Document:

<PAGE>

                                                                   Exhibit 10.97

                                   P-COM, INC.
                         3175 South Winchester Boulevard
                           Campbell, California 95008

                                 April   , 2002
                                       --

To the Beneficial Holders of the Notes
Listed on the Signature Pages hereof

              Letter of Intent regarding Proposed Restructuring of
          4 1/4% Convertible Subordinated Notes due 2002 (the "Notes")

Ladies and Gentlemen:

     This letter, upon execution and delivery of counterparts  thereof to P-Com,
Inc. (the  "Company"),  shall  constitute  and confirm an agreement  between the
Company and each beneficial  holder (each an "Undersigned  Holder") of Notes (in
the  aggregate  principal  amount  indicated  in the  signature  block  of  such
Undersigned   Holder  below)   delivering  such  a  counterpart   regarding  the
restructuring of the Notes as further described below (the "Restructuring").

          Section 1. The Restructuring. The terms of the Restructuring shall be
as set forth in the Annex hereto.

          Section 2. Closing Date. The closing date of the Restructuring shall
occur on November 1, 2002, subject to due satisfaction or waiver of the closing
conditions to consummation of the Restructuring provided for in the definitive
documentation for the Restructuring.

          Section 3. Agreement to Accept Restructuring. Intending to be bound
hereby, the Company and each Undersigned Holder, in respect of the full
aggregate principal amount of Notes beneficially held by such Undersigned Holder
and listed in the signature block of such Undersigned Holder's counterpart
hereto, agree to accept and consummate the Restructuring on the terms and
subject to the conditions thereof described in this Letter of Intent (including
the Annex hereto) and each Undersigned Holder agrees to effect such delivery of
the Notes beneficially held by it in such principal amount, and the parties
hereto agree otherwise to execute and deliver such documentation, as is
contemplated in this Letter of Intent to consummate the Restructuring on such
terms and subject to such conditions. Notwithstanding the foregoing, in the
event that P-Com should enter into an agreement with any holder of a beneficial
interest in the Notes providing for issuance of restructured notes in a
restructuring of the Notes so beneficially held by such holder on terms
("Alternative Restructuring Terms") more favorable to such holder than are the
terms of the Restructuring provided for herein to the Undersigned Holders, any
Undersigned Holder may, at such Undersigned Holder's election upon such
Undersigned Holders agreement to be bound by such Alternative Terms, be released
from its obligation to consummate the Restructuring provided for herein.

<PAGE>

          Section 4. Fees and Expenses. Each of the Company and the Undersigned
Holder shall be responsible for its own costs and expenses incurred in
connection with the Restructuring, whether or not the Restructuring is
consummated.

          Section 5. Effectiveness, Termination of Letter of Intent. The
agreements contained herein shall become effective only on such date on which
counterparts of this Letter of Intent shall have been executed and delivered by
the Company and beneficial holders of Notes whose counterpart signature blocks
hereto list principal amounts of Notes that aggregate to an amount of at least
$11,000,000. This Letter of Intent shall be of no force or effect unless and
until such counterparts are so executed and delivered. Except for the provisions
of Section 4 hereof, this Letter of Intent will be superceded, and will be of no
further force or effect, upon the consummation of the Restructuring on the
Closing Date or if such consummation has not occurred on or before November 1,
2002, on November 1, 2002.

          Section 6. Governing Law, Amendments, Etc. This Letter of Intent shall
in all respects be governed by and construed in accordance with the laws of the
State of New York. This Letter of Intent may only be amended by a written
instrument signed by authorized representatives of each of the parties hereto.
This Letter of Intent may be executed by the parties hereto in counterparts and
by facsimile transmission, each of which shall be deemed to constitute an
original, but all of which together shall constitute one and the same
instrument.

          Section 7. Entire Understanding. This Letter of Intent embodies the
entire understanding of the parties with respect to the Restructuring
contemplated hereby and supersedes all prior written or oral commitments,
arrangements or understandings with respect thereto.

          Please indicate your agreement with the foregoing by signing a copy of
this letter and returning it to the Company via facsimile no.               ;
                                                              -------------
Attention:             .
           ------------

                                      Very truly yours,

                                      P-COM, INC.

