Document:

<PAGE>
                                                                    Exhibit 10.4

                                  AIRVANA, INC.

                                     FORM OF
                       NONSTATUTORY STOCK OPTION AGREEMENT
                     GRANTED UNDER 2007 STOCK INCENTIVE PLAN

1.       Grant of Option.

         This agreement evidences the grant by Airvana, Inc., a Delaware
corporation (the "Company"), on       , 200[_] (the "Grant Date") to
[_________], [an employee][a consultant][a director] of the Company (the
"Participant"), of an option to purchase, in whole or in part, on the terms
provided herein and in the Company's 2007 Stock Incentive Plan (the "Plan"), a
total of [________] shares (the "Shares") of common stock, $0.001 par value per
share, of the Company ("Common Stock") at $[_____] per Share. Unless earlier
terminated, this option shall expire at 5:00 p.m., Eastern time, on [_________]
(the "Final Exercise Date").

         It is intended that the option evidenced by this agreement shall not be
an incentive stock option as defined in Section 422 of the Internal Revenue Code
of 1986, as amended, and any regulations promulgated thereunder (the "Code").
Except as otherwise indicated by the context, the term "Participant", as used in
this option, shall be deemed to include any person who acquires the right to
exercise this option validly under its terms.

2.       Vesting Schedule; Acceleration Upon a Change in Control Event.

         (a)      This option will become exercisable ("vest") as to [25]% of
the original number of Shares on the first anniversary of the Grant Date and as
to an additional [6.25]% of the original number of Shares at the end of each
successive three-month period following the first anniversary of the Grant Date
until the [fourth] anniversary of the Grant Date.

         (b)      The right of exercise shall be cumulative so that to the
extent the option is not exercised in any period to the maximum extent
permissible it shall continue to be exercisable, in whole or in part, with
respect to all Shares for which it is vested until the earlier of the Final
Exercise Date or the termination of this option under Section 3 hereof or the
Plan.

         (c)      Notwithstanding any provision of the Plan to the contrary,
effective immediately prior to a Change in Control Event (as defined below),
except to the extent specifically provided to the contrary in any agreement
between the Participant and the Company, the vesting schedule of this option
shall be accelerated in part so that the number of shares that would otherwise
have first become vested during the [twelve]-month period following the date of
the Change in Control Event shall immediately become exercisable. The remaining
number of shares subject to vesting, if any, shall continue to become vested
(provided that the conditions for continued vesting set forth herein continue to
be satisfied) in accordance with the original vesting schedule set forth in this
option, with the same percentage of the total number of shares subject to this
option that would otherwise have become vested on each subsequent vesting date
in accordance with the original schedule becoming vested on each such subsequent
vesting date until this option is vested in full (with the consequence that this
option, if not becoming fully vested on the

<PAGE>

date of such Change in Control Event, will vest in full [twelve] months sooner
than provided in the original vesting schedule).

         (d)      For purposes of this agreement, "Change in Control Event"
shall mean an event or occurrence that is set forth in any one or more of
clauses (1) through (3) below (including without limitation an event or
occurrence that constitutes a Change in Control Event under one of such clauses
but is specifically exempted from another such clause) and that also constitutes
a "change of control" within the meaning of Section 409A of the Code and the
guidance issued thereunder:

                  (1)      the acquisition by an individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act")) (a "Person") of beneficial
ownership of any capital stock of the Company if, after such acquisition, such
Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) 50% or more of either (i) the then-outstanding shares of Common
Stock (the "Outstanding Company Common Stock") or (ii) the combined voting power
of the then-outstanding securities of the Company entitled to vote generally in
the election of directors (the "Outstanding Company Voting Securities");
provided, however, that for purposes of this clause (1), the following
acquisitions shall not constitute a Change in Control Event: (A) any acquisition
directly from the Company (excluding an acquisition pursuant to the exercise,
conversion or exchange of any security exercisable for, convertible into or
exchangeable for common stock or voting securities of the Company, unless the
Person exercising, converting or exchanging such security acquired such security
directly from the Company or an underwriter or agent of the Company), (B) any
acquisition by the Company, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation
controlled by the Company or (D) any acquisition by any corporation pursuant to
a transaction which complies with clauses 2(i) and 2(ii) of this Section 2(d);
or

