Document:

Unassociated Document

    Exhibit
      10.1

    

    

     

    BEL
      FUSE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

     

    (As
      amended and restated effective as of April 17, 2007)

    

    

      
        	
                Table
                  of Contents

              	 	 
	 	 	 
	
                SECTION
                  1 -

              	
                 STATEMENT
                  OF PURPOSE

              	
                7

              
	
                SECTION
                  2 -

              	
                 DEFINITIONS

              	
                7

              
	
                SECTION
                  3 -

              	
                 PLAN
                  ADMINISTRATION

              	
                4

              
	
                SECTION
                  4 -

              	
                 ELIGIBILITY
                  AND PARTICIPATION

              	
                8

              
	
                SECTION
                  5 -

              	
                 RETIREMENT
                  BENEFIT

              	
                8

              
	
                SECTION
                  6 -

              	
                 PRE-RETIREMENT
                  SURVIVOR BENEFIT

              	
                9

              
	
                SECTION
                  7 -

              	
                 DISABILITY
                  BENEFIT AND AUTHORIZED LEAVE OF

              	 
	 	
                 ABSENCE

              	
                10

              
	
                SECTION
                  8 -

              	
                 RESTRICTIVE
                  COVENANT

              	
                10

              
	
                SECTION
                  9 -

              	
                 EMPLOYER-OWNED
                  LIFE INSURANCE (“COLI”)

              	
                10

              
	
                SECTION
                  10 -

              	
                 RESIGNATION
                  AND REMOVAL OF THE ADMINISTRATOR

              	
                11

              
	
                SECTION
                  11 -

              	
                 APPOINTMENT
                  OF SUCCESSOR ADMINISTRATOR

              	
                11

              
	
                SECTION
                  12 -

              	
                 THE
                  ADMINISTRATOR'S CONSULTANT

              	
                12

              
	
                SECTION
                  13 -

              	
                 AMENDMENT

              	
                13

              
	
                SECTION
                  14 -

              	
                 CHANGE
                  IN CONTROL

              	
                13

              
	
                SECTION
                  15 -

              	
                 MISCELLANEOUS

              	
                15

              
	
                SECTION
                  16 -

              	
                 CONSTRUCTION

              	
                237

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      1
      - Statement of Purpose

     

    This
      Plan
      is designed and implemented for the purpose of providing to a limited group
      of
      key management or highly compensated employees of BEL FUSE who are largely
      responsible for BEL FUSE’s success the opportunity to receive deferred
      compensation in the form of supplemental executive retirement benefits, thereby
      increasing the incentive of such key employees to remain in the employ of BEL
      FUSE and to make BEL FUSE more profitable. Special payments shall be made to
      Participants upon retirement or death and are intended to provide Participants
      with additional financial security.

     

    The
      Plan
      originally became effective as of June 1, 2002. Effective as of January 1,
      2005,
      the Plan is amended and restated as set forth herein to conform to the
      applicable requirements of Section 409A of the Code and to make such other
      changes as the Board determined to be appropriate.

     

     

    Section
      2 - Definitions

     

    2.1 “Administrator”
means
      the person(s) or entity designated by the Board to administer the Plan on behalf
      of the BEL FUSE.

     

    2.2 “Accrued
      Benefit”
means
      a
      Participant’s normal retirement benefit, as described in Section 5.1 hereof,
      multiplied by a fraction, the numerator of which is the Participant’s total
      number of Years of Service with BEL FUSE at the time of determination, and
      the
      denominator of which is the aggregate number of Years of Service with BEL FUSE
      the Participant would have accumulated at his or her Normal Retirement Date.
      

     

    2.3 “Actuarial
      Equivalent”
means,
      with respect to a given benefit, any other benefit provided under the terms
      of
      the Plan which has the same present or equivalent value on the date the given
      benefit payment commences. In determining the Actuarial Equivalent, the Employer
      shall use the UP 84 mortality table and a discount rate equal to the then
      current monthly midterm Applicable Federal Rate as published by the Internal
      Revenue Service.

     

    2.4 “Beneficiary”
means
      a
      spouse or participant’s child under the age of 21 designated by a Participant in
      writing on a form satisfactory to BEL FUSE. In the absence of any living
      designated beneficiary, a deceased Participant's Beneficiary shall be the
      deceased Participant's then living spouse, if any, for his or her life; if
      none,
      or from and after such spouse's death, then the living children up to age 21
      of
      the deceased Participant, if any, in equal shares, for their joint and survivor
      lives; and if none no benefit will be paid.

     

    2.5 “Board”
means
      the Board of Directors of Bel Fuse Inc., or any committee of such Board that
      is
      authorized to oversee, administer and amend the Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.6 “BEL
      FUSE”
means
      Bel Fuse Inc., a New Jersey corporation, including any subsidiaries, successors
      and assigns thereto.

     

    2.7 “Code”
means
      the Internal Revenue Code of 1986, as amended.

     

    2.8 “Disability”
means
      a
      physical or mental condition of a Participant resulting from bodily injury,
      disease or mental disorder, which renders him or her incapable of continuing
      his
      or her usual and customary employment with BEL FUSE. The Disability of a
      Participant shall be determined by a licensed physician selected by BEL
      FUSE.

     

    2.9 “Early
      Retirement Date”
means
      the date on which a Participant attains age fifty-five (55), with twenty Years
      of Service and at least five (5) years of Participation in the Plan

     

    2.10 “Effective
      Date”
means
      June 1, 2002.

     

    2.11 “Employee”
means
      an employee of BEL FUSE or subsidiary.

     

    2.12 “Employer”
means
      BEL FUSE and any successors that shall maintain this Plan. The Employer is
      a
      corporation, with principal offices in the State of New Jersey.

     

    2.13 “ERISA”
means
      the Employee Retirement Income Security Act of 1974, as amended.

     

    2.14 “High
      Average Recognized Compensation”
means
      the average of the Recognized Compensation of a Participant for each of the
      highest five (5) consecutive calendar years of his or her Plan
      Participation.

     

    2.15 “Normal
      Retirement Date”
means
      the date on which a Participant attains age sixty-five (65), with twenty Years
      of Service and at least five (5) years of Participation in the
      Plan.

     

    2.16 “Participant”
means
      an Employee of BEL FUSE selected by the Board for participation in the Plan
      in
      accordance with Section 4 hereof, and who has not for any reason become
      ineligible to participate further in this Plan. An individual shall be deemed
      to
      continue as a Participant until all benefits payable to the Participant under
      this Plan have been distributed.

     

    2.17 “Plan”
means
      the Bel Fuse Supplemental Executive Retirement Plan (“SERP”) as contained in
      this document, including all amendments thereto.

     

    2.18 “Plan
      Year”
means
      the twelve month period commencing on January 1st
      of each
      year and ending the following December 31st.
      The
      initial Plan Year shall be June 1st
      through
      December 31st,
      2002.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.19 “Recognized
      Compensation”
means
      the annual base salary exclusive of bonuses and any other benefit to which
      a
      Participant is entitled.

     

    2.20 “SERP
      Agreement”
means
      a
      written agreement between a Participant and BEL FUSE in substantially the form
      attached hereto as Exhibit A.

     

    2.21 “Year
      of Service”
means
      a
      period of twelve consecutive months during which a Participant is employed
      by
      BEL FUSE. Unless otherwise provided in his or her SERP Agreement, in determining
      a Participant’s Years of Service, he or she shall receive credit for service
      from and after his or her most recent employment commencement date.

     

     

    Section
      3 - Plan Administration

     

    3.1 Powers
      and duties of the Administrator. The
      Employer shall appoint the Plan Administrator, who shall administer the Plan
      for
      the exclusive benefit of the Participants and their Beneficiaries, subject
      to
      the specific terms of the Plan. The Administrator shall administer the Plan
      in
      accordance with its terms and shall have the power and discretion to construe
      the terms of the Plan and to determine all questions arising in connection
      with
      the administration, interpretation, and application of the Plan. The
      Administrator shall also have the authority and discretion to determine and
      decide any issues of fact. The Administrator may establish procedures, correct
      any defect, supply any information, or reconcile any inconsistency in such
      manner and to such extent as shall be deemed necessary or advisable to carry
      out
      the purpose of the Plan; provided, however, that any procedure, discretionary
      act, interpretation or construction shall be done in a nondiscriminatory manner
      based upon uniform principles consistently applied. The Administrator shall
      have
      all powers necessary or appropriate to accomplish his duties under this
      Plan.

