Document:

<PAGE>   1
                                                                    EXHIBIT 10.4

                             Crosby Corporate Center
                             Bedford, Massachusetts
                                  (the "Park")

                            THIRD AMENDMENT TO LEASE
                                   May 9, 2000

        LANDLORD:      EOP-Crosby Corporate Center, L.L.C., a Delaware limited
                       liability company, successor in interest to BP-Crosby
                       Corporate Center, L.L.C.

        TENANT:        RSA Security Inc., formerly known as Security Dynamics
                       Technologies, Inc.

        EXISTING
        PREMISES:      The entirety of 20 Crosby Drive (Building No. 1), the
                       entirety of 24 Crosby Drive (Building No. 3), and the
                       entirety of 36 Crosby Drive (Building No. 9).

ORIGINAL
LEASE
DATA
        LEASE
        EXECUTION
        DATE:          March 11, 1996

        TERMINATION
        DATE:          June 30, 2009

        PREVIOUS
        LEASE
        AMENDMENTS:    First Amendment to Lease dated May 10, 1997
                       Second Amendment to Lease dated April 8, 1998

        THIRD
        AMENDMENT
        ADDITIONAL
        PREMISES:      An area on the second (2nd) floor of
                       34 Crosby Drive (Building No. 8) in
                       the Park, containing 19,859 square
                       feet of Total Rentable Area,
                       substantially as shown on EXHIBIT A,
                       THIRD AMENDMENT attached hereto and
                       incorporated by reference herein.

         WHEREAS, Tenant desires to lease the Third Amendment Additional
Premises;

         WHEREAS, Landlord is willing to lease the Third Amendment Additional
Premises to Tenant on the terms and conditions hereinafter set forth;

         NOW THEREFORE, the parties hereby agree that the above-referenced
lease, as previously amended (the "Lease"), is hereby further amended as
follows:

         1.       DEMISE OF THE THIRD AMENDMENT ADDITIONAL PREMISES
                  -------------------------------------------------

         Landlord hereby demises and leases to Tenant, and Tenant hereby hires
and takes from Landlord, the Third Amendment Additional Premises for a term
commencing as of July 1, 2000 and terminating as of June 30, 2005. Said demise
of the Third Amendment Additional Premises shall be upon the same terms and
conditions of the Lease (including, without limitation, Tenant's obligation to
pay for electricity consumed in the Third

                                      -1-

<PAGE>   2

Amendment Additional Premises pursuant to Article 8.1(a) of the Lease as
measured by a separate submeter to be installed by Landlord in the Third
Amendment Additional Premises), except as follows:

                  A. The Term Commencement Date with respect to the Third
Amendment Additional Premises shall be July 1, 2000.

                  B. The Termination Date in respect of the Third Amendment
Additional Premises is June 30, 2005.

                  C. Annual Base Rent with respect to the Third Amendment
Additional Premises shall be $496,475.04 (i.e., a monthly payment of
$41,372.92), or Twenty-Five Dollars ($25.00) per square foot of the Total
Rentable Area of the Third Amendment Additional Premises per annum.

                  D. The Rent Commencement Date in respect of the Third
Amendment Additional Premises is the Term Commencement Date in respect of the
Third Amendment Additional Premises.

                  E. Base Year for Expenses with respect to the Third Amendment
Additional Premises shall be calendar year 2000 (i.e., January 1, 2000 -
December 31, 2000).

                  F. Tenant's Operating Expense Percentage with respect to the
Third Amendment Additional Premises is 26.0805%.

                  G. Base Year for Taxes with respect to the Third Amendment
Additional Premises shall be fiscal year 2001 (i.e., July 1, 2000 - June 30,
2001).

                  H. Tenant's Tax Percentage with respect to the Third Amendment
Additional Premises shall be 7.7114%.

                  I. Tenant's obligation to pay Yearly Rent, Tax Excess and
Operating Expense Excess in respect of the Third Amendment Additional Premises
shall commence as of July 1, 2000.

                  J. In the event that any of the provisions of the Lease are
inconsistent with this Amendment or the state of facts contemplated hereby, the
provisions of this Amendment shall control.

