Document:

EXHIBIT
      10.9

    14%
      PROMISSORY NOTE

    

    
      	
              $63,472.20

            	
              January
                29, 2008

            

    

     

    FOR
      VALUE
      RECEIVED, GigaBeam Corporation, a Delaware corporation (the “Maker”),
      with
      its primary offices located at 4021 Stirrup Creek Drive, Suite 400, Durham,
      NC
      27703, promises to pay to the order of Crescent International, Ltd., or its
      registered assigns (the “Payee”),
      upon
      the terms set forth below, the principal sum of Sixty-three Thousand Four
      Hundred Seventy-two Dollars and twenty cents ($63,472.20) plus interest on
      the
      unpaid principal sum outstanding at the rate of 14% per annum (this
“Note”).

    

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

    

    1. Payments.

    

    (a)
       The
      full
      amount of principal and accrued interest under this Note shall be due January
      29, 2009 (the “Maturity
      Date”),
      unless due earlier in accordance with the terms of this Note.

    

    (b)
       The
      Maker
      shall pay interest to the Payee on the aggregate then outstanding principal
      amount of this Note at the rate of 14% per annum, payable on the Maturity
      Date.

    

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

    

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Events
      of Default.

    

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

    

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

    

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

    

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

    
      
        
        

      

      
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    (iv)
       Maker
      shall (a) be a party to any Change of Control Transaction (as defined below),
      (b) agree to sell or dispose all or in excess of 33% of its assets in one or
      more transactions (whether or not such sale would constitute a Change of Control
      Transaction), (c) redeem or repurchase more than a de minimis number of shares
      of Common Stock or other equity securities of Maker, or (d) other than regularly
      scheduled payments of dividends to the holders of the Maker’s Series A, Series
      B, Series C and Series D Preferred Stock, make any distribution or declare
      or
      pay any dividends (in cash or other property, other than common stock) on,
      or
      purchase, acquire, redeem, or retire any of Maker's capital stock, of any class,
      whether now or hereafter outstanding. “Change of Control Transaction” means the
      occurrence of any of: (i) an acquisition after the date hereof by an individual
      or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under
      the Securities Exchange Act of 1934, as amended) of effective control (whether
      through legal or beneficial ownership of capital stock of Maker, by contract
      or
      otherwise) of in excess of 33% of the voting securities of Maker, (ii) a
      replacement at one time or over time of more than one-half of the members of
      Maker's board of directors which is not approved by a majority of those
      individuals who are members of the board of directors on the date hereof (or
      by
      those individuals who are serving as members of the board of directors on any
      date whose nomination to the board of directors was approved by a majority
      of
      the members of the board of directors who are members on the date hereof),
      (iii)
      the merger of Maker with or into another entity that is not wholly-owned by
      Maker, consolidation or sale of 33% or more of the assets of Maker in one or
      a
      series of related transactions, or (iv) the execution by Maker of an agreement
      to which Maker is a party or by which it is bound, providing for any of the
      events set forth above in (i), (ii) or (iii). This clause shall not include
      the
      recapitalization proposed to investors in December 2007.

    

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

    
      
        
        

      

      
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    3.
       Most
      Favored Nations.
      The
      Payee shall have the right, in its sole discretion, to convert the principal
      balance of this Note then outstanding plus accrued but unpaid interest, in
      whole
      or in part, into securities of the Maker (or its successor or parent) being
      issued in any private or public offering of equity securities or indebtedness
      of
      the Maker (or its successor or parent) consummated while this Note is
      outstanding, upon the terms and conditions of such offering, at a rate equal
      to,
      for each $1 of principal amount of this Note surrendered, $1 of new
      consideration offered for such securities. By way of example, if the Payee
      wishes to surrender $100,000 principal amount of this Note to the Maker as
      consideration for the purchase of new securities or indebtedness, the Payee
      shall receive, and the Maker shall issue, $100,000 of new securities (including
      any securities or other consideration issued or paid to the investors in such
      offer in connection with the purchase of securities) or indebtedness to the
      Payee, otherwise on the same terms and conditions as the other
      participants.

