Document:

EXHIBIT
      10.1

     

    EMPLOYMENT
      AGREEMENT 

     

    THIS
      EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into effective as of
      January 31, 2008 by and between GigaBeam Corp. a Delaware company with its
      principal office at 4021 Stirrup Creek Drive, Suite 400, Durham, NC 27703 (the
      “Company), and S. Jay Lawrence (“Employee”). 

     

    Statement
      of Purpose 

     

    The
      Company wishes to obtain the services of Employee on the terms and conditions
      and with the benefits set forth in this Agreement. Employee desires to be
      employed by the Company on such terms and conditions and to receive such
      additional consideration as set out herein. 

     

    Therefore,
      in consideration of the mutual covenants contained in this Agreement, the grant
      of certain options to purchase common stock of the Company and for other good
      and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Company and Employee agree as follows: 

     

    1.
      Employment.
      The
      Company hereby agrees to employ Employee, and Employee hereby accepts such
      employment, on the terms and conditions set forth in this Agreement.

     

    2.
      Term
      of Employment.
      The
      term of Employee’s employment under this Agreement shall commence as of the date
      of this Agreement and shall continue for one year. Termination of employment
      shall be governed by Paragraph 7 of this Agreement, and unless terminated by
      either party as provided in Paragraph 7, this Agreement shall automatically,
      at
      the expiration of each then existing term, renew for successive additional
      one
      year terms (such annual period being hereinafter referred to as the “Term”).

     

    3.
      Position
      and Duties.
      The
      Employee shall serve as President and Chief Executive Officer. Employee will,
      under the direction of the Board of Directors of the Company, faithfully and
      to
      the best of his ability perform the duties as required by these positions and
      such additional duties as may be reasonably assigned by the Board of Directors.
      Employee agrees to devote his entire working time, energy and skills to the
      Company while so employed. 

     

    4.
      Compensation
      and Benefits.
      Employee shall receive compensation and benefits for the services performed
      for
      the Company under this Agreement as follows: 

     

    (a)
      Base
      Salary.
      Employee shall receive a base salary of $200,000 per annum, payable in regular
      and equal semi-monthly installments (“Base Salary”). 

     

    (b)
      Employee
      Benefits.
      Employee shall receive such benefits as are made available to the other
      employees of the Company, including, but not limited to, life, medical and
      disability insurance, retirement benefits, vacation in the amount of four
      (4) weeks annually (earned on an accrual basis), one (1) week of sick
      leave, three (3) personal days and such other benefits as may be provided
      to all the other executive employees of the Company (the “Employee Benefits”).
      Employer reserves the right to reduce, eliminate or change such Employee
      Benefits, in its sole discretion, subject to any applicable legal and regulatory
      requirements. 

     

    (c)
      Incentive
      Compensation.
      Employee may participate in such incentive plans as may be approved by the
      Board
      of Directors from time-to-time. The specific incentive compensation plans for
      Employee are as set out on Exhibit A hereto. 

     

    5.
      Reimbursement
      of Expenses.
      The
      Company shall reimburse Employee for all reasonable out-of-pocket expenses
      incurred by Employee specifically and directly related to the performance by
      Employee of the services under this Agreement. 

     

    6.
      Withholding.
      The
      Company may withhold from any payments or benefits under this Agreement all
      federal, state or local taxes or other amounts as may be required pursuant
      to
      applicable law, government regulation or ruling. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.
      Termination
      of Employment.
      

     

    (a)
      Death
      of Employee.
      If the
      Employee shall die during the Term, this Agreement and the employment
      relationship hereunder will automatically terminate on the date of death.

     

    (b)
      Termination
      by the Company for Just Cause.
      The
      Company shall have the right to terminate the Employee’s employment under this
      Agreement at any time for Just Cause, which termination shall be effective
      immediately. Termination for “Just Cause” shall include termination for the
      Employee’s personal dishonesty, gross incompetence, willful misconduct, breach
      of a fiduciary duty involving personal profit, intentional failure to perform
      stated duties, willful violation of any law, rule, regulation (other than
      traffic violations or similar offenses), written Company policy or final
      cease-and-desist order, conviction of a felony or of a misdemeanor involving
      moral turpitude, unethical business practices in connection with the Company’s
      business, misappropriation of the Company’s assets (determined on a reasonable
      basis), disability or material breach of any other provision of this Agreement.
      The determination of whether “Just Cause” exists for termination shall be made
      by the Board of Directors of the Company in its sole discretion. For purposes
      of
      this subsection, the term “disability” means the inability of Employee, due to
      the condition of his physical, mental or emotional health, to satisfactorily
      perform the duties of his employment hereunder for a continuous three month
      period; provided further that if the Company furnishes long term disability
      insurance for the Employee, the term “disability” shall mean that continuous
      period sufficient to allow for the long term disability payments to commence
      pursuant to the Company’s long term disability insurance policy. In the event
      the Employee’s employment under this Agreement is terminated for Just Cause, the
      Employee shall have no right to receive compensation or other benefits under
      this Agreement for any period after such termination. 

