Document:

EX-10.5

REGISTRATION RIGHTS AGREEMENT

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of April 25, 2006, is made by
and among Wave Wireless Corporation, a corporation organized under the laws of the State of
Delaware (the “Company”), and the undersigned (the “Initial Investors”). 

BACKGROUND

A. In connection with that certain Securities Purchase Agreement dated as of the date hereof
by and among the Company and the Initial Investors (the “Securities Purchase Agreement”), the
Company has agreed, upon the terms and subject to the conditions contained therein, to issue and
sell to the Initial Investors (i) shares of the Company’s Series J-1 Convertible Preferred Stock,
par value $0.0001 per share (the “Preferred Stock”), that are convertible into shares of the
Company’s common stock, par value $0.0001 per share (the “Common Stock”), upon the terms and
subject to the limitations and conditions set forth in the Certificate of Designation, Rights and
Preferences with respect to such Preferred Stock (the “Certificate of Designation”), and (ii)
Series J-1 Stock Purchase Warrants (the “Warrants”) to acquire shares of Common Stock. The shares
of Common Stock issuable upon conversion of or otherwise pursuant to the Preferred Stock are
referred to herein as the “Conversion Shares” and the shares of Common Stock issuable upon exercise
of or otherwise pursuant to the Warrants are referred to herein as the “Warrant Shares.”

B. To induce the Initial Investors to execute and deliver the Securities Purchase Agreement,
and to consummate the transactions contemplated thereby, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended, and the rules and regulations
thereunder, or any similar successor statute (collectively, the “Securities Act”), and applicable
state securities laws.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Initial Investors hereby agree as follows:

1. DEFINITIONS.

(a) As used in this Agreement, the following terms shall have the following meanings:

(i) "business day” shall have the meaning set forth in Section 11(q).

(ii) “Effectiveness Date” shall have the meaning set forth in Section 2(b).

(iii) “Effectiveness Period” shall have the meaning set forth in Section 2(b).

(iv) “Investors” means the Investors and any transferees or assignees who agree to become
bound by the provisions of this Agreement in accordance with Section 9 hereof.

(v) "Person” means an individual or a corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or political subdivision thereof) or other entity of any kind.

(vi) “Prospectus” means the prospectus included in the Registration Statement (including,
without limitation, a prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A promulgated under
the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by the Registration
Statement, and all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference in such Prospectus.

(vii) “register,” “registered,” and “registration” refer to a registration effected by
preparing and filing a Registration Statement or Statements in compliance with the Securities Act
and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering
securities on a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of
such Registration Statement by the United States Securities and Exchange Commission (the “SEC”).

(viii) “Registrable Securities” means (a) the Conversion Shares, (b) the Warrant Shares, and
(c) any shares of capital stock of the Company issued or issuable, from time to time, as a dividend
or distribution on, or in exchange for or replacement of, or otherwise with respect to any of the
foregoing (including the Preferred Stock and Warrants), whether as default payments, on account of
anti-dilution or other adjustments or otherwise.

(ix) “Registration Statement” means a registration statement of the Company under the
Securities Act.

(vi) “Special Counsel” means Kramer Levin Naftalis & Frankel LLP.

(v) “trading day” shall have the meaning set forth in Section 11(q).

(b) Capitalized terms used herein and not otherwise defined herein shall have the respective
meanings set forth in the Securities Purchase Agreement.

2. REGISTRATION.

(a) Mandatory Registration. The Company shall prepare promptly and file with the SEC
as soon as practicable, but in no event later than June 2, 2006 (the “Filing Date”), a Registration
Statement on Form S-1 (or, if Form S-1 is not then available, on such form of Registration
Statement as is then available to effect a registration of all of the Registrable Securities)
covering the resale of the Registrable Securities. The Registration Statement filed hereunder, to
the extent allowable under the Securities Act and the Rules promulgated thereunder (including Rule
416), shall state that such Registration Statement also covers such indeterminate number of
additional shares of Common Stock as may become issuable upon conversion of the Preferred Stock and
exercise of the Warrants to prevent dilution resulting from stock splits, stock dividends or
similar transactions. The Registrable Securities included on the Registration Statement shall be
allocated among the Investors as set forth in Section 11(m) hereof. If at any time and for any
reason, an additional Registration Statement is required to be filed because at such time the
actual number of shares of Common Stock into which the Preferred Stock are convertible and the
Warrants are exercisable plus the number of shares of Common Stock exceeds the number of shares of
Registrable Securities remaining under the Registration Statement, the Company shall have twenty
(20) business days to file such additional Registration Statement, and the Company shall use its
best efforts to cause such additional Registration Statement to be declared effective by the SEC as
soon as possible, but in no event later than sixty (60) days after filing. The Registration
Statement (and each amendment or supplement thereto, and each request for acceleration of
effectiveness thereof) shall be provided to (and subject to the approval of) the Initial Investors
and the Special Counsel no less than five (5) business days prior to its filing or other
submission. 

(b) Payments by the Company. The Company shall use its best efforts to cause the
Registration Statement required to be filed pursuant to Section 2(a) hereof to become effective as
soon as practicable, but in no event later than the sixtieth (60th) day following the
Filing Date or the date which is within three (3) business days of the date on which the SEC
informs the Company that (i) the SEC will not review the Registration Statement or (ii) the Company
may request the acceleration of the effectiveness of the Registration Statement and the Company
makes such request; provided that, if such date falls on a Saturday, Sunday or any
other day which shall be a legal holiday or a day on which the SEC is authorized or required by law
or other government actions to close, the Effectiveness Date shall be the following business day
(the “Effectiveness Date”), and, subject to 3(u), to keep such Registration Statement continuously
effective under the Securities Act until such date as is the earlier of (x) the date when all
Registrable Securities covered by such Registration Statement have been sold or (y) the date on
which the Registrable Securities may be sold without any restriction pursuant to Rule 144(k) as
determined by the counsel to the Company pursuant to a written opinion letter, addressed to the
Company’s transfer agent to such effect (the “Effectiveness Period”); provided, however, that in
the event that the SEC conducts a full review of the Registration Statement, the Effectiveness Date
may be extended, if reasonably necessary, by an additional thirty (30) days. If, subject to 3(u),
(i) the Registration Statement required to be filed pursuant to Section 2(a) hereof is not filed
with the SEC prior to the Filing Date or declared effective by the SEC on or before the
Effectiveness Date, or (ii) the Company fails to file with the SEC a request for acceleration in
accordance with Rule 461 promulgated under the Securities Act within three (3) business days of the
date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that a
Registration Statement will not be “reviewed,” or not subject to further review, or (iii) the
Registration Statement is filed with and declared effective by the SEC but thereafter ceases to be
effective as to all Registrable Securities at any time prior to the expiration of the Effectiveness
Period, without being succeeded immediately by a subsequent Registration Statement filed with and
declared effective by the SEC, or (iv) the Company has breached Section 3(t), or (v) if, after any
such Registration Statement has been declared effective by the SEC, sales of any of the Registrable
Securities required to be covered by such Registration Statement (including any Registrable
Securities required to be registered pursuant to Section 3(b) hereof) cannot be made pursuant to
such Registration Statement (by reason of a stop order or the Company’s failure to update the
Registration Statement or for any other reason outside the control of the Investors) or (vi) the
Common Stock is not listed or included for quotation on the Nasdaq Capital Market (the “Capital
Market”), the Nasdaq National Market (the “National Market”), the New York Stock Exchange (the
“NYSE”), the American Stock Exchange (the “AMEX”), the OTC Electronic Bulletin Board (the “Bulletin
Board”) at any time after the Effectiveness Date hereunder (any such failure or breach being
referred to as an “Event”, and for the purposes of clauses (i) the date on which such Event occurs,
or for the purposes of clause (ii) the date on which such three (3) business day period is
exceeded, or for the purposes of clause (iii) after more than fifteen (15) business days, or for
the purposes of clause (iv) the date of such breach, or for the purposes of clause (v) the date
that sales of any Registrable Securities cannot be made, or for the purposes of clause (vi) the
date that is three (3) days from such Event, being referred to as “Event Date”) then the Company
will make payments to each Investor in such amounts and at such times as shall be determined
pursuant to this Section 2(b) as partial relief for the damages to the Investors by reason of any
such delay in or reduction of their ability to sell the Registrable Securities (which remedy shall
not be exclusive of any other remedies available at law or in equity). The Company shall pay to
each Investor an amount equal to the product of (i) the number of shares of Preferred Stock then
held by such Investor (including, for this purpose, any shares of Preferred Stock that have been
converted into Conversion Shares then held by such Investor as if such shares of Preferred Stock
had not been so converted) multiplied by the per share purchase price, multiplied by (ii) two
percent (2.0%) for the first 30 day period from the Event Date (or portion thereof) (iii) one
percent (1%) for each subsequent 30 day period until the applicable Event is cured (or portion
thereof) thereafter; provided, however, that, for purpose of calculating the payment amount owed to
any given Investor, there shall be excluded from each such period any delays that are solely
attributable to changes required by such Investor in the Registration Statement with respect to
information relating to such Investor, including, without limitation, changes to the plan of
distribution (other than any corrections of Company mistakes with respect to information previously
provided by such Investor). All such amounts required to be paid hereunder shall be paid in either
cash or additional Preferred Stock, at the sole election of the Company, within five days after the
end of each period that gives rise to such obligation, provided that, if any such period extends
for more than thirty (30) days, interim payments shall be made for each such 30 day period.

(c) Piggy-Back Registrations. If, at any time prior to the expiration of the
Registration Period (as defined in Section 3(a) below) the Company shall file with the SEC a
Registration Statement relating to an offering for its own account or the account of others under
the Securities Act of any of its equity securities (other than on Form S-4 or Form S-8 or their
then equivalents relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in connection with stock option
or other employee benefit plans), the Company shall send to each Investor written notice of such
filing, and if, within 15 days after the date of such notice, such Investor shall so request in
writing, the Company shall include in such Registration Statement all or any part of the
Registrable Securities such Investor requests to be registered. Notwithstanding the foregoing, in
the event that, in connection with any underwritten public offering, the managing underwriter(s)
thereof shall impose a limitation on the number of shares of Common Stock which may be included in
the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors
dictate such limitation is necessary to facilitate public distribution, then the Company shall be
obligated to include in such Registration Statement only such limited portion of the Registrable
Securities with respect to which such Investor has requested inclusion hereunder as the underwriter
shall permit; provided, however, that (i) the Company shall not exclude any Registrable Securities
unless the Company has first excluded all outstanding securities, the holders of which are
officers, directors or other insiders of the Company or who are not contractually entitled to
inclusion of such securities in such Registration Statement or are not contractually entitled to
pro rata inclusion with the Registrable Securities, (ii) after giving effect to the immediately
preceding proviso, any such exclusion of Registrable Securities shall be made pro rata among the
Investors seeking to include Registrable Securities and the holders of other securities having the
contractual right to inclusion of their securities in such Registration Statement by reason of
demand registration rights, in proportion to the number of Registrable Securities or other
securities, as applicable, sought to be included by each such Investor or other holder, and (iii)
no such reduction shall reduce the amount of Registrable Securities included in the registration
below twenty-five (25%) of the total amount of securities included in such registration. No right
to registration of Registrable Securities under this Section 2(c) shall be construed to limit any
registration required under Section 2(a) hereof. If an offering in connection with which an
Investor is entitled to registration under this Section 2(c) is an underwritten offering, then each
Investor whose Registrable Securities are included in such Registration Statement shall, unless
otherwise agreed by the Company, offer and sell such Registrable Securities in an underwritten
offering using the same underwriter or underwriters and, subject to the provisions of this
Agreement, on the same terms and conditions as other shares of Common Stock included in such
underwritten offering.

