Document:

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                                                                   Exhibit 10.21

                             AGREEMENT OF EMPLOYMENT

THIS EMPLOYMENT AGREEMENT ("Agreement"), as of April 9, 2000 by and among
INDEPENDENT WIRELESS ONE CORPORATION, a Delaware Corporation ("IWO"), IWO
Holdings Inc., a Delaware Corporation ("Holdings" and together with IWO the
"Corporation") and, STEVEN M. NIELSEN, residing at 2405 Squak Mountain Loop, SW,
Issaquah, Washington 98027, hereinafter called the ("Employee").

                                    RECITALS

WHEREAS, the Corporation desires to induce and secure the employment of the
Employee as Chief Financial Officer and Employee desires to be so employed by
the Corporation, beginning as of May 1, 2000 ("Effective Date").

                                   AGREEMENTS

1. Employment and Term. Subject to the provisions for earlier termination and
extension as hereinafter provided in Paragraph 7 below, the Corporation hereby
employs the Employee and the Employee agrees to serve the Corporation for a term
commencing upon the Effective Date and extending until December 31, 2002.

2. Duties of Employee.

(a) The Employee shall serve as Chief Financial Officer of the Corporation, and
of any subsidiary or affiliated corporation if elected by the appropriate Board
of Directors, and shall perform such duties as are appropriate to such office
and not inconsistent therewith as may be assigned to him by the Chief Executive
Officer of the Corporation.

(b) So long as this Agreement shall continue in effect, the Employee shall
devote substantially his full business time and energies to the business and
affairs of the Corporation, and to any subsidiary or affiliate of the
Corporation as directed by the Corporation, and use his best efforts, skills and
abilities to promote its interests.

3. Compensation.

(a) Basic Salary. The Corporation will pay the Employee during the term hereof
for all services to be rendered hereunder a basic salary at the rate of two
hundred thousand dollars ($200,000) per annum from the Effective Date through
December 31, 2000; two hundred five thousand dollars ($205,000) per annum from
January 1, 2001 through December 31, 2001; and two hundred ten thousand dollars
($210,000) per annum from January 1, 2002 to December 31, 2002. The foregoing
basic salary shall be paid in such regular installments as are applied generally
to salary period payments to other employees of the Corporation, but in no event
less than twice monthly.

(b) Cash Bonus Compensation. As an added inducement for the Employee to use his
best efforts to enhance the business of the Corporation, the Corporation shall
pay to the

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Employee, as additional compensation hereunder, an annual cash bonus in the
following amount and subject to the following terms and conditions:

(i)  for and in respect of each fiscal year (or partial fiscal year) of the
Corporation during the term of Employee's employment by the Corporation whether
or not such employment is under this Agreement or any extension hereof,
commencing with the portion of the fiscal year beginning January 1, 2000, which
succeeds the Effective Date hereof, amounts, payable as provided below, equal to
up to 100% of the basic compensation ("Annual Bonus") described in subparagraph
(a) above. Such bonus shall be payable pro rata to Employee to the extent, and
only to the extent, that business plan targets (including by way of example
only, such targets as Earnings Before Interest, Taxes, Depreciation and
Amortization ("EBITDA"), revenue, and/or target service levels) and individual
management performance targets (as both such business plan and individual
performance targets have been developed by the Corporation's Chief Executive
Officer and Board of Directors in consultation with Employee and issued within
forty-five (45) days after the commencement of the relevant fiscal year of the
Corporation (or portion thereof) have been exceeded or met by at least 75% of
target with respect to the relevant fiscal year (or portion of the relevant
fiscal year) of the Corporation and not to exceed 100% of the Annual Bonus; and

(ii) Employee must be employed full-time on the last day of the applicable
period for which the cash bonus is paid to receive the bonus.

(c)  Other Emoluments and Benefits. The Employee shall be entitled to
participate in all rights and benefits for which he shall be eligible under any
stock option plan, bonus, participation or extra compensation plans, pensions,
dental, vision, life, and disability group insurance or other benefits which the
Corporation may provide for its executive employees generally from time to time
during the term of this Agreement. Employee shall also be entitled to:

(i)  A computer and appropriate peripherals, a wireless telephone (tolls and
charges paid), leased vehicle for business use, an allowance of three hundred
dollars ($300.00) per month during the period prior to availability of such
leased vehicle to defray the costs of the use of an automobile for business
purposes only; and

(ii) For the period extending from the Effective Date until the earlier of the
date Employee acquires a new residence in the vicinity of Albany, New York, or
one hundred twenty (120) days after the date hereof, the Corporation will lease
on Employee's behalf an

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executive residential quarters at a cost no greater than One-Thousand Five
Hundred Dollars ($1,500.00) per month.

(iii) Relocation money of approximately $100,000 pursuant to the Relocation and
Expense Agreement entered into by the Employee and the Corporation as of the
date hereof. Such Agreement is incorporated herein as Exhibit A.

(d)   Vacation. Employee shall be entitled annually to 248 hours of time-off
from the Employee Paid Time Off Pool as such computation is customarily
administered by the Corporation. Time-off not used during the calendar year or
partial calendar year in which earned may be carried forward to subsequent
calendar years or partial calendar years ("Carry Forward Time"). However,
Employee may not carry over more than 40 hours of Carry Forward Time in any one
year and may not aggregate more than 160 hours of Carry Forward Time in total.
All time off is subject to approval by the CEO and in no event shall annual
vacation exceed 4 weeks.

(e)   Stock Incentive Plan. In addition to the basic compensation and cash bonus
compensation provided herein, Employee shall be entitled during the term of his
employment to participate in the Management Stock Incentive Plan of the
Corporation, dated as of December 20, 1999, and pursuant thereto has been
granted certain options pursuant to a Stock Option Agreement entered into
between the Employee and the Corporation as of the date hereof. Such Agreement
is incorporated herein as Exhibit B.

4.    Expenses. The Corporation shall provide Employee with a Corporate credit
card, and further shall pay or reimburse the Employee for all reasonable
traveling and other expenses incurred or paid by the Employee in connection with
the performance of his services under this Agreement upon presentation of
expense statements or vouchers and any such other supporting information in such
form as the Corporation may from time to time request; provided, however, that
the amount available for such traveling and other expenses shall be consistent
with general corporate policy guidelines established by the Corporation.

