Document:

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                                                                   Exhibit 4.78

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW AND MAY NOT BE SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
AND UNDER APPLICABLE STATE SECURITIES LAWS OR SPEEDCOM WIRELESS CORPORATION
SHALL HAVE RECEIVED AN OPINION OF ITS COUNSEL THAT REGISTRATION OF SUCH
SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE
SECURITIES LAWS IS NOT REQUIRED.

                          SPEEDCOM WIRELESS CORPORATION

                             SECURED PROMISSORY NOTE

U.S. $8,600.00                                                New York, New York
                                                                   June 16, 2003

     FOR VALUE RECEIVED, the undersigned, Speedcom Wireless Corporation, a
Delaware corporation (the "Borrower"), hereby promises to pay to the order of
NORTH SOUND LEGACY FUND LLC or any future permitted holder of this promissory
note (the "Lender"), at the principal office of the Lender set forth herein, or
at such other place as the holder may designate in writing to the Borrower, the
principal sum of up to EIGHT THOUSAND SIX HUNDRED DOLLARS (U.S. $8,600.00), or
such other amount as may be outstanding hereunder, together with all accrued but
unpaid interest, in such coin or currency of the United States of America as at
the time shall be legal tender for the payment of public and private debts and
in immediately available funds, as provided in this promissory note (the
"Note"). This Note is the Note referred to in the Letter Loan Agreement dated
June 16, 2003 between the Borrower and the Lender (the "Letter Loan Agreement").
Concurrently with the issuance of this Note, the Borrower is issuing a separate
note to a separate purchaser pursuant to the Letter Loan Agreement.

          1. Principal and Interest Payments.

               (a) The Borrower shall repay in full the entire principal balance
then outstanding under this Note on the earlier (the "Maturity Date") of: (i)
December 31, 2003, or (ii) the acceleration of the obligations as contemplated
by this Note. The Maturity Date may be extended as agreed upon in writing
between the parties.

               (b) Interest on the outstanding principal balance of this Note
shall accrue at a rate of fifteen percent (15%) per annum. Interest on the
outstanding principal balance of the Note shall be computed on the basis of the
actual number of days elapsed and a year of three hundred and sixty (360) days
and shall be payable by the Borrower and shall be payable by

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the Borrower in cash in full on the Maturity Date. Furthermore, upon the
occurrence of an Event of Default, then to the extent permitted by law, the
Borrower will pay interest to the Lender, payable on demand, on the outstanding
principal balance of the Note from the date of the Event of Default until
payment in full at the rate of twenty percent (20%) per annum.

          2. Security Agreement. The obligations of the Borrower hereunder shall
be secured by, and the Lender shall be entitled to the rights and security
granted by the Borrower pursuant to, the Security Agreement dated as of June 16,
2003 by the Borrower for the benefit of the Lender.

          3. Payment on Non-Business Days. Whenever any payment to be made shall
be due on a Saturday, Sunday or a public holiday under the laws of the State of
New York, such payment may be due on the next succeeding business day and such
next succeeding day shall be included in the calculation of the amount of
accrued interest payable on such date.

          4. Borrower's Prepayment Option. The Borrower may prepay, at the
option of its Board of Directors, all or any portion of the outstanding
principal amount of this Note and the accrued and unpaid interest thereon upon
five (5) business days prior written notice to the Lender (the "Borrower
Prepayment Notice") at a cash price equal to 150% of the sum of the outstanding
principal amount and any interest accrued and outstanding (the "Borrower
Prepayment Price"). The Borrower may not deliver a Borrower Prepayment Notice to
the Lender unless the Borrower has clear and good funds for a minimum of the
amount it intends to prepay in a bank account controlled by the Borrower. The
Borrower Prepayment Notice shall state the date of prepayment (the "Borrower
Prepayment Date"), the Borrower Prepayment Price, the amount of the Note of such
Lender to be prepaid, the amount of accrued and unpaid interest through the
Borrower Prepayment Date and shall call upon the Lender to surrender to the
Borrower on the Borrower Prepayment Date at the place designated in the Borrower
Prepayment Notice such Lender's Note. The Borrower Prepayment Date shall be no
more than five (5) trading days after the date on which the Lender is notified
of the Borrower's intent to prepay the Note (the "Borrower Prepayment Notice
Date"). If the Borrower fails to pay the Borrower Prepayment Price by the sixth
(6th) trading day following the Borrower Prepayment Notice Date, the prepayment
will be declared null and void and the Borrower shall lose its right to deliver
a Borrower Prepayment Notice to the Lender in the future. On or after the
Borrower Prepayment Date, the Lender shall surrender the Notes called for
prepayment to the Borrower at the place designated in the Borrower Prepayment
Notice and shall thereupon be entitled to receive payment of the Borrower
Prepayment Price.

