Document:

August 25, 2003

P-Com, Inc.
3175 S. Winchester Blvd.
Campbell, CA 95008

Gentleman:

This letter Agreement (the "Agreement") confirms the engagement of Burnham Hill
Partners ("BHP"),a division of Pali Capital, Inc., by P-Com, Inc. (the
"Company") 1) to act as its exclusive placement agent in connection with sale of
securities, including the recapitalization financing which is currently
anticipated to be a private placement of $5-7 million of Series C Convertible
Preferred Stock and Warrants (the "Recapitalization Financing") and 2) its
non-exclusive (other than in connection with a transaction with PCTEL, Inc,
which shall be exclusive to BHP) financial advisor in connection with potential
strategic transactions which may include an acquisition, partnership, strategic
alliance, merger, or sale (each a "Strategic Transaction"). Excluded from the
definition of Strategic Transaction shall be any transaction with Speedcom, Inc.
and Witcom, Inc. As part of our engagement, we will:

(a)  assist you in analyzing and evaluating the business, operations and
     financial position of each suitable Prospect;

(b)  assist the Company with its due diligence efforts related to each potential
     Strategic Transaction;

(c)  assist the Company in structuring and negotiating each Strategic
     Transaction; and,

(d)  be available at your request to meet with your Board of Directors to
     discuss any proposed Strategic Transaction and its financial implications..

As compensation for a completed Strategic Transaction under this Agreement, the
Company agrees to pay BHP a cash fee equal to 2.00% for the first $50,000,000 in
aggregate consideration and 1.25% for aggregate consideration in excess of
$50,000,000. In the event that another party acts as financial advisor to the
Company in connection with a Strategic Transaction prior to the expiration of
the Tail Period, the Company shall seek to engage BHP to provide a fairness
opinion for the Strategic Transaction. If BHP elects to accept such engagement,
BHP shall receive a fee to be negotiated in good faith based on industry
standard fees for such engagements.

As compensation in connection with the Recapitalization Financing, the Company
shall pay 1) a cash fee equal to 10% of the gross proceeds received by the
Company and 4% of the cash proceeds received by the Company upon the cash
exercise of Warrants issued in the Recapitalization Financing and related
transactions and 2) a Placement Agent Warrant Fee equal to 15% of the common
shares underlying the Series C Preferred. The Placement Agent Warrants shall be
exercisable at the conversion price of the Series C and shall expire five years
from the issuance date. The shares underlying the Placement Agent Warrants shall
have standard piggyback registration rights, shall have a cashless exercise
provision, shall be non-redeemable and shall be included in the registration
statement covering the shares issued in the Recapitalization Financing.

Compensation in connection with a financing occurring subsequent to the
Recapitalization Financing (a "Subsequent Financing") shall be seven (7%)
percent cash commission and ten (10%) percent Placement Agent Warrant Fee.

<PAGE>

The Company shall provide to BHP periodic reimbursement of all out-of-pocket
expenses, which amount shall not exceed $10,000 without the prior written
approval of the Company.

Notice given pursuant to any of the provisions of this Agreement shall be given
in writing and shall be sent by recognized overnight courier or personally
delivered (a) if to the Company, to P-Com's office at 3175 S. Winchester Blvd.
Campbell, CA 95008. Attention: George Roberts, President and Chief Executive
Officer; and (b) if to BHP, to its office at 570 Lexington Avenue, New York, NY
10022. Attention: Jason Adelman, Managing Director.

No advice or opinion rendered by BHP, whether formal or informal, may be
disclosed, in whole or in part, or summarized, excerpted from or otherwise
referred to without our prior written consent. In addition, BHP may not be
otherwise referred to without its prior written consent. Since BHP will be
acting on behalf of the Company in connection with its engagement hereunder, the
Company has entered into a separate letter Agreement, dated the date hereof,
providing for the indemnification by the Company of BHP and certain related
persons and entities.

