 shares of the Company's Common Stock
(and/or options or warrants therefor) issued or issuable to parties as approved
by the Board of Directors for any corporate purpose, including, without
limitation, for providing the Company with equipment leases, real property
leases, loans, credit lines, guaranties of indebtedness, cash price reductions
or similar financing, such number of shares being subject to proportional
adjustment to reflect subdivisions, combinations and stock dividends affecting
the number of outstanding shares of such stock.

Notwithstanding the foregoing provisions, in the event the Company proposes
to issue Voting Securities or Convertible Securities for consideration other
than cash, then, in lieu of purchasing a portion of the Voting Securities or
Convertible Securities to be issued, the Stockholder shall be entitled to
require the Company to issue to such Stockholder at a per share price equal to
the Fair Market Value of the additional Voting Securities or Convertible
Securities such that immediately after such issuance, such Stockholder's
Applicable Percentage equals such Stockholder's Applicable Percentage in effect
immediately prior to such issuance (assuming, in the case of Convertible
Securities, the conversion, exchange or exercise at such time of all Convertible
Securities to be issued in such issuance).  For purposes of calculating the Fair
Market Value of such additional Voting Securities or Convertible Securities, the
term "Triggering Event" shall mean the date of the issuance of such
Voting Securities or Convertible Securities for consideration other than
cash.

6.2.      Additional Limitations on Participation Rights.

(a)Notwithstanding the provisions of Section 5.1, (i) if the
Company proposes to issue Voting Securities or Convertible Securities pursuant
to the first underwritten public offering of the Company subsequent to its
initial public offering (the "First Follow-On Offering")
and a Stockholder would otherwise be entitled to purchase a portion of such
Voting Securities pursuant to the provisions of Section 5.1, and
(ii) if, in the opinion of the underwriters of such First Follow-On
Offering, the public trading market for the Company's Common Stock would be
significantly adversely affected if the Stockholders exercised their
participation rights contained in Section 5.1 with respect to an amount
of Voting Securities or Convertible Securities such that after exercise of such
participation right, the Applicable Percentage of such Stockholder would be in
excess of 25% (assuming, in the case of Convertible Securities, the conversion,
exchange or exercise at such time of all Convertible Securities), then the
Stockholders shall be permitted to exercise their participation rights specified
in Section 5.1 in connection with the First Follow-On Offering only to
the extent that such Stockholder's Applicable Percentage would not exceed 25%
after giving effect to the First Follow-On Offering, or such higher percentage
that would not, in the opinion of the underwriters of such First Follow-On
Offering, significantly adversely affect such offering.

(b)In the event that a Stockholder was unable to exercise the
participation rights set forth in Section 5.1 to the extent it would
have otherwise been able to exercise as a result of the provisions of Section
5.2(a), then in the event the Company proposes to issue Voting Securities or
Convertible Securities subsequent to the First Follow-On Offering, such
Stockholder shall be entitled to purchase up to that portion of the Voting
Securities or Convertible Securities to be issued or to purchase from the
Company up to a number of additional Voting Securities or Convertible Securities
pursuant to Section 5.1 such that the Applicable Percentage of such
Stockholder immediately after such purchase equals no more than such
Stockholder's Applicable Percentage (not to exceed such Stockholder's Initial
Percentage) immediately prior to the First Follow-On Offering (assuming, in the
case of Convertible Securities, the conversion, exchange or exercise at such
time of all Convertible Securities).

6.3.      Failure to Exercise.  In the event that a Stockholder fails to
exercise the participation right within such ten (10) day period, then the
Company shall have 120 days thereafter to sell the New Securities with respect
to which the Stockholder's participation rights hereunder were not exercised, at
a price and upon general terms not materially more favorable to the purchasers
thereof than specified in the Company's notice to the Stockholders.  In the
event that the Company has not issued and sold the New Securities within such
120 day period, then the Company shall not thereafter issue or sell any New
Securities without again first offering such New Securities to the Stockholders
pursuant to this Section 5.

