Document:

SUBSCRIPTION AGREEMENT

     This  Subscription  Agreement is executed by ParkerVision,  Inc., a Florida
corporation, with an office at 8493 Baymeadows Way, Jacksonville,  Florida 32256
(hereinafter  referred to as the  "ISSUER")  and Tyco Sigma  Limited,  a Bermuda
company, with an office at the address on the signature page hereof (hereinafter
referred to as the  ("SUBSCRIBER")  in reliance upon the exemption  contained in
Section 4(2) of the Securities Act of 1933, as amended ("Securities Act").

     This  Subscription  Agreement  has  been  entered  into for the sale of the
number of shares of the Issuer's Common Stock,  $.01 par value ("Common Stock"),
determined by the formula set forth in Section 1.a  (hereinafter  referred to as
the "Shares") and a common stock  purchase  option to purchase up to that number
of shares of Common  Stock  equal to the number of Shares  subscribed  for under
this Agreement as provided in the Purchase  Option  attached as Exhibit A hereto
("Purchase Option").

     Each of the parties  hereto hereby  represents  and warrants to, and agrees
with, the other as follows:

     1.   AGREEMENT TO SUBSCRIBE; SUBSCRIPTION PRICE.

          a.   SUBSCRIBER  hereby subscribes for, and ISSUER agrees to sell, (i)
               that number of Shares  (rounded up to the nearest whole number of
               shares) equal to $15,000,000  divided by the quotient obtained by
               dividing  (y) the sum of the daily  weighted  average  sale price
               (determined for each day by taking the daily weighted  average of
               the sale  prices of such stock for such day) of the common  stock
               of the ISSUER for the ten days ending the trading day immediately
               prior to the date  hereof,  as such  prices are  reported  by The
               Nasdaq  Stock  Market,  Inc.,  by (z) ten and (ii)  the  Purchase
               Option, for an aggregate purchase price of $15,000,000 ("Purchase
               Price").

          b.   FORM  OF  PAYMENT.   On  the  Closing  Date,  as  defined  below,
               SUBSCRIBER  shall  pay the  Purchase  Price  for the  Shares  and
               Purchase Option purchased  hereunder by wire transfer of same day
               funds in United States  Dollars to the  depository  designated by
               the ISSUER,  payable to the order of ISSUER. ISSUER shall deliver
               one  or  more  certificates   representing  the  Shares  and  the
               definitive  Purchase Option to the Subscriber  promptly after the
               Closing Date.

     2.   SUBSCRIBER REPRESENTATIONS.

          a.   TRANSACTIONAL REPRESENTATIONS. SUBSCRIBER represents and warrants
               to ISSUER as follows:

               (i)  SUBSCRIBER  is  purchasing  the Shares and  Purchase  Option
                    (including the underlying  Common Stock) for its own account
                    for   investment   purposes  and  not  with  a  view  toward
                    distribution.

               (ii) SUBSCRIBER  understands  that the Shares and Purchase Option
                    (and the underlying  Common Stock) have not been  registered
                    under  the  Securities  Act and  that  such  securities  are
                    "restricted securities"

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                    as defined in Rule 144 promulgated under the Securities Act.
                    SUBSCRIBER further  understands that the Shares and Purchase
                    Option  (and  underlying  Common  Stock) may not be offered,
                    resold,  pledged or otherwise transferred by such SUBSCRIBER
                    except:  A)  (1)  pursuant  to  an  effective   registration
                    statement  under the  Securities  Act, or (2) pursuant to an
                    available  exemption from the  registration  requirements of
                    the Securities Act; and B) in accordance with all applicable
                    securities laws of the states of the United States and other
                    jurisdictions;

               (iii)SUBSCRIBER  understands  that the purchase of the Shares and
                    Purchase  Option (and  underlying  Common Stock)  involves a
                    high  degree of risk and  further  acknowledges  that it can
                    bear the economic  risk of the  purchase of the  securities,
                    including the total loss of its investment;

               (iv) SUBSCRIBER  understands  that the Shares and Purchase Option
                    (and underlying  Common Stock) are being offered and sold to
                    it in reliance on specific  exemptions from the registration
                    requirements  of federal and state  securities laws and that
                    the ISSUER is  relying  upon the truth and  accuracy  of the
                    representations, warranties, agreements, acknowledgments and
                    understandings  of  SUBSCRIBER  set forth herein in order to
                    determine  the  applicability  of  such  exemptions  and the
                    suitability of SUBSCRIBER to acquire the securities;

               (v)  SUBSCRIBER  is  sufficiently  experienced  in financial  and
                    business  matters to be capable of evaluating the merits and
                    risks of its  investment,  and to make an informed  decision
                    relating thereto; and

               (vi) In evaluating its  investment,  SUBSCRIBER has consulted its
                    own investment and/or legal and/or tax advisors.

          b.   CURRENT  PUBLIC   INFORMATION.   SUBSCRIBER   acknowledges   that
               SUBSCRIBER  has been  furnished  with or has  otherwise  acquired
               copies of the  ISSUER's  Annual  Report on Form 10-K for the year
               ended  December  31,  1999,  as amended  by Form  10-K/A for such
               period,  and Form 10-Q for the quarter ended March 31, 2000,  all
               as filed with the Securities and Exchange Commission (the "SEC").
               SUBSCRIBER  further  acknowledges  that  SUBSCRIBER  has read and
               understands  the Risk  Factors  set forth in Exhibit  99.1 to the
               ISSUER's Form 10-K for the year ended December 31, 1999.

          c.   INDEPENDENT INVESTIGATION;  ACCESS. SUBSCRIBER acknowledges that,
               in making its decision to purchase the Shares and Purchase Option
               subscribed   for,  it  has  relied  on  the  publicly   available
               information about the ISSUER and upon independent  investigations
               made by it and its  representatives,  if any. SUBSCRIBER and such
               representatives,  if  any,  prior  to  the  sale  to  it  of  the
               securities  offered  hereby,  have been given  access to, and the
               opportunity to examine, all material books and records of

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               the ISSUER,  all material contracts and documents relating to the
               ISSUER and this offering and an  opportunity to ask questions of,
               and  to  receive  answers  from,  executive  officers  of  ISSUER
               concerning  the  ISSUER  and the  terms  and  conditions  of this
               offering.  SUBSCRIBER and its advisors,  if any, acknowledge that
               they have received complete and satisfactory  answers to any such
               inquiries  and  complete   copies  of   documentary   information
               requested.

          d.   NO GOVERNMENT RECOMMENDATION OR APPROVAL.  SUBSCRIBER understands
               that no federal or state agency has passed on or made any finding
               or determination relating to the fairness of an investment in the
               Shares and Purchase  Option,  or has passed or made, or will pass
               on or make, any  recommendation  or endorsement of the Shares and
               Purchase Option.

     3.   ISSUER REPRESENTATIONS.

          a.   AUTHORITY;  CORPORATE ACTION.  ISSUER has all necessary corporate
               power and authority to enter into this Subscription Agreement and
               the  Purchase   Option  and  to   consummate   the   transactions
               contemplated  hereby and thereby.  All corporate action necessary
               to be taken by ISSUER to authorize  the  execution,  delivery and
               performance  of this  Subscription  Agreement  and  the  Purchase
               Option,  and all other  agreements and  instruments  delivered by
               ISSUER in connection with the  transactions  contemplated  hereby
               and thereby has been duly and validly taken and this Subscription
               Agreement  and the  Purchase  Option have been duly  executed and
               delivered by ISSUER.  Subject to the terms and conditions of this
               Subscription  Agreement and the Purchase Option, the Subscription
               Agreement  constitutes,  and when executed,  the Purchase  Option
               will constitute, the valid, binding and enforceable obligation of
               ISSUER,  enforceable  in  accordance  with its  terms,  except as
               enforceability  may  be  limited  by (i)  applicable  bankruptcy,
               insolvency,  reorganization,  moratorium,  fraudulent transfer or
               similar  laws of general  application  now or hereafter in effect
               affecting  the rights and  remedies of  creditors  and by general
               principles of equity (regardless of whether enforcement is sought
               in a pro ceeding at law or in equity); and (ii) the applicability
               of federal and state  securities laws and public policy as to the
               enforceability  of the  indemnification  provisions  of Section 7
               hereof  and  Section 5 of the  Purchase  Option.  The sale by the
               ISSUER of the Shares and the issuance of the Purchase Option does
               not conflict with the certificate of  incorporation or by-laws of
               the ISSUER,  or any material  contract by which the ISSUER or its
               property is bound, or any federal or state laws or regulations or
               decree,  ruling or judgment  of any United  States or state court
               applicable to the ISSUER or its property.

          b.   PARKERVISION  CAPITALIZATION.  The ISSUER is  authorized to issue
               20,000,000  shares  of  Common  Stock,  and  1,000,000  shares of
               preferred  stock,  of which,  as of April 28,  2000,  there  were
               11,952,365 shares of Common Stock and 114,019 shares of preferred
               stock issued and outstanding.