BHP's engagement hereunder shall expire nine (9) months from the date of this
Agreement. The period up to the expiration date is defined as the "Authorization
Period". Provided however, that upon the expiration, BHP will continue to be
entitled to its full fees provided for herein in the event that at any time
prior to the expiration of twelve (12) months after such expiration (the "Tail
Period") a Financing involving the Company occurs which involves a party
(including affiliates) that invested in P-Com during the Authorization Period or
a Strategic Transaction occurs with a party where BHP was acting as financial
advisor on behalf of the Company. Additionally, if prior to the expiration of
the Tail Period, the Company undertakes an underwritten public offering, BHP
shall have the right participate in such underwriting in an amount to be
negotiated in good faith between BHP and the managing underwriter.

BHP is currently division of Pali Capital Inc., a European American Investment
Group Company. This engagement hereunder shall remain in full force and effect
through the term of this agreement in the event that BHP becomes an independent
entity through the term of this Agreement. In connection with this engagement,
BHP is acting as an independent contractor with duties owing solely to the
Company. Our engagement by the Company is for the limited purposes set forth in
this letter, and the rights and obligations of each of BHP and the Company are
defined by this letter Agreement. Each of BHP and the Company agrees that the
other party has no fiduciary duty to it or its stockholders, officers and
directors as a result of the engagement described in this Agreement. This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to conflicts of law principles thereof. This
Agreement may not be amended or modified except in writing signed by each of the
parties hereto.

This letter and the indemnification Agreement contain the entire Agreement of
the parties with respect to the subject matter hereof and supersede and take
precedence over all prior Agreements or understandings, whether oral or written,
between BHP and the Company. The invalidity or unenforceability of any provision
of this letter Agreement shall not affect the validity or enforceability of any
other provisions of this Agreement or the indemnification Agreement, which shall
remain in full force and effect.

<PAGE>

We are delighted to accept this engagement and look forward to working with you
on this assignment. Please confirm that the foregoing is in accordance with your
understanding by signing and returning to us the enclosed duplicate of this
Agreement.

                                        Very truly yours,

                                        Burnham Hill Partners

                                        By:
                                           -------------------------------------
                                           Name:

Accepted and Agreed to as of the date first written above:

P-Com, Inc.

By:
    -------------------------------
    Name:  Daniel Rumsey
    Title: Vice President - General CounselP-COM, INC.
                          3175 S. Winchester Boulevard
                            Campbell, CA 95008 U.S.A.

April 4, 2003

Daniel W. Rumsey
Chief Financial Officer
General Counsel
P-Com, Inc.
3175 South Winchester Blvd.
Campbell, CA 95008

                  Re:      Severance Agreement

Dear Dan:

As we discussed, this will acknowledge our agreement whereby in the event your
employment with the P-Com, Inc. terminates at any time after the date hereof by
reason of an Involuntary Termination, you shall be entitled to severance equal
to the higher of your annual base salary on the date hereof, or your annual base
salary on the date of your Involuntary Termination (in either event, your "Base
Salary"), which Base Salary shall be paid in a series of successive biweekly
installments over the twelve month period measured from the date of your
Involuntary Termination. For purposes of this Agreement, an Involuntary
Termination shall mean the termination of your employment with P-Com (or
successor) (i) involuntarily upon your discharge or dismissal; (ii) or
voluntarily upon your resignation following (a) a change in level of management
to which you report, (b) a decrease or material change in your responsibilities;
or (c) a reduction in your Base Salary.

In addition, in the event of an Involuntary Termination, your unvested options
to purchase common stock of P-Com shall continue to vest and such options plus
options already vested but unexercised as of the date of your Involuntary
Termination shall continue to be exercisable in accordance with P-Com's 1995
Stock Option/Stock Issuance Plan from the date of Involuntary Termination to the
first anniversary date thereof.