     

    (c)
      Termination
      by the Company Without Cause.
      The
      Company may terminate the Employee’s employment other than for “Just Cause,” as
      described in Subsection (b) above, at any time upon written notice to the
      Employee, which termination shall be effective immediately. In the event the
      Company terminates Employee pursuant to this Subsection (c) at any time,
      (i) the Employee will continue to receive Base Salary for a one (1) year
      period from such termination (the “Termination Compensation”) and (ii) the
      Company shall take such action as may be required to vest any unvested benefits
      of the Employee under any employee stock-based or other benefit plan or
      arrangement. Such amounts shall be payable at the times such amounts would
      have
      been paid in accordance with Section 4. In addition, Employee shall
      continue to participate in the same group hospitalization plan, health care
      plan, dental care plan, life or other insurance or death benefit plan, and
      any
      other present or future similar group employee benefit plan or program for
      which
      officers of the Company generally are eligible, on the same terms as were in
      effect prior to Employee’s termination, either under the Company’s plans or
      comparable coverage, for all periods Employee receives Termination Compensation.
      Notwithstanding anything in this Agreement to the contrary, if Employee breaches
      Sections 8, 9 or 10 of this Agreement, the Employee will not be entitled to
      receive any further compensation or benefits pursuant to this Section 7(c).

     

    (d)
      Termination
      by the Employee for Cause.
      Employee may terminate his employment immediately under this Agreement for
      “Cause”. “Cause” shall mean the Company: (i) knowingly breaching any
      material provision of this Agreement, which breach is not cured within seven
      (7) business days after Employee provides notice of the alleged breach to
      the Company; (ii) reducing the Employee’s Base Salary or substantially
      diminishing the Employee’s job position and duties as set out in this Agreement;
      (iii) permanently assigning Employee to work outside the State of North
      Carolina; or (iv) knowingly instructing Employee to violate any applicable
      law in carrying out Employee’s duties under this Agreement. In the event
      Employee terminates his employment for “Cause”, such termination shall be
      treated as a termination by the Company “Without Cause” pursuant to
      Section 7(c) above. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e)
      Change of Control Situations. In the event of a Change of Control of the Company
      at any time after the date hereof, Employee may voluntarily terminate employment
      with Company up until one (1) year after the Change of Control for “Good
      Reason” (as defined below) and, subject to Section 7(g), (y) be
      entitled to receive in a lump sum (i) any compensation due but not yet paid
      through the date of termination and (ii) in lieu of any further salary
      payments from the date of termination to the end of the then existing term,
      an
      amount equal to the Termination Compensation times 2.99 within two
      (2) months of the consummation of the Change of Control, and (z) shall
      continue to participate in the same group hospitalization plan, health care
      plan, dental care plan, life or other insurance or death benefit plan, and
      any
      other present or future similar group employee benefit plan or program for
      which
      officers of the Company generally are eligible, or comparable plans or coverage,
      for a period of two years following termination of employment by the Employee,
      on the same terms as were in effect either (A) at the date of such
      termination, or (B) if such plans and programs in effect prior to the
      Change of Control of Company are, considered together as a whole, materially
      more generous to the officers of Company, then at the date of the Change of
      Control. Any equity based incentive compensation (including but not limited
      to
      stock options, SARs, etc.) shall fully vest and be immediately exercisable
      in
      full upon a Change in Control, not withstanding any provision in any applicable
      plan. Any such benefits shall be paid by the Company to the same extent as
      they
      were so paid prior to the termination or the Change of Control of Company.
      

     

    “Good
      Reason” shall mean the occurrence of any of the following events without the
      Employee’s express written consent: 

     

    (i)
      the
      assignment to the Employee of duties materially inconsistent with the position
      and status of the Employee with the Company immediately prior to the Change
      of
      Control; 

     

    (ii)
      a
      material reduction by the Company in the Employee’s pay grade or base salary as
      then in effect, or the exclusion of Employee from participation in Company’s
      benefit plans in which he previously participated as in effect at the date
      hereof or as the same may be increased from time to time during the Term;

     

    (iii)
      an
      involuntary relocation of the Employee more than 50 miles from the location
      where the Employee worked immediately prior to the Change in Control or the
      breach by the Company of any material provision of this Agreement; or

     

    (iv)
      any
      purported termination of the employment of Employee by Company which is not
      effected in accordance with this Agreement. 

     

    A
“Change
      of Control” shall be deemed to have occurred if (i) any person or group of
      persons (as defined in Section 13(d) and 14(d) of the Securities Exchange
      Act of 1934) together with its affiliates, excluding employee benefit plans
      of
      Company, becomes, directly or indirectly, the “beneficial owner” (as defined in
      Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of securities
      of Company representing 20% or more of the combined voting power of Company’s
      then outstanding securities; or (ii) during the then existing term of the
      Agreement, as a result of a tender offer or exchange offer for the purchase
      of
      securities of Company (other than such an offer by the Company for its own
      securities), or as a result of a proxy contest, merger, consolidation or sale
      of
      assets, or as a result of any combination of the foregoing, individuals who
      at
      the beginning of any year period during such term constitute the Company’s Board
      of Directors, plus new directors whose election by Company’s shareholders is
      approved by a vote of at least two-thirds of the outstanding voting shares
      of
      the Company, cease for any reason during such year period to constitute at
      least
      two-thirds of the members of such Board of Directors; or (iii) the
      shareholders of the Company approve a merger or consolidation of the Company
      with any other corporation or entity regardless of which entity is the survivor,
      other than a merger or consolidation which would result in the voting securities
      of the Company outstanding immediately prior thereto continuing to represent
      (either by remaining outstanding or being converted into voting securities
      of
      the surviving entity) at least 60% of the combined voting power of the voting
      securities of the Company or such surviving entity outstanding immediately
      after
      such merger or consolidation; or (iv) the shareholders of the Company
      approve a plan of complete liquidation or winding-up of the Company or an
      agreement for the sale or disposition by the Company of all or substantially
      all
      of the Company’s assets; or (v) any event which the Company’s Board of
      Directors determines should constitute a Change of Control. 