     

    The
      Administrator shall be charged with the duties of the general administration
      of
      the Plan, including, but not limited to, the following:

     

    (a) The
      discretion to determine all questions relating to the eligibility of Employees
      to participate or remain a Participant hereunder and to receive benefits under
      the Plan;

     

    (b) To
      compute and make determinations with respect to the amount of benefits to which
      any Participant shall be entitled hereunder;

     

    (c) To
      authorize and make nondiscretionary or otherwise directed disbursements to
      Participants;

     

    (d) To
      maintain all necessary records for the administration of the Plan;

     

    (e) To
      interpret the provisions of the Plan and to make and publish such rules for
      the
      regulation of the Plan as are consistent with the terms hereof;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (f) To
      prepare and implement a procedure to notify employees that they have been
      selected as eligible to participate in the Plan;

     

    (g) To
      assist
      any Participant regarding his rights, benefits, or elections available under
      the
      Plan.

     

    3.2
       Records
      and Reports. The
      Administrator shall keep a record of all actions taken and shall keep all other
      books of account, records, and other data that may be necessary for proper
      administration of the Plan and shall be responsible for supplying all
      information and reports to the Employer, Participants and
      Beneficiaries.

     

    3.3 Participant
      Statement. The
      Administrator shall provide each Participant each Plan Year a statement
      indicating that Participant's current and projected retirement benefit under
      the
      Plan.

     

    3.4 Information
      from Employer. To
      enable
      the Administrator to perform his functions, the Employer shall supply full
      and
      timely information to the Administrator on all matters relating to the
      compensation of all Participants, their retirement, death, disability, or
      termination of employment, and such other pertinent facts as the Administrator
      may require. The Administrator may rely upon such information as is supplied
      by
      the Employer and shall have no duty or responsibility to verify such
      information.

     

    3.5 Claims
      Procedure. All
      claims for benefits under the Plan shall be filed with the Administrator who
      shall have the responsibility for determining all aspects of such claims. All
      claims for benefits shall be made in writing and shall set forth the facts
      upon
      which a claimant believes to be sufficient to entitle him or her to the benefit
      claimed. The Administrator may adopt forms for the submission of claims for
      benefits in which case all claims for benefits shall be filed on such forms.
      

     

    3.6 Claims
      Review Procedure.
       The
      Administrator shall receive all applications for benefits. Upon receipt by
      the
      Administrator of such an application, it shall determine all facts which are
      necessary to establish the right of an applicant to benefits under the
      provisions of the Plan and the amount thereof as herein provided. The applicant
      shall be notified in writing of any adverse decision with respect to his or
      her
      claim within ninety (90) days after its submission. If special circumstances
      require an extension of time for processing the claim, a written notice of
      the
      extension and the reason therefore shall be furnished to the claimant before
      the
      end of the such ninety (90) day period. In no event shall such extension exceed
      ninety (90) days. 

     

    Any
      adverse decision shall be written in a manner calculated to be understood by
      the
      applicant and shall include:

     

    (a) The
      specific reason or reasons for the denial;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Specific
      references to the pertinent Plan provisions on which the denial is
      based;

     

    (c) A
      description of any additional material or information necessary for the
      applicant to perfect the claim and an explanation why such material or
      information in necessary; and

     

    (d) An
      explanation of the Plan’s claim review procedures.

     

    In
      the
      event that a claim for benefits is denied or if the applicant has had no
      response to such claim within ninety (90) days following its filing with the
      Administrator (in which case the claim for benefits shall be deemed to have
      been
      denied), the applicant or his duly authorized representative, at the applicant’s
      sole expense, may appeal the denial to the Administrator within sixty (60)
      days
      of the receipt of written notice of denial or sixty (60) days from the date
      such
      claim is deemed to be denied. In pursuing such appeal the applicant or his
      duly
      authorized representative:

     

    (a) may
      request in writing that the Administrator review the denial;

     

    (b) may
      review pertinent documents; and

     

    (c) may
      submit issues and comments in writing.

     

    The
      decision on review shall be made within sixty (60) days of receipt of the
      request for review, unless special circumstances require an extension of time
      for processing, in which case a decision shall be rendered as soon as possible,
      but not later than one hundred twenty (120) days after receipt of a request
      for
      review. If such an extension of time is required, written notice of the
      extension shall be furnished to the claimant before the end of the original
      sixty (60) day period. The decision on review shall be made in writing, shall
      be
      written in a manner calculated to be understood by the claimant, and shall
      include specific references to the provisions of the Plan on which such denial
      is based. If the decision on review is not furnished within the time specified
      above, the claim shall be deemed denied on review.

     

    3.7 Claims
      Review Procedure -- Review of Claim Involving Disability
      Benefits. Within
      180 days after an Employee, Participant or Beneficiary receives notice from
      the
      Administrator that a claim involving disability benefits has been denied in
      any
      respect, he or she may file with the Disability Review Board a written request
      for review setting forth his or her reasons for disputing the Administrator’s
      decision. The review shall not afford deference to the Administrator’s decision.

     

    In
      reviewing any decision based in whole or in part on a medical judgment,
      including determinations with regard to whether a particular treatment, drug,
      or
      other item is experimental, investigational, or not medically necessary or
      appropriate, the Disability Review Board shall consult with a health care
      professional who has appropriate training and experience in the field of
      medicine involved in the medical judgment. This health care professional shall
      neither be an individual consulted in connection with the decision that is
      the
      subject of the review, nor be the subordinate of such individual.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      connection with the review, the Employee, Participant or Beneficiary shall
      be
      provided with the identification of any medical or vocational experts whose
      advice was obtained on behalf of the Plan in connection with claim denial,
      without regard to whether the advice was relied upon in denying the claim.
      The
      Employee, Participant or Beneficiary shall also be provided, upon request and
      free of charge, reasonable access to copies of all documents, records and other
      information relating to the claim (to the extent not inconsistent with the
      privacy rights of other Employees, Participants or Beneficiaries)

     

    The
      Employee, Participant or Beneficiary may submit written comments, documents
      and
      other information relating to the claim. The review of the claim shall take
      into
      account all comments, documents, records and other information submitted,
      regardless of whether they were initially submitted with respect to the
      claim.

     

    Within
      45
      days after receiving after receiving a written request for review of the
      Administrator’s decision (or within 90 days, if special circumstances require an
      extension of time, and written notice explaining the special circumstances
      and
      the expected date of a decision upon review is furnished to the Employee,
      Participant or Beneficiary within 45 days after receiving the written request
      for review), the Disability Review Board shall furnish to the Employee,
      Participant or Beneficiary written notice of the Disability Review Board’s final
      decision upon review with respect to the claim. If the Disability Review Board’s
      final decision upon review is to deny the claim in any respect, the written
      notice shall contain the information set forth in Section 3.6 of the
      Plan.

     

    3.8 Disability
      Review Board. The
      Board
      shall designate a Disability Review Board, consisting of at least three (3)
      individuals to address claims submitted pursuant to section 3.7. Any or all
      of
      the individuals appointed to the Disability Review Board may be Employees.
      However, no such individual may be the Administrator or the subordinate of
      the
      Administrator. Unless otherwise designated by the Board, the Compensation
      Committee of the Board shall be deemed to be the Disability Review Board under
      the Plan.

     

    Any
      member of the Disability Review Board may at any time resign by giving to the
      Employer and to the remaining members of the Disability Review Board, if any,
      then acting hereunder written notice of such resignation; any such resignation
      shall become effective upon the last business day of the calendar month next
      succeeding the calendar month in which such notice shall be received by the
      Employer or on such earlier date as the Employer may determine. The Board may
      at
      any time remove any or all of the members of the Disability Review Board then
      acting hereunder by giving written notice of such removal to all of the members
      then acting hereunder; any such removal shall become effective immediately
      upon
      the delivery of such notice to the member of the Disability Review Board so
      removed or on such later date as may be specified in such notice.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    No
      member
      of the Disability Review Board at any time acting hereunder who is an Employee
      shall, acting in his capacity as a member of the Disability Review Board, have
      any voice in any decision of the Disability Review Board made uniquely with
      respect to such member or his benefits hereunder.