          5. Replacement. Upon receipt of a duly executed, notarized and
unsecured written statement from the Lender with respect to the loss, theft or
destruction of this Note (or any replacement hereof), and without requiring an
indemnity bond or other security, or, in the case of a mutilation of this Note,
upon surrender and cancellation of such Note, the Borrower shall issue a new
Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or
mutilated Note.

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          6. Parties in Interest, Transferability. This Note shall be binding
upon the Borrower and its successors and assigns and the terms hereof shall
inure to the benefit of the Lender and its successors and permitted assigns.
This Note may be transferred or sold, subject to the provisions of Section 8 of
this Note, or pledged, hypothecated or otherwise granted as Security by the
Lender.

          7. Remedies, Characterizations, Other Obligations, Breaches and
Injunctive Relief. Upon an Event of Default (as defined in the Letter Loan
Agreement), the Lender shall have all the rights and remedies contained in the
Letter Loan Agreement. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note or in the Letter
Loan Agreement, at law or in equity (including, without limitation, a decree of
specific performance and/or other injunctive relief), and no remedy contained
herein shall be deemed a waiver of compliance with the provisions giving rise to
such remedy and nothing herein shall limit a Lender's right to pursue actual
damages for any failure by the Borrower to comply with the terms of this Note.
Amounts set forth or provided for herein with respect to payments and the like
(and the computation thereof) shall be the amounts to be received by the Lender
and shall not, except as expressly provided herein, be subject to any other
obligation of the Borrower (or the performance thereof). The Borrower
acknowledges that a breach by it of its obligations hereunder will cause
irreparable and material harm to the Lender and that the remedy at law for any
such breach may be inadequate. Therefore the Borrower agrees that, in the event
of any such breach or threatened breach, the Lender shall be entitled, in
addition to all other available rights and remedies, at law or in equity, to
seek and obtain such equitable relief, including but not limited to an
injunction restraining any such breach or threatened breach, without the
necessity of showing economic loss and without any bond or other security being
required.

          8. Compliance with Securities Laws. The Lender of this Note
acknowledges that this Note is being acquired solely for the Lender's own
account and not as a nominee for any other party, and for investment, and that
the Lender shall not offer, sell or otherwise dispose of this Note other than in
compliance with the laws of the United States of America and as guided by the
rules of the Securities and Exchange Commission. This Note and any Note issued
in substitution or replacement therefore shall be stamped or imprinted with a
legend in substantially the following form:

          "THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
          OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
          SECURITIES LAW AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
          DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND
          UNDER APPLICABLE STATE SECURITIES LAWS OR SPEEDCOM WIRELESS
          CORPORATION SHALL HAVE RECEIVED AN OPINION OF ITS COUNSEL
          THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES
          ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES
          LAWS IS NOT REQUIRED."

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          9. Borrower Waivers. Except as otherwise specifically provided herein,
the Borrower and all others that may become liable for all or any part of the
obligations evidenced by this Note, hereby waive presentment, demand, notice of
nonpayment, protest and all other demands and notices in connection with the
delivery, acceptance, performance and enforcement of this Note, and do hereby
consent to any number of renewals of extensions of the time or payment hereof
and agree that any such renewals or extensions may be made without notice to any
such persons and without affecting their liability herein and do further consent
to the release of any person liable hereon, all without affecting the liability
of the other persons, firms or Borrower liable for the payment of this Note, AND
DO HEREBY WAIVE TRIAL BY JURY.

               (a) No delay or omission on the part of the Lender in exercising
its rights under this Note, or course of conduct relating hereto, shall operate
as a waiver of such rights or any other right of the Lender, nor shall any
waiver by the Lender of any such right or rights on any one occasion be deemed a
waiver of the same right or rights on any future occasion.

               (b) THE BORROWER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS
NOTE IS A PART IS A COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED BY
APPLICABLE LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH RESPECT TO
ANY PREJUDGMENT REMEDY WHICH THE LENDER OR ITS SUCCESSORS OR ASSIGNS MAY DESIRE
TO USE.

          10. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York without giving effect to
the choice of law provisions. This Agreement shall not be interpreted or
construed with any presumption against the party causing this Note to be
drafted.