     

    (f)
      Employee’s
      Right to Payments.
      In
      receiving any payments pursuant to this Section 7, Employee shall not be
      obligated to seek other employment or take any other action by way of mitigation
      of the amounts payable to the Employee hereunder, and such amounts shall not
      be
      reduced or terminated whether or not the Employee obtains other employment.
      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (g)
      Reduction
      in Agreement Payments.
      Notwithstanding anything in this Agreement to the contrary, if any of the
      payments provided for under this Agreement (the “Agreement Payments”), together
      with any other payments that the Employee has the right to receive (such other
      payments together with the Agreement Payments are referred to as the “Total
      Payments”), would constitute a “parachute payment” as defined in
      Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the
“Code”) (a “Parachute Payment”), the Agreement Payments shall be reduced by the
      smallest amount necessary so that no portion of such Total Payments would be
      Parachute Payments. In the event the Company shall make an Agreement Payment
      to
      the Employee that would constitute a Parachute Payment, the Employee shall
      return such payment to the Company (together with interest at the rate set
      forth
      in Section 1274(b)(2)(B) of the Code). For purposes of determining whether
      and the extent to which the Total Payments constitute Parachute Payments, no
      portion of the Total Payments the receipt of which Employee has effectively
      waived in writing shall be taken into account. 

     

    8.
      Covenant
      Not to Compete.
      Employee agrees that during his employment with the Company and for a period
      of
      one (1) year following the termination of his employment with the Company,
      for whatever reason: 

     

    (a)
      Employee shall not, directly or indirectly, own any interest in, manage,
      operate, control, be employed by, render advisory services to, or participate
      in
      the management or control of any business that operates in the same business
      as
      the Company, which Employee and the Company specifically agree as the business
      of manufacturing, marketing, deploying, distributing and/or selling point to
      point wireless data transmission products (the “Business”), unless Employee’s
      duties, responsibilities and activities for and on behalf of such other business
      are not related in any way to such other business’s products which are in
      competition with the Company’s products. For purposes of this section,
“competition with the Company” shall mean competition for customers in the
      United States and in any country in which the Company is selling the Company’s
      products at the time of termination. Employee’s ownership of less than one
      percent of the issued and outstanding stock of a corporation engaged in the
      Business shall not by itself be deemed to be a violation of this Agreement.
      Employee recognizes that the possible restriction on his activities which may
      occur as a result of his performance of his obligations under Paragraph 8(a)
      are
      substantial, but that such restriction is required for the reasonable protection
      of the Company. 

     

    (b)
      Employee shall not, directly or indirectly, influence or attempt to influence
      any customer of the Company to discontinue its purchase of any product of the
      Company which is manufactured or sold by the Company at the time of termination
      of Employee’s employment or to divert such purchases to any other person, firm
      or employer. 

     

    (c)
      Employee shall not, directly or indirectly, interfere with, disrupt or attempt
      to disrupt the relationship, contractual or otherwise, between the Company
      and
      any of its suppliers. 

     

    (d)
      Employee shall not, directly or indirectly, solicit any employee of the Company
      to work for any other person, firm or employer. 

     

    9.
      Confidentiality.
      In the
      course of his employment with the Company, Employee will have access to
      confidential information, records, data, customer lists, lists of product
      sources, specifications, trade secrets and other information which is not
      generally available to the public and which the Company and Employee hereby
      agree is proprietary information of the Company (“Confidential Information”).
      During and after his employment by the Company, Employee shall not, directly
      or
      indirectly, disclose the Confidential Information to any person or use any
      Confidential Information, except as is required in the course of his employment
      under this Agreement. All Confidential Information as well as records, files,
      memoranda, reports, plans, drawings, documents, models, equipment and the like,
      including copies thereof, relating to the Company’s business, which Employee
      shall prepare or use or come into contact with during the course of his
      employment, shall be and remain the Company’s sole property, and upon
      termination of Employee’s employment with the Company, Employee shall return all
      such materials to the Company. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    10.
      Proprietary
      Information.
      Employee shall assign to the Company, its successors or assigns, all of
      Employee’s rights to copyrightable works and inventions which, during the period
      of Employee’s employment by the Company or its successors in business, Employee
      makes or conceives, either solely or jointly with others, relating to any
      subject matter with which Employee’s work for the Company is or may be concerned
      (“Proprietary Information”). Employee shall promptly disclose in writing to the
      Company such copyrightable works and inventions and, without charge to the
      Company, to execute, acknowledge and deliver all such further papers, including
      applications for copyrights and patents for such copyrightable works and
      inventions, if any, in all countries and to vest title thereto in the Company,
      its successors, assigns or nominees. Upon termination of Employee’s employment
      hereunder, Employee shall return to the Company or its successors or assigns,
      as
      the case may be, any Proprietary Information. The obligation of Employee to
      assign the rights to such copyrightable works and inventions shall survive
      the
      discontinuance or termination of this Agreement for any reason. 

