Document:

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EXHIBIT 10.8

         VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON MARCH __, 2006
         (UNLESS EXTENDED PURSUANT TO SECTION 2 HEREOF)

         THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
         NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
         "SECURITIES  ACT"),  OR THE SECURITIES  LAWS OF ANY STATE OF THE UNITED
         STATES OR ANY OTHER JURISDICTION. THE SECURITIES REPRESENTED HEREBY MAY
         NOT BE OFFERED,  SOLD OR  TRANSFERRED  IN THE  ABSENCE OF AN  EFFECTIVE
         REGISTRATION  STATEMENT FOR THE SECURITIES UNDER APPLICABLE  SECURITIES
         LAWS UNLESS  OFFERED,  SOLD OR  TRANSFERRED  PURSUANT  TO AN  AVAILABLE
         EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS.

                            Right to Purchase ___________ Shares of
                            Common Stock, par value $0.0001 per share

Date: March __, 2003

                                   P-COM, INC.
                        SERIES B-1 STOCK PURCHASE WARRANT

         THIS CERTIFIES  THAT, for value received,  _______________________,  or
its registered  assigns, is entitled to purchase from P-Com, Inc., a corporation
organized under the laws of the State of Delaware (the  "Company"),  at any time
or  from  time to  time  during  the  period  specified  in  Section  2  hereof,
__________________  fully paid and nonassessable  shares of the Company's common
stock,  par value $0.0001 per share (the "Common  Stock"),  at an exercise price
per share (the "Exercise Price") equal to $0.001. The number of shares of Common
Stock  purchasable  hereunder (the "Warrant  Shares") and the Exercise Price are
subject to adjustment as provided in Section 4 hereof. The term "Warrants" shall
mean this Warrant and the other warrants of the Company issued  pursuant to that
certain Securities Purchase Agreement,  dated as of March __, 2003, by and among
the  Company  and  the  other  signatories  thereto  (the  "Securities  Purchase
Agreement").

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         This  Warrant  is  subject  to  the  following  terms,  provisions  and
conditions:

         1. Manner of Exercise;  Issuance of  Certificates;  Payment for Shares.
Subject to the provisions hereof, including, without limitation, the limitations
contained  in Section 7 hereof,  this  Warrant  may be  exercised  by the holder
hereof,  in whole or in part, by the surrender of this Warrant,  together with a
completed  exercise  agreement  in  the  form  attached  hereto  (the  "Exercise
Agreement"),  to the Company during normal business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof),  and (a) payment to
the Company in cash, by certified or official bank check or by wire transfer for
the  account  of the  Company,  of the  Exercise  Price for the  Warrant  Shares
specified  in the  Exercise  Agreement  or (b) if the holder is  effectuating  a
Cashless  Exercise  (as  defined in Section  10 hereof)  pursuant  to Section 10
hereof,  delivery to the Company of a written  notice of an election to effect a
Cashless  Exercise for the Warrant Shares  specified in the Exercise  Agreement.
The  Warrant  Shares so  purchased  shall be  deemed to be issued to the  holder
hereof or such holder's designee,  as the record owner of such shares, as of the
close of business on the date on which this Warrant shall have been surrendered,
the completed  Exercise  Agreement shall have been delivered,  and payment shall
have  been made for such  shares  as set  forth  above or, if such date is not a
business  day,  on the next  succeeding  business  day.  The  Warrant  Shares so
purchased, representing the aggregate number of shares specified in the Exercise
Agreement,  shall (by the Company or through its  transfer  agent) be  delivered
(i.e., deposited with a nationally-recognized  overnight courier service postage
prepaid) to the holder  hereof  within a  reasonable  time,  not  exceeding  two
business  days,  after this Warrant shall have been so exercised  (the "Delivery
Period").  If the Company's  transfer agent is  participating  in the Depository
Trust Company ("DTC") Fast Automated Securities Transfer program, and so long as
the  certificates  therefor do not bear a legend and the holder is not obligated
to return such  certificate for the placement of a legend  thereon,  the Company
shall cause its transfer agent to electronically  transmit the Warrant Shares so
purchased  to the holder by  crediting  the account of the holder or its nominee
with  DTC  through  its  Deposit   Withdrawal  Agent  Commission   system  ("DTC
Transfer").  If  the  aforementioned  conditions  to  a  DTC  Transfer  are  not
satisfied,  the Company shall deliver as provided  herein to the holder physical
certificates  representing the Warrant Shares so purchased.  Further, the holder
may  instruct  the  Company  to  deliver  to the  holder  physical  certificates
representing  the Warrant Shares so purchased in lieu of delivering  such shares
by  way of  DTC  Transfer.  Any  certificates  so  delivered  shall  be in  such
denominations  as may be  reasonably  requested by the holder  hereof,  shall be
registered  in the name of such holder or such other name as shall be designated
by such holder and, following the date on which the resale of the Warrant Shares
has been registered under the Securities Act or the Warrant Shares otherwise may
be sold by the holder pursuant to Rule 144 promulgated  under the Securities Act
(or a successor rule),  shall not bear any restrictive  legend.  If this Warrant
shall have been exercised only in part,  then the Company shall, at its expense,
at the  time of  delivery  of such  certificates,  deliver  to the  holder a new
Warrant  representing  the number of shares with  respect to which this  Warrant
shall not then have been exercised.

         If, at any time, a holder of this  Warrant  submits  this  Warrant,  an
Exercise  Agreement and payment to the Company of the Exercise Price for each of
the Warrant Shares specified in the Exercise Agreement  (including pursuant to a
Cashless Exercise), and the Company fails for any reason to deliver, on or prior
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to the fourth  business day following the expiration of the Delivery  Period for
such  exercise,  the  number of shares  of Common  Stock to which the  holder is
entitled upon such exercise (an "Exercise Default"),  then the Company shall pay
to the holder payments  ("Exercise Default Payments") for an Exercise Default in
the  amount of (a)  (N/365),  multiplied  by (b) the  amount by which the Market
Price  (as  defined  in  Section  4(j)(iii)  hereof)  on the date  the  Exercise
Agreement  giving rise to the Exercise Default is transmitted in accordance with
this Section 1 (the  "Exercise  Default  Date")  exceeds the  Exercise  Price in
respect of such Warrant Shares, multiplied by (c) the number of shares of Common
Stock the Company failed to so deliver in such Exercise  Default,  multiplied by
(d) .24, where N = the number of days from the Exercise Default Date to the date
that the Company  effects the full  exercise of this Warrant  which gave rise to
the Exercise  Default.  The accrued  Exercise  Default Payment for each calendar
month  shall be paid in cash and shall be made to the holder by the fifth day of
the month  following  the month in which it has  accrued.  Nothing  herein shall
limit the holder's right to pursue actual  damages for the Company's  failure to
maintain a sufficient  number of  authorized  shares of Common Stock as required
pursuant to the terms of Section  3(b) hereof or to  otherwise  issue  shares of
Common Stock upon exercise of this Warrant in accordance  with the terms hereof,
and the holder shall have the right to pursue all  remedies  available at law or
in equity (including a decree of specific performance and/or injunctive relief).

         2. Period of Exercise.  This Warrant shall be  exercisable  at any time
and from time to time during the period beginning on the 120th day following the
date of initial  issuance of this Warrant (the "Issue  Date") and ending at 5:00
p.m.,  New York City  time,  on the  third  anniversary  of the Issue  Date (the
"Exercise  Period").  The Exercise Period shall automatically be extended by one
(1) day for each day on which  the  Company  does not have a number of shares of
Common Stock  reserved for issuance upon  exercise  hereof at least equal to the
number of shares of Common Stock issuable upon exercise hereof.  Notwithstanding
the foregoing,  in the event that the Company (i) has,  within 30 days following
the Issue Date,  entered  into a letter of intent  with a third  party  mutually
agreed upon by the  Company  and the  holders of the  Warrants to be a desirable
strategic  acquisition target for the Company (the "Target"),  providing for the
acquisition  of the Target by the Company  (either by merger,  consolidation  or
asset  acquisition),  and (ii) has,  within 60 days  following  the Issue  Date,
entered into a definitive, legally binding written agreement with the Target, in
the customary form and subject only to customary closing  conditions,  providing
for such  acquisition,  and (iii)  obtains,  within 120 days following the Issue
Date, the Price  Adjustment  Approval (as such term is defined in the Securities
Purchase Agreement),  this Warrant shall terminate and be of no further force or
effect.

         3. Certain Agreements of the Company.  The Company hereby covenants and
agrees as follows:

                  (a) Shares to be Fully Paid.  All Warrant  Shares shall,  upon
         issuance  in  accordance  with the terms of this  Warrant,  be  validly
         issued,  fully paid, and nonassessable and free from all taxes,  liens,
         claims and encumbrances.

                  (b)  Reservation of Shares.  During the Exercise  Period,  the
         Company  shall at all  times  have  authorized,  and  reserved  for the
         purpose of issuance upon exercise of this Warrant,  a sufficient number
         of shares of Common  Stock to provide for the  exercise in full of this
         Warrant (without giving effect to the limitations on exercise set forth
         in Section 7(g) hereof).

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                  (c) Listing.  The Company shall promptly secure the listing of
         the shares of Common Stock  issuable upon exercise of this Warrant upon
         each national  securities  exchange or automated  quotation  system, if
         any, upon which shares of Common Stock become listed or quoted (subject
         to official notice of issuance upon exercise of this Warrant) and shall
         maintain,  so long as any  other  shares of  Common  Stock  shall be so
         listed or quoted,  such listing of all shares of Common Stock from time
         to time  issuable  upon the exercise of this  Warrant;  and the Company
         shall  so  list on  each  national  securities  exchange  or  automated
         quotation  system,  as the case may be, and shall maintain such listing
         of, any other shares of capital stock of the Company  issuable upon the
         exercise of this Warrant if and so long as any shares of the same class
         shall be  listed  or quoted on such  national  securities  exchange  or
         automated quotation system.

                  (d) Certain  Actions  Prohibited.  The  Company  shall not, by
         amendment  of its  charter or through any  reorganization,  transfer of
         assets,   consolidation,   merger,   dissolution,   issue  or  sale  of
         securities,  or any other voluntary action,  avoid or seek to avoid the
         observance  or  performance  of any  of the  terms  to be  observed  or
         performed by it hereunder,  but shall at all times in good faith assist
         in the  carrying out of all the  provisions  of this Warrant and in the
         taking of all such action as may  reasonably be requested by the holder
         of this Warrant in order to protect the economic benefit inuring to the
         holder hereof and the exercise  privilege of the holder of this Warrant
         against  dilution or other  impairment,  consistent  with the tenor and
         purpose  of  this  Warrant.  Without  limiting  the  generality  of the
         foregoing,  the  Company  (i) shall not  increase  the par value of any
         shares of Common  Stock  receivable  upon the  exercise of this Warrant
         above the Exercise  Price then in effect,  and (ii) shall take all such
         actions as may be  necessary or  appropriate  in order that the Company
         may validly and legally  issue fully paid and  nonassessable  shares of
         Common Stock upon the exercise of this Warrant.

                  (e) Successors and Assigns. This Warrant shall be binding upon
         any entity  succeeding  to the  Company by  merger,  consolidation,  or
         acquisition of all or substantially all of the Company's assets.

                  (f) Blue Sky Laws. The Company shall, on or before the date of
         issuance of any Warrant Shares,  take such actions as the Company shall
         reasonably  determine are necessary to qualify the Warrant  Shares for,
         or obtain  exemption for the Warrant  Shares for, sale to the holder of
         this Warrant upon the exercise  hereof under  applicable  securities or
         "blue sky" laws of the states of the United  States,  and shall provide
         evidence  of any such  action so taken to the  holder  of this  Warrant
         prior to such date;  provided,  however,  that the Company shall not be
         required  in  connection  therewith  or as a  condition  thereto to (i)
         qualify to do business in any jurisdiction where it would not otherwise
         be required to qualify but for this Section 3(f),  (ii) subject  itself
         to general  taxation in any such  jurisdiction  or (iii) file a general
         consent to service of process in any such jurisdiction.

         4. Antidilution  Provisions.  During the Exercise Period,  the Exercise
Price and the number of Warrant Shares  issuable  hereunder  shall be subject to
adjustment from time to time as provided in this Section 4.

         (a) [Intentionally Omitted.]

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         (b) Subdivision or Combination of Common Stock. If the Company,  at any
time during the Exercise Period, subdivides (by any stock split, stock dividend,
recapitalization,  reorganization,  reclassification or otherwise) its shares of
Common Stock into a greater number of shares, then, after the date of record for
effecting such  subdivision,  the Exercise Price in effect  immediately prior to
such subdivision shall be proportionately  reduced.  If the Company, at any time
during the Exercise Period, combines (by reverse stock split,  recapitalization,
reorganization, reclassification or otherwise) its shares of Common Stock into a
smaller  number of shares,  then,  after the date of record for  effecting  such
combination,  the Exercise Price in effect immediately prior to such combination
shall be proportionately increased.