    

    4.
       Negative
      Covenants.
       So
      long
      as any portion of this Note is outstanding, the Maker will not and will not
      permit any of its Subsidiaries to directly or indirectly, unless consented
      to in
      writing by the Payee:

    

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

     

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

    

    c) amend
      its
      certificate of incorporation, bylaws or other charter documents so as to
      adversely affect any rights of the Payee other than to increase the number
      of
      authorized common shares;

    

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

    

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

    

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

    

    “Permitted
      Indebtedness”
shall
      mean (a) the indebtedness of the Maker existing on the date of issuance of
      this
      Note, (b) lease obligations and purchase money indebtedness incurred in
      connection with the acquisition of capital assets and lease obligations with
      respect to newly acquired or leased assets (c) indebtedness
      incurred by the Maker that does not mature or require payments of principal
      prior to the Maturity Date of this Note and is made expressly subordinate in
      right of payment to the indebtedness evidenced by this Note, as reflected in
      a
      written agreement acceptable to the Payee and approved by the Payee in writing,
      (d) trade receivables in the ordinary course of business, and (e) up to
      $5,000,000 (five million dollars) in new financing.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

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

    

    The
      recapitalization proposed to investors in December 2007 is excluded from this
      Section 4.

    

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

    

    6.
       Modifications.
      No term
      or provision contained herein may be modified, amended or waived except by
      written agreement or consent signed by the party to be bound
      thereby.

    

    7.
       Cumulative
      Rights and Remedies; Usury.
      The
      rights and remedies of Payee expressed herein are cumulative and not exclusive
      of any rights and remedies otherwise available under this Note or applicable
      law
      (including at equity). The election of Payee to avail itself of any one or
      more
      remedies shall not be a bar to any other available remedies, which Maker agrees
      Payee may take from time to time. If it shall be found that any interest due
      hereunder shall violate applicable laws governing usury, the applicable rate
      of
      interest due hereunder shall be reduced to the maximum permitted rate of
      interest under such law.

    
      
        
        

      

      
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    8.
       Use
      of
      Proceeds.
      Maker
      shall use the proceeds from this Note hereunder for working capital purposes
      and
      not for the satisfaction of any portion of Maker’s or subsidiary’s debt (other
      than payment of trade payables in the ordinary course of Maker's business and
      prior practices), to redeem any of Maker’s or subsidiary’s equity or
      equity-equivalent securities or to settle any outstanding
      litigation.

    

    9.
       Collection
      Expenses.
      If
      Payee shall commence an action or proceeding to enforce this Note, then Maker
      shall reimburse Payee for its costs of collection and reasonable attorneys
      fees
      incurred with the investigation, preparation and prosecution of such action
      or
      proceeding.

    

    10.
       Severability.
      If any
      provision of this Note is declared by a court of competent jurisdiction to
      be in
      any way invalid, illegal or unenforceable, the balance of this Note shall remain
      in effect, and if any provision is inapplicable to any person or circumstance,
      it shall nevertheless remain applicable to all other persons and circumstances.
      If it shall be found that any interest or other amount deemed interest due
      hereunder shall violate applicable laws governing usury, the applicable rate
      of
      interest due hereunder shall automatically be lowered to equal the maximum
      permitted rate of interest.

    

    11.
       Successors
      and Assigns.
      This
      Note shall be binding upon Maker and its successors and shall inure to the
      benefit of the Payee and its successors and assigns. The term "Payee" as used
      herein, shall also include any endorsee, assignee or other holder of this
      Note.

    

    12.
       Lost
      or Stolen Promissory Note.
      If this
      Note is lost, stolen, mutilated or otherwise destroyed, Maker shall execute
      and
      deliver to the Payee a new promissory note containing the same terms, and in
      the
      same form, as this Note. In such event, Maker may require the Payee to deliver
      to Maker an affidavit of lost instrument and customary indemnity in respect
      thereof as a condition to the delivery of any such new promissory
      note.

    

    13.
       Due
      Authorization.
      This
      Note has been duly authorized, executed and delivered by Maker and is the legal
      obligation of Maker, enforceable against Maker in accordance with its terms
      except as limited by general equitable principles and applicable bankruptcy,
      insolvency, reorganization, moratorium and other laws of general application
      affecting enforcement of creditors’ rights generally. No consent of any other
      party and no consent, license, approval or authorization of, or registration
      or
      declaration with, any governmental authority, bureau or agency is required
      in
      connection with the execution, delivery or performance by the Maker, or the
      validity or enforceability of this Note other than such as have been met or
      obtained. The execution, delivery and performance of this Note and all other
      agreements and instruments executed and delivered or to be executed and
      delivered pursuant hereto or thereto or the securities issuable upon conversion
      of this Note will not violate any provision of any existing law or regulation
      or
      any order or decree of any court, regulatory body or administrative agency
      or
      the certificate of incorporation or by-laws of the Maker or any mortgage,
      indenture, contract or other agreement to which the Maker is a party or by
      which
      the Maker or any property or assets of the Maker may be
      bound.