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          c.   PARKERVISION  SHARES.  The  shares  of  Common  Stock  issued  to
               SUBSCRIBER  pursuant  to this  Subscription  Agreement  and  upon
               exercise of the Purchase Option in accordance with its terms will
               be   duly   authorized,    validly   issued,   fully   paid   and
               non-assessable.

          d.   RULE  144   REQUIREMENTS.   ISSUER  agrees  to  use  commercially
               reasonable efforts:

               (i)  to make  and keep  public  information  available,  as those
                    terms  are  understood  and  defined  in Rule 144  under the
                    Securities Act;

               (ii) to file  with the SEC in a timely  manner  all  reports  and
                    other documents  required of ISSUER under the Securities Act
                    and  the  Securities   Exchange  Act  of  1934,  as  amended
                    ("Exchange Act"); and

               (iii)to furnish to  SUBSCRIBER  upon request a written  statement
                    by  ISSUER  as  to  its   compliance   with  the   reporting
                    requirements of said Rule 144, and of the Securities Act and
                    the  Exchange  Act,  a copy of the  most  recent  annual  or
                    quarterly  report of  ISSUER,  and such  other  reports  and
                    documents of ISSUER as SUBSCRIBER may reasonably  request to
                    avail  itself of any similar rule or  regulation  of the SEC
                    allowing   it  to   sell   any   such   securities   without
                    registration.

          e.   SEC DOCUMENTS.  ISSUER's  Common Stock is registered  pursuant to
               Section  12(g) of the Exchange Act.  Since  January 1, 1999,  the
               ISSUER has  timely  filed  with the SEC all  reports,  schedules,
               forms,  statements and other documents required to be filed (such
               reports,  schedules,  forms,  statements and other  documents are
               hereinafter  referred  to as the  "SEC  Documents").  As of their
               respective  dates,  the SEC  Documents  complied in all  material
               respects  with  the  requirements  of the  Securities  Act or the
               Exchange  Act, as the case may be, and the rules and  regulations
               of  the  SEC  promulgated   thereunder  applicable  to  such  SEC
               Documents,  and  none  of the  SEC  Documents  as of  such  dates
               contained  any untrue  statement of a material fact or omitted to
               state a material fact required to be stated  therein or necessary
               in  order  to  make  the  statements  therein,  in  light  of the
               circumstances  under which they were made,  not  misleading.  The
               financial  statements of the ISSUER included in the SEC Documents
               (the  "Financial  Statements")  comply as to form in all material
               respects  with  applicable   accounting   requirements   and  the
               published rules and regulations of the SEC with respect  thereto,
               have  been  prepared  in  accordance   with  GAAP  applied  on  a
               consistent  basis during the periods involved (except in the case
               of unaudited statements, as permitted by Rule 10-01 of Regulation
               S-X) and fairly present, in all material respects,  the financial
               position of the ISSUER as of the dates thereof and the results of
               operations  and cash  flows for the  periods  then  ended (on the
               basis  stated  therein  and  subject,  in the  case of  unaudited
               quarterly  statements,  to the absence of  complete  notes and to
               normal  year-end  audit  adjustments).  Since  the  date  of  the
               Financial Statements for the fiscal quarter ended March 31, 2000,

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               there  has  been no  material  adverse  change  in the  financial
               condition of the ISSUER. Since the date of the filing of the Form
               10-QSB on May 15, 2000, there have been no events relating to the
               business or financial  condition of the ISSUER that  requires the
               filing of a Report on Form 8-K by the ISSUER.

          f.   GENERAL  DOCUMENT   REPRESENTATION.   To  the  best  of  ISSUER's
               knowledge,   the  written  materials  of  the  ISSUER  previously
               delivered to SUBSCRIBER in connection with the sale of the Shares
               and  the  Purchase  Option,  at  the  time  they  were  given  to
               SUBSCRIBER, were true and accurate in all material respects.

     4.   REPRESENTATIONS AND WARRANTIES MADE AT CLOSING; INDEMNIFICATION.  Each
party making the  representations  and warranties  contained in Sections 2 and 3
also  represents  and  warrants  that they shall be true and  accurate as of the
Closing Date. If either party has knowledge,  prior to the Closing Date that any
such representations and warranties made by it shall not be true and accurate in
any respect, such party will give written notice of such fact to the other party
specifying  which  representations  and warranties are not true and accurate and
the reasons therefor.

     Each party to this Subscription Agreement agrees to fully indemnify, defend
and hold harmless the other party, its officers,  directors,  employees,  agents
and attorneys from and against any and all losses, claims, damages,  liabilities
and expenses,  including  reasonable  attorneys'  fees and  expenses,  which may
result from a breach of such party's  representations,  warranties and covenants
contained herein.

     5.   LEGEND.  SUBSCRIBER  understands  that the ISSUER  will  instruct  its
transfer agent to place a stop transfer  order with respect to the  certificates
representing  the  Shares  and that such  certificates  will bear the  following
legend, as well as a legend  describing the restriction  referred to in the last
sentence of Section 7(a) hereof:  "The shares  represented  by this  certificate
have  been  acquired  for  investment  and have not been  registered  under  the
Securities  Act of 1933, as amended (the  "Securities  Act").  Transfer of these
shares is prohibited except pursuant to registration under the Securities Act or
pursuant to an available exemption from registration."

     6.   CLOSING DATE. The date of issuance and sale of the Shares and Purchase
Option  ("Closing Date") shall be on such date as may be mutually agreed to, but
not later than May 24, 2000.

     7.   REGISTRATION RIGHT.

          a.   REGISTRATION.  The  ISSUER  shall file a  registration  statement
               under the  Securities  Act  ("Registration  Statement")  with the
               Securities and Exchange Commission registering the Shares and the
               shares  underlying the Purchase  Option for re-offer and re-sale.
               The ISSUER  agrees to have the  Registration  Statement  declared
               effective   by  the  first   anniversary   of  the  Closing  Date
               ("Anniversary").  Once the  Registration  Statement  is  declared
               effective,  the  ISSUER  shall  keep the  Registration  Statement
               effective  and  current  until  all  the  securities   registered
               thereunder  are sold or may be sold  freely in any 90 day  period
               without  registration  under an appropriate  exemption  under the
               Securities  Act.  If the  Registration  Statement  has  not  been
               declared  effective by the  Anniversary,  or if it is so declared
               effective

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               but after the  Anniversary  becomes subject to a stop order or is
               not  otherwise  current for use by  SUBSCRIBER,  then during such
               periods,  the  SUBSCRIBER may demand on no more than an aggregate
               of three  separate  occasions  to have its  Shares  and shares of
               Common Stock  underlying  the  Purchase  Option  registered  on a
               registration  statement  filed with the  Securities  and Exchange
               Commission  or  have  such  securities   included  on  any  other
               applicable registration statement filed by ISSUER, which "demand"
               and  "piggyback"  registration  rights  will be  subject  to such
               reasonable   terms  as  are   ordinarily   offered  to  investors
               purchasing  similar  securities  to those  purchased  under  this
               Subscription Agreement (it being understood that there will be no
               "cutbacks"    on    SUBSCRIBER's    demand    registrations    or
               non-underwritten piggyback registrations).  The SUBSCRIBER agrees
               that it will not sell any of the Shares or shares of Common Stock
               underlying  the  Purchase  Option  pursuant  to the  Registration
               Statement prior to the Anniversary without the written consent of
               the ISSUER,  which consent may be withheld for any reason without
               explanation.