                                      By /s/ Leighton J. Stephenson
                                        ----------------------------------------
                                      Name: Leighton J. Stephenson
                                      Title: Chief Financial Officer

                                       2

<PAGE>

                               HOLDER COUNTERPART
                                       to
                   Letter of Intent dated as of April   , 2002
                                                      --

Accepted and agreed to as of
the date first above written:

NAME OF BENEFICIAL NOTEHOLDER:

------------------------------

By
  ----------------------------
Name:
Title:
Principal Amount of Notes Beneficially Held: $
                                               --------------

                                       3<PAGE>

                                                                   Exhibit 10.98

                               [LOGO] CAGAN MCAFEE

                                                               December 10, 2001

Mr. George Roberts
Chairman
P-COM, INC.
3175 S. Winchester Blvd.
Campbell, CA 95008

Mr. Roberts:

          We are pleased that P-COM, Inc. (the "Company") has chosen to engage
Cagan McAfee Capital Partners, LLC ("CMCP") as its financial advisor with
respect to various matters involving the business of the Company (the "Advisory
Services"). We look forward to working with you, and have set forth below the
agreed upon terms of our engagement.

1.   Scope of Engagement

     As discussed, we will undertake certain services on behalf of the Company,
including:

          (a)  Assisting management in preparing and implementing a revised
               operating plan for the 2002 and 2003 calendar years, including
               negotiations with vendors, landlords and equipment lessors;

          (b)  Identifying and contacting bondholders of the Company for the
               purpose of negotiating a conversion and/or buyout by other
               investors or the Company of currently outstanding bonds;

          (c)  Introducing and assisting in the negotiation of bank and finance
               company lines of credit;

          (d)  Identifying and assisting in the negotiation and placement of up
               to [*] million of private equity for the Company.

          (e)  In the event the Company requests that CMCP provide assistance in
               a merger or acquisition transaction, a separate arrangement will
               be entered into by the parties regarding fees and
               responsibilities.

2.   Fees and Expenses.

     For our services hereunder, the Company will pay to CMCP the following
fees:

[*] Confidential treatment requested

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                                                                     P-COM, Inc.
                                                                     Page 2 of 8

          (a)  A monthly advisory fee commencing December 1, 2001 (the Effective
               Date) of [*] per month until March 31, 2001, with the first month
               payable upon the execution of this Agreement. Thereafter, the
               monthly advisory fee shall be [*] per month for the term of the
               agreement (see Section 6 herein). Payments shall be made to the
               account of CMCP via bank transfer from the Company on the first
               day of each month during the term of this agreement.

          (b)  An amount of any aggregate bond principal and interest that is:
               (i) converted into equity of the Company, (ii) cancelled, (iii)
               replaced by a note containing different terms, or (iv) amended by
               mutual agreement of the bondholder and the Company, equal to the
               following:

               (i)  In the event that the aggregate amount of renegotiated bond
                    principal and interest is less than [*], the fee shall be
                    [*] of the aggregate bond amount renegotiated.

               (ii) In the event that the aggregate amount of renegotiated bond
                    principal and interest is more than [*] but less than [*],
                    the fee shall be [*] of the aggregate bond amount
                    renegotiated.

               (iii) In the event that the aggregate amount of renegotiated bond
                    principal and interest is more than [*] but less than [*],
                    the fee shall be [*] of the aggregate bond amount
                    renegotiated.

               (iv) In the event that the aggregate amount of renegotiated bond
                    principal and interest is more than [*], the fee shall be
                    [8] of the aggregate bond amount renegotiated.

          (c)  An amount equal to [*] of any debt financing including: (i) bank
               loans, (ii) finance company lines of credit, and (iii) debentures
               placed with private investors.

          (d)  An amount equal to [*]of any private equity arranged with the
               assistance of the Advisor, excluding any funds managed by
               Firsthand Capital Management, Inc. or the State of Wisconsin
               pension fund, which shall be a fee equal to [*] of the amount
               invested.

          (e)  A ten-year warrant for three million shares of common stock of
               the Company, such warrant to be issued upon signing this
               agreement at an exercise price equal to the 30-day trailing
               average for the thirty calendar days prior to the effective date
               of this agreement. The warrant shall contain a net exercise
               provision and the Company shall use all reasonable efforts to
               register the common stock underlying the warrants within ninety
               days after issuance.

          (f)  An administrative expense reimbursement to CMCP for its office
               and support staff in the amount of [*] per month, paid on the
               first day of each calendar month during the term of this
               agreement.

          In the event that the consideration received in a transaction is paid
          in whole or in part in the form of securities or other assets, the
          value of such securities or other assets, for purposes of calculating
          our additional compensation, shall be the fair market value thereof,
          as the parties hereto shall mutually agree on the day prior to the
          consummation of the transaction.