     

    In
      the
      event of any disagreement among the members of the Disability Review Board
      at
      any time acting hereunder and authorized to act with respect to any matter,
      the
      decision of a majority of said members authorized to act upon such matter shall
      be controlling and shall be binding and conclusive upon all persons, including,
      but not limited to, the Employer, Employees, Participants and their respective
      Beneficiaries, and upon the respective successors, assigns, executors,
      administrators, heirs, next-of-kin and distributees of all of the
      foregoing.

     

    Subject
      to the provisions of this Section 3.8, each additional and each successor member
      of the Disability Review Board at any time acting hereunder shall have all
      of
      the rights and powers (including discretionary rights and powers) and all of
      the
      privileges and immunities hereby conferred upon the original members of the
      Disability Review Board hereunder and all of the duties and obligations so
      imposed upon the original members of the Disability Review Board
      hereunder.

     

    The
      Disability Review Board shall have authority to perform all acts it may deem
      necessary or appropriate in order to exercise the duties and powers imposed
      or
      granted by ERISA or the Plan. Such duties and powers shall include, but not
      be
      limited to, the following:

     

    (a) The
      Disability Review Board shall have the power to construe the provisions of
      the
      Plan, to determine any questions of fact which may arise thereunder, and to
      exercise discretion in performing such powers and its duties and
      responsibilities. Every finding, decision and determination by the Disability
      Review Board shall, to the full extent permitted by law, be final and binding
      on
      all parties.

     

    (b) The
      Disability Review Board shall have the power to make such reasonable rules
      and
      regulations as it may deem necessary or appropriate to perform its duties and
      exercise its powers. Such rules and regulations shall include, but not be
      limited to, those governing (i) the manner in which the Disability Review Board
      shall act and manage its own affairs, (ii) the procedures to be followed in
      order for Employees, Participants or Beneficiaries to claim benefits, and (iii)
      the procedures to be followed by Employees, Participants or Beneficiaries with
      respect to notifications, elections, designations or other actions required
      by
      the Plan or ERISA. All such rules and regulations shall be applied in a uniform
      and nondiscriminatory manner.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      4 - Eligibility and Participation

     

    4.1 Eligibility. The
      Board, in its sole discretion, shall select the Employees of BEL FUSE who are
      eligible to become Participants.

     

    4.2 Participation. The
      Board
      or its designee shall notify those Employees selected for participation in
      the
      benefits available under the Plan. An eligible Employee shall become a
      Participant in the Plan upon the execution and delivery by him or her and BEL
      FUSE of a SERP Agreement.

     

    Section
      5 - Retirement Benefit

     

    5.1 Normal
      Retirement Benefit. If
      a
      Participant is employed by BEL FUSE until his or her Normal Retirement Date,
      and, if in the calendar year prior to the desired commencement of retirement,
      such Participant has submitted to the Board a written request to retire, which
      request has been approved by the Board, he or she shall be entitled to receive
      as a normal retirement benefit annual payments equal to forty percent (40%)
      of
      his or her High Average Recognized Compensation. Subject to Section 5.6, such
      normal retirement benefit shall be payable in equal monthly installments
      commencing on the first day of the month following the Participant's actual
      retirement and shall continue for the remainder of the Participant's
      life.

     

     

    5.2 Early
      Retirement Benefit. If
      a
      Participant is employed by BEL FUSE until his or her Early Retirement Date,
      and,
      if in the calendar year prior to the desired commencement of retirement, said
      Participant has submitted to the Board a written request to retire, which
      request has been approved by the Board, he or she shall be entitled to receive
      as an Early Retirement Benefit an amount (1) calculated as if Participant’s
      Early Retirement Date was in fact Participant’s Normal Retirement Date, (2)
      multiplied by a fraction, with the numerator being the actual Years of Service
      of Participant and the denominator being the Years of Service Participant would
      have had if he or she had retired at his or her Normal Retirement Date, and
      (3)
      actuarially reduced to reflect the Early Retirement Date. Subject to Section
      5.6, such early retirement benefit shall be payable in equal monthly
      installments commencing on the first day of the month following the
      Participant's actual retirement and shall continue for the remainder of the
      Participant's life.

     

    5.3 Death
      After Commencement of Retirement Benefits. If
      a
      Participant should die after the commencement of retirement benefits but prior
      to the completion of one-hundred-twenty (120) monthly
      payments, such monthly payments shall be continued to the Participant's
      Beneficiary for the shorter of (1) the time necessary to complete the one
      hundred twenty (120) monthly payments, or (2) sixty (60) months.

     

    5.4 Forfeiture
      of Benefits. Except
      as
      provided under Section 14, if a Participant terminates employment with BEL
      FUSE
      prior to attaining his or her Normal Retirement Date, other than by reason
      of
      death or Disability, such Participant shall not be entitled to any benefits
      under this Plan, except as provided in Section 5.2 herein.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.5 Death
      While Employed After Age 65. A
      Participant whose employment with BEL FUSE continues after his or her Normal
      Retirement Date and who dies while so employed shall be deemed to have retired
      immediately prior to such Participant’s death.

     

    5.6 Deferred
      Commencement Date for Specified Employees. 
      Notwithstanding anything contained herein to the contrary, no payments under
      Sections 5.1 and 5.2 shall be made to any Participant who is a “specified
      employee” within the meaning of Section 409A(a)(2)(B) of the Code until the
      first business day of the seventh month following the date of the Participant’s
      termination of employment. A Participant shall be a “specified employee” for the
      12-month period beginning on the first day of the fourth month following each
      “Identification Date” if he or she is a “key employee” (as defined in Section
      416(i) of the Code without regard to Section 416(i)(5) thereof) of the Employer
      at any time during the 12-month period ending on the “Identification Date.” For
      purposes of the foregoing, the Identification Date shall be December 31. A
      Participant shall not be treated as a “specified employee” unless he or she is a
“specified employee” as of the date of his or her termination of
      employment.

     

    Section
      6 - Pre-Retirement Survivor Benefit

     

    6.1 Pre-Retirement
      Survivor Benefit. 
      If a
      Participant dies while employed by the Employer, the Employer shall pay to
      the
      deceased Participant’s Beneficiary, as a survivor benefit, an annual amount
      equal to (1) one hundred percent (100%) of the Participant’s annual Recognized
      Compensation at date of death for one year, and (2) fifty percent (50%) of
      the
      Participant’s Recognized Compensation at date of death for each of the following
      four (4) years. This Survivor Benefit shall be payable in monthly installments
      commencing on the first day of the month following the Participant's
      death.

     

     

    Section
      7 - Disability Benefit and Authorized Leave of Absence

     

    7.1 Disability
      Benefit. Notwithstanding
      anything to the contrary herein, if a Participant's employment with BEL FUSE
      terminates prior to attaining his or her Normal Retirement Date as a result
      of
      the Participant's Disability, then, for purposes of this Plan, it shall be
      deemed that the Participant has remained in the employ of BEL FUSE until the
      earliest to occur of: (a) the Participant's death; (b) the Participant's
      attaining his or her Normal Retirement Date; or (c) the cessation of the
      Participant's Disability and the failure of the Participant to return to active
      employment with BEL FUSE within a reasonable time after recovery from the
      Disability. The employment of a Participant described in the preceding sentence
      also shall be deemed to continue in order to permit the Participant to elect
      early retirement pursuant to Section 5.2

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.2 Authorized
      Leave of Absence. A
      Participant's employment with BEL FUSE shall not be deemed to have terminated
      for purposes of this Plan during any authorized leave of absence.

     

    Section
      8 - Restrictive Covenant

     

    8.1 Restrictive
      Covenant. It
      shall
      be a condition to the payment of benefits under this Plan that the Participant
      not own, manage, operate, join, control, be employed by, or participate in
      the
      ownership, management, operation, or control of, or be connected in any manner
      with, any business that is then in competition with BEL FUSE. If there is a
      failure of this condition, BEL FUSE may immediately cease all further payments
      to the Participant under the Plan, and the Participant and his or her
      Beneficiary shall be deemed to have forfeited all further payments otherwise
      payable.