     

    11.
      Entire
      Agreement.
      This
      Agreement contains the entire agreement of the parties with respect to
      Employee’s employment by the Company and supersedes any prior agreements between
      them, whether written or oral. 

     

    12.
      Waiver.
      The
      failure of either party to insist in any one or more instance, upon performance
      of the terms and conditions of this Agreement, shall not be construed as a
      waiver or a relinquishment of any right granted hereunder or of the future
      performance of any such term or condition. 

     

    13.
      Notices.
      Any
      notice to be given under this Agreement shall be deemed sufficient if addressed
      in writing and delivered personally, by telefax with receipt acknowledged,
      or by
      registered or certified U.S. mail to the address first above appearing, or
      to
      such other address as a party may designate by notice from time to time.

     

    14.
      Severability.
      In the
      event that any provision of any paragraph of this Agreement shall be deemed
      to
      be invalid or unenforceable for any reason whatsoever, it is agreed such
      invalidity or unenforceability shall not affect any other provision of such
      paragraph or of this Agreement, and the remaining terms, covenants, restrictions
      or provisions in such paragraph and in this Agreement shall remain in full
      force
      and effect and any court of competent jurisdiction may so modify the
      objectionable provision as to make it valid, reasonable and enforceable.

     

    15.
      Amendment.
      This
      Agreement may be amended only by an agreement in writing signed by each of
      the
      parties hereto. 

     

    16.
      Arbitration.
      Any
      controversy or claim arising out of or relating to this Agreement, or breach
      thereof, shall be settled by arbitration in Raleigh, North Carolina in
      accordance with the expedited procedures of the Rules of the American
      Arbitration Association, and judgment upon the award may be rendered by the
      arbitrator and may be entered in any court having jurisdiction thereof.

     

    17.
      Governing
      Law.
      This
      Agreement shall be governed and construed in accordance with the laws of the
      State of North Carolina. Each of the parties hereto irrevocably submits to
      the
      exclusive jurisdiction of the courts located in North Carolina for the purposes
      of any suit, action or other proceeding contemplated hereby or any transaction
      contemplated hereby. 

     

    18.
      Benefit.
      This
      Agreement shall be binding upon and inure to the benefit of and shall be
      enforceable by and against the Company, its successors and assigns, and
      Employee, his heirs, beneficiaries and legal representatives. It is agreed
      that
      the rights and obligations of Employee may not be delegated or assigned except
      as may be specifically agreed to by the parties hereto. 

     

    19.
      Compliance
      with Section 409A.
      The
      parties hereto intend that this Agreement comply with Section 409A of the
      Internal Revenue Code of 1986, as amended (including any applicable regulations,
      proposed regulations, guidance or other interpretive authority thereunder (for
      purposes of this section, collectively, “Section 409A”), to the extent
      applicable. The parties hereby agree that this Agreement shall be construed
      in a
      manner to comply with Section 409A and that should any provision be found
      not in compliance with Section 409A, the parties are hereby contractually
      obligated to execute any and all amendments to this Agreement deemed necessary
      and recommended by legal counsel for the Company to achieve compliance with
      Section 409A. By execution and delivery of this Agreement, the Company and
      the Employee each irrevocably waive any objections it or he may have to the
      amendments required or necessitated, in the reasonable opinion of the Company,
      by Section 409A. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    

      
        	 	
                GigaBeam
                  Corp.

              
	 	 
	 	
                By:

              	
                /s/
                  Mark W. Hahn

              
	 	 	
                Mark
                  W. Hahn, VP & CFO

              
	 	 
	 	
                EMPLOYEE

              
	 	 
	 	
                By:

              	
                /s/
                  S. Jay Lawrence

              
	 	 	
                S.
                  Jay Lawrence

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

     

    Bonus
      Plan:
      Based
      upon performance measurements a cash bonus equal to 5% of “adjusted net
      operating income” annually.

     

    Short-term
      stock option grant:
      Employee
      shall be awarded 1,250,000 nonqualified stock options under the Company’s Stock
      Incentive Plan at the closing price of the common stock on the date hereof,
      vesting quarterly in equal amounts over a one-year period. 

     

    Long-term
      stock option grant:
      Employee
      shall be awarded 1,250,000 nonqualified stock options under the Company’s Stock
      Incentive Plan at the closing price of the common stock on the date hereof,
      vesting quarterly in equal amounts over a three-year period, with the vesting
      start date retroactive to Employee’s first date of employment.EXHIBIT
      10.2

     

    EMPLOYMENT
      AGREEMENT 

     

    THIS
      EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into effective as of
      January 31, 2008 by and between GigaBeam Corp. a Delaware company with its
      principal office at 4021 Stirrup Creek Drive, Suite 400, Durham, NC 27703 (the
      “Company), and Mark W. Hahn (“Employee”). 