         2.       CONDITION OF THIRD AMENDMENT ADDITIONAL PREMISES
                  ------------------------------------------------

         Notwithstanding anything to the contrary herein or in the Lease
contained, Tenant shall lease the Third Amendment Additional Premises "as-is",
in the condition in which the Third Amendment Additional Premises are in as of
the Term Commencement Date in respect of the Third Amendment Additional
Premises, without any obligation on the part of Landlord to prepare or construct
the Third Amendment Additional Premises for Tenant's occupancy and without any
representation or warranty by Landlord as to the condition of the Third
Amendment Additional Premises.

         3.       TENANT'S EARLY TERMINATION RIGHT
                  --------------------------------

         Tenant's early termination right, as set forth in Paragraph 1 of the
Rider to the Lease, shall have no applicability to the Third Amendment
Additional Premises (i.e., if Tenant exercises its early termination right under
said Paragraph 1 with respect to the Existing Premises, the Lease shall remain
in full force and effect with respect to the Third Amendment Additional
Premises).

                                      -2-

<PAGE>   3

         4.       TENANT'S EXTENSION OPTION IN RESPECT OF THIRD AMENDMENT
                  -------------------------------------------------------
                  ADDITIONAL PREMISES
                  -------------------

                  A.       On the conditions, which conditions Landlord may
waive, at its election, by written notice to Tenant at any time, that: (i)
Tenant is not in default, beyond the expiration of any applicable grace periods,
of its covenants and obligations under the Lease, and (ii) both as of the time
of option exercise and as of the commencement of the hereinafter described
additional term, RSA Security Inc., a Permitted Tenant Successor, and/or an
Affiliate of Tenant are occupying the entirety of the Third Amendment Additional
Premises, Tenant shall have the option to extend the term of this Lease in
respect of the Third Amendment Additional Premises for one (1) five (5) year
term (the "Extension Term") commencing as of July 1, 2005 and terminating as of
June 30, 2010. Tenant may exercise such option to extend by giving Landlord
written notice on or before September 30, 2004. Upon the timely giving of such
notice, the term of the lease of the Third Amendment Additional Premises shall
be deemed extended upon all of the terms and conditions of the Lease applicable
to the Third Amendment Additional Premises, except that the Yearly Rent,
Operating Cost Base and Tax Base shall be as hereinafter set forth. If Tenant
fails to give timely notice, as aforesaid, Tenant shall have no further right to
extend the term of the Lease in respect of the Third Amendment Additional
Premises, time being of the essence.

                  B.       YEARLY RENT

         The Yearly Rent during the additional term shall be based upon the
greater of the following: (i) the Fair Market Rental Value, as defined in
Paragraph 3 of the Rider to the Lease, as of the commencement of the additional
term, of the Third Amendment Additional Premises, or (ii) the sum of Yearly
Rent, Operating Expense Excess and Tax Excess payable by Tenant in respect of
the Third Amendment Additional Premises during the twelve-(12) month period
immediately preceding the commencement of the additional term.

                  C.       NO FURTHER EXTENSION OPTIONS.

                  Tenant shall have no further option to extend the term of the
Lease in respect of the Third Amendment Additional Premises other than the one
(1) five (5) year term herein provided.

                  D. Notwithstanding the fact that upon Tenant's exercise of the
herein option to extend the term of the Lease in respect of the Third Amendment
Additional Premises such extension shall be self-executing, as aforesaid, the
parties shall promptly execute a lease amendment reflecting such additional term
after Tenant exercises the herein option, except that the Yearly Rent payable in
respect of such additional term, the Operating Cost Base during such additional
term, and the Tax Base during such additional term, may not be set forth in said
amendment. Subsequently, after such Yearly Rent, Operating Cost Base, and Tax
Base are determined, the parties shall execute a written agreement confirming
the same.

                  E. Paragraph 2 of the Rider to the Lease as amended by
Paragraph 8 of the First Amendment to the Lease and Paragraph 7 of the Second
Amendment to the Lease shall have no applicability to the Third Amendment
Additional Premises.

         5.       TENANT'S SECURITY/LETTER OF CREDIT
                  ----------------------------------

         Tenant shall not be required to provide any additional security to
Landlord in connection with its demise of the Third Amendment Additional
Premises.