         (c) Consolidation,  Merger or Sale. In case of any consolidation of the
Company  with,  or merger of the Company into,  any other  corporation  or other
entity,  or in case of any sale or conveyance of all or substantially all of the
assets  of the  Company  other  than  in  connection  with a  plan  of  complete
liquidation  of the Company at any time during the  Exercise  Period,  then as a
condition  of  such  consolidation,  merger  or  sale  or  conveyance,  adequate
provision  shall be made  whereby  the  holder  hereof  shall  have the right to
acquire  and  receive  upon  exercise  of this  Warrant in lieu of the shares of
Common  Stock  immediately  theretofore  acquirable  upon the  exercise  of this
Warrant,  such shares of stock,  securities,  cash or assets as may be issued or
payable  with respect to or in exchange for the number of shares of Common Stock
immediately  theretofore acquirable and receivable upon exercise of this Warrant
had this Warrant been exercised immediately prior to such consolidation,  merger
or sale or  conveyance.  In any such case,  the Company  shall make  appropriate
provision to insure that the provisions of this Section 4 hereof will thereafter
be  applicable  as  nearly  as may be in  relation  to any  shares  of  stock or
securities thereafter deliverable upon the exercise of this Warrant. The Company
shall not effect any consolidation, merger or sale or conveyance unless prior to
the consummation  thereof,  the successor  corporation or other entity (if other
than the  Company)  assumes by written  instrument  the  obligations  under this
Warrant  and the  obligations  to deliver to the holder  hereof  such  shares of
stock,  securities,  cash  or  assets  as,  in  accordance  with  the  foregoing
provisions,  the  holder  may  be  entitled  to  acquire.   Notwithstanding  the
foregoing,  in the event of any  consolidation of the Company with, or merger of
the  Company  into,  any  other  corporation  or  other  entity,  or the sale or
conveyance of all or substantially all of the assets of the Company, at any time
during the Exercise  Period,  the holder hereof shall,  at its option,  have the
right to receive, in connection with such transaction,  cash consideration equal
to the fair  market  value of this  Warrant as  determined  in  accordance  with
customary valuation methodology used in the investment banking industry.

         (d)  Distribution of Assets.  In case the Company shall declare or make
any  distribution  of its assets (or rights to acquire its assets) to holders of
Common  Stock as a partial  liquidating  dividend,  stock  repurchase  by way of
return of capital or otherwise  (including any dividend or  distribution  to the
Company's  stockholders  of cash or shares  (or  rights to  acquire  shares)  of
capital  stock of a  subsidiary)  (a  "Distribution"),  at any time  during  the
Exercise Period,  then the holder hereof shall be entitled upon exercise of this
Warrant  for the  purchase of any or all of the shares of Common  Stock  subject
hereto,  to receive the amount of such assets (or rights)  which would have been
payable to the holder had such  holder  been the holder of such shares of Common
Stock on the record date for the determination of stockholders  entitled to such
Distribution.  If the Company distributes rights, warrants, options or any other
form of  convertible  securities  and the  right to  exercise  or  convert  such
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securities  would expire in accordance  with their terms prior to the expiration
of the Exercise  Period,  then the terms of such  securities  shall provide that
such exercise or convertibility right shall remain in effect until 30 days after
the date the holder  hereof  receives such  securities  pursuant to the exercise
hereof.

         (e)  Adjustment  in  Number of  Shares.  Upon  each  adjustment  of the
Exercise  Price  pursuant  to the  provisions  of this  Section 4, the number of
shares of Common  Stock  issuable  upon  exercise  of this  Warrant at each such
Exercise  Price shall be adjusted by  multiplying a number equal to the Exercise
Price in effect  immediately prior to such adjustment by the number of shares of
Common  Stock  issuable  upon  exercise of this Warrant at such  Exercise  Price
immediately prior to such adjustment and dividing the product so obtained by the
adjusted Exercise Price.

         (f) Additional Adjustment Provisions. The following provisions shall be
applicable to the making of  adjustments in the Exercise Price and the number of
Warrant Shares pursuant to this Section 4:

                  (i) Any  obligation,  agreement or undertaking to issue shares
         of Common Stock or Common Stock  Equivalents  at any time in the future
         shall  be  deemed  to be an  issuance  at  the  time  such  obligation,
         agreement or undertaking is made or arises.

                  (ii) No  adjustment  of the  Exercise  Price or the  number of
         Warrant  Shares  shall  be made  pursuant  to this  Section  4 upon the
         issuance  of any  shares  of  Common  Stock  that are  issued  upon the
         exercise,  conversion or exchange of any Common Stock  Equivalents  for
         which an  adjustment  has already been made pursuant to this Section 4.
         Should the Net  Consideration Per Share of any Common Stock Equivalents
         for which an  adjustment  has been made  pursuant to this Section 4 (or
         would  have  been  made   pursuant  to  this  Section  4  had  the  Net
         Consideration Per Share of such Common Stock Equivalents been less than
         the Exercise Price in effect  immediately prior to the issuance or sale
         thereof) be  decreased  from time to time other than as a result of the
         application of anti-dilution  provisions  substantially  similar to the
         provisions of this Section 4, then, upon the effectiveness of each such
         change,  the Exercise  Price and the number of Warrant  Shares shall be
         readjusted  to  that  which  would  have  been  obtained  (A)  had  the
         adjustments  made  pursuant to this Section 4 upon the issuance of such
         Common  Stock  Equivalents  been  made  upon  the  basis of the new Net
         Consideration Per Share of such Common Stock  Equivalents,  and (B) had
         the  adjustments  made to the Exercise  Price and the number of Warrant
         Shares since the date of issuance of such Common Stock Equivalents been
         made to such  Exercise  Price  and the  number  of  Warrant  Shares  as
         adjusted pursuant to clause (A) above.

                  (iii) In the event any shares of Common  Stock or Common Stock
         Equivalents  are issued or sold without  consideration,  such shares of
         Common Stock or Common Stock  Equivalents  shall be deemed to have been
         issued or sold for a  consideration  of $0.0001 per share.

                 (iv) In the  event  that  all  or any part of the consideration
          received  or  paid  by  the  Company  in  connection  with  any of the
          transactions  described  in  this Section 4 consists of property other

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          than  cash,  such  consideration shall be deemed to have a fair market
          value  as  is  reasonably  determined  in  good  faith by the Board of
          Directors  of  the  Company  in  a manner reasonably acceptable to the
          holder  of  this  Warrant.

                  (v) All calculations under this Section 4 shall be made to the
         nearest  1/100th of a cent or 1/10,000th of a share of Common Stock, as
         the  case  may  be.  No   adjustment   to  the  Exercise   Price  (and,
         correspondingly,  to the number of Warrant  Shares)  shall be  required
         unless such  adjustment  (plus any  adjustments  not previously made by
         reason of this Section  4(f)(v))  would require an increase or decrease
         of at least 1% in such  Exercise  Price;  provided,  however,  that any
         adjustment(s)  that by reason of this Section  4(f)(v) are not required
         to be made shall be carried  forward  and taken into  account  upon the
         earlier of (A) any  subsequent  adjustment  or (B) any exercise of this
         Warrant.

                  (vi)  Notwithstanding  any other provision of this Warrant, no
         adjustment  to the  Exercise  Price  shall be made to the  extent  such
         adjustment  would reduce the Exercise  Price below the par value of the
         Common Stock.

                  (vii) No  adjustment  to the Exercise  Price shall be made (A)
         upon the exercise of any warrants,  options or  convertible  securities
         issued and  outstanding on the Issue Date that are set forth in Section
         3(c) of the Disclosure Schedule to the Securities Purchase Agreement in
         accordance  with the terms of such securities as of the Issue Date; (B)
         upon the grant or exercise of any stock or options  which may hereafter
         be granted to or  exercised  by any  employee,  director or  consultant
         under any  employee  benefit  plan of the Company now existing or to be
         implemented  in the  future,  so long as the  issuance of such stock or
         options is  approved  by a majority  of the Board of  Directors  of the
         Company or a majority  of the members of a  committee  of  non-employee
         directors  established  for such  purpose;  (C) upon  conversion of the
         Notes (as defined herein) or exercise of the Warrants; (D) the issuance
         of securities in connection  with strategic  business  partnerships  or
         joint  ventures,  the  primary  purpose  of  which,  in the  reasonable
         judgment of the Board of Directors, is not to raise additional capital;
         or (E) the issuance of securities  pursuant to any equipment  financing
         from a bank or similar financial or lending institution approved by the
         Board of Directors.

         (g)  Notice of  Adjustment.  Upon the  occurrence  of any  event  which
requires any adjustment of the Exercise Price,  then, and in each such case, the
Company shall give notice thereof to the holder hereof, which notice shall state
the Exercise Price  resulting from such  adjustment and the increase or decrease
in the number of Warrant Shares purchasable at such price upon exercise, setting
forth in reasonable  detail the method of  calculation  and the facts upon which
such  calculation  is based.  Such  calculation  shall be certified by the chief
financial officer of the Company.

         (h) Other Notices. In case at any time:

                  (i) the Company  shall  declare any  dividend  upon the Common
         Stock  payable  in  shares  of  stock of any  class  or make any  other
         distribution (other than dividends or distributions payable in cash out
         of retained earnings  consistent with the Company's past practices with
         respect to declaring dividends and making distributions) to the holders
         of the Common Stock;

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                  (ii) the Company shall offer for  subscription pro rata to the
         holders of the Common Stock any additional shares of stock of any class
         or other rights;

                  (iii)  there  shall  be  any  capital  reorganization  of  the
         Company,  or  reclassification of the Common Stock, or consolidation or
         merger of the Company with or into, or sale of all or substantially all
         of its assets to, another corporation or entity; or

                  (iv) there shall be a voluntary  or  involuntary  dissolution,
         liquidation or winding-up of the Company;  then, in each such case, the
         Company shall give to the holder of this Warrant (A) notice of the date
         or  estimated  date on which the books of the Company  shall close or a
         record  shall be taken for  determining  the  holders  of Common  Stock
         entitled to receive any such dividend,  distribution,  or  subscription
         rights or for  determining the holders of Common Stock entitled to vote
         in respect of any such reorganization, reclassification, consolidation,
         merger,  sale,  dissolution,  liquidation  or winding-up and (B) in the
         case  of  any  such  reorganization,  reclassification,  consolidation,
         merger,  sale,  dissolution,  liquidation or winding-up,  notice of the
         date (or,  if not then  known,  a  reasonable  estimate  thereof by the
         Company) when the same shall take place. Such notice shall also specify
         the date on which the  holders of Common  Stock  shall be  entitled  to
         receive  such  dividend,  distribution,  or  subscription  rights or to
         exchange  their Common Stock for stock or other  securities or property
         deliverable upon such reorganization, reclassification,  consolidation,
         merger, sale, dissolution,  liquidation, or winding-up, as the case may
         be. Such notice shall be given at least  fifteen (15) days prior to the
         record  date or the date on which the  Company's  books  are  closed in
         respect thereto.  Failure to give any such notice or any defect therein
         shall not affect the validity of the proceedings referred to in clauses
         (i), (ii),  (iii) and (iv) above.  Notwithstanding  the foregoing,  the
         Company shall publicly  disclose the substance of any notice  delivered
         hereunder prior to delivery of such notice to the holder hereof.

         (i) Certain  Events.  If, at any time during the Exercise  Period,  any
event  occurs of the type  contemplated  by the  adjustment  provisions  of this
Section 4 but not expressly  provided for by such provisions,  the Company shall
give notice of such event as provided in Section 4(g) hereof, and an appropriate
adjustment in the Exercise  Price and the number of Warrant Shares shall be made
so that the rights of the holder  shall be neither  enhanced nor  diminished  by
such event.

         (j) Certain Definitions.

                  (i) "Common Stock" shall include, for purposes of this Section
         4, the Common  Stock and any  additional  class of stock of the Company
         having no preference as to dividends or  distributions  on liquidation,
         provided  that the shares  purchasable  pursuant to this Warrant  shall
         include  only  Common  Stock  in  respect  of  which  this  Warrant  is
         exercisable, or shares resulting from any subdivision or combination of
         such   Common   Stock,   or  in  the   case   of  any   reorganization,
         reclassification,  consolidation,  merger,  or  sale  of the  character
         referred to in Section 4(c) hereof,  the stock or other  securities  or
         property provided for in such Section.

                  (ii)  "Common  Stock  Equivalent"  shall mean (A) any security
         convertible,  with or  without  consideration,  into any  Common  Stock
         (including  any  option,  warrant or other  right to  subscribe  for or
         purchase  such a  security),  (B) any  security  carrying  any  option,
                                      -8-
<PAGE>

         warrant or other right to subscribe  for or purchase any Common  Stock,
         or (C) any such option, warrant or other right.