     

    Statement
      of Purpose 

     

    The
      Company wishes to obtain the services of Employee on the terms and conditions
      and with the benefits set forth in this Agreement. Employee desires to be
      employed by the Company on such terms and conditions and to receive such
      additional consideration as set out herein. 

     

    Therefore,
      in consideration of the mutual covenants contained in this Agreement, the grant
      of certain options to purchase common stock of the Company and for other good
      and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Company and Employee agree as follows: 

     

    1.
      Employment.
      The
      Company hereby agrees to employ Employee, and Employee hereby accepts such
      employment, on the terms and conditions set forth in this Agreement.

     

    2.
      Term
      of Employment.
      The
      term of Employee’s employment under this Agreement shall commence as of the date
      of this Agreement and shall continue for one year. Termination of employment
      shall be governed by Paragraph 7 of this Agreement, and unless terminated by
      either party as provided in Paragraph 7, this Agreement shall automatically,
      at
      the expiration of each then existing term, renew for successive additional
      one
      year terms (such annual period being hereinafter referred to as the “Term”).

     

    3.
      Position
      and Duties.
      The
      Employee shall serve as Vice President of Finance & Administration and Chief
      Financial Officer. Employee will, under the direction of S. Jay Lawrence,
      President and Chief Executive Officer of the Company, faithfully and to the
      best
      of his ability perform the duties as required by these positions and such
      additional duties as may be reasonably assigned by Mr. Lawrence or the Board
      of
      Directors. Employee agrees to devote his entire working time, energy and skills
      to the Company while so employed. 

     

    4.
      Compensation
      and Benefits.
      Employee shall receive compensation and benefits for the services performed
      for
      the Company under this Agreement as follows: 

     

    (a)
      Base
      Salary.
      Employee shall receive a base salary of $190,000, payable in regular and equal
      semi-monthly installments (“Base Salary”). 

     

    (b)
      Employee
      Benefits.
      Employee shall receive such benefits as are made available to the other
      employees of the Company, including, but not limited to, life, medical and
      disability insurance, retirement benefits, vacation in the amount of four
      (4) weeks annually (earned on an accrual basis), one (1) week of sick
      leave, three (3) personal days and such other benefits as may be provided
      to all the other executive employees of the Company (the “Employee Benefits”).
      Employer reserves the right to reduce, eliminate or change such Employee
      Benefits, in its sole discretion, subject to any applicable legal and regulatory
      requirements. 

     

    (c)
      Incentive
      Compensation.
      Employee may participate in such incentive plans as may be approved by the
      Board
      of Directors from time-to-time. The specific incentive compensation plans for
      Employee are as set out on Exhibit A hereto. 

     

    5.
      Reimbursement
      of Expenses.
      The
      Company shall reimburse Employee for all reasonable out-of-pocket expenses
      incurred by Employee specifically and directly related to the performance by
      Employee of the services under this Agreement. 

     

    6.
      Withholding.
      The
      Company may withhold from any payments or benefits under this Agreement all
      federal, state or local taxes or other amounts as may be required pursuant
      to
      applicable law, government regulation or ruling. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    7.
      Termination
      of Employment.
      

     

    (a)
      Death
      of Employee.
      If the
      Employee shall die during the Term, this Agreement and the employment
      relationship hereunder will automatically terminate on the date of death.

     

    (b)
      Termination
      by the Company for Just Cause.
      The
      Company shall have the right to terminate the Employee’s employment under this
      Agreement at any time for Just Cause, which termination shall be effective
      immediately. Termination for “Just Cause” shall include termination for the
      Employee’s personal dishonesty, gross incompetence, willful misconduct, breach
      of a fiduciary duty involving personal profit, intentional failure to perform
      stated duties, willful violation of any law, rule, regulation (other than
      traffic violations or similar offenses), written Company policy or final
      cease-and-desist order, conviction of a felony or of a misdemeanor involving
      moral turpitude, unethical business practices in connection with the Company’s
      business, misappropriation of the Company’s assets (determined on a reasonable
      basis), disability or material breach of any other provision of this Agreement.
      The determination of whether “Just Cause” exists for termination shall be made
      by the Board of Directors of the Company in its sole discretion. For purposes
      of
      this subsection, the term “disability” means the inability of Employee, due to
      the condition of his physical, mental or emotional health, to satisfactorily
      perform the duties of his employment hereunder for a continuous three month
      period; provided further that if the Company furnishes long term disability
      insurance for the Employee, the term “disability” shall mean that continuous
      period sufficient to allow for the long term disability payments to commence
      pursuant to the Company’s long term disability insurance policy. In the event
      the Employee’s employment under this Agreement is terminated for Just Cause, the
      Employee shall have no right to receive compensation or other benefits under
      this Agreement for any period after such termination. 