     

    Section
      9 - Employer-Owned Life Insurance (“COLI”)

     

    9.1 BEL
      FUSE Owns All Rights. In
      the
      event that, in its discretion, BEL FUSE purchases a life insurance policy or
      policies insuring the life of any Participant to allow BEL FUSE to informally
      finance and/or recover, in whole or in part, the cost of providing the benefits
      hereunder, neither the Participant nor any Beneficiary shall have any rights
      whatsoever therein. BEL FUSE shall be the sole owner and beneficiary of any
      such
      policy or policies and shall possess and may exercise all incidents of ownership
      therein, except in the event of the establishment of and transfer of said policy
      or policies to a trust by BEL FUSE as described in Section 14
      hereof.

     

    9.2 Participant
      Cooperation. If
      BEL
      FUSE decides to purchase a life insurance policy or policies on any Participant,
      BEL FUSE will so notify such Participant. Such Participant shall consent to
      being insured for the benefit of BEL FUSE and shall take whatever actions may
      be
      necessary to enable BEL FUSE to timely apply for and acquire such life insurance
      and to fulfill the requirements of the insurance carrier relative to the
      issuance thereof as a condition of eligibility to participate in the
      Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.3 Participant
      Misrepresentation. If:
      (a)
      any Participant is required by this Plan to submit information to any insurance
      carrier; and (b) the Participant makes a material misrepresentation in any
      application for such insurance; and (c) as a result of that material
      misrepresentation the insurance carrier is not required to pay all or any part
      of the proceeds provided under that insurance, then the Participant's (or the
      Participant's Beneficiary's) rights to any benefits under this Plan may be,
      at
      the sole discretion of the Board, reduced in proportion to the reduction of
      proceeds that is paid by the insurance carrier because of such material
      misrepresentation. 

     

    9.4  Suicide.Notwithstanding
      any other term or provision of the Plan or this Agreement, if a Participant
      dies
      by reason of suicide and if the Employer’s receipt of insurance proceeds is as a
      result reduced, then the Participant's (or the Participant's Beneficiary's)
      rights to any benefits under this Plan may be, at the sole discretion of the
      Administrator, reduced in proportion to the reduction of proceeds that is paid
      by the insurance carrier.

     

    Section
      10 - Resignation
      and Removal of the Administrator.

     

    10.1 Resignation. The
      Administrator may resign at any time by written notice to the Board, which
      shall
      be effective thirty (30) days after receipt of such notice unless the
      Administrator and the Board agree otherwise.

     

    10.2 Removal.
       The
      Administrator may be removed by the Board on thirty (30) days notice or upon
      shorter notice accepted by the Administrator.

     

    10.3 Appointment
      of Successor. 
      If the
      Administrator resigns or is removed, a successor shall be appointed, in
      accordance with Section 11 hereof, by the effective date of resignation or
      removal under this Section 10. If no such appointment has been made, the
      Administrator may apply to a court of competent jurisdiction for appointment
      of
      a successor or for instructions. All expenses of the Administrator in connection
      with the proceeding shall be allowed as administrative expenses of the
      Employer.

     

    Section
      11 - Appointment of Successor Administrator.

     

    11.1 Successor
      Administrator. If
      the
      Administrator resigns or is removed in accordance with Section 10.1 or 10.2
      hereof, the Board may appoint any third party as successor Administrator. The
      appointment shall be effective when accepted in writing by the new
      Administrator. The new Administrator shall have all of the rights and powers
      of
      the former Administrator.

     

    Section
      12 - The Administrator’s Consultant.

     

    12.1 Consultant. 
      The
      Employer agrees to the designation by the Administrator of NYLEX Benefits LLC
      (hereinafter called “NYLEX”), headquartered in Stamford, Connecticut, as the
      Administrator’s Consultant (hereinafter called “the Administrator’s Consultant”)
      under this Agreement. The Administrator shall have no responsibility for the
      performance of the duties of the Administrator’s Consultant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    12.2 Independent
      Consultant. It
      is
      recognized that NYLEX also acts as an independent consultant for the
      Administrator with respect to the Administrator’s Obligations under the Plan.

     

    12.3 Resignation
      of Consultant. The
      Administrator’s Consultant may resign at any time by delivery of written notice
      of resignation to the Administrator. The Administrator’s Consultant may be
      removed by the Administrator at any time by delivery of written notice of such
      removal to the Administrator’s Consultant. Any such resignation or removal shall
      take effect as of a future date specified in the notice, which date shall not
      be
      earlier than sixty (60) days after such notice is delivered, or such earlier
      date as may be agreed to by the Administrator’s Consultant and the
      Administrator. As soon as practicable after the Administrator’s Consultant has
      resigned or has been removed hereunder, it shall deliver to the successor
      Administrator’s Consultant all reports, records, documents, and other written
      information in its possession regarding the Plan, the Participants and
      Beneficiaries, and thereupon shall be paid all unpaid fees, compensation and
      reimbursements to which it is entitled under this Agreement and shall be
      relieved of all responsibilities and duties under this Agreement.

     

    12.4 Records
      to be Maintained. The
      Administrator’s Consultant shall maintain or cause to be maintained all of the
      records contemplated by the current actuarial agreement between the
      Administrator and the Administrator’s Consultant. The Administrator’s Consultant
      shall also perform such other duties and responsibilities under this Plan
      Agreement as agreed in writing between the Administrator’s Consultant and the
      Administrator.

     

    12.5 Furnishing
      of Information. 
      The
      Administrator shall furnish to the Administrator’s Consultant all the
      information necessary to determine the benefits payable to or with respect
      to
      each Participant and Beneficiary, and the name, address and Social Security
      number of each Participant and Beneficiary. The Administrator shall regularly,
      at least annually, or promptly at the request of the Administrator’s Consultant,
      furnish to the Administrator’s Consultant revised and updated information,
      including copies of any amendments or supplements to the Plan or the
      Administrator’s obligations. Based on the foregoing information, the
      Administrator’s Consultant shall prepare annual statements for each Participant
      and Beneficiary and shall furnish a copy of same to the Administrator. In the
      event the Administrator refuses or neglects to provide updated information,
      as
      contemplated herein, the Administrator’s Consultant shall be entitled to rely
      upon the most recent information furnished to it by the Administrator. The
      Administrator’s Consultant has no responsibility to verify information provided
      to it by the Administrator.

     

    12.6 Annual
      Valuation. The
      Administrator’s Consultant shall assist the Administrator in providing all
      required Plan information to the Employer. The Administrator’s Consultant shall
      also perform an annual actuarial valuation of the obligations under the Plan
      and
      the funding requirements therefore, based solely on the most recent information
      furnished to it by the Administrator.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      13 - Amendment

     

    13.1 Amendment. The
      Board
      shall have the right at any time to amend or terminate this Plan. However,
      no
      amendment shall be effective so as to reduce the amount of any Participant’s
      Accrued Benefit, or to delay the payment of any amount to a Participant beyond
      the time that such amount would be payable without regard to such
      amendment.

     

    13.2 Cessation
      of Accrual of Benefits. The
      Employer shall have the right at any time to notify the Participants that
      benefits will no longer accrue under the Plan. Upon any such notice, retirement
      benefits payable to a Participant at Normal or Early Retirement shall be based
      on the Participant’s Accrued Benefit at the date of the notice referred to in
      the preceding sentence.

     

    Section
      14 - Change in Control

     

    14.1 Change
      in Control. Notwithstanding
      anything to the contrary herein, each Participant who is employed by Bel Fuse
      immediately prior to a Change in Control shall be entitled to a normal
      retirement benefit determined in accordance with Section 5.1 hereof;
provided,
      however
      that for
      purposes of calculating such benefit, the Participant’s High Average Recognized
      Compensation shall be deemed to be the greater of (i) his or her High Average
      Recognized Compensation, or (ii) the annualized rate of base salary in effect
      for such Participant immediately prior to the Change in Control. Subject to
      Section 5.6, such normal retirement benefit shall be payable in equal monthly
      installments commencing on the first day of the month following the
      Participant's termination of employment and shall continue for the remainder
      of
      the Participant's life. The benefit payable at such time shall be the Actuarial
      Equivalent of the normal retirement benefit that would have been payable
      commencing on the date that would have been the Participant’s Normal Retirement
      Date had he or she continued to be employed by the Employer without
      interruption. Further, if at the time a Change in Control occurs, Bel Fuse
      had
      established a trust in accordance with Section 15.8 hereof, Bel Fuse shall
      be
      required to transfer cash and/or other assets to said trust in an amount equal
      to the discounted present value of all of the future benefits payable hereunder
      to the Participants or Beneficiaries. The discount rate shall be the 5-Year
      United States Treasury Note rate as published on the first day of the month
      immediately preceding the date on which the determination is made, compounded
      annually. If these rates are no longer published, the discount rate shall be
      some other similar average selected by the Board in its sole discretion.