3. OBLIGATIONS OF THE COMPANY.

In connection with the registration of the Registrable Securities, the Company shall have the
following obligations:

(a) The Company shall respond promptly, but in no event later than ten (10) business days, to
any and all comments made by the staff of the SEC to any Registration Statement required to be
filed hereunder, and shall submit to the SEC, before the close of business on the business day
immediately following the business day on which the Company learns (either by telephone or in
writing) that no review of such Registration Statement will be made by the SEC or that the staff of
the SEC has no further comments on such Registration Statement, as the case may be, a request for
acceleration of the effectiveness of such Registration Statement to a time and date as soon as
practicable. The Company shall keep such Registration Statement effective pursuant to Rule 415 at
all times until such date as is the earlier of (i) the date on which all of the Registrable
Securities have been sold and (ii) the date on which all of the Registrable Securities may be
immediately sold to the public without registration or restriction pursuant to Rule 144(k) under
the Securities Act or any successor provision (the “Registration Period”), which Registration
Statement (including any amendments or supplements thereto and prospectuses contained therein and
all documents incorporated by reference therein) (A) shall comply in all material respects with the
requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder
and (B) shall not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein not misleading. The
financial statements of the Company included in any such Registration Statement or incorporated by
reference therein (x) shall comply as to form in all material respects with the applicable
accounting requirements and the published rules and regulations of the SEC applicable with respect
thereto, (y) shall be prepared in accordance with U.S. generally accepted accounting principles,
consistently applied during the periods involved (except as may be otherwise indicated in such
financial statements or the notes thereto or, in the case of unaudited interim statements, to the
extent they may not include footnotes or may be condensed on summary statements) and (z) fairly
present in all material respects the consolidated financial position of the Company and its
consolidated subsidiaries as of the dates thereof and the consolidated results of their operations
and cash flows for the periods then ended (subject, in the case of unaudited statements, to
immaterial year-end adjustments).

(b) The Company shall furnish to each Investor whose Registrable Securities are included in a
Registration Statement and such Investor’s legal counsel, without charge, (i) promptly after the
same is prepared and publicly distributed, filed with the SEC or received by the Company, as
applicable, one copy of the Registration Statement and any amendment thereto, including financial
statement and schedules, all documents incorporated or deemed to be incorporated therein by
reference, and all exhibits to the extent requested by such Investor, each preliminary prospectus
and prospectus and each amendment or supplement thereto, and, in the case of the Registration
Statement required to be filed pursuant to Section 2(a), each letter written by or on behalf of the
Company to the SEC or the staff of the SEC (including, without limitation, any request to
accelerate the effectiveness of the Registration Statement or amendment thereto), and each item of
correspondence from the SEC or the staff of the SEC, in each case relating to the Registration
Statement (other than any portion thereof that contains information for which the Company has
sought confidential treatment), (ii) on the date of effectiveness of the Registration Statement or
any amendment thereto, a notice stating that the Registration Statement or amendment has been
declared effective, and (iii) such number of copies of a prospectus, including a preliminary
prospectus, all amendments and supplements thereto and all such other documents as such Investor
may reasonably request in order to facilitate the disposition of the Registrable Securities owned
by such Investor. Promptly deliver to each Investor and the Special Counsel, without charge, as
many copies of the Prospectus or Prospectuses (including each form of prospectus) and each
amendment or supplement thereto as such Persons may reasonably request; and the Company hereby
consents to the use of such Prospectus and each amendment or supplement thereto by each of the
selling Investors in connection with the offering and sale of the Registrable Securities covered by
such Prospectus and any amendment or supplement thereto.

(c) Notify the holders of Registrable Securities to be sold and the Special Counsel as
promptly as possible (and, in the case of (i)(A) below, not less than five (5) days prior to such
filing) and (if requested by any such Person) confirm such notice in writing no later than one (1)
business day following the day (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to the Registration Statement is filed, (B) when the SEC notifies the
Company whether there will be a “review” of such Registration Statement and whenever the SEC
comments in writing on such Registration Statement and (C) with respect to the Registration
Statement or any post-effective amendment, when the same has become effective; (ii) of any request
by the SEC or any other Federal or state governmental authority for amendments or supplements to
the Registration Statement or Prospectus or for additional information; (iii) if at any time any of
the representations and warranties of the Company contained in any agreement contemplated hereby
ceases to be true and correct in all material respects; (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from qualification of
any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of
any Proceeding for such purpose.

(d) The Company shall use its best efforts to (i) register and qualify the Registrable
Securities covered by any Registration Statement under such other securities or “blue sky” laws of
such jurisdictions in the United States as each Investor who holds Registrable Securities being
offered reasonably requests, (ii) prepare and file in those jurisdictions such amendments
(including post-effective amendments) and supplements to such registrations and qualifications as
may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and qualifications in effect
at all times during the Registration Period, and (iv) take all other actions reasonably necessary
or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto
to (A) qualify to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(d), (B) subject itself to general taxation in any such jurisdiction,
(C) file a general consent to service of process in any such jurisdiction, (D) provide any
undertakings that cause the Company undue expense or burden, or (E) make any change in its
Certificate of Incorporation or Bylaws, which in each case the Board of Directors of the Company
determines to be contrary to the best interests of the Company and its stockholders.

(e) As promptly as practicable after becoming aware of such event, the Company shall (i)
notify each Investor by telephone and facsimile of the happening of any event, as a result of which
the prospectus included in any Registration Statement that includes Registrable Securities, as then
in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, and (ii)
promptly prepare a supplement or amendment to such Registration Statement to correct such untrue
statement or omission, and deliver such number of copies of such supplement or amendment to each
Investor as such Investor may reasonably request.

(f) The Company shall use its best efforts (i) to prevent the issuance of any stop order or
other suspension of effectiveness of any Registration Statement that includes Registrable
Securities, and, if such an order is issued, to obtain the withdrawal of such order at the earliest
practicable moment (including in each case by amending or supplementing such Registration
Statement), and (ii) to notify each Investor who holds Registrable Securities being sold (or, in
the event of an underwritten offering, the managing underwriters) of the issuance of such order and
the resolution thereof (and if such Registration Statement is supplemented or amended, deliver such
number of copies of such supplement or amendment to each Investor as such Investor may reasonably
request). 

(g) The Company shall permit the Initial Investors and the Special Counsel to review any
Registration Statement required to be filed hereunder and all amendments and supplements thereto
for at least five (5) business days prior to its filing with the SEC. The Company shall cause its
officers and directors, counsel and independent certified public accountants to respond to such
inquiries as shall be necessary, in the reasonable opinion of Special Counsel, to conduct a
reasonable investigation within the meaning of the Securities Act. The Company shall not file the
Registration Statement or any such Prospectus or any amendments or supplements thereto to which the
holders of a majority of the Registrable Securities or the Special Counsel shall reasonably object
in writing within three (3) business days of their receipt thereof.

(h) The Company shall make generally available to its security holders as soon as practicable,
but in no event later than 50 days after the end of any fiscal quarter or 105 days after the end of
a fiscal year, an earnings statement (in form complying with the provisions of Rule 158 under the
Securities Act) covering a twelve-month period beginning not later than the first day of the
Company’s fiscal quarter next following the effective date of the Registration Statement. The
Company will be deemed to have complied with its obligations under this Section 3(h) upon the
Company’s filing, on an appropriate form, the appropriate report of the Company as required by the
Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, or any
similar successor statute (collectively, the “Exchange Act”).

(i) The Company shall hold in confidence and not make any disclosure of information concerning
an Investor provided to the Company unless (i) disclosure of such information is necessary to
comply with federal or state securities laws, (ii) the disclosure of such information is necessary
to avoid or correct a misstatement or omission in any Registration Statement that includes such
Investor’s Registrable Securities, (iii) the release of such information is ordered pursuant to a
subpoena or other order from a court or governmental body of competent jurisdiction, (iv) such
information has been made generally available to the public other than by disclosure in violation
of this or any other agreement, or (v) such Investor consents to the form and content of any such
disclosure. The Company shall, upon learning that disclosure of any information concerning an
Investor is sought in or by a court or governmental body of competent jurisdiction or through other
means, give prompt notice to such Investor prior to making such disclosure, and cooperate with the
Investor, at the Investor’s expense, in taking appropriate action to prevent disclosure of, or to
obtain a protective order for, such information.

(j) If the Registration Statement refers to any Investor by name or otherwise as the holder of
any securities of the Company, then such Investor shall have the right to require (if such
reference to such Investor by name or otherwise is not required by the Securities Act or any
similar federal statute then in force) the deletion of the reference to such Holder in any
amendment or supplement to the Registration Statement filed or prepared subsequent to the time that
such reference ceases to be required.

(k) The Company shall use its best efforts to promptly cause all of the Registrable Securities
covered by any Registration Statement to be listed or designated for quotation on the Bulletin
Board or the Capital Market, the National Market, the NYSE, the AMEX or any other national
securities exchange or automated quotation system and on each additional national securities
exchange or automated quotation system on which securities of the same class or series issued by
the Company are then listed or quoted, if any, if the listing or quotation of such Registrable
Securities is then permitted under the rules of such exchange or automated quotation system, and in
any event, without limiting the generality of the foregoing, to arrange for or maintain at least
two market makers to register with the National Association of Securities Dealers, Inc. as such
with respect to the Registrable Securities.

(l) The Company shall provide a transfer agent and registrar, which may be a single entity,
for the Registrable Securities not later than the effective date of the Registration Statement
required to be filed pursuant to Section 2(a) hereof.

(m) The Company shall cooperate with any Investor who holds Registrable Securities being
offered and the managing underwriter or underwriters, if any, to facilitate the timely preparation
and delivery of certificates (not bearing any restrictive legends) representing Registrable
Securities to be offered pursuant to any Registration Statement and enable such certificates to be
in such denominations or amounts, as the case may be, and registered in such names, as such
Investor or the managing underwriter or underwriters, if any, may reasonably request. Without
limiting the generality of the foregoing, within three business days after any Registration
Statement that includes Registrable Securities is declared effective by the SEC, the Company shall
cause legal counsel selected by the Company to deliver to the transfer agent for the Registrable
Securities (with copies to any Investor whose Registrable Securities are included in such
Registration Statement), an opinion of such counsel in the form attached hereto as
Exhibit A.

(n) At the request of any Investor, the Company shall prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to any Registration Statement
required to be filed hereunder and the prospectus used in connection with such Registration
Statement as may be necessary in order to change the plan of distribution set forth in such
Registration Statement.

(o) If requested by the holders of a majority in interest of the Registrable Securities, (i)
promptly incorporate in a Prospectus supplement or post-effective amendment to the Registration
Statement such information as the Company reasonably agrees should be included therein and (ii)
make all required filings of such Prospectus supplement or such post-effective amendment as soon as
practicable after the Company has received notification of the matters to be incorporated in such
Prospectus supplement or post-effective amendment.