     

    (c)
      Termination
      by the Company Without Cause.
      The
      Company may terminate the Employee’s employment other than for “Just Cause,” as
      described in Subsection (b) above, at any time upon written notice to the
      Employee, which termination shall be effective immediately. In the event the
      Company terminates Employee pursuant to this Subsection (c) at any time,
      (i) the Employee will continue to receive Base Salary for a one (1) year
      period from such termination (the “Termination Compensation”) and (ii) the
      Company shall take such action as may be required to vest any unvested benefits
      of the Employee under any employee stock-based or other benefit plan or
      arrangement. Such amounts shall be payable at the times such amounts would
      have
      been paid in accordance with Section 4. In addition, Employee shall
      continue to participate in the same group hospitalization plan, health care
      plan, dental care plan, life or other insurance or death benefit plan, and
      any
      other present or future similar group employee benefit plan or program for
      which
      officers of the Company generally are eligible, on the same terms as were in
      effect prior to Employee’s termination, either under the Company’s plans or
      comparable coverage, for all periods Employee receives Termination Compensation.
      Notwithstanding anything in this Agreement to the contrary, if Employee breaches
      Sections 8, 9 or 10 of this Agreement, the Employee will not be entitled to
      receive any further compensation or benefits pursuant to this Section 7(c).

     

    (d)
      Termination
      by the Employee for Cause.
      Employee may terminate his employment immediately under this Agreement for
      “Cause”. “Cause” shall mean the Company: (i) knowingly breaching any
      material provision of this Agreement, which breach is not cured within seven
      (7) business days after Employee provides notice of the alleged breach to
      the Company; (ii) reducing the Employee’s Base Salary or substantially
      diminishing the Employee’s job position and duties as set out in this Agreement;
      (iii) permanently assigning Employee to work outside the State of North
      Carolina; or (iv) knowingly instructing Employee to violate any applicable
      law in carrying out Employee’s duties under this Agreement. In the event
      Employee terminates his employment for “Cause”, such termination shall be
      treated as a termination by the Company “Without Cause” pursuant to
      Section 7(c) above. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (e)
      Change
      of Control Situations.
      In the
      event of a Change of Control of the Company at any time after the date hereof,
      Employee may voluntarily terminate employment with Company up until one
      (1) year after the Change of Control for “Good Reason” (as defined below)
      and, subject to Section 7(g), (y) be entitled to receive in a lump sum
      (i) any compensation due but not yet paid through the date of termination
      and (ii) in lieu of any further salary payments from the date of
      termination to the end of the then existing term, an amount equal to the
      Termination Compensation times 2.99 within two (2) months of the
      consummation of the Change of Control, and (z) shall continue to
      participate in the same group hospitalization plan, health care plan, dental
      care plan, life or other insurance or death benefit plan, and any other present
      or future similar group employee benefit plan or program for which officers
      of
      the Company generally are eligible, or comparable plans or coverage, for a
      period of two years following termination of employment by the Employee, on
      the
      same terms as were in effect either (A) at the date of such termination, or
      (B) if such plans and programs in effect prior to the Change of Control of
      Company are, considered together as a whole, materially more generous to the
      officers of Company, then at the date of the Change of Control. Any equity
      based
      incentive compensation (including but not limited to stock options, SARs, etc.)
      shall fully vest and be immediately exercisable in full upon a Change in
      Control, not withstanding any provision in any applicable plan. Any such
      benefits shall be paid by the Company to the same extent as they were so paid
      prior to the termination or the Change of Control of Company. 

     

    “Good
      Reason” shall mean the occurrence of any of the following events without the
      Employee’s express written consent: 

     

    (i)
      the
      assignment to the Employee of duties materially inconsistent with the position
      and status of the Employee with the Company immediately prior to the Change
      of
      Control; 

     

    (ii)
      a
      material reduction by the Company in the Employee’s pay grade or base salary as
      then in effect, or the exclusion of Employee from participation in Company’s
      benefit plans in which he previously participated as in effect at the date
      hereof or as the same may be increased from time to time during the Term;

     

    (iii)
      an
      involuntary relocation of the Employee more than 50 miles from the location
      where the Employee worked immediately prior to the Change in Control or the
      breach by the Company of any material provision of this Agreement; or

     

    (iv)
      any
      purported termination of the employment of Employee by Company which is not
      effected in accordance with this Agreement. 

     

