Document:

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                                                                    EXHIBIT 4.17

THIS DEBENTURE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE
TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "ACT") SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (II)
THE ISSUER SHALL HAVE RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE
REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT REGISTRATION UNDER THE
ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS SUCH
TRANSFER IN VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. THIS LEGEND SHALL
BE ENDORSED UPON ANY DEBENTURE ISSUED IN EXCHANGE FOR THIS DEBENTURE.

                            ELCOM INTERNATIONAL, INC.

                        10% CONVERTIBLE SENIOR DEBENTURE

                               DUE APRIL 25, 2013

DATE OF ISSUANCE:  APRIL 25, 2003                                 $<<M__IN_NOS>>

      ELCOM INTERNATIONAL, INC., a Delaware corporation (the "Company"), for
value received, hereby promises to pay to <<Name>> or permitted, registered
assigns (the "Holder") on April 25, 2013 (the "Maturity Date") at the offices of
the Company, 10 Oceana Way, Norwood, Massachusetts 02062, the principal amount
of <<M__in_words>> Dollars ($<<M__in_nos>>), which shall be payable in cash or
by check. Simple interest on the principal amount of this Debenture shall be
paid at the rate of ten percent (10%) per annum accrued through the Maturity
Date, and payable in cash or by the issuance of payment-in-kind additional
Debentures equal to the amount of interest due, annually in arrears commencing
April 25, 2004 and each April thereafter. The principal amount of this Debenture
shall be paid upon the Maturity Date.

      This Debenture is issued pursuant to a Subscription Agreement between the
Company and the Holder (the "Subscription Agreement"), a copy of which agreement
is available for inspection at the Company's principal office. Any "Permitted
Transferee" (as defined in paragraph G.3. hereof) of the Debenture, by their
acceptance hereof, shall be entitled to the rights and assume the obligations of
the Holder in the Subscription Agreement with respect to the Debenture.
Reference to the Subscription Agreement shall in no way impair the absolute and
unconditional obligation of the Company to pay both principal and interest
hereon as provided herein. This Debenture is one of the Debentures being issued
and sold in the offering (the "Offering") by the Company of between $500,000 and
$1,250,000 (the "Maximum Offering Amount") of the Debentures pursuant to a
Confidential Private Placement Memorandum dated April 18, 2003, as the same may
be amended or supplemented (the "Memorandum"). An initial closing was held by
the Company at such time as subscriptions for an aggregate of $500,000 in
Debentures were received by the Company. The Memorandum contemplates that the
Company may hold additional closings from time to time (each, an "Additional
Closing"), at the Company's discretion, until either (i) the Company receives
subscriptions for the Maximum Offering Amount of the Debentures, or (ii) May 31,
2003.
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A.    SECURITY.

      This Debenture is secured pursuant to that certain Collateral Agency and
Security Agreement, dated as of April 23, 2003, among William W. Smith (the
"Agent") as Collateral Agent, the Company and each of the holders named therein
(the "Security Agreement"), pursuant to which the Agent, and its successors and
assigns, has been appointed Collateral Agent for perfection and enforcement
purposes, which Security Agreement is incorporated herein by reference as if
fully set forth herein. The Security Agreement terminates on April 23, 2005.

B.    CONVERSION OF DEBENTURE.

      The Debenture shall be convertible at the election of the Holder at any
time commencing on April 25, 2005 and ending April 25, 2013; provided that,
prior to April 25, 2005, should the Company record two sequential quarters of
profitability with respect to its continuing operations (i.e. net income from
continuing operations), as reflected in the most recent Annual Report on Form
10-K or Quarterly Report on Form 10-Q filed by the Company pursuant to the
Exchange Act of 1934, as amended (the "Exchange Act"), the Holder may convert
the Debenture at the Holder's option by delivery of a written request to the
Company, along with this Debenture. Notwithstanding the above, the Debenture
shall be converted automatically, without any further action or approval on the
part of the Holder thereof, upon the occurrence of the following:

      1.    CHANGE OF CONTROL. Without any further action on the part of the
Company, upon a "Change in Control" of the Company. A "Change in Control" shall
be deemed to have occurred upon the occurrence of the following:

            a.    The sale or transfer for value of eighty (80) percent or more
of the Company's assets on a consolidated basis, as reflected on the most
recently filed balance sheet contained in the Company's Annual Report on Form
10-K or Quarterly Report on Form 10-Q, filed pursuant to the Exchange Act, to
any other person or entity that is not, immediately prior to execution of the
definitive agreement(s) for such asset sale, an affiliate ("affiliate," as used
in this paragraph, shall have the same meaning as in Paragraph G3);

            b.    A reorganization, consolidation or merger into or with another
corporation or other entity (other than to create a holding company) as a result
of which the holders of shares of the Company's Common Stock, par value $0.01
per share (the "Common Stock"), as determined to be such immediately prior to
the execution of the relevant merger agreement, beneficially own, directly or
indirectly, less than fifty (50) percent of the combined voting power of the
then-outstanding securities of such reorganized, consolidated or merged entity
following consummation of such reorganization, consolidation or merger; or

            c.    A person or entity becomes the beneficial owner of fifty
percent (50%) or more of the then outstanding shares of Common Stock or of
securities convertible into Common Stock, on a fully-diluted basis;

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      2.    COMPANY OPTION. As of April 25, 2007, at the option of the Company,
or the date that is ten (10) business days after the Company exercises such
option by sending a notice thereof to the Holder at his or her registered
address by first-class mail describing such automatic conversation.

      The principal amount of, and subject to the following proviso, accrued
interest on, the Debentures will be convertible into shares of the Company's
Common Stock, at the rate of 100% of $______, the "Fair Market Value" per share
of the Common Stock (the "Conversion Price") determined as set forth below;
provided, however, that the Company may pay in cash any interest that has
accrued on any principal being converted (which payment will be made at the time
of conversion). The "Fair Market Value" of the Common Stock is be based on the
average of the last sale prices of the shares of Common Stock on the Over the
Counter Bulletin Board (the "OTCBB," or, if the Company's Common Stock is listed
on the Nasdaq SmallCap Market or the Nasdaq National Market, the high and low
bid prices) for the 50 calendar day period (regardless of whether a sale of the
Common Stock was affected on any specific calendar day) immediately prior to,
and including the date prior to, April 25, 2003.