(p) The Company shall comply with all applicable laws related to a Registration Statement and
offering and sale of securities and all applicable rules and regulations of governmental
authorities in connection therewith (including, without limitation, the Securities Act and the
Exchange Act and the rules and regulations thereunder promulgated by the SEC.)

(q) From and after the date of this Agreement, the Company shall not, and shall not agree to,
allow the holders of any securities of the Company to include any of their securities which are not
Registrable Securities in the Registration Statement required to be filed pursuant to Section 2(a)
or 3(b) hereof without the consent of the holders of a majority in interest of the Registrable
Securities.

(r) The Company shall make available for inspection by (i) each Investor, (ii) any underwriter
participating in any disposition pursuant to any Registration Statement, (iii) one firm of
attorneys and one firm of accountants or other agents retained by the Investors, and (iv) one firm
of attorneys retained by all such underwriters (collectively, the “Inspectors”) all pertinent
financial and other records, and pertinent corporate documents and properties of the Company
(collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector to enable
such Inspector to exercise its due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information which any Inspector may reasonably request for
purposes of such due diligence; provided, however, that each Inspector shall hold in confidence and
shall not make any disclosure (except to an Investor) of any Record or other information which the
Company determines in good faith to be confidential, and of which determination the Inspectors are
so notified, unless (A) the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in any Registration Statement, (B) the release of such Records is ordered
pursuant to a subpoena or other order from a court or government body of competent jurisdiction, or
(C) the information in such Records has been made generally available to the public other than by
disclosure in violation of this or any other agreement. Nothing herein shall be deemed to limit
any Investor’s ability to sell Registrable Securities in a manner that is otherwise consistent with
applicable laws and regulations.

(s) In the case of an underwritten public offering, at the request of any Investor, the
Company shall furnish, on the date of effectiveness of the Registration Statement (i) an opinion,
dated as of such date, from counsel representing the Company addressed to any such Investor and in
form, scope and substance as is customarily given in an underwritten public offering and (ii) a
letter, dated such date, from the Company’s independent certified public accountants in form and
substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to the underwriters, if any, and any such Investor. 

(t) If (i) there is material non-public information regarding the Company which the Company’s
Board of Directors (the “Board”) reasonably determines not to be in the Company’s best
interest to disclose and which the Company is not otherwise required to disclose, or (ii) there is
a significant business opportunity (including, but not limited to, the acquisition or disposition
of assets (other than in the ordinary course of business) or any merger, consolidation, tender
offer or other similar transaction) available to the Company which the Board reasonably determines
not to be in the Company’s best interest to disclose, then the Company may (x) postpone or suspend
filing of a registration statement for a period not to exceed thirty (30) consecutive days or (y)
postpone or suspend effectiveness of a registration statement for a period not to exceed twenty
(20) consecutive days; provided that the Company may not postpone or suspend effectiveness of a
registration statement under this Section 3(t) for more than forty-five (45) days in the aggregate
during any three hundred sixty (360) day period; provided, however, that no such
postponement or suspension shall be permitted for consecutive twenty (20) day periods arising out
of the same set of facts, circumstances or transactions.

4. OBLIGATIONS OF THE INVESTORS.

In connection with the registration of the Registrable Securities, each Investor shall have
the following obligations:

(a) It shall be a condition precedent to the obligations of the Company to effect the
registration pursuant to this Agreement with respect to the Registrable Securities of a particular
Investor that such Investor shall furnish to the Company such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the Registrable
Securities held by it as shall be reasonably required to effect the registration of such
Registrable Securities and shall execute such documents in connection with such registration as the
Company may reasonably request. At least five trading days prior to the first anticipated filing
date of the Registration Statement, the Company shall notify each Investor of the information the
Company requires from each such Investor. 

(b) Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to
cooperate with the Company as reasonably requested by the Company in connection with the
preparation and filing of any Registration Statement required to be filed hereunder, unless such
Investor has notified the Company in writing of such Investor’s election to exclude all of such
Investor’s Registrable Securities from such Registration Statement.

(c) Upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 3(e) or 3(f) with respect to any Registration Statement including Registrable
Securities, each Investor shall immediately discontinue disposition of Registrable Securities
pursuant to such Registration Statement until such Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by Sections 3(e) and 3(f), as applicable, and, if
so directed by the Company, such Investor shall deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a certificate of destruction) all copies in such
Investor’s possession of the prospectus covering such Registrable Securities current at the time of
receipt of such notice. Notwithstanding the foregoing or anything to the contrary in this
Agreement, but subject to compliance with applicable laws, the Company shall cause the transfer
agent for the Registrable Securities to deliver unlegended shares of Common Stock to a transferee
of an Investor in accordance with the terms of the Preferred Stock and Warrants in connection with
any sale of Registrable Securities with respect to which any such Investor has entered into a
contract for sale prior to receipt of such notice and for which any such Investor has not yet
settled.

5. EXPENSES OF REGISTRATION.

All expenses incurred by the Company or the Investors in connection with registrations,
filings or qualifications pursuant to Sections 2 and 3 above (including, without limitation, all
registration, listing and qualification fees, printers and accounting fees, the fees and
disbursements of counsel for the Company and the fees and disbursements of Special Counsel, fees in
connection with state securities or blue sky laws, messenger, telephone and delivery expenses, any
underwriting discounts and commissions, and fees and expenses of all other Persons retained by the
Company in connection with the consummation of the transactions contemplated by this Agreement,
including, without limitation, the Company’s independent accountants) shall be borne by the
Company. In addition, the Company shall pay each Investor’s costs and expenses (including legal
fees) incurred in connection with the enforcement of the rights of such Investor hereunder.

6. INDEMNIFICATION.

(a) To the extent permitted by law, the Company, notwithstanding any termination of this
Agreement, shall indemnify, hold harmless and defend (i) each Investor who holds such Registrable
Securities, and (ii) the directors, officers, partners, members, , brokers (including brokers who
offer and sell Registrable Securities as principal as a result of a pledge or any failure to
perform under a margin call of Common Stock), investment advisers, agents of each such Investor
and employees of each of them, each Person, if any, who controls each such Investor within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and the officers,
directors, agents and employees of each such controlling Person(each, an “Investor Indemnified
Person”), against any joint or several losses, claims, damages, liabilities or expenses
(collectively, together with actions, proceedings or inquiries by any regulatory or self-regulatory
organization, whether commenced or threatened, in respect thereof, “Claims”) to which any of them
may become subject insofar as such Claims arise out of or are based upon: (A) any untrue statement
or alleged untrue statement of a material fact in a Registration Statement or the omission or
alleged omission to state therein a material fact required to be stated or necessary to make the
statements therein not misleading, (B) any untrue statement or alleged untrue statement of a
material fact contained in any preliminary prospectus if used prior to the effective date of such
Registration Statement, or contained in the final prospectus (as amended or supplemented, if the
Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged
omission to state therein any material fact necessary to make the statements made therein, in light
of the circumstances under which the statements therein were made, not misleading, or (C) any
violation or alleged violation by the Company of the Securities Act, the Exchange Act or any other
law (including, without limitation, any state securities law), rule or regulation relating to the
offer or sale of the Registrable Securities (the matters in the foregoing clauses (A) through (C),
collectively, “Violations”). Subject to the restrictions set forth in Section 6(c) with respect to
the number of legal counsel, the Company shall reimburse each Investor and each other Investor
Indemnified Person, promptly as such expenses are incurred and are due and payable, for any
reasonable legal fees or other reasonable expenses incurred by them in connection with
investigating or defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a): (x) shall not apply to a
Claim arising out of or based upon a Violation which occurs in reliance upon and in conformity with
information furnished in writing to the Company by such Investor Indemnified Person expressly for
use in the Registration Statement or any such amendment thereof or supplement thereto; (y) shall
not apply to amounts paid in settlement of any Claim if such settlement is effected without the
prior written consent of the Company, which consent shall not be unreasonably withheld; and (z)
with respect to any preliminary prospectus, shall not inure to the benefit of any Investor
Indemnified Person if the untrue statement or omission of material fact contained in the
preliminary prospectus was corrected on a timely basis in the prospectus, as then amended or
supplemented, if such corrected prospectus was timely made available by the Company pursuant to
Section 3(d) hereof, and the Investor Indemnified Person was promptly advised in writing not to use
the incorrect prospectus prior to the use giving rise to a Violation and such Investor Indemnified
Person, notwithstanding such advice, used it. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Investor Indemnified Person and shall
survive the transfer of the Registrable Securities by the Investors pursuant to Section 9 hereof.
The Company shall notify the Holders promptly of the institution, threat or assertion of any
Proceeding of which the Company is aware in connection with the transactions contemplated by this
Agreement.

(b) In connection with any Registration Statement in which an Investor is participating, (i)
each such Investor shall, severally and not jointly, indemnify, hold harmless and defend, to the
same extent and in the same manner set forth in Section 6(a), the Company, each of its directors,
each of its officers who signs the Registration Statement, its employees and each person, if any,
who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act, and any other stockholder selling securities pursuant to the Registration
Statement or any of its directors or officers or any person who controls such stockholder within
the meaning of the Securities Act or the Exchange Act (each, a “Company Indemnified Person”),
against any Claims to which any of them may become subject insofar as such Claims arise out of or
are based upon written information furnished to the Company by such Investor expressly for
inclusion in the Registration Statement; and (ii) subject to the restrictions set forth in Section
6(c), such Investor shall reimburse the Company Indemnified Persons, promptly as such expenses are
incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them
in connection with investigating or defending any such Claim; provided, however, that the
indemnification obligations contained in this Section 6(b) shall not apply to amounts paid in
settlement of any Claim if such settlement is effected without the prior written consent of such
Investor, which consent shall not be unreasonably withheld; and provided, further, that the
Investor shall be liable under this Agreement (including this Section 6(b) and Section 7) for only
that amount as does not exceed the net proceeds actually received by such Investor as a result of
the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such
Company Indemnified Person and shall survive the transfer of the Registrable Securities by the
Investor pursuant to Section 9 hereof. Notwithstanding anything to the contrary contained herein,
the indemnification obligations contained in this Section 6(b) with respect to any preliminary
prospectus shall not inure to the benefit of any Company Indemnified Person if the untrue statement
or omission of material fact contained in the preliminary prospectus was corrected on a timely
basis in the prospectus, as then amended or supplemented.