          b.   TERMS.  The  ISSUER  shall  bear  all of its  fees  and  expenses
               attendant to registering the Shares, but SUBSCRIBER shall pay any
               and all  underwriting  commissions  and the expenses of any legal
               counsel selected by SUBSCRIBER to represent it in connection with
               the  registration  or sale of the Shares.  Promptly upon request,
               ISSUER will  provide to  SUBSCRIBER  such number of copies of the
               prospectus  forming a part of the  Registration  Statement as are
               reasonably  requested by the  SUBSCRIBER,  and all supplements to
               such  prospectus.  ISSUER will promptly notify  SUBSCRIBER at any
               time that the Registration Statement or the prospectus may not be
               used either due to the change of material  information  contained
               therein or the omission of material information therefrom or upon
               the  receipt by the ISSUER of a cease and desist or stop order of
               the Securities and Exchange  Commission.  The ISSUER will use its
               commercially  reasonably  efforts  to  amend  or  supplement  the
               Registration  Statement  to  permit  its  continued  use  by  the
               SUBSCRIBER.

          c.   INDEMNIFICATION BY THE ISSUER. The ISSUER agrees to indemnify and
               hold harmless  SUBSCRIBER  and each person,  if any, who controls
               SUBSCRIBER  within the meaning of the  Securities  Act and/or the
               Securities  Exchange Act of 1934,  as amended  ("Exchange  Act"),
               against  any losses,  claims,  damages or  liabilities,  joint or
               several,  to which  SUBSCRIBER  or such  controlling  person  may
               become  subject,  under  the  Securities  Act,  Exchange  Act  or
               otherwise, insofar as such losses, claims, damages or liabilities
               (or  actions in respect  thereof)  arise out of or are based upon
               (i)  any  untrue  statement  or  alleged  untrue  statement  of a
               material fact contained (A) in any registration statement for the
               Shares  or (B) in any blue  sky  application  or  other  document
               executed  by the ISSUER  specifically  for blue sky  purposes  or
               based upon any other written information  furnished by the ISSUER
               or on its behalf to any state or other  jurisdiction  in order to
               qualify  any or  all of the  Shares  under  the  securities  laws
               thereof  (any such  application,  document or  information  being
               hereinafter  called  a  "Blue  Sky  Application"),  or  (ii)  the
               omission or alleged

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               omission by the ISSUER to state in any registration statement for
               the  Shares  or in any  Blue  Sky  Application  a  material  fact
               required to be stated therein or necessary to make the statements
               therein,  in light of the  circumstances  under  which  they were
               made, not misleading, and will reimburse SUBSCRIBER and each such
               controlling  person  for any legal or other  expenses  reasonably
               incurred by SUBSCRIBER or such  controlling  person in connection
               with  investigating  or defending any such loss,  claim,  damage,
               liability or action; provided,  however, that the ISSUER will not
               be  liable  in any such case to the  extent  that any such  loss,
               claim,  damage or  liability  arises  out of or is based  upon an
               untrue  statement  or alleged  untrue  statement  or  omission or
               alleged  omission made in reliance  upon and in  conformity  with
               information  regarding  SUBSCRIBER  or its  affiliates  which  is
               furnished  in  writing  to  the  ISSUER  by   SUBSCRIBER  or  its
               representatives  for inclusion in any registration  statement for
               the  Shares  or any  such  Blue Sky  Application  ("Non-Indemnity
               Events").

          d.   INDEMNIFICATION  BY THE  SUBSCRIBER.  The  SUBSCRIBER  agrees  to
               indemnify and hold  harmless the ISSUER and each person,  if any,
               who controls the ISSUER within the meaning of the  Securities Act
               and/or the  Exchange Act against any losses,  claims,  damages or
               liabilities,  joint or  several,  to  which  the  ISSUER  or such
               controlling person may become subject,  under the Securities Act,
               Exchange Act or otherwise insofar as such losses, claims, damages
               or  liabilities  (or actions in respect  thereof) arise out of or
               are based upon any  Non-Indemnity  Event;  and will reimburse the
               ISSUER for any legal or other expenses reasonably incurred by the
               ISSUER in  connection  with  investigating  or defending any such
               loss, claim, damage, liability or action provided that such loss,
               claim, damage or liability is found ultimately to arise out of or
               be based upon any Non-Indemnity Event;  provided that the maximum
               amount of the  indemnification  payments by SUBSCRIBER  shall not
               exceed  the net sale  proceeds  of any of the Shares or shares of
               Common  Stock   underlying  the  Purchase   Option  held  by  the
               SUBSCRIBER.

          e.   PROCEDURE.  Promptly after receipt by an indemnified  party under
               this Section 7 of notice of the commencement of any action,  such
               indemnified  party will,  if a claim in respect  thereof is to be
               made against any indemnifying  party under this Section 7, notify
               in writing the indemnifying  party of the  commencement  thereof;
               and the omission so to notify the indemnifying party will relieve
               the indemnifying party from any liability under this Section 7 as
               to the particular  item for which  indemnification  is then being
               sought (if such failure  materially  prejudices the  indemnifying
               party), but not from any other liability which it may have to any
               indemnified party. In case any such action is brought against any
               indemnified  party, and it notifies an indemnifying  party of the
               commencement  thereof, the indemnifying party will be entitled to
               participate  therein, and to the extent that it may wish, jointly
               with any other indemnifying party,  similarly notified, to assume
               the defense thereof,  with counsel who shall be to the reasonable
               satisfaction of such indemnified party, and after notice from the
               indem nifying party to such indemnified  party of its election so
               to assume the defense thereof, the indemnifying party will not be
               liable to such

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               indemnified  party  under  this  Section 7 for any legal or other
               expenses  subsequently  incurred  by such  indemnified  party  in
               connection with the defense  thereof other than reasonable  costs
               of investigation. Any such indemnifying party shall not be liable
               to any such indemnified party on account of any settlement of any
               claim or action effected without the consent of such indemnifying
               party, which consent shall not be unreasonably withheld.

          f.   CONTRIBUTION. If the indemnification provided for in this Section
               7 is  unavailable  to any  indemnified  party in  respect  to any
               losses,  claims,  damages,  liabilities  or expenses  referred to
               therein,  then the  indemnifying  party,  in lieu of indemnifying
               such  indemnified  party,  will  contribute to the amount paid or
               payable by such  indemnified  party,  as a result of such losses,
               claims, damages, liabilities or expenses in such proportion as is
               appropriate  to reflect the  relative  fault of the ISSUER on the
               one hand,  and of the SUBSCRIBER on the other hand, in connection
               with the  statements or omissions  which resulted in such losses,
               claims,  damages,  liabilities  or  expenses as well as any other
               relevant  equitable  considerations.  The  relative  fault of the
               ISSUER on the one hand,  and the  SUBSCRIBER  on the other  hand,
               will be determined with reference to, among other things, whether
               the untrue or alleged untrue  statement of a material fact or the
               omission to state a material fact relates to information supplied
               by the ISSUER,  and its  relative  intent,  knowledge,  access to
               information  and opportunity to correct or prevent such statement
               or omission.

          g.   EQUITABLE  CONSIDERATIONS.  The ISSUER and the  SUBSCRIBER  agree
               that it would not be just and equitable if contribution  pursuant
               to this Section 7 were  determined  by pro rata  allocation or by
               any other method of  allocation  which does not take into account
               the  equitable  considerations  referred  to in  the  immediately
               preceding paragraph.

          h.   ATTORNEYS' FEES. The amount payable by a party under this Section
               7 as a result of the  losses,  claims,  damages,  liabilities  or
               expenses referred to above will be deemed to include any legal or
               other  fees or  expenses  reasonably  incurred  by such  party in
               connection  with  investigating  or defending any action or claim
               (including, without limitation, fees and disbursements of counsel
               incurred  by an  indemnified  party in any  action or  proceeding
               between the indemnifying  party and indemnified  party or between
               the indemnified party and any third party or otherwise).

          i.   DOCUMENTS TO BE DELIVERED BY SUBSCRIBER. SUBSCRIBER shall furnish
               to the ISSUER a completed and executed  questionnaire provided by
               the ISSUER requesting  information  customarily sought of selling
               security holders.