      3.    CONVERSION PROCESS. Conversion of the Debenture shall be effectuated
by surrendering the Debenture (with a copy, by facsimile or courier, to the
Company) to the Company with the form of conversion notice attached hereto as
Exhibit A, executed by the Holder evidencing such Holder's intention to convert
this Debenture or a specified portion (as above provided) hereof, and
accompanied, if required by the Company, by proper assignment hereof in blank.
The Company shall use its best efforts to have the shares of Common Stock issued
and delivered to the Holder thereof within seven (7) business days of the
receipt of the conversion form and Debenture(s). The Holder shall pay any and
all stock transfer fees. No fractions of shares or scrip representing fractions
of shares will be issued on conversion, but the number of shares issued shall be
rounded to the nearest whole share, based on the total number of shares of
Common Stock to be issued to any one holder. The date on which notice of
conversion is given shall be deemed to be the date on which the Holder has
delivered this Debenture, with the conversion notice duly executed, to the
Company, or, if earlier, the date set forth in such notice of conversion if this
Debenture is received by the Company within five (5) business days thereafter.

      4.    REGISTRATION RIGHTS AGREEMENT; STOCKHOLDERS' AGREEMENT. Upon the
conversion of the Debenture, the Common Stock issued to the Holder shall be
subject to the following:

            a.    a Registration Rights Agreement between the Company and the
initial holders of the Debentures, relating to the filing of a registration
statement covering the resale of such Common Stock; and

            b.    a Stockholders' Agreement between the Company and the initial
holders of the Debentures, relating to the procedure for voting the shares of
Common Stock in certain instances.

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C.    ANTI-DILUTION PROVISIONS.

      1.    ADJUSTMENT ON SUBSEQUENT EQUITY ISSUANCE. Except for the sale of the
Debentures in the Offering, in the event of any sale of Common Stock, or any
securities convertible into Common Stock, by the Company (the "Subsequent Equity
Issuance"), at a price less than the initial Conversion Price (or the subsequent
applicable conversion price), the Conversion Price will be adjusted on
weighted-average basis based on the sum of the fully-diluted capital stock of
the Company times the then applicable Conversion Price (initially, $_______),
plus the total amount of the proceeds raised in the Subsequent Equity Issuance,
divided by the sum of the number of fully-diluted shares issued prior to such
issuance plus the number of shares issued in such issuance. No adjustment,
however, will occur in any case for (i) the exercise (or conversion) of
securities outstanding on any date of closing with respect to the Offering, (ii)
stock issued upon the exercise of a warrant outstanding prior to April 25, 2003
or the exercise of stock options, stock or other stock-based awards to
employees, directors or consultants, so long as such options, stock or awards
are granted under an existing plan or pursuant to a stock incentive plan or
other grant approved by the Board of Directors, (iii) the issuance or sale of
securities in any acquisition of a business or assets approved by the Board of
Directors, or (iv) the issuance or sale of securities upon conversion of any
Debentures issued in the Offering.

        Notwithstanding anything herein to the contrary, if the Company's Common
Stock is listed on the Nasdaq National Market or the Nasdaq SmallCap Market on
the date of any adjustment referred to in Paragraph C, the Company will not be
required to issue to the Holder and any other holders of the Debentures, Common
Stock in excess of 19.999% of the Company's outstanding Common Stock on April
25, 2003 at a price below the market price of the Common Stock on such date, or
such greater number of shares of Common Stock permitted pursuant to Nasdaq Rule
4350(i), upon conversion of the Debentures, unless and except to the extent
allowed under Nasdaq rules. In such case, the Company, at its option, may:

            a.    Obtain stockholder approval permitting such issuances in
accordance with Nasdaq rules; or

            b.    Honor the conversion of this Debenture by the Holder;
provided, that, this Debenture shall be adjusted on a proportionate basis with
all other Debentures issued in this Offering by converting the maximum portion
of each such Debenture (and remitting the remaining portion of each Debenture to
the applicable holder thereof) to shares of the Company's Common Stock without
violating Nasdaq Rule 4350(i). No fractions of shares or scrip representing
fractions of shares will be issued upon such adjustment, but the number of
shares issued shall be rounded to the nearest whole share, based on the total
number of shares of Common Stock to be issued to any one holder.

      2.    DIVIDENDS, STOCK SPLITS, ETC.

      In the event that, at any time while the Debenture is outstanding, the
outstanding shares of Common Stock are, as a result of a stock split, stock
dividend, combination or exchange of shares, exchange for other securities,
reclassification, reorganization, redesignation, merger, consolidation,
recapitalization or other such change, including without limitation any
transaction described in

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Section 424(a) of the Internal Revenue Code of 1986, increased or decreased or
changed into or exchanged for a different number or kind of shares of stock or
other securities of the Company, then the Conversion Price will be multiplied by
a fraction of which the numerator is the number of shares of Common Stock
(excluding treasury shares, if any) outstanding before such event and of which
the denominator is the number of shares of Common Stock outstanding after such
event. Any adjustment made pursuant to this Section will become effective
immediately following the record date for determination of the stockholders
entitled to receive such distribution and will become effective immediately
following the effective date in case of a stock split, combination, exchange,
reclassification, reorganization, redesignation, merger, consolidation, or
recapitalization.

D.    RIGHT OF FIRST REFUSAL.

      In the event that the Company shall determine to offer and sell Debentures
in any Additional Closing to any individual, corporation, partnership,
association, trust or other entity or organization, including any government or
political subdivision or an agency or instrumentality thereof (a "Person"), the
Company shall notify the Holder (unless such Holder is an employee or officer of
the Company) in writing of the proposed issuance, the principal amount of
Debentures to be sold, the date on or about which such sale is to be consummated
and the price and other terms and conditions thereof, at least [ten (10)]
calendar days prior to the proposed date for consummation of the sale of such
Debentures in an Additional Closing. For a period of five (5) calendar days
after the Holder's receipt of the notice referred to in the foregoing sentence,
the Holder (unless such Holder is an employee or officer of the Company) shall
have the option to purchase all, but not less than all, of such Debentures to be
sold in the Additional Closing on a pro rata basis, upon the same price, terms
and conditions as such Debentures are proposed to be issued to such Person. If
all eligible Holders do not purchase all such Debentures, that portion of the
principal amount of such Debentures that is not purchased may be offered to any
Person, up to the Maximum Offering Amount. Eligible Holders shall exercise such
the right of first refusal provided by this Section by the delivery of written
notice to such effect to the Company specifying the principal amount of
Debentures that such Holder desires to purchase. If an eligible Holder exercises
its purchase option under this Section, it shall purchase such Debentures at the
date set for consummation of the proposed sale of Debentures to such Person.