    
      
        
        

      

      
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    14.
       Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Note shall be governed by and construed and enforced in accordance
      with
      the internal laws of the State of New York, without regard to the principles
      of
      conflicts of law thereof. Each of Maker and Payee agree that all legal
      proceedings concerning the interpretations, enforcement and defense of this
      Note
      shall be commenced in the state and federal courts sitting in the City of New
      York, Borough of Manhattan (the "New York Courts"). Each of Maker and Payee
      hereby irrevocably submit to the exclusive jurisdiction of the New York Courts
      for the adjudication of any dispute hereunder (including with respect to the
      enforcement of this Note), and hereby irrevocably waives, and agrees not to
      assert in any suit, action or proceeding, any claim that it is not personally
      subject to the jurisdiction of any such court, that such suit, action or
      proceeding is improper. Each of Maker and Payee hereby irrevocably waive
      personal service of process and consents to process being served in any such
      suit, action or proceeding by mailing a copy thereof via registered or certified
      mail or overnight delivery (with evidence of delivery) to the other at the
      address in effect for notices to it under this Note and agrees that such service
      shall constitute good and sufficient service of process and notice thereof.
      Nothing contained herein shall be deemed to limit in any way any right to serve
      process in any manner permitted by law. Each of Maker and Payee hereby
      irrevocably waive, to the fullest extent permitted by applicable law, any and
      all right to trial by jury in any legal proceeding arising out of or relating
      to
      this Note or the transactions contemplated hereby.

    

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

    
      
        
        

      

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

     

    

      
        	 	
                GIGABEAM
                  CORPORATION

              
	 	 
	 	
                By:

              	
                /s/
                  S. Jay Lawrence

              	 
	 	
                Name:
                  S. Jay Lawrence

              
	 	
                Title:
                  Chief Executive Officer

              

      

    

    
      
        
        

      

      
        8Unassociated Document

    

    Original
      Issue Date: January 30, 2008

    

    $200,000

    

    

    14%
      SECURED DEBENTURE

    DUE
      MAY 22, 2008

    

    THIS
      DEBENTURE is one of a series of duly authorized and validly issued 14% Secured
      Debentures of Gigabeam Corporation, a Delaware corporation, (the “Company”),
      having its principal place of business at 4021 Stirrup Creek Drive, Suite 400,
      Durham, NC 27703, designated as its 14% Secured Debenture due May 22, 2008
      (this
      debenture, the “Debenture”
and,
      collectively with the other debentures of such series, the “Debentures”).

    

    FOR
      VALUE
      RECEIVED, the Company promises to pay to Midsummer Investment, Ltd. or its
      registered assigns (the “Holder”),
      or
      shall have paid pursuant to the terms hereunder, the principal sum of $200,000
      on the earlier of (i) May 22, 2008 or (ii) the date the Company receives gross
      proceeds of $2,000,000 or more, in the aggregate, in one or a series of debt
      or
      equity financings consummated after the Original Issue Date (the “Maturity
      Date”)
      or
      such earlier date as this Debenture is required or permitted to be repaid as
      provided hereunder, and to pay interest to the Holder on the aggregate and
      then
      outstanding principal amount of this Debenture in accordance with the provisions
      hereof. This Debenture is subject to the following additional
      provisions:

    

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

    

    Section
      1. Definitions.
      For the
      purposes hereof, in addition to the terms defined elsewhere in this Debenture,
      (a) capitalized terms not otherwise defined herein shall have the meanings
      set
      forth in the Purchase Agreement (as defined below) and (b) the following terms
      shall have the following meanings:

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Bankruptcy
      Event”
means
      any of the following events: (a) the Company or any Significant Subsidiary
      (as
      such term is defined in Rule 1-02(w) of Regulation S-X) thereof commences a
      case
      or other proceeding under any bankruptcy, reorganization, arrangement,
      adjustment of debt, relief of debtors, dissolution, insolvency or liquidation
      or
      similar law of any jurisdiction relating to the Company or any Significant
      Subsidiary thereof; (b) there is commenced against the Company or any
      Significant Subsidiary thereof any such case or proceeding that is not dismissed
      within 60 days after commencement; (c) the Company or any Significant Subsidiary
      thereof is adjudicated insolvent or bankrupt or any order of relief or other
      order approving any such case or proceeding is entered; (d) the Company or
      any
      Significant Subsidiary thereof suffers any appointment of any custodian or
      the
      like for it or any substantial part of its property that is not discharged
      or
      stayed within 60 calendar days after such appointment; (e) the Company or any
      Significant Subsidiary thereof makes a general assignment for the benefit of
      creditors; (f) the Company or any Significant Subsidiary thereof calls a meeting
      of its creditors with a view to arranging a composition, adjustment or
      restructuring of its debts; or (g) the Company or any Significant Subsidiary
      thereof, by any act or failure to act, expressly indicates its consent to,
      approval of or acquiescence in any of the foregoing or takes any corporate
      or
      other action for the purpose of effecting any of the foregoing.