     8.   PREEMPTIVE RIGHT. So long as SUBSCRIBER beneficially owns at least 30%
of the Shares and the common stock underlying the Purchase Option (considered on
a fully-diluted  basis whether or not then exercisable) sold to SUBSCRIBER under
this Subscription  Agreement, if ISSUER elects to sell, for cash, New Securities
(as  hereinafter  defined) at any time prior to the six-year  anniversary of the
date of this Subscription Agreement, SUBSCRIBER will have the right

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to purchase from ISSUER on the same terms as the proposed  sale,  that number of
securities  being  offered as will  maintain  its then  percentage  ownership of
ISSUER's Common Stock  calculated on a fully diluted basis,  but based solely on
the Shares  purchased  hereunder  and  underlying  the  Purchase  Option and not
including  any  additional  shares  of  Common  Stock  which  may  be  owned  by
SUBSCRIBER.  ISSUER  shall give  notice to the  SUBSCRIBER  in writing  ("ISSUER
Notice") at least ten business  days prior to the proposed  closing date of such
proposed  sale.  The ISSUER  Notice  shall  describe  in  reasonable  detail the
proposed sale including, without limitation, the nature and number of securities
to be sold, the nature of such sale, the  consideration to be paid, and the name
and  address of the  prospective  purchasers  ("Buyer").  Upon the giving of the
ISSUER  Notice,  SUBSCRIBER  shall  have  the  right,  but not  the  obligation,
exercisable  by written  notice to the ISSUER  within five  business  days after
receipt of the ISSUER  Notice,  to indicate to ISSUER its desire to purchase its
permitted number of securities being sold in the proposed sale on the same terms
and  conditions as ISSUER is selling the  securities in the proposed  sale.  The
SUBSCRIBER  will purchase the securities to be offered and purchased  under this
section at the same time as the closing of the  proposed  sale.  For purposes of
this  Section  8, "New  Securities"  means any  shares of  capital  stock of the
ISSUER,  including Common Stock and preferred  stock,  whether now authorized or
not, and rights,  options or warrants to purchase said shares of Common Stock or
preferred  stock of the ISSUER,  and securities of any type whatsoever that are,
or may become,  convertible into said shares of Common Stock or preferred stock;
provided,  however,  "New  Securities" does not include (i) the shares of Common
Stock issuable upon exercise of the Purchase  Option,  (ii) securities  issuable
upon exercise or conversion  securities  outstanding  on the date hereof,  (iii)
securities offered to the public generally pursuant to a registration  statement
under the  Securities  Act, (iv)  securities  issued to  employees,  officers or
directors of, or consultants  to, the ISSUER,  or issued or issuable to banks or
other  institutional  lenders or lessors in connection with capital asset leases
or  borrowings  for the  acquisition  of  capital  assets,  landlords,  or other
providers  of goods and services to the ISSUER,  if pursuant to any  arrangement
approved by the board of directors of the ISSUER  (including  securities  issued
upon exercise or conversion of any such  securities),  (v) securities issued for
cash in any private  placement by ISSUER  subject to an  agreement  entered into
within  ten  business  days  after  the  date  of  this  Subscription  Agreement
(including   securities   issued  upon   exercise  or  conversion  of  any  such
securities),  or (vi) any  issuance  of  capital  stock of the  ISSUER  upon the
exercise or conversion of derivative securities, the issuance of which triggered
the pre- emptive rights set forth in this Section 8.

     9.   DISCLOSURE.  Neither the ISSUER nor the  SUBSCRIBER  will disclose the
terms of this  Subscription  Agreement  without the written consent of the other
party  hereto,  unless  required by law or regulation  or judicial  action.  The
SUBSCRIBER  agrees that ISSUER may issue a press release in the form attached as
Exhibit  B hereto  and  provide  substantially  similar  disclosure  about  this
transaction  in its  Exchange  Act  Reports and other  documents  filed with the
Securities and Exchange Commission.

     10.  GOVERNING LAW. This  Subscription  Agreement  shall be governed by and
interpreted  in accordance  with the rulings of the laws of the State of Florida
without regard to conflicts of law. The ISSUER and SUBSCRIBER each hereby agrees
that any action,  proceeding  or claim against it arising out of, or relating in
any way to this  agreement  shall be brought  and  enforced in the courts of the
State of Florida or of the United  States of America for the Middle  District of
Florida,  Jacksonville  Division and irrevocably  submits to such  jurisdiction,
which jurisdiction  shall be exclusive.  The ISSUER and SUBSCRIBER hereby waives
any objection to such exclusive  jurisdiction  and that such courts represent an
inconvenient  forum.  Any  process or  summons to be served  upon the ISSUER and
SUBSCRIBER may be served by

                                        9
<PAGE>

transmitting  a copy thereof by registered  or certified  mail,  return  receipt
requested,  postage  prepaid,  addressed to it at its address set forth  herein.
Such  mailing  shall be deemed  personal  service and shall be legal and binding
upon the ISSUER and  SUBSCRIBER in any action,  proceeding or claim.  The ISSUER
and SUBSCRIBER agrees that the prevailing party(ies) in any such action shall be
entitled to recover from the other  party(ies) all of its reasonable  attorneys'
fees and  expenses  relating to such  action or  proceeding  and/or  incurred in
connection with the preparation therefor.

     11.  ENTIRE AGREEMENT.  This Subscription Agreement and the Purchase Option
constitutes  the entire  agreement  among the parties hereof with respect to the
subject  matter  hereof  and  supersedes  any and all  prior or  contemporaneous
representations,   warrants,   agreements  and   understandings   in  connection
therewith. This Subscription Agreement may be amended only by a writing executed
by all parties hereto.

     12.  NOTICES.  Any notice or other  document  required or  permitted  to be
given or  delivered  to the  parties  to this  Subscription  Agreement  shall be
personally   delivered  or  sent  by  facsimile  or  other  form  of  electronic
transmission  to the party at the address or addresses or  telecopier  number on
the signature page hereto.  Unless  otherwise  specified in this agreement,  all
notices and other  documents  given under this agreement shall be deemed to have
been duly given when delivered, if personally delivered, and when transmitted if
sent by facsimile or other form of electronic transmission.

                                       10
<PAGE>

     IN WITNESS WHEREOF,  this  Subscription  Agreement was duly executed on the
date first written below.

Dated this 22nd day of the month of May, 2000.

TYCO SIGMA LIMITED                       PARKERVISION, INC.

By:_____________________________         By:_______________________________
   Name:                                    Name: Jeffrey L. Parker
   Title:                                   Title: Chief Executive Officer

Notice Addresses:                        Jeffrey L. Parker, CEO
The Zurich Center, 2nd Floor             ParkerVision, Inc.
90 Pitts Bay Road                        8493 Baymeadows Way
Pembroke, HM 08 Bermuda                  Jacksonville, Florida 32256
Attn: Glen Miskiewicz                    Facsimile: (904) 731-7125
Facsimile: (441) 295-9647

with a copy to                           with a copy to

Tyco International Ltd.                  David Alan Miller, Esq.
One Tyco Park                            Graubard Mollen & Miller
Exeter, NH 03833-1108                    600 Third Avenue
Attn: Mike Durkin                        New York, NY  10016
Facsimile: (603) 778-0108                Facsimile (212) 818-8881

                                       11SUBSCRIPTION AGREEMENT

     This  Subscription  Agreement is executed by ParkerVision,  Inc., a Florida
corporation, with an office at 8493 Baymeadows Way, Jacksonville,  Florida 32256
(hereinafter referred to as the "ISSUER") and Leucadia National  Corporation,  a
New York corporation, with an office at the address on the signature page hereof
(hereinafter  referred to as the  ("SUBSCRIBER")  in reliance upon the exemption
contained in Section 4(2) of the Securities Act of 1933, as amended ("Securities
Act").

