Document:

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                                                                    EXHIBIT 4.12

                                  AMENDMENT TO
                      AMENDED AND RESTATED RIGHTS AGREEMENT
                  AND CERTIFICATE OF COMPLIANCE WITH SECTION 27

          THIS AMENDMENT (the "Amendment"), is entered into as of January 22,
2003, by and between P-COM, INC., a Delaware corporation (the "Company"), and
EQUISERVE TRUST COMPANY, N.A., as Rights Agent (the "Rights Agent").

                                    RECITALS
                                    --------

     A.  The Company and the Rights Agent are parties to an Amended and Restated
Rights Agreement, amended through January 24, 2001 (the "Rights Agreement").

     Alpha Capital Aktiengesellschaft, Stonestreet Limited Partnership
(collectively, Alpha Capital") and the Company have entered into a Subscription
Agreement made as of December 23, 2002 (the "Subscription Agreement"), pursuant
to which the Board purchased shares of the Company's Common Stock.

     The Board of Directors of the Company has determined that an amendment to
the Rights Agreement as set forth herein is necessary and desirable to comply
with certain limitations made in connection with the Subscription Agreement and
to reflect certain other matters and the Company and the Rights Agent desire to
evidence such amendment in writing.

     Accordingly,  the  parties  agree  that:

     1.     Amendment to definition of "Acquiring Person" set forth in Section
            ------------------------------------------------------------------
1.  The definition of "Acquiring Person" set forth in Section 1 of the Rights
Agreement is amended to read in its entirety as follows.

          "Acquiring Person" shall mean (a) any Person (as such term is
hereinafter defined) other than the State of Wisconsin Investment Board (the
"Wisconsin Board"), Firsthand Capital Management, Inc., a California Corporation
("Firsthand") or Alpha Capital or the Affiliates or Associates (as such terms
are hereinafter defined) of Firsthand, the Wisconsin Board or Alpha Capital, who
or which Person, together with all Affiliates and Associates (as such terms are
hereinafter defined) of such Person, shall be the beneficial Owner (as such term
is hereinafter defined) of 15% or more of the shares of Common Stock of the
Company then outstanding, (b) the State of Wisconsin Investment Board ( the
"Permitted  Investor") if it, together with all its Affiliates and Associates,
shall be the Beneficial Owner of more than 19.99% of the shares of Common Stock
of the Company then outstanding; or (c) Firsthand (also a "Permitted Investor")
if it, together with all its Affiliates and Associates, shall be the Beneficial
Owner of the more than 19.99% of the shares of Common Stock of the Company then
outstanding or (d) Alpha Capital (also a "Permitted Investor")  if it, together

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with all its Affiliates and Associates, shall be the Beneficial Owner of the
more than 19.99% of the shares of Common Stock of the Company then outstanding;
but shall not include the Company, any Subsidiary (as such term is hereinafter
defined) of the Company, any employee benefit plan of the Company or any
Subsidiary of the Company, or any entity holding shares of Common Stock for or
pursuant to the terms of any such plan. Notwithstanding the foregoing:

     Roman numerals, subsection (i) to (iii) remain unchanged.

     2.     Miscellaneous. This Amendment shall be deemed to be a contract made
under the laws of the State of Delaware and for all purposes shall be governed
by and construed in accordance with the laws of such State applicable to
contracts to be made and performed entirely within such State. This Amendment
may be executed in counterparts, each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument. If any term, provision, covenant or
restriction of this Amendment is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provision, covenants and restrictions of this Amendment shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.

          The undersigned officer of the Company, being an appropriate officer
of the Company and authorized to do so by resolution of the Board of Directors
of the Company dated as of December 19, 2002, hereby certifies to the Rights
Agent that this amendment is in compliance with the terms of Section 27 of the
Rights Agreement.

                              P-COM, INC.

                              By:     /s/Caroline Baldwin Kahl
                              Name:     Caroline Baldwin Kahl
                              Title:    Vice President & General Counsel

ACKNOWLEDGED AND AGREED:

EQUISERVE TRUST COMPANY, N.A.