    

    “Business
      Day”
means
      any day except Saturday, Sunday, any day which shall be a federal legal holiday
      in the United States or any day on which banking institutions in the State
      of
      New York are authorized or required by law or other governmental action to
      close.

    

    “Change
      of Control Transaction”
means
      the occurrence after the date hereof of any of (i) an acquisition after the
      date
      hereof by an individual or legal entity or “group” (as described in Rule
      13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether
      through legal or beneficial ownership of capital stock of the Company, by
      contract or otherwise) of in excess of 33% of the voting securities of the
      Company, or (ii) the Company merges into or consolidates with any other Person,
      or any Person merges into or consolidates with the Company and, after giving
      effect to such transaction, the stockholders of the Company immediately prior
      to
      such transaction own less than 66% of the aggregate voting power of the Company
      or the successor entity of such transaction, or (iii) the Company sells or
      transfers all or substantially all of its assets to another Person and the
      stockholders of the Company immediately prior to such transaction own less
      than
      66% of the aggregate voting power of the acquiring entity immediately after
      the
      transaction, or (iv) a replacement at one time or within a three year period
      of
      more than one-half of the members of the Company’s board of directors which is
      not approved by a majority of those individuals who are members of the board
      of
      directors on the date hereof (or by those individuals who are serving as members
      of the board of directors on any date whose nomination to the board of directors
      was approved by a majority of the members of the board of directors who are
      members on the date hereof), or (v) the execution by the Company of an agreement
      to which the Company is a party or by which it is bound, providing for any
      of
      the events set forth in clauses (i) through (iv) above.

    

    “Debenture
      Register”
shall
      have the meaning set forth in Section 2(b).

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Event
      of Default”
shall
      have the meaning set forth in Section 5.

    

    “Fundamental
      Transaction”
means
      any transaction where (A) the Company effects any merger or consolidation of
      the
      Company with or into another Person, (B) the Company effects any sale of all
      or
      substantially all of its assets in one transaction or a series of related
      transactions, (C) any tender offer or exchange offer (whether by the Company
      or
      another Person) is completed pursuant to which holders of Common Stock are
      permitted to tender or exchange their shares for other securities, cash or
      property, or (D) the Company effects any reclassification of the Common Stock
      or
      any compulsory share exchange pursuant to which the Common Stock is effectively
      converted into or exchanged for other securities, cash or property. The exchange
      offer as
      described in that certain Securities Exchange and Amendment Agreement dated
      December 28 2007, however, shall not constitute a Fundamental Transaction as
      herein defined.

    

      “Indebtedness”
means
        (a) any liabilities for borrowed money or amounts owed in excess of $25,000
        (other than trade accounts payable incurred in the ordinary course of business),
        (b) all guaranties, endorsements and other contingent obligations in respect
        of
        indebtedness of others, whether or not the same are or should be reflected
        in
        the Company’s balance sheet (or the notes thereto), except guaranties by
        endorsement of negotiable instruments for deposit or collection or similar
        transactions in the ordinary course of business; and (c) the present value
        of
        any lease payments
        in excess of $25,000 due under leases required to be capitalized in accordance
        with GAAP.

    

    “Interest
      Payment Date”
shall
      have the meaning set forth in Section 2(a).

    

    “Late
      Fees”
shall
      have the meaning set forth in Section 2(c).

    

    “Mandatory
      Default Amount”
means
      the sum of (i) 110% of the outstanding principal amount of this Debenture,
      plus
      100% of all accrued and unpaid interest hereon and (ii) all other amounts,
      costs, expenses and liquidated damages due in respect of this
      Debenture.

    

    “New
      York Courts”
shall
      have the meaning set forth in Section 6(d).

    

    “Original
      Issue Date”
means
      the date of the first issuance of the Debentures, regardless of any transfers
      of
      any Debenture and regardless of the number of instruments which may be issued
      to
      evidence such Debentures.