         6.       LANDLORD'S TERMINATION RIGHTS BASED UPON VACANCY
                  ------------------------------------------------

         Landlord's termination right under Article 5.4 of the Lease (as amended
by Paragraph 10 of the First Amendment and by Paragraph 12 of the Second
Amendment) shall apply to the Existing Premises independently of the Third
Amendment Additional Premises. In addition, the Vacancy Period, as defined in
Article 5.4, applicable with

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respect to each of the Buildings shall be three hundred sixty-five (365)
consecutive days. In other words:

                  A. If Tenant ceases to use all, or substantially all, of
Building 1 for three hundred and sixty-five (365) consecutive days, or all or
substantially all of Building 3 for three hundred sixty-five (365) days, or all
or substantially all of Building 9 for three hundred sixty-five (365) days, but
Tenant continues to use the Third Amendment Additional Premises, then Landlord
shall have the right to terminate the term of the Lease with respect to Building
1, Building 3, or Building 9, as the case may be, in accordance with Article 5.4
of the Lease, Paragraph 10 of the First Amendment, or Paragraph 12 of the Second
Amendment, but Landlord shall not have the right to terminate the term of the
Lease with respect to the Third Amendment Additional Premises.

                  B. If Tenant ceases to use all, or substantially all, of the
Third Amendment Additional Premises for the three hundred sixty-five (365)
consecutive days, but Tenant continues to use the Existing Premises, then
Landlord shall have the right to terminate the term of the Lease with respect to
the Third Amendment Additional Premises, but Landlord shall not have the right
to terminate the term of the Lease with respect to the Existing Premises.

         7.       TERMINATION RIGHTS BASED UPON CASUALTY AND TAKING
                  -------------------------------------------------

         In the event of a casualty or a taking which affects only one of the
Buildings which would allow either party to exercise its rights, under either
Article 18 or 20 of the Lease, to terminate the Lease, then, notwithstanding
anything to the contrary herein contained, neither party shall have the right to
terminate the term of the Lease with respect to the Premise(s) which is (are)
not affected by such casualty or taking.

         8.       INAPPLICABLE LEASE PROVISIONS
                  -----------------------------

         The following provisions shall have no applicability to nor any force
or effect in respect of the Third Amendment Additional Premises:

         Articles 4, 17.4(d), 17.4(e), 21.4(b), the last sentence of Article
26(a), and Exhibits 4, 4-A, and 12 of the Lease;

         Paragraphs 1, 2, 3, 4, 5, 6, 9 and 13 of the First Amendment; and

         Paragraphs 1, 2, 3, 4, 5, 9, 10, 11, 14, 15, 18, 20, 21 and 22 of the
Second Amendment

         9.       BROKER
                  ------

         (a) Tenant represents and warrants that it has not directly or
indirectly dealt, with respect to the leasing of the Third Amendment Additional
Premises with any broker. Tenant agrees to defend, exonerate and save harmless
and indemnify Landlord and anyone claiming by, through or under Landlord against
any claims for a commission arising in breach of the representation and warranty
set forth in the immediately preceding sentence.

         (b) Landlord represents and warrants that, in connection with the
execution and delivery of this Third Amendment to Lease, it has not directly or
indirectly dealt with any broker. Landlord agrees to defend, exonerate, save
harmless, and indemnify Tenant and anyone claiming by, through, or under Tenant
against any claims arising in breach of the representation and warranty set
forth in the immediately preceding sentence.

         10.      PARKING
                  -------

         Tenant shall have, as appurtenant to the Third Amendment Additional
Premises, rights to use in common, with others entitled thereto, subject to
reasonable rules governing use of the Park from time to time made by Landlord of
which Tenant is given prior written notice and with due regard for the rights of
others to use the same, such

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portions of the parking areas of the Park, as may be designated by Landlord
for common parking, for the purpose of parking of motor vehicles by Tenant
and Tenant's employees and invitees, such parking to be provided to Tenant at
a ratio of not in excess of 3.5 parking spaces per 1,000 square feet of the
Total Rentable Area of the Third Amendment Additional Premises.

         11.      RIGHT OF FIRST OFFER
                  --------------------

         The parties hereby acknowledge and agree that Building No. 8
constitutes "Other Property" for the purposes of Tenant's Right of First Offer,
as set forth in Paragraph 5 of the Rider to the Lease.