(c) Promptly after receipt by any party entitled to indemnification under this Section 6 of
notice of the commencement of any action (including any governmental action), such indemnified
party shall, if a Claim in respect thereof is to made against any indemnifying party under this
Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume control of
the defense thereof with counsel mutually satisfactory to the indemnifying party and the
indemnified party; provided, however, that such indemnifying party shall not be entitled to assume
such defense and an indemnified party shall have the right to retain its own counsel with the fees
and expenses to be paid by the indemnified party unless (1) the indemnifying party has agreed in
writing to pay such fees and expenses; or (2) the indemnifying party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such
indemnified party in any such Proceeding or (3), if, in the reasonable opinion of counsel retained
by the indemnifying party, the representation by such counsel of the indemnified party and the
indemnifying party would be inappropriate due to actual or potential conflicts of interest between
such indemnified party and any other party represented by such counsel in such proceeding or the
actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and any such indemnified party reasonably determines that there
may be legal defenses available to such indemnified party that are in conflict with those available
to such indemnifying party. The indemnifying party shall pay for only one separate legal counsel
for the indemnified parties, and such legal counsel shall be selected by Investors holding a
majority in interest of the Registrable Securities included in the Registration Statement to which
the Claim relates (if the parties entitled to indemnification hereunder are Investor Indemnified
Persons) or by the Company (if the parties entitled to indemnification hereunder are Company
Indemnified Persons). The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action shall not relieve such indemnifying party of
any liability to the indemnified party under this Section 6, except to the extent that the
indemnifying party is actually prejudiced in its ability to defend such action. The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as such expense, loss, damage or liability is
incurred and is due and payable but in no event later than ten (10) business days of written notice
thereof to the indemnifying party (regardless of whether it is ultimately determined that an
Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying
Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to
the extent it is finally judicially determined that such Indemnified Party is not entitled to
indemnification hereunder). No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

7. CONTRIBUTION.

To the extent any indemnification by an indemnifying party is prohibited or limited by law,
the indemnifying party shall make the maximum contribution with respect to any amounts for which it
would otherwise be liable under Section 6 to the fullest extent permitted by law as is appropriate
to reflect the relative fault of the indemnifying party, on the one hand, and the indemnified
party, on the other hand, with respect to the Violation giving rise to the applicable Claim;
provided, however, that (a) no contribution shall be made under circumstances where the maker would
not have been liable for indemnification under the fault standards set forth in Section 6, (b) no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was
not guilty of such fraudulent misrepresentation, and (c) contribution (together with any
indemnification or other obligations under this Agreement) by any seller of Registrable Securities
shall be limited in amount to the net amount of proceeds received by such seller from the sale of
such Registrable Securities. The amount paid or payable by a party as a result of any Losses shall
be deemed to include, subject to the limitations set forth in Section 6, any reasonable attorneys’
or other reasonable fees or expenses incurred by such party in connection with any Proceeding to
the extent such party would have been indemnified for such fees or expenses if the indemnification
provided for in this Section was available to such party in accordance with its terms. In no event
shall any selling Holder be required to contribute an amount under this Section 7 in excess of the
net proceeds received by such Holder upon sale of such Holder’s Registrable Securities pursuant to
the Registration Statement giving rise to such contribution obligation.

The parties hereto 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 that
does not take into account the equitable considerations referred to in the immediately preceding
paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

The indemnity and contribution agreements contained in this Section are in addition to any
liability that the Indemnifying Parties may have to the Indemnified Parties. Notwithstanding
anything to the contrary contained herein, the Holders shall be liable under this Section 7 for
only that amount as does not exceed the net proceeds to such Holder as a result of the sale of
Registrable Securities pursuant to such Registration Statement.

8. REPORTS UNDER THE EXCHANGE ACT.

With a view to making available to the Investors the benefits of Rule 144 promulgated under
the Securities Act or any other similar rule or regulation of the SEC that may at any time permit
the Investors to sell securities of the Company to the public without registration (“Rule 144”),
the Company agrees to:

(a) file with the SEC in a timely manner and make and keep available all reports and other
documents required of the Company under the Securities Act and the Exchange Act so long as the
Company remains subject to such requirements (it being understood that nothing herein shall limit
the Company’s obligations under Section 4(c) of the Securities Purchase Agreement) and the filing
and availability of such reports and other documents is required for the applicable provisions of
Rule 144; and

(b) furnish to each Investor so long as such Investor holds Preferred Stock, Warrants or
Registrable Securities, promptly upon request, (i) a written statement by the Company that it has
complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (ii)
a copy of the most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company, and (iii) such other information as may be reasonably requested
to permit such Investor to sell such securities under Rule 144 without registration.

9. ASSIGNMENT OF REGISTRATION RIGHTS.

The rights of the Investors hereunder, including the right to have the Company register
Registrable Securities pursuant to this Agreement, shall be automatically assignable by each
Investor to any transferee of all or any portion of the Preferred Stock, the Warrants or the
Registrable Securities if: (a) the Investor agrees in writing with the transferee or assignee to
assign such rights, and a copy of such agreement is furnished to the Company after such assignment,
(b) the Company is furnished with written notice of (i) the name and address of such transferee or
assignee, and (ii) the securities with respect to which such registration rights are being
transferred or assigned, (c) following such transfer or assignment, the further disposition of such
securities by the transferee or assignee is restricted under the Securities Act and applicable
state securities laws, (d) the transferee or assignee agrees in writing for the benefit of the
Company to be bound by all of the provisions contained herein, and (e) such transfer shall have
been made in accordance with the applicable requirements of the Securities Purchase Agreement, the
Certificate of Designation and the Warrants, as applicable. In addition, and notwithstanding
anything to the contrary contained in this Agreement, the Securities Purchase Agreement, the
Certificate of Designation or the Warrants, the Securities (as defined in the Securities Purchase
Agreement) may be pledged, and all rights of the Investor under this Agreement or any other
agreement or document related to the transactions contemplated hereby may be assigned, without
further consent of the Company, to a bona fide pledgee in connection with an Investor’s margin or
brokerage account.

10. AMENDMENT OF REGISTRATION RIGHTS.

Provisions of this Agreement may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with written
consent of the Company and the Investor(s) who hold a majority in interest of the Registrable
Securities or, in the case of a waiver, with the written consent of the party against whom
enforcement of such waiver is sought ; provided, however, that (a) no amendment hereto which
restricts the ability of an Investor to elect not to participate in an underwritten offering shall
be effective against any Investor which does not consent in writing to such amendment; (b) no
consideration shall be paid to an Investor by the Company in connection with an amendment hereto
unless each Investor similarly affected by such amendment receives a pro rata amount of
consideration from the Company; and (c) unless an Investor otherwise agrees, each amendment hereto
must similarly affect each Investor. Any amendment or waiver effected in accordance with this
Section 10 shall be binding upon each Investor and the Company.

11. MISCELLANEOUS.

(a) A person or entity is deemed to be a holder of Registrable Securities whenever such person
or entity owns of record such Registrable Securities. If the Company receives conflicting
instructions, notices or elections from two or more persons or entities with respect to the same
Registrable Securities, the Company shall act upon the basis of instructions, notice or election
received from the registered owner of such Registrable Securities.

(b) In the event of a breach by the Company or by an Investor, of any of their obligations
under this Agreement, each Investor or the Company, as the case may be, in addition to being
entitled to exercise all rights granted by law and under this Agreement, including recovery of
damages, will be entitled to specific performance of its rights under this Agreement. The Company
and each Investor agree that monetary damages would not provide adequate compensation for any
losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby
further agrees that, in the event of any action for specific performance in respect of such breach,
it shall waive the defense that a remedy at law would be adequate.

(c) Neither the Company nor any of its subsidiaries has, as of the date hereof entered into
and currently in effect, nor shall the Company or any of its subsidiaries, on or after the date of
this Agreement, enter into any agreement with respect to its securities that is inconsistent with
the rights granted to the Investors in this Agreement or otherwise conflicts with the provisions
hereof. Neither the Company nor any of its subsidiaries has previously entered into any agreement
currently in effect granting any registration rights with respect to any of its securities to any
Person. Without limiting the generality of the foregoing, without the written consent of the
holders of a majority of the then outstanding Registrable Securities, the Company shall not grant
to any Person the right to request the Company to register any securities of the Company, under the
Securities Act unless the rights so granted are subject in all respects to the prior rights in full
of the holders set forth herein, and are not otherwise in conflict with the provisions of this
Agreement.

(d) Any and all notices or other communications or deliveries required or permitted to be
provided hereunder shall be in writing and shall be deemed given and effective on the earlier of
(i) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified for notice prior to 5:00 p.m., eastern time, on a Trading Day,
(ii) the Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile telephone number specified for notice later than 5:00 p.m., eastern
time, on any date and earlier than 11:59 p.m., eastern time, on such date, (iii) the Trading Day
following the date of mailing, if sent by overnight delivery by nationally recognized overnight
courier service or (iv) actual receipt by the party to whom such notice is required to be given.
The addresses for such communications shall be, with respect to the Investors, issued pursuant to
the address of such Investor on the signature page of the Securities Purchase Agreement, or with
respect to the Issuer, addressed to:

(i) If to the Company:

Wave Wireless Corporation

255 Consumers Road

Suite 500

Toronto, Ontario, Canada M2J IR4

Attention: Chief Financial Officer

Tel. No.: (416) 502-3203

Fax No.: (416) 502-2968

with a copy simultaneously transmitted by like means (which transmittal

shall not constitute notice hereunder) to:

Procopio, Cory, Hargreaves & Savitch LLP

530 B Street

Suite 2100

San Diego, CA 92101

Attention: John Lee, Esq.

Copies of notices to the Investors shall be sent to Kramer Levin Naftalis & Frankel LLP, 1177
Avenue of the Americas, New York, New York 10036, Attention: Christopher S. Auguste, Tel. No.:
(212) 715-9100, Fax. No.: (212) 715-8000. Any party hereto may from time to time change its
address for notices by giving at least ten (10) days written notice of such changed address to the
other party at the appropriate address above.

(e) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or
delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

(f) This Agreement shall be governed by and construed in accordance with the internal laws of
the State of New York, without giving effect to any of the conflicts of law principles which would
result in the application of the substantive law of another jurisdiction. This Agreement shall not
be interpreted or construed with any presumption against the party causing this Agreement to be
drafted. The Company and the Investors agree that venue for any dispute arising under this
Agreement will lie exclusively in the state or federal courts located in New York County, New York,
and the parties irrevocably waive any right to raise forum non conveniens or any other argument
that New York is not the proper venue. The Company and the Investors irrevocably consent to
personal jurisdiction in the state and federal courts of the state of New York. The Company and
the Investors consent to process being served in any such suit, action or proceeding by mailing a
copy thereof to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing in this Section 11(f) shall affect or limit any right to serve process in any
other manner permitted by law. The Company and the Investors hereby agree that the prevailing
party in any suit, action or proceeding arising out of or relating to the this Agreement or the
Purchase Agreement, shall be entitled to reimbursement for reasonable legal fees from the
non-prevailing party. The parties hereby waive all rights to a trial by jury.

(g) This Agreement and the other Transaction Documents (including any schedules and exhibits
hereto and thereto) constitute the entire agreement among the parties hereto with respect to the
subject matter hereof and thereof. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein. This Agreement and the
other Transaction Documents supersede all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof and thereof.

(h) This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties hereto. The Company may not assign this Agreement or any of its
rights or obligations hereunder without the prior written consent of the holders of not less than
seventy-five (75%) of the then issued and outstanding Registrable Securities. Each Purchaser may
assign its rights hereunder in the manner and to the Persons as permitted under this Agreement.

(i) The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof.

(j) This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original but all of which shall constitute one and the same agreement. This Agreement, once
executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy
of this Agreement bearing the signature of the party so delivering this Agreement.

(k) Each party shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements, certificates, instruments and
documents, as the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

(l) Unless other expressly provided herein, all consents, approvals and other determinations
to be made by the Investors pursuant to this Agreement shall be made by the Investors holding a
majority in interest of the Registrable Securities (determined as if all Preferred Stock and
Warrants then outstanding had been converted into or exercised for Registrable Securities) held by
all Investors.