5.    Payment. Expenses, benefits and allowances due Employee hereunder shall be
paid not later than thirty (30) days following Employee's entitlement to same,
which, in the case of expenses, shall commence with the Employee's request for
reimbursement. Employee bonuses shall be paid within forty-five (45) days
following year end.

6.    Restrictive Covenants. In consideration of payment to Employee of the
compensation specified in Paragraph 3 above, Employee hereby covenants and
agrees as follows:

(a)   Employee shall treat either as trade secrets or as confidential or as
proprietary information of the Corporation (i) any data or information acquired
during the course of or as a result of his employment, which is not otherwise
available to Employee except by reason of his employment, including but not
limited to such items as reports or findings from tests, investigative studies,
consultations or the like, methodology, proposals, systems, programs or
marketing techniques, and strategies developed by but not generally released by
the Corporation or peculiar to the business of any customer or client of the
Corporation and all

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particularized information relating thereto; (ii) names or lists of the
Corporation's clients or information, data or services made available to such
clients not made public by the Corporation and non-public information relating
to the operating methods or plans or requirements of any customer or client of
the Corporation; and (iii) any other data or information designated either by
the Corporation or by any of its customers or clients as confidential or
proprietary.

(b) All improvements, discoveries, programs, process, innovations, and
inventions, and inventions conceived (whether or not deemed patentable),
devised, made, developed or perfected by Employee during any period of his
employment by the Corporation or any period prior to the effective date hereof
during which Employee was in the service of any entity acquired by the
Corporation or any period prior to the effective date hereof during which
Employee was in the service of any entity acquired by the Corporation and
related in any material way to the business, including development and research
of the Corporation, shall be fully and promptly disclosed to the Corporation and
the same shall be the sole and absolute property of the Corporation. Upon
request of the Corporation, the Employee will execute all documents reasonably
deemed appropriate by the Corporation to secure the foregoing rights and for
obtaining the grants of patents, both domestic and foreign, with respect to such
improvements, discoveries, programs, processes, innovations or inventions and
for vesting title to such patents in the Corporation provided, however, that
Employee shall not be required to incur any costs or legal expenses in
conjunction with the compliance of any such request.

(c) Employee agrees to refrain, except as properly required in the business of
the Corporation, or as authorized in writing by the Corporation, (i) from using
for Employee's own benefit any matters to be treated as trade secrets or as
confidential or proprietary information under Paragraph (a) above; (ii) from
using these matters for the benefit of any other person, firm or corporation;
(iii) from disclosing these matters to any other person, firm or corporation;
and (iv) from authorizing or permitting such disclosure during the term of his
employment or thereafter.

(d) Employee agrees to surrender to the Corporation at any time upon request and
in any event upon termination of employment, except as the Corporation may
otherwise consent in writing, all written documents, sketches, records or
information whether copyrighted or patented or not, or any copies of imitations
thereof, whether made by Employee or not, which embody or contain or describe in
any way those matters to be treated as trade secrets or as confidential or
proprietary information under Paragraph (a) above. The Corporation shall not
unreasonably withhold authorization for Employee to retain any matters covered
by this Paragraph 6, the continued possession of which by Employee will not, in
the Corporation's sole but reasonable, opinion, be detrimental to the best
interest of the Corporation.

(e) Employee agrees, during the term of his employment and for a period of two
(2) years after the termination thereof, whether such termination be voluntary
or not, that the Employee will not, except at the direction of the Corporation,
either directly or indirectly, for himself as a proprietor, principal partner,
director, officer, employee, agent or other representative acquire or attempt to
acquire the business then conducted by the Corporation with any customer of the
Corporation under any contracts existing or proposals submitted on or before the
date of termination of his employment.

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The term "Customer of the Corporation" for purposes hereof shall mean any
individual or entity which is the ultimate user or recipient of the
Corporation's (or any subsidiary of the Corporation) services and products
whether the same be made available directly to such entity or through an
intermediate purchaser of such services and products.

(f) Employee agrees to refrain, during the term of his employment and for one
(1) year thereafter, from hiring or offering to hire, except with the written
permission of the Corporation, any employee of the Corporation or from enticing
away or in any other manner persuading or attempting to persuade any employee of
the Corporation to discontinue his relationship with the Corporation, provided,
however, that nothing herein shall prohibit Employee from hiring or offering to
hire, any employee of the Corporation where the initial hiring inquiry was
solely initiated by any such employee or a third party without the direction
from Employee.

(g) No provision of this paragraph 6 is intended to limit Employee's right to
use or disclose information which is in the public domain or a matter of common
knowledge, or which is generally known in the industry, or acquired by him from
a third party not prohibited from making such disclosure to him, or which
information was already known to Employee other than by breach of this
Agreement; nor is it intended to limit the Employee's obligation to comply with
lawful subpoenas or other lawful process.

(h) No act or failure to act shall be a waiver of any right conveyed hereunder,
except an express waiver in writing. The rights reserved to the Corporation
under this Paragraph 6 of this Agreement are necessarily of a special, unique,
unusual and extraordinary character, which gives them a peculiar value, the loss
of which cannot reasonably or adequately be compensated for in damages in an
action at law, and the breach by Employee of any of the provisions in this
Paragraph 6 will cause the Corporation irreparable injury. Therefore, in
addition to any other available remedies, the Corporation shall be entitled to
an injunction to restrain any violation of this Agreement by Employee, his
agents, servants or employees and all persons, firms, or corporations acting for
or with him. The obligations of the Employee under the covenants herein
contained shall not cease upon termination of his employment for whatever
reason, except where otherwise limited in time above.

These covenants contained in this Paragraph 6 on the part of the Employee shall
each be construed as an agreement independent of any other provision in this
Agreement, and the existence of any claim or cause of action of Employee against
the Corporation, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Corporation of such covenants. It
is the intention of both parties to make the covenants of this Paragraph 6
binding only to the extent that it may be lawfully done under existing
applicable laws. In the event that any part of any covenant of this Paragraph 6
is determined by a court of law to be overly broad thereby making the covenant
unenforceable, the parties hereto agree, and it is their desire, that such court
shall substitute a reasonable judicially enforceable limitation in place of the
offensive part of the covenant, and that as so modified the covenant shall be as
fully enforceable as set forth herein by the parties themselves in the modified
form.