    A
“Change
      of Control” shall be deemed to have occurred if (i) any person or group of
      persons (as defined in Section 13(d) and 14(d) of the Securities Exchange
      Act of 1934) together with its affiliates, excluding employee benefit plans
      of
      Company, becomes, directly or indirectly, the “beneficial owner” (as defined in
      Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of securities
      of Company representing 20% or more of the combined voting power of Company’s
      then outstanding securities; or (ii) during the then existing term of the
      Agreement, as a result of a tender offer or exchange offer for the purchase
      of
      securities of Company (other than such an offer by the Company for its own
      securities), or as a result of a proxy contest, merger, consolidation or sale
      of
      assets, or as a result of any combination of the foregoing, individuals who
      at
      the beginning of any year period during such term constitute the Company’s Board
      of Directors, plus new directors whose election by Company’s shareholders is
      approved by a vote of at least two-thirds of the outstanding voting shares
      of
      the Company, cease for any reason during such year period to constitute at
      least
      two-thirds of the members of such Board of Directors; or (iii) the
      shareholders of the Company approve a merger or consolidation of the Company
      with any other corporation or entity regardless of which entity is the survivor,
      other than a merger or consolidation which would result in the voting securities
      of the Company outstanding immediately prior thereto continuing to represent
      (either by remaining outstanding or being converted into voting securities
      of
      the surviving entity) at least 60% of the combined voting power of the voting
      securities of the Company or such surviving entity outstanding immediately
      after
      such merger or consolidation; or (iv) the shareholders of the Company
      approve a plan of complete liquidation or winding-up of the Company or an
      agreement for the sale or disposition by the Company of all or substantially
      all
      of the Company’s assets; or (v) any event which the Company’s Board of
      Directors determines should constitute a Change of Control. 

     

    (f)
      Employee’s
      Right to Payments.
      In
      receiving any payments pursuant to this Section 7, Employee shall not be
      obligated to seek other employment or take any other action by way of mitigation
      of the amounts payable to the Employee hereunder, and such amounts shall not
      be
      reduced or terminated whether or not the Employee obtains other employment.
      

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (g)
      Reduction
      in Agreement Payments.
      Notwithstanding anything in this Agreement to the contrary, if any of the
      payments provided for under this Agreement (the “Agreement Payments”), together
      with any other payments that the Employee has the right to receive (such other
      payments together with the Agreement Payments are referred to as the “Total
      Payments”), would constitute a “parachute payment” as defined in
      Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the
“Code”) (a “Parachute Payment”), the Agreement Payments shall be reduced by the
      smallest amount necessary so that no portion of such Total Payments would be
      Parachute Payments. In the event the Company shall make an Agreement Payment
      to
      the Employee that would constitute a Parachute Payment, the Employee shall
      return such payment to the Company (together with interest at the rate set
      forth
      in Section 1274(b)(2)(B) of the Code). For purposes of determining whether
      and the extent to which the Total Payments constitute Parachute Payments, no
      portion of the Total Payments the receipt of which Employee has effectively
      waived in writing shall be taken into account. 

     

    8.
      Covenant
      Not to Compete.
      Employee agrees that during his employment with the Company and for a period
      of
      one (1) year following the termination of his employment with the Company,
      for whatever reason: 

     

    (a)
      Employee shall not, directly or indirectly, own any interest in, manage,
      operate, control, be employed by, render advisory services to, or participate
      in
      the management or control of any business that operates in the same business
      as
      the Company, which Employee and the Company specifically agree as the business
      of manufacturing, marketing, deploying, distributing and/or selling point to
      point wireless data transmission products (the “Business”), unless Employee’s
      duties, responsibilities and activities for and on behalf of such other business
      are not related in any way to such other business’s products which are in
      competition with the Company’s products. For purposes of this section,
“competition with the Company” shall mean competition for customers in the
      United States and in any country in which the Company is selling the Company’s
      products at the time of termination. Employee’s ownership of less than one
      percent of the issued and outstanding stock of a corporation engaged in the
      Business shall not by itself be deemed to be a violation of this Agreement.
      Employee recognizes that the possible restriction on his activities which may
      occur as a result of his performance of his obligations under Paragraph 8(a)
      are
      substantial, but that such restriction is required for the reasonable protection
      of the Company. 

     

    (b)
      Employee shall not, directly or indirectly, influence or attempt to influence
      any customer of the Company to discontinue its purchase of any product of the
      Company which is manufactured or sold by the Company at the time of termination
      of Employee’s employment or to divert such purchases to any other person, firm
      or employer. 

     

    (c)
      Employee shall not, directly or indirectly, interfere with, disrupt or attempt
      to disrupt the relationship, contractual or otherwise, between the Company
      and
      any of its suppliers. 

     

    (d)
      Employee shall not, directly or indirectly, solicit any employee of the Company
      to work for any other person, firm or employer. 

     

    9.
      Confidentiality.
      In the
      course of his employment with the Company, Employee will have access to
      confidential information, records, data, customer lists, lists of product
      sources, specifications, trade secrets and other information which is not
      generally available to the public and which the Company and Employee hereby
      agree is proprietary information of the Company (“Confidential Information”).
      During and after his employment by the Company, Employee shall not, directly
      or
      indirectly, disclose the Confidential Information to any person or use any
      Confidential Information, except as is required in the course of his employment
      under this Agreement. All Confidential Information as well as records, files,
      memoranda, reports, plans, drawings, documents, models, equipment and the like,
      including copies thereof, relating to the Company’s business, which Employee
      shall prepare or use or come into contact with during the course of his
      employment, shall be and remain the Company’s sole property, and upon
      termination of Employee’s employment with the Company, Employee shall return all
      such materials to the Company. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    10.
      Proprietary
      Information.
      Employee shall assign to the Company, its successors or assigns, all of
      Employee’s rights to copyrightable works and inventions which, during the period
      of Employee’s employment by the Company or its successors in business, Employee
      makes or conceives, either solely or jointly with others, relating to any
      subject matter with which Employee’s work for the Company is or may be concerned
      (“Proprietary Information”). Employee shall promptly disclose in writing to the
      Company such copyrightable works and inventions and, without charge to the
      Company, to execute, acknowledge and deliver all such further papers, including
      applications for copyrights and patents for such copyrightable works and
      inventions, if any, in all countries and to vest title thereto in the Company,
      its successors, assigns or nominees. Upon termination of Employee’s employment
      hereunder, Employee shall return to the Company or its successors or assigns,
      as
      the case may be, any Proprietary Information. The obligation of Employee to
      assign the rights to such copyrightable works and inventions shall survive
      the
      discontinuance or termination of this Agreement for any reason. 

