X0202 4 2007-05-23 0 0001065049 LEAP WIRELESS INTERNATIONAL INC LEAP 0001223764 STEPHENS LEONARD C 10307 PACIFIC CENTER COURT SAN DIEGO CA 92121 0 1 0 0 Sr. Vice President, HR Common Stock 2007-05-23 4 M 0 4517 26.55 A 39380 D Common Stock 2007-05-23 4 S 0 4517 84.7896 D 34863 D Non-Qualified Stock Option (right to buy) 26.55 2007-05-23 4 M 0 4517 0.0001 D 2015-01-05 Common Stock 4517 18887 D The option vests as to all the shares on January 5, 2008. The option is subject to acceleration of vesting of up to 30% of the total shares covered by the option in each of 2006 and 2007 upon the Company's announcement of its financial results for the previous fiscal year, if the Company meets certain performance goals in such previous fiscal year. By: Robert J. Irving, Jr., Attorney-in-Fact For: Leonard C. Stephens 2007-05-24