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7.   Terms and Earlier Termination.

(a)  Subject to the provisions for earlier termination as herein provided, the
term of this Agreement shall commence and terminate as specified above.

(b)  This Agreement shall terminate prior to the expiration date hereinafter set
forth in the event that the Board of Directors shall determine that the Employee
has become disabled, or the Employee shall be dismissed for cause, as
hereinafter provided:

(i)  The Board of Directors of the Corporation may determine that the Employee
has become disabled, for purposes of this Agreement, in the event that the
Employee shall fail, because of illness or incapacity, to render for one hundred
twenty (120) successive days in excess of the number of days provided for in the
Corporation's then applicable sick leave policy or for shorter periods
aggregating one hundred twenty (120) days or more in excess of the number of
days provided for in the Corporation's then applicable sick leave policy during
the term hereof, services of the character contemplated by this Agreement, and
thereupon this Agreement and the employment of the Employee hereunder shall be
deemed to have been terminated as of the end of the calendar month in which such
determination was made. Any termination under this Paragraph 7(b)(i) shall not
be deemed to be a termination "for cause" for any purpose under the Agreement or
under any other contract or arrangement between the Employee and the Corporation
relating to employment services or compensation between them.

(ii) The Board of Directors may dismiss the Employee for cause in the event that
it determines that the Employee has committed: (A) fraud or material dishonesty;
(B) intentional or willful or grossly negligent injury to the Corporation; (C)
criminal conduct in relation to his employment; or (D) continued neglect of his
duties hereunder which continues subsequent to fifteen (15) days written notice
to cure, provided that if a longer cure period is required, Employee shall
diligently pursue such cure; and thereupon, this Agreement shall terminate and
the Employee shall be removed from all positions held by him with the
Corporation and any subsidiary corporation, effective upon the delivery of
notice to the Employee by the Board of Directors that it has made such
determination; any other termination by the Corporation shall be considered
termination without cause for purposes of this Agreement and any other contract
or arrangement between the parties hereto. In the event that the Board of
Directors shall desire to dismiss the Employee based on any determination
referred to in the preceding sentence, such determination shall be effective
only upon the following conditions complied with in the following

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order: (A) Employee shall be furnished with a written statement specifying in
reasonable detail the actions or events supporting such determination; (B) at
the request of the Employee, there shall be convened a Special Meeting of the
Board of Directors no later than fifteen (15) business days after Employee's
receipt of the notice referred to in (A) above at which meeting the Employee
may, with assistance of counsel or other representation, present evidence to
refute or in mitigation of such actions or events or to establish that the
actions or events have been cured; and (C) within five (5) business days after
the adjournment of such Special Meeting, the Board of Directors shall furnish a
written statement to Employee that, based upon Employee's representations and
upon other relevant evidence, such determination has either been confirmed or
rescinded.

(iii) The Board of Directors may terminate this Agreement and dismiss the
Employee, without cause and for any reason deemed sufficient by the Board of
Directors. In the event that the Board of Directors shall decide to dismiss the
Employee and terminate this Agreement based on any determination referred to in
the preceding sentence, such determination shall be effective as of such date as
shall be designated by notice in writing from the Board of Directors to the
Employee (the "Effective Termination Date"). In the event that this Agreement is
terminated pursuant to this subparagraph (iii), Employee shall be entitled to
payment on the Effective Termination Date of an amount equal to (A) the lesser
of the basic salary due pursuant to paragraph 3(a) to accrue during the
remainder of the initial three-year term of this Agreement or the basic salary
that would be due under paragraph 3(a) for the twelve (12) month period
following the Effective Termination Date; plus (B) such cash bonus compensation
prorated to the Effective Termination Date otherwise due Employee pursuant to
paragraph 3(b); and (C) the benefits to be paid to Employee pursuant to
paragraph 3(c), 3(d) and 3(e) prorated to the Effective Termination Date.

(c)   Notwithstanding anything to the contrary contained herein, any termination
of Employee's employment by the Corporation pursuant to the terms of this
paragraph, shall not affect or diminish: (i) any rights accruing to the Employee
under this Agreement prior to the effective date of such termination and in such
event Employee rights to all compensation, including, but not limited to,
Paragraphs 3 and 4 above, shall be calculated and paid for and in respect of any
period prior to such effective date; and (ii) any rights or remedies available
to the Corporation by reason of any breach or threatened breach of the
provisions of Paragraph 7 hereof, the force and effect of which provisions shall
survive the termination of this Agreement, however such termination occurs.

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(d) In the event Employee gives his notice to terminate prior to the expiration
of the Initial Term, Employee shall be entitled to any rights accruing to the
Employee under this Agreement prior to the effective date of termination and in
such event Employee rights to all compensation shall be calculated and paid for
to such effective date, including but not limited to, his basic salary as
described in 3(a), his emoluments and benefits as described in paragraph 3(c),
any unused vacation as set forth in paragraph 3(d), and any incurred or paid
expenses as set forth in paragraph 4. Additionally, Employee shall be entitled
to any vested Stock Incentive Payments as described in paragraph 3(e).

8.  Partial Invalidity. All paragraphs, subparagraphs, and portions of this
Agreement shall be considered as separate and distinct from one another, and if,
for any reason any paragraph, subparagraph or portion of this Agreement shall be
held to be invalid or unenforceable, it is agreed that the same shall not be
held to affect the validity or enforceability of the remaining paragraphs,
subparagraphs or portions of this Agreement.

9.  Notice. Any notices, requests, demands or other communications required or
permitted under this Agreement shall be in writing and shall be deemed to have
been given when delivered personally, one (1) day after being sent by recognized
overnight courier service with all charges prepaid or charges to the sender's
account, or three (3) days after being mailed by certified mail, return receipt
requested, addressed to the party being notified at the address of such party
first set above, or at such other address as such party may hereafter have
designated by notice; provided, however, that any notice of change of address
shall not be effective until its receipt by the party to be charged therewith.
Copies of any notices or other communications to the Corporation shall
simultaneously be sent by first class mail to:

Independent Wireless One Corporation 319 Great Oaks Boulevard
Albany, New York 12203
Attention: General Counsel

Notice to Holdings shall be as follows:

c/o Investcorp International Inc. 280 Park Avenue
New York, New York 10017 Telephone: 212-599-4700
Facsimile: 212-983-7073
Attention: Christopher J. Stadler

With a copy to:

Gibson, Dunn & Crutcher LLP 200 Park Avenue
New York, New York 10166 Telephone: 212-351-4000
Facsimile: 212-351-4035
Attention: Sean P. Griffiths, Esq.