         12.      CONDITION OF LANDLORD'S EXECUTION
                  ---------------------------------

         The parties acknowledge that Landlord is only willing to execute this
Third Amendment in the event that the tenant currently occupying the Third
Amendment Additional Premises ("Current Tenant") agrees to terminate its lease
of such premises. Therefore, Landlord shall have the right, exercisable upon
written notice to Tenant, to render this Amendment void and without force or
effect, unless both of the following events occur:

         a.       Tenant executes and delivers to Landlord this Amendment; and

         b.       Current Tenant executes and delivers to Landlord an agreement,
                  in form and substance acceptable to Landlord, whereby Current
                  Tenant agrees to terminate its lease of the Third Amendment
                  Additional Premises.

         10.      As herein amended, the Lease is ratified, confirmed and
                  approved in all aspects.

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<PAGE>   6

         EXECUTED under seal as of the date first above-written.

LANDLORD:                                                 TENANT:
EOP-CROSBY CORPORATE CENTER, L.L.C.,                      RSA SECURITY INC.,
a Delaware limited liability company                      a Delaware corporation

By: EOP Operating Limited Partnership, a Delaware
      limited partnership, its sole member

      By: Equity Office Properties Trust, a Maryland
          real estate investment trust, its managing
          general partner

          By: /s/ Thomas Q. Bakke                   By: /s/ John F. Kennedy
              -------------------------                 ------------------------
          Name: Thomas Q. Bakke                     (Name) John F. Kennedy
          Title: Vice President                     (Title) CFO
                                                    Hereunto Duly Authorized

Date Signed: May 9, 2000                             Date Signed: ______________

                                      -6-

<PAGE>   7

                           EXHIBIT A, THIRD AMENDMENT

        This Exhibit is attached to and made a part of the Second Amendment
dated as of May 9, 2000, by and between EOP-CROSBY CORPORATE CENTER, L.L.C.,
A DELAWARE LIMITED LIABILITY COMPANY ("Landlord") and RSA SECURITY, INC.
("Tenant") for space in the Building located at Building No. 8, Crosby Corporate
Center, Bedford, Massachusetts.

                              [DIAGRAM OF PREMISES]

                                      -7-<PAGE>   1
                                                                   EXHIBIT 10.10

                                   AGREEMENT
                                   ---------

         This Agreement ("Agreement") is made and entered into this 10th day of
May, 2000 (the "Effective Date"), by and between AirNet Communications
Corporation, a Delaware corporation (the "Company") and Gerald Y. Hattori
("Hattori").

                             PRELIMINARY STATEMENTS
                             ----------------------

         Hattori is currently employed by the Company as Vice President of
Finance, Chief Financial Officer, Treasurer and Secretary. The parties desire to
enter into this Agreement to provide for certain severance benefits in the event
Hattori's employment is terminated by the Company, other than for cause, or by
Hattori, for any reason, and to assure the Company of Hattori's continued
availability to provide services to the Company in connection with a transition
of his employment duties following any such termination.

                                   AGREEMENT
                                   ---------

         In consideration of the mutual promises contained herein and for other
good valuable consideration, the receipt, adequacy and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

         1.       SEVERANCE BENEFITS. Should either (1) the Company elect, to
terminate Hattori's employment other than for "cause" (as such term is defined
in Section 1 of the Amendment to Incentive Stock Option Agreements between the
Company and Hattori dated February 11, 2000), or (2) Hattori elect to resign his
employment for any reason, then such party shall provide the other party with a
minimum of thirty (30) days written notice of termination ("Notice Of
Termination"). The Company may provide Hattori a Notice Of Termination at any
time. Hattori agrees that he shall not provide the Company with a Notice Of
Termination any earlier than (a) September 1, 2000, except with the Company's
written consent; or (b) the arrival of a successor or replacement for Hattori.
Should either the Company or Hattori provide a Notice Of Termination to the
other party as required above, the Company shall continue to pay Hattori his
base salary and provide the other employment benefits currently provided to
Hattori for a period (the "Separation Period") beginning on the earliest
effective date of any such Notice Of Termination (the "Separation Date") and
ending nine months after the Separation Date, and Hattori shall become vested in
such portion of the stock options granted to him (the "Existing Options")
pursuant to the Company's 1999 Equity Incentive Plan (the "Option Plan") as
would have vested in due course had his employment terminated one year after the
Separation Date. The Existing Options shall remain in full force and effect,
subject to the terms of the Plan and the related stock option agreement
evidencing the Existing Options, including with

<PAGE>   2

respect to the termination thereof following termination of Hattori's
employment. All shares issuable upon exercise of the Existing Options shall only
he subject to such "lock up" provisions as are or may from time to time be
applicable to or executed by other officers and/or similarly situated
participants in the Company's stock option plan.