                  (2)      the consummation of a merger, consolidation,
reorganization, recapitalization or statutory share exchange involving the
Company or a sale or other disposition of all or substantially all of the assets
of the Company in one or a series of transactions (a "Business Combination"),
unless, immediately following such Business Combination, each of the following
two conditions is satisfied: (i) all or substantially all of the individuals and
entities who were the beneficial owners of the Outstanding Company Common Stock
and Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock and the combined voting power of the
then-outstanding securities entitled to vote generally in the election of
directors, respectively, of the resulting or acquiring corporation in such
Business Combination (which shall include, without limitation, a corporation
which as a result of such transaction owns the Company or substantially all of
the Company's assets either directly or through one or more subsidiaries) (such
resulting or acquiring corporation is referred to herein as the "Acquiring
Corporation") in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities, respectively; and (ii)
no Person (excluding the Acquiring Corporation or any employee benefit plan (or
related trust) maintained or sponsored by the Company or by the Acquiring
Corporation) beneficially owns, directly or indirectly, 35% or more of the then
outstanding shares of common stock of the Acquiring Corporation, or of the

                                      -2-
<PAGE>

combined voting power of the then-outstanding securities of such corporation
entitled to vote generally in the election of directors (except to the extent
that such ownership existed prior to the Business Combination); or

                  (3)      the liquidation or dissolution of the Company.

3.       Exercise of Option.

         (a)      Form of Exercise. Each election to exercise this option shall
be in writing, signed by the Participant, and received by the Company at its
principal office, accompanied by this agreement, and payment in full in the
manner provided in the Plan. The Participant may purchase less than the number
of shares covered hereby, provided that no partial exercise of this option may
be for any fractional share.

         (b)      Continuous Relationship with the Company Required. Except as
otherwise provided in this Section 3, this option may not be exercised unless
the Participant, at the time he or she exercises this option, is, and has been
at all times since the Grant Date, an employee or officer of, or consultant or
advisor to, the Company or any other entity the employees, officers, directors,
consultants, or advisors of which are eligible to receive option grants under
the Plan (an "Eligible Participant")

         (c)      Termination of Relationship with the Company. If the
Participant ceases to be an Eligible Participant for any reason, then, except as
provided in paragraphs (d) and (e) below, the right to exercise this option
shall terminate three months after such cessation (but in no event after the
Final Exercise Date), provided that this option shall be exercisable only to the
extent that the Participant was entitled to exercise this option on the date of
such cessation. Notwithstanding the foregoing, if the Participant, prior to the
Final Exercise Date, violates the non-competition or confidentiality provisions
of any employment contract, confidentiality and nondisclosure agreement or other
agreement between the Participant and the Company, the right to exercise this
option shall terminate immediately upon written notice to the Participant from
the Company describing such violation.

         (d)      Exercise Period Upon Death or Disability. If the Participant
dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code)
prior to the Final Exercise Date while he or she is an Eligible Participant and
the Company has not terminated such relationship for "cause" as specified in
paragraph (e) below, this option shall be exercisable, within the period of one
year following the date of death or disability of the Participant, by the
Participant (or in the case of death by an authorized transferee), provided that
this option shall be exercisable only to the extent that this option was
exercisable by the Participant on the date of his or her death or disability,
and further provided that this option shall not be exercisable after the Final
Exercise Date.

         (e)      Termination for Cause. If, prior to the Final Exercise Date,
the Participant's employment or other relationship with the Company is
terminated by the Company for Cause (as defined below), the right to exercise
this option shall terminate immediately upon the effective date of such
termination of employment or other relationship. If the Participant is party to
an employment, consulting or severance agreement with the Company that contains
a definition of

                                      -3-
<PAGE>

"cause" for termination of employment or other relationship, "Cause" shall have
the meaning ascribed to such term in such agreement. Otherwise, "Cause" shall
mean willful misconduct by the Participant or willful failure by the Participant
to perform his or her responsibilities to the Company (including, without
limitation, breach by the Participant of any provision of any employment,
consulting, advisory, nondisclosure, non-competition or other similar agreement
between the Participant and the Company), as determined by the Company, which
determination shall be conclusive. The Participant shall be considered to have
been discharged for "Cause" if the Company determines, within 30 days after the
Participant's resignation, that discharge for cause was warranted.

4.       Withholding.

         No Shares will be issued pursuant to the exercise of this option unless
and until the Participant pays to the Company, or makes provision satisfactory
to the Company for payment of, any federal, state or local withholding taxes
required by law to be withheld in respect of this option.

5.       Nontransferability of Option.

         This option may not be sold, assigned, transferred, pledged or
otherwise encumbered by the Participant, either voluntarily or by operation of
law, except by will or the laws of descent and distribution, and, during the
lifetime of the Participant, this option shall be exercisable only by the
Participant.

6.       Provisions of the Plan.

         This option is subject to the provisions of the Plan, a copy of which
is furnished to the Participant with this option.

         IN WITNESS WHEREOF, the Company has caused this option to be executed
under its corporate seal by its duly authorized officer. This option shall take
effect as a sealed instrument.

                                             AIRVANA, INC.

Dated: _________                             By: _______________________________
                                                 Name:  ________________________
                                                 Title: ________________________

                                      -4-
<PAGE>

                            PARTICIPANT'S ACCEPTANCE

     The undersigned hereby accepts the foregoing option and agrees to the terms
and conditions thereof. The undersigned hereby acknowledges receipt of a copy of
the Company's 2007 Stock Incentive Plan.

                                             PARTICIPANT:

                                             ___________________________________

                                             Address: __________________________

                                                      __________________________

<PAGE>

NOTICE OF GRANT OF NONSTATUTORY            AIRVANA, INC.
STOCK OPTION AND OPTION                    19 Alpha Road
AGREEMENT                                  Chelmsford, MA  01824
                                           IRS ID:  04-3507654

PARTICIPANT:

OPTION NUMBER:

PLAN:  2007 STOCK INCENTIVE PLAN

ID:

On the Date of Grant specified below, Airvana, Inc., a Delaware corporation (the
"Company"), awarded you a Nonstatutory Stock Option (this "Option") to purchase,
in whole or in part, on the terms provided in this Notice of Grant, the attached
Nonstatutory Stock Option Agreement (the "Option Agreement") and the Company's
2007 Stock Incentive Plan (the "Plan"), a total number of shares of the
Company's Common Stock (the "Shares") equal to the Number of Shares specified
below at the Exercise Price specified below per Share. Unless earlier
terminated, this Option shall expire at 5:00 p.m., Eastern time, on [the Final
Exercise Date specified below][the day immediately preceding the tenth
anniversary of the Date of Grant (the "Final Exercise Date")].

DATE OF GRANT:

NUMBER OF SHARES:

EXERCISE PRICE:

[FINAL EXERCISE DATE:]

This Option will become exercisable ("vest") as to 25% of the original number of
Shares subject to this Option on the first anniversary of Date of Grant and as
to an additional 6.25% of the original number of Shares subject to this Option
at the end of each successive three-month period following the first anniversary
of Date of Grant until fourth anniversary of Date of Grant.

By your signature and the Company's signature below, you and the Company agree
that this Option is granted under and governed by the terms and conditions of
this Notice of Grant and the Plan and the Option Agreement, both of which are
made a part of this document. By your signature below you acknowledge receipt of
a copy of the Plan and the Option Agreement and you acknowledge that you have
read and will comply with the Company's Insider Trading Policy.

Airvana, Inc.

By: ____________________________             __________________________
                                             Date
_______________________________              __________________________
Participant                                  Date

<PAGE>

                                  AIRVANA, INC.

                                     FORM OF
                       NONSTATUTORY STOCK OPTION AGREEMENT
                     GRANTED UNDER 2007 STOCK INCENTIVE PLAN

1.    Grant of Option.

      It is intended that the Option evidenced by the Notice of Grant to which
this Nonstatutory Stock Option Agreement is attached (the "Notice of Grant") and
this Option Agreement shall not be an incentive stock option as defined in
Section 422 of the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder (the "Code"). Except as otherwise indicated
by the context, the term "Participant", as used in this Option, shall be deemed
to include any person who acquires the right to exercise this Option validly
under its terms.

2.    Vesting; Acceleration Upon a Change in Control Event.

      (a) The right of exercise of this Option shall be cumulative so that to
the extent the Option is not exercised in any period to the maximum extent
permissible it shall continue to be exercisable, in whole or in part, with
respect to all Shares for which it is vested until the earlier of the Final
Exercise Date or the termination of this Option under Section 3 hereof or the
Plan.

      (b) Notwithstanding any provision of the Plan to the contrary, effective
immediately prior to a Change in Control Event (as defined below), except to the
extent specifically provided to the contrary in the Notice of Grant or any
agreement between the Participant and the Company, the vesting schedule of this
Option shall be accelerated in part so that the number of shares that would
otherwise have first become vested during the twelve-month period following the
date of the Change in Control Event shall immediately become exercisable. The
remaining number of shares subject to vesting, if any, shall continue to become
vested (provided that the conditions for continued vesting set forth herein
continue to be satisfied) in accordance with the original vesting schedule set
forth in this Option, with the same percentage of the total number of shares
subject to this Option that would otherwise have become vested on each
subsequent vesting date in accordance with the original schedule becoming vested
on each such subsequent vesting date until this Option is vested in full (with
the consequence that this Option, if not becoming fully vested on the date of
such Change in Control Event, will vest in full twelve months sooner than
provided in the original vesting schedule).

      (c) For purposes of this agreement, "Change in Control Event" shall mean
an event or occurrence that is set forth in any one or more of clauses (1)
through (3) below (including without limitation an event or occurrence that
constitutes a Change in Control Event under one of such clauses but is
specifically exempted from another such clause) and that also constitutes a
"change of control" within the meaning of Section 409A of the Code and the
guidance issued thereunder:

         (1) the acquisition by an individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act")) (a "Person") of beneficial ownership of any
capital stock of the Company if, after such

<PAGE>

acquisition, such Person beneficially owns (within the meaning of Rule 13d-3
promulgated under the Exchange Act) 50% or more of either (i) the
then-outstanding shares of Common Stock (the "Outstanding Company Common Stock")
or (ii) the combined voting power of the then-outstanding securities of the
Company entitled to vote generally in the election of directors (the
"Outstanding Company Voting Securities"); provided, however, that for purposes
of this clause (1), the following acquisitions shall not constitute a Change in
Control Event: (A) any acquisition directly from the Company (excluding an
acquisition pursuant to the exercise, conversion or exchange of any security
exercisable for, convertible into or exchangeable for common stock or voting
securities of the Company, unless the Person exercising, converting or
exchanging such security acquired such security directly from the Company or an
underwriter or agent of the Company), (B) any acquisition by the Company, (C)
any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company or (D)
any acquisition by any corporation pursuant to a transaction which complies with
clauses 2(i) and 2(ii) of this Section 2(c); or

         (2) the consummation of a merger, consolidation, reorganization,
recapitalization or statutory share exchange involving the Company or a sale or
other disposition of all or substantially all of the assets of the Company in
one or a series of transactions (a "Business Combination"), unless, immediately
following such Business Combination, each of the following two conditions is
satisfied: (i) all or substantially all of the individuals and entities who were
the beneficial owners of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of the then-outstanding
shares of common stock and the combined voting power of the then-outstanding
securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business
Combination (which shall include, without limitation, a corporation which as a
result of such transaction owns the Company or substantially all of the
Company's assets either directly or through one or more subsidiaries) (such
resulting or acquiring corporation is referred to herein as the "Acquiring
Corporation") in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities, respectively; and (ii)
no Person (excluding the Acquiring Corporation or any employee benefit plan (or
related trust) maintained or sponsored by the Company or by the Acquiring
Corporation) beneficially owns, directly or indirectly, 35% or more of the then
outstanding shares of common stock of the Acquiring Corporation, or of the
combined voting power of the then-outstanding securities of such corporation
entitled to vote generally in the election of directors (except to the extent
that such ownership existed prior to the Business Combination); or

         (3) the liquidation or dissolution of the Company.

3.       Exercise of Option.

      (a) Form of Exercise. Each election to exercise this Option shall be in
writing, signed by the Participant, and received by the Company at its principal
office, accompanied by this agreement, and payment in full in the manner
provided in the Plan. The Participant may purchase less than the number of
Shares covered hereby, provided that no partial exercise of this Option may be
for any fractional share.

<PAGE>

      (b) Continuous Relationship with the Company Required. Except as otherwise
provided in this Section 3, this Option may not be exercised unless the
Participant, at the time he or she exercises this Option, is, and has been at
all times since the Date of Grant, an employee or officer of, or consultant or
advisor to, the Company or any other entity the employees, officers, directors,
consultants, or advisors of which are eligible to receive option grants under
the Plan (an "Eligible Participant").

      (c) Termination of Relationship with the Company. If the Participant
ceases to be an Eligible Participant for any reason, then, except as provided in
paragraphs (d) and (e) below, the right to exercise this Option shall terminate
three months after such cessation (but in no event after the Final Exercise
Date), provided that this Option shall be exercisable only to the extent that
the Participant was entitled to exercise this Option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final
Exercise Date, violates the non-competition or confidentiality provisions of any
employment contract, confidentiality and nondisclosure agreement or other
agreement between the Participant and the Company, the right to exercise this
Option shall terminate immediately upon written notice to the Participant from
the Company describing such violation.

      (d) Exercise Period Upon Death or Disability. If the Participant dies or
becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to
the Final Exercise Date while he or she is an Eligible Participant and the
Company has not terminated such relationship for "cause" as specified in
paragraph (e) below, this Option shall be exercisable, within the period of one
year following the date of death or disability of the Participant, by the
Participant (or in the case of death by an authorized transferee), provided that
this Option shall be exercisable only to the extent that this Option was
exercisable by the Participant on the date of his or her death or disability,
and further provided that this Option shall not be exercisable after the Final
Exercise Date.

      (e) Termination for Cause. If, prior to the Final Exercise Date, the
Participant's employment or other relationship with the Company is terminated by
the Company for Cause (as defined below), the right to exercise this Option
shall terminate immediately upon the effective date of such termination of
employment or other relationship. If the Participant is party to an employment,
consulting or severance agreement with the Company that contains a definition of
"cause" for termination of employment or other relationship, "Cause" shall have
the meaning ascribed to such term in such agreement. Otherwise, "Cause" shall
mean willful misconduct by the Participant or willful failure by the Participant
to perform his or her responsibilities to the Company (including, without
limitation, breach by the Participant of any provision of any employment,
consulting, advisory, nondisclosure, non-competition or other similar agreement
between the Participant and the Company), as determined by the Company, which
determination shall be conclusive. The Participant shall be considered to have
been discharged for Cause if the Company determines, within 30 days after the
Participant's resignation, that discharge for cause was warranted.

4. Withholding. No Shares will be issued pursuant to the exercise of this Option
unless and until the Participant pays to the Company, or makes provision
satisfactory to the Company for payment of, any federal, state or local
withholding taxes required by law to be withheld in respect of this Option.

<PAGE>

5.    Nontransferability of Option.

      This Option may not be sold, assigned, transferred, pledged or otherwise
encumbered by the Participant, either voluntarily or by operation of law, except
by will or the laws of descent and distribution, and, during the lifetime of the
Participant, this Option shall be exercisable only by the Participant.

6.    Provisions of the Plan.

      This Option is subject to the provisions of the Plan, a copy of which is
furnished to the Participant with this Option.
<PAGE>

NOTICE OF GRANT OF STOCK OPTIONS AND    AIRVANA, INC.
OPTION AGREEMENT                        IRS ID: 04-3507654
                                        19 Alpha Road
                                        Chelmsford, MA  01824

[PARTICIPANT NAME]                      OPTION NUMBER: _________________________
[PARTICIPANT ADDRESS]                   PLAN: __________________________________
                                        ID: ____________________________________

Effective [_____], you have been granted a Nonstatutory Stock Option to buy
[_____] shares of Airvana, Inc. (the Company) stock at $[_____] per share.

The total option price of the shares granted is $[_____].

Shares in each period will become fully vested on the date shown.

<TABLE>
<CAPTION>
Shares   Vest Type   Full Vest   Expiration
------   ---------   ---------   ----------
<S>      <C>         <C>         <C>

</TABLE>

By your signature and the Company's signature below, you and the Company agree
that these options are granted under and governed by the terms and conditions of
the Company's Stock Option Plan and the Option Agreement, all of which are
attached and made a part of this document.

-------------------------------------   ----------------------------------------
Airvana, Inc.                           Date

-------------------------------------   ----------------------------------------
[Participant Name]                      Date

<PAGE>

                                  AIRVANA, INC.

                       NONSTATUTORY STOCK OPTION AGREEMENT
                     GRANTED UNDER 2007 STOCK INCENTIVE PLAN

1. Grant of Option.

     On the date of grant (the "Date of Grant") specified in the first sentence
of the Notice of Grant of Stock Options to which this Nonstatutory Stock Option
Agreement is attached (the "Notice of Grant"), Airvana, Inc., a Delaware
corporation (the "Company"), awarded you an Nonstatutory Stock Option (this
"Option") to purchase, in whole or in part, on the terms provided in the
attached Notice of Grant (except to the extent superseded by this Nonstatutory
Stock Option Agreement), this Nonstatutory Stock Option Agreement (the "Option
Agreement") and the Company's 2007 Stock Incentive Plan (the "Plan"), a total
number of shares of the Company's Common Stock (the "Shares") equal to the
number of shares specified in the first sentence of the Notice of Grant at the
exercise price per Share specified in the first sentence of the Notice of Grant
(the "Exercise Price"). Unless earlier terminated, notwithstanding the date set
forth in the table in the Notice of Grant under the column "Expiration", this
Option shall expire at 5:00 p.m., Eastern time, on the day immediately preceding
the tenth anniversary of the Date of Grant (the "Final Exercise Date").

     YOU SHOULD NOT RELY ON THE INFORMATION PROVIDED IN THE THIRD SENTENCE OF
THE NOTICE OF GRANT AND THE TABLE THAT FOLLOWS THE THIRD SENTENCE OF THE NOTICE
OF GRANT. TO THE EXTENT THAT THE TERMS OF THIS OPTION AGREEMENT DIFFER FROM THE
INFORMATION DISCLOSED IN THOSE PORTIONS OF THE NOTICE OF GRANT, THE TERMS OF
THIS OPTION AGREEMENT SHALL CONTROL.

     It is intended that the Option evidenced by the Notice of Grant and this
Option Agreement shall not be an incentive stock option as defined in Section
422 of the Internal Revenue Code of 1986, as amended, and any regulations
promulgated thereunder (the "Code"). Except as otherwise indicated by the
context, the term "Participant", as used in this Option, shall be deemed to
include any person who acquires the right to exercise this Option validly under
its terms.

2. Vesting; Acceleration Upon a Change in Control Event.

     (a) Notwithstanding any implication to the contrary in the table that
follows the third sentence of the Notice of Grant, this Option will become
exercisable ("vest") as to [_____]% of the original number of Shares subject to
this Option on [_____].

     (b) The right of exercise of this Option shall be cumulative so that to the
extent the Option is not exercised in any period to the maximum extent
permissible it shall continue to be exercisable, in whole or in part, with
respect to all Shares for which it is vested until the earlier of the Final
Exercise Date or the termination of this Option under Section 3 hereof or the
Plan.

<PAGE>

     (c) Notwithstanding any provision of the Plan to the contrary, effective
immediately prior to a Change in Control Event (as defined below), except to the
extent specifically provided to the contrary in the Notice of Grant or any
agreement between the Participant and the Company, the vesting schedule of this
Option shall be accelerated in part so that the number of shares that would
otherwise have first become vested during the twelve-month period following the
date of the Change in Control Event shall immediately become exercisable. The
remaining number of shares subject to vesting, if any, shall continue to become
vested (provided that the conditions for continued vesting set forth herein
continue to be satisfied) in accordance with the original vesting schedule set
forth in this Option, with the same percentage of the total number of shares
subject to this Option that would otherwise have become vested on each
subsequent vesting date in accordance with the original schedule becoming vested
on each such subsequent vesting date until this Option is vested in full (with
the consequence that this Option, if not becoming fully vested on the date of
such Change in Control Event, will vest in full twelve months sooner than
provided in the original vesting schedule).

     (d) For purposes of this agreement, "Change in Control Event" shall mean an
event or occurrence that is set forth in any one or more of clauses (1) through
(3) below (including without limitation an event or occurrence that constitutes
a Change in Control Event under one of such clauses but is specifically exempted
from another such clause) and that also constitutes a "change of control" within
the meaning of Section 409A of the Code and the guidance issued thereunder:

          (1) the acquisition by an individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act")) (a "Person") of beneficial ownership of any
capital stock of the Company if, after such acquisition, such Person
beneficially owns (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) 50% or more of either (i) the then-outstanding shares of Common
Stock (the "Outstanding Company Common Stock") or (ii) the combined voting power
of the then-outstanding securities of the Company entitled to vote generally in
the election of directors (the "Outstanding Company Voting Securities");
provided, however, that for purposes of this clause (1), the following