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10. Corporation Defined. The terms "Independent Wireless One Corporation" and
"IWO Holdings, Inc." as used in this Agreement, shall include, respectively, IWO
and Holdings, and its respective successors and/or assigns, any subsidiary
corporation of IWO and Holdings, and any corporation into which or which IWO or
Holdings may be merged or consolidated or to which all, or substantially all, of
their respective businesses and/or assets are transferred.

11. Waiver of Breach. The waiver by either party of a breach of any provision of
this Agreement, shall not operate or be construed as a waiver of any subsequent
breach by the same party.

12. Integration: Entire Agreement. This instrument contains the entire agreement
of the parties with regard to the subject matter hereof and supersedes all prior
oral or written understandings, memoranda or communications with regard to the
terms or conditions of Employee's employment by the Corporation. This Agreement
may not be changed orally, but only by an agreement in writing signed by the
party against whom enforcement of any waiver, change, modification, extension or
discharge is sought.

13. Binding Effect. Except as otherwise provided hereinabove, this contract
shall inure to the benefit of, and be binding upon, the heirs, executors,
administrators, successors and assigns of the parties hereto.

14. Assignment. Corporation may assign all or any portion of Corporation's
rights or delegate all or any portion of Corporation's duties under this
Agreement to any Affiliate or to any entity that acquires all or a substantial
portion of the business of the Corporation and Affiliates. However, any such
assignment or delegation shall not relieve Corporation of its financial
obligations to Employee under this Agreement. Except in conjunction with his
estate planning or in the event of death, Employee may not assign any rights
under this Agreement or delegate any duties under this Agreement.

15. Counterparts. This Agreement may be executed in counterparts, including
facsimile counterparts, all of which taken together shall constitute but one
agreement.

IN WITNESS WHEREOF, IWO and Holdings have caused this Agreement to be signed by
their respective officers hereunto duly authorized, and the Employee has
hereunto set his hand and seal, effective as of the day and year first above
written.

                      INDEPENDENT WIRELESS ONE CORPORATION

                                        BY: /s/ Solon L. Kandel
                                            -------------------
                                            Name:  Solon L. Kandel
                                            Title:  President & CEO

                                            IWO HOLDINGS, INC.

                                        BY: /s/ Solon L. Kandel
                                            -------------------
                                            Name:  Solon L. Kandel
                                            Title:  President & CEO

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                                    EMPLOYEE

                              /s/ Steven M. Nielsen
                              ---------------------
                              Steven M. Nielsen

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                                    Exhibit A

                          Relocation Expense Agreement

Employee Name: Steven M. Nielsen Date: April 9, 2000

The terms of this Relocation Agreement are predicated on your acceptance of an
Offer of Employment with Independent Wireless One Corporation (the "Company")
and with full understanding that you will take the necessary steps to relocate
in order to fulfill the responsibilities of a full-time, regular employee.

As part of your offer of employment, the Company agrees to pay and/or reimburse
your relocation expenses, consistent with the terms contained in your Employment
Offer Letter, in the amount of approximately $100,000.

Unless stated otherwise in your Employment Offer Letter, Relocation funds will
be distributed to you as follows:

.. 25% of the agreed upon amount upon your signing the Employment Offer Letter
(and any related attachments) and your commencing work with the Company.

.. 25% after sixty (60) days of employment, if applicable.

.. After 60 days no additional dollars will be advanced directly to you but will
be paid as reimbursement when your relocation bills are submitted. (See
Relocation Guidelines)

In accordance with Internal Revenue Service Regulations, any amount paid to or
on behalf of you (the employee) as reimbursement for relocation expenses, with
the exception of shipping household goods and travel to the new location, etc.
must be included in your gross wages as income and will be subject to
appropriate Federal withholding requirements.

In such cases the Company will gross up your taxable relocation reimbursement
amount by using federal tax rates reflective of your annual base salary without
regard to other income. The gross-up amount will be paid in cash at the end of
the year in which your relocation occurred and will be limited to the lesser of
increased tax liability or the maximum amount stated above.

In consideration of the Company's investment in your future, you agree to the
following terms:

.. If your employment with the Company terminates for any reason prior to
completing three (3) full, consecutive months of active service, you will
immediately refund any and all relocation expense payments or reimbursements
paid to you or on behalf of you to the Company.

.. If your employment with the Company terminates before you complete twelve (12)
full, consecutive months of active employment, but after you complete three (3)
or more full, consecutive months of active service, you will immediately refund
to the Company an amount which is equal to: any and all relocation expense
payments or reimbursements paid to you or on behalf of you by the Company
divided by 12, then multiplied by (12 minus the number of full, consecutive
months of active service with the Company).

.. After you complete twelve (12) full consecutive months of active employment,
you retain the full amount.

.. If any action or proceeding is brought to enforce any provision of this
Agreement by the Company, or the Company is required to refer any matter arising
under this Agreement to an attorney, you agree to pay all costs and expenses of
collection and litigation, together with reasonable attorney's fees.

This agreement does not create any contract of employment between you and the
Company. You or the Company may terminate your employment with the Company at
any time with or without reason or cause.

AGREED TO BY:                           WITNESSED BY:

/s/ Steven M. Nielsen                   /s/ Solon Kandel
--------------------------------        --------------------------------------
Employee's Signature                    Independent Wireless One Corp. (Rep)

DATE:  4/9/00                           DATE: 4/9/00
     ---------------------------             ---------------------------------<PAGE>

                                                                   Exhibit 10.22

                               IWO Holdings, Inc.

                      Independent Wireless One Corporation

319 Great Oaks Boulevard

Albany, New York 12203

                               September 20, 2000

Mr. Steven M. Nielsen
10 Victoria Lane, Apt.10
Del Mar, New York 12054

Re: Stock Option Agreement, dated as of April 9, 2000 (the "First Stock Option
Agreement"), between IWO Holdings, Inc. ("Holdings") and you; Stock Option
Agreement, dated as of September 13, 2000 (the "Second Stock Option Agreement"),
between Holdings and you; Warrant, dated May 1, 2000 to Purchase Shares of Class
B Common Stock of IWO Holdings, Inc. granted to you (the "Warrant"); and
Employment Agreement, dated as of April 9, 2000 (the "Employment Agreement"),
among Holdings, Independent Wireless One Corporation ("IWO") and you.