          11. Notices. Any notice, request, demand or other communication
permitted or required to be given hereunder shall be provided in the manner
specified in the Letter Loan Agreement.

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          IN WITNESS WHEREOF, the Borrower has executed and delivered this Note
as of the date first written above.

                                            SPEEDCOM WIRELESS CORPORATION

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

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                                                                   EXHIBIT 10.46

                                 PLUMAS BANCORP

                        INCENTIVE STOCK OPTION AGREEMENT

         This Incentive Stock Option Agreement (the "Agreement") is made and
entered into as of the 18th day of December, 2002, by and between Plumas
Bancorp, a California corporation (the "Bancorp"), and William E. Elliott
("Optionee");

         WHEREAS, pursuant to the Plumas Bank 2001 Stock Option Plan, as amended
(the "Plan"), a copy of which is attached hereto, the Board of Directors of the
Bancorp has authorized granting to Optionee, an incentive stock option to
purchase all or any part of Eleven Thousand Two Hundred Fifty (11,250)
authorized but unissued shares of the Bancorp's common stock for cash at the
price of Sixteen Dollars and Thirteen Cents ($16.13) per share, such option to
be for the term and upon the terms and conditions hereinafter stated;

         NOW, THEREFORE, it is hereby agreed:

         1.       GRANT OF OPTION. Pursuant to said action of the Board of
Directors and pursuant to authorizations granted by all appropriate regulatory
and governmental agencies, the Bancorp hereby grants to Optionee the option to
purchase, upon and subject to the terms and conditions of the Plan, which is
incorporated in full herein by this reference, all or any part of Eleven
Thousand Two Hundred Fifty (11,250) shares of the Bancorp's common stock
(hereinafter called "Stock") at the price of Sixteen Dollars and Thirteen Cents
($16.13) per share, which price is not less than one hundred percent (100%) of
the fair market value of the stock (or not less than 110% of the fair market
value of the Stock for Optionee-shareholders who own more than ten percent (10%)
of the total combined voting power of all classes of stock of the Bancorp) as of
the date of action of the Board of Directors granting this option.

         2.       EXERCISABILITY. This option shall be exercisable as to Three
Thousand Seven Hundred Fifty Shares as of December 18, 2003, Three Thousand
Seven Hundred Fifty Shares as of December 18, 2004 and Three Thousand Seven
Hundred Fifty Shares as of December 18, 2005. This option shall remain
exercisable as to all of such shares until December 18, 2012, (but not later
than ten (10) years from the date this option is granted) unless this option has
expired or terminated earlier in accordance with the provisions hereof. Shares
as to which

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this option becomes exercisable pursuant to the foregoing provision may be
purchased at any time prior to expiration of this option.

         3.       EXERCISE OF OPTION. This option may be exercised by written
notice delivered to the Company stating the number of shares with respect to
which this option is being exercised, together with the full purchase price for
such shares with a cashier's check or subject to applicable law, with Company
common stock previously acquired by the optionee and held by the optionee for a
period of at least six months. The equivalent dollar value of shares of Company
common stock used to effect an exercise shall be the fair market value of such
shares on the date of the applicable exercise. Not fewer than ten (10) shares
may be purchased at any one time unless the number of shares purchased is the
total number of shares which is exercisable at such time, and in no event may
the option be exercised with respect to fractional shares. Upon exercise,
Optionee shall make appropriate arrangements and shall be responsible for the
withholding of any federal and state taxes then due.

         4.       CESSATION OF EMPLOYMENT. Except as provided in Paragraphs 2
and 5 hereof, if Optionee shall cease to be an employee of the Bancorp or a
subsidiary corporation for any reason other than Optionee's death or disability
[as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended
from time to time (the "Code")], this option shall expire three (3) months
thereafter. During the three (3) month period this option shall be exercisable
only as to those installments, if any, which had accrued as of the date when
Optionee ceased to be an employee of the Bancorp or a subsidiary corporation.

         5.       TERMINATION OF EMPLOYMENT FOR CAUSE. If Optionee's employment
with the Bancorp or a subsidiary corporation is terminated for cause, this
option shall expire immediately, unless reinstated by the Board of Directors
within thirty days (30) days of such termination by giving written notice of
such reinstatement to Optionee at his or her last known address. In the event of
such reinstatement, Optionee may exercise this option only to such extent, for
such time, and upon such terms and conditions as if Optionee had ceased to be an
employee of the Bancorp or a subsidiary corporation upon the date of such
termination for a reason other than cause, death or disability. Termination for
cause shall include, but not be limited to, termination for malfeasance or gross
misfeasance in the performance of duties or conviction of a crime involving
moral turpitude, and, in any event, the determination of the Board of Directors
with respect thereto shall be final and conclusive.