E.    COVENANTS OF COMPANY.

      1.    POSITIVE COVENANTS. The Company covenants and agrees that, so long
as this Debenture shall be outstanding, it will:

            a.    Comply with and observe all of the terms and conditions of the
Security Agreement;

            b.    Promptly pay and discharge all lawful taxes, assessments, and
governmental charges or levies imposed upon the Company or upon its income and
profits, or upon any of its property, before the same shall become in default,
as well as all lawful claims for labor, materials and supplies which, if unpaid,
might become a lien or charge upon such properties or any part thereof;
provided, however, that the Company shall not be required to pay and discharge
any such tax, assessment, charge, levy or claim so long as the validity thereof
shall be contested in good faith by the Company, or where the failure to so pay
would not have a material adverse effect on the Company;

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            c.    Do or cause to be done all things reasonably necessary to
preserve and keep in full force and effect its corporate existence, rights and
franchises and comply with all material laws applicable to the Company, except
where the failure to comply would not have a material adverse effect on the
Company;

            d.    At all times reasonably maintain, preserve, protect and keep
its property used in the conduct of its business in good repair, working order
and condition, normal wear and tear excepted, except where the failure to comply
would not have a material adverse effect on the Company;

            e.    To the extent necessary for the operation of its business,
keep adequately insured by reputable insurers, all property of a character
usually insured by similar corporations and carry such other insurance as is
usually carried by similar corporations, except where the failure to obtain
insurance would not have a material adverse effect on the Company;

            f.    Prior to the issuance of any Common Stock by the Company
following this Offering, reserve for issuance a sufficient number of authorized
but unissued shares of such Common Stock to allow for their issuance hereunder
upon conversion of the Debenture; and

            g.    At all times keep true and correct books, records and
accounts.

      2.    NEGATIVE COVENANT. The Company covenants and agrees that, so long as
this Debenture shall be outstanding, it will not incur, repay, or exercise any
call option to redeem, any outstanding principal amount of any indebtedness for
"Borrowed Money," except as follows (the term "Borrowed Money" shall have the
same meaning as set forth in the Security Agreement):

            a.    Prior to April 25, 2005, the Company may incur, repay, or
exercise any call option to redeem indebtedness for Borrowed Money, the
aggregate principal amount of which does not exceed $1,250,000, upon the
approval of the holders (or their Permitted Transferees) of 51% of the aggregate
principal amount of all of the Debentures issued in the Offering (the
"Majority-in-Interest"); and

            b.    Following April 25, 2005, the Company may incur, repay, or
exercise any call option to redeem indebtedness for Borrowed Money, (i) the
aggregate principal amount of which does not exceed $1,250,000, without any
action or approval on the part of the holders of the Debentures, and (ii) the
aggregate principal amount of which exceeds $1,250,000, upon the approval of the
Majority-in-Interest.

      Upon the Company's incurrence of indebtedness for Borrowed Money, as
permitted pursuant to subparagraphs 2.a. and 2.b. hereof, this Debenture shall
be subordinated in right of payment and action to the payment in full of such
new indebtedness. Upon the incurrence of any such indebtedness, the Holder
hereby agrees to execute and deliver to the Company such documents as the
Company shall reasonably request to evidence such subordination.

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F.    ADDITIONAL PROVISIONS.

      This Debenture is subject to the following additional provisions:

      1.    DENOMINATIONS. The Debentures are issuable in denominations of One
Thousand Dollars ($1,000 U.S.) and integral multiples thereof.

      2.    WITHHOLDING. The Company shall be entitled to withhold from all
payments of principal of, and interest on, this Debenture any amounts required
to be withheld under the applicable provisions of the United States income tax
laws or other applicable law at the time of such payments.

      3.    INVESTMENT REPRESENTATIONS. This Debenture has been issued subject
to investment representations of the original purchaser hereof and may be
transferred or exchanged only in compliance with the Securities Act of 1933, as
amended (the "Act") and other applicable securities laws. Prior to due
presentment for transfer of this Debenture, the Company and any agent of the
Company may treat the person in whose name this Debenture is duly registered on
the Company's Debenture Register as the owner hereof for the purpose of
receiving payment as herein provided and for all other purposes, whether or not
this Debenture be overdue, and neither the Company nor any such agent shall be
affected by notice to the contrary.

      4.    OBLIGATIONS ABSOLUTE. No provision of this Debenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of, and interest on, this Debenture at the time, place and
rate, and in the coin or currency, herein prescribed. This Debenture and all
other Debentures now or hereafter issued of similar terms are direct obligations
of the Company. This Debenture ranks equally and ratably with all other
Debentures now or hereafter issued under the terms set forth in the Offering.
Any partial payment of interest or principal hereunder shall be paid on a
prorated basis among all of the Debentures based on the amount of the then
unpaid principal.

      5.    NO RECOURSE AGAINST INDIVIDUALS. No recourse shall be had for the
payment of the principal of, or the interest on, this Debenture, or for any
claim based hereon, or otherwise in respect hereof, against any incorporator,
stockholder, officer, employee or director, as such, past, present or future, of
the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived. The obligation of the
Company on this Debenture is primary and exclusive.

      6.    COMPLIANCE WITH SECURITIES LAWS. The Holder of this Debenture, by
acceptance hereof, agrees that this Debenture is being acquired for investment
and that such Holder will not offer, sell or otherwise dispose of this Debenture
or the shares of Common Stock issuable upon exercise thereof except under
circumstances which will not result in a violation of the Act or any applicable
state Blue Sky law or similar laws relating to the sale or transfer of
securities.

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G.    EVENTS OF DEFAULT.

      1.    DEFAULT CONDITIONS. This Debenture shall become and be due and
payable upon written demand made by the Holder hereof if one or more of the
following events, herein called events of default, shall happen and be
continuing:

            a.    Default in the due observance or performance of any material
covenant, condition or agreement on the part of the Company to be observed or
performed pursuant to the terms hereof and such default shall continue uncured
for (30) days after written notice thereof, specifying such default, shall have
been given to the Company by the Majority-in-Interest;

            b.    Application for, or consent to, the appointment of a receiver,
trustee or liquidator of the Company or of its property;

            c.    General assignment by the Company for the benefit of
creditors;

            d.    Filing by the Company of a voluntary petition in bankruptcy or
a petition or an answer seeking reorganization, or an arrangement with
creditors;

            e.    Entering against the Company of a court order approving a
petition filed against it under the Federal or state bankruptcy laws, which
order shall not have been vacated or set aside or otherwise terminated within
ninety (90) days; or

            f.    Material breach of the Company's covenants contained in the
Security Agreement.

      2.    NOTICE OF DEFAULT. The Company agrees that notice of the occurrence
of any event of default will be promptly given to the Holder at his or her
registered address by first-class mail.

      3.    ENFORCEMENT OF RIGHTS. In case any one or more of the events of
default specified above shall happen and be continuing, the holder of this
Debenture may proceed to protect and enforce his rights by suit in the specific
performance of any covenant or agreement contained in this Debenture or in aid
of the exercise of any power granted in this Debenture or may proceed to enforce
the payment of this Debenture or to enforce any other legal or equitable rights
as such holder.

