4 2003-05-07 0 0001022652 NOVATEL WIRELESS INC NVTL 0001201621 LEPARULO PETER V 1 1 0 0 Chief Executive Officer Incentive Stock Option Grant (Right to Buy) 1.01 2003-05-07 4 J 0 167311 1.01 A 2004-05-07 2013-05-07 Common Stock 167311 262699 D Non-Qualified Stock Option Grant (Right to Buy) 1.01 2003-05-07 4 J 0 576713 1.01 A 2004-05-07 2013-05-07 Common Stock 576713 839412 D Mr. Leparulo was appointed to the Board of Directors (the "Board") of Novatel Wireless, Inc. (the "Company") and to those of its subsidiaries on May 7, 2003. The Board authorized and approved, effective following the close of business on May 7, 2003, the issuance to Mr. Leparulo of options to purchase shares of the Company's common stock at an exercise price of $1.01 per share (the "Options") which was the closing price per share of the Company's common stock on the date of this grant. The Options were issued pursuant to the Company's Amended and Restated 2000 Stock Incentive Plan (the "Plan"). 25% of the Options will vest and become exercisable, subject to the terms and conditions of the Plan, on the first anniversary of the date of grant and the balance of these options will vest monthly thereafter. /s/ Patrick T. Waters, Attorney-in-Fact 2003-05-09