          [*] Confidential treatment requested

<PAGE>

                                                                     P-COM, Inc.
                                                                     Page 3 of 8

3.   Use of Information; Financing Matters.

          (a)  The Company recognizes and confirms that CMCP in acting pursuant
               to this engagement will be using publicly available information
               and information in reports and other materials provided by
               others, including, without limitation, information provided by or
               on behalf of the Company, and that CMCP does not assume
               responsibility for and may rely, without independent
               verification, on the accuracy and completeness of any such
               information. The Company agrees to furnish or cause to be
               furnished to CMCP all necessary or appropriate information for
               use in its engagement and hereby represents and warrants that any
               information relating to the Company or transaction that is
               furnished to CMCP by or on behalf of the Company will be true and
               correct in all material respects and not misleading. The Company
               agrees that any information or advice rendered by CMCP or any of
               our representatives in connection with this engagement is for the
               confidential use of the Company only in its evaluation of a
               transaction and the Company will not, and will not permit any
               third party to, use it for any other purpose or disclose or
               otherwise refer to such advice or information, or to CMCP, in any
               manner without our prior written consent.

          (b)  Each of the Company and CMCP agrees to conduct any offering and
               sale of securities in any transaction in accordance with
               applicable federal and state securities laws, and neither the
               Company nor CMCP, nor any person acting on behalf of either of
               them, will offer or sell any securities in a transaction by any
               form of general solicitation, general advertising, or by any
               other means that would be deemed a public offering under
               applicable law. CMCP has no obligation, express or implied, to
               purchase or underwrite any transaction or to itself provide any
               type of financing to the Company or be a party to any
               transaction, or to solicit investors outside the United States.

4.   Certain Acknowledgements.

     The Company acknowledges that CMCP has been retained by the Company, and
     that the Company's engagement of CMCP is as an independent contractor.
     Neither this engagement, nor the delivery of any advice in connection with
     this engagement, is intended to confer rights upon any persons not a party
     hereto (including security holders, employees or creditors of the Company)
     as against CMCP or our affiliates or their respective directors, officers,
     agents and employees. Upon prior written consent of the Company (which
     consent will not be unreasonably withheld), CMCP may, at our own expense,
     place announcements or advertisements in financial newspapers and journals
     describing our services hereunder.

5.   Indemnity.

     CMCP and the Company have entered into a separate letter agreement, dated
     the date hereof, providing for the indemnification of CMCP by the Company
     in connection with CMCP's engagement hereunder, the terms of which are
     incorporated into this agreement in their entirety.

[*] Confidential treatment requested

<PAGE>

                                                                     P-COM, Inc.
                                                                     Page 4 of 8

6.   Term of Engagement.

     CMCP's engagement will commence on the date hereof and will continue until
     December 31, 2002 (the "Minimum Term"), and monthly thereafter unless
     terminated as provided below. Either the Company or CMCP may terminate this
     agreement at any time, with or without cause, by giving not less than 30
     days written notice to the other party; provided, however, that no such
     termination will affect the matters set out in this section or sections 3,
     4, 5, or 7, or in the separate letter agreement relating to
     indemnification. It is expressly agreed that following the expiration or
     termination of this agreement, CMCP shall be entitled to receive any fees
     as described above that have accrued prior to such expiration or
     termination but are unpaid, as well as reimbursement for expenses as set
     forth herein.

     However, in the event that such termination is made by the Company and CMCP
     has arranged not less than [*] in of private equity financing for the
     Company, then CMCP shall receive the monthly advisory fee described in
     section 2(a) for the remaining Minimum Term of this agreement.

     It is also expressly agreed that, if during a period of 12 months following
     termination of this agreement, a transaction with an investor, bondholder
     or financing entity based upon services provided by CMCP under Section 1
     herein is consummated by the Company after the date of termination of this
     agreement or if a definitive agreement that results in a transaction is
     entered into during such 12 month period with any party which was (x)
     contacted by us in our capacity as your financial advisor hereunder or (y)
     contacted by the Company (or its affiliates or representatives) during the
     term hereof, you will pay us a fee equal to the fee which would have been
     payable to us pursuant to Section 2 if the transaction had occurred during
     the term of this agreement.

     Such CMCP services set forth in Section 1 specifically exclude any merger
     or acquisition transaction entered into by the Company unless a separate
     agreement is mutually agreed to by the parties.

7.   Miscellaneous.

     This agreement is governed by the laws of the State of California, without
     regard to conflicts of law principles, and will be binding upon and inure
     to the benefit of the Company and CMCP and their respective successors and
     assigns. Neither this agreement nor any duties or obligations under this
     agreement may be assigned by CMCP without the prior written consent of the
     Company. The Company and CMCP agree to waive trial by jury in any action,
     proceeding or counterclaim brought by or on behalf of either party with
     respect to any matter whatsoever relating to or arising out of any actual
     or proposed transaction or the engagement of or performance by CMCP
     hereunder. The Company also hereby submits to the jurisdiction of the
     courts of the State of California in any proceeding arising out of or
     relating to this agreement, including federal district courts located in
     such state, agrees not to commence any suit, action or proceeding relating
     to thereto except in such courts, and waives, to the fullest extent
     permitted by law, the right to move to dismiss or transfer any action
     brought in such court on the basis of any objection to personal
     jurisdiction, venue or inconvenient forum. This agreement may be executed
     in two or more counterparts, each of which shall be deemed to be an
     original, but all of which shall constitute one and the same agreement.