    

    “Permitted
      Indebtedness”
means
      (a)
      the
      existing Indebtedness
      on
      the
      Original Issue Date (as set forth in Schedule A attached hereto and incorporated
      herein by reference), (b) lease obligations and purchase money indebtedness
      of
      up to $250,000, in the aggregate, incurred in connection with the acquisition
      of
      capital assets and lease obligations with respect to newly acquired or leased
      assets and (c) Indebtedness incurred in connection with inventory or equipment
      financing of up to $5,000,000, in the aggregate.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Permitted
      Lien”
means
      the individual and collective reference to the following: (a) Liens for taxes,
      assessments and other governmental charges or levies not yet due or Liens for
      taxes, assessments and other governmental charges or levies being contested
      in
      good faith and by appropriate proceedings for which adequate reserves (in the
      good faith judgment of the management of the Company) have been established
      in
      accordance with GAAP, (b) Liens imposed by law which were incurred in the
      ordinary course of the Company’s business, such as carriers’, warehousemen’s and
      mechanics’ Liens, statutory landlords’ Liens, and other similar Liens arising in
      the ordinary course of the Company’s business, and which (x) do not individually
      or in the aggregate materially detract from the value of such property or assets
      or materially impair the use thereof in the operation of the business of the
      Company and its consolidated Subsidiaries or (y) are being contested in good
      faith by appropriate proceedings, which proceedings have the effect of
      preventing for the foreseeable future the forfeiture or sale of the property
      or
      asset subject to such Lien, (c) Liens securing the Senior Notes and those liens
      existing on the Original Issue Date and (d) Liens relating to Permitted
      Indebtedness as set forth in clause (b) thereof.

     

    “Purchase
      Agreement”
means
      the Securities Purchase Agreement, dated as of May 22, 2007, among the Company
      and the original Holders, as amended, modified or supplemented from time to
      time
      in accordance with its terms.

    

    “Senior
      Notes”
shall
      have the meaning set forth in the third paragraph hereof.

    

    “Securities
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder.

    

    “Subsidiary”
shall
      have the meaning set forth in the Purchase Agreement.

    

    “Trading
      Day”
means
      a
      day on which the New York Stock Exchange is open for business.

    

    “Trading
      Market”
means
      the following markets or exchanges on which the Common Stock is listed or quoted
      for trading on the date in question: the American Stock Exchange, the Nasdaq
      Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
      the
      New York Stock Exchange or the OTC Bulletin Board.

    

    Section
      2. Interest.

     

    a) Payment
      of Interest.
      The
      Company shall pay interest to the Holder on the aggregate then outstanding
      principal amount of this Debenture at the rate of 14% per annum payable on
      the
      Maturity Date (the “Interest
      Payment Date”)
      (if
      the Interest Payment Date is not a Business Day, then the applicable payment
      shall be due on the next succeeding Business Day), in cash. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    b) Interest
      Calculations.
      Interest shall be calculated on the basis of a 360-day year, consisting of
      twelve 30 calendar day periods, and shall accrue daily commencing on the
      Original Issue Date until payment in full of the outstanding principal, together
      with all accrued and unpaid interest, liquidated damages and other amounts
      which
      may become due hereunder, has been made. Interest hereunder will be paid to
      the
      Person in whose name this Debenture is registered on the records of the Company
      regarding registration and transfers of this Debenture (the “Debenture
      Register”).
      

    

    c) Late
      Fee.
      All
      overdue accrued and unpaid interest to be paid hereunder shall entail a late
      fee
      at an interest rate equal to the lesser of 18% per annum or the maximum rate
      permitted by applicable law (“Late
      Fees”)
      which
      shall accrue daily from the date such interest is due hereunder through and
      including the date of payment in full. 

     

    d) Prepayment.
      The
      Company may prepay any portion of the principal amount of this Debenture on
      five
      Trading Days prior written notice to the Holder. 

    

    Section
      3.  Registration
      of Transfers and Exchanges.
      

     

    a) Different
      Denominations.
      This
      Debenture is exchangeable for an equal aggregate principal amount of Debentures
      of different authorized denominations, as requested by the Holder surrendering
      the same. No service charge will be payable for such registration of
      exchange.

     

    b) Investment
      Representations.
      This
      Debenture has been issued subject to certain investment representations of
      the
      original Holder set forth in the Purchase Agreement and may be transferred
      or
      exchanged only in compliance with the Purchase Agreement and applicable federal
      and state securities laws and regulations. In the event of a transfer to any
      third party, subject to the terms of the Purchase Agreement, such transfer
      shall
      be in denominations at least equal to the lesser of $250,000 principal amount
      and the principal amount of Debentures then outstanding and held by the
      Holder.

    

    c) Reliance
      on Debenture Register.
      Prior
      to due presentment for transfer to the Company of this Debenture, the Company
      and any agent of the Company may treat the Person in whose name this Debenture
      is duly registered on the records of the Company as the owner hereof for the
      purpose of receiving payment as herein provided and for all other purposes,
      whether or not this Debenture is overdue, and neither the Company nor any such
      agent shall be affected by notice to the contrary.