         2.       CHANGE OF CONTROL. Should either the Company or Hattori
provide a Notice Of Termination to the other party pursuant to Section 1 above,
and if a "change of control" occurs (as defined in Section 1 of the Amendment to
Incentive Stock Option Agreements between the Company and Hattori dated February
11, 2000) within twelve (12) months following Hattori's Separation Date, Hattori
shall become fully vested in the remaining Existing Options granted him pursuant
to the Company's Option Plan and the related stock option agreement evidencing
the Existing Options (and in such event any such unvested options which would
otherwise be cancelled pursuant to the terms of the Option Plan or related stock
option agreement shall not be cancelled). Notwithstanding the foregoing, this
provision shall also become effective if the Company and a prospective buyer
enter into a binding definitive agreement from the date of this Agreement up
through and including twelve (12) months following Hattori's Separation Date,
provided said agreement subsequently closes and results in a "change of
control," in which case Hattori shall become fully vested in the remaining
Existing Options as of the effective date of such "change of control."

         3.       SEPARATION EXPENSES. Should either the Company or Hattori
provide Notice Of Termination to the other party pursuant to Section 1 above,
the Company shall reimburse Hattori for his reasonable relocation, legal and
outplacement expenses to a maximum of $50,000, subject to Hattori's submission
of receipts verifying said expenses. It is understood that Hattori may keep the
laptop computer purchased for his use by the Company, the cost of which will be
deducted from said $50,000. The Company hereby waives any right to claim back
any relocation expenses or relocation bonus it paid to Hattori at the inception
of his employment.

         4.       NO OTHER PAYMENTS, COMPENSATION OR BENEFITS. Should either the
Company or Hattori provide a Notice Of Termination to the other party pursuant
to Section 1 above, except as specifically set forth in this Agreement, Hattori
shall not be entitled to any further payments, compensation or benefits from the
Company including without limitation any stock-related compensation or benefits.

         5.       CONDITION. The Company's obligation to provide salary and
benefits continuation during the Separation Period described in Section 1 above,
the stock-rated stock option vesting described in Section 3 above, and Hattori's
entitlement to

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receive such benefits, are contingent upon (i) Hattori remaining employed by the
Company through the Separation Date and performing his current employment duties
in good faith or such other services as the Company may reasonably request,
including transitioning of his duties to other Company personnel, (ii) Hattori
performing his obligations under this Agreement, and (iii) Hattori's execution
of this Agreement, including the general release and waiver in Section 6.
However, it is understood that Hattori may be unavailable from time to time
through his Separation Date to attend interviews with prospective employers upon
reasonable notice to the Company, provided such activities do not interfere with
Hattori's duties to the Company.

         6.       GENERAL RELEASE AND WAIVER. In consideration of the benefits
to be provided to Hattori pursuant to this Agreement, Hattori (on behalf of
himself and his heirs, personal representatives and any and all other persons
who may otherwise be entitled to make a claim on his behalf) hereby forever
releases and discharges the Company, all parent, subsidiary and affiliated
corporations or other entities of the Company, and each of their respective
directors, officers, stockholders, employees, representatives and agents and
their respective heirs, personal representatives, successors and assigns from
any and all claims, demands or liabilities of any kind or nature whatsoever,
known or unknown, which Hattori once had or may now or in the future have
arising out of or in connection with Hattori's employment with the Company or
the termination of that employment, including but not limited to claims for
breach of contract, express or implied; any form of compensation or benefits;
wrongful termination; constructive discharge; discrimination of any type
(including but not limited to any form of age discrimination under the Age
Discrimination in Employment Act); any tort of any nature; and any and all
client claims arising under any federal, state or local statute, law, ordinance
or regulation. Hattori acknowledges that he is aware that there are many laws
and regulations relating to employment relationships, including Title VII of the
Civil Rights Act of 1964; the Age Discrimination in Employment Act of 1967; the
Americans with Disabilities Act of 1990; the National Labor Relations Act; the
Civil Rights Act of 1866; the Employee Retirement and Income Security Act of
1974; and various state constitution provisions and human rights laws as well as
the laws of contract and tort. Hattori acknowledges that he intends by this
release to fully and forever release any and all rights Hattori may have under
any such laws or otherwise.