                  (iii)  "Market  Price"  shall  mean,  as of any date,  (A) the
         average of the closing  sales  prices for the shares of Common Stock on
         the Nasdaq  National Market or other trading market where such security
         is listed or traded as reported by  Bloomberg  Financial  Markets (or a
         comparable  reporting  service of national  reputation  selected by the
         Company and reasonably acceptable to the holders if Bloomberg Financial
         Markets  is  not  then   reporting   sales  prices  of  such  security)
         (collectively,  "Bloomberg") for the ten (10) consecutive  trading days
         immediately  preceding such date, or (B) if the Nasdaq  National Market
         is not the principal trading market for the shares of Common Stock, the
         average of the  reported  sales  prices  reported by  Bloomberg  on the
         principal  trading  market for the Common Stock during the same period,
         or, if there is no sales  price for such  period,  the last sales price
         reported by Bloomberg  for such period,  or (C) if the foregoing do not
         apply,  the last sales price of such  security in the  over-the-counter
         market  on the pink  sheets or  bulletin  board  for such  security  as
         reported by  Bloomberg,  or if no sales  price is so reported  for such
         security, the last bid price of such security as reported by Bloomberg,
         or (D) if market value cannot be  calculated  as of such date on any of
         the foregoing  bases, the Market Price shall be the average fair market
         value as reasonably  determined by an investment  banking firm selected
         by the Company and reasonably  acceptable to the holder, with the costs
         of the appraisal to be borne by the Company.  The manner of determining
         the  Market  Price of the  Common  Stock  set  forth  in the  foregoing
         definition shall apply with respect to any other security in respect of
         which a determination as to market value must be made hereunder.

                  (iv) "Net  Consideration Per Share" shall mean, in determining
         the amount of consideration  received and/or  receivable by the Company
         for any Common Stock issued upon the  conversion,  exercise or exchange
         of any Common  Stock  Equivalents,  the  amount  equal to (A) the total
         amount  of  consideration,  if any,  received  by the  Company  for the
         issuance of such Common Stock  Equivalents  plus (B) the minimum amount
         of  consideration,  if any,  payable to the  Company  upon  conversion,
         exercise or exchange thereof, divided by the aggregate number of shares
         of  Common  Stock  that  would  be  issued  if all  such  Common  Stock
         Equivalents   were   converted,   exercised  or   exchanged.   The  Net
         Consideration  Per Share  receivable by the Company shall be determined
         in each instance as of the date of issuance of Common Stock Equivalents
         without giving effect to any possible  future upward price  adjustments
         or rate  adjustments that may be applicable with respect to such Common
         Stock Equivalents.

                  (v) "Notes" shall mean the convertible promissory notes issued
         and sold by the Company pursuant to the Securities Purchase Agreement.

                  (vi) The term  "trading  day"  shall mean any day on which the
         principal United States securities exchange or trading market where the
         Common Stock is then listed is open for trading.

         5. Issue Tax. The issuance of certificates  for Warrant Shares upon the
exercise  of this  Warrant  shall be made  without  charge to the holder of this
Warrant or such shares for any issuance  tax or other costs in respect  thereof,
provided  that the  Company  shall not be  required  to pay any tax which may be
                                      -9-
<PAGE>

payable in respect of any transfer  involved in the issuance and delivery of any
certificate in a name other than the holder of this Warrant.

         6. No Rights or Liabilities  as a  Stockholder.  This Warrant shall not
entitle the holder  hereof to any voting rights or other rights as a stockholder
of the  Company.  No provision of this  Warrant,  in the absence of  affirmative
action by the holder hereof to purchase Warrant Shares,  and no mere enumeration
herein of the rights or privileges of the holder hereof,  shall give rise to any
liability  of such  holder for the  Exercise  Price or as a  stockholder  of the
Company,  whether  such  liability is asserted by the Company or by creditors of
the Company.

         7. Transfer, Exchange and Replacement of Warrant.

                  (a)  Restriction  on  Transfer.  This  Warrant  and the rights
         granted to the holder  hereof  are  transferable,  in whole or in part,
         upon  surrender  of this  Warrant,  together  with a properly  executed
         assignment in the form attached hereto,  at the office or agency of the
         Company referred to in Section 7(e) below, provided,  however, that any
         transfer or assignment  shall be subject to the conditions set forth in
         Sections 7(f) and (g) hereof. Until due presentment for registration of
         transfer  on the  books of the  Company,  the  Company  may  treat  the
         registered  holder  hereof  as the  owner  and  holder  hereof  for all
         purposes,  and the  Company  shall not be affected by any notice to the
         contrary.

                  (b) Warrant  Exchangeable  for Different  Denominations.  This
         Warrant is exchangeable, upon the surrender hereof by the holder at the
         office or agency of the Company  referred to in Section 7(e) below, for
         new warrants of like tenor of different  denominations  representing in
         the  aggregate  the right to  purchase  the  number of shares of Common
         Stock which may be  purchased  hereunder,  each of such new warrants to
         represent  the right to purchase such number of shares (at the Exercise
         Price therefor) as shall be designated by the holder hereof at the time
         of such surrender,  and all such warrants  thereafter  constituting the
         Warrant referenced herein.

                  (c)   Replacement   of  Warrant.   Upon  receipt  of  evidence
         reasonably satisfactory to the Company of the loss, theft, destruction,
         or mutilation of this Warrant and, in the case of any such loss, theft,
         or  destruction,  upon  delivery of an indemnity  agreement  reasonably
         satisfactory in form and amount to the Company,  or, in the case of any
         such mutilation,  upon surrender and cancellation of this Warrant,  the
         Company, at its expense,  shall execute and deliver, in lieu thereof, a
         new Warrant of like tenor.

                  (d) Cancellation;  Payment of Expenses.  Upon the surrender of
         this Warrant in connection with any transfer,  exchange, or replacement
         as provided in this Section 7, this Warrant shall be promptly  canceled
         by the Company.  The Company shall pay all taxes (other than securities
         transfer taxes) and all other expenses  (other than legal expenses,  if
         any,  incurred by the Holder or  transferees)  and  charges  payable in
         connection with the preparation, execution, and delivery of any Warrant
         pursuant to this Section 7.

                  (e) Warrant  Register.  The  Company  shall  maintain,  at its
         principal  executive  offices  (or such  other  office or agency of the
         Company as it may designate by notice to the holder hereof), a register
         for this  Warrant,  in which  the  Company  shall  record  the name and
                                      -10-
<PAGE>

         address of the person in whose name this  Warrant has been  issued,  as
         well as the name and address of each transferee and each prior owner of
         this Warrant.

                  (f) Exercise or Transfer Without Registration. If, at the time
         of the  surrender  of this  Warrant in  connection  with any  exercise,
         transfer, or exchange of this Warrant, this Warrant (or, in the case of
         any exercise,  the Warrant  Shares  issuable  hereunder),  shall not be
         registered   under  the  Securities  Act  and  under  applicable  state
         securities or blue sky laws, the Company may require, as a condition of
         allowing such exercise,  transfer, or exchange,  (i) that the holder or
         transferee of this Warrant,  as the case may be, furnish to the Company
         a written opinion of counsel (which opinion shall be in form, substance
         and scope customary for opinions of counsel in comparable transactions)
         to the effect that such  exercise,  transfer,  or exchange  may be made
         without  registration  under the  Securities  Act and under  applicable
         state  securities or blue sky laws (the cost of which shall be borne by
         the Company if the Company's  counsel renders such an opinion and up to
         $500 of such cost shall be borne by the Company if the holder's counsel
         is  requested  to  render  such  opinion),  (ii)  that  the  holder  or
         transferee  execute and deliver to the Company an investment  letter in
         form  and  substance  acceptable  to the  Company  and  (iii)  that the
         transferee  be an  "accredited  investor"  as  defined  in Rule  501(a)
         promulgated under the Securities Act; provided,  however,  that no such
         opinion,  letter,  or  status  as an  "accredited  investor"  shall  be
         required in connection  with a transfer  pursuant to Rule 144 under the
         Securities Act.

                  (g)  Additional  Restrictions  on Exercise or Transfer.  In no
         event shall the holder hereof have the right to exercise any portion of
         this Warrant for shares of Common Stock or to dispose of any portion of
         this  Warrant to the extent that such right to effect such  exercise or
         disposition  would  result  in the  holder  or  any  of its  affiliates
         together  beneficially owning more than 4.99% of the outstanding shares
         of  Common  Stock.  For  purposes  of  this  Section  7(g),  beneficial
         ownership  shall be determined in accordance  with Section 13(d) of the
         Securities  Exchange  Act of 1934,  as amended,  and  Regulation  13D-G
         thereunder.  The restriction  contained in this Section 7(g) may not be
         altered,  amended,  deleted or changed in any manner  whatsoever unless
         the holders of a majority of the outstanding shares of Common Stock and
         the  holder  hereof  shall  approve,   in  writing,   such  alteration,
         amendment, deletion or change.

         8. No Fractional Shares. No fractional shares of Common Stock are to be
issued upon the  exercise  of this  Warrant,  but the  Company  shall pay a cash
adjustment in respect of any fractional  share which would otherwise be issuable
in an amount equal to the same fraction of the Market Price of a share of Common
Stock on the date of such exercise.

         9.  Notices.  Any notices  required or  permitted to be given under the
terms of this  Warrant  shall be sent by certified  or  registered  mail (return
receipt  requested)  or  delivered  personally  or by  courier  or by  confirmed
telecopy,  and shall be effective  five days after being placed in the mail,  if
mailed,  or upon receipt or refusal of receipt,  if delivered  personally  or by
courier,  or by  confirmed  telecopy,  in each case  addressed  to a party.  The
addresses for such communications shall be:

                  (a) If to the Company:

                                      -11-
<PAGE>

                           P-Com, Inc.
                           3175 South Winchester Blvd.
                           Campbell, CA 95008
                           Telephone: (408) 866-3666
                           Facsimile:  (408) 874-4461
                           Attention:  Chief Executive Officer

                  (b) If to the holder,  at such  address as such  holder  shall
         have  provided in writing to the Company,  or at such other  address as
         such holder  furnishes by notice given in accordance  with this Section
         9.

         10. Cashless Exercise. This Warrant may be exercised at any time during
the Exercise Period by presentation and surrender of this Warrant to the Company
at its  principal  executive  offices  with a  written  notice  of the  holder's
intention to effect a cashless  exercise,  including a calculation of the number
of shares of Common Stock to be issued upon such exercise in accordance with the
terms hereof (a "Cashless  Exercise").  In the event of a Cashless Exercise,  in
lieu of paying the  Exercise  Price in cash,  the holder  shall  surrender  this
Warrant for that number of shares of Common Stock  determined by multiplying the
number of Warrant Shares to which it would  otherwise be entitled by a fraction,
the numerator of which shall be the  difference  between the then current Market
Price of a share of the Common  Stock on the date of exercise  and the  Exercise
Price,  and the  denominator of which shall be the then current Market Price per
share of Common Stock.

         11.  Indemnification  by Company.  The Company  shall hold harmless and
indemnify the holder of this Warrant from and against,  and shall compensate and
reimburse such holder for, any damages which are directly or indirectly suffered
or incurred by such holder or to which such holder may otherwise  become subject
(regardless of whether or not such damages relate to any third-party  claim) and
which arise from or as a result of, or are directly or indirectly connected with
any breach of any of the Company's  covenants set forth herein.  In the event of
the  assertion or  commencement  by any person of any claim or legal  proceeding
with  respect to which the holder may have  indemnification  rights  pursuant to
this  Section  11, the holder  shall  promptly  notify  the  Company  thereof in
writing,  but the failure to so notify the Company  shall not limit the holder's
rights  to  indemnification   hereunder,   except  to  the  extent  the  Company
demonstrates  that the defense of such action is prejudiced by the failure to so
give such notice.

         12. Miscellaneous.

         (a) Governing Law; Jurisdiction.  This Warrant shall be governed by and
construed  in  accordance  with the laws of the State of  Delaware.  The Company
irrevocably consents to the jurisdiction of the United States federal courts and
state courts located in the State of Delaware in any suit or proceeding based on
or arising under this Warrant and irrevocably  agrees that all claims in respect
of such  suit or  proceeding  may be  determined  in such  courts.  The  Company
irrevocably  waives any  objection  to the laying of venue and the defense of an
inconvenient  forum to the  maintenance of such suit or proceeding.  The Company
further  agrees that service of process upon the Company  mailed by certified or
registered  mail shall be deemed in every respect  effective  service of process
upon the Company in any such suit or proceeding. Nothing herein shall affect the
holder's  right to serve  process  in any other  manner  permitted  by law.  The
Company  agrees  that a  final  non-appealable  judgment  in any  such  suit  or
proceeding  shall be conclusive  and may be enforced in other  jurisdictions  by
suit on such judgment or in any other lawful manner.