Dear Steve:

With reference to the above agreements, this letter agreement sets forth certain
understandings reached between Holdings, IWO and you.

1. Attached hereto as Exhibit A is a true and correct copy of the First Stock
Option Agreement. The First Stock Option Agreement shall be amended as follows:

(a) Section 1 shall be amended by deleting the definitions of "Approved Sale,"
"Daily Vesting" and "Initial Public Offering" and replacing such definitions
with the following definitions:

"Approved Sale" means a transaction or a series of related transactions other
than a Designated Merger: (i) including, but not limited to, by way of merger or
consolidation, which results in any "person" or "group" (as such terms are used
in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to
either of the foregoing), other than (A) any one or more of the Initial
Stockholders or Affiliates thereof or (B) a non-U.S. entity with respect to
which an Initial Stockholder or Affiliate thereof has an administrative
relationship, becoming the "beneficial owner" (as defined in Rule 13d- 3 under
the Exchange Act), directly or indirectly, of a majority of the total voting
power of the capital stock of Holdings or otherwise able to elect a majority of
the board of directors of Holdings (for purposes of this definition, such person
or group shall be deemed to beneficially own capital stock of Holdings that is
held by any other corporation so long as such person or group beneficially owns,
directly or indirectly, in the aggregate a majority of the total capital stock
of such other corporation); or (ii) which results in the sale, transfer,
assignment, lease, conveyance or other disposition, directly or

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indirectly, of all or substantially all the assets of Holdings and its
subsidiaries, considered as a whole (other than to an Affiliate thereof).

"Daily Vesting" means vesting of the applicable portion of the Option
proportionately for each of the days during the applicable period that the
Optionee is employed by Holdings such that if Optionee remains employed for all
of the days during such applicable period such applicable portion of the Option
shall be vested in full.

"Initial Public Offering" means the sale of any of the common stock of Holdings
or the issuance of common stock of any Person in exchange for 100% of the
capital stock of Holdings pursuant to a registration statement that has been
declared effective under the Act, if following such sale or exchange (i) the
issuer is a reporting company under Section 12(b) or 12(g) of the Securities
Exchange Act of 1934, as amended, and (ii) such stock is traded on the New York
Stock Exchange or the American Stock Exchange, or is quoted on the Nasdaq
National Market System or is traded or quoted on any other national stock
exchange or national securities system.

(b) Section 1 shall be amended further by adding the following definition:

"Designated Merger" means a transaction that results in the merger,
consolidation or amalgamation of Holdings with or into any Person that results
in the conversion of the outstanding shares of capital stock of Holdings into
shares of capital stock of such Person (or its Affiliate) and such Person (or
its Affiliate) has an affiliation with Sprint Spectrum L.P. (or its Affiliates)
similar to the affiliation between IWO and Sprint Spectrum L.P. and its
Affiliates (other than with respect to the territory covered).

(c) Section 3 shall be amended to add the following new clauses (c) and (d):

"(c) Upon the occurrence of an Initial Public Offering, the portion of the
Performance Vesting Option that is not yet exercisable shall cease to vest on
the basis of performance and, instead, shall vest on the basis of Daily Vesting
over a period from January 1 of the year in which the closing of the Initial
Public Offering occurs through December 31, 2002.

(d) Notwithstanding Section 3(a) and Section 3(b), upon the occurrence of a
Designated Merger:

(i) the schedule set forth in Section 3(a) shall not apply with respect to 20%
of the Performance Vesting Options and Time Vesting Options that are not yet
exercisable (and shall continue to apply to the

                                        2

<PAGE>

remaining 80% of such options) and the Optionee shall have the right to exercise
such 20% of all unexercisable Performance Vesting Options and Time Vesting
Options; and

(ii) if Optionee's employment is terminated by Holdings without Cause within 12
months following the closing of such Designated Merger, then the schedule set
forth in Section 3(a) shall not apply with respect to the Performance Vesting
Options and Time Vesting Options that are not yet exercisable and the Optionee
shall have the right to exercise 100% of all unexercisable Performance Vesting
Options and Time Vesting Options."

(d) Section 4(b) shall be amended by deleting such section in its entirety and
replacing such section with the following:

"(b) The unexercisable portion of the Time Vesting Option and the Performance
Vesting Option shall expire on the earlier to occur of (i) the Termination Date
(giving effect to the vesting of such unexercisable portion in accordance with
Section 3(d)(ii), if applicable), provided that, if prior to an Initial Public
Offering, a pro rata portion of the portion of the Performance Vesting Option
scheduled to become exercisable in the year including the Termination Date shall
become exercisable as if the Optionee's employment had not been terminated if
performance targets for the Fiscal Year during which the Termination Date have
been met or exceeded, or (ii) except to the extent provided in Section 3(b),
Section 3(d) and Section 6(a), an Approved Sale or a Designated Merger. The
proration provided for in clause (b)(i) above will be determined by the number
of days elapsed in the year in which the termination occurred before the
Termination Date. The Performance Vesting Options that become exercisable
pursuant to clause (b)(i) above shall expire one year following the date on
which the Optionee received notice that the performance targets were met."