H.    PAYMENTS; REGISTRATION OF DEBENTURES; TRANSFER AND EXCHANGE OF DEBENTURES;
      REPLACEMENT OF DEBENTURES.

      1.    PAYMENTS. Whenever any payment to be made shall be due on a
Saturday, Sunday or a public holiday under the laws of the Commonwealth of
Massachusetts, such payment may be made on the next succeeding business day, and
such extension of time shall in such case be included in the computation of
payment of interest due. Any payments made shall first be applied to the amount
of outstanding interest with respect to the Debenture. There shall be a five (5)
day grace period on any payment of principal or interest.

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      2.    REGISTRATION OF DEBENTURES. The Company shall maintain at its
principal office a register of the Debentures ("Debenture Register") and shall
record therein the names and addresses of the registered Holders of the
Debentures, the address to which notices are to be sent and the address to which
payments are to be made as designated by the registered Holder if other than the
address of the Holder, and the particulars of all permitted transfers, exchanges
and replacements of Debentures. No transfer of a Debenture shall be valid unless
made on such Register for the registered Holder or his executors or
administrators or his or their duly appointed attorney, upon surrender therefor
for exchange as hereinafter provided, accompanied by an instrument in writing,
in form and execution reasonably satisfactory to the Company. Each Debenture
issued hereunder, whether originally or upon transfer, exchange or replacement
of a Debenture or Debentures, shall be registered on the date of execution
thereof by the Company and shall be dated the date to which interest has been
paid on such Debentures or Debenture. The registered Holder of a Debenture shall
be that Person in whose name the Debenture has been so registered by the
Company. A registered Holder shall be deemed the owner of a Debenture for all
purposes of this Debenture and, subject to the provisions hereof, shall be
entitled to the principal, premium, if any, and interest evidenced by such
Debenture free from all equities or rights of setoff or counterclaim between the
Company and the transferor of such registered Holder or any previous registered
Holder of such Debenture.

      3.    TRANSFER AND EXCHANGE OF DEBENTURES. Subject to compliance with
federal and applicable state securities laws, the registered Holder of any
Debenture or Debentures may, prior to maturity or prepayment thereof, surrender
such Debenture or Debentures at the principal office of the Company for transfer
or exchange only to:

            (a)   a member of such Holder's immediate family and such Holder's
grandchildren,

            (b)   a trust established for the benefit of the parties set forth
in Section 3(a), or

            (c)   an "Affiliate" of such Holder (collectively, the parties set
forth in Sections 3(a), 3(b) and this Section 3(c) shall be referred to herein
as the "Permitted Transferees"). An "Affiliate" of a Holder shall mean a person
that directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, the Holder;

provided, however, that any Permitted Transferee as a condition thereto shall
execute and deliver an acknowledgment of the terms hereof in form acceptable to
the Company. Within a reasonable time after notice to the Company from a
registered Holder of its intention to make such exchange to a Permitted
Transferee and without expense (other than transfer taxes, if any) to such
registered Holder, the Company shall issue in exchange therefor another
Debenture or Debentures, in such denominations as requested by the registered
Holder (in multiples of $1,000), for the same aggregate principal amount as the
unpaid principal amount of the Debenture or Debentures so surrendered and having
the same maturity and rate of interest, containing the same provisions and
subject to the same terms and conditions as the Debenture or Debentures so
surrendered. Each new Debenture shall be made payable to such Permitted
Transferee or Transferees, or registered assigns, as the registered Holder of
such surrendered Debenture or Debentures may designate, and such transfer or
exchange shall be made in such a manner that no gain or loss of principal or
interest shall result therefrom. Transfers other than to Permitted Transferees
shall be prohibited. Notwithstanding the foregoing sentence, in case of

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<PAGE>
transfer by operation of law, the transferee agrees to notify the Company of
such transfer and of his address, and to submit appropriate evidence regarding
the transfer so that this Debenture may be registered in the name of the
transferee. This Debenture is transferable only on the books of the Company by
the registered Holder hereof, in person or by attorney, on the surrender hereof,
duly endorsed. Communications sent to any registered Holder shall be effective
as against all holders, Permitted Transferees, or transferees by operation of
law of the Debenture not registered at the time of sending the communication.

      4.    REPLACEMENT OF DEBENTURES. Upon receipt of evidence satisfactory to
the Company of the loss, theft, destruction or mutilation of any Debenture and,
if requested in the case of any such loss, theft or destruction, upon delivery
of an indemnity bond or other agreement or security reasonably satisfactory to
the Company, or, in the case of any such mutilation, upon surrender and
cancellation of such Debenture, the Company will issue a new Debenture, of like
tenor and amount and dated the date to which interest has been paid, in lieu of
such lost, stolen, destroyed or mutilated Debenture.

I.    MISCELLANEOUS.

      1.    AMENDMENT. Except as provided herein, any term of this Debenture may
be amended with the written approval of the Majority-in-Interest; provided,
however, that no amendment may modify the interest rate or the principal amount,
extend the Maturity Date, adversely effect the repayment terms, or alter the
conversion rate of this Debenture without the consent of the Holder hereof.

      2.    AUTHORIZATION. This Debenture has been issued by the Company
pursuant to authorization of the Board of Directors of the Company which
provides for an aggregate of up to $1,250,000 in face amount of Debentures to be
issued in this Offering.

      3.    PRESENTATION FOR PAYMENT. Any amount of principal and interest
outstanding on the Maturity Date shall be made to the registered Holder of this
Debenture upon presentation of this Debenture to the Company.

      4.    GOVERNING LAW; CONSENT TO JURISDICTION. This Debenture shall be
construed and enforced in accordance with the laws of the State of Delaware. Any
proceeding arising out of or relating to this Debenture may be brought in the
courts of the State of Massachusetts, County of Norfolk, and the Company and the
Holder each irrevocably submits to the exclusive jurisdiction of such court in
any such proceeding, waives any objection it may now or hereafter have to venue
or to convenience of forum, agrees that all claims in respect of such proceeding
shall be heard and determined only in any such court and agrees not to bring any
proceeding arising out of or relating to this Debenture in any other court. The
parties agree that either or both of them may file a copy of this paragraph with
any court as written evidence of the knowing, voluntary and bargained agreement
between the parties irrevocably to waive any objections to venue or to
convenience of forum. Process in any proceeding referred to in the first
sentence of this section may be served on any party anywhere in the world.

                            {Signature Page Follows}

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            IN WITNESS WHEREOF, the Company has caused this Debenture to be
signed in its name by the undersigned.