(m) The initial number of Registrable Securities included on any Registration Statement filed
pursuant to Section 2(a) or 3(b), and each increase to the number of Registrable Securities
included thereon, shall be allocated pro rata among the Investors based on the number of
Registrable Securities held by each Investor at the time of such establishment or increase, as the
case may be. In the event an Investor shall sell or otherwise transfer any of such holder’s
Registrable Securities, each transferee shall be allocated a pro rata portion of the number of
Registrable Securities included on a Registration Statement for such transferor. Any shares of
Common Stock included on a Registration Statement and which remain allocated to any person or
entity which does not hold any Registrable Securities shall be allocated to the remaining
Investors, pro rata based on the number of shares of Registrable Securities then held by such
Investors. For the avoidance of doubt, the number of Registrable Securities held by any Investor
shall be determined as if all Preferred Stock and Warrants then outstanding were converted into or
exercised for Registrable Securities.

(n) Each party to this Agreement has participated in the negotiation and drafting of this
Agreement. As such, the language used herein shall be deemed to be the language chosen by the
parties hereto to express their mutual intent, and no rule of strict construction will be applied
against any party to this Agreement.

(o) The Company acknowledges that the obligations of each Investor under this Agreement and
each of the other Transaction Documents are several and not joint with the obligations of any other
Investor, and no Investor shall be responsible in any way for the performance of the obligations of
any other Investor under the Transaction Documents. Each Investor acknowledges that it has
independently evaluated the merits of the transactions contemplated by this Agreement and the other
Transaction Documents, that it has independently determined to enter into the transactions
contemplated hereby and thereby, that it is not relying on any advice from or evaluation by any
other Investor, and that it is not acting in concert with any other Investor in making its purchase
of securities hereunder or in monitoring its investment in the Company. The Investors and, to its
knowledge, the Company agree that the no action taken by any Investor pursuant hereto or to the
other Transaction Documents, shall be deemed to constitute the Investors as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the
Investors are in any way acting in concert or would deem such Investors to be members of a “group”
for purposes of Section 13(d) of the Exchange Act, and the Investors have not agreed to act
together for the purpose of acquiring, holding, voting or disposing of equity securities of the
Company. The Company has elected to provide all Investors with the same terms and Transaction
Documents for the convenience of the Company and not because it was required or requested to do so
by the Investors. The Company acknowledges that such procedure with respect to the Transaction
Documents in no way creates a presumption that the Investors are in any way acting in concert or as
a “group” for purposes of Section 13(d) of the Exchange Act with respect to the Transaction
Documents or the transactions contemplated hereby or thereby. Each Investor acknowledges that it
has been represented by its own separate legal counsel in their review and negotiation of the
Transaction Documents.

(p) Whenever the consent or approval of holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or its Affiliates
(other than any holder or transferees or successors or assigns thereof if such holder is deemed to
be an Affiliate solely by reason of its holdings of such Registrable Securities) shall not be
counted in determining whether such consent or approval was given by the holders of such required
percentage.

(q) For purposes of this Agreement, the term “business day” means any day other than a
Saturday or Sunday or a day on which banking institutions in the State of New York are authorized
or obligated by law, regulation or executive order to close, and the term “trading day” means any
day on which the Bulletin Board or, if the Common Stock is not then traded on the Bulletin Board,
the principal national securities exchange, automated quotation system or other trading market
where the Common Stock is then listed, quoted or traded, is open for trading. 

[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

1

IN WITNESS WHEREOF, the undersigned Investor
and the Company have caused this Agreement to be duly executed as of the date first above written.

WAVE WIRELESS CORPORATION

By:

Name:

Title:

INITIAL INVESTORS:

(Print or Type Name of Purchaser)

By:

Name:

Title:

2

EXHIBIT A

[Date]

[Transfer Agent]

RE: Wave Wireless Corporation

Ladies and Gentlemen:

We are counsel to Wave Wireless Corporation, a corporation organized under the laws of the State of
Delaware (the “Company”), and we understand that [Name of Investor] (the “Holder”) has purchased
from the Company (i) shares of Series J-1 Convertible Preferred Stock that are convertible into
shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and (ii)
warrants to acquire shares of Common Stock. Pursuant to a Registration Rights Agreement, dated as
of April      , 2006, by and among the Company and the signatories thereto (the “Registration Rights
Agreement”), the Company agreed with the Holder, among other things, to register the Registrable
Securities (as that term is defined in the Registration Rights Agreement) under the Securities Act
of 1933, as amended (the “Securities Act”), upon the terms provided in the Registration Rights
Agreement. In connection with the Company’s obligations under the Registration Rights Agreement,
on [     ,      ], the Company filed a Registration Statement on Form S-     (File No.
333-      ) (the “Registration Statement”) with the Securities and Exchange Commission (the
“SEC”) relating to the Registrable Securities, which names the Holder as a selling stockholder
thereunder. The Registration Statement was declared effective by the SEC on      ,      .

In connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by
telephone that the SEC has entered into an order declaring the Registration Statement effective
under the Securities Act at [time of effectiveness] on [date of effectiveness], and we have no
knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending
its effectiveness has been issued or that any proceedings for that purpose are pending before, or
threatened by, the SEC.

Based on the foregoing, we are of the opinion that the Registrable Securities are available for
resale under the Securities Act pursuant to the Registration Statement.

Very truly yours,

[NAME OF COUNSEL]

cc: [Name of Investor]

3EX-10.6

THE WARRANT EVIDENCED BY THIS CERTIFICATE AND THE SHARES OF COMMON STOCK PURCHASABLE UPON
EXERCISE OF THE WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY STATE SECURITIES LAWS, AND SUCH WARRANT AND SUCH SHARES MAY NOT BE SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS THE SAME IS REGISTERED AND QUALIFIED IN ACCORDANCE WITH THE ACT AND
ANY APPLICABLE STATE SECURITIES LAWS, OR IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
ISSUER THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED.

SERIES J WARRANT

TO PURCHASE

SHARES OF COMMON STOCK

OF

WAVE WIRELESS CORPORATION

No.: J1 — # Number of Shares: #

Date of Issuance: [Date]

FOR VALUE RECEIVED, subject to the provisions hereinafter set forth, the undersigned, Wave
Wireless Corporation, a Delaware corporation (together with its successors and assigns, the
"Issuer”), hereby certifies that      (“Holder”), or its registered assigns is
entitled to purchase, during the Term (as hereinafter defined), up to      (#) shares (subject
to adjustment as hereinafter provided) of the duly authorized, validly issued, fully paid and
non-assessable Common Stock of the Issuer, at an exercise price per share equal to the Warrant
Price, as the same may be adjusted from time to time pursuant to the terms hereof; subject,
however, to the provisions and upon the terms and conditions hereinafter set forth. Capitalized
terms used in this Warrant and not otherwise defined herein shall have the respective meanings
specified in Section 8 hereof.

This Warrant is issued pursuant to that certain Securities Purchase Agreement dated as of the
date hereof, by and among the Issuer and the Holder.

1. Term. The term of this Warrant shall commence on      , 2006 and shall expire at
5:00 p.m., Eastern time, on the later of: (a)      , 2011 or (b) five (5) years from the date that
the Warrant may be exercised pursuant to Section 2 hereof (such period the “Term”).

2. Method of Exercise Payment; Issuance of New Warrant; Transfer and Exchange.

(a) Time of Exercise. This Warrant shall be exercisable, in whole or in part, at any
time and from time to time during the period beginning on (a) the later of (i) Original Issue Date
and (ii) the date that the majority of the stockholders of the Issuer approve one or more
amendments to its Certificate of Incorporation to increase the Company’s authorized shares of
Common Stock to the number of shares of Common Stock sufficient to reserve one hundred percent
(100%) of the number of shares of Common Stock as shall from time to time be sufficient to effect
the exercise of the Warrants then outstanding or (b) December 31, 2006.

(b) Method of Exercise. The Holder hereof may exercise this Warrant, in whole or in
part, by the surrender of this Warrant (with the exercise form attached hereto duly executed) at
the principal office of the Issuer, and by the payment to the Issuer of an amount of consideration
therefor equal to the Warrant Price, as the same may be adjusted pursuant to the terms hereof, as
of the date of such exercise, multiplied by the number of shares of Warrant Stock with respect to
which this Warrant is then being exercised, payable at such Holder’s election (i) by certified or
official bank check or by wire transfer to an account designated by the Issuer, (ii) by “cashless
exercise” in accordance with the provisions of subsection (c) of this Section 2, or (iii) by a
combination of the foregoing methods of payment selected by the Holder of this Warrant.

(c) Cashless Exercise. The Holder may exercise this Warrant by a cashless exercise
and shall receive the number of shares of Common Stock equal to an amount (as determined below) by
surrender of this Warrant at the principal office of the Issuer together with the properly endorsed
Notice of Exercise in which event the Issuer shall issue to the Holder a number of shares of Common
Stock computed using the following formula:

X = Y — (A)(Y)

B

	 	 	Where X = the number of shares of Common Stock to be issued to the Holder.

	 	 	 	Y = the number of shares of Common Stock purchasable upon
exercise of all of the Warrant or, if only a portion of the Warrant is being
exercised, the portion of the Warrant being exercised.

	 	 	 
	A =

	 	the Warrant Price.
	 
	 	 
	B =

	 	the Per Share Market Value of one share of Common Stock.

(d) Issuance of Stock Certificates. In the event of any exercise of this Warrant in
accordance with and subject to the terms and conditions hereof, (i) certificates for the shares of
Warrant Stock so purchased shall be dated the date of such exercise and delivered to the Holder
hereof within a reasonable time, not exceeding three (3) Trading Days after such exercise (the
“Delivery Date”) or, at the request of the Holder (provided that a registration statement
under the Securities Act providing for the resale of the Warrant Stock is then in effect), issued
and delivered to the Depository Trust Company (“DTC”) account on the Holder’s behalf via
the Deposit Withdrawal Agent Commission System (“DWAC”) within a reasonable time, not
exceeding three (3) Trading Days after such exercise, and the Holder hereof shall be deemed for all
purposes to be the holder of the shares of Warrant Stock so purchased as of the date of such
exercise and (ii) unless this Warrant has expired, a new Warrant representing the number of shares
of Warrant Stock, if any, with respect to which this Warrant shall not then have been exercised
(less any amount thereof which shall have been canceled in payment of the Warrant Price as
hereinabove provided) shall also be issued to the Holder hereof at the Issuer’s expense within such
time.

(e) Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise.
In addition to any other rights available to the Holder, if the Issuer fails to cause its transfer
agent to transmit to the Holder a certificate or certificates representing the Warrant Stock
pursuant to an exercise on or before the Delivery Date, and if after such date the Holder is
required by its broker to purchase (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Stock which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Issuer shall (1) pay in
cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by
multiplying (A) the number of shares of Warrant Stock that the Issuer was required to deliver to
the Holder in connection with the exercise at issue times (B) the price at which the sell order
giving rise to such purchase obligation was executed, and (2) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of shares of Warrant Stock for which
such exercise was not honored or deliver to the Holder the number of shares of Common Stock that
would have been issued had the Issuer timely complied with its exercise and delivery obligations
hereunder. For example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an
aggregate sale price giving rise to such purchase obligation of $10,000, under clause (1) of the
immediately preceding sentence the Issuer shall be required to pay the Holder $1,000. The Holder
shall provide the Issuer written notice indicating the amounts payable to the Holder in respect of
the Buy-In, together with applicable confirmations and other evidence reasonably requested by the
Issuer. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Issuer’s failure to timely deliver certificates
representing shares of Common Stock upon exercise of this Warrant as required pursuant to the terms
hereof.

