NextWave Wireless Grants Stock Options to Employees under Nasdaq Inducement Exception

Business Wire, Oct 1, 2007

SAN DIEGO -- NextWave Wireless Inc. (NASDAQ: WAVE) announced today that its independent compensation committee has approved inducement stock option grants to purchase an aggregate of 508,637 shares of the company's common stock to 89 new employees who joined the company as part of the acquisition of IPWireless, Inc.

("IPWireless"). In June 2007 NextWave had announced its intention to make these grants after receiving HM Revenue and Customs approval of the company's UK subplan under its 2007 New Employee Stock Incentive Plan (the "2007 Plan"), which has now been obtained. The stock options granted to employees of IPWireless vest over 44 months, with the first tranche of vesting occurring after 8 months. In addition, the compensation committee has approved inducement stock option grants to purchase an aggregate of 103,010 shares of the company's common stock to eight new employees of its GO Networks, Inc. ("GO") subsidiary. The stock options granted to employees of GO vest over 48 months, with the first tranche of vesting occurring after 12 months. All of the stock options were granted under the 2007 Plan, and have an exercise price of $5.82 per share, equal to the closing price of NextWave's common stock on the Nasdaq Global Market on September 25, 2007. The stock option grants meet the "employee inducement" exception to NASDAQ Marketplace Rule 4350 requiring shareholder approval of equity-based incentive plans.