(e) Section 6(a) shall be amended by deleting such section in its entirety and
replacing such section with the following:

"(a) In the event of an Approved Sale or a Designated Merger, the unexercised
portion of the Option shall terminate upon such Approved Sale or Designated
Merger unless (i) provision is made in writing in connection with such Approved
Sale or Designated Merger for the assumption of such Options, or for the
substitutions of such Options of new awards covering the securities of a
successor entity or an Affiliate thereof, with appropriate adjustments as to the
number and kind of securities and exercise prices, in which event such
outstanding Options shall continue or be replaced, as the case may be, in the
manner and under the terms so provided; or (ii) the Board of Directors otherwise
shall provide in writing for such adjustments as it deems appropriate in the

                                        3

<PAGE>

terms and conditions of the then-outstanding Options, including without
limitation (A) accelerating the vesting of outstanding Options and/or (B)
providing for the cancellation of Options and their automatic conversion into
the right to receive the securities, cash or other consideration that a holder
of the shares underlying such Options would have been entitled to receive upon
consummation of such Approved Sale or Designated Merger had such shares been
issued and outstanding immediately prior to the closing date of the Approved
Sale or Designated Merger (net of the appropriate option exercise prices). If
pursuant to this Section 6(a) the Options are to terminate upon an Approved Sale
or Designated Merger without provision for any of the actions described in
clause (i) or (ii) above, then the Optionee shall be given at least ten (10)
days' prior notice of the proposed Approved Sale or Designated Merger and shall
be entitled to exercise such exercisable but unexercised portion of the Option
(including all options that become exercisable immediately prior to the Approved
Sale pursuant to Section 3(b) or the Designated Merger pursuant to Section
3(d)(i)) at any time during such ten (10) day period up to and until the close
of business on the day immediately preceding the date of consummation of such
Approved Sale or Designated Merger, and, notwithstanding Section 7 hereof, the
Exercise Price may, at the option of the Optionee, be paid in whole or in part
by delivery of shares of the Class B Common Stock owned by the Optionee (the
value of such shares delivered as payment of the Exercise Price shall be
determined based on and consistent with the value of the consideration to be
tendered in connection with such Approved Sale or Designated Merger), and upon
exercise of the Option the Option Shares shall be treated in the same manner as
the shares of any other holder of Class B Common Stock."

2. Attached hereto as Exhibit B is a true and correct copy of the Employment
Agreement.

(a) You agree that in the case of a Panthers Merger (as defined in Section 3(d)
hereof), the obligations of the parties under the Employment Agreement with
respect to Section 2(a) thereof will be satisfied if you (i) serve (x) as Chief
Financial Officer or Chief Operating Officer or (y) in a senior staff or
operating position, in either case of the entity ("Parent") issuing shares of
its capital stock in connection with such Panthers Merger, and (ii) perform such
duties as are appropriate to such office and not inconsistent therewith as may
be assigned to you by the board of directors of Parent; provided, that Holdings
or Parent shall have provided to you prior to the closing of such Panthers
Merger a written notice specifying the title, nature and initial duties (which
you understand may change) of such position (the "Position Notice"), and you
shall have until the date occurring 14 days after the date you receive the
Position Notice to reject such position (the "Response Date").

(b) (i) You agree that in the case of Holdings entering into a merger agreement
with respect to a Panthers Merger, and if so requested by Parent after the
closing of such Panthers Merger, you will relocate to a new residence in the
vicinity of the headquarters of Parent no later than the later of July 31, 2001
or the date occurring six months following the

                                        4

<PAGE>

closing of such Panthers Merger (the period from the date of such request until
such later date, the "Transition Period"). In such event, for the Transition
Period or, if earlier, until the date you acquire a new residence in the
vicinity of Parent, IWO will lease on your behalf an executive residential
quarters in the vicinity of Parent at a cost no greater than $2,500.00 per
month. You shall also be paid or reimbursed for reasonable expenses incurred by
you in commuting to and from such quarters to your existing residence or
quarters, as the case may be, in the vicinity of Holdings no more frequently
than weekly during the Transition Period or, if earlier, until the date you
acquire a new residence in the vicinity of Parent. In addition, in the case of
Holdings entering into such merger agreement, you agree to enter into the
Transition Relocation Expense Agreement attached as Exhibit C, pursuant to which
IWO will provide to you approximately $100,000 of relocation money subject to
the terms and conditions contained therein.

(ii) Notwithstanding Section 2(b)(i), you may, at your option, relocate to a new
residence in the vicinity of the headquarters of Parent at any time after
Holdings enters into a merger agreement with respect to a Panthers Merger, in
which case this Section 2(b)(ii) shall apply instead of Section 2(b)(i), and the
"Transition Period" shall be the period from the date you provide written notice
to Holdings of the exercise of your option (the "Option Notice") until the date
occurring 15 days after the closing of such Panthers Merger. In such event, for
the Transition Period or, if longer, for 120 days after the date of the Option
Notice, but in either case no later than the date you acquire a new residence in
the vicinity of Parent, IWO will lease on your behalf an executive residential
quarters in the vicinity of Parent at a cost no greater than $2,500.00 per
month. In addition, for the Transition Period, IWO will lease on your behalf an
executive residential quarters in the vicinity of Holdings at a cost no greater
than $2,500.00 per month. You shall also be paid or reimbursed for reasonable
expenses incurred by you in commuting to and from such quarters to your
residence or quarters, as the case may be, in the vicinity of Parent no more
frequently than weekly during the Transition Period. In addition, in the case of
Holdings entering into such merger agreement, you agree to enter into the
Transition Relocation Expense Agreement attached as Exhibit C, pursuant to which
IWO will provide to you approximately $100,000 of relocation money subject to
the terms and conditions contained therein.

(c) You agree that in the case that Holdings enters into a merger agreement with
respect to a Panthers Merger, the closing of such Panthers Merger does not occur
for any reason and you have relocated to a new residence in the vicinity of the
headquarters of Parent pursuant to Section 2(b) hereof, you will relocate to a
residence in the vicinity of the headquarters of Holdings no later than July 31,
2001 (the "Re-Transition Period"). In such event, for the Re- Transition Period
or, if earlier, until the date you acquire a new residence in the vicinity of
Holdings, IWO will lease on your behalf an executive residential quarters at a
cost no greater than $2,500.00 per month. You shall also be paid or reimbursed
for reasonable expenses incurred by you in commuting to and from such quarters
to your existing home in the vicinity of Parent no more frequently than weekly
during the Re-Transition Period, and you agree to enter into the Re- Transition
Relocation Expense Agreement attached as Exhibit D, pursuant to which IWO will
provide to you approximately $100,000 of relocation money subject to the terms
and conditions contained therein.