By:     /s/ Katherine Anderson
Name:   Katherine Anderson
Title:  Managing Director, Client Administration

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                                                                 Exhibit 10.112

                   SENIOR SUBORDINATED SECURED PROMISSORY NOTE

$201,875.00                                                     November 1,2002
                                                           Campbell, California

     FOR  VALUE  RECEIVED  and  intending  to  be  legally  bound  hereby,   the
undersigned, P-Com, Inc, a Delaware corporation("Maker"), promises to pay to the
order of BBT FUND LP, a Grand Cayman limited liability partnership ("Payee") the
promised  sum  of  TWO  HUNDRED  0NE  THOUSAND   EIGHT   HUNDRED   SEVENTY  FIVE
DOLLARS(201,875.00),  or such  lesser  amount  as may,  at the time of  maturity
hereof, be outstanding  hereunder,  together with interest thereon from the date
hereof until  maturity on the principal sum remaining  from time to time unpaid,
at a rate equal to seven  percent  (7.0%) per annum,  payable in lawful money of
the United States,

     Maker shall pay all unpaid principal and accrued interest  hereunder on May
1,2003.  Interest  on this Note will  accrue  from  November 1, 2002 and will be
computed on the basis of a 360-day year of twelve 3O-day months.

     After maturity, whether by acceleration or otherwise, interest shall accrue
at  the  rate  of nine percent (9.0%) per annum until all sums due hereunder are
paid.

     Maker  reserves  the right to prepay in whole or in part the  principal  of
this Note at any time or from  time to time  without  premium  or  penalty.  Any
payment hereunder ,shall be applied first to accrued interest,  and the balance,
if any, to principal.

     No prepayment shall obligate the holder hereof to make additional advances.
The  undersigned,  as Maker,  and all others who are or who shall become parties
primarily or secondarily liable on this Note,  whether as endorsers,  guarantors
or otherwise hereby agree to waive presentment,  demand for payment, protest and
notice of  nonpayment or &honor and agree that failure of the holder to exercise
any of its  rights  hereunder  in any  instance  shall not  constitute  a waiver
thereof in that or any other instance.

     In case suit shall be brought on this  Note,  Maker  agrees to pay  Payee's
reasonable attorney's fees and court costs.

     Conditioned  solely upon receipt of consent of Silicon  Valley  Bank,  this
Note is secured by a lien on such assets of Maker as are included on  Attachment
A or  suitable  replacement  items in the event of their  approved  sales in the
normal  course of business  and as may be covered by a security  agreement to be
dated as of the date hereof between Maker and Payee.

     The obligations of Maker hereunder shall  constitute  indebtedness  that is
senior to the Maker's existing 3-year Notes  outstanding  dated November 1,2002,
but shall be junior in right of payment to Maker's obligations to Silicon Valley
Bank  pursuant  to (i) that  certain  Loan and  Security  Agreement  dated as of
September  20,2002  among the Maker,  P-Com  Network  Services,  Inc and Silicon
Valley Bank or (ii) that  certain  Loan and Security  Agreement  (EXIM  Program)
dated as of September 20,20Q2 among the Maker, P-Corn Network Services, Inc. and
Silicon Valley Bank,

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     This Note shall be governed by and shall be  construed in  accordance  with
the internal laws of the Sate of New York. Executed as of the day and year first
above written.

                                      P-COM, INC.

                                      By: /s/ Leigh J. Stephens
                                        ---------------------------------------
                                      Vice President and Chief Financial Officer

                                      BBT Fund LP

                                      By: /s/ William Kennan
                                      ----------------------------------------
                                      BBT-FW, Inc. general partner of
                                      BBT Genpar, L.P., genera1 partner of
                                      BBT Fund, L.P.

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<TABLE>
<CAPTION>
P Corn. Inc
List of Equipment
Proposed Collateral for BBT Fund Note
As of 11/11/02
-----------------------------------------------------------------------------------------------------------------
                       Description              Location      Dept     Vendor      Net Book Value  Acquired VALUE
-----------------------------------------------------------------------------------------------------------------
<S>                                              <C>          <C>      <C>               <C>          <C>
SYSTEM LAB) UPGRADE DEVICE FOR RADIOWAVE SIGNAL  DELL         421      QUASAR            3,724        4,560
TEMP CHAMBER MDIVC-32-27                         DELL         120                        3,575       16.500
SYSTEM LAD UPGRADE DCS60-18E PWR SUPP & RAC      DELL         421      SORENSEN ELGAI    2,980        3,649
SYSTEM LAB UPGRADE DCS60-18E PWR Supp 8 RAC      DELL         421      SORENSEN ELEGIAC  2,980        3,649
SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC      DELL         421      SORENSEN ELGAI    2,980        3,649
SYSTEM LAB UPGRADE DCS60-IBE PWR SUPP & RAC      DELL         421      SORENSEN ELGAI    2,980        3,649
SYSTEM LAB UPGRADE DCS60-1 8E PWR SUPP & RAC     DELL         421      SORENSEN ELGAI    2,980        3,649
SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC      DELL         421      SORENSEN ELGAJ    2,980        3,649
SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC      DELL         421      SORENSEN ELGAF    2,980        3,649
SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC      DELL         421      SORENSEN ELGAF    2,980        3,849
SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC      DELL         421      SORENSEN ELGAF    2,980        3,649
SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC      DELL         421      SORENSEN ELGAI    2,980        3,649
SYSTEM LAB UPGRADE DCS60-1 8E PWR SUPP & RAC     DELL         421      SORENSEN ELGAI    2,980        3,649
SYSTEM LAB UPGRADE DCS60-IBE PWR SUPP & RAC      DELL         421      SORENSEN ELGAF    2,980        3,649
                                                                                       --------------------------
                                                                                       239,908      301,140