	TERM.  This Agreement shall terminate on October 29, 2005.

	GENERAL PROVISIONS.

8.1.      Notices.  Any notice, request or other communication required or
permitted hereunder shall be in writing and shall be deemed to have been duly
given if personally delivered or if deposited in the U.S. mail by registered or
certified mail, return receipt requested, postage prepaid, as follows:

(a)If to the Company:

MarketWatch.com, Inc.

825 Battery Street

San Francisco, CA  94111

Attention:  Douglas S. Appleton, Esq.

Facsimile:  (415) 293-0640

Morrison & Foerster

425 Market St. 

San Francisco, CA  94105

Attention:  Robert Townsend, Esq.

(b)If to CBS:

1515 Broadway

   New York, NY 10036

   Attention:

   Chief Financial Officer

   Facsimile: 212-975-6417

   General Counsel

   Facsimile: 323-575-7950

(c)If to Pearson:

Pearson Inc.

   1330 Avenue of the Americas

   New York, NY 10019

   Attn: Philip Hoffman

   Facsimile:  212-641-2515

Pearson Education

   One Lake Street

   Upper Saddle River, NJ 07458

   Attn: Robert Dancy

   Facsimile:  201-236-4675

Pearson Plc

   80 Strand

   London

   WC2R 0RL

   Attn:  General Counsel

   Facsimile:  020-7010-6662

Any party hereto (and such party's permitted assigns) may by notice so given
provide and change its address for future notices hereunder.  Notice shall
conclusively be deemed to have been given when personally delivered or five (5)
days after being deposited in the mail in the manner set forth above.

8.2.     Entire Agreement.  This Agreement
constitutes and contains the entire agreement and understanding of the parties
with respect to the subject matter hereof and supersedes any and all prior
negotiations, correspondence, agreements, understandings, duties or obligations
between the parties respecting the subject matter hereof.  Notwithstanding the
foregoing, the Original Agreement shall continue to govern, and be binding on
the parties hereto or their respective successors or permitted assigns, with
respect to any period prior to the effectiveness of this Agreement pursuant to
Section 2.  

8.3.      Amendment of Rights.  Any provision of this Agreement may be
amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
written consent of the parties hereto (and/or any of their permitted successors
or assigns).

8.4.      Governing Law.  This Agreement shall be governed by and
construed exclusively in accordance with the laws of the State of Delaware,
excluding that body of law relating to conflict of laws.

8.5.      Severability.  If one or more provisions of this Agreement are
held to be unenforceable under applicable law, then such provision(s) shall be
excluded form this Agreement and the balance of this Agreement shall be
interpreted as if such provision(s) were so excluded and shall be enforceable in
accordance with its terms.

8.6.      Third Parties.  Nothing in this Agreement, express or implied,
is intended to confer upon any Person, other than the parties hereto and their
successors and permitted assigns, any rights or remedies under or by reason of
this Agreement.

8.7.      Successor and Assigns.  The provisions of this Agreement shall
inure to the benefit of, and shall be binding upon, the successors and permitted
assigns of the parties hereto.

8.8.      Captions.  The captions to sections of this Agreement have
been inserted for identification and reference purposes only and shall not be
used to construe or interpret this Agreement.

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

8.10.      No Assignment.  Except as set forth in
Section 2, no party hereto may assign any of its rights or obligations hereunder
without the prior written consent of the other parties hereto and any attempt to
do so will be void.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date and year first above written.

	
PEARSON OVERSEAS HOLDING COMPANY LTD

By: ______________________________

Name: ___________________________

Title: ___________________________

	
CBS BROADCASTING INC.

By: ______________________________

Name: ___________________________

Title: ___________________________

	
MARKETWATCH.COM, INC.

By: ______________________________

Name: ___________________________

Title: ___________________________

	
NMP, INC.

By: ______________________________

Name: ___________________________

Title: ___________________________

[SIGNATURE PAGE TO STOCKHOLDERS' AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}]]