We are pleased to accept this engagement and look forward to working with you on
this matter. Please confirm that the foregoing is in accordance with your
understanding of our agreement by signing and returning to us a copy of this
letter.

[*] Confidential treatment requested

<PAGE>

                                                                     P-COM, Inc.
                                                                     Page 5 of 8

                                            Very truly yours,

                                            CAGAN MCAFEE CAPITAL PARTNERS, LLC

                                            By: /s/ Laird Q. Cagan
                                                --------------------------------
                                                Laird Q. Cagan
                                                Managing Director

                                            By: /s/ Eric A. McAfee
                                                --------------------------------
                                                Eric A. McAfee
                                                Managing Director

Accepted and agreed to as of the date set forth above:

P-COM, INC.

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

[*] Confidential treatment requested

<PAGE>

                                                                     P-COM, Inc.
                                                                     Page 6 of 8

                                                                   June 13, 2002

Mr. George Roberts
Chairman, CEO
P-COM, INC.
3175 S. Winchester Blvd.
Campbell, CA 95008

Re: Addendum to CMCP Engagement Letter dated December 10, 2001

Mr. Roberts:

     In light of the substantial changes of scope of assignment and overall
complexity involved in executing the assignment and pursuant to extensive
on-going negotiations of terms between the parties over the past 4 months with
regard to modifications, the Engagement Letter between the parties dated
December 10, 2001 is hereby modified as outlined below.

     This Addendum amends the following terms and conditions of that certain
Engagement Letter dated December 10, 2001 between Cagan McAfee Capital Partners,
LLC ("CMCP") and P-COM, Inc. (the "Company") and supercedes any other agreements
between the parties.

Section 1(e), Scope of Engagement, is hereby amended as follows (each section
addressed either replaces the previous section in full or is a new section):

          "(d) [*];

          "(e) CMCP shall provide assistance to the Company in the
     identification and negotiation of mergers & acquisitions;

          "(f) [*] and"

          "(g) CMCP shall provide business development assistance to the Company
     with the firms outlined in Schedule A attached hereto or as may be amended
     by mutual agreement. Such assistance shall include developing relationships
     with the firms with the goal of creating OEM or private label sales to
     these firms, direct sales as a preferred provider in these firms' systems
     sales, or other type of relationship that may develop."

Section 2, Fees and Expenses, is hereby amended as follows (each section
addressed either replaces the previous section in full or is a new section):

[*] Confidential treatment requested

<PAGE>

                                                                     P-COM, Inc.
                                                                     Page 7 of 8

          "(a) A monthly advisory fee commencing December 1, 2001 (the Effective
     Date) of $[*] per month for the term of the agreement (see Section 6
     herein) with the first month payable upon the execution of this Agreement.
     Payments shall be made to the account of CMCP via bank transfer from the
     Company on the first day of each month during the term of this agreement."

          "(b) An amount equal [*] of any aggregate bond principal and interest
     (the "Reorganized Bonds") that is: (i) converted into equity of the
     Company, (ii) cancelled, (iii) replaced by a note containing different
     terms, (iv) amended by mutual agreement of the bondholder and the Company;
     (v) purchased by the Company; or (vi) subject to a term sheet agreeing to
     any of the above immediately or at a future date. In addition, CMCP will
     receive an expense allocation equal to [*] of the Reorganized Bonds."

          "(d) An amount equal to [*] of any private equity received by the
     Company during the Term, excluding any funds managed by Firsthand Capital
     Management, Inc. or the State of Wisconsin pension fund, which shall be a
     fee equal to [*] of any amount invested by these two investors. In
     addition, CMCP will receive an expense allocation equal to [*] of the total
     amount of private equity received by the Company."

          "(g) [*].

          "(h) [*]

Please confirm that the foregoing is in accordance with your understanding of
this Addendum by signing and returning to us a copy of this letter.

                                            Very truly yours,

                                            CAGAN MCAFEE CAPITAL PARTNERS, LLC

                                            By: /s/ Laird Q. Cagan
                                                --------------------------------
                                                Laird Q. Cagan
                                                Managing Director

Accepted and agreed to as of the date set forth above:

P-COM, INC.

By: /s/ George P. Roberts
    ----------------------------------------
    George Roberts
    Chairman, CEO

[*] Confidential treatment requested

<PAGE>

                                                                     P-COM, Inc.
                                                                     Page 8 of 8

Schedule A

Erickson
Nokia
Lucent
AT&T

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