                                       ELCOM INTERNATIONAL, INC.
                                       (the "Company")

                                       By:
                                          -------------------------------------
                                          Robert J. Crowell, Chairman and Chief
                                             Executive Officer

Agreed to and Acknowledged:

------------------------------------
              <<NAME>>
("Holder")

                                       11<PAGE>
                                                                   EXHIBIT 10.19

                             REGISTRATION AGREEMENT

            THIS REGISTRATION AGREEMENT (this "Agreement") is made as of April
23, 2003, among ELCOM INTERNATIONAL, INC., a Delaware corporation (the
"Company") and each of the Persons party hereto listed on the Schedule of
Investors attached hereto (collectively, the "Investors"). Capitalized terms
used but not otherwise defined herein shall have the meanings set forth in
Section 8 hereof.

            WHEREAS, the Investors are purchasing 10% Convertible Senior
Debentures (the "Debentures") from the Company pursuant to a Subscription
Agreement;

            WHEREAS, pursuant to the terms of the Debentures and in partial
consideration for the investment of each investor in the Debentures, the Company
has agreed to provide each of the Investors with certain registration rights
with respect to the shares of Common Stock into which the Debentures are
convertible; and

            WHEREAS, the parties hereto desire to enter into this Agreement to,
among other things, establish the registration rights of the Registrable
Securities.

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

            Section 1. Demand Registrations.

            (a) Requests for Registration. The holder or holders of a majority
of the Registrable Securities may request, in writing, registration under the
Securities Act of all or any portion of their Registrable Securities on Form S-1
or any similar long-form registration, or on Form S-3, if available, at the
option of the Company, (including pursuant to Rule 415 under the Securities Act)
or any similar short-form registration. All registrations requested pursuant to
this Section 1(a) are referred to herein as "Demand Registrations." A request
for a Demand Registration is not exercisable prior to April 23, 2005 or
following April 23, 2008. Each request for a Demand Registration shall specify
the approximate number of Registrable Securities requested to be registered.
Within ten (10) days after receipt of any such request, the Company shall give
written notice of such requested registration to all other holders of
Registrable Securities and, subject to the terms of Section 1(d) hereof, shall
include in such registration all Registrable Securities with respect to which
the Company has received written requests for inclusion therein within fifteen
(15) days after the receipt of the Company's notice. If the holder(s) initiating
the registration intend to distribute the Registrable Securities by means of an
underwriting, they shall so advise the Company in their request. In the event
that the registration is underwritten, the right of any other holders of
Registrable Securities to participate in such registration shall be conditioned
on such other holders' participation in such underwriting.

            (b) Demand Registration. Subject to Section 1(a) above, the holder
or holders of a majority of the Registrable Securities shall be entitled to
request one (1) Demand Registration. A registration shall not count as the
permitted Demand Registration until it has become effective. Unless the Company
raises $1,000,000 or more in the Debenture offering, the Investors participating
in the

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            (c) Demand Registration shall pay all Registration Expenses in
connection with the same whether or not it has become effective and whether or
not such registration is counted as the one permitted Demand Registration. For
the avoidance of doubt, the Investors shall be entitled to request only one (1)
Demand Registration with respect to the Registrable Securities and any Investors
not participating in an effective Demand Registration will only be permitted to
require the registration of their Registrable Securities in connection with the
exercise of rights in respect of a Piggyback Registration. Demand Registrations
shall be short-form registrations whenever the Company is permitted to use Form
S-3 or any other applicable short form.

            (d) Priority on Demand Registrations. The Company shall not include
in any Demand Registration any securities which are not Registrable Securities
without the prior written consent of the party initially requesting such
registration. If a Demand Registration is an underwritten offering and the
managing underwriters advise the Company in writing that in their opinion the
number of Registrable Securities and, if permitted hereunder, other securities
requested to be included in such offering exceeds the number of Registrable
Securities and other securities, if any, which can be sold therein without
adversely affecting the marketability of the offering, the Company shall include
in such registration prior to the inclusion of any securities which are not
Registrable Securities the number of Registrable Securities requested to be
included which in the opinion of such underwriters can be sold without adversely
affecting the marketability of the offering, pro rata among the respective
holders thereof on the basis of the amount of Registrable Securities owned by
each such holder.

            (e) Restrictions on Demand Registrations. The Company shall not be
obligated to effect any Demand Registration (other than on Form S-3 or any
similar successor form relating to secondary offerings and providing for
incorporation by reference; provided that, in the event that the prior
registration statement referenced at the end of this sentence was filed pursuant
to an underwritten secondary offering, the exception set forth in this
parenthetical shall not apply if, in the opinion of the managing underwriter of
such secondary offering, it is desirable due to marketing, market stabilization,
or other similar matters related to such secondary offering not to permit the
filing of such Form S-3 or other similar successor form) within one hundred
eighty (180) days after the effective date of a previous registration statement.
In addition, the Company may postpone for up to one hundred eighty (180) days
the filing or the effectiveness of a registration statement for a Demand
Registration if the Company's board of directors determines in its reasonable
good faith judgment that such Demand Registration would reasonably be expected
to have a material adverse effect on any proposal or plan by the Company or any
of its Subsidiaries to engage in any acquisition of assets (other than in the
ordinary course of business) or any merger, consolidation, tender offer,
reorganization, financing or similar transaction; provided that in such event,
the holders of Registrable Securities initially requesting such Demand
Registration shall be entitled to withdraw such request and, if such request is
withdrawn, such Demand Registration shall not count as the permitted Demand
Registration hereunder and the Company shall pay all Registration Expenses in
connection with such registration. The Company may delay a Demand Registration
hereunder only once in any twelve-month period.

            (f) Selection of Underwriters. The Company shall have the right, in
its sole and absolute discretion after consultation with the holder or holders
demanding registration, to select the investment banker(s) and manager(s) to
administer the offering made in connection with any Demand Registration.

            Section 2. Piggyback Registrations.

            (a) Right to Piggyback. Whenever the Company proposes to register
any of its securities under the Securities Act (other than (i) any shelf or
other registration of securities to be used as

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consideration for acquisitions of additional businesses by the Company, or (ii)
registrations relating to employee benefit plans) and the registration form to
be used may be used for the registration of Registrable Securities (a "Piggyback
Registration"), whether or not for sale for its own account, the Company shall
give prompt written notice to all holders of Registrable Securities of its
intention to effect such a registration and, subject to the terms of Sections
2(c) and (e) hereof, shall, with respect to the Registrable Securities for which
the Company has received written requests for inclusion within twenty (20) days
after the receipt of the Company's notice, cause such Registrable Securities to
be registered to the extent necessary to permit their sale or other disposition
in accordance with the intended methods of distribution specified in the request
of such holders.

