Exhibit 10.1
  
 NII HOLDINGS, INC.
2004 INCENTIVE COMPENSATION PLAN
(As Amended Effective July 22, 2008)




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NII HOLDINGS, INC.
2004 Incentive Compensation Plan
(As Amended Effective July 22, 2008)
 Table of Contents
 ARTICLE I DEFINITIONS
    
    
    51.01
    
    Accounting Firm
    
    
    51.02
    
    Administrator
    
    
    51.03
    
    Agreement
    
    
    51.04
    
    Award
    
    
    51.05
    
    Board
    
    
    51.06
    
    Change in Control
    
    
    51.07
    
    Code
    
    
    61.08
    
    Committee
    
    
    71.09
    
    Common Stock
    
    
    71.10
    
    Company
    
    
    71.11
    
    Control Change Date
    
    
    71.12
    
    Corresponding SAR
    
    
    71.13
    
    Dividend Equivalent Right
    
    
    71.14
    
    Exchange Act
    
    
    71.15
    
    Fair Market Value
    
    
    71.16
    
    Incentive Award
    
    
    71.17
    
    Initial Value
    
    
    81.18
    
    Option
    
    
    81.19
    
    Participant
    
    
    81.20
    
    Performance Criteria
    
    
    81.21
    
    Performance Shares
    
    
    91.22
    
    Plan
    
    
    91.23
    
    SAR
    
    
    91.24
    
    Stock Award
    
    
    91.25
    
    Stock Unit
    
    
    91.26
    
    Subsidiary
    
    
    9ARTICLE II PURPOSES
    
    
    10ARTICLE III ADMINISTRATION
    
    
    10ARTICLE IV ELIGIBILITY
    
    
    11ARTICLE V STOCK SUBJECT TO PLAN
    
    
    115.01
    
    Shares Issued
    
    
    115.02
    
    Aggregate Limit
    
    
    115.03
    
    Reallocation of Shares
    
    
    12ARTICLE VI OPTIONS
    
    
    136.01
    
    Award
    
    
    136.02
    
    Option Price
    
    
    136.03
    
    Maximum Option Period
    
    
    146.04
    
    Nontransferability
    
    
    14
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6.05
    
    Transferable Options
    
    
    146.06
    
    Employee Status
    
    
    146.07
    
    Exercise
    
    
    146.08
    
    Payment
    
    
    156.09
    
    Change in Control
    
    
    156.10
    
    Shareholder Rights
    
    
    15ARTICLE VII SARS
    
    
    157.01
    
    Award
    
    
    157.02
    
    Maximum SAR Period
    
    
    167.03
    
    Nontransferability
    
    
    167.04
    
    Transferable SARS
    
    
    167.05
    
    Exercise
    
    
    167.06
    
    Change in Control
    
    
    167.07
    
    Employee Status
    
    
    177.08
    
    Settlement
    
    
    177.09
    
    Shareholder Rights
    
    
    17ARTICLE VIII STOCK AWARDS
    
    
    178.01
    
    Award
    
    
    178.02
    
    Vesting
    
    
    178.03
    
    Employee Status
    
    
    188.04
    
    Change in Control
    
    
    188.05
    
    Shareholder Rights
    
    
    18ARTICLE IX PERFORMANCE SHARE AWARDS
    
    
    199.01
    
    Award
    
    
    199.02
    
    Earning the Award
    
    
    199.03
    
    Payment
    
    
    199.04
    
    Shareholder Rights
    
    
    199.05
    
    Nontransferability
    
    
    209.06
    
    Transferable Performance Shares
    
    
    209.07
    
    Employee Status
    
    
    209.08
    
    Change in Control
    
    
    20ARTICLE X INCENTIVE AWARDS
    
    
    2110.01
    
    Award
    
    
    2110.02
    
    Terms and Conditions
    
    
    2110.03
    
    Payment
    
    
    2110.04
    
    Nontransferability
    
    
    2110.05
    
    Transferable Incentive Awards
    
    
    2210.06
    
    Employee Status
    
    
    2210.07
    
    Change in Control
    
    
    2210.08
    
    Shareholder Rights
    
    
    22ARTICLE XI STOCK UNITS
    
    
    2211.01
    
    Award
    
    
    2211.02
    
    Earning the Award
    
    
    2311.03
    
    Payment
    
    
    2311.04
    
    Nontransferability
    
    
    2311.05
    
    Shareholder Rights
    
    
    23
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11.06
    
    Change in Control
    
    
    24ARTICLE XII DIVIDEND EQUIVALENT RIGHTS
    
    
    2412.01
    
    Award
    
    
    2412.02
    
    Payment
    
    
    2412.03
    
    Nontransferability
    
    
    2412.04
    
    Shareholder Rights
    
    
    24ARTICLE XIII ADJUSTMENT UPON CHANGE IN COMMON STOCK
    
    
    25ARTICLE XIV COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES
    
    