(f) Transferability of Warrant. Subject to Section 2(h), this Warrant may be
transferred by a Holder, without the consent of the Issuer, by surrendering this Warrant at the
principal office of the Issuer, properly endorsed (by the Holder executing an assignment in the
form attached hereto) and upon payment of any necessary transfer tax or other governmental charge
imposed upon such transfer. If transferred pursuant to this paragraph, this Warrant may be
transferred on the books of the Issuer by the Holder hereof in person or by duly authorized
attorney. This Warrant is exchangeable at the principal office of the Issuer for Warrants for the
purchase of the same aggregate number of shares of Warrant Stock, each new Warrant to represent the
right to purchase such number of shares of Warrant Stock as the Holder hereof shall designate at
the time of such exchange. All Warrants issued on transfers or exchanges shall be dated the
Original Issue Date and shall be identical with this Warrant except as to the name of the Holder or
the number of shares of Warrant Stock, as applicable.

(g) Continuing Rights of Holder. The Issuer will, at the time of or at any time after
each exercise of this Warrant, upon the request of the Holder hereof, acknowledge in writing the
extent, if any, of its continuing obligation to afford to such Holder all rights to which such
Holder shall continue to be entitled after such exercise in accordance with the terms of this
Warrant, provided that if any such Holder shall fail to make any such request, the failure
shall not affect the continuing obligation of the Issuer to afford such rights to such Holder.

(h) Compliance with Securities Laws. 

(i) The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant
and the shares of Warrant Stock to be issued upon exercise hereof are being acquired solely
for the Holder’s own account and not as a nominee for any other party, and for investment,
and that the Holder will not offer, sell or otherwise dispose of this Warrant or any shares
of Warrant Stock to be issued upon exercise hereof except pursuant to an effective
registration statement, or an exemption from registration, under the Securities Act and any
applicable state securities laws.

(ii) Except as provided in paragraph (iii) below, this Warrant and all certificates
representing shares of Warrant Stock issued upon exercise hereof shall be stamped or
imprinted with a legend in substantially the following form:

THE WARRANT EVIDENCED BY THIS CERTIFICATE AND THE SHARES OF COMMON
STOCK PURCHASABLE UPON EXERCISE OF THE WARRANT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAW, AND SUCH WARRANT AND SUCH SHARES MAY
NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THE SAME IS
REGISTERED AND QUALIFIED IN ACCORDANCE WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS, OR IN THE OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION AND
QUALIFICATION ARE NOT REQUIRED.

(iii) The Issuer agrees to reissue this Warrant or certificates representing any of the
Warrant Stock, without the legend set forth above if at such time, prior to making any
transfer of any such securities, the Holder shall give written notice to the Issuer
describing the manner and terms of such transfer. Such proposed transfer will not be
effected until: (a) either (i) the Issuer has received an opinion of counsel reasonably
satisfactory to the Issuer, to the effect that the registration of such securities under the
Securities Act is not required in connection with such proposed transfer, (ii) a
registration statement under the Securities Act covering such proposed disposition has been
filed by the Issuer with the Securities and Exchange Commission and has become effective
under the Securities Act, (iii) the Issuer has received other evidence reasonably
satisfactory to the Issuer that such registration and qualification under the Securities Act
and state securities laws are not required, or (iv) the Holder provides the Issuer with
reasonable assurances that such security can be sold pursuant to Rule 144 under the
Securities Act; and (b) either (i) the Issuer has received an opinion of counsel reasonably
satisfactory to the Issuer, to the effect that registration or qualification under the
securities or “blue sky” laws of any state is not required in connection with such proposed
disposition, or (ii) compliance with applicable state securities or “blue sky” laws has been
effected or a valid exemption exists with respect thereto. The Issuer will respond to any
such notice from a holder within three (3) business days. In the case of any proposed
transfer under this Section 2(h), the Issuer will use reasonable efforts to comply with any
such applicable state securities or “blue sky” laws, but shall in no event be required, (x)
to qualify to do business in any state where it is not then qualified, (y) to take any
action that would subject it to tax or to the general service of process in any state where
it is not then subject, or (z) to comply with state securities or “blue sky” laws of any
state for which registration by coordination is unavailable to the Issuer. The restrictions
on transfer contained in this Section 2(h) shall be in addition to, and not by way of
limitation of, any other restrictions on transfer contained in any other section of this
Warrant. Whenever a certificate representing the Warrant Stock is required to be issued to
a the Holder without a legend, in lieu of delivering physical certificates representing the
Warrant Stock, provided the Issuer’s transfer agent is participating in the DTC Fast
Automated Securities Transfer program, the Issuer shall use its reasonable best efforts to
cause its transfer agent to electronically transmit the Warrant Stock to the Holder by
crediting the account of the Holder’s Prime Broker with DTC through its DWAC system (to the
extent not inconsistent with any provisions of this Warrant or the Securities Purchase
Agreement).

3. Stock Fully Paid; Reservation and Listing of Shares; Covenants.

(a) Stock Fully Paid. The Issuer represents, warrants, covenants and agrees that all
shares of Warrant Stock which may be issued upon the exercise of this Warrant or otherwise
hereunder will, when issued in accordance with the terms of this Warrant, be duly authorized,
validly issued, fully paid and non-assessable and free from all taxes, liens and charges created by
or through the Issuer. The Issuer further covenants and agrees that during the period within which
this Warrant may be exercised, the Issuer will at all times have authorized and reserved for the
purpose of the issuance upon exercise of this Warrant a number of shares of Common Stock equal to
at least 100% of the aggregate number of shares of Common Stock to provide for the exercise of this
Warrant.

(b) Reservation. If any shares of Common Stock required to be reserved for issuance
upon exercise of this Warrant or as otherwise provided hereunder require registration or
qualification with any governmental authority under any federal or state law before such shares may
be so issued, the Issuer will in good faith use its reasonable best efforts as expeditiously as
possible at its expense to cause such shares to be duly registered or qualified. If the Issuer
shall list any shares of Common Stock on any securities exchange or market it will, at its expense,
list thereon, maintain and increase when necessary such listing, of, all shares of Warrant Stock
from time to time issued upon exercise of this Warrant or as otherwise provided hereunder and, to
the extent permissible under the applicable securities exchange rules, all unissued shares of
Warrant Stock which are at any time issuable hereunder, so long as any shares of Common Stock shall
be so listed. The Issuer will also so list on each securities exchange or market, and will
maintain such listing of, any other securities which the Holder of this Warrant shall be entitled
to receive upon the exercise of this Warrant if at the time any securities of the same class shall
be listed on such securities exchange or market by the Issuer.

(c) Covenants. The Issuer shall not by any action including, without limitation,
amending the Certificate of Incorporation or the by-laws of the Issuer, or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other action, avoid or seek to avoid the observance or performance of any of the terms of
this Warrant, but will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such actions as may be necessary or appropriate to protect the rights of the
Holder hereof against dilution (to the extent specifically provided herein) or impairment. Without
limiting the generality of the foregoing, the Issuer will (i) not permit the par value, if any, of
its Common Stock to exceed the then effective Warrant Price, (ii) not amend or modify any provision
of the Certificate of Incorporation or by-laws of the Issuer in any manner that would adversely
affect the rights of the Holders of the Warrants in their capacity as Holders of the Warrants,
(iii) take all such action as may be reasonably necessary in order that the Issuer may validly and
legally issue fully paid and non assessable shares of Common Stock, free and clear of any liens,
claims, encumbrances and restrictions (other than as provided herein) upon the exercise of this
Warrant, and (iv) use its reasonable best efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be reasonably necessary
to enable the Issuer to perform its obligations under this Warrant.

(d) Loss, Theft, Destruction of Warrants. Upon receipt of an affidavit of loss and
other evidence satisfactory to the Issuer of the ownership of and the loss, theft, destruction or
mutilation of any Warrant and upon receipt of indemnity or security satisfactory to the Issuer or,
in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Issuer
will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant
of like tenor and representing the right to purchase the same number of shares of Common Stock.

4. Adjustment of Warrant Price and Warrant Share Number. The number of shares of
Common Stock for which this Warrant is exercisable, and the price at which such shares may be
purchased upon exercise of this Warrant, shall be subject to adjustment from time to time as set
forth in this Section 4. The Issuer shall give the Holder notice of any event described below which
requires an adjustment pursuant to this Section 4 in accordance with Section 5.

(a) Recapitalization, Reorganization, Reclassification, Consolidation, Merger or Sale.

(i) In case the Issuer after the Original Issue Date shall do any of the following
(each, a “Triggering Event”): (a) consolidate or merge with or into another
corporation where the holders of outstanding Voting Stock prior to such merger or
consolidation do not own over 50% of the outstanding Voting Stock of the merged or
consolidated entity immediately after such merger or consolidation, or (b) sell all or
substantially all of its properties or assets to any other Person, or (c) change the Common
Stock to the same or different number of shares of any class or classes of stock, whether by
reclassification, exchange, substitution or otherwise (other than by way of a stock split or
combination of shares or stock dividends provided for in Section 4(b)), effect a capital
reorganization (other than by way of a stock split or combination of shares or stock
dividends provided for in Section 4(b)), then, and in the case of each such Triggering
Event, proper provision shall be made so that, upon the basis and the terms and in the
manner provided in this Warrant, the Holder of this Warrant shall be entitled upon the
exercise hereof at any time after the consummation of such Triggering Event, to the extent
this Warrant is not exercised prior to such Triggering Event, to receive at the Warrant
Price in effect at the time immediately prior to the consummation of such Triggering Event
in lieu of the Common Stock issuable upon such exercise of this Warrant prior to such
Triggering Event, the Securities, cash and property to which such Holder would have been
entitled upon the consummation of such Triggering Event if such Holder had exercised the
rights represented by this Warrant immediately prior thereto (including the right of a
shareholder to elect the type of consideration it will receive upon a Triggering Event),
subject to adjustments (subsequent to such corporate action) as nearly equivalent as
possible to the adjustments provided for elsewhere in this Section 4. The Issuer will not
effect any consolidation, merger or sale or conveyance unless prior to the consummation
thereof, the successor or acquiring entity (if other than the Issuer) and, if an entity
different from the successor or acquiring entity, the entity whose capital stock or assets
the holders of the Common Stock of the Issuer are entitled to receive as a result of such
consolidation, merger or sale or conveyance assumes by written instrument the obligations
under this Warrant and the obligations to deliver to the Holder of this Warrant such shares
of stock, securities or assets, in accordance with the foregoing provisions Notwithstanding
the foregoing to the contrary, this Section 4(a)(i) shall only apply if the surviving entity
pursuant to any such Triggering Event is a public company that is registered pursuant to the
Securities Exchange Act of 1934, as amended, and its common stock is listed or quoted on a
national exchange or the OTC Bulletin Board. In the event that the surviving entity
pursuant to any such Triggering Event is not a public company that is registered pursuant to
the Securities Exchange Act of 1934, as amended, or its common stock is not listed or quoted
on a national exchange or the OTC Bulletin Board, then the Holder shall have the right to
demand that the Issuer pay to the Holder an amount equal to the value of this Warrant
according to the Black-Scholes formula.