     

    14.2 Change
      in Control Defined. 
      A
“Change in Control” means:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a) an
      acquisition (other than directly from Bel Fuse) of any voting securities of
      Bel
      Fuse (the “Voting Securities”) by any “Person” (as the term person is used for
      purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934
      (hereinafter referred to as the “Act”) immediately after which such Person has
“Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the
      Act) of fifty percent (50%) or more of the combined voting power of Bel Fuse’s
      then outstanding Voting Securities; provided,
      however,
      in
      determining whether a Change in Control has occurred, Voting Securities which
      are acquired in a “Non-Control Acquisition” (as hereinafter defined) shall not
      constitute an acquisition which would cause a Change in Control. A “Non-Control
      Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a
      trust forming a part thereof) maintained by (A) Bel Fuse or (B) any corporation
      or other Person of which a majority of its voting power or its voting equity
      securities or equity interest is owned, directly or indirectly, by Bel Fuse
      (for
      purposes of this definition, a “Subsidiary”), (ii) Bel Fuse or its Subsidiaries,
      or (iii) any Person in connection with a “Non-Control Transaction” (as
      hereinafter defined).

     

    (b) The
      individuals who are members of the board of directors of Bel Fuse (the “Board”)
      as of July 1, 2002 (the “Incumbent Board”), cease for any reason to constitute
      at least two-thirds of the members of the Board; provided,
      however,
      that if
      the election, or nomination for election by Bel Fuse’s common stockholders, of
      any new director was approved by a vote of at least fifty-one percent (51%)
      of
      the Incumbent Board, such new director shall, for purposes of this Plan be
      considered as a member of the Incumbent Board; provided,
      further,
      however,
      that no
      individual shall be considered a member of the Incumbent Board if such
      individual initially assumed office as a result of either an actual or
      threatened “Election Contest” (as described in Rule 14a-11 promulgated under the
      Act) or other actual or threatened solicitation of proxies or consents by or
      on
      behalf of a Person other than the Board (a “Proxy Contest”) including by reason
      of any agreement intended to avoid or settle any Election Contest or Proxy
      Contest; or 

     

    (c) The
      consummation of: 

     

    (i) a
      merger,
      consolidation or reorganization involving Bel Fuse, unless such merger,
      consolidation or reorganization is a “Non-Control Transaction.” A “Non-Control
      Transaction” shall mean a merger, consolidation or reorganization of the
      Employer where: 

     

    (A) the
      stockholders of Bel Fuse, immediately before such merger, consolidation or
      reorganization, own, directly or indirectly immediately following such merger,
      consolidation or reorganization, at least fifty percent (50%) of the combined
      voting power of the outstanding voting securities of the corporation resulting
      from such merger or consolidation or reorganization (the “Surviving
      Corporation”) in substantially the same proportion as their ownership of the
      Voting Securities immediately before such merger, consolidation or
      reorganization;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (B) the
      individuals who were members of the Incumbent Board immediately prior to the
      execution of the agreement providing for such merger, consolidation or
      reorganization constitute at least two-thirds of the members of the board of
      directors of the Surviving Corporation, or a corporation beneficially directly
      or indirectly owning a majority of the Voting Securities of the Surviving
      Corporation, and

     

    (C) no
      Person
      other than (i) Bel Fuse, (ii) any Subsidiary, (iii) any employee benefit plan
      (or any trust forming a part thereof) maintained by Bel Fuse, the Surviving
      Corporation, or any Subsidiary, or (iv) any Person who, immediately prior to
      such merger, consolidation or reorganization had Beneficial Ownership of fifty
      percent (50%) or more of the then outstanding Voting Securities has Beneficial
      Ownership of fifty percent (50%) or more of the combined voting power of the
      Surviving Corporation’s then outstanding voting securities; 

     

    (ii) a
      complete liquidation or dissolution of Bel Fuse; or 

     

    (iii) the
      sale
      or other disposition of all or substantially all of the assets of Bel Fuse
      to
      any Person (other than a transfer to a Subsidiary).

     

    Notwithstanding
      the foregoing, a Change in Control shall not be deemed to occur solely because
      any Person (the “Subject Person”) acquired Beneficial Ownership of more than the
      permitted amount of the then outstanding Voting Securities as a result of the
      acquisition of Voting Securities by Bel Fuse which, by reducing the number
      of
      Voting Securities outstanding, increases the proportional number of shares
      beneficially owned by the Subject Persons, provided that if a Change in Control
      would occur (but for the operation of this sentence) as a result of the
      acquisition of Voting Securities by Bel Fuse, and after such share acquisition
      by Bel Fuse, the Subject Person become the beneficial owner of any additional
      Voting Securities which increases the percentage of the then outstanding Voting
      Securities beneficially owned by the Subject Person, then a Change in Control
      shall occur. 

     

    Section
      15 - Miscellaneous

     

    15.1 Nonalienation
      of Benefits. No
      right
      or benefit under this Plan shall be subject to anticipation, alienation, sale,
      assignment, pledge, encumbrance, or charge, and any attempt to anticipate,
      alienate, sell, assign, pledge, encumber, or charge any right or benefit under
      this Plan or any SERP Agreement shall be void. No such right or benefit shall
      in
      any manner be liable for or subject to the debts, contracts, liabilities or
      torts of the person entitled thereto. If a Participant or any Beneficiary
      hereunder shall become bankrupt, or attempt to anticipate, alienate, sell
      assign, pledge, encumber, or charge any right hereunder, then such right or
      benefit shall, in the discretion of the Board, cease and terminate, and in
      such
      event, the Board may hold or apply the same or any part thereof for the benefit
      of the Participant or his or her Beneficiary, spouse, children, or other
      dependents, or any of them in such manner and in such amounts and proportions
      as
      the Board may deem proper.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    15.2 Unsecured
      Liability. The
      obligation of BEL FUSE to make payments hereunder to a Participant shall
      constitute an unsecured liability of BEL FUSE. Such payments shall be made
      from
      the general funds of BEL FUSE and BEL FUSE shall not be required to establish
      or
      maintain any special or separate fund, to purchase or acquire life insurance
      on
      a Participant’s life, or otherwise to segregate assets to assure that such
      payments shall be made. Neither a Participant nor any other person shall have
      any interest in any particular asset of BEL FUSE by reason of its obligations
      hereunder and the right of any of them to receive payments under this Plan
      shall
      be no greater than the right of any other unsecured general creditor of BEL
      FUSE. Nothing contained in the Plan shall create or be construed as creating
      a
      trust of any kind or any other fiduciary relationship between BEL FUSE and
      a
      Participant or any other person.

     

    15.3 No
      Contract of Employment. This
      Plan
      shall not be deemed to constitute a contract between the Employer and any
      Participant or to be a consideration or an inducement for the employment of
      any
      Participant or Employee. Nothing contained in this Plan shall be deemed to
      give
      any Participant or Employee the right to be retained in the service of the
      Employer or to interfere with the right of the Employer to discharge any
      Participant or Employee at any time regardless of the effect which such
      discharge shall have upon him or her as a Participant of this Plan.

     

    15.4 Designation
      of Beneficiary. Each
      Participant shall file with BEL FUSE a notice in writing, in a form acceptable
      to the Board, designating one or more Beneficiaries to whom payments becoming
      due by reason of or after his or her death shall be made. Participants shall
      have the right to change the Beneficiary or Beneficiaries so designated from
      time to time; provided, however, that no such change shall become effective
      until received in writing and acknowledged by BEL FUSE.