In the event your employment hereunder is terminated for cause, no severance
benefits shall be provided to you under this letter agreement.

Please indicate your acceptance of the foregoing provisions of this letter
agreement by signing in the space set forth below, and returning a copy hereof
to P-Com.

Sincerely,                              ACCEPTED AND AGREED TO:

P-Com, Inc.                             Daniel W. Rumsey

By: /s/ George Roberts                  /s/ Daniel Rumsey
   --------------------------------     ----------------------------------------
   George Roberts
   Chairman and CEOP-COM, INC.
                          3175 S. Winchester Boulevard
                            Campbell, CA 95008 U.S.A.

July 25, 2003

Mr. Samuel Smookler
10831 Mora Drive
Los Altos, California 94024-6532

Dear Sam:

      P-Com, Inc., a Delaware corporation (the "Company") is pleased to offer
you a position of employment with the Company. The basic terms are as follows:

      1. Title and Duties. You will be employed as the President and Chief
Executive Officer of the Company, and you will perform such executive duties in
connection with the business of the Company as the board of directors of the
Company (the "Board of Directors") may from time to time assign consistent with
such titles.

      2. Commencement Date. Your employment with the Company will commence on
September 2, 2003 (the "Commencement Date").

      3. Salary. During the period beginning on the Commencement Date and ending
on December 31, 2003, the Company will pay you a salary of $36,000 per month.
Beginning on January 1, 2004, the Company will pay you a base salary of $250,000
per year ("Base Salary").

      4. Bonus.

            4.1 Initial Bonus. On September 2, 2004, you will be entitled to
receive a cash bonus equal to 50% of your Base Salary.

            4.2 Annual Bonus. At the beginning of each fiscal year of the
Company, the Board of Directors, in its reasonable discretion and in good faith,
will establish certain objectives and performance-related goals to be met by the
Company during that fiscal year (the "Stated Goals"). You will receive an annual
cash bonus equal to 50% of your Base Salary for each fiscal year in which the
Company meets or exceeds its Stated Goals, beginning with fiscal year 2005 (the
"Annual Bonus"). If your employment with the Company ceases during fiscal year
2005 or any subsequent fiscal year of the Company, the amount of your Annual
Bonus, if any, for the year in which such cessation of employment occurs will be
pro-rated for the number of days you are employed by the Company during that
fiscal year.

                                      -1-
<PAGE>

      5. Common Stock. Subject to approval by the Board of Directors, you will
be granted options to purchase a number of shares of the Company's common stock,
par value $0.0001 per share (the "Common Stock"), equal to 2% of the total
number of shares of Common Stock issued and outstanding as of the Commencement
Date (the "Options"). The exercise price of the Options shall be equal to the
then existing fair market value of the Common Stock as determined by the Board
of Directors on the date that the Options are granted. The Options, including,
without limitation, any applicable vesting schedules, shall be subject to and
governed by the terms and conditions contained in the Company's 1995 Stock
Option/Stock Issuance Plan, as amended (the "1995 Plan").

      6. Medical and Dental Benefits. Beginning on the Commencement Date, you
will be entitled to medical and dental insurance coverage under the Company's
medical and dental insurance plans, which are subject to change from time to
time in the sole discretion of the Company.

      7. Board of Directors. Following the Commencement Date, the Company shall
take all such actions as are necessary to duly appoint you to the Board of
Directors, to serve as a director of the Company until the next annual meeting
of the Company's stockholders and until your successor is duly elected and
qualified.

      8. Term of Employment. The term of your employment with the Company shall
begin on the Commencement Date and shall continue for a term of two years,
unless earlier terminated pursuant to the provisions hereof (the "Term").