3. Attached hereto as Exhibit E is a true and correct copy of the Warrant. Such
Warrant shall be amended as follows:

                                        5

<PAGE>

(a) The words "or Panthers Merger" shall be inserted at the end of the
parenthetical clause in the heading thereof (appearing below the legend);

(b) The words "or upon a Panthers Merger" shall be added to the end of the first
sentence in the first full paragraph following the heading thereof;

(c) Section 1 shall be amended by deleting the definition of "Approved Sale" and
replacing such definition with the following definition:

"Approved Sale" means a transaction or a series of related transactions other
than a Panthers Merger: (i) including, but not limited to, by way of merger or
consolidation, which results in any "person" or "group" (as such terms are used
in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to
either of the foregoing), other than (A) any one or more of the Initial
Stockholders or Affiliates thereof or (B) a non-U.S. entity with respect to
which an Initial Stockholder or Affiliate thereof has an administrative
relationship, becoming the "beneficial owner" (as defined in Rule 13d- 3 under
the Exchange Act), directly or indirectly, of a majority of the total voting
power of the capital stock of Holdings or otherwise able to elect a majority of
the board of directors of Holdings (for purposes of this definition, such person
or group shall be deemed to beneficially own capital stock of Holdings that is
held by any other corporation so long as such person or group beneficially owns,
directly or indirectly, in the aggregate a majority of the total capital stock
of such other corporation); or (ii) which results in the sale, transfer,
assignment, lease, conveyance or other disposition, directly or indirectly, of
all or substantially all the assets of Holdings and its subsidiaries, considered
as a whole (other than to an Affiliate thereof).

(d) Section 1 shall be amended further by adding the following definition:

"Panthers Merger" means a transaction that (i) results in the merger,
consolidation or amalgamation or other business combination of Holdings with or
into an entity referred to by Holdings as "Panthers," or the sale, transfer,
assignment, lease, conveyance or other disposition, directly or indirectly, of
all or substantially all the assets of Holdings and its subsidiaries, considered
as a whole, to Panthers, and (ii) closes prior to March 31, 2001.

(e) Section 2(a)(ii) shall be amended to delete the "or" at the end of Section
2(a)(ii).

(f) Section 2(a)(iii) shall be amended to replace the "." at the end of Section
2(a)(iii) with "; or".

(g) Section 2(a) shall be amended to add the following new clause (iv):

"(iv) immediately prior to the closing of a Panthers Merger."

                                        6

<PAGE>

(h) Section 2(b)(ii) shall be amended to delete the "or" at the end of Section
2(b)(ii).

(i) Section 2(b)(iii) shall be amended to replace the "." at the end of Section
2(b)(iii) with "; or".

(j) Section 2(b) shall be amended to add the following new clause (iv):

"(iv) immediately prior to the closing of a Panthers Merger."

(k) Section 2(c) shall be amended by deleting such section in its entirety and
replacing such section with the following:

"(c) Holdings shall give to the Holder written notice (the "Holdings Notice") of
the occurrence of an Approved Sale or a Panthers Merger at least 20 days prior
to the anticipated closing of such Approved Sale or Panthers Merger or an
Initial Investors Cash-Out within 100 days following such Initial Investors
Cash-Out."

(l) Section 2(f) shall be amended by deleting such section in its entirety and
replacing such section with the following:

"(f) (i) If the Holdings Notice is with respect to a Panthers Merger, the Holder
shall notify Holdings on or before five days prior to the anticipated closing
date of such Panthers Merger of such Holder's exercise; (ii) with respect to an
Approved Sale, if the Holdings Notice states that Holdings anticipates that such
event will cause the vesting of the 40% IRR Warrant or the 60% IRR Warrant, the
Holder shall notify Holdings on or before five days prior to the anticipated
closing date of such Approved Sale of such Holder's exercise; and (iii) with
respect to an Initial Investors Cash-Out, if the Holdings Notice states that
such event has caused the vesting of either of such warrants, the Holder shall
notify Holdings on or before five days following receipt of the Holdings Notice
of such Holder's exercise of this Warrant (the "Notice Date") . This Warrant
shall be exercisable by the Holder in whole only, and not in part, by the
surrender of this Warrant and delivery to Holdings on or before the Notice Date
of (i) a duly executed notice of exercise in the form of Exhibit A (a "Notice of
Exercise") and (ii) at the option of the Holder, either (A) the Exercise Price
for the Warrant Shares, payable in cash or by wire transfer to a bank account
designated by Holdings or (B) in the case of a Panthers Merger, a notice by
Holder to Holdings requesting the Warrant Shares be issued net of the
appropriate Exercise Price (to be determined based on and consistent with the
value of the consideration to be tendered in connection with such Panthers
Merger)."

(m) Section 2(g) shall be amended by deleting such section in its entirety and
replacing such section with the following:

                                        7

<PAGE>

"(g) This Warrant shall terminate automatically upon the closing of an Approved
Sale or a Panthers Merger and this Warrant shall no longer be of any force or
effect, unless (i) provision is made in writing in connection with such
transaction for the continuance of this Warrant and for the assumption of this
Warrant, or for the substitution for this Warrant of a new Warrant covering the
securities of a successor entity or an affiliate thereof, with appropriate
adjustments as to the number and kind of securities and exercise price, in which
event this Warrant shall continue or be replaced, as the case may be, in the
manner and under the terms so provided; or (ii) the Board of Directors of
Holdings shall provide in writing for such adjustment as it deems appropriate in
terms and conditions of this Warrant, including without limitation (A)
accelerating the vesting of this Warrant and/or (B) providing for the
cancellation of this Warrant and its automatic conversion into the right to
receive the securities, cash or other consideration that the Holder would have
been entitled to receive upon consummation of such Approved Sale or Panthers
Merger had Warrant Shares been issued and outstanding immediately prior to the
Approved Sale or Panthers Merger (net of the appropriate exercise price)."

4. Attached hereto as Exhibit F is a true and correct copy of the Second Stock
Option Agreement.

5. Notwithstanding anything herein to the contrary, if you reject pursuant to
Section 2(a)(ii) hereof the position specified in the Position Notice, you may
at your election have the following provisions (a) through (f) become effective
upon your notifying Holdings and IWO of such election in the form set forth as
Exhibit G hereto (the "Election Notice") at any time after the date you receive
the Position Notice but in no event later than the Response Date. Neither any
election by you under this Section 5 nor any other provision of this Section 5
shall be effective if you have not timely provided such notice.