(ii) Notwithstanding anything contained in this Warrant to the contrary and so long as
the surviving entity pursuant to any Triggering Event is a public company that is registered
pursuant to the Securities Exchange Act of 1934, as amended, and its common stock is listed
or quoted on a national exchange or the OTC Bulletin Board, a Triggering Event shall not be
deemed to have occurred if, prior to the consummation thereof, each Person (other than the
Issuer) which may be required to deliver any Securities, cash or property upon the exercise
of this Warrant as provided herein shall assume, by written instrument delivered to, and
reasonably satisfactory to, the Holder of this Warrant, (a) the obligations of the Issuer
under this Warrant (and if the Issuer shall survive the consummation of such Triggering
Event, such assumption shall be in addition to, and shall not release the Issuer from, any
continuing obligations of the Issuer under this Warrant) and (b) the obligation to deliver
to such Holder such shares of Securities, cash or property as, in accordance with the
foregoing provisions of this subsection (a), such Holder shall be entitled to receive, and
such Person shall have similarly delivered to such Holder an opinion of counsel for such
Person, which counsel shall be reasonably satisfactory to such Holder, or in the
alternative, a written acknowledgement executed by the President or Chief Financial Officer
of the Issuer, stating that this Warrant shall thereafter continue in full force and effect
and the terms hereof (including, without limitation, all of the provisions of this
subsection (a)) shall be applicable to the securities, cash or property which such Person
may be required to deliver upon any exercise of this Warrant or the exercise of any rights
pursuant hereto.

(b) Stock Dividends, Subdivisions and Combinations. If at any time the Issuer shall:

(i) make or issue or set a record date for the holders of its Common Stock for the
purpose of entitling them to receive a dividend payable in, or other distribution of, shares
of Common Stock,

(ii) effect a stock split of its outstanding shares of Common Stock into a larger
number of shares of Common Stock, or

(iii) combine its outstanding shares of Common Stock into a smaller number of shares of
Common Stock,

then (1) the number of shares of Common Stock for which this Warrant is exercisable immediately
after the occurrence of any such event shall be adjusted to equal the number of shares of Common
Stock which a record holder of the same number of shares of Common Stock for which this Warrant is
exercisable immediately prior to the occurrence of such event would own or be entitled to receive
after the happening of such event, and (2) the Warrant Price then in effect shall be adjusted to
equal (A) the Warrant Price then in effect multiplied by the number of shares of Common Stock for
which this Warrant is exercisable immediately prior to the adjustment divided by (B) the number of
shares of Common Stock for which this Warrant is exercisable immediately after such adjustment.

Notwithstanding the foregoing, if such record date shall have been fixed and such dividend is not
fully paid or if such distribution is not fully made on the date fixed therefor, the Warrant Price
shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or
distributions.

(c) Dilutive Issuances.

If the Issuer issues or sells (A) any shares of Common Stock for no consideration or for a
consideration per share less than the Warrant Price in effect on the date of such issuance or sale
(or deemed issuance or sale) or (B) any Convertible Securities which may be exercised, converted or
exchanged into shares of Common Stock at a price per share less than the Warrant Price in effect on
the date of such issuance of sale (or deemed issuance or sale) (each, a “Dilutive Issuance”), then
effective immediately upon the Dilutive Issuance, the Warrant Price shall be adjusted in accordance
with the following formula:

	 	 	 	 	 
	ACP=

	 	C x
	 	O+P/C
	 
	 	 	 	 
	
 
	 	 	 	CSDO

where:

	 	 	 
	ACP

C

	 	= the adjusted Warrant Price;

= the Warrant Price;

	 	 	 	O = the number of shares of Common Stock outstanding immediately prior to the
Dilutive Issuance;

	 	 	 	P = the aggregate consideration received by the Issuer upon such Dilutive
Issuance; and

	 	 	 	CSDO = the total number of shares of Common Stock actually outstanding (after giving
effect to the Dilutive Issuance, and not including shares of Common Stock held in the
treasury of the Issuer), plus, in the case of any adjustment required by this Section
5(e)(vii) due to the issuance of Convertible Securities, the maximum total number of
 shares of Common Stock issuable upon the exercise, conversion or exchange of the
Convertible Securities for which the adjustment is required, as of the date of issuance
of such Convertible Securities, if any.

Notwithstanding the foregoing, no adjustment shall be made pursuant to this Section 5(e)(vii) if
such adjustment (i) is caused by any issuances of Convertible Securities or Common Stock to
employees of the Issuer under any stock incentive or similar plan of the Issuer, (ii) is caused by
an issuance of Convertible Securities in connection with any amortization payments on indebtedness
of the Issuer that is outstanding on the date hereof, or (iii) would result in an increase in the
Warrant Price.

(d) Form of Warrant after Adjustments. The form of this Warrant need not be changed
because of any adjustments in the Warrant Price or the number and kind of Securities purchasable
upon the exercise of this Warrant.

5. Notice of Adjustments. Whenever the Warrant Price or Warrant Share Number shall be
adjusted pursuant to Section 4 hereof (for purposes of this Section 5, each an “adjustment”), the
Issuer shall cause its Chief Financial Officer to prepare and execute a certificate setting forth,
in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method
by which such adjustment was calculated, and the Warrant Price and Warrant Share Number after
giving effect to such adjustment, and shall cause copies of such certificate to be delivered to the
Holder of this Warrant promptly after each adjustment. Any dispute between the Issuer and the
Holder of this Warrant with respect to the matters set forth in such certificate may at the option
of the Holder of this Warrant be submitted to a national or regional accounting firm reasonably
acceptable to the Issuer and the Holder, provided that the Issuer shall have ten (10) days
after receipt of notice from such Holder of its selection of such firm to object thereto, in which
case such Holder shall select another such firm and the Issuer shall have no such right of
objection. The firm selected by the Holder of this Warrant as provided in the preceding sentence
shall be instructed to deliver a written opinion as to such matters to the Issuer and such Holder
within thirty (30) days after submission to it of such dispute. Such opinion shall be final and
binding on the parties hereto. The costs and expenses of the initial accounting firm shall be paid
equally by the Issuer and the Holder and, in the case of an objection by the Issuer, the costs and
expenses of the subsequent accounting firm shall be paid in full by the Issuer.

6. Fractional Shares. No fractional shares of Warrant Stock will be issued in
connection with any exercise hereof, but in lieu of such fractional shares, the Issuer shall make a
cash payment therefor equal in amount to the product of the applicable fraction multiplied by the
Per Share Market Value then in effect.

7. Ownership Cap and Certain Exercise Restrictions.

(a) Notwithstanding anything to the contrary set forth in this Warrant, at no time may a
Holder of this Warrant exercise this Warrant if the number of shares of Common Stock to be issued
pursuant to such exercise would exceed, when aggregated with all other shares of Common Stock owned
by such Holder at such time, the number of shares of Common Stock which would result in such Holder
beneficially owning (as determined in accordance with Section 13(d) of the Exchange Act and the
rules thereunder) in excess of 4.999% of the then issued and outstanding Common Stock; provided,
however, that upon a holder of this Warrant providing the Issuer with sixty-one (61) days notice
(pursuant to Section 12 hereof) (the “Waiver Notice”) that such Holder would like to waive this
Section 7 with regard to any or all shares of Common Stock issuable upon exercise of this Warrant,
this Section 7 will be of no force or effect with regard to all or a portion of the Warrant
referenced in the Waiver Notice; provided, further, that this provision shall be of no further
force or effect during the sixty-one (61) days immediately preceding the expiration of the term of
this Warrant.

(b) The Holder may not exercise the Warrant hereunder to the extent such exercise would result
in the Holder beneficially owning (as determined in accordance with Section 13(d) of the Exchange
Act and the rules thereunder) in excess of 9.9% of the then issued and outstanding shares of Common
Stock, including shares issuable upon exercise of the Warrant held by the Holder after application
of this Section; provided, however, that upon a holder of this Warrant providing
the Issuer with a Waiver Notice that such holder would like to waive this Section 7(b) with regard
to any or all shares of Common Stock issuable upon exercise of this Warrant, this Section 7(b)
shall be of no force or effect with regard to those shares of Warrant Stock referenced in the
Waiver Notice; provided, further, that this provision shall be of no further force
or effect during the sixty-one (61) days immediately preceding the expiration of the term of this
Warrant.

8. Definitions. For the purposes of this Warrant, the following terms have the
following meanings:

"Capital Stock” means and includes (i) any and all shares, interests,
participations or other equivalents of or interests in (however designated) corporate stock,
including, without limitation, shares of preferred or preference stock, (ii) all partnership
interests (whether general or limited) in any Person which is a partnership, (iii) all
membership interests or limited liability company interests in any limited liability
company, and (iv) all equity or ownership interests in any Person of any other type.

"Certificate of Incorporation” means the Certificate of Incorporation of the
Issuer as in effect on the Original Issue Date, and as hereafter from time to time amended,
modified, supplemented or restated in accordance with the terms hereof and thereof and
pursuant to applicable law.

"Common Stock” means the Common Stock, par value $.0001 per share, of the
Issuer and any other Capital Stock into which such stock may hereafter be changed.

"Convertible Securities” means shares of Capital Stock or other Securities
which are or may be at any time convertible into or exchangeable for shares of Common Stock.
The term “Convertible Security” means one of the Convertible Securities.

"Holders” mean the Persons who shall from time to time own any Warrant. The
term “Holder” means one of the Holders.

"Independent Appraiser” means a nationally recognized or major regional
investment banking firm or firm of independent certified public accountants of recognized
standing (which may be the firm that regularly examines the financial statements of the
Issuer) that is regularly engaged in the business of appraising the Capital Stock or assets
of corporations or other entities as going concerns, and which is not affiliated with either
the Issuer or the Holder of any Warrant.

"Issuer” means Wave Wireless Corporation, a Delaware corporation, and its
successors.

"Majority Holders” means at any time the Holders of Warrants exercisable for at
least 51% of the shares of Warrant Stock issuable under the Warrants at the time
outstanding.

"Nasdaq” means the Nasdaq National Market or the Nasdaq Capital Market.

"Original Issue Date” means March 31, 2006.

"OTC Bulletin Board” means the over-the-counter electronic bulletin board.

"Person” means an individual, corporation, limited liability company,
partnership, joint stock company, trust, unincorporated organization, joint venture,
governmental authority or other entity of whatever nature.

"Per Share Market Value” means on any particular date (a) the average of the
closing bid and asked price per share of the Common Stock on such date on Nasdaq or another
registered national stock exchange on which the Common Stock is then listed, or if there is
no such price on such date, then the average of the closing bid and asked price on such
exchange or quotation system on the date nearest preceding such date, or (b) if the Common
Stock is not listed then on Nasdaq or any registered national stock exchange, the closing
bid price for a share of Common Stock in the over-the-counter market, as reported by the OTC
Bulletin Board or in the National Quotation Bureau Incorporated or similar organization or
agency succeeding to its functions of reporting prices) at the close of business on such
date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the
National Quotation Bureau Incorporated (or similar organization or agency succeeding to its
functions of reporting prices), then the average of the “Pink Sheet” quotes for the relevant
conversion period, as determined in good faith by the Holder, or (d) if the Common Stock is
not then publicly traded the fair market value of a share of Common Stock as determined by
an Independent Appraiser selected in good faith by the Majority Holders; provided,
however, that the Issuer, after receipt of the determination by such Independent
Appraiser, shall have the right to select an additional Independent Appraiser, in which
case, the fair market value shall be equal to the average of the determinations by each such
Independent Appraiser; and provided, further that all determinations of the
Per Share Market Value shall be appropriately adjusted for any stock dividends, stock splits
or other similar transactions during such period. The determination of fair market value by
an Independent Appraiser shall be based upon the fair market value of the Issuer determined
on a going concern basis as between a willing buyer and a willing seller and taking into
account all relevant factors determinative of value, and shall be final and binding on all
parties. In determining the fair market value of any shares of Common Stock, no
consideration shall be given to any restrictions on transfer of the Common Stock imposed by
agreement or by federal or state securities laws, or to the existence or absence of, or any
limitations on, voting rights.