     This  Subscription  Agreement  has  been  entered  into for the sale of the
number of shares of the Issuer's Common Stock,  $.01 par value ("Common Stock"),
determined by the formula set forth in Section 1.a  (hereinafter  referred to as
the "Shares") and a common stock  purchase  option to purchase up to that number
of shares of Common  Stock  equal to the number of Shares  subscribed  for under
this Agreement as provided in the Purchase  Option  attached as Exhibit A hereto
("Purchase Option").

     Each of the parties  hereto hereby  represents  and warrants to, and agrees
with, the other as follows:

     1.   AGREEMENT TO SUBSCRIBE; SUBSCRIPTION PRICE.

          a.   SUBSCRIBER  hereby subscribes for, and ISSUER agrees to sell, (i)
               that number of Shares  (rounded up to the nearest whole number of
               shares) equal to $15,000,000  divided by the quotient obtained by
               dividing  (y) the sum of the daily  weighted  average  sale price
               (determined for each day by taking the daily weighted  average of
               the sale  prices of such stock for such day) of the common  stock
               of the ISSUER for the ten days ending the trading day immediately
               prior to the date  hereof,  as such  prices are  reported  by The
               Nasdaq  Stock  Market,  Inc.,  by (z) ten and (ii)  the  Purchase
               Option, for an aggregate purchase price of $15,000,000 ("Purchase
               Price").

          b.   FORM  OF  PAYMENT.   On  the  Closing  Date,  as  defined  below,
               SUBSCRIBER  shall  pay the  Purchase  Price  for the  Shares  and
               Purchase Option purchased  hereunder by wire transfer of same day
               funds in United States  Dollars to the  depository  designated by
               the ISSUER,  payable to the order of ISSUER. ISSUER shall deliver
               one  or  more  certificates   representing  the  Shares  and  the
               definitive  Purchase Option to the Subscriber  promptly after the
               Closing Date.

     2.   SUBSCRIBER REPRESENTATIONS.

          a.   TRANSACTIONAL REPRESENTATIONS. SUBSCRIBER represents and warrants
               to ISSUER as follows:

               (i)  SUBSCRIBER  is  purchasing  the Shares and  Purchase  Option
                    (including the underlying  Common Stock) for its own account
                    for   investment   purposes  and  not  with  a  view  toward
                    distribution.

               (ii) SUBSCRIBER  understands  that the Shares and Purchase Option
                    (and the underlying  Common Stock) have not been  registered
                    under

                                        1
<PAGE>

                    the Securities Act and that such  securities are "restricted
                    securities"  as  defined in Rule 144  promulgated  under the
                    Securities  Act.  SUBSCRIBER  further  understands  that the
                    Shares and Purchase Option (and underlying Common Stock) may
                    not be offered,  resold, pledged or otherwise transferred by
                    such  SUBSCRIBER  except:  A) (1)  pursuant to an  effective
                    registration  statement  under the  Securities  Act,  or (2)
                    pursuant to an  available  exemption  from the  registration
                    requirements  of the  Securities  Act; and B) in  accordance
                    with all  applicable  securities  laws of the  states of the
                    United States and other jurisdictions;

               (iii)SUBSCRIBER  understands  that the purchase of the Shares and
                    Purchase  Option (and  underlying  Common Stock)  involves a
                    high  degree of risk and  further  acknowledges  that it can
                    bear the economic  risk of the  purchase of the  securities,
                    including the total loss of its investment;

               (iv) SUBSCRIBER  understands  that the Shares and Purchase Option
                    (and underlying  Common Stock) are being offered and sold to
                    it in reliance on specific  exemptions from the registration
                    requirements  of federal and state  securities laws and that
                    the ISSUER is  relying  upon the truth and  accuracy  of the
                    representations, warranties, agreements, acknowledgments and
                    understandings  of  SUBSCRIBER  set forth herein in order to
                    determine  the  applicability  of  such  exemptions  and the
                    suitability of SUBSCRIBER to acquire the securities;

               (v)  SUBSCRIBER  is  sufficiently  experienced  in financial  and
                    business  matters to be capable of evaluating the merits and
                    risks of its  investment,  and to make an informed  decision
                    relating thereto; and

               (vi) In evaluating its  investment,  SUBSCRIBER has consulted its
                    own investment and/or legal and/or tax advisors.

          b.   CURRENT  PUBLIC   INFORMATION.   SUBSCRIBER   acknowledges   that
               SUBSCRIBER  has been  furnished  with or has  otherwise  acquired
               copies of the  ISSUER's  Annual  Report on Form 10-K for the year
               ended December 31, 1999, as amended by Form 10-K/A, and Form 10-Q
               for the  quarter  ended  March 31,  2000,  all as filed  with the
               Securities  and  Exchange  Commission  (the  "SEC").   SUBSCRIBER
               further acknowledges that SUBSCRIBER has read and understands the
               Risk Factors set forth in Exhibit 99.1 to the ISSUER's  Form 10-K
               for the year ended December 31, 1999.

          c.   INDEPENDENT INVESTIGATION;  ACCESS. SUBSCRIBER acknowledges that,
               in making its decision to purchase the Shares and Purchase Option
               subscribed   for,  it  has  relied  on  the  publicly   available
               information about the ISSUER and upon independent  investigations
               made by it and its  representatives,  if any. SUBSCRIBER and such
               representatives,  if  any,  prior  to  the  sale  to  it  of  the
               securities  offered  hereby,  have been given  access to, and the
               opportunity to

                                        2
<PAGE>

               examine,  all  material  books and  records of the  ISSUER  (with
               materiality  being  determined  by  the  ISSUER),   all  material
               contracts and documents  relating to the ISSUER and this offering
               (with   materiality  being  determined  by  the  ISSUER)  and  an
               opportunity  to ask  questions  of, and to receive  answers from,
               executive  officers of ISSUER concerning the ISSUER and the terms
               and conditions of this offering.  SUBSCRIBER and its advisors, if
               any,  acknowledge  that they have  received  answers  to any such
               inquiries and copies of documentary information requested.

          d.   NO GOVERNMENT RECOMMENDATION OR APPROVAL.  SUBSCRIBER understands
               that no federal or state agency has passed on or made any finding
               or determination relating to the fairness of an investment in the
               Shares and Purchase  Option,  or has passed or made, or will pass
               on or make, any  recommendation  or endorsement of the Shares and
               Purchase Option.

     3.   ISSUER REPRESENTATIONS.

          a.   AUTHORITY;  CORPORATE ACTION.  ISSUER has all necessary corporate
               power and authority to enter into this Subscription Agreement and
               the  Purchase   Option  and  to   consummate   the   transactions
               contemplated  hereby and thereby.  All corporate action necessary
               to be taken by ISSUER to authorize  the  execution,  delivery and
               performance  of this  Subscription  Agreement  and  the  Purchase
               Option,  and all other  agreements and  instruments  delivered by
               ISSUER in connection with the  transactions  contemplated  hereby
               and thereby has been duly and validly taken and this Subscription
               Agreement  and the  Purchase  Option have been duly  executed and
               delivered by ISSUER.  Subject to the terms and conditions of this
               Subscription  Agreement and the Purchase Option, the Subscription
               Agreement  constitutes,  and when executed,  the Purchase  Option
               will constitute, the valid, binding and enforceable obligation of
               ISSUER,  enforceable  in  accordance  with its  terms,  except as
               enforceability  may  be  limited  by (i)  applicable  bankruptcy,
               insolvency,  reorganization,  moratorium,  fraudulent transfer or
               similar  laws of general  application  now or hereafter in effect
               affecting  the rights and  remedies of  creditors  and by general
               principles of equity (regardless of whether enforcement is sought
               in a proceeding at law or in equity);  and (ii) the applicability
               of the federal and state  securities laws and public policy as to
               the enforceability of the indemnification provisions of Section 7
               hereof  and  Section 5 of the  Purchase  Option.  The sale by the
               ISSUER of the Shares and the issuance of the Purchase Option does
               not conflict with the certificate of  incorporation or by-laws of
               the ISSUER,  or any material  contract by which the ISSUER or its
               property is bound, or any federal or state laws or regulations or
               decree,  ruling or judgment  of any United  States or state court
               applicable to the ISSUER or its property.