         7.       CONFIDENTIAL INFORMATION. Hattori will not at any time during
or after his employment with the Company use, disclose or furnish to any other
person, business or entity any confidential information belonging to the
Company. Such information includes, but is not limited to, the Company's
customer lists, customer contact persons, price lists, trade secrets,
intellectual property, inventions, innovations, discoveries, formulas, designs,
know-how, methods, software and software designs, and any other confidential
information, knowledge or intelligence

                                       3
<PAGE>   4
relating to the Company's markets, customers, products, pricing, procedures,
strategies, formulas, plans, assets, liabilities, costs, revenues, profits,
organization, employees and business in general.

     8.  RESTRICTIVE COVENANT. In consideration of the benefits the Company has
agreed to provide pursuant to this Agreement, and the other covenants and
agreements herein, and in order to prevent the improper disclosure or use of
trade secrets and other confidential information and to protect the Company
from unfair competition, Hattori will not, directly or indirectly, for a period
ending one year after the expiration of the Separation Date, on his own behalf
or on behalf of any other Person, (i) own any interest in (except for ownership
of not more than two percent of the outstanding voting interests of an entity
with a class of securities registered under the Securities Exchange Act of
1934), or be employed by or otherwise provide consulting, advisory or other
services in any manner to or for the benefit of any Person (other than the
Company and its affiliates) engaged anywhere in the world in the development,
manufacture, providing, sale, marketing, promotion or distribution of any GSM
base station product, product lines or services competitive with any of those
manufactured, provided, sold, marketed, promoted or distributed by the Company,
nor shall Hattori engage in, assist in, manage or supervise any of the
foregoing activities; (ii) call upon, accept business from, or solicit the
business of any Person who was a customer or client of the Company during the
period of Hattori's employment with the Company, or take any action to induce
any such customer or client of the Company to reduce or discontinue its
business with the Company; or (iii) hire, solicit for employment or otherwise
cause, induce or in any way facilitate the employment by any other Person of
any employee of the Company or its affiliates who was an employee during the
period of Hattori's employment with the Company.

     Hattori acknowledges and agrees that the foregoing restrictive covenant is
reasonable for purposes of protecting the legitimate business interests of the
Company and will not prevent him from earning a livelihood. Hattori acknowledges
that in the event of a breach by him of his obligations under this Agreement,
the Company would suffer irrevocable harm and would be without an adequate legal
remedy, and that his obligations hereunder shall therefore be specifically
enforceable in equity and the Company may obtain an injunction enjoining any
such breach, in addition to all other remedies at law or in equity that may be
available to the Company. In view of the substantial harm which shall result
from Hattori's breach of any of his obligations hereunder, the parties agree
that such obligations shall be enforced to the fullest extent permitted by law.
If, however, any of such obligations relating to the time period, scope of
activities or geographic area of restrictions is declared by a court of
competent jurisdiction to exceed the maximum permissible time period, scope of
activities or geographic area, the maximum time period, scope of activities or
geographic area, as the case may be, shall be reduced to the maximum which such
court deems enforceable with respect only to the

                                       4
<PAGE>   5
jurisdiction in which such adjudication is made. If any of such obligations
other than those described in the preceding sentence are adjudicated to be
invalid or unenforceable, the invalid or unenforceable provisions shall be
deemed amended (with respect only to the jurisdiction in which such adjudication
is made) in such manner as to render them enforceable and to effectuate as
nearly as possible the original intentions and agreement of the parties.

     9.   NONDISPARAGEMENT. Neither the Company nor Hattori will make any
statements to any person disparaging or tending to disparage the other. Hattori
shall refer any inquiries concerning the Company's affairs, including inquiries
relating to any termination of his employment with the Company, to such persons
as the Company shall designate.

     10.  CONFIDENTIALITY OF THIS AGREEMENT. Hattori shall not at any time
disclose the terms or existence of this Agreement or any facts concerning its
execution or implementation without the Company's prior written consent, except
for such disclosure to Hattori's personal legal and financial advisors as may
be necessary in connection with Hattori's personal legal or financial affairs
and to future employers if strictly required as a condition of employment.

     11.  GOVERNING LAW. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Florida applicable to agreements made and to be performed entirely in such
state, without regard to the conflict of laws principles of such state.