     

    15.5 Payment
      to Incompetents. BEL
      FUSE
      shall make the payments provided herein directly to the Participant or
      Beneficiary entitled thereto or, if such Participant or Beneficiary has been
      determined by a court of competent jurisdiction to be mentally or physically
      incompetent, then payment shall be made to the duly appointed guardian,
      committee or other authorized representative of such Participant or Beneficiary.
      BEL FUSE shall have the right to make payment directly to a Participant or
      Beneficiary until it has received actual notice of the physical or mental
      incapacity of such Participant or Beneficiary and actual notice of the
      appointment of a duly authorized representative of his or her estate. Any
      payment to or for the benefit of a Participant or Beneficiary shall be a
      complete discharge of all liability of BEL FUSE therefore.

     

    15.6 Interpretation. The
      interpretation and construction of the Plan by the Board, and any action taken
      hereunder, shall be binding and conclusive upon all parties in interest. No
      member of the Board shall be liable to any person for any action taken or
      omitted to be taken in connection with the interpretation, construction or
      administration of the Plan, so long as such action or omission be made in good
      faith.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    15.7 Authority
      to Appoint a Committee. The
      Board, within its discretion, shall have the authority to appoint a committee
      of
      not less than three (3) of its members, which shall have authority over the
      Plan
      in lieu of the entire Board.

     

    15.8 Authority
      to Establish a Trust. The
      Board
      shall have the right at any time to establish a trust to which BEL FUSE may
      transfer from time to time certain assets to be used by said trustee(s) to
      satisfy some or all of BEL FUSE's obligations and liabilities under the Plan.
      All assets held by such trust shall be subject to the claims of BEL FUSE's
      creditors in the event of BEL FUSE's Insolvency (as defined herein). BEL FUSE
      shall be considered "Insolvent" for purposes of said trust if: (a) BEL FUSE
      is
      unable to pay its debts as they become due; or (b) BEL FUSE is subject to a
      pending proceeding as a debtor under the United States Bankruptcy
      Code.

     

    15.9 Binding
      Effect. Obligations
      incurred by BEL FUSE pursuant to this Plan shall be binding upon and inure
      to
      the benefit of BEL FUSE, its successors and assigns, and the Participant, his
      or
      her Beneficiaries, personal representatives, heirs, and legatees.

     

    15.10 Entire
      Plan. This
      document and any amendments hereto contain all the terms and provisions of
      the
      Plan and shall constitute the entire Plan, any other alleged terms or provisions
      being of no effect.

     

    15.11 Merger,
      Consolidation or Acquisition. In
      the
      event of a merger or consolidation of BEL FUSE with another corporation or
      entity, or the sale or lease of all or substantially all of BEL FUSE’s assets to
      another corporation or entity, or the acquiring by another corporation or entity
      of a right to elect at least thirty percent (30%) of the Board, then and in
      such
      event the obligations and responsibilities of BEL FUSE under this Plan shall
      be
      assumed by any such successor or acquiring corporation or entity, and all of
      the
      rights, privileges and benefits of the Participants hereunder shall
      continue.

     

    Section
      16 - Construction

     

    16.1 Construction
      of this Plan. This
      Plan
      shall be construed and enforced according to the laws of the State of New
      Jersey, other than its laws respecting choice of law.

     

    16.2 Gender
      and Number. The
      masculine gender, where appearing in the Plan, shall be deemed to include the
      feminine gender, and the singular shall include the plural, unless the context
      clearly indicates to the contrary.

     

    16.3 Headings. All
      headings used in this Plan are for convenience of reference only and are not
      part of the substance of this Plan.

     

    16.4 Enforceability. If
      any
      term or condition of this Plan shall be invalid or unenforceable to any extent
      or in any application, then the remainder of the Plan, and such term or
      condition except to such extent or in such application, shall not be affected
      thereby, and each and every term and condition of the Plan shall be valid and
      enforced to the fullest extent and in the broadest application permitted by
      law.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    16.5 Uniformity. All
      provisions of this Plan shall be interpreted and applied in a uniform,
      nondiscriminatory manner. In the event of any conflict between the terms of
      this
      Plan and any summaries or other descriptions of this Plan, the Plan provisions
      shall control.

     

     

    IN
      WITNESS WHEREOF,
      this
      Plan, as amended and restated, having been duly approved and adopted by the
      Board of Directors of BEL FUSE INC, is executed by the duly authorized officer
      of BEL FUSE below on the 17th day of April, 2007.

     

    

     

    BEL
      FUSE
      INC.

     

    By:
      /s/ Colin Dunn

    Name:
      Colin Dunn

    Title:
      Secretary

     

    (Corporate
      Seal)

     

    Attest:

     

    __________________________________

    SecretaryUnassociated Document

     

    Exhibit
      10.1

    14%
      SECURED PROMISSORY NOTE

    

    

    
      	
              $500,000

            	
              April
                17, 2007

            

    

    

    

    FOR
      VALUE
      RECEIVED, Gigabeam Corporation, a Delaware corporation (the “Maker”),
      with
      its primary offices located at 470 Spring Park Place, Suite 900, Herndon,
      Virginia 20170, promises to pay to the order of Midsummer Investment, Ltd.,
      or
      its registered assigns (the “Payee”),
      upon
      the terms set forth below, the principal sum of Five Hundred Thousand Dollars
      ($500,000) plus interest on the unpaid principal sum outstanding at the rate
      of
      14% per annum (this “Note”).

    

    Notwithstanding
      anything herein to the contrary, in the event of any liquidation, insolvency,
      bankruptcy, reorganization, or similar proceedings relating to the Company,
      all
      sums payable on the Senior Convertible Notes issued on January 28, 2005 and
      February 1, 2005 (“Senior
      Notes”),
      shall
      first be paid in full, with interest, if any, before any cash payment is made
      upon this Note, and, in any such event, any cash payment which shall be made
      in
      respect of this Note shall be paid over to the holders of the Senior Notes
      for
      application to the payment thereof, unless and until the obligations under
      the
      Senior Notes shall have been paid and satisfied in full.

    

    1. Payments.

    

    (a)
       The
      full
      amount of principal and accrued interest under this Note shall be due upon
      the
      earlier of (i) written demand to the Maker by the Payee and (ii) December 31,
      2007 or such later date as is agreed to in writing by the Payee (the
“Maturity
      Date”),
      unless due earlier in accordance with the terms of this Note.

    

    (b)
       The
      Maker
      shall pay interest to the Payee on the aggregate then outstanding principal
      amount of this Note at the rate of 14% per annum, payable upon the earlier
      of
      (i) written demand to the Maker by the Payee and (ii) the Maturity
      Date.

    

    (c)
       All
      overdue accrued and unpaid principal and interest to be paid hereunder shall
      entail a late fee at the rate of 22% per annum (or such lower maximum amount
      of
      interest permitted to be charged under applicable law) which will accrue daily,
      from the date such principal and/or interest is due hereunder through and
      including the date of payment.

    

    (d) Absent
      the occurrence of an Event of Default (unless waived in writing by the Payee),
      the Maker may prepay this Note for 100% of the full principal amount of this
      Note, together with all accrued interest thereon, at any time prior to the
      Maturity Date.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.
       Secured
      Obligation.
      As
      security for the payment in full of principal, interest and performance under
      this Note and of all other liabilities and obligations of the Maker to the
      Payee
      in respect of this Note, at least 800,000 shares of common stock of the Maker
      shall have been pledged to the Payee as security for this Note by the Pledgors
      (as defined below) pursuant to a Pledge and Security Agreement acceptable to
      the
      Payee by and among the pledgors referred to therein (the “Pledgors”)
      and
      the Company.