                                      -12-
<PAGE>

         (b)  Amendment  and Waiver.  Except as provided in Section 7(g) hereof,
this Warrant and any  provision  hereof may only be amended by an  instrument in
writing signed by the Company and the holder hereof. The failure of any party to
enforce any of the  provisions of this Warrant shall in no way be construed as a
waiver  of such  provisions  and  shall  not  affect  the  right  of such  party
thereafter  to enforce each and every  provision  of this Warrant in  accordance
with its terms.

         (c) Prevailing Party's Costs and Expenses.  The prevailing party in any
mediation,  arbitration  or legal  action to enforce or  interpret  this Warrant
shall be  entitled  to  recover  from the  non-prevailing  party  all  costs and
expenses,  including  reasonable  attorneys'  fees,  incurred  in such action or
proceeding.

         (d) Construction. Whenever the context requires, the gender of any word
used in this Warrant includes the masculine,  feminine or neuter, and the number
of any word  includes  the  singular  or plural.  Unless the  context  otherwise
requires, all references to articles and sections refer to articles and sections
of this  Warrant,  and all  references  to schedules  are to schedules  attached
hereto,  each of which is made a part hereof for all purposes.  The  descriptive
headings of the several  Sections of this  Warrant are  inserted for purposes of
reference  only, and shall not affect the meaning or  construction of any of the
provisions hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -13-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

                                     P-COM, INC.

                                     By:_______________
                                     Name:
                                     Title:

<PAGE>

                           FORM OF EXERCISE AGREEMENT

         (To be Executed by the Holder in order to Exercise the Warrant)

To:      P-Com, Inc.
         3175 South Winchester Blvd.
         Campbell, CA 95008
         Attention:  Chief Executive Officer

         The  undersigned  hereby  irrevocably  exercises  the right to purchase
_____________ shares of the Common Stock of P-Com, Inc., a corporation organized
under  the laws of the  State of  Delaware  (the  "Company"),  evidenced  by the
attached Warrant, and herewith [makes payment of the Exercise Price with respect
to such  shares in  full][elects  to effect a Cashless  Exercise  (as defined in
Section  10 of  such  Warrant)],  all in  accordance  with  the  conditions  and
provisions of said Warrant.

         The  undersigned  agrees  not to offer,  sell,  transfer  or  otherwise
dispose of any Common Stock  obtained on exercise of the  Warrant,  except under
circumstances that will not result in a violation of the Securities Act of 1933,
as amended, or any state securities laws. The undersigned  represents that it is
an "accredited  investor" as that term is defined in Rule 501(a) of Regulation D
under the Securities Act of 1933, as amended.

|_|      The  undersigned  requests that the Company cause its transfer agent to
         electronically  transmit  the Common  Stock  issuable  pursuant to this
         Exercise  Agreement  to the account of the  undersigned  or its nominee
         (which is  _________________)  with DTC through its Deposit  Withdrawal
         Agent Commission System ("DTC  Transfer"),  provided that such transfer
         agent  participates  in the  DTC  Fast  Automated  Securities  Transfer
         program.

|_|      In lieu of receiving  the shares of Common Stock  issuable  pursuant to
         this Exercise Agreement by way of DTC Transfer,  the undersigned hereby
         requests that the Company cause its transfer agent to issue and deliver
         to the undersigned  physical  certificates  representing such shares of
         Common Stock.

         The undersigned  requests that a Warrant  representing  any unexercised
portion hereof be issued, pursuant to the Warrant, in the name of the Holder and
delivered to the undersigned at the address set forth below:

Dated: ___________                    ______________________
                                       Signature of Holder

                                      _______________________
                                       Name of Holder (Print)

                              Address:  _____________________
                                        _____________________
                                        _____________________

<PAGE>

                               FORM OF ASSIGNMENT

         FOR  VALUE  RECEIVED,   the  undersigned  hereby  sells,  assigns,  and
transfers  all the  rights of the  undersigned  under the within  Warrant,  with
respect  to the  number  of shares of Common  Stock  covered  thereby  set forth
hereinbelow, to:

Name of Assignee                    Address                       No. of Shares
------------------                  -------                       -------------

and       hereby        irrevocably        constitutes        and       appoints
_____________________________________  as agent and attorney-in-fact to transfer
said Warrant on the books of the  within-named  corporation,  with full power of
substitution in the premises.

Dated: _____________________, ____

In the presence of

__________________
                       Name: ___________________________________

                       Signature:   ____________________________
                       Title of Signing Officer or Agent (if any):

                       Address: ________________________________
                                ________________________________
                                ________________________________

                       Note:    The  above   signature   should   correspond
                                exactly  with  the  name on the  face of the
                                within Warrant.

<PAGE><PAGE>
EXHIBIT 10.9

                             NOTE PURCHASE AGREEMENT
                             -----------------------

         NOTE PURCHASE AGREEMENT (this "Agreement"), dated as of March 26, 2003,
between SPEEDCOM Wireless Corporation, a corporation organized under the laws of
the State of Delaware (the "Company"),  and P-Com, Inc., a corporation organized
under the laws of the State of Delaware (the "Purchaser").

         WHEREAS:

         A. The Company and the  Purchaser are  executing  and  delivering  this
Agreement in reliance upon the exemption from securities  registration  afforded
by the provisions of Regulation D ("Regulation D"), as promulgated by the United
States  Securities and Exchange  Commission (the "SEC") under the Securities Act
of 1933, as amended (the "Securities Act").

         B. The Company desires to issue and sell, and the Purchaser  desires to
purchase,  upon the terms and conditions stated in this Agreement, a convertible
promissory  note, in the form attached hereto as Exhibit A (the "Note"),  in the
principal face amount of $400,000,  which Note shall be convertible  into shares
of the Company's  common stock, par value $0.001 per share (the "Common Stock").
The shares of Common Stock issuable upon conversion of or otherwise  pursuant to
the Note are  referred to herein as the  "Conversion  Shares."  The Note and the
Conversion  Shares are  collectively  referred to herein as the "Securities" and
each of them are individually referred to herein as a "Security." This Agreement
and the Note are collectively referred to herein as the "Transaction Documents."

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

1.       PURCHASE AND SALE OF SECURITIES.

         (a)  Purchase  and  Sale  of  Securities.  Subject  to  the  terms  and
conditions  hereof,  at the  Closing  (as defined in Section  1(b)  below),  the
Company shall issue and sell to the Purchaser,  and the Purchaser shall purchase
from the Company,  a Note in the  principal  face amount  equal to $400,000,  in
consideration for the payment by the Purchaser of a purchase price equal to such
principal face amount (the "Purchase Price").

         (b)  The  Closing.  Subject  to the  satisfaction  (or  waiver)  of the
conditions set forth in Sections 6 and 7 below,  the closing of the transactions
contemplated  hereby  (the  "Closing")  shall  take  place  at  the  offices  of
Purchaser, on the date hereof, or at such other time or place as the Company and
the Purchaser may mutually  agree (such date is  hereinafter  referred to as the
"Closing Date").

2.       PURCHASER'S  REPRESENTATIONS AND WARRANTIES.  The Purchaser  represents
         and warrants to the Company as follows:

         (a) Purchase for Own Account, Etc.. The Purchaser is acquiring the Note
for the  Purchaser's  own account and not with a present view towards the public
sale or distribution thereof,  except pursuant to sales that are exempt from the

<PAGE>

registration  requirements of the Securities Act and/or sales  registered  under
the Securities Act. The Purchaser  understands  that the Purchaser must bear the
economic  risk  of this  investment  indefinitely,  unless  the  Securities  are
registered pursuant to the Securities Act and any applicable state securities or
blue sky laws or an exemption from such registration is available,  and that the
Company  has no  present  intention  of  registering  the  resale  of  any  such
Securities other than as contemplated in Section 4(o).  Notwithstanding anything
in this Section 2(a) to the contrary, by making the representations  herein, the
Purchaser  does not  agree  to hold  the  Securities  for any  minimum  or other
specific term and reserves the right to dispose of the Securities at any time in
accordance with or pursuant to a registration statement or an exemption from the
registration requirements under the Securities Act.

         (b)  Accredited  Investor  Status.  The  Purchaser  is  an  "Accredited
Investor"  as that term is  defined  in Rule  501(a) of  Regulation  D under the
Securities Act.

         (c)  Reliance  on  Exemptions.   The  Purchaser  understands  that  the
Securities are being offered and sold to the Purchaser in reliance upon specific
exemptions from the registration requirements of United States federal and state
securities  laws and that the Company is relying upon the truth and accuracy of,
and  the  Purchaser's   compliance   with,  the   representations,   warranties,
agreements, acknowledgments and understandings of the Purchaser set forth herein
in order to determine the availability of such exemptions and the eligibility of
the Purchaser to acquire the Securities.

         (d)  Information.  The  Purchaser  or its  counsel,  if any,  have been
furnished all materials relating to the business, finances and operations of the
Company and  materials  relating to the offer and sale of the  Securities  which
have been specifically  requested by the Purchaser or its counsel.  Neither such
inquiries nor any other investigation  conducted by the Purchaser or its counsel
or any of its  representatives  shall  modify,  amend or affect the  Purchaser's
right to rely on the  Company's  representations  and  warranties  contained  in
Section 3 below. The Purchaser  understands  that the Purchaser's  investment in
the Securities involves a high degree of risk.

         (e)  Governmental  Review.  The  Purchaser  understands  that no United
States federal or state agency or any other  government or  governmental  agency
has passed upon or made any recommendation or endorsement of the Securities.

         (f) Transfer or Resale.  The Purchaser  understands  that (i) except as
provided in Section 4(o), the sale or resale of the Securities have not been and
are not being  registered under the Securities Act or any state securities laws,
and the  Securities  may not be  transferred  unless  (A) the  transfer  is made
pursuant to and as set forth in an effective  registration  statement  under the
Securities  Act  covering  the  Securities;  or (B)  the  Purchaser  shall  have
delivered to the Company an opinion of counsel  (which opinion shall be in form,
substance   and  scope   customary   for  opinions  of  counsel  in   comparable
transactions) to the effect that the Securities to be sold or transferred may be
sold or transferred pursuant to an exemption from such registration; or (C) sold
under and in compliance with Rule 144 promulgated under the Securities Act (or a
successor  rule) ("Rule 144");  or (D) sold or  transferred  in accordance  with
applicable  securities  laws to an affiliate of the Purchaser who agrees to sell
or otherwise  transfer the Securities  only in accordance with the provisions of
this  Section  2(f) and who is an  Accredited  Investor;  and (ii)  neither  the
Company nor any other person is under any obligation to register such Securities
                                      -2-
<PAGE>

under the Securities Act or any state securities laws (other than as provided in
Section 4(o)).  Notwithstanding  the foregoing or anything else contained herein
to the contrary,  the Securities may be pledged as collateral in connection with
a bona fide margin account or other lending arrangement, provided such pledge is
consistent with applicable laws, rules and regulations.

         (g) Legends.  The Purchaser  understands  that,  until such time as the
Conversion  Shares have been  registered  under the  Securities  Act  (including
registration  pursuant to Rule 416  thereunder)  or otherwise may be sold by the
Purchaser under Rule 144(k),  the certificates  for the Conversion  Shares shall
bear a restrictive legend in substantially the following form:

         The securities represented by this certificate have not been registered
         under the Securities Act of 1933, as amended, or the securities laws of
         any  state of the  United  States  or in any  other  jurisdiction.  The
         securities  represented hereby may not be offered,  sold or transferred
         in  the  absence  of  an  effective   registration  statement  for  the
         securities  under  applicable  securities laws unless offered,  sold or
         transferred  pursuant to an available  exemption from the  registration
         requirements of those laws.

         The Company agrees that it shall,  immediately  prior to a registration
statement  covering the  Securities  being  declared  effective,  deliver to its
transfer  agent an  opinion  letter of  counsel,  opining  that at any time such
registration  statement  is  effective,  the  transfer  agent  shall  issue,  in
connection with the issuance of the Conversion Shares, certificates representing
such  Conversion  Shares  without the  restrictive  legend above,  provided such
Conversion  Shares are to be sold pursuant to the  prospectus  contained in such
registration  statement.  Upon receipt of such opinion,  the Company shall cause
the transfer agent to confirm,  for the benefit of the holders,  that no further
opinion of counsel is  required  at the time of  transfer in order to issue such
shares without such restrictive legend.