          b.   PARKERVISION  CAPITALIZATION.  The ISSUER is  authorized to issue
               20,000,000  shares  of  Common  Stock,  and  1,000,000  shares of
               preferred  stock,  of which,  as of April 28,  2000,  there  were
               11,952,365 shares of

                                        3
<PAGE>

               Common  Stock and 114,019  shares of  preferred  stock issued and
               outstanding.

          c.   PARKERVISION  SHARES.  The  shares  of  Common  Stock  issued  to
               SUBSCRIBER  pursuant  to this  Subscription  Agreement  and  upon
               exercise of the Purchase Option in accordance with its terms will
               be   duly   authorized,    validly   issued,   fully   paid   and
               non-assessable.

          d.   RULE  144   REQUIREMENTS.   ISSUER  agrees  to  use  commercially
               reasonable efforts:

               (i)  to make  and keep  public  information  available,  as those
                    terms  are  understood  and  defined  in Rule 144  under the
                    Securities Act;

               (ii) to file  with the SEC in a timely  manner  all  reports  and
                    other documents  required of ISSUER under the Securities Act
                    and the  Securities  Exchange  Act of 1934,  as amended (the
                    "Exchange Act"); and

               (iii)to furnish to  SUBSCRIBER  upon request a written  statement
                    by  ISSUER  as  to  its   compliance   with  the   reporting
                    requirements of said Rule 144, and of the Securities Act and
                    the  Exchange  Act,  a copy of the  most  recent  annual  or
                    quarterly  report of  ISSUER,  and such  other  reports  and
                    documents of ISSUER as SUBSCRIBER may reasonably  request to
                    avail  itself of any similar rule or  regulation  of the SEC
                    allowing   it  to   sell   any   such   securities   without
                    registration.

          e.   SEC DOCUMENTS.  ISSUER's  Common Stock is registered  pursuant to
               Section  12(g) of the Exchange Act.  Since  January 1, 1999,  the
               ISSUER has  timely  filed  with the SEC all  reports,  schedules,
               forms,  statements and other documents required to be filed (such
               reports,  schedules,  forms,  statements and other  documents are
               hereinafter  referred  to as the  "SEC  Documents").  As of their
               respective  dates,  the SEC  Documents  complied in all  material
               respects  with  the  requirements  of the  Securities  Act or the
               Exchange  Act, as the case may be, and the rules and  regulations
               of  the  SEC  promulgated   thereunder  applicable  to  such  SEC
               Documents,  and  none  of the  SEC  Documents  as of  such  dates
               contained  any untrue  statement of a material fact or omitted to
               state a material fact required to be stated  therein or necessary
               in  order  to  make  the  statements  therein,  in  light  of the
               circumstances  under which they were made,  not  misleading.  The
               financial  statements of the ISSUER included in the SEC Documents
               (the  "Financial  Statements")  comply as to form in all material
               respects  with  applicable   accounting   requirements   and  the
               published rules and regulations of the SEC with respect  thereto,
               have  been  prepared  in  accordance   with  GAAP  applied  on  a
               consistent  basis during the periods involved (except in the case
               of unaudited statements, as permitted by Rule 10-01 of Regulation
               S-X) and fairly present, in all material respects,  the financial
               position of the ISSUER as of the dates thereof and the results of
               operations  and cash  flows for the  periods  then  ended (on the
               basis stated therein and subject, in the case of

                                        4
<PAGE>

               unaudited quarterly statements,  to the absence of complete notes
               and to normal year-end audit adjustments).  Since the date of the
               Financial Statements for the fiscal quarter ended March 31, 2000,
               there  has  been no  material  adverse  change  in the  financial
               condition of the ISSUER. Since the date of the filing of the Form
               10-QSB on May 15, 2000, there have been no events relating to the
               business or financial  condition of the ISSUER that  requires the
               filing of a Report on Form 8-K by the ISSUER.

          f.   GENERAL  DOCUMENT   REPRESENTATION.   To  the  best  of  ISSUER's
               knowledge,   the  written  materials  of  the  ISSUER  previously
               delivered to  SUBSCRIBER  in  connection  with this  Subscription
               Agreement,  at the time they were given to SUBSCRIBER,  were true
               and accurate in all material respects.

     4.   REPRESENTATIONS AND WARRANTIES MADE AT CLOSING; INDEMNIFICATION.  Each
party making the  representations  and warranties  contained in Sections 2 and 3
also  represents  and  warrants  that they shall be true and  accurate as of the
Closing Date. If either party has knowledge,  prior to the Closing Date that any
such representations and warranties made by it shall not be true and accurate in
any respect, such party will give written notice of such fact to the other party
specifying  which  representations  and warranties are not true and accurate and
the reasons therefor.

     Each party to this Subscription Agreement agrees to fully indemnify, defend
and hold harmless the other party, its officers,  directors,  employees,  agents
and attorneys from and against any and all losses, claims, damages,  liabilities
and expenses,  including  reasonable  attorneys'  fees and  expenses,  which may
result from a breach of such party's  representations,  warranties and covenants
contained herein.

     5.   LEGEND.  SUBSCRIBER  understands  that the ISSUER  will  instruct  its
transfer agent to place a stop transfer  order with respect to the  certificates
representing  the  Shares  and that such  certificates  will bear the  following
legend, as well as a legend  describing the restriction  referred to in the last
sentence of Section 7(a) hereof:  "The shares  represented  by this  certificate
have  been  acquired  for  investment  and have not been  registered  under  the
Securities  Act of 1933, as amended (the  "Securities  Act").  Transfer of these
shares is prohibited except pursuant to registration under the Securities Act or
pursuant to an available exemption from registration."

     6.   CLOSING DATE. The date of issuance and sale of the Shares and Purchase
Option  ("Closing Date") shall be on such date as may be mutually agreed to, but
not later than May 24, 2000.

     7.   REGISTRATION RIGHT.

          a.   REGISTRATION.  The  ISSUER  shall file a  registration  statement
               under the  Securities  Act  ("Registration  Statement")  with the
               Securities and Exchange Commission registering the Shares and the
               shares  underlying the Purchase  Option for re-offer and re-sale.
               The ISSUER  agrees to have the  Registration  Statement  declared
               effective   by  the  first   anniversary   of  the  Closing  Date
               ("Anniversary").  Once the  Registration  Statement  is  declared
               effective,  the  ISSUER  shall  keep the  Registration  Statement
               effective  and  current  until  all  the  securities   registered
               thereunder are sold or may be sold freely in any 90

                                        5
<PAGE>

               day period without  registration  under an appropriate  exemption
               under the Securities Act. If the  Registration  Statement has not
               been  declared  effective  by  the  Anniversary  or,  if it is so
               declared effective but after the Anniversary becomes subject to a
               stop order or is not  otherwise  current  for use by  SUBSCRIBER,
               then during such periods,  the  SUBSCRIBER  may demand on no more
               than an aggregate of three separate  occasions to have its Shares
               and  shares  of  Common  Stock  underlying  the  Purchase  Option
               registered on a registration  statement filed with the Securities
               and Exchange  Commission or have such securities  included on any
               other applicable  registration  statement filed by ISSUER,  which
               "demand" and "piggyback"  registration  rights will be subject to
               such  reasonable  terms as are  ordinarily  offered to  investors
               purchasing  similar  securities  to those  purchased  under  this
               Subscription  Agreement.  The SUBSCRIBER  agrees that it will not
               sell any of the Shares or shares of Common Stock  underlying  the
               Purchase Option pursuant to the  Registration  Statement prior to
               the Anniversary, without the written consent of the ISSUER, which
               consent may be withheld for any reason without explanation.