    

    3.
      Events
      of Default.

    

    (a)
       “Event
      of Default”,
      wherever used herein, means any one of the following events (whatever the reason
      and whether it shall be voluntary or involuntary or effected by operation of
      law
      or pursuant to any judgment, decree or order of any court, or any order, rule
      or
      regulation of any administrative or governmental body):

    

    (i)
       any
      default in the payment of the principal of, or the interest on, this Note,
      as
      and when the same shall become due and payable;

    

    (iii)
       Maker
      or
      any of its subsidiaries shall fail to observe or perform any of their respective
      obligations owed to Payee under this Note or any other covenant, agreement,
      representation or warranty contained in, or otherwise commit any breach
      hereunder or in any other agreement executed in connection herewith and such
      failure or breach shall not have been remedied within ten days after the date
      on
      which notice of such failure or breach shall have been delivered;

    

    (iv)
       Maker
      or
      any of its subsidiaries shall commence, or there shall be commenced against
      Maker or any subsidiary a case under any applicable bankruptcy or insolvency
      laws as now or hereafter in effect or any successor thereto, or Maker or any
      subsidiary commences any other proceeding under any reorganization, arrangement,
      adjustment of debt, relief of debtors, dissolution, insolvency or liquidation
      or
      similar law of any jurisdiction whether now or hereafter in effect relating
      to
      Maker or any subsidiary, or there is commenced against Maker or any subsidiary
      any such bankruptcy, insolvency or other proceeding which remains undismissed
      for a period of 60 days; or Maker or any subsidiary is adjudicated insolvent
      or
      bankrupt; or any order of relief or other order approving any such case or
      proceeding is entered; or Maker or any subsidiary suffers any appointment of
      any
      custodian or the like for it or any substantial part of its property which
      continues undischarged or unstayed for a period of 60 days; or Maker or any
      subsidiary makes a general assignment for the benefit of creditors; or Maker
      or
      any subsidiary shall call a meeting of its creditors with a view to arranging
      a
      composition, adjustment or restructuring of its debts; or Maker or any
      subsidiary shall by any act or failure to act expressly indicate its consent
      to,
      approval of or acquiescence in any of the foregoing; or any corporate or other
      action is taken by Maker or any subsidiary for the purpose of effecting any
      of
      the foregoing;

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (v)
       Maker
      or
      any subsidiary shall default in any of its respective obligations under any
      other note or any mortgage, credit agreement or other facility, indenture
      agreement, factoring agreement or other instrument under which there may be
      issued, or by which there may be secured or evidenced any indebtedness for
      borrowed money or money due under any long term leasing or factoring arrangement
      of Maker or any subsidiary, whether such indebtedness now exists or shall
      hereafter be created and such default shall result in such indebtedness becoming
      or being declared due and payable prior to the date on which it would otherwise
      become due and payable; or

    

    (vi)
       Maker
      shall (a) be a party to any Change of Control Transaction (as defined below),
      (b) agree to sell or dispose all or in excess of 33% of its assets in one or
      more transactions (whether or not such sale would constitute a Change of Control
      Transaction), (c) redeem or repurchase more than a de minimis number of shares
      of Common Stock or other equity securities of Maker, or (d) other than regularly
      scheduled payments of dividends to the holders of the Makers’s Series A, Series
      B and Series C Convertible Preferred Stock, make any distribution or declare
      or
      pay any dividends (in cash or other property, other than common stock) on,
      or
      purchase, acquire, redeem, or retire any of Maker's capital stock, of any class,
      whether now or hereafter outstanding. “Change of Control Transaction” means the
      occurrence of any of: (i) an acquisition after the date hereof by an individual
      or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under
      the Securities Exchange Act of 1934, as amended) of effective control (whether
      through legal or beneficial ownership of capital stock of Maker, by contract
      or
      otherwise) of in excess of 33% of the voting securities of Maker, (ii) a
      replacement at one time or over time of more than one-half of the members of
      Maker's board of directors which is not approved by a majority of those
      individuals who are members of the board of directors on the date hereof (or
      by
      those individuals who are serving as members of the board of directors on any
      date whose nomination to the board of directors was approved by a majority
      of
      the members of the board of directors who are members on the date hereof),
      (iii)
      the merger of Maker with or into another entity that is not wholly-owned by
      Maker, consolidation or sale of 33% or more of the assets of Maker in one or
      a
      series of related transactions, or (iv) the execution by Maker of an agreement
      to which Maker is a party or by which it is bound, providing for any of the
      events set forth above in (i), (ii) or (iii).

    

    (b)
      If
      any Event of Default occurs (unless waived in writing by the Payee), 115% of
      the
      full principal amount of this Note, together with all accrued interest thereon,
      shall become, at the Payee's election, immediately due and payable in cash.
      Commencing 5 days after the occurrence of any Event of Default that results
      in
      the acceleration of this Note, the interest rate on this Note shall accrue
      at
      the rate of 22% per annum, or such lower maximum amount of interest permitted
      to
      be charged under applicable law. The Payee need not provide and Maker hereby
      waives any presentment, demand, protest or other notice of any kind, and the
      Payee may immediately and without expiration of any grace period enforce any
      and
      all of its rights and remedies hereunder and all other remedies available to
      it
      under applicable law. Such declaration may be rescinded and annulled by Payee
      at
      any time prior to payment hereunder. No such rescission or annulment shall
      affect any subsequent Event of Default or impair any right consequent
      thereon.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    4.
       Most
      Favored Nations.
      The
      Payee shall have the right, in its sole discretion, to convert the principal
      balance of this Note then outstanding plus accrued but unpaid interest, in
      whole
      or in part, into securities of the Maker (or its successor or parent) being
      issued in any private or public offering of equity securities or indebtedness
      of
      the Maker (or its successor or parent) consummated while this Note is
      outstanding, upon the terms and conditions of such offering, at a rate equal
      to,
      for each $1 of principal amount of this Note surrendered, $1 of new
      consideration offered for such securities. By way of example, if the Payee
      wishes to surrender $100,000 principal amount of this Note to the Maker as
      consideration for the purchase of new securities or indebtedness, the Payee
      shall receive, and the Maker shall issue, $100,000 of new securities (including
      any securities or other consideration issued or paid to the investors in such
      offer in connection with the purchase of securities) or indebtedness to the
      Payee, otherwise on the same terms and conditions as the other
      participants.

    

    5.
       Negative
      Covenants.
       So
      long
      as any portion of this Note is outstanding, the Maker will not and will not
      permit any of its Subsidiaries to directly or indirectly, unless consented
      to in
      writing by the Payee:

    

    a) other
      than Permitted Indebtedness, enter into, create, incur, assume, guarantee or
      suffer to exist any indebtedness for borrowed money of any kind, including
      but
      not limited to, a guarantee, on or with respect to any of its property or assets
      now owned or hereafter acquired or any interest therein or any income or profits
      therefrom;

     

    b) other
      than Permitted Liens, enter into, create, incur, assume or suffer to exist
      any
      liens of any kind, on or with respect to any of its property or assets now
      owned
      or hereafter acquired or any interest therein or any income or profits
      therefrom;

    

    c) amend
      its
      certificate of incorporation, bylaws or other charter documents so as to
      adversely affect any rights of the Payee;

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    d) except
      as
      contractually required by the Maker as of the date of issuance of this Note,
      repay, repurchase or offer to repay, repurchase or otherwise acquire more than
      a
      de minimis number of securities;

    

    e) enter
      into any agreement with respect to any of the foregoing;
      or

    

    f) other
      than in respect of the Maker’s Series A, Series B and Series C Preferred Stock,
      pay cash dividends or distributions on any equity securities of the
      Maker.

    

    “Permitted
      Indebtedness”
      shall
      mean (a)
      the
      indebtedness of the Maker existing on the date of issuance of this Note, (b)
      lease obligations and purchase money indebtedness incurred in connection with
      the acquisition of capital assets and lease obligations with respect to newly
      acquired or leased assets and (b) indebtedness
      incurred by the Maker that does not mature or require payments of principal
      prior to the Maturity Date of this Note and is made expressly subordinate in
      right of payment to the indebtedness evidenced by this Note, as reflected in
      a
      written agreement acceptable to the Payee and approved by the Payee in
      writing.

    

    “Permitted
      Lien”
shall
      mean the individual and collective reference to the following: (a) liens for
      taxes, assessments and other governmental charges or levies not yet due or
      liens
      for taxes, assessments and other governmental charges or levies being contested
      in good faith and by appropriate proceedings for which adequate reserves (in
      the
      good faith judgment of the management of the Maker) have been established in
      accordance with generally accepted accounting procedures, (b) liens imposed
      by
      law which were incurred in the ordinary course of business, such as carriers’,
      warehousemen’s and mechanics’ liens, statutory landlords’ liens, and other
      similar liens arising in the ordinary course of business, and (x) which do
      not
      individually or in the aggregate materially detract from the value of such
      property or assets or materially impair the use thereof in the operation of
      the
      business of the Maker and its consolidated subsidiaries or (y) which are being
      contested in good faith by appropriate proceedings, which proceedings have
      the
      effect of preventing the forfeiture or sale of the property or asset subject
      to
      such lien and (c) liens of the Maker existing on the date of issuance of this
      Note.