      9. Termination for Cause. The Company may terminate your employment under
this letter agreement for "cause" at any time during the Term. As used herein,
"cause" means personal dishonesty, breach of fiduciary duty, any material breach
of the terms of this letter agreement, gross negligence or willful misconduct in
the performance of your duties, willful breach or habitual neglect of duties,
fraud, conviction of a felony, incarceration for 30 or more consecutive days, or
mental or physical disability that renders you unable to perform your duties for
90 consecutive days in any 12-month period, all as determined by the Board of
Directors. In the event that the Company terminates your employment for cause,
this letter agreement shall terminate and be of no further force or effect, and
the Company shall have no further obligation to you hereunder.

      10. Termination Without Cause. In the event that the Company terminates
your employment without cause, (a) the Company shall continue to pay you your
Base Salary for a period of one year following such termination; (b) the Company
shall continue to provide you with medical and dental insurance coverage, as
provided in Section 6 above, for a period of one year following such
termination, provided, that such continued coverage is allowed under the
Company's contract with its medical and dental insurance plan carrier(s); and
(c) the Options granted to you, pursuant to Section 5 above, shall continue to
vest in accordance with the terms and conditions contained therein for a period
of two years following the date of such termination.

      11. Termination Following a Change of Control.

            11.1 Severance Benefits. Notwithstanding anything herein to the
contrary, in the event that your employment with the Company is terminated for
any reason (with or without cause) at any time within 12 months following a
Change of Control (as defined below), (a) the Company shall continue to pay you
your Base Salary for a period of two years following such termination; (b) the
Company shall continue to provide you with medical and dental insurance
coverage, as provided in Section 6 above, for a period of two years following
such termination, provided, that such continued coverage is allowed under the
Company's contract with its medical and dental insurance plan carrier(s); and
(c) the Options granted to you, pursuant to Section 5 above, shall automatically
accelerate so that each such Option will become fully vested and immediately
exercisable for the total number of shares of Common Stock subject to that
Option, and such Options shall remain exercisable until the expiration of their
terms, as set forth therein.

                                      -2-
<PAGE>

            11.2 Definition of Change of Control. For purposes of this letter
agreement, "Change of Control" shall mean any of the following transactions
effecting a change in ownership or control of the Company:

            (a) a merger or consolidation in which the Company is not the
      surviving entity, except for a transaction the principal purpose of which
      is to change the Company's jurisdiction of incorporation;

            (b) the sale, transfer or other disposition of all or substantially
      all of the assets of the Company in complete liquidation or dissolution of
      the Company,

            (c) any reverse merger in which the Company is the surviving entity
      but in which securities representing 50% or more of the total combined
      voting power of the Company's outstanding securities are transferred to
      person or persons different from the persons holding those securities
      immediately prior to such merger,

            (d) the acquisition, directly or indirectly by any person or related
      group of persons (other than the Company or a person that directly or
      indirectly controls, is controlled by, or is under common control with,
      the Company), of beneficial ownership (within the meaning of Rule 13d-3 of
      the 1934 Act) of securities possessing more than thirty percent (30%) of
      the total combined voting power of the Company's outstanding securities
      pursuant to a tender or exchange offer made directly to the Company's
      stockholders.

            11.3 Other Provisions. An action following a Change of Control that
results in a material reduction in your authority, duties or responsibilities
within the Company or a change in your place of employment which is more that
fifty (50) miles from your place of employment before the Change of Control and
is effected without your written concurrence will entitle you to the benefits
described in Section 11.1 (Severance Benefits) of this document.

      12. Death. In the event of your death, the payments to which you are
entitled under this letter agreement will be made, on the applicable due dates
hereunder, to the executors or administrators of your estate. If you die before
you exercise all the Options, such Options may be exercised, within 12 months
after your death, by the executors or administrators of your estate or by
persons to whom the Options are transferred pursuant to your will or in
accordance with the laws of inheritance. In no event, however, may any such
Option be exercised after the expiration date specified therein.