            (b) Piggyback Expenses. In all Piggyback Registrations, the
Registration Expenses of the holders of Registrable Securities shall be paid by
the holders of the Registrable Securities participating in the Piggyback
Registration; provided however, that, in the event that (1) the Company raises
$1,000,000 or more in the offering of the Debentures, or (2) the Piggyback
Registration rights are exercised with respect to a registration statement
pursuant to which the Company has registered securities on its own behalf, the
Company shall pay the Registration Expenses of the holders of Registrable
Securities, with the exception of fees and disbursements of any counsel chosen
by such holders.

            (c) Priority on Registrations. If a Piggyback Registration is an
underwritten registration on behalf of the Company, and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number
which can be sold in such offering without adversely affecting the marketability
of the offering, then the Company shall be required to include in the
registration only that number of Registrable Securities that the managing
underwriter believes should be included therein; and no persons or entities
other than the Company and other persons or entities holding registration rights
senior to or on parity with the registration rights granted pursuant to this
Agreement shall be permitted to include securities in the offering. If the
number of Registrable Securities to be included in the offering in accordance
with the foregoing is less than the total number of shares which the holders of
Registrable Securities have requested to be included, then the holders of
Registrable Securities who have requested registration and other holders of
securities entitled to include them in such registration shall participate in
the registration pro rata based upon their total ownership of shares of Common
Stock (giving effect to the conversion into Common Stock of all securities
convertible thereinto). If any holder would thus be entitled to include more
securities than such holder requested to be registered, the excess shall be
allocated among other requesting holders pro rata in the manner described in the
preceding sentence. Each holder shall be permitted to withdraw all or any part
its Registrable Securities from a registration requested pursuant to this
Section 2(c) by written notice to the Company given at any time prior to two (2)
business days prior to the effective date of the registration statement relating
to such registration.

            (d) Selection of Underwriters. If any Piggyback Registration is an
underwritten offering, the selection of investment banker(s) and manager(s) for
the offering shall be made by the Company in its sole and absolute discretion
after consultation with the holders of Registrable Securities who have requested
inclusion in the offering.

            (e) Withdrawal by Company. If, at any time after giving notice of
its intention to register any of its securities as set forth in Section 2(a) and
before the effective date of such registration statement filed in connection
with such registration, the Company shall determine, for any reason, not to
register such securities, the Company may, in its sole discretion, give written
notice of such determination to each holder of Registrable Securities and
thereupon shall be relieved of its obligation to register any Registrable
Securities in connection with such registration. Upon the occurrence of such an
event, the Company shall pay its portion of Registration Expenses and the
Registration Expenses of the holders of

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Registrable Securities who had requested inclusion in such offering shall be
borne proportionately by such holders.

            Section 3. Holdback Agreements.

            (a) Each holder of Registrable Securities shall not effect any
public sale or distribution (including sales pursuant to Rule 144) of equity
securities of the Company, or any securities convertible into or exchangeable or
exercisable for such securities, during the seven (7) days prior to and the one
hundred twenty (120) day period beginning on the effective date of any
underwritten by an investment bank public offering of the Company's equity
securities (including Demand Registrations and Piggyback Registrations) (except
as part of such underwritten registration), unless the underwriters managing the
registered public offering otherwise agree.

            (b) The Company (i) shall not effect any public sale or distribution
of its equity securities, or any securities convertible into or exchangeable or
exercisable for such securities, during the seven (7) days prior to and during
the one hundred twenty (120) day period beginning on the effective date of any
underwritten public offering of the Company's equity securities (including
Demand Registrations and Piggyback Registrations) (except as part of such
registration underwritten by an investment bank or pursuant to registrations on
Form S-4, Form S-8 or any successor forms thereto), unless the underwriters
managing the registered public offering otherwise agree, and (ii) shall cause
each holder of its Common Stock, or any securities convertible into or
exchangeable or exercisable for Common Stock, purchased from the Company at any
time after the date of this Agreement (other than in a registered public
offering) to agree not to effect any public sale or distribution (including
sales pursuant to Rule 144) of any such securities during such period (except as
part of such underwritten registration, if otherwise permitted), unless the
underwriters managing the registered public offering otherwise agree.

            Section 4. Registration Procedures. Whenever the holders of
Registrable Securities have requested that any Registrable Securities be
registered pursuant to this Agreement, the Company shall use commercially
reasonable efforts to effect the registration and the sale of such Registrable
Securities in accordance with the intended method of disposition thereof, and
pursuant thereto the Company shall as expeditiously as possible:

            (a) prepare and file with the Securities and Exchange Commission
(the "Commission"), a registration statement with respect to such Registrable
Securities and use commercially reasonable efforts to cause such registration
statement to become effective (provided that before filing a registration
statement or prospectus or any amendments or supplements thereto, the Company
shall furnish to counsel(s) selected by the holder or holders of the Registrable
Securities covered by such registration statement copies of all such documents
proposed to be filed);

            (b) notify each holder of Registrable Securities of the
effectiveness of each registration statement filed hereunder and prepare and
file with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to
keep such registration statement effective for a period of not less than one
hundred eighty (180) days and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration statement;

            (c) furnish to each seller of Registrable Securities such number of
copies of such registration statement, each amendment and supplement thereto,
the prospectus included in such registration statement (including each
preliminary prospectus) and such other documents as such seller

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may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such seller;

            (d) use commercially reasonable efforts to register or qualify such
Registrable Securities under such other securities or blue sky laws of such
jurisdictions as any seller reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable such seller
to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided that the Company shall not be required
to (i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subsection, (ii) subject itself to
taxation in any such jurisdiction or (iii) consent to general service of process
in any such jurisdiction);

            (e) notify each seller of such Registrable Securities, at any time
when a prospectus relating thereto is required to be delivered under the
Securities Act, of the happening of any event as a result of which the
prospectus included in such registration statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements therein
not misleading, and, at the request of any such seller, the Company shall
prepare a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus
shall not contain an untrue statement of a material fact or omit to state any
fact necessary to make the statements therein not misleading;

            (f) cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Company are then
listed or, if not so listed, to be listed on the NASD automated quotation
system;

            (g) enter into such customary agreements (including underwriting
agreements in customary form) and take all such other actions as the holder or
holders of a majority of the Registrable Securities being sold or the
underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities (including effecting a stock split,
combination of shares, recapitalization or reorganization);

            (h) make available for inspection by any seller of Registrable
Securities, any underwriter participating in any disposition pursuant to such
registration statement and any attorney, accountant or other agent retained by
any such seller or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company's
officers, directors, employees and independent accountants to supply all
information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement; and

            (i) use commercially reasonable efforts to cause such Registrable
Securities covered by such registration statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary
to enable the sellers thereof to consummate the disposition of such Registrable
Securities.

            Section 5. Registration Expenses.