(a) The Employment Agreement shall be terminated as of the date of the Election
Notice and, notwithstanding any other provision thereof to the contrary and in
satisfaction of Holdings' and IWO's obligations thereunder, you shall be
entitled to the rights provided by the first sentence of Sections 3(b) and 7(d)
thereof with your bonus compensation for fiscal 2000 being determined as if your
employment had continued through December 31, 2000, but in any case such bonus
compensation for fiscal 2000 shall not be less than 50% of the maximum bonuses
that you would have received under Section 3(b) of the Employment Agreement if
the goals described therein had been met for fiscal 2000. In addition, on the
Separation Date (defined below), you shall be entitled to receive $225,000 as a
severance payment.

(b) For the period from the date of the Election Notice through a date (to be
determined by the board of directors of Holdings) up to six months following the
date of the Election Notice (the "Separation Date"), you will provide all
reasonable and necessary assistance to Parent, Holdings and IWO (as directed by
the board of directors of Holdings) in order to ensure the orderly transition of
your duties and responsibilities for Holdings and IWO. You will be paid for such
services a fee equal to six months' of your basic salary as determined pursuant
to

                                        8

<PAGE>

Section 3(a) of the Employment Agreement and will be entitled to participate in
medical, dental and car allowance benefits as if your employment had continued
for six months following the date of the Election Notice. Following such six
month period, you will be entitled to elect to continue medical and dental
coverage in accordance with Section 601 et. seq. of the Employee Retirement
Income Security Act of 1974. You will also be paid or reimbursed for all
reasonable business travel and other business expenses incurred or paid by you
on or prior to the Separation Date in connection with the performance of your
services upon presentation of expense statements or vouchers and any such other
supporting information as Holdings may request.

(c) Notwithstanding Section 1 hereof, with respect to the First Stock Option
Agreement:

(i) an Approved Sale shall be deemed to have occurred as of the date of the
consummation of such Panthers Merger, and all Options which are the subject of
such agreement shall vest and be exercisable immediately prior to the
consummation of such Panthers Merger; and

(ii) subject to Section 6(a) of such agreement, your Options will expire on the
later of five years after the Termination Date or two years after an Initial
Public Offering.

(d) With respect to the Second Stock Option Agreement:

(i) an Approved Sale shall be deemed to have occurred as of the date of the
consummation of such Panthers Merger, and all Options which are the subject of
such agreement shall vest and be exercisable immediately prior to the
consummation of such Panthers Merger; and

(ii) subject to Section 6(a) of such agreement, your Options will expire on the
later of five years after the Termination Date or two years after an Initial
Public Offering.

(e) The Warrant shall be further amended as set forth in clauses (i) through (v)
below and shall vest and be exercisable in accordance with the terms of the
Warrant as amended by Section 3 hereof:

(i) the words "or Termination of Employment" shall be deleted from the
parenthetical clause in the heading thereof;

(ii) the words "or in the event of the termination of Holder's employment with
Holdings or any of its Subsidiaries" shall be deleted from the first full
paragraph following the heading thereof;

(iii) the definitions "Termination of Employment," "Cause," "Disability" and
"Retirement" contained in Section 1 thereof shall be deleted in their entirety;

(iv) the words ", provided such occurrence is prior to the Termination of
Employment" shall be deleted from the first sentence in each of Sections 2(a)
and 2(b) thereof; and

                                        9

<PAGE>

(v) Section 2(h) shall be deleted in its entirety.

(f) You, for yourself, your agents, legal representatives, assigns, heirs,
distributees, devisees, legatees, administrators, personal representatives and
executors ("Your Parties"), on the one hand, and Holdings and IWO, its present,
past and future subsidiaries and affiliates, successors and assigns, and their
respective present and past officers, directors, employees and agents ("Our
Parties"), on the other hand hereby release and forever discharge the other,
from any and all claims, demands, actions, liabilities and other claims for
relief and remuneration whatsoever, whether known or unknown; provided, however,
that nothing contained herein shall relieve IWO, Holdings or you from any
obligation arising herein, under the agreements referenced herein (as modified
by this agreement), under the Indemnity Agreement dated December 20, 1999
between Holdings and you, under the Certificate of Incorporation of Holdings or
IWO or under the Stockholders Agreement dated December 20, 1999 between
Holdings, you and the other parties thereto. Your Parties and Our Parties
further agree not to assert any claim, charge or other legal proceeding against
the other, in any forum, based on any events, whether known or unknown, which
are the subject of the release contained in this Section 5(f).

6. Except for the changes described herein, the First Stock Option Agreement,
the Second Stock Option Agreement, the Warrant and the Employment Agreement will
be unchanged and remain in full force and effect.

7. In connection with a Designated Merger if and when requested by the board of
directors of Holdings, you agree to enter into a lockup agreement and a voting
agreement with respect to your shares of capital stock of Holdings and Parent
and any such capital stock that may be acquired upon the exercise of options or
warrants for such capital stock, to the extent and on substantially the same
basis as Investcorp S.A. and its subsidiaries enter into such agreements with
respect to their capital stock of Holdings and Parent.

8. You hereby waive any acceleration of benefits pursuant to the First Stock
Option Agreement, the Second Stock Option Agreement or the Warrant unless
shareholder approval meeting the requirements of Section 280G(b)(5) of the
Internal Revenue Code of 1986, as amended (the "Code"), with respect to such
benefits is obtained.

9. You agree that this letter agreement (excluding for this purpose paragraph 8
of such agreement) shall not be effective unless shareholder approval meeting
the requirements of Section 280G(b)(5) of the Code is obtained.

10. This letter agreement shall inure to the benefit of, and be binding upon,
the heirs, executors, administrators, successors and assigns of you, Holdings
and/or IWO.

11. The parties hereto agree to take or cause to be taken all such further
actions as may be reasonably necessary or appropriate to effectuate the intent,
purposes and obligations of this letter agreement.

                                       10

<PAGE>

Please indicate your acceptance of the terms hereof by signing in the
appropriate space below.

Very truly yours,

                               IWO HOLDINGS, INC.

                  By: /s/ Solon L. Kandel
                      -------------------
                      Name:  Solon L. Kandel
                      Title:  President and Chief Executive Officer

                      INDEPENDENT WIRELESS ONE CORPORATION

                  By: /s/ Solon L. Kandel
                      --------------------
                      Name:  Solon L. Kandel
                      Title:  President and Chief Executive Officer

Agreed and accepted:

Steven M. Nielsen

                                /s/ Steven M. Nielsen
                                ---------------------

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