    

    6. No
      Waiver of Payee’s Rights.
      All
      payments of principal and interest shall be made without setoff, deduction
      or
      counterclaim. No delay or failure on the part of the Payee in exercising any
      of
      its options, powers or rights, nor any partial or single exercise of its
      options, powers or rights shall constitute a waiver thereof or of any other
      option, power or right, and no waiver on the part of the Payee of any of its
      options, powers or rights shall constitute a waiver of any other option, power
      or right. Maker hereby waives presentment of payment, protest, and all notices
      or demands in connection with the delivery, acceptance, performance, default
      or
      endorsement of this Note. Acceptance by the Payee of less than the full amount
      due and payable hereunder shall in no way limit the right of the Payee to
      require full payment of all sums due and payable hereunder in accordance with
      the terms hereof.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    7.
       Modifications.
      No term
      or provision contained herein may be modified, amended or waived except by
      written agreement or consent signed by the party to be bound
      thereby.

    

    8.
       Cumulative
      Rights and Remedies; Usury.
      The
      rights and remedies of Payee expressed herein are cumulative and not exclusive
      of any rights and remedies otherwise available under this Note, the Security
      Agreements, or applicable law (including at equity). The election of Payee
      to
      avail itself of any one or more remedies shall not be a bar to any other
      available remedies, which Maker agrees Payee may take from time to time. If
      it
      shall be found that any interest due hereunder shall violate applicable laws
      governing usury, the applicable rate of interest due hereunder shall be reduced
      to the maximum permitted rate of interest under such law.

    

    9.
       Use
      of
      Proceeds.
      Maker
      shall use the proceeds from this Note hereunder for working capital purposes
      and
      not for the satisfaction of any portion of Maker’s or subsidiary’s debt (other
      than payment of trade payables in the ordinary course of Maker's business and
      prior practices), to redeem any of Maker’s or subsidiary’s equity or
      equity-equivalent securities or to settle any outstanding
      litigation.

    

    10.
       Collection
      Expenses.
      If
      Payee shall commence an action or proceeding to enforce this Note, then Maker
      shall reimburse Payee for its costs of collection and reasonable attorneys
      fees
      incurred with the investigation, preparation and prosecution of such action
      or
      proceeding.

    

    11.
       Severability.
      If any
      provision of this Note is declared by a court of competent jurisdiction to
      be in
      any way invalid, illegal or unenforceable, the balance of this Note shall remain
      in effect, and if any provision is inapplicable to any person or circumstance,
      it shall nevertheless remain applicable to all other persons and circumstances.
      If it shall be found that any interest or other amount deemed interest due
      hereunder shall violate applicable laws governing usury, the applicable rate
      of
      interest due hereunder shall automatically be lowered to equal the maximum
      permitted rate of interest.

    

    12.
       Successors
      and Assigns.
      This
      Note shall be binding upon Maker and its successors and shall inure to the
      benefit of the Payee and its successors and assigns. The term "Payee" as used
      herein, shall also include any endorsee, assignee or other holder of this
      Note.

    

    13.
       Lost
      or Stolen Promissory Note.
      If this
      Note is lost, stolen, mutilated or otherwise destroyed, Maker shall execute
      and
      deliver to the Payee a new promissory note containing the same terms, and in
      the
      same form, as this Note. In such event, Maker may require the Payee to deliver
      to Maker an affidavit of lost instrument and customary indemnity in respect
      thereof as a condition to the delivery of any such new promissory
      note.

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    14.
       Due
      Authorization.
      This
      Note has been duly authorized, executed and delivered by Maker and is the legal
      obligation of Maker, enforceable against Maker in accordance with its terms
      except as limited by general equitable principles and applicable bankruptcy,
      insolvency, reorganization, moratorium and other laws of general application
      affecting enforcement of creditors’ rights generally. No consent of any other
      party and no consent, license, approval or authorization of, or registration
      or
      declaration with, any governmental authority, bureau or agency is required
      in
      connection with the execution, delivery or performance by the Maker, or the
      validity or enforceability of this Note other than such as have been met or
      obtained. The execution, delivery and performance of this Note and all other
      agreements and instruments executed and delivered or to be executed and
      delivered pursuant hereto or thereto or the securities issuable upon conversion
      of this Note will not violate any provision of any existing law or regulation
      or
      any order or decree of any court, regulatory body or administrative agency
      or
      the certificate of incorporation or by-laws of the Maker or any mortgage,
      indenture, contract or other agreement to which the Maker is a party or by
      which
      the Maker or any property or assets of the Maker may be bound.

    

    15.
       Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Note shall be governed by and construed and enforced in accordance
      with
      the internal laws of the State of New York, without regard to the principles
      of
      conflicts of law thereof. Each of Maker and Payee agree that all legal
      proceedings concerning the interpretations, enforcement and defense of this
      Note
      shall be commenced in the state and federal courts sitting in the City of New
      York, Borough of Manhattan (the "New York Courts"). Each of Maker and Payee
      hereby irrevocably submit to the exclusive jurisdiction of the New York Courts
      for the adjudication of any dispute hereunder (including with respect to the
      enforcement of this Note), and hereby irrevocably waives, and agrees not to
      assert in any suit, action or proceeding, any claim that it is not personally
      subject to the jurisdiction of any such court, that such suit, action or
      proceeding is improper. Each of Maker and Payee hereby irrevocably waive
      personal service of process and consents to process being served in any such
      suit, action or proceeding by mailing a copy thereof via registered or certified
      mail or overnight delivery (with evidence of delivery) to the other at the
      address in effect for notices to it under this Note and agrees that such service
      shall constitute good and sufficient service of process and notice thereof.
      Nothing contained herein shall be deemed to limit in any way any right to serve
      process in any manner permitted by law. Each of Maker and Payee hereby
      irrevocably waive, to the fullest extent permitted by applicable law, any and
      all right to trial by jury in any legal proceeding arising out of or relating
      to
      this Note or the transactions contemplated hereby.

    

    16. Notice. 
      Any and
      all notices or other communications or deliveries to be provided by the Payee
      hereunder, including, without limitation, any conversion notice, shall be in
      writing and delivered personally, by facsimile, sent by a nationally recognized
      overnight courier service or sent by certified or registered mail, postage
      prepaid, addressed to the Maker, or such other address or facsimile number
      as
      the Maker may specify for such purposes by notice to the Payee delivered in
      accordance with this paragraph. Any and all notices or other communications
      or
      deliveries to be provided by the Maker hereunder shall be in writing and
      delivered personally, by facsimile, sent by a nationally recognized overnight
      courier service or sent by certified or registered mail, postage prepaid,
      addressed to the Payee at the address of the Payee appearing on the books of
      the
      Maker, or if no such address appears, at the principal place of business of
      the
      Payee. Any notice or other communication or deliveries hereunder shall be deemed
      given and effective on the earliest of (i) the date of transmission if delivered
      by
      hand
      or by telecopy that has been confirmed as received by 5:00 P.M. on a business
      day,
      (ii)
one
      business day after being sent by nationally recognized overnight courier or
      received by telecopy after 5:00 P.M. on any day,
      or
      (iii) five
      business
      days
      after being sent by certified or registered mail, postage and charges prepaid,
      return receipt requested.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    17. Public
      Disclosure.
      The
      Maker shall, on the business day following the date hereof, issue a Current
      Report on Form 8-K, reasonably acceptable to the Payee, disclosing the material
      terms of the transactions contemplated hereby, and shall attach this Note
      thereto and other agreements entered into in connection herewith. The Maker
      shall consult with the Payee in issuing any other press releases with respect
      to
      the transactions contemplated hereby.

    

    The
      undersigned signs this Note as a maker and not as a surety or guarantor or
      in
      any other capacity.

    

    
      	 	
              GIGABEAM
                CORPORATION

            
	 	 
	 	
              By:
                /s/ Louis S.
                Slaughter                                           
                

            
	 	
              Name:
                Louis S. Slaughter

            
	 	
              Title:
                CEO

            

    

    

    
      
         

      

      
        8

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