     12.  SEVERABILITY. If any provision or part of any provision of this
Agreement shall not be valid for any reason, such invalidity shall affect only
the portion of such provision which shall be invalid, and in all other respects
this Agreement shall stand as though such invalid provision or portion thereof
were not a part of this Agreement.

     13.  DEFINITION OF TERMS. The term "affiliate," when used in this Agreement
with respect to any person, means any person that, directly or indirectly,
controls, is controlled by or is under common control with such person, and with
respect to any natural person, includes the members of such person's immediate
family (spouse, children and parents). The term "Person," when used in this
Agreement, means any natural person or entity with legal status.

     14.  THE COMPANY'S ASSIGNEES AND SUCCESSORS. The Company may assign this
Agreement to its successors and assigns and any such successors and assigns
shall be entitled to all of the Company's rights hereunder.

     15.  PLAIN MEANING. The Agreement shall be interpreted in accordance with
the plain meaning of its terms and not for or against the drafter.

                                       5
<PAGE>   6
     16.  VOLUNTARY NATURE OF AGREEMENT. The parties hereto are entering into
this Agreement voluntarily without duress on the part of either party. Hattori
has been advised to, and has had an opportunity to, consult with an attorney
before signing this Agreement. Hattori has also been advised that he may take up
to twenty-one (21) days to consider this Agreement before signing it and that he
may revoke this Agreement within seven (7) days after signing it. Should Hattori
revoke this Agreement within seven (7) days after signing it, this Agreement
shall become null and void.

     17.  MISCELLANEOUS. The provisions of this Agreement shall survive the
termination of Hattori's employment by the Company. This Agreement sets forth
the entire understanding of the parties with respect to the subject matter
hereof and merges and supersedes any prior or contemporaneous agreements between
the parties pertaining thereto. This Agreement may not be amended except by an
instrument in writing signed by the parties hereto. No waiver by any party of
any of its rights under this Agreement shall be effective unless in writing and
signed by the party against which the same is sought to be enforced. No such
waiver by any party of its rights under any provision of this Agreement shall
constitute a waiver of such party's rights under such provisions at any other
time or a waiver of such party's rights under any other provision of this
Agreement. No failure by any party hereto to take any action against any breach
of this Agreement or default by another party shall constitute a waiver of the
former party's right to enforce any provision of this Agreement or to take
action against such breach or default or any subsequent breach or default by
such other party.

     18.  LITIGATION: PREVAILING PARTY. If any litigation is instituted
regarding this Agreement, the prevailing party shall be entitled to receive from
the non-prevailing party, and the non-prevailing party shall pay, all reasonable
fees and expenses of counsel for the prevailing party.

     19.  NOTICE. Any notice required by this Agreement shall be deemed to have
been properly given when in writing and delivered in person or sent by
certified or registered mail addressed:

     To the Company:          AirNet Communications Corporation
                              Attention: Chief Executive Officer
                              100 Rialto Place, Suite 300
                              Melbourne, Florida 32901

     With copies to:          Andrew S. Hament, Esquire
                              Holland & Knight LLP
                              1499 S. Harbor City Boulevard, Suite 201
                              Melbourne, Florida 32901

                                       6
<PAGE>   7
     To Hattori:              Gerald Y. Hattori
                              13 Judy Drive
                              Londonderry, New Hampshire 03053

     With copies to:          Anthony A. Froio, Esquire
                              Robins, Kaplan, Miller & Ciresi LLP
                              222 Berkeley Street, Suite 2200
                              Boston, Massachusetts 02116-3748

Any party may change its address for notices by noticing in the manner set forth
above.

     IN WITNESS WHEREOF, the parties have voluntarily and with knowledge of
their rights executed this Agreement this 10th day of May, 2000.

WITNESS:                                     GERALD Y. HATTORI

/s/ Colleen Larsen                           Signature: /s/ Gerald Y. Hattori
----------------------------                            ------------------------
                                             Print Name: Gerald Y. Hattori
                                                         -----------------------
                                             Date: 5/10/00
                                                   -----------------------------

WITNESS:                                     AIRNET COMMUNICATIONS
                                             CORPORATION
                                             By:
/s/ Lynn B. Patterson                        Signature: /s/ Joel P. Adams
----------------------------                            ------------------------
                                             Print Name: Joel P. Adams
                                                         -----------------------
                                             Date: 5/17/00
                                                   -----------------------------

                                       7

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