</TABLE>

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<TABLE>
<CAPTION>

P Cam, Toe
List of Equipment
Proposed Collateral for BBT Fund Note
As of 11/11/02
-------------------------------------------------------------------------------------------------------------------
               Description                           Location     Dept       Vendor   Net Book Value Acquired Value
-------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>        <C>       <C>             <C>          <C>
RF SPECTRUM ANALYSER WITH RACKMOUNT KIT                 DELL      480      AGILENT TECH      28,283      34,632
RF SPECTRUM ANALYSER WITH RACKMOUNT KIT                 DELL      480      AGILENT TECH      28,283      34,632
RF SPECTRUM ANALYSER 30HZ to 6.5 HZ                     DELL      480      AGILENT           14,142      17,316
RF SPECTRUM ANALYSER 30112 to 6,5 HZ                    DELL      480      AGILENT           14,142      17,316
AIRPRO GOLD 75 COAXIAL. CABLE SIMULATOR 100 MI          DELL      480      MOUNTAIN           9,032      11,060
SYSTEM LAB UPGRADE DUAL M96-C$ CUSTOM CHAM              DELL      421      SIGMA SYS          8,419      10,309
AIRPRO GOLD 75 COAXIAL CABLE SIMULATOR 100 MF           DELL      480      MOUNTAIN           8,052       9,860
AIRPRO PROGRAMMABLE NOISE GENERATOR                     DELL      480      NOISE COM          7.285       8,020
AIRPRO - PROGRAMMABLE NOISE GENERATOR                   DELL      480      NOISE COM          7,285       8,820
AIRPRO GOLD BED OF NAILS FIXTURE MODEM BOARD            DELL      480      SUMMIT TECH        6,841       6,258
SYSTEM LAB UPGRADE FLEX ENDS                            DELL      421      VBS INDUS          5,182       8.345
AIRPRO GOLD 15 COAXIAL SIMULATOR 100 MHZ                DELL      480      Mountain & T       5,059       5,519
AIRPRO GOLD 75 COAXIAL SIMULATOR 100 MHZ                DELL      480      Mountain & T       5,059       5,519
AIRPRO GOLD BED OF NAILS FIXTURE MODEM BOARD            DELL      480      SUMMIT TECH        4,880       5,323
AtRPRO GOLD POWER SUPPLY GPIB QUAD OUTPUT               DELL      480      AGILENT            4,863       5,954
AIRPRO GOLD POWER SUPPLY GPIB QUAD OUTPUT               DELL      480      AGILENT            4,863       5,954
AIRPRO GOLD POWER SUPPLY GPIB QUAD OUTPUT               DELL      480      AGILENT            4,663       5,964
AIRPRO GOLD POWER SUPPLY GPIB QUAD OUTPUT               DELL      480      AGILENT            4,863       5,964
SYSTEM LAB UPGRADE DEVICE FOR RADLOWAVE SIGNAL          DELL.     421      QUASAR             4,860       5,951
AIRPRO GOLD BED OF NAILS FIXTURE MODEM BOARD            DELL      480      SUMMIT TECH        4,827       5,288
AIRPRO GOLD-SHORT LINE SIMULATOR 22AWG+75 CC            DELL      480      Mountain & T       4,509       4,919
AIRPRO GOLD-SHORT LINE SIMULATOR 22AWG+75 CC            DELL      480      Mountain & T       4,509       4,919
LAB UPGRADE                                             DELL      421      SAN JOSE           3,878       4,749
SYSTEM LAB UPGRADE CANON CAMERA                         DELL      421      SAN JOSE           3,870       4,739
</TABLE>

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