"Securities” means any debt or equity securities of the Issuer, whether now or
hereafter authorized, any instrument convertible into or exchangeable for Securities or a
Security, and any option, warrant or other right to purchase or acquire any Security.
“Security” means one of the Securities.

"Securities Act” means the Securities Act of 1933, as amended, or any similar
federal statute then in effect.

"Subsidiary” means any corporation at least 50% of whose outstanding Voting
Stock shall at the time be owned directly or indirectly by the Issuer or by one or more of
its Subsidiaries, or by the Issuer and one or more of its Subsidiaries.

"Term” has the meaning specified in Section 1 hereof.

"Trading Day” means (a) a day on which the Common Stock is traded on Nasdaq, or
(b) if the Common Stock is not listed on Nasdaq, a day on which the Common Stock is traded
on any other registered national stock exchange, or (c) if the Common Stock is not traded on
any other registered national stock exchange, a day on which the Common Stock is traded on
the OTC Bulletin Board, or (d) if the Common Stock is not traded on the OTC Bulletin Board,
a day on which the Common Stock is quoted in the over-the-counter market as reported by the
National Quotation Bureau Incorporated (or any similar organization or agency succeeding its
functions of reporting prices); provided, however, that in the event that
the Common Stock is not listed or quoted as set forth in (a), (b) or (c) hereof, then
Trading Day shall mean any day except Saturday, Sunday and any day which shall be a legal
holiday or a day on which banking institutions in the State of New York are authorized or
required by law or other government action to close.

"Voting Stock” means, as applied to the Capital Stock of any corporation,
Capital Stock of any class or classes (however designated) having ordinary voting power for
the election of a majority of the members of the board of directors (or other governing
body) of such corporation, other than Capital Stock having such power only by reason of the
happening of a contingency.

"Warrants” means the Warrants issued and sold pursuant to the Securities
Purchase Agreement, including, without limitation, this Warrant, and any other warrants of
like tenor issued in substitution or exchange for any thereof pursuant to the provisions of
Section 2(c), 2(d) or 2(e) hereof or of any of such other Warrants.

"Warrant Price” initially means twelve cents ($0.12), as such Warrant Price may
be adjusted from time to time as shall result from the adjustments specified in this
Warrant, including Section 4 hereto.

"Warrant Share Number” means at any time the aggregate number of shares of
Warrant Stock which may at such time be purchased upon exercise of this Warrant, after
giving effect to all prior adjustments and increases to such number made or required to be
made under the terms hereof.

"Warrant Stock” means Common Stock issuable upon exercise of any Warrant or
Warrants or otherwise issuable pursuant to any Warrant or Warrants.

9. Other Notices. In case at any time:

	 	(A)	 	the Issuer shall make any
distributions to the holders of Common Stock; or

	 	(B)	 	the Issuer shall authorize the
granting to all holders of its Common Stock of rights to
subscribe for or purchase any shares of Capital Stock of any
class or other rights; or

	 	(C)	 	there shall be any
reclassification of the Capital Stock of the Issuer; or

	 	(D)	 	there shall be any capital
reorganization by the Issuer; or

	 	(E)	 	there shall be any (i)
consolidation or merger involving the Issuer or (ii) sale,
transfer or other disposition of all or substantially all of the
Issuer’s property, assets or business (except a merger or other
reorganization in which the Issuer shall be the surviving
corporation and its shares of Capital Stock shall continue to be
outstanding and unchanged and except a consolidation, merger,
sale, transfer or other disposition involving a wholly-owned
Subsidiary); or

	 	(F)	 	there shall be a voluntary or
involuntary dissolution, liquidation or winding-up of the Issuer
or any partial liquidation of the Issuer or distribution to
holders of Common Stock;

then, in each of such cases, the Issuer shall give written notice to the Holder of the date on
which (i) the books of the Issuer shall close or a record shall be taken for such dividend,
distribution or subscription rights or (ii) such reorganization, reclassification, consolidation,
merger, disposition, dissolution, liquidation or winding-up, as the case may be, shall take place.
Such notice also shall specify the date as of which the holders of Common Stock of record shall
participate in such dividend, distribution or subscription rights, or shall be entitled to exchange
their certificates for Common Stock for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, disposition, dissolution, liquidation or
winding-up, as the case may be. Such notice shall be given at least twenty (20) days prior to the
record date or effective date for the event specified in such notice.

10. Amendment and Waiver. Any term, covenant, agreement or condition in this Warrant
may be amended, or compliance therewith may be waived (either generally or in a particular instance
and either retroactively or prospectively), by a written instrument or written instruments executed
by the Issuer and the Majority Holders; provided, however, that no such amendment
or waiver shall reduce the Warrant Share Number, increase the Warrant Price, shorten the period
during which this Warrant may be exercised or modify any provision of this Section 10 without the
consent of the Holder of this Warrant. No consideration shall be offered or paid to any person to
amend or consent to a waiver or modification of any provision of this Warrant unless the same
consideration is also offered to all holders of the Warrants.

11. Governing Law; Jurisdiction. This Warrant shall be governed by and construed in
accordance with the internal laws of the State of New York, without giving effect to any of the
conflicts of law principles which would result in the application of the substantive law of another
jurisdiction. This Warrant shall not be interpreted or construed with any presumption against the
party causing this Warrant to be drafted. The Issuer and the Holder agree that venue for any
dispute arising under this Warrant will lie exclusively in the state or federal courts located in
New York County, New York, and the parties irrevocably waive any right to raise forum non
conveniens or any other argument that New York is not the proper venue. The Issuer and the Holder
irrevocably consent to personal jurisdiction in the state and federal courts of the state of New
York. The Issuer and the Holder consent to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address in effect for notices to it under
this Warrant and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing in this Section 11 shall affect or limit any right to serve process in
any other manner permitted by law. The Issuer and the Holder hereby agree that the prevailing
party in any suit, action or proceeding arising out of or relating to this Warrant or the Purchase
Agreement, shall be entitled to reimbursement for reasonable legal fees from the non-prevailing
party. The parties hereby waive all rights to a trial by jury.

12. Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on
the earlier of (i) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile telephone number specified for notice prior to 5:00 p.m., eastern time,
on a Trading Day, (ii) the Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number specified for notice
later than 5:00 p.m., eastern time, on any date and earlier than 11:59 p.m., eastern time, on such
date, (iii) the Trading Day following the date of mailing, if sent by overnight delivery by
nationally recognized overnight courier service or (iv) actual receipt by the party to whom such
notice is required to be given. The addresses for such communications shall be with respect to the
Holder of this Warrant or of Warrant Stock issued pursuant hereto, addressed to such Holder at its
last known address or facsimile number appearing on the Accredited Investor Questionnaire.

If to Issuer:

Wave Wireless Corporation

255 Consumers Road

Suite 500

Toronto, Ontario, Canada M2J IR4

Attention: Chief Financial Officer

Tel. No.: (416) 502-3203

Fax No.: (416) 502-2968

Copies of notices to the Holder shall be sent to Kramer Levin Naftalis & Frankel LLP, 1177 Avenue
of the Americas, New York, New York 10036, Attention: Christopher S. Auguste, Tel. No.: (212)
715-9100, Fax. No.: (212) 715-8000. Any party hereto may from time to time change its address for
notices by giving at least ten (10) days written notice of such changed address to the other party
at the appropriate address above.

13. Warrant Agent. The Issuer may, by written notice to each Holder of this Warrant,
appoint an agent having an office in New York, New York for the purpose of issuing shares of
Warrant Stock on the exercise of this Warrant pursuant to subsection (b) of Section 2 hereof,
exchanging this Warrant pursuant to subsection (d) of Section 2 hereof or replacing this Warrant
pursuant to subsection (d) of Section 3 hereof, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such office by such agent.

14. Remedies. The Issuer stipulates that the remedies at law of the Holder of this
Warrant in the event of any default or threatened default by the Issuer in the performance of or
compliance with any of the terms of this Warrant are not and will not be adequate and that, to the
fullest extent permitted by law, such terms may be specifically enforced by a decree for the
specific performance of any agreement contained herein or by an injunction against a violation of
any of the terms hereof or otherwise.

15. Successors and Assigns. This Warrant and the rights evidenced hereby shall inure
to the benefit of and be binding upon the successors and assigns of the Issuer, the Holder hereof
and (to the extent provided herein) the Holders of Warrant Stock issued pursuant hereto, and shall
be enforceable by any such Holder or Holder of Warrant Stock.

16. Modification and Severability. If, in any action before any court or agency
legally empowered to enforce any provision contained herein, any provision hereof is found to be
unenforceable, then such provision shall be deemed modified to the extent necessary to make it
enforceable by such court or agency. If any such provision is not enforceable as set forth in the
preceding sentence, the unenforceability of such provision shall not affect the other provisions of
this Warrant, but this Warrant shall be construed as if such unenforceable provision had never been
contained herein.

17. Headings. The headings of the Sections of this Warrant are for convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant.

IN WITNESS WHEREOF, the Issuer has executed this Warrant as of the day and year first above
written.

WAVE WIRELESS CORPORATION

By:

Name:

1

Title:EXERCISE FORM

WAVE WIRELESS CORPORATION

The undersigned      , pursuant to the provisions of the within Warrant, hereby elects to
exercise this Warrant for      shares of Common Stock of Wave Wireless Corporation

	 	 	 	 	 	 	 	 	 
	Dated: _________________
	 	Signature
	 	 	—	 
	 
	 	Address
	 	 	—	 

     

Number of shares of Common Stock beneficially owned or deemed beneficially owned by the Holder on
the date of Exercise:      

ASSIGNMENT

FOR VALUE RECEIVED,      hereby sells, assigns and transfers unto      
the within Warrant and all rights evidenced thereby and does irrevocably constitute and appoint
     , attorney, to transfer the said Warrant on the books of the within named corporation.

	 	 	 	 	 	 	 	 	 
	Dated: _________________
	 	Signature
	 	 	—	 
	 
	 	Address
	 	 	—	 

     

PARTIAL ASSIGNMENT

FOR VALUE RECEIVED,      hereby sells, assigns and transfers unto      
the right to purchase      shares of Warrant Stock evidenced by the within Warrant together
with all rights therein, and does irrevocably constitute and appoint      , attorney,
to transfer that part of the said Warrant on the books of the within named corporation.

	 	 	 	 	 	 	 	 	 
	Dated: _________________
	 	Signature
	 	 	—	 
	 
	 	Address
	 	 	—	 

     

2

FOR USE BY THE ISSUER ONLY:

This Warrant No. J-     canceled (or transferred or exchanged) this      day of      ,      ,
shares of Common Stock issued therefor in the name of      , Warrant No. J-     issued
for      shares of Common Stock in the name of      .

3

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