    

    Section
      4. Negative
      Covenants.
      As long
      as any portion of this Debenture remains outstanding, unless the holders of
      at
      least 67% in principal amount of the then outstanding Debentures shall have
      otherwise given prior written consent, the Company shall not, and shall not
      permit any of its subsidiaries (whether or not a Subsidiary on the Original
      Issue Date) to, directly or indirectly:

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

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

     

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

    

    c) amend
      its
      charter documents, including, without limitation, its certificate of
      incorporation and bylaws, in any manner that materially and adversely affects
      any rights of the Holder;

    

    d) repay,
      repurchase or offer to repay, repurchase or otherwise acquire more than a
de minimis
      number
      of shares of its Common Stock or Common Stock Equivalents other than as to
      (a)
      the Warrant Shares as permitted or required under the Transaction Documents;
      (b)
      repurchases of Common Stock or Common Stock Equivalents of departing officers
      and directors of the Company, provided that such repurchases shall not exceed
      an
      aggregate of $250,000 for all officers and directors during the term of this
      Debenture; and
      (c)
      the recapitalization as described in that certain Securities Exchange and
      Amendment Agreement dated December 31 2007;

    

    e) pay
      cash
      dividends or distributions on any equity securities of the Company other than
      dividends and distributions required to be made in respect of the Series A,
      Series B, Series C and Series D preferred shares pursuant to the terms of the
      Certificates of Designation as in effect of the date hereof;

    

    f) enter
      into any transaction with any Affiliate of the Company which would be required
      to be disclosed in any public filing with the Commission, unless such
      transaction is made on an arm’s-length basis and expressly approved by a
      majority of the disinterested directors of the Company (even if less than a
      quorum otherwise required for board approval); or

    

    g) enter
      into any agreement with respect to any of the foregoing.

     

    Section
      5. Events
      of Default.
      

    

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

    

    i. any
      default in the payment of (A) the principal amount of any Debenture or (B)
      interest, liquidated damages and other amounts owing to a Holder on any
      Debenture, as and when the same shall become due and payable (whether on the
      Maturity Date or by acceleration or otherwise) which default, solely in the
      case
      of an interest payment or other default under clause (B) above, is not cured
      within 3 Trading Days;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    ii. the
      Company shall fail to observe or perform any other covenant or agreement
      contained in the Debentures which failure is not cured, if possible to cure,
      within the earlier to occur
      of
(A)
      15
Trading
      Days after notice of such failure sent by the Holder or by any other
      Holder
      and (B)
      30 Trading Days after the Company has become or should have become aware of
      such
      failure;

    

    iii. a
      default
      or event of default (subject to any grace or cure period provided in the
      applicable agreement, document or instrument) shall occur for the first time
      after January 30, 2008 under (A) any of the Transaction Documents or (B) any
      other material agreement, lease, document or instrument to which the Company
      or
      any Subsidiary is obligated (and not covered by clause (vi) below);

    

    iv. any
      representation
      or warranty made in this Debenture, any other Transaction Documents, any written
      statement pursuant hereto or thereto or any other report, financial statement
      or
      certificate made or delivered to the Holder or any other Holder shall
      be
      untrue or incorrect in any material respect as of the date when made or deemed
      made;

    

    v. the
      Company or any Significant Subsidiary shall be subject to a Bankruptcy
      Event;

     

    vi. after
      January 30, 2008, the Company or any Subsidiary shall default on any of its
      obligations incurred after January 30, 2008 under any mortgage, credit agreement
      or other facility, indenture agreement, factoring agreement or other instrument
      under which there may be issued, or by which there may be secured or evidenced,
      any indebtedness for borrowed money or money due under any long term leasing
      or
      factoring arrangement that (a) involves an obligation greater than $250,000,
      whether such indebtedness now exists or shall hereafter be created, and (b)
      results in such indebtedness becoming or being declared due and payable prior
      to
      the date on which it would otherwise become due and payable; 

    

    vii. the
      Common Stock shall not be eligible for listing or quotation for trading on
      a
      Trading Market and shall not be eligible to resume listing or quotation for
      trading thereon within five Trading Days;

    

    viii. the
      Company shall be a party to any Change of Control Transaction or Fundamental
      Transaction or shall agree to sell or dispose of all or in excess of 33% of
      its
      assets in one transaction or a series of related transactions (whether or not
      such sale would constitute a Change of Control Transaction); or

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    ix. any
      monetary judgment, writ or similar final process shall be entered or filed
      against the Company, any subsidiary or any of their respective property or
      other
      assets for more than $300,000, and such judgment, writ or similar final process
      shall remain unvacated, unbonded or unstayed for a period of 45 calendar
      days.