            (a) Except as otherwise provided in this Agreement, all expenses
incident to the Company's performance of or compliance with this Agreement,
including, without limitation, all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws, printing expenses,
messenger and delivery expenses, fees and disbursements of custodians, and fees
and disbursements of counsel for the Company and all independent certified
public accountants, underwriters

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(excluding discounts and commissions) and other Persons retained by the Company
(all such expenses being herein called "Registration Expenses"), shall be borne
by the holders of Registrable Securities participating in the Demand
Registration or any Piggyback Registration (as the case may be) as provided in
this Agreement. The Company shall pay its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit or quarterly
review, the expense of any liability insurance and the expenses and fees for
listing the securities to be registered on each securities exchange on which
similar securities issued by the Company are then listed or, if none are so
listed, on the NASD automated quotation system.

            (b) Notwithstanding any provision in this Agreement to the contrary,
the Company shall not reimburse the holders of Registrable Securities included
in such registration (whether a Demand Registration or a Piggyback Registration)
for the fees and disbursements of any counsel chosen by the holder or holders of
the Registrable Securities included in such registration.

            (c) Except as otherwise provided in this Agreement, each holder of
securities included in any registration hereunder shall pay those Registration
Expenses allocable to the registration of such holder's securities so included
and any Registration Expenses not so allocable shall be borne by all sellers of
securities included in such registration in proportion to the aggregate selling
price of each seller's securities to be so registered.

            Section 6. Indemnification.

            (a) The Company agrees to indemnify, to the extent permitted by law,
each holder of Registrable Securities, its officers and directors and each
Person who controls such holder (within the meaning of the Securities Act)
against all losses, claims, damages, liabilities and expenses caused by (i) any
untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto, (ii) any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or any
state securities law in connection with the offering covered by such
registration statement; provided, however, that indemnification will not be
available to a holder insofar as the alleged losses, claims, damages,
liabilities or expenses are caused by or contained in any information furnished
in writing to the Company by such holder expressly for use therein or by such
holder's failure to deliver a copy of the registration statement or prospectus
or any amendments or supplements thereto, in compliance with the applicable
requirements of the Securities Act, after the Company has timely furnished such
holder with a sufficient number of copies of the same.

            (b) In connection with any registration statement in which a holder
of Registrable Securities is participating, each such holder shall furnish to
the Company in writing such information and affidavits as the Company reasonably
requests for use in connection with any such registration statement or
prospectus and, to the extent permitted by law, shall indemnify the Company, its
directors and officers and each Person who controls the Company (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities
and expenses resulting from any untrue or alleged untrue statement of material
fact contained in the registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such
untrue or alleged untrue statement or omission is contained in any information
or affidavit so furnished in writing by such holder expressly for use therein;
provided that the obligation to indemnify shall be

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individual, not joint and several, for each holder and shall be limited to the
net amount of proceeds received by such holder from the sale of Registrable
Securities pursuant to such registration statement.

            (c) Any Person entitled to indemnification hereunder shall (i) give
prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification (provided that the failure to give prompt notice
shall not impair any Person's right to indemnification hereunder to the extent
such failure has not prejudiced the indemnifying party) and (ii) unless in such
indemnified party's reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects
not to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment
of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such
claim. No indemnifying party shall, without the prior written consent of the
indemnified party (which consent shall not be unreasonably withheld or delayed),
effect any settlement of any claim on behalf of an indemnified party, unless
such settlement (i) includes an unconditional release of such indemnified party
from all liability on claims that are the subject matter of such claim and (ii)
does not include a statement as to, or an admission of, fault, culpability or
failure to act by on or behalf of the indemnified party.

            (d) The indemnification provided for under this Agreement shall
remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling Person
of such indemnified party and shall survive the transfer of securities. If the
indemnification provided for in this Section 6 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any
losses, claims, damages, liabilities or expenses referred to herein, the
indemnifying party, in lieu of indemnifying such indemnified party thereunder,
shall to the extent permitted by applicable law contribute to the amount paid or
payable by such indemnified party as a result of such loss, claim, damage,
liability or expense in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified
party on the other in connection with the violation(s) that resulted in such
loss, claim, damage, liability or expense, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by a court of law by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission; provided, that in no event shall any contribution by
a holder of Registrable Securities hereunder exceed the net amount of proceeds
received by such holder from the sale of Registrable Securities pursuant to such
registration statement.

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            Section 7. Participation in Underwritten Registrations. No Person
may participate in any registration hereunder which is underwritten unless such
Person (i) agrees to sell such Person's securities on the basis provided in any
underwriting arrangements approved by the Person or Persons entitled hereunder
to approve such arrangements and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

            Section 8. Definitions.

            "Common Stock" means the Common Stock, $0.01 par value per share, of
the Company, as the terms of the same may be modified from time to time.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

            "Other Registrable Securities" means (i) any Common Stock issued to
Stockholders of the Company other than the Investors (the "Other Stockholders"),
(ii) any Common Stock issued or issuable with respect to the securities referred
to in clause (i) above by way of a stock dividend or stock split or in
connection with an exercise of any stock option or warrant or a combination of
shares, recapitalization, merger, consolidation or other reorganization and
(iii) any other shares of Common Stock held by Persons holding securities
described in clauses (i) and (ii), above. As to any particular Other Registrable
Securities, such securities shall cease to be Other Registrable Securities when
they have been distributed to the public pursuant to an offering registered
under the Securities Act, sold to the public through a broker, dealer or market
maker in compliance with Rule 144 under the Securities Act (or any similar rule
then in force), repurchased by the Company or any Subsidiary [or at such time
as, in the opinion of counsel to the Company, all such shares may be sold
without any time, volume, or manner limitations under Rule 144K (or any similar
provision then in effect) under the Securities Act]. For purposes of this
Agreement, a Person shall be deemed to be a holder of Other Registrable
Securities, and the Other Registrable Securities shall be deemed to be in
existence, whenever such Person has the right to acquire directly or indirectly
such Other Registrable Securities (upon conversion or exercise in connection
with a transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition
has actually been effected, and such Person shall be entitled to exercise the
rights of a holder of Other Registrable Securities hereunder.

            "Person" means an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and any other business entity.

            "Registrable Securities" means (i) any Common Stock issued to the
Investors, (ii) any Common Stock issued or issuable with respect to the
securities referred to in clause (i) above by way of a stock dividend or stock
split or in connection with an exercise of any stock option or warrant or a
combination of shares, recapitalization, merger, consolidation or other
reorganization and (iii) any other shares of Common Stock held by Persons
holding securities described in clauses (i) and (ii), above. As to any
particular Registrable Securities, such securities shall cease to be Registrable
Securities when they have been distributed to the public pursuant to an offering
registered under the Securities Act or sold to the public through a broker,
dealer or market maker in compliance with Rule 144 under the Securities Act (or
any similar rule then in force) or repurchased by the Company or any Subsidiary.
For purposes of this Agreement, a Person shall be deemed to be a holder of
Registrable Securities, and the Registrable Securities shall be deemed to be in
existence, whenever such Person has the right to acquire directly or indirectly
such Registrable Securities (upon conversion or exercise in connection with a
transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right),

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whether or not such acquisition has actually been effected, and such Person
shall be entitled to exercise the rights of a holder of Registrable Securities
hereunder.