          b.   TERMS.  The  ISSUER  shall  bear  all of its  fees  and  expenses
               attendant to registering the Shares, but SUBSCRIBER shall pay any
               and all  underwriting  commissions  and the expenses of any legal
               counsel selected by SUBSCRIBER to represent it in connection with
               the  registration  or sale of the Shares.  Promptly upon request,
               ISSUER will  provide to  SUBSCRIBER  such number of copies of the
               prospectus  forming a part of the  Registration  Statement as are
               reasonably  requested by the  SUBSCRIBER,  and all supplements to
               such  prospectus.  ISSUER will promptly notify  SUBSCRIBER at any
               time that the Registration Statement or the prospectus may not be
               used either due to the change of material  information  contained
               therein or the omission of material information therefrom or upon
               the  receipt by the ISSUER of a cease and desist or stop order of
               the Securities and Exchange  Commission.  The ISSUER will use its
               commercially  reasonably  efforts  to  amend  or  supplement  the
               Registration  Statement  to  permit  its  continued  use  by  the
               SUBSCRIBER.

          c.   INDEMNIFICATION BY THE ISSUER. The ISSUER agrees to indemnify and
               hold  harmless  SUBSCRIBER,  its  directors and officers and each
               person, if any, who controls SUBSCRIBER within the meaning of the
               Securities  Act and/or the  Securities  Exchange Act of 1934,  as
               amended ("Exchange Act"), against any losses,  claims, damages or
               liabilities, joint or several, to which SUBSCRIBER or such person
               may become  subject,  under the Securities  Act,  Exchange Act or
               otherwise, insofar as such losses, claims, damages or liabilities
               (or  actions in respect  thereof)  arise out of or are based upon
               (i)  any  untrue  statement  or  alleged  untrue  statement  of a
               material  fact  contained (A) in any  prospectus or  registration
               statement  for the Shares or (B) in any blue sky  application  or
               other document  executed by the ISSUER  specifically for blue sky
               purposes or based upon any other written information furnished by
               the ISSUER or on its behalf to any state or other jurisdiction in
               order to qualify  any or all of the Shares  under the  securities
               laws thereof (any such application, document or information being
               hereinafter called a "Blue Sky

                                        6
<PAGE>

               Application"),  or (ii) the  omission or alleged  omission by the
               ISSUER to state in any prospectus or  registration  statement for
               the  Shares  or in any  Blue  Sky  Application  a  material  fact
               required to be stated therein or necessary to make the statements
               therein,  in light of the  circumstances  under  which  they were
               made, not misleading, and will reimburse SUBSCRIBER and each such
               person for any legal or other  expenses  reasonably  incurred  by
               SUBSCRIBER or such person in  connection  with  investigating  or
               defending  any such loss,  claim,  damage,  liability  or action;
               provided, however, that the ISSUER will not be liable in any such
               case to the extent that any such loss, claim, damage or liability
               arises  out of or is based  upon an untrue  statement  or alleged
               untrue statement or omission or alleged omission made in reliance
               upon and in  conformity  with  information  regarding  SUBSCRIBER
               which is furnished in writing to the ISSUER by  SUBSCRIBER or its
               representatives  for inclusion in any registration  statement for
               the  Shares  or any  such  Blue Sky  Application  ("Non-Indemnity
               Events").

          d.   INDEMNIFICATION  BY THE  SUBSCRIBER.  The  SUBSCRIBER  agrees  to
               indemnify and hold harmless the ISSUER, each officer and director
               of the ISSUER,  and each person,  if any, who controls the ISSUER
               within the meaning of the  Securities Act and/or the Exchange Act
               against  any losses,  claims,  damages or  liabilities,  joint or
               several,  to which the ISSUER or such person may become  subject,
               under the Securities  Act,  Exchange Act or otherwise  insofar as
               such  losses,  claims,  damages  or  liabilities  (or  actions in
               respect thereof) arise out of or are based upon any Non-Indemnity
               Event;  and will  reimburse  the ISSUER and such  persons for any
               legal or other  expenses  reasonably  incurred  by the  ISSUER in
               connection with  investigating or defending any such loss, claim,
               damage,  liability  or action  provided  that such  loss,  claim,
               damage or  liability  is found  ultimately  to arise out of or be
               based upon any  Non-Indemnity  Event;  provided  that the maximum
               amount of the  indemnification  payments by SUBSCRIBER  shall not
               exceed  the net sale  proceeds  of any of the Shares or shares of
               Common  Stock   underlying  the  Purchase   Option  sold  by  the
               SUBSCRIBER pursuant to the registration statement.

          e.   PROCEDURE.  Promptly after receipt by an indemnified  party under
               this Section 7 of notice of the commencement of any action,  such
               indemnified  party will,  if a claim in respect  thereof is to be
               made against any indemnifying  party under this Section 7, notify
               in writing the indemnifying  party of the  commencement  thereof;
               and the omission so to notify the indemnifying party will relieve
               the indemnifying party from any liability under this Section 7 as
               to the particular  item for which  indemnification  is then being
               sought (if such failure  materially  prejudices the  indemnifying
               party), but not from any other liability which it may have to any
               indemnified party. In case any such action is brought against any
               indemnified  party, and it notifies an indemnifying  party of the
               commencement  thereof, the indemnifying party will be entitled to
               participate  therein, and to the extent that it may wish, jointly
               with any other indemnifying party,  similarly notified, to assume
               the defense thereof,  with counsel who shall be to the reasonable
               satisfaction of such indemnified party, and after notice from the
               indemnifying party to such indemnified party

                                        7
<PAGE>

               of  its   election  so  to  assume  the  defense   thereof,   the
               indemnifying  party will not be liable to such indemnified  party
               under this Section 7 for any legal or other expenses subsequently
               incurred by such indemnified party in connection with the defense
               thereof other than reasonable  costs of  investigation.  Any such
               indemnifying  party  shall not be liable to any such  indemnified
               party  on  account  of any  settlement  of any  claim  or  action
               effected without the consent of such  indemnifying  party,  which
               consent shall not be unreasonably withheld.

          f.   CONTRIBUTION. If the indemnification provided for in this Section
               7 is  unavailable  to any  indemnified  party in  respect  to any
               losses,  claims,  damages,  liabilities  or expenses  referred to
               therein,  then the  indemnifying  party,  in lieu of indemnifying
               such  indemnified  party,  will  contribute to the amount paid or
               payable by such  indemnified  party,  as a result of such losses,
               claims, damages, liabilities or expenses in such proportion as is
               appropriate  to reflect the  relative  fault of the ISSUER on the
               one hand,  and of the SUBSCRIBER on the other hand, in connection
               with the  statements or omissions  which resulted in such losses,
               claims,  damages,  liabilities  or  expenses as well as any other
               relevant  equitable  considerations.  The  relative  fault of the
               ISSUER on the one hand,  and the  SUBSCRIBER  on the other  hand,
               will be determined with reference to, among other things, whether
               the untrue or alleged untrue  statement of a material fact or the
               omission to state a material fact relates to information supplied
               by the ISSUER,  and its  relative  intent,  knowledge,  access to
               information  and opportunity to correct or prevent such statement
               or omission.

          g.   EQUITABLE  CONSIDERATIONS.  The ISSUER and the  SUBSCRIBER  agree
               that it would not be just and equitable if contribution  pursuant
               to this Section 7 were  determined  by pro rata  allocation or by
               any other method of  allocation  which does not take into account
               the  equitable  considerations  referred  to in  the  immediately
               preceding paragraph.

          h.   ATTORNEYS' FEES. The amount payable by a party under this Section
               7 as a result of the  losses,  claims,  damages,  liabilities  or
               expenses referred to above will be deemed to include any legal or
               other  fees or  expenses  reasonably  incurred  by such  party in
               connection  with  investigating  or defending any action or claim
               (including, without limitation, fees and disbursements of counsel
               incurred  by an  indemnified  party in any  action or  proceeding
               between the indemnifying  party and indemnified  party or between
               the indemnified party and any third party or otherwise).

          i.   DOCUMENTS TO BE DELIVERED BY SUBSCRIBER. SUBSCRIBER shall furnish
               to the ISSUER a completed and executed  questionnaire provided by
               the ISSUER requesting  information  customarily sought of selling
               security holders.