    

    b) Remedies
      Upon Event of Default.
      If any
      Event of Default occurs, the outstanding principal amount of this Debenture,
      plus accrued but unpaid interest, liquidated damages and other amounts owing
      in
      respect thereof through the date of acceleration, shall become, at the Holder’s
      election, immediately due and payable in cash at the Mandatory Default Amount.
      Commencing 5 days after the occurrence of any Event of Default that results
      in
      the eventual acceleration of this Debenture, the interest rate on this Debenture
      shall accrue at an interest rate equal to the lesser of 18% per annum or the
      maximum rate permitted under applicable law. Upon the payment in full of the
      Mandatory Default Amount, the Holder shall promptly surrender this Debenture
      to
      or as directed by the Company. In connection with such acceleration described
      herein, the Holder need not provide, and the Company hereby waives, any
      presentment, demand, protest or other notice of any kind, and the Holder may
      upon the expiration of the applicable grace period, if any, enforce any and
      all
      of its rights and remedies hereunder and all other remedies available to it
      under applicable law. Such acceleration may be rescinded and annulled by Holder
      at any time prior to payment hereunder and the Holder shall have all rights
      as a
      holder of the Debenture until such time, if any, as the Holder receives full
      payment pursuant to this Section 5(b). No such rescission or annulment shall
      affect any subsequent Event of Default or impair any right consequent
      thereon.

    

    Section
      6. Miscellaneous.
      

     

    a) Notices.
      Any and
      all notices or other communications or deliveries to be provided by the Holder
      hereunder, shall be in writing and delivered personally, by facsimile, or sent
      by a nationally recognized overnight courier service, addressed to the Company,
      at the address set forth above, or such other facsimile number or address as
      the
      Company may specify for such purpose by notice to the Holder delivered in
      accordance with this Section 6. Any and all notices or other communications
      or
      deliveries to be provided by the Company hereunder shall be in writing and
      delivered personally, by facsimile, or sent by a nationally recognized overnight
      courier service addressed to each Holder at the facsimile number or address
      of
      such Holder appearing on the books of the Company, or if no such facsimile
      number or address appears, at the principal place of business of the Holder.
      Any
      notice or other communication or deliveries hereunder shall be deemed given
      and
      effective on the earliest of (i) the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section 6 prior to 5:30 p.m. (New York City time), (ii) the date
      immediately following the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      6
      between 5:30 p.m. (New York City time) and 11:59 p.m. (New York City time)
      on
      any date, (iii) the second Business Day following the date of mailing, if sent
      by nationally recognized overnight courier service, or (iv) upon actual receipt
      by the party to whom such notice is required to be given.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    b) Absolute
      Obligation.
      Except
      as expressly provided herein, no provision of this Debenture shall alter or
      impair the obligation of the Company, which is absolute and unconditional,
      to
      pay the principal of, liquidated damages and accrued interest, as applicable,
      on
      this Debenture at the time, place, and rate, and in the coin or currency, herein
      prescribed. This Debenture is a direct debt obligation of the Company. This
      Debenture ranks pari passu
      with all
      other Debentures now or hereafter issued under the terms set forth
      herein.  

     

    c) Lost
      or Mutilated Debenture.
      If this
      Debenture shall be mutilated, lost, stolen or destroyed, the Company shall
      execute and deliver, in exchange and substitution for and upon cancellation
      of a
      mutilated Debenture, or in lieu of or in substitution for a lost, stolen or
      destroyed Debenture, a new Debenture for the principal amount of this Debenture
      so mutilated, lost, stolen or destroyed, but only upon receipt of evidence
      of
      such loss, theft or destruction of such Debenture, and of the ownership hereof,
      reasonably satisfactory to the Company.

    