      13. General Creditor Status. The payments and benefits to which you become
entitled hereunder will be paid, when due, from the general assets of the
Company, and no trust fund, escrow arrangement or other segregated account will
be established as a funding vehicle for such payment. Accordingly, your right
(or the right of the personal representatives or beneficiaries of your estate)
to receive any payments or benefits hereunder will at all times be that of a
general creditor of the Company and will have no priority over the claims of
other general creditors.

                                      -3-
<PAGE>

      14. Withholding Taxes and Other Deductions. To the extent required by law,
the Company shall withhold from any payments due to you under this letter
agreement any applicable federal, state or local taxes and such other deductions
as are prescribed by law.

      15. Indemnification. The indemnification provided to the Company's
officers and directors under the Company's certificate of incorporation, bylaws
and insurance policies will (to the maximum extent permitted by law) be extended
to you with respect to any and all matters, events or transactions occurring or
effected during your employment with the Company.

      16. Miscellaneous. This letter agreement will be binding upon you and the
Company, its successors and assigns (including, without limitation, the
surviving entity in any Change of Control) and is to be construed and
interpreted under the laws of the State of California. Except as set forth
herein, this letter agreement supersedes all prior agreements between you and
the Company relating to the subject of your employment with the Company and may
only be amended by written instrument signed by you and an authorized officer of
the Company. If any provision of this letter agreement as applied to any party
or to any circumstance should be adjudged by a court of competent jurisdiction
to be void or unenforceable for any reason, the invalidity of that provision
will in no way affect (to the maximum extent permissible by law) the application
of such provision under circumstances different from those adjudicated by the
court, the application of any other provision of this letter agreement, or the
enforceability or invalidity of this letter agreement as a whole. Should any
provision of this letter agreement become or be deemed invalid, illegal or
unenforceable in any jurisdiction by reason of the scope, extent or duration of
its coverage, then such provision will be deemed amended to the extent necessary
to conform to applicable law so as to be valid and enforceable or, if such
provision cannot be so amended without materially altering the intention of the
parties, then such provision will be stricken and the remainder of this letter
agreement will continue in full force and effect.

      17. Attorney Fees. In the event legal proceeding should be initiated by
you or by the Company with respect to any controversy, claim or dispute relating
to the interpretation or application of the provisions of this letter agreement
or any benefits payable hereunder, the prevailing party in such proceedings will
be entitled to recover from the losing party reasonable attorney fees and costs
incurred in connection with such proceedings or in the enforcement or collection
of any judgment or award rendered in such proceedings. For purposes of this
provision, the prevailing party means the party determined by the court to have
most nearly prevailed in the proceedings, even if that party does not prevail in
all matters, and does not necessarily mean the party in whose favor the judgment
is actually rendered.

      18. Independent Legal Counsel. By executing this letter agreement, you
acknowledge that (i) this agreement has been prepared by Sheppard, Mullin,
Richter & Hampton LLP ("SMRH") acting in its capacity as legal counsel to the
Company and (ii) you have had an opportunity to seek advice from your own legal
counsel with respect to the matters contained herein and such individual counsel
is not SMRH.

                                      -4-
<PAGE>

      If you accept the above-described offer, please sign a copy of this letter
where indicated below and mail or fax it to me along with your signature on the
enclosed forms authorizing the required background checks. You will be required
to sign a Proprietary Information and Inventions Agreement as well as to present
proper documentation regarding proof of your identify and authorization to work
in the United States upon your acceptance. This offer, if not accepted, will
expire August 1, 2003.

      P-Com believes that a mutually beneficial relationship will result from
your positive response to this offer of employment. We look forward to your
acceptance and a long and rewarding association.

                                        Sincerely,

                                        P-Com, Inc.

                                        /s/ George Roberts
                                        ------------------------------------
                                        George Roberts
                                        Chairman and Chief Executive Officer

ACCEPTED AND AGREED TO
AS SET FORTH ABOVE:

/s/ Samuel Smookler
-----------------------------------
Samuel Smookler

Dated: 7/29/03

                                      -5-

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