     8.   PREEMPTIVE   RIGHT.   So  long  as  SUBSCRIBER   and  its   affiliates
beneficially  own at least 30% of the Shares and the common stock underlying the
Purchase Option sold to SUBSCRIBER under this Subscription  Agreement, if ISSUER
elects to sell, for cash, New

                                        8
<PAGE>

Securities  (as  hereinafter  defined)  at  any  time  prior  to  the  six  year
anniversary of the date of this Subscription Agreement, SUBSCRIBER will have the
right to purchase from ISSUER on the same terms as the proposed sale, up to that
number  of  securities  being  offered  as will  maintain  its  then  percentage
ownership of ISSUER's  Common Stock  calculated  on a fully diluted  basis,  but
based  solely on the Shares  purchased  hereunder  and  underlying  the Purchase
Option and not  including  any  additional  shares of Common  Stock which may be
owned by  SUBSCRIBER.  ISSUER  shall give  notice to the  SUBSCRIBER  in writing
("ISSUER  Notice") at least ten business days prior to the proposed closing date
of such proposed sale. The ISSUER Notice shall describe in reasonable detail the
proposed sale including, without limitation, the nature and number of securities
to be sold, the nature of such sale, the  consideration to be paid, and the name
and  address of the  prospective  purchasers  ("Buyer").  Upon the giving of the
ISSUER  Notice,  SUBSCRIBER  shall  have  the  right,  but not  the  obligation,
exercisable  by written  notice to the ISSUER  within five  business  days after
receipt of the ISSUER  Notice,  to indicate to ISSUER its desire to purchase its
permitted number of securities being sold in the proposed sale on the same terms
and  conditions as ISSUER is selling the  securities in the proposed  sale.  The
SUBSCRIBER  will purchase the securities to be offered and purchased  under this
section at the same time as the closing of the  proposed  sale.  For purposes of
this  Section  8, "New  Securities"  means any  shares of  capital  stock of the
ISSUER,  including Common Stock and preferred  stock,  whether now authorized or
not, and rights,  options or warrants to purchase said shares of Common Stock or
preferred  stock of the ISSUER,  and securities of any type whatsoever that are,
or may become,  convertible into said shares of Common Stock or preferred stock;
provided,  however,  "New  Securities" does not include (i) the shares of Common
Stock issuable upon exercise of the Purchase  Option,  (ii) securities  issuable
upon exercise or conversion of securities  outstanding on the date hereof, (iii)
securities offered to the public generally pursuant to a registration  statement
under the  Securities  Act, (iv)  securities  issued to  employees,  officers or
directors of, or consultants  to, the ISSUER,  or issued or issuable to banks or
other  institutional  lenders or lessors in connection with capital asset leases
or  borrowings  for the  acquisition  of  capital  assets,  landlords,  or other
providers of goods and services to the ISSUER,  in each case, if pursuant to any
arrangement  approved  by  the  board  of  directors  of the  ISSUER  (including
securities  issued upon  exercise or  conversion  of any such  securities),  (v)
securities  issued for cash in any  private  placement  by ISSUER  subject to an
agreement  entered  into  within  ten  business  days  after  the  date  of this
Subscription  Agreement (including securities issued upon exercise or conversion
of any such  securities),  or (vi) any  issuance of capital  stock of the ISSUER
upon the exercise or conversion of derivative securities,  the issuance of which
triggered the pre-emptive rights set forth in this Section 8.

     9.   DISCLOSURE.  Neither the ISSUER nor the  SUBSCRIBER  will disclose the
terms of this  Subscription  Agreement  without the written consent of the other
party  hereto,  unless  required by law or regulation  or judicial  action.  The
SUBSCRIBER  agrees that ISSUER may issue a press release in the form attached as
Exhibit  B hereto  and  provide  substantially  similar  disclosure  about  this
transaction  in its  Exchange  Act  Reports and other  documents  filed with the
Securities and Exchange Commission.

     10.  GOVERNING LAW. This  Subscription  Agreement  shall be governed by and
interpreted  in accordance  with the rulings of the laws of the State of Florida
without regard to conflicts of law. The ISSUER and SUBSCRIBER each hereby agrees
that any action,  proceeding  or claim against it arising out of, or relating in
any way to this  agreement  shall be brought  and  enforced in the courts of the
State of Florida or of the United  States of America for the Middle  District of
Florida,  Jacksonville  Division and irrevocably  submits to such  jurisdiction,
which jurisdiction  shall be exclusive.  The ISSUER and SUBSCRIBER hereby waives
any objection to

                                        9
<PAGE>

such  exclusive  jurisdiction  and that such courts  represent  an  inconvenient
forum. Any process or summons to be served upon the ISSUER and SUBSCRIBER may be
served by  transmitting a copy thereof by registered or certified  mail,  return
receipt  requested,  postage  prepaid,  addressed to it at its address set forth
herein.  Such mailing  shall be deemed  personal  service and shall be legal and
binding upon the ISSUER and SUBSCRIBER in any action,  proceeding or claim.  The
ISSUER and SUBSCRIBER  agrees that the prevailing  party(ies) in any such action
shall be entitled to recover  from the other  party(ies)  all of its  reasonable
attorneys'  fees and  expenses  relating  to such  action or  proceeding  and/or
incurred in connection with the preparation therefor.

     11.  ENTIRE AGREEMENT.  This Subscription Agreement and the Purchase Option
constitutes  the entire  agreement  among the parties hereof with respect to the
subject  matter  hereof  and  supersedes  any and all  prior or  contemporaneous
representations,   warrants,   agreements  and   understandings   in  connection
therewith. This Subscription Agreement may be amended only by a writing executed
by all parties hereto.

     12.  NOTICES.  Any notice or other  document  required or  permitted  to be
given or  delivered  to the  parties  to this  Subscription  Agreement  shall be
personally   delivered  or  sent  by  facsimile  or  other  form  of  electronic
transmission  to the party at the address or addresses or  telecopier  number on
the signature page hereto.  Unless  otherwise  specified in this agreement,  all
notices and other  documents  given under this agreement shall be deemed to have
been duly given when delivered, if personally delivered, and when transmitted if
sent by facsimile or other form of electronic transmission.

     13.  ASSIGNMENT  OF INTEREST.  SUBSCRIBER  hereby  instructs  the ISSUER to
issue a number of the  Shares  and a portion of the  Purchase  Option  otherwise
issuable to it  hereunder  to Mr.  David  Cumming,  with such number and portion
being set forth in a separate letter from SUBSCRIBER to ISSUER dated at or prior
to the Closing Date.  Such letter shall be signed by Mr. Cumming and contain his
agreement to be bound by the terms of this Subscription Agreement as fully as if
he was a party hereto.

                                       10
<PAGE>

     IN WITNESS WHEREOF,  this  Subscription  Agreement was duly executed on the
date first written below.

Dated this 22nd day of the month of May, 2000.

LEUCADIA NATIONAL CORPORATION            PARKERVISION, INC.

By:_____________________________         By:_______________________________
Name:       Ian M. Cumming               Name: Jeffrey L. Parker
Title:      Chairman                     Title: Chief Executive Officer

Notice Addresses:                        Jeffrey L. Parker, CEO
Leucadia National Corporation            ParkerVision, Inc.
529 E. South Temple                      8493 Baymeadows Way
Salt Lake City, Utah 84102-1089          Jacksonville, Florida 32256
Attn: Ian M. Cumming                     Facsimile: (904) 731-7125
Facsimile: (801) 539-0722

                                         with a copy to

                                    .    David Alan Miller, Esq.
                                         Graubard Mollen & Miller
                                         600 Third Avenue
                                         New York, NY  10016
                                         Facsimile (212) 818-8881

                                       11

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