         The legend set forth above shall be removed and the Company shall issue
a certificate without such legend to the holder of any Security upon which it is
stamped, if (unless otherwise required by state securities laws) (i) the sale of
such Security is registered  under the Securities  Act  (including  registration
pursuant to Rule 416 thereunder);  (ii) such holder provides the Company with an
opinion of counsel,  in form,  substance  and scope  customary  for  opinions of
counsel in comparable transactions, to the effect that a public sale or transfer
of such Security may be made without  registration  under the Securities Act; or
(iii) such holder  provides the Company  with  reasonable  assurances  that such
Security  can be sold under Rule 144.  In the event the above  legend is removed
from any Security and thereafter the  effectiveness of a registration  statement
covering such Security is suspended or the Company  determines that a supplement
or  amendment  thereto is  required by  applicable  securities  laws,  then upon
reasonable  advance written notice to the Purchaser the Company may require that
the  above  legend  be  placed on any such  Security  that  cannot  then be sold
pursuant  to an  effective  registration  statement  or  under  Rule 144 and the
Purchaser shall  cooperate in the replacement of such legend.  Such legend shall
thereafter  be  removed  when such  Security  may again be sold  pursuant  to an
effective registration statement or under Rule 144.

                                      -3-
<PAGE>

         (h)  Authorization;  Enforcement.  This  Agreement  has  been  duly and
validly  authorized,  executed and delivered on behalf of the Purchaser and is a
valid and binding agreement of the Purchaser  enforceable  against the Purchaser
in accordance with its terms.

         (i) Residency.  The Purchaser is a corporation organized under the laws
of the State of Delaware,  and its principal place of business is located within
the State of California.

         The Purchaser's  representations  and warranties made in this Article 2
are  made  solely  for  the  purpose  of  permitting   the  Company  to  make  a
determination that the transactions  contemplated  hereby comply with applicable
U.S.  federal  and  state  securities  laws and not for any other  purpose.  The
Company  may not  rely on such  representations  and  warranties  for any  other
purpose.

3.       REPRESENTATIONS  AND WARRANTIES OF THE COMPANY.  Except as set forth in
         the  Company's  Select SEC Documents (as defined in Section 3(f) below)
         or on a Disclosure  Schedule  executed and  delivered by the Company to
         the  Purchaser  within  five  business  days  following  the Closing in
         accordance with Section 4(p) hereof (the  "Disclosure  Schedule"),  the
         Company represents and warrants to the Purchaser as follows:

         (a) Organization and Qualification.  The Company and each of its direct
or indirect  subsidiaries  (collectively,  the  "Subsidiaries") is a corporation
duly organized and existing in good standing under the laws of the  jurisdiction
in which it is  incorporated,  and has the requisite  corporate power to own its
properties and to carry on its business as now being conducted.  The Company and
each of its  Subsidiaries  is duly  qualified  as a  foreign  corporation  to do
business and is in good  standing in every  jurisdiction  in which the nature of
the business  conducted by it makes such  qualification  necessary and where the
failure so to qualify has had or could reasonably be expected to have a Material
Adverse Effect.  "Material  Adverse Effect" means any material adverse effect on
(i) the  Securities,  (ii) the ability of the Company to perform its obligations
hereunder  or under  the other  Transaction  Documents  or (iii)  the  business,
operations,  properties, prospects, financial condition or results of operations
of the Company and its Subsidiaries, taken as a whole.

         (b)  Authorization;  Enforcement.  (i) The  Company  has the  requisite
corporate  power and authority to enter into and perform its  obligations  under
this Agreement and the other Transaction  Documents,  to issue and sell the Note
in  accordance  with the terms hereof and, to issue the  Conversion  Shares upon
conversion  of the Note in  accordance  with the  terms of such  Note;  (ii) the
execution,  delivery and performance of this Agreement and the other Transaction
Documents  by  the  Company  and  the  consummation  by it of  the  transactions
contemplated hereby and thereby (including,  without limitation, the issuance of
the Note and the issuance and reservation for issuance of the Conversion Shares)
have been duly  authorized  by the  Company's  Board of Directors and no further
consent  or  authorization  of the  Company,  its  Board  of  Directors,  or any
committee  of the Board of  Directors  is  required,  and (iii)  this  Agreement
constitutes,  and,  upon  execution  and  delivery  by the  Company of the other
Transaction  Documents,  such  agreements  will  constitute,  valid and  binding
obligations of the Company  enforceable  against the Company in accordance  with
their terms.  Neither the  execution,  delivery or performance by the Company of
this Agreement or the other Transaction  Documents nor the consummation by it of
the transactions contemplated hereby or thereby (including,  without limitation,
the  issuance of the Note or the  issuance or  reservation  for  issuance of the
                                      -4-
<PAGE>

Conversion  Shares)  requires  any  consent or  authorization  of the  Company's
stockholders.

         (c)  Capitalization.  The  capitalization of the Company as of the date
hereof,  including the authorized capital stock, the number of shares issued and
outstanding, the number of shares issuable and reserved for issuance pursuant to
the Company's stock option plans, the number of shares issuable and reserved for
issuance   pursuant  to  securities   (other  than  the  Note)   exercisable  or
exchangeable  for,  or  convertible  into,  any shares of capital  stock and the
number of shares to be reserved for issuance upon  conversion of the Note is set
forth in Section 3(c) of the Disclosure Schedule. All of such outstanding shares
of capital stock have been, or upon issuance in accordance with the terms of any
such warrants,  options or preferred stock, will be, validly issued,  fully paid
and  non-assessable.  No shares of capital stock of the Company  (including  the
Conversion  Shares) are subject to preemptive rights or any other similar rights
of the stockholders of the Company or any liens or encumbrances.  Except for the
Securities  and as set forth in Section 3(c) of the Disclosure  Schedule,  as of
the date of this  Agreement,  (i) there are no  outstanding  options,  warrants,
scrip, rights to subscribe to, calls or commitments of any character  whatsoever
relating  to,  or  securities  or  rights  convertible  into or  exercisable  or
exchangeable  for,  any  shares of  capital  stock of the  Company or any of its
Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is
or may become bound to issue  additional  shares of capital stock of the Company
or  any of  its  Subsidiaries,  nor  are  any  such  issuances  or  arrangements
contemplated,  and (ii) there are no agreements or arrangements  under which the
Company or any of its  Subsidiaries  is obligated to register the sale of any of
its or their  securities  under the  Securities  Act (other  than as provided in
Section  4(o)).  Section 3(c) of the  Disclosure  Schedule sets forth all of the
Company issued  securities or  instruments  containing  antidilution  or similar
provisions that will be triggered by, and all of the resulting  adjustments that
will be made to such  securities and instruments as a result of, the issuance of
the  Securities  in  accordance  with the terms of this  Agreement  or the Note.
Except for the Demand Notes (as defined in the Note),  there are no  outstanding
forms of indebtedness of the Company, secured by a security interest in all or a
portion of the  Company's  assets.  The Company has furnished to the Purchaser a
true and correct copy of the Company's Certificate of Incorporation as in effect
on the date hereof ("Certificate of Incorporation"),  the Company's Bylaws as in
effect  on the  date  hereof  (the  "Bylaws"),  and all  other  instruments  and
agreements governing securities  convertible into or exercisable or exchangeable
for capital stock of the Company.

         (d) Issuance of Shares.  The Note is duly authorized and, upon issuance
in accordance with the terms of this Agreement,  will be validly issued and free
from all taxes,  liens,  claims and  encumbrances  (other than  restrictions  on
transfer  contained  in this  Agreement  or the Note) and will not be subject to
preemptive  rights,   rights  of  first  refusal  or  other  similar  rights  of
stockholders  of the  Company  and will not  impose  personal  liability  on the
holders  thereof.  The  Conversion  Shares are duly  authorized and reserved for
issuance, and, upon conversion of the Note in accordance with the terms thereof,
will be validly issued, fully paid and non-assessable,  and free from all taxes,
liens, claims and encumbrances (other than restrictions on transfer contained in
this  Agreement) and will not be subject to preemptive  rights,  rights of first
refusal or other  similar  rights of  stockholders  of the  Company and will not
impose personal liability upon the holder thereof.

                                      -5-
<PAGE>

         (e) No  Conflicts.  The  execution,  delivery and  performance  of this
Agreement  and  the  other   Transaction   Documents  by  the  Company  and  the
consummation by the Company of the transactions  contemplated hereby and thereby
(including,  without limitation,  the issuance and reservation for issuance,  as
applicable,  of the  Note  and  Conversion  Shares)  will  not (i)  result  in a
violation of the Certificate of  Incorporation  or Bylaws or (ii) conflict with,
or  constitute  a default (or an event that with notice or lapse of time or both
would  become a default)  under,  or give to others  any rights of  termination,
amendment  (including,  without limitation,  the triggering of any anti-dilution
provisions),  acceleration  or  cancellation  of, any  agreement,  indenture  or
instrument to which the Company or any of its Subsidiaries is a party, or result
in a  violation  of  any  law,  rule,  regulation,  order,  judgment  or  decree
(including  United States federal and state  securities laws and regulations and
rules or regulations of any  self-regulatory  organizations  to which either the
Company or its securities  are subject)  applicable to the Company or any of its
Subsidiaries  or by which any  property  or asset of the  Company  or any of its
Subsidiaries is bound or affected (except, with respect to clause (ii), for such
conflicts, defaults, terminations, amendments, accelerations,  cancellations and
violations  that have not had and  could not  reasonably  be  expected  to have,
individually  or in the  aggregate,  a Material  Adverse  Effect).  Neither  the
Company  nor any of its  Subsidiaries  is in  violation  of its  Certificate  of
Incorporation,  Bylaws or other organizational documents and neither the Company
nor any of its Subsidiaries is in default (and no event has occurred which, with
notice  or  lapse  of  time  or  both,  would  put  the  Company  or  any of its
Subsidiaries in default)  under,  nor has there occurred any event giving others
(with  notice or lapse of time or both) any  rights of  termination,  amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its Subsidiaries is a party. The businesses of the Company
and its Subsidiaries are not being conducted, and shall not be conducted so long
as the Purchaser owns the Note, in violation of any law, ordinance or regulation
of any  governmental  entity,  except for possible  violations the sanctions for
which either singly or in the aggregate have not had and could not reasonably be
expected to have a Material  Adverse  Effect.  The Company and its  Subsidiaries
possess all certificates,  authorizations  and permits issued by the appropriate
federal,  state or foreign regulatory  authorities which are material to conduct
its business,  and neither the Company nor any of its  Subsidiaries has received
any written notice of any proceeding  relating to the revocation or modification
of any such certificate,  authorization or permit.  The Company and its board of
directors  have  taken  all  necessary  action,  if  any,  in  order  to  render
inapplicable any control share acquisition,  business  combination,  poison pill
(including  any  distribution   under  a  rights  agreement)  or  other  similar
anti-takeover  provision under its Certificate of  Incorporation  or the laws of
the  state  of its  incorporation  which is or could  become  applicable  to the
Purchaser  as a  result  of the  transactions  contemplated  by this  Agreement,
including without  limitation,  the Company's issuance of the Securities and any
and all Purchaser's  ownership of the Securities or the Purchaser's ownership of
the Common Stock.  Except as specifically  contemplated  by this Agreement,  the
Company is not required to obtain any consent, approval,  authorization or order
of, or make any filing or registration with, any court or governmental agency or
any regulatory or self regulatory agency in order for it to execute,  deliver or
perform any of its  obligations  under this  Agreement or the other  Transaction
Documents, in each case in accordance with the terms hereof or thereof.

         (f) SEC Documents,  Financial Statements. (i) From December 31, 1997 to
December 30, 2000, to the knowledge of the Company's officers after due inquiry,
and (ii)  since  December  31,  2000,  the  Company  has  timely  filed  (within
applicable  extension  periods) all reports,  schedules,  forms,  statements and
other  documents  required  to be  filed  by it  with  the SEC  pursuant  to the
reporting  requirements of the Securities  Exchange Act of 1934, as amended (the
                                      -6-
<PAGE>

"Exchange  Act") (all of the  foregoing  filed  prior to the date hereof and all
exhibits  included  therein and financial  statements and schedules  thereto and
documents  incorporated  by reference  therein,  being  hereinafter  referred to
herein as the "SEC Documents").  As of their respective dates, the SEC Documents
complied in all material  respects with the  requirements of the Exchange Act or
the Securities Act, as the case may be, and the rules and regulations of the SEC
promulgated  thereunder  applicable  to the SEC  Documents,  and none of the SEC
Documents,  at the time they  were  filed  with the SEC,  contained  any  untrue
statement of a material  fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
the  circumstances  under  which they were  made,  not  misleading.  None of the
statements  made in any such SEC  Documents  is,  or has  been,  required  to be
amended or updated under applicable law (except for such statements as have been
amended or updated in subsequent  filings made prior to the date hereof).  As of
their respective dates, the financial  statements of the Company included in the
SEC  Documents  complied as to form in all  material  respects  with  applicable
accounting  requirements  and the  published  rules and  regulations  of the SEC
applicable with respect thereto. Such financial statements have been prepared in
accordance  with  U.S.  generally  accepted  accounting   principles   ("GAAP"),
consistently applied during the periods involved (except (i) as may be otherwise
indicated in such financial statements or the notes thereto, or (ii) in the case
of unaudited interim statements, to the extent they may not include footnotes or
may be  condensed  or summary  statements)  and fairly  present in all  material
respects the consolidated financial position of the Company and its consolidated
Subsidiaries  as of the dates  thereof  and the  consolidated  results  of their
operations  and cash flows for the periods then ended  (subject,  in the case of
unaudited statements,  to immaterial year-end audit adjustments).  Except as set
forth in the  financial  statements  of the  Company  included in the Select SEC
Documents  (as defined  below),  the Company has no  liabilities,  contingent or
otherwise,  other  than (i)  liabilities  incurred  in the  ordinary  course  of
business  subsequent  to  the  date  of  such  financial   statements  and  (ii)
obligations  under contracts and commitments  incurred in the ordinary course of
business  and  not  required  under  GAAP  to be  reflected  in  such  financial
statements,  which  liabilities and  obligations  referred to in clauses (i) and
(ii),  individually  or in the  aggregate,  are not  material  to the  financial
condition or operating  results of the Company.  As used in this Agreement,  the
term "Select SEC Documents" shall mean the Company's (A) Proxy Statement for its
2002 Annual  Meeting,  (B) Annual Report on Form 10-K for the fiscal year ending
December 31, 2001,  (C)  Quarterly  Reports on Form 10-Q for the quarters  ended
March 31, June 30 and  September 30, 2002,  and (D) Current  Reports on Form 8-K
filed since December 31, 2001.

         (g) Absence of Certain Changes. Since December 31, 2001, there has been
no material adverse change and no material adverse  development in the business,
properties,  operations, prospects, financial condition or results of operations
of the Company and its Subsidiaries, taken as a whole. The Company has not taken
any steps,  and does not currently  expect to take any steps, to seek protection
pursuant to any  bankruptcy or  receivership  law nor does the Company or any of
its  Subsidiaries  have any  knowledge or reason to believe  that its  creditors
intend to  initiate  involuntary  bankruptcy  proceedings  with  respect  to the
Company or any of its Subsidiaries.
                                      -7-
<PAGE>

         (h) Transactions With Affiliates.  None of the officers,  directors, or
employees  of the  Company  is  presently  a party to any  transaction  with the
Company or any of its  Subsidiaries  (other than for  ordinary  course  services
solely in their  capacity as employees,  officers or  directors),  including any
contract,  agreement  or  other  arrangement  providing  for the  furnishing  of
services to or by, providing for rental of real or personal property to or from,
or  otherwise  requiring  payments  to or from any  such  officer,  director  or
employee or any  corporation,  partnership,  trust or other  entity in which any
such officer, director, or employee has an ownership interest of five percent or
more or is an officer, director, trustee or partner.

         (i)  Absence  of  Litigation.  There is no  action,  suit,  proceeding,
inquiry  or  investigation  before or by any  court,  public  board,  government
agency, self-regulatory organization or body (including, without limitation, the
SEC)  pending or, to the  knowledge  of the Company or any of its  Subsidiaries,
threatened against or affecting the Company, any of its Subsidiaries,  or any of
their respective directors or officers in their capacities as such. There are no
facts which, if known by a potential claimant or governmental  authority,  could
give rise to a claim or proceeding  which, if asserted or conducted with results
unfavorable  to the  Company or any of its  Subsidiaries,  could  reasonably  be
expected to have a Material Adverse Effect.

         (j)  Intellectual  Property.  Each of the Company and its  Subsidiaries
owns or is duly licensed to use all patents,  patent  applications,  trademarks,
trademark  applications,  trade  names,  service  marks,  copyrights,  copyright
applications, licenses, permits, inventions, discoveries, processes, scientific,
technical,  engineering  and marketing data,  object and source codes,  know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or
confidential  information,  systems or procedures)  and other similar rights and
proprietary knowledge (collectively, "Intangibles") necessary for the conduct of
its  business as now being  conducted.  To the best  knowledge  of the  Company,
neither  the  Company  nor any  Subsidiary  of the  Company  infringes  or is in
conflict  with any right of any other  person with  respect to any  Intangibles.
Neither the Company nor any of its  Subsidiaries  has received written notice of
any pending conflict with or infringement upon such third party Intangibles. The
termination  of the  Company's  ownership  of,  or  right  to  use,  any  single
Intangible  could  reasonably  be  expected to have a Material  Adverse  Effect.
Neither  the Company nor any of its  Subsidiaries  has entered  into any consent
agreement, indemnification agreement, forbearance to sue or settlement agreement
with respect to the validity of the Company's or its Subsidiaries'  ownership or
right to use its Intangibles and there is no reasonable basis for any such claim
to be successful.  The Intangibles are valid and enforceable and no registration
relating  thereto has lapsed,  expired or been  abandoned  or canceled or is the
subject of cancellation or other adversarial  proceedings,  and all applications
therefor are pending and in good standing. The Company and its Subsidiaries have
complied,   in  all  material  respects,   with  their  respective   contractual
obligations  relating to the  protection  of the  Intangibles  used  pursuant to
licenses.  No person is infringing on or violating the Intangibles owned or used
by the Company or its Subsidiaries.

         (k) Title.  The Company and its  Subsidiaries  have good and marketable
title in fee simple to all real property and good and merchantable  title to all
personal  property owned by them that is material to the business of the Company
and its Subsidiaries, in each case free and clear of all liens, encumbrances and
defects, except for such liens, encumbrances and defects as do not, individually
or in the  aggregate,  materially  affect the value of such  property and do not
materially  interfere with the use made and proposed to be made of such property
by the Company and its Subsidiaries. Any real property and facilities held under

                                      -8-
<PAGE>

lease  by the  Company  and its  Subsidiaries  are  held by  them  under  valid,
subsisting and  enforceable  leases with such exceptions as are not material and
do not  materially  interfere  with the use made and proposed to be made of such
property and buildings by the Company and its Subsidiaries.

         (l)  Environmental  Matters.  There is no  environmental  litigation or
other  environmental  proceeding  pending  or  threatened  by  any  governmental
regulatory  authority  or others  with  respect  to the  current  or any  former
business of the Company or its  Subsidiaries or any partnership or joint venture
currently or at any time  affiliated  with the Company or its  subsidiaries.  No
state of facts exists as to  environmental  matters or Hazardous  Substances (as
defined  below) that involves the  reasonable  likelihood of a material  capital
expenditure  by the Company or its  Subsidiaries  or that may  otherwise  have a
Material Adverse Effect.  No Hazardous  Substances have been treated,  stored or
disposed of, or otherwise deposited,  in or on the properties owned or leased by
the Company or its Subsidiaries or by any partnership or joint venture currently
or at any time affiliated  with the Company or its  Subsidiaries in violation of
any applicable  environmental laws. The environmental compliance programs of the
Company and its Subsidiaries comply in all respects with all environmental laws,
whether federal, state or local, currently in effect. As used herein, "Hazardous
Substances" means any substance, waste, contaminant,  pollutant or material that
has been determined by any governmental authority to be capable of posing a risk
of injury to health, safety, property or the environment.

         (m) Disclosure.  All information  relating to or concerning the Company
and/or any Subsidiary or Subsidiaries set forth in this Agreement or provided to
the Purchaser  pursuant to Section 2(d) hereof or otherwise in  connection  with
the  transactions  contemplated  hereby  is true  and  correct  in all  material
respects and the Company has not omitted to state any material fact necessary in
order  to  make  the  statements  made  herein  or  therein,  in  light  of  the
circumstances  under  which  they  were  made,  not  misleading.   No  event  or
circumstance  has  occurred  or  exists  with  respect  to  the  Company  or its
Subsidiaries or their respective businesses,  properties,  prospects, operations
or  financial  conditions,  which has not been  publicly  disclosed  but,  under
applicable  law,  rule or  regulation,  would be required to be disclosed by the
Company in a  registration  statement  filed on the date  hereof by the  Company
under the  Securities  Act with respect to a primary  issuance of the  Company's
securities.

         (n) Acknowledgment  Regarding  Purchaser's  Purchase of the Securities.
The  Company  acknowledges  and  agrees  that the  Purchaser  is not acting as a
financial  advisor or fiduciary of the Company (or in any similar capacity) with
respect  to  this  Agreement  or  the  transactions   contemplated  hereby,  the
relationship  between the Company and the  Purchaser  is  "arms-length"  and any
statement  made by the  Purchaser  or any of its  representatives  or  agents in
connection  with this  Agreement  and the  transactions  contemplated  hereby is
merely  incidental to the  Purchaser's  purchase of Securities  and has not been
relied upon by the  Company,  its  officers or directors in any way. The Company
further  acknowledges  that the Company's  decision to enter into this Agreement
has been  based  solely on an  independent  evaluation  by the  Company  and its
representatives.

         (o) Form  SB-2  Eligibility.  The  Company  is  currently  eligible  to
register the resale of its Common  Stock on a  registration  statement  filed on
Form SB-2 under the Securities Act.
                                      -9-
<PAGE>

         (p) No General  Solicitation.  Neither the Company nor any  distributor
participating on the Company's behalf in the  transactions  contemplated  hereby
(if any) nor any person  acting for the Company,  or any such  distributor,  has
conducted any "general  solicitation,"  as such term is defined in Regulation D,
with respect to any of the Securities being offered hereby.

         (q)  No  Integrated  Offering.  Neither  the  Company,  nor  any of its
affiliates,  nor any  person  acting on its or their  behalf,  has  directly  or
indirectly  made any offers or sales of any security or solicited  any offers to
buy any security  under  circumstances  that would require  registration  of the
Securities  being offered hereby under the Securities Act or cause this offering
of  Securities  to be  integrated  with any prior  offering of securities of the
Company for purposes of the Securities Act.

         (r) No Brokers.  The Company has taken no action  which would give rise
to any claim by any person for  brokerage  commissions  or finder's  fees or for
similar payments by the Purchaser relating to this Agreement or the transactions
contemplated hereby.

         (s)  Acknowledgment  Regarding  Securities.  The  number of  Conversion
Shares   issuable   upon   conversion  of  the  Note  may  increase  in  certain
circumstances.   The  Company's   executive  officers  have  studied  and  fully
understand  the nature of the  Securities  being  sold  hereunder.  The  Company
acknowledges  that its obligation to issue Conversion  Shares upon conversion of
the Note in accordance with the terms of the Note is, other than as set forth in
the Note,  absolute and  unconditional,  regardless  of the  dilution  that such
issuance  may have on the  ownership  interests  of other  stockholders  and the
availability of remedies provided for in the Transaction Documents relating to a
failure  or refusal  to issue  Conversion  Shares.  Taking  the  foregoing  into
account,  the  Company's  Board of Directors  has  determined  in its good faith
business  judgment that the issuance of the Note hereunder and the  consummation
of the other transactions  contemplated  hereby are in the best interests of the
Company and its  stockholders.  The  Company's  Board of Directors and executive
officers fully intend to honor their  obligations  hereunder to issue Conversion
Shares upon conversion of the Note regardless of the dilution that such issuance
may have on the ownership  interests of other  stockholders and the availability
of remedies provided for in the Transaction  Documents relating to their failure
or refusal to issue Conversion Shares.

4.       COVENANTS.

         (a) Best Efforts.  The parties  shall use their best efforts  timely to
satisfy each of the conditions described in Sections 6 and 7 of this Agreement.

         (b) Form D: Blue Sky Laws. The Company shall file with the SEC a Form D
with respect to the Securities as required under Regulation D and provide a copy
thereof to the Purchaser  promptly after such filing.  The Company shall,  on or
before the  Closing  Date,  take such  action as the  Company  shall  reasonably
determine  is  necessary  to qualify the  Securities  for sale to the  Purchaser
pursuant to this Agreement under applicable securities or "blue sky" laws of the
states of the United  States or obtain  exemption  therefrom,  and shall provide
evidence of any such action so taken to the Purchaser on or prior to the Closing
Date. Within two (2) trading days after the Closing Date, the Company shall file
a Form 8-K concerning this Agreement and the transactions  contemplated  hereby,
which Form 8-K shall attach this  Agreement and its Exhibits as exhibits to such
Form 8-K (the "8-K Filing").  From and after the 8-K Filing,  the Company hereby
acknowledges  that the  Purchaser  shall not be in  possession  of any  material
nonpublic  information received from the Company, any of its Subsidiaries or any
of  its  respective  officers,  directors,  employees  or  agents,  that  is not
disclosed in the 8-K Filing.  The Company shall not, and shall cause each of its
Subsidiaries and its and each of their respective officers, directors, employees
and agents not to, provide the Purchaser with any material nonpublic information

                                      -10-
<PAGE>

regarding the Company or any of its  Subsidiaries  from and after the 8-K Filing
without the express written consent of the Purchaser; provided, however, that if
the Purchaser exercises its rights under Section 4(m) it shall be deemed to have
given such express  written  consent.  In the event of a breach of the foregoing
covenant  by  the  Company,  any  of its  Subsidiaries,  or any of its or  their
respective officers,  directors,  employees and agents, in addition to any other
remedy  provided  herein or in the other  Transaction  Documents,  the Purchaser
shall  have  the  right  to make a  public  disclosure,  in the  form of a press
release,   public  advertisement  or  otherwise,   of  such  material  nonpublic
information without the prior approval by the Company, its Subsidiaries,  or any
of its or  their  respective  officers,  directors,  employees  or  agents.  The
Purchaser shall not have any liability to the Company, its Subsidiaries,  or any
of its or their  respective  officers,  directors,  employees,  shareholders  or
agents for any such  disclosure.  Subject to the foregoing,  neither the Company
nor the Purchaser shall issue any press releases or any other public  statements
with respect to the transactions  contemplated hereby;  provided,  however, that
the Company shall be entitled,  without the prior approval of the Purchaser,  to
make  any  press  release  or  other  public  disclosure  with  respect  to such
transactions   (i)  in   substantial   conformity   with  the  8-K   Filing  and
contemporaneously  therewith  and  (ii) as is  required  by  applicable  law and
regulations  (provided  that in the case of clause  (i) the  Purchaser  shall be
consulted  by the  Company in  connection  with any such press  release or other
public disclosure prior to its release).

         (c) Reporting Status. So long as the Purchaser beneficially owns any of
the  Securities,  the Company  shall  timely file (within  applicable  extension
periods) all reports  required to be filed with the SEC pursuant to the Exchange
Act, and the Company  shall not  terminate  its status as an issuer  required to
file  reports  under the  Exchange Act even if the Exchange Act or the rules and
regulations thereunder would permit such termination.

         (d) Use of  Proceeds.  The  Company  shall  use the  proceeds  from the
issuance and sale of the Securities for general  corporate  purposes and working
capital. Such proceeds shall not be used to (i) pay dividends;  (ii) pay for any
increase  in  executive  compensation  or make any loan or other  advance to any
officer,  employee,  shareholder,  director or other  affiliate  of the Company,
without the express approval of the Board of Directors acting in accordance with
past practice; (iii) purchase debt or equity securities of any entity (including
redeeming  the  Company's   own   securities),   except  for  (A)  evidences  of
indebtedness  issued or fully  guaranteed  by the United  States of America  and
having a maturity  of not more than one year from the date of  acquisition,  (B)
certificates of deposit,  notes,  acceptances and repurchase agreements having a
maturity of not more than one year from the date of acquisition issued by a bank
organized in the United States having capital,  surplus and undivided profits of
at least $500,000,000,  (C) the highest-rated commercial paper having a maturity
of not more than one year from the date of  acquisition,  and (D) "Money Market"
fund  shares,  or money market  accounts  fully  insured by the Federal  Deposit
Insurance  Corporation and sponsored by banks and other financial  institutions,
provided that the  investments  consist  principally of the types of investments
described in clauses (A),  (B), or (C) above;  or (iv) make any  investment  not
directly related to the current business of the Company.

                                      -11-
<PAGE>

         (e)  Financial  Information.  The  Company  shall send (via  electronic
transmission  or  otherwise)  the following  reports to the Purchaser  until the
Purchaser transfers, assigns or sells all of the Securities: (i) within ten (10)
days  after the filing  with the SEC, a copy of its Annual  Report on Form 10-K,
its Quarterly Reports on Form 10-Q, its proxy statements and any Current Reports
on Form 8-K;  and (ii)  within  one (1) day after  release,  copies of all press
releases issued by the Company or any of its Subsidiaries.

         (f)  Reservation  of  Shares.  The  Company  shall  at all  times  have
authorized  and  reserved  for the  purpose of issuance a  sufficient  number of
shares of Common  Stock to provide for the full  conversion  of the  outstanding
Note and issuance of the Conversion Shares in connection therewith to the extent
required by the Note.

         (g)  Listing.  The  Company  shall  promptly  secure the listing of the
Conversion Shares upon each national  securities exchange or automated quotation
system,  if any,  upon  which  shares of Common  Stock  become  listed or quoted
(subject to official  notice of issuance upon  conversion of the Note) and shall
maintain,  so long as any other  shares of  Common  Stock  shall be so listed or
quoted,  such listing of all  Conversion  Shares from time to time issuable upon
the  conversion of the Note.  The Company shall comply in all material  respects
with the reporting,  filing and other  obligations  under the bylaws or rules of
any such national securities exchange or automated quotation system on which its
shares of Common Stock are listed or quoted.  The Company shall promptly provide
to the holder of Note copies of any notices it receives  regarding the continued
eligibility of the Common Stock for trading on any national  securities exchange
or automated  quotation  system on which  securities of the same class or series
issued by the Company are then listed or quoted, if any.

         (h) Corporate Existence. So long as the Purchaser beneficially owns any
Securities, the Company shall maintain its corporate existence, and in the event
of a merger,  consolidation or sale of all or substantially all of the Company's
assets,  the Company shall ensure that the surviving or successor entity in such
transaction (i) assumes the Company's  obligations hereunder and under the other
Transaction Documents and (ii) is a publicly traded corporation.

         (i) No Integrated  Offerings.  The Company shall not make any offers or
sales of any security (other than the Securities) under circumstances that would
require registration of the Securities being offered or sold hereunder under the
Securities  Act or cause this offering of the  Securities to be integrated  with
any other offering of securities by the Company for purposes of any  stockholder
approval provision applicable to the Company or its securities.

         (j) Legal  Compliance.  The Company  shall conduct its business and the
business  of its  subsidiaries  in  compliance  with  all  laws,  ordinances  or
regulations of governmental entities applicable to such businesses, except where
the failure to do so would not have a Material Adverse Effect.

         (k) Redemptions and Dividends. So long as the Purchaser holds the Note,
the Company  shall not,  without  first  obtaining  the written  approval of the
Purchaser,   repurchase,   redeem  or  declare  or  pay  any  cash  dividend  or
distribution on any shares of capital stock of the Company.

                                      -12-
<PAGE>

         (l)  Information.  So long as the Purchaser holds the Note, the Company
shall furnish to the Purchaser:

                  (i)  concurrently  with the filing  with the SEC of its annual
         reports on Form 10-K, a certificate of the President,  a Vice President
         or a senior  financial  officer of the Company stating that, based upon
         such  examination or  investigation  and review of this Agreement as in
         the opinion of the signer is  necessary to enable the signer to express
         an informed opinion with respect  thereto,  neither the Company nor any
         of its Subsidiaries is or has during such period been in default in the
         performance or observance of any of the terms,  covenants or conditions
         hereof, or, if the Company or any of its Subsidiaries shall be or shall
         have been in default,  specifying all such defaults, and the nature and
         period of  existence  thereof,  and what  action  the  Company  or such
         Subsidiary  has  taken,  is taking  or  proposes  to take with  respect
         thereto; and

                  (ii) the information the Company must deliver to any holder or
         to any prospective transferee of Securities in order to permit the sale
         or other transfer of such  Securities  pursuant to Rule 144A of the SEC
         or any similar rule then in effect.

                  The Company  shall keep at its  principal  executive  office a
         true copy of this  Agreement (as at the time in effect),  and cause the
         same to be  available  for  inspection  at such  office  during  normal
         business  hours  by  any  holder  of  Securities  or  any   prospective
         transferee of Securities designated by a holder thereof.

         (m) Inspection of Properties and Books.  So long as the Purchaser shall
beneficially  own any  Securities,  the  Purchaser and its  representatives  and
agents (collectively, the "Inspectors") shall have the right, at the Purchaser's
expense,  to visit and inspect any of the  properties  of the Company and of its
Subsidiaries,  to examine the books of account and records of the Company and of
its Subsidiaries,  to make or be provided with copies and extracts therefrom, to
discuss  the  affairs,   finances  and  accounts  of  the  Company  and  of  its
Subsidiaries  with, and to be advised as to the same by, its and their officers,
employees and independent  public accountants (and by this provision the Company
authorizes  such  accountants  to discuss such  affairs,  finances and accounts,
whether  or not a  representative  of  the  Company  is  present)  all  at  such
reasonable  times and intervals and to such  reasonable  extent as the Purchaser
may desire; provided,  however, that each Inspector shall hold in confidence and
shall not make any disclosure  (except to the Purchaser) of any such information
which the  Company  determines  in good faith to be  confidential,  and of which
determination the Inspectors are so notified,  unless (i) the disclosure of such
information is necessary to avoid or correct a  misstatement  or omission in any
registration  statement  covering  the  Securities,  (ii)  the  release  of such
information  is ordered  pursuant  to a subpoena  or other order from a court or
government body of competent  jurisdiction,  or (iii) such  information has been
made generally  available to the public other than by disclosure in violation of
this or any other agreement.  The Purchaser agrees that it shall,  upon learning
that  disclosure of such  information is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt notice to the
Company and allow the Company, at its expense,  to undertake  appropriate action
to prevent  disclosure of, or to obtain a protective  order for, the information
deemed confidential.

                                      -13-
<PAGE>

         (n)  Confidential  Agreement.  Except for any  disclosure  required  by
applicable  law or rules of the SEC, the Company and the  Purchaser  shall,  and
shall  direct  its  respective   representatives  to,  hold  in  confidence  all
information  concerning this Agreement and the transactions  contemplated hereby
until the earlier of such time as (i) the Company has made a public announcement
concerning the Agreement and the transactions  contemplated  hereby or (ii) this
Agreement is terminated.

         (o) Registration  Rights.  Promptly following the Closing,  the Company
and the Purchaser shall execute and deliver a registration  rights  agreement in
form  customary  for  transactions  of  the  type  contemplated   hereby,  which
registration  rights  agreement  shall  provide  the  Purchaser  with  unlimited
piggyback  registration  rights and one demand  registration right beginning one
hundred and eighty days after the Closing.

         (p)  Disclosure  Schedule.  Within five  business  days  following  the
Closing, the Company shall deliver to the Purchaser the Disclosure Schedule,  in
form and substance satisfactory to the Purchaser in Purchaser's sole discretion.

5.       TRANSFER AGENT INSTRUCTIONS.

         (a) The Company shall instruct its transfer agent to issue certificates
(subject to the legend and other provisions hereof and in the Note),  registered
in the name of the Purchaser or its nominee,  for the Conversion  Shares in such
amounts as  specified  from time to time by the  Purchaser  to the Company  upon
conversion  of the Note.  To the  extent  and during  the  periods  provided  in
Sections 2(f) and 2(g) of this Agreement,  all such certificates  shall bear the
restrictive legend specified in Section 2(g) of this Agreement.

         (b)  The  Company   warrants  that  no  instruction   other  than  such
instructions  referred to in this Section 5 and stop  transfer  instructions  to
give effect to Section 2(f) hereof in the case of the transfer of the Conversion
Shares prior to registration  of the Conversion  Shares under the Securities Act
or without an exemption therefrom, shall be given by the Company to its transfer
agent and that the  Securities  shall  otherwise be freely  transferable  on the
books  and  records  of  the  Company  as and to the  extent  provided  in  this
Agreement.  Nothing  in this  Section  shall  affect in any way the  Purchaser's
obligations  and  agreement  set forth in  Section  2(g)  hereof  to resell  the
Securities pursuant to an effective registration statement or under an exemption
from the registration requirements of applicable securities law.

         (c) If the Purchaser  provides the Company and the transfer  agent with
an opinion of counsel,  which opinion of counsel shall be in form, substance and
scope  customary  for  opinions of counsel in  comparable  transactions,  to the
effect  that  the  Securities  have  been  sold or  transferred  pursuant  to an
exemption  from  registration,  or the  Purchaser  provides  the Company with an
opinion of counsel,  which  opinion of counsel  shall be in form,  substance and
scope  customary  for  opinions of counsel in  comparable  transactions,  to the
effect that such  Securities  may be sold under Rule 144(k),  the Company  shall
permit the transfer and, in the case of the Conversion Shares, promptly instruct
its transfer  agent to issue one or more  certificates  in such name and in such
denominations as specified by the Purchaser.

                                      -14-
<PAGE>

6.       CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.

         The  obligation of the Company  hereunder to issue and sell the Note to
the Purchaser and to otherwise  consummate the transactions  contemplated hereby
is  subject  to the  satisfaction,  at or  before  the  Closing,  of each of the
following  conditions  thereto,  provided  that  these  conditions  are  for the
Company's  sole benefit and may be waived by the Company at any time in its sole
discretion.

         (a) The Purchaser  shall have executed this Agreement and delivered the
same to the Company.

         (b) The Purchaser shall have delivered the amount of the Purchase Price
to the Company by wire transfer in accordance with the Company's  written wiring
instructions.

         (c) The  representations  and warranties of the Purchaser shall be true
and correct as of the date when made and as of the  Closing  Date as though made
at that time  (except  for  representations  and  warranties  that speak as of a
specific date, which representations and warranties shall be true and correct as
of such date), and the Purchaser shall have performed, satisfied and complied in
all material respects with the covenants,  agreements and conditions required by
this  Agreement to be performed,  satisfied or complied with by the Purchaser at
or prior to the Closing Date.

         (d) No statute,  rule,  regulation,  executive order, decree, ruling or
injunction  shall have been  enacted,  entered,  promulgated  or endorsed by any
court or governmental authority of competent jurisdiction or any self-regulatory
organization  having  authority  over  the  matters  contemplated  hereby  which
prohibits  the  consummation  of any of the  transactions  contemplated  by this
Agreement.

7.       CONDITIONS TO THE PURCHASER'S OBLIGATION TO PURCHASE. The obligation of
         the  Purchaser  hereunder  to purchase the Note from the Company and to
         otherwise consummate the transactions contemplated hereby is subject to
         the  satisfaction,  at or  before  the  Closing  Date,  of  each of the
         following  conditions,  provided  that  such  conditions  are  for  the
         Purchaser's sole benefit and may be waived by the Purchaser at any time
         in the Purchaser's sole discretion:

         (a) The  Company  shall have  executed  this  Agreement  and  delivered
executed original copies of the same to the Purchaser.

         (b) The Company  shall have  delivered to the Purchaser a duly executed
Note registered in the Purchaser's name.

         (c) The representations and warranties of the Company shall be true and
correct as of the date when made and as of the  Closing  Date as though  made at
that time (except for representations and warranties that speak as of a specific
date, which  representations and warranties shall be true and correct as of such
date) and the  Company  shall have  performed,  satisfied  and  complied  in all
material respects with the covenants, agreements and conditions required by this
Agreement to be performed, satisfied or complied with by the Company at or prior
to the Closing Date.

                                      -15-
<PAGE>

         (d) No statute,  rule,  regulation,  executive order,  decree,  ruling,
injunction,  action or proceeding shall have been enacted, entered,  promulgated
or endorsed by any court or governmental  authority of competent jurisdiction or
any self-regulatory  organization having authority over the matters contemplated
hereby which questions the validity of, challenges or prohibits the consummation
of, any of the transactions contemplated by this Agreement.

         (e) There shall have been no material  adverse  changes and no material
adverse  developments  in  the  business,  properties,   operations,  prospects,
financial   condition  or  results  of   operations   of  the  Company  and  its
subsidiaries,  taken as a whole, since the date hereof,  and no information,  of
which the Purchaser is not currently  aware,  shall come to the attention of the
Purchaser that is materially adverse to the Company.

         (f) The  Purchaser  shall  have  received a copy of  resolutions,  duly
adopted by the Board of Directors  of the Company,  which shall be in full force
and effect at the time of the applicable  Closing,  authorizing the consummation
by the  Company  of  the  transactions  contemplated  hereby  and  by the  other
Transaction Documents, certified as such by the Secretary or Assistant Secretary
of the Company.

8.       GOVERNING LAW; MISCELLANEOUS.

         (a) Governing Law;  Jurisdiction.  This Agreement  shall be governed by
and construed in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed in the State of Delaware. The Company and the
Purchaser  irrevocably  consent to the jurisdiction of the United States federal
courts  and the state  courts  located in the State of  Delaware  in any suit or
proceeding  based on or arising under this Agreement and irrevocably  agree that
all claims in  respect  of such suit or  proceeding  may be  determined  in such
courts.  The Company  irrevocably waives the defense of an inconvenient forum to
the  maintenance  of such suit or  proceeding.  The Company  further agrees that
service of process  upon the Company  mailed by first class mail shall be deemed
in every respect  effective service of process upon the Company in any such suit
or  proceeding.  Nothing herein shall affect the right of the Purchaser to serve
process in any other manner  permitted  by law. The Company  agrees that a final
non-appealable  judgment in any such suit or proceeding  shall be conclusive and
may be enforced in other  jurisdictions by suit on such judgment or in any other
lawful manner.

         (b)  Counterparts.  This  Agreement  may be  executed  in  two or  more
counterparts,  all of which shall be considered  one and the same  agreement and
shall  become  effective  when  counterparts  have been signed by each party and
delivered to the other party.  This Agreement,  once executed by a party, may be
delivered to the other  parties  hereto by facsimile  transmission  of a copy of
this Agreement  bearing the signature of the party so delivering this Agreement.
In the event any  signature is delivered  by facsimile  transmission,  the party
using such means of delivery shall cause the manually executed execution page(s)
hereof to be physically delivered to the other party within five (5) days of the
execution hereof,  provided that the failure to so deliver any manually executed
execution  page  shall  not  affect  the  validity  or  enforceability  of  this
Agreement.

         (c) Construction. Whenever the context requires, the gender of any word
used in this Warrant includes the masculine,  feminine or neuter, and the number
of any word  includes  the  singular  or plural.  Unless the  context  otherwise

                                      -16-
<PAGE>

requires, all references to articles and sections refer to articles and sections
of this  Agreement,  and all  references to schedules are to schedules  attached
hereto,  each of which is made a part hereof for all purposes.  The  descriptive
headings of the several articles and sections of this Agreement are inserted for
purposes of reference  only, and shall not affect the meaning or construction of
any of the provisions hereof.

         (d)  Severability.  If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction,  such invalidity or unenforceability shall
not affect the validity or  enforceability of the remainder of this Agreement or
the validity or enforceability of this Agreement in any other jurisdiction.

         (e)  Entire  Agreement;   Amendments.  This  Agreement  and  the  other
Transaction  Documents  contain the entire  understanding of the Purchaser,  the
Company, their affiliates and persons acting on their behalf with respect to the
matters covered herein and therein and, except as specifically  set forth herein
or therein,  neither the Company  nor the  Purchaser  makes any  representation,
warranty,  covenant or undertaking with respect to such matters. No provision of
this  Agreement may be waived other than by an  instrument in writing  signed by
the party to be charged with  enforcement and no provision of this Agreement may
be amended other than by an instrument in writing  signed by the Company and the
Purchaser.

         (f)  Notices.  Any notices  required or permitted to be given under the
terms of this  Agreement  shall be sent by certified or registered  mail (return
receipt requested) or delivered personally,  by responsible overnight carrier or
by confirmed facsimile,  and shall be effective five (5) days after being placed
in the mail,  if mailed,  or upon  receipt or refusal of receipt,  if  delivered
personally or by responsible  overnight carrier or confirmed facsimile,  in each
case addressed to a party. The initial addresses for such  communications  shall
be as follows,  and each party shall provide  notice to the other parties of any
change in such party's address:

                  (i) If to the Purchaser:

                           P-Com, Inc.
                           3175 South Winchester Blvd.
                           Campbell, CA  95008
                           Telephone: (408) 866-3666
                           Facsimile:  (408) 874-4461
                           Attention:  Chief Executive Officer

                           with a copy  simultaneously  transmitted by like
                           means to (which  transmittal  shall not
                           constitute notice hereunder):

                           Sheppard Mullin Richter & Hampton LLP
                           800 Anacapa Street
                           Santa Barbara, CA  93101
                           Telephone: (805) 879-1812
                           Facsimile:  (805) 568-1955
                           Attention:  Theodore R. Maloney, Esq.

                                      -17-
<PAGE>

                  (ii) If to the Company:

                           SPEEDCOM Wireless Corporation
                           7020 Professional Parkway East
                           Sarasota, FL 34240
                           Telephone: (941) 907-2300
                           Facsimile: (941) 355-0219

         (g)  Successors and Assigns.  This Agreement  shall be binding upon and
inure to the benefit of the parties and their successors and assigns.  Except as
provided  herein,  the Company shall not assign this  Agreement or any rights or
obligations  hereunder.  The  Purchaser  may assign or transfer  the  Securities
pursuant to the terms of the Note and this Agreement,  as applicable,  or assign
the  Purchaser's  rights  hereunder or thereunder to any other person or entity,
except for direct  competitors  of the Company or persons or entities  that have
publicly announced plans to compete directly with the Company. In addition,  and
notwithstanding  anything to the  contrary  contained  in this  Agreement or the
other Transaction Documents, the Securities may be pledged and all rights of the
Purchaser  under  this  Agreement  or  any  other  Transaction  Document  may be
assigned,  without  further  consent of the  Company,  to a bona fide pledgee in
connection with the Purchaser's margin or brokerage account.

         (h) Third Party  Beneficiaries.  This  Agreement  is  intended  for the
benefit of the parties  hereto and their  respective  permitted  successors  and
assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.

         (i) Survival. The representations and warranties of the Company and the
agreements  and  covenants  set  forth in  Sections  3, 4, 5 and 8 hereof  shall
survive the Closing notwithstanding any due diligence investigation conducted by
or on  behalf  of the  Purchaser.  Moreover,  none  of the  representations  and
warranties  made by the  Company  herein  shall act as a waiver of any rights or
remedies  the  Purchaser  may  have  under  applicable  U.S.  federal  or  state
securities laws.

         (j)  Publicity.  The Company and the Purchaser  shall have the right to
approve before  issuance any press  releases,  SEC filings,  or any other public
statements  with  respect to the  transactions  contemplated  hereby;  provided,
however,  that the Company shall be entitled,  without the prior approval of the
Purchaser,  to make any  press  release  or SEC  filings  with  respect  to such
transactions  as is required by  applicable  law and  regulations  (although the
Purchaser  shall be consulted by the Company in  connection  with any such press
release  and  filing  prior to its  release  and shall be  provided  with a copy
thereof).

         (k) Further Assurances. Each party shall do and perform, or cause to be
done and  performed,  all such  further acts and things,  and shall  execute and
deliver all such other agreements,  certificates,  instruments and documents, as
the other  party may  reasonably  request  in order to carry out the  intent and
accomplish  the  purposes  of  this  Agreement  and  the   consummation  of  the
transactions contemplated hereby.

         (l) Joint  Participation in Drafting.  Each party to this Agreement has
participated  in the  negotiation  and drafting of this  Agreement and the other

                                      -18-
<PAGE>

Transaction  Documents.  As such,  the language used herein and therein shall be
deemed to be the language  chosen by the parties  hereto to express their mutual
intent, and no rule of strict construction shall be applied against any party to
this Agreement.

         (m) Equitable Relief.  The Company  acknowledges that a breach by it of
its  obligations  hereunder  will cause  irreparable  harm to the  Purchaser  by
vitiating  the  intent  and  purpose of the  transactions  contemplated  hereby.
Accordingly, the Company acknowledges that the remedy at law for a breach of its
obligations hereunder  (including,  but not limited to, its obligations pursuant
to Section 5 hereof) will be inadequate and agrees,  in the event of a breach or
threatened breach by the Company of the provisions of this Agreement (including,
but not limited  to, its  obligations  pursuant  to Section 5 hereof),  that the
Purchaser shall be entitled,  in addition to all other available remedies, to an
injunction  restraining any breach and requiring immediate issuance and transfer
of the  Securities,  without the necessity of showing  economic loss and without
any bond or other security being required.

         (n) Indemnification by Company. From and after the Closing, the Company
shall hold  harmless and indemnify  the  Purchaser  from and against,  and shall
compensate  and reimburse the Purchaser for, any damages  (including  reasonable
attorneys  fees) which are  directly or  indirectly  suffered or incurred by the
Purchaser or to which the Purchaser may otherwise become subject  (regardless of
whether or not such  damages  relate to any  third-party  claim) and which arise
from or as a  result  of,  or are  directly  or  indirectly  connected  with any
inaccuracy in or breach of any of the Company's  representations,  warranties or
covenants set forth herein. In the event of the assertion or commencement by any
person of any claim or legal  proceeding with respect to which the Purchaser may
have  indemnification  rights pursuant to this Section 8(n), the Purchaser shall
promptly notify the Company thereof in writing, but the failure to so notify the
Company  will not limit the  Purchaser's  rights to  indemnification  hereunder,
except to the extent the Company demonstrates that the defense of such action is
prejudiced by the failure to so give such notice.

         (o) Additional Acknowledgement.  The Purchaser acknowledges that it has
independently  evaluated  the merits of the  transactions  contemplated  by this
Agreement  and the other  Transaction  Documents  and that it has  independently
determined to enter into the transactions contemplated hereby and thereby.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -19-
<PAGE>

         IN WITNESS  WHEREOF,  the  Purchaser  and the Company  have caused this
Agreement to be duly executed as of the date first above written.

SPEEDCOM WIRELESS CORPORATION

By:      /s/ Mark Schaftlein
--------------------------------
Name:    Mark Schaftlein
Title:   Chief Financial Officer

P-COM, INC.

By:      /s/ George Roberts
------------------------------
Name:    George Roberts
Title:   Chief Executive Officer

<PAGE>

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