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         6.       NONTRANSFERABILITY; DEATH OR DISABILITY OF OPTIONEE. This
option shall not be transferable except by will or by the applicable laws of
descent and distribution, by instrument to an inter vivos or testamentary trust
in which the options are to be passed to beneficiaries upon the death of the
trustor (settlor), or by given to "immediate family" as that term is defined in
17 C.F.R. 240.16a-1(e), and this option shall be exercisable during Optionee's
lifetime only by Optionee. If Optionee dies while serving as an employee of the
Bancorp or a subsidiary corporation, or during the three (3) month period
referred to in Paragraph 4 hereof, this option shall expire one (1) year after
the date of Optionee's death or on the day specified in Paragraph 2 hereof,
whichever is earlier. After Optionee's death but before such expiration, the
persons to whom Optionee's rights under this option shall have passed by will or
by the applicable laws of descent and distribution or the executor or
administrator of Optionee's estate shall have the right to exercise this option
as to those shares for which installments had accrued under Paragraph 2 hereof
as of the date on which Optionee ceased to be an employee of the Bancorp or a
subsidiary corporation.

         If Optionee terminates his or her employment because of disability,
Optionee may exercise this option to the extent he or she is entitled to do so
at the date of termination, at any time within one (1) year of the date of
termination, or before the expiration date specified in Paragraph 2 hereof,
whichever is earlier.

         7.       EMPLOYMENT. This Agreement shall not obligate the Bancorp or a
subsidiary corporation to employ Optionee for any period, nor shall it interfere
in any way with the right of the Bancorp or a subsidiary corporation to reduce
Optionee's compensation.

         8.       PRIVILEGES OF STOCK OWNERSHIP. Optionee shall have no rights
as a shareholder with respect to the Bancorp's stock subject to this option
until the date of issuance of stock certificates to Optionee. Except as provided
in the Plan, no adjustment will be made for dividends or other rights for which
the record date is prior to the date such stock certificates are issued.

         9.       MODIFICATION AND TERMINATION. The rights of Optionee are
subject to modification and termination upon the occurrence of certain events as
provided in Sections 13 and 14 of the Plan.

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         10.      NOTIFICATION OF SALE. Optionee agrees that Optionee, or any
person acquiring shares upon exercise of this option, will notify the Bancorp
not more than five (5) days after any sale or other disposition of such shares.
No shares issuable upon the exercise of this option shall be issued and
delivered unless and until the Bancorp has fully complied with all applicable
requirements of any regulatory agency having jurisdiction over the Bancorp, and
all applicable requirements of any exchange upon which stock of the Bancorp may
be listed.

         11.      NOTICES. Any notice to the Bancorp provided for in this
Agreement shall be addressed to it in care of its President or Chief Financial
Officer at its main office and any notice to Optionee shall be addressed to
Optionee's address on file with the Bancorp or a subsidiary corporation, or to
such other address as either may designate to the other in writing. Any notice
shall be deemed to be duly given if and when enclosed in a properly sealed
envelope and addressed as stated above and deposited, postage prepaid, with the
United States Postal Service. In lieu of giving notice by mail as aforesaid, any
written notice under this Agreement may be given to Optionee in person, and to
the Bancorp by personal delivery to its President or Chief Financial Officer.

         12.      INCENTIVE STOCK OPTION. This Agreement is intended to be an
incentive stock option agreement as defined in Section 422 of the Code;
provided, however, that if the option shall fail to constitute an incentive
stock option for any reason, the option shall thereafter be governed by the
provisions of the Plan regarding nonqualified stock options.

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         13.      INFORMATION TO OPTIONEES. The Company agrees to provide
Optionee with the financial statements of the Company on an annual basis in
compliance with Rule 260.140.46 of the Title 10 of the California Code of
Regulations.

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

OPTIONEE                                 PLUMAS BANCORP

/s/ William E. Elliott                   By       /s/ Jerry V. Kehr
---------------------------                ------------------------------------
William E. Elliott                         Jerry V. Kehr, Chairman of the Board

                                         By       /s/ Daniel E. West
                                           ------------------------------------
                                           Daniel West, Vice Chairman of the
                                           Board

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