     

    11.
      Entire
      Agreement.
      This
      Agreement contains the entire agreement of the parties with respect to
      Employee’s employment by the Company and supersedes any prior agreements between
      them, whether written or oral. 

     

    12.
      Waiver.
      The
      failure of either party to insist in any one or more instance, upon performance
      of the terms and conditions of this Agreement, shall not be construed as a
      waiver or a relinquishment of any right granted hereunder or of the future
      performance of any such term or condition. 

     

    13.
      Notices.
      Any
      notice to be given under this Agreement shall be deemed sufficient if addressed
      in writing and delivered personally, by telefax with receipt acknowledged,
      or by
      registered or certified U.S. mail to the address first above appearing, or
      to
      such other address as a party may designate by notice from time to time.

     

    14.
      Severability.
      In the
      event that any provision of any paragraph of this Agreement shall be deemed
      to
      be invalid or unenforceable for any reason whatsoever, it is agreed such
      invalidity or unenforceability shall not affect any other provision of such
      paragraph or of this Agreement, and the remaining terms, covenants, restrictions
      or provisions in such paragraph and in this Agreement shall remain in full
      force
      and effect and any court of competent jurisdiction may so modify the
      objectionable provision as to make it valid, reasonable and enforceable.

     

    15.
      Amendment.
      This
      Agreement may be amended only by an agreement in writing signed by each of
      the
      parties hereto. 

     

    16.
      Arbitration.
      Any
      controversy or claim arising out of or relating to this Agreement, or breach
      thereof, shall be settled by arbitration in Raleigh, North Carolina in
      accordance with the expedited procedures of the Rules of the American
      Arbitration Association, and judgment upon the award may be rendered by the
      arbitrator and may be entered in any court having jurisdiction thereof.

     

    17.
      Governing
      Law.
      This
      Agreement shall be governed and construed in accordance with the laws of the
      State of North Carolina. Each of the parties hereto irrevocably submits to
      the
      exclusive jurisdiction of the courts located in North Carolina for the purposes
      of any suit, action or other proceeding contemplated hereby or any transaction
      contemplated hereby. 

     

    18.
      Benefit.
      This
      Agreement shall be binding upon and inure to the benefit of and shall be
      enforceable by and against the Company, its successors and assigns, and
      Employee, his heirs, beneficiaries and legal representatives. It is agreed
      that
      the rights and obligations of Employee may not be delegated or assigned except
      as may be specifically agreed to by the parties hereto. 

     

    19.
      Compliance
      with Section 409A.
      The
      parties hereto intend that this Agreement comply with Section 409A of the
      Internal Revenue Code of 1986, as amended (including any applicable regulations,
      proposed regulations, guidance or other interpretive authority thereunder (for
      purposes of this section, collectively, “Section 409A”), to the extent
      applicable. The parties hereby agree that this Agreement shall be construed
      in a
      manner to comply with Section 409A and that should any provision be found
      not in compliance with Section 409A, the parties are hereby contractually
      obligated to execute any and all amendments to this Agreement deemed necessary
      and recommended by legal counsel for the Company to achieve compliance with
      Section 409A. By execution and delivery of this Agreement, the Company and
      the Employee each irrevocably waive any objections it or he may have to the
      amendments required or necessitated, in the reasonable opinion of the Company,
      by Section 409A. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

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

     

    
      	 	 	 
	
              GigaBeam
                Corp.

            
	 	 
	
              By:

            	
               

            	
              /s/
                S. Jay Lawrence

            
	
            	
               

            	
              S.
                Jay Lawrence, President & CEO

            
	 
	
              EMPLOYEE

            
	 	 
	
              By:

            	
            	
              /s/
                Mark W. Hahn

            
	
            	
               

            	
              Mark
                W. Hahn

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
      A

     

    Bonus
      Plan:
      Based
      upon performance measurements a cash bonus equal to 5% of “adjusted net
      operating income” annually.

     

    Short-term
      stock option grant:
      Employee
      shall be awarded 1,000,000 nonqualified stock options under the Company’s Stock
      Incentive Plan at the closing price of the common stock on the date hereof,
      vesting quarterly in equal amounts over a one-year period. 

     

    Long-term
      stock option grant:
      Employee
      shall be awarded 1,000,000 nonqualified stock options under the Company’s Stock
      Incentive Plan at the closing price of the common stock on the date hereof,
      vesting quarterly in equal amounts over a three-year period, with the vesting
      start date retroactive to Employee’s first date of employment.

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