            "Securities Act" means the Securities Act of 1933, as amended.

            "Subsidiary" means, with respect to any Person, any corporation,
limited liability company, partnership, association, or other business entity of
which (i) if a corporation, a majority of the total voting power of equity
securities entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers, or trustees thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person or a combination thereof, or (ii) if a
limited liability company, partnership, association, or other business entity, a
majority of the partnership or other similar ownership interest thereof is at
the time owned or controlled, directly or indirectly, by any Person or one or
more Subsidiaries of that person or a combination thereof. For purposes hereof,
a Person or Persons shall be deemed to have a majority ownership interest in a
limited liability company, partnership, association, or other business entity if
such Person or Persons shall be allocated a majority of limited liability
company, partnership, association, or other business entity gains or losses or
shall be, or control, the managing general partner of such limited liability
company, partnership, association, or other business entity. Reference to any
"Subsidiary" shall be given effect only at such times as the Person or Persons
has one or more Subsidiaries.

            Section 9. Legend.

            (a) There shall be imprinted or otherwise placed, on certificates
representing the Registrable Securities issued on or after the date of this
Agreement the following or a substantially similar restrictive legend:

           THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE RIGHTS AND
           LIMITATIONS SET FORTH IN A REGISTRATION AGREEMENT DATED AS OF APRIL
           23, 2003, BY AND AMONG THE ISSUER OF SUCH SECURITIES, AND THE
           REGISTERED HOLDER OF THIS CERTIFICATE (OR SUCH HOLDER'S
           PREDECESSOR-IN-INTEREST) AND OTHERS. A COPY OF THE AGREEMENT IS ON
           FILE AND MAY BE INSPECTED BY THE REGISTERED HOLDER OF THIS
           CERTIFICATE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE ISSUER.

            (b) The legend shall be removed upon termination of the registration
rights set forth in Sections 1 and 2.

            Section 10. Miscellaneous.

            (a) Remedies. Any Person having rights under any provision of this
Agreement shall be entitled to enforce such rights specifically, to recover
damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of
the provisions of this Agreement and that, in addition to any other rights and
remedies existing in its favor, any party shall be entitled to specific
performance and/or other injunctive relief from any court of law or equity of
competent jurisdiction (without posting any bond or other security) in order to
enforce or prevent violation of the provisions of this Agreement.

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            (b) Amendments and Waivers. Except as otherwise provided herein, the
provisions of this Agreement may be amended, waived or modified only upon the
prior written consent of the Company and the holder or holders of a majority of
the Registrable Securities; provided that no such amendment or modification that
would materially and adversely affect any holder of Other Registrable
Securities) in a manner different than any other holder of Registrable
Securities shall not be effective against the holders of such class or group of
Registrable Securities without the prior written consent of holders of at least
a majority of Registrable Securities materially and adversely affected thereby.
The failure of any party to enforce any of the provisions of this Agreement
shall in no way be construed as a waiver of such provisions and shall not affect
the right of such party thereafter to enforce each and every provision of this
Agreement in accordance with its terms.

            (c) Successors and Assigns. All covenants and agreements in this
Agreement by or on behalf of any of the parties hereto shall bind and inure to
the benefit of the respective successors and assigns of the parties hereto
whether so expressed or not. In addition, whether or not any express assignment
has been made, the provisions of this Agreement which are for the benefit of
purchasers or holders of Registrable Securities are also for the benefit of, and
enforceable by, any subsequent holder of Registrable Securities.

            (d) Counterparts. This Agreement may be executed simultaneously in
two or more counterparts (including by means of telecopied signature pages), any
one of which need not contain the signatures of more than one party, but all
such counterparts taken together shall constitute one and the same Agreement.

            (e) Descriptive Headings. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a part of this
Agreement.

            (f) Governing Law. All issues and questions concerning the
construction, validity, interpretation and enforcement of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of Delaware, without giving effect to any choice of
law or conflict of law rules or provisions (whether of the State of Delaware or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware.

            (g) Notices. All notices, demands or other communications to be
given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given when delivered personally
to the recipient, sent to the recipient by reputable overnight courier service
(charges prepaid) or mailed to the recipient by certified or registered mail,
return receipt requested and postage prepaid. Such notices, demands and other
communications shall be sent to the Company at the addresses indicated below and
to any Investor at the address indicated on the Schedule of Investors attached
hereto and to any subsequent holder of Registrable Securities subject to this
Agreement at such address as indicated by the Company's records, or at such
address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party.

                  If to the Company:

                  Elcom International, Inc.
                  10 Ocean Way
                  Norwood, MA 02062
                  Attention:  Robert J. Crowell

                                       10
<PAGE>
                  with copies (which shall not constitute notice) to:

                  Calfee, Halter & Griswold LLP
                  800 Superior Avenue, 1400 McDonald Investment Center
                  Cleveland, OH 44114
                  Attention:  Douglas A. Neary

            (h) Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

                            {Signature Page Follows}

                                       11
<PAGE>
            IN WITNESS WHEREOF, the parties have executed this Registration
Agreement as of the date first written above.

                                        ELCOM INTERNATIONAL, INC.

                                          By:
                                             ----------------------------
                                          Name: Robert J. Crowell
                                                -------------------------
                                          Its: Chairman and CEO
                                               --------------------------

                                    INVESTORS:
                                    (SEE ATTACHED COUNTERPART
                                    SIGNATURE PAGE)

                                       12
<PAGE>
                          COUNTERPART SIGNATURE PAGE TO

                             REGISTRATION AGREEMENT

[SIGNATURE BLOCK FOR INDIVIDUALS]         [SIGNATURE BLOCK FOR ENTITIES]

----------------------------------       --------------------------------------
(Signature)                              (Name of Entity)

                                         By:
----------------------------------          -----------------------------------
(Printed Name)                                Title:
                                                    ---------------------------

----------------------------------       --------------------------------------
(Street Address of Residence)            (Street Address of Principal Office)

----------------------------------       --------------------------------------
(City or Town) (State) (Zip Code)        (City or Town) (State) (Zip Code)

----------------------------------       --------------------------------------
(Daytime Telephone Number)                (Daytime Telephone Number)

                                       13

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