    25ARTICLE XV GENERAL PROVISIONS
    
    
    2615.01
    
    Effect on Employment and Service
    
    
    2615.02
    
    Unfunded Plan
    
    
    2615.03
    
    Rules of Construction
    
    
    2615.04
    
    Tax Withholding
    
    
    26ARTICLE XVI AMENDMENT
    
    
    26ARTICLE XVII DURATION OF PLAN
    
    
    27ARTICLE XVIII EFFECTIVE DATE OF PLAN
    
    
    27
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ARTICLE I
 DEFINITIONS
 1.01. Accounting Firm
  1.02. Administrator
  1.03. Agreement
  1.04. Award
  1.05. Board
  1.06. Change in Control
    5




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1.07. Code
  6




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1.08. Committee
  1.09. Common Stock
  1.10. Company
  1.11. Control Change Date
  1.12. Corresponding SAR
  1.13. Dividend Equivalent Right
  1.14. Exchange Act
  1.15. Fair Market Value
  1.16. Incentive Award
  7




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1.17. Initial Value
  1.18. Option
  1.19. Participant
  1.20. Performance Criteria
  8




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1.21. Performance Shares
  1.22. Plan
  1.23. SAR
  1.24. Stock Award
  1.25. Stock Unit
  1.26. Subsidiary
  9




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ARTICLE II
 PURPOSES
  ARTICLE III
 ADMINISTRATION
   10




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ARTICLE IV
 ELIGIBILITY
  ARTICLE V
 STOCK SUBJECT TO PLAN
 5.01. Shares Issued
  11




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5.02. Aggregate Limit
      12




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5.03. Reallocation of Shares
     ARTICLE VI
 OPTIONS
 6.01. Award
  13




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6.02. Option Price
  6.03. Maximum Option Period
  6.04. Nontransferability
  6.05. Transferable Options
  6.06. Employee Status
  14




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6.07. Exercise
  6.08. Payment
  6.09. Change in Control
  6.10. Shareholder Rights
  15




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ARTICLE VII
 SARS
 7.01. Award
  7.02. Maximum SAR Period
  7.03. Nontransferability
  7.04. Transferable SARs
  16




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7.05. Exercise
  7.06. Change in Control
  7.07. Employee Status
  7.08. Settlement
  7.09. Shareholder Rights
  17




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ARTICLE VIII
 STOCK AWARDS
 8.01. Award
  8.02. Vesting
  8.03. Employee Status
  8.04. Change in Control
  18




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8.05. Shareholder Rights
  8.06. Payment
  ARTICLE IX
 PERFORMANCE SHARE AWARDS
 9.01. Award
  9.02. Earning the Award
  19




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9.03. Payment
  9.04. Shareholder Rights
  9.05. Nontransferability
  9.06. Transferable Performance Shares
  20




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9.07. Employee Status
  9.08. Change in Control
  ARTICLE X
 INCENTIVE AWARDS
 10.01. Award
  10.02. Terms and Conditions
  21




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10.03. Payment
  10.04. Nontransferability
  10.05. Transferable Incentive Awards
  10.06. Employee Status
  22




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10.07. Change in Control
  10.08. Shareholder Rights
  ARTICLE XI
 STOCK UNITS
 11.01. Award
  11.02. Earning the Award
  23




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11.03. Payment
  11.04. Nontransferability
  11.05. Shareholder Rights
  11.06. Change in Control
  24




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ARTICLE XII
 DIVIDEND EQUIVALENT RIGHTS
 12.01. Award
  12.02. Payment
  12.03. Nontransferability
  12.04. Shareholder Rights
  25




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ARTICLE XIII
 ADJUSTMENT UPON CHANGE IN COMMON STOCK
    ARTICLE XIV
 COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES
  26




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ARTICLE XV
 GENERAL PROVISIONS
 15.01. Effect on Employment and Service
  15.02. Unfunded Plan
  15.03. Rules of Construction
  15.04. Tax Withholding
  27




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15.05. Compliance with Section 409A
   ARTICLE XVI
 AMENDMENT
  ARTICLE XVII
 DURATION OF PLAN
  28




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ARTICLE XVIII
 EFFECTIVE DATE OF PLAN
  29