    d) Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Debenture shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflict of laws thereof. Each party agrees that all legal
      proceedings concerning the interpretation, enforcement and defense of the
      transactions contemplated by any of the Transaction Documents (whether brought
      against a party hereto or its respective Affiliates, directors, officers,
      shareholders, employees or agents) shall be commenced in the state and federal
      courts sitting in the City of New York, Borough of Manhattan (the “New
      York Courts”).
      Each
      party hereto hereby irrevocably submits to the exclusive jurisdiction of the
      New
      York Courts for the adjudication of any dispute hereunder or in connection
      herewith or with any transaction contemplated hereby or discussed herein
      (including with respect to the enforcement of any of the Transaction Documents),
      and hereby irrevocably waives, and agrees not to assert in any suit, action
      or
      proceeding, any claim that it is not personally subject to the jurisdiction
      of
      such New York Courts, or such New York Courts are improper or inconvenient
      venue
      for such proceeding. Each party hereby irrevocably waives personal service
      of
      process and consents to process being served in any such suit, action or
      proceeding by mailing a copy thereof via registered or certified mail or
      overnight delivery (with evidence of delivery) to such party at the address
      in
      effect for notices to it under this Debenture and agrees that such service
      shall
      constitute good and sufficient service of process and notice thereof. Nothing
      contained herein shall be deemed to limit in any way any right to serve process
      in any other manner permitted by applicable law. Each party hereto hereby
      irrevocably waives, to the fullest extent permitted by applicable law, any
      and
      all right to trial by jury in any legal proceeding arising out of or relating
      to
      this Debenture or the transactions contemplated hereby. If either party shall
      commence an action or proceeding to enforce any provisions of this Debenture,
      then the prevailing party in such action or proceeding shall be reimbursed
      by
      the other party for its attorneys’ fees and other costs and expenses incurred in
      the investigation, preparation and prosecution of such action or
      proceeding.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    e) Waiver.
      Any
      waiver by the Company or the Holder of a breach of any provision of this
      Debenture shall not operate as or be construed to be a waiver of any other
      breach of such provision or of any breach of any other provision of this
      Debenture. The failure of the Company or the Holder to insist upon strict
      adherence to any term of this Debenture on one or more occasions shall not
      be
      considered a waiver or deprive that party of the right thereafter to insist
      upon
      strict adherence to that term or any other term of this Debenture. Any waiver
      by
      the Company or the Holder must be in writing.

     

    f) Severability.
      If any
      provision of this Debenture is invalid, illegal or unenforceable, the balance
      of
      this Debenture shall remain in effect, and if any provision is inapplicable
      to
      any Person or circumstance, it shall nevertheless remain applicable to all
      other
      Persons and circumstances. If it shall be found that any interest or other
      amount deemed interest due hereunder violates the applicable law governing
      usury, the applicable rate of interest due hereunder shall automatically be
      lowered to equal the maximum rate of interest permitted under applicable law.
      The Company covenants (to the extent that it may lawfully do so) that it shall
      not at any time insist upon, plead, or in any manner whatsoever claim or take
      the benefit or advantage of, any stay, extension or usury law or other law
      which
      would prohibit or forgive the Company from paying all or any portion of the
      principal of or interest on this Debenture as contemplated herein, wherever
      enacted, now or at any time hereafter in force, or which may affect the
      covenants or the performance of this indenture, and the Company (to the extent
      it may lawfully do so) hereby expressly waives all benefits or advantage of
      any
      such law, and covenants that it will not, by resort to any such law, hinder,
      delay or impeded the execution of any power herein granted to the Holder, but
      will suffer and permit the execution of every such as though no such law has
      been enacted.

     

    g) Next
      Business Day.
      Whenever any payment or other obligation hereunder shall be due on a day other
      than a Business Day, such payment shall be made on the next succeeding Business
      Day.

    

    h) Headings.
      The
      headings contained herein are for convenience only, do not constitute a part
      of
      this Debenture and shall not be deemed to limit or affect any of the provisions
      hereof.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    i) Assumption. 
      Any successor to the Company or any surviving entity in a Fundamental
      Transaction shall (i) assume, prior to such Fundamental Transaction, all of
      the
      obligations of the Company under this Debenture and the other Transaction
      Documents pursuant to written agreements in form and substance satisfactory
      to
      the Holder (such approval not to be unreasonably withheld or delayed) and (ii)
      issue to the Holder a new debenture of such successor entity evidenced by a
      written instrument substantially similar in form and substance to this
      Debenture, including, without limitation, having a principal amount and interest
      rate equal to the principal amount and the interest rate of this Debenture
      and
      having similar ranking to this Debenture, which shall be satisfactory to the
      Holder (any such approval not to be unreasonably withheld or delayed).  The
      provisions of this Section 6(i) shall apply similarly and equally to successive
      Fundamental Transactions and shall be applied without regard to any limitations
      of this Debenture.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    j) Secured
      Obligation.
      The
      obligations of the Company under this Debenture are secured by certain assets
      of
      the Company and each Subsidiary pursuant to the Security Agreement, dated as
      of
      May 22, 2007 between the Company, the Subsidiaries of the Company and the
      Secured Parties (as defined therein).

    

    *********************

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Debenture to be duly executed
      by a
      duly authorized officer as of the date first above indicated.

     

    
      	 	 	 
	 	GIGABEAM
              CORPORATION
	 
 	 
 	 
 
	
            	By:  	/s/ S.
              Jay
              Lawrence
	 	
              

              Name:
                S. Jay Lawrence

              Title:
                Chief Executive Officer

              Facsimile
                No. for delivery of Notices: _______________

            
	 	 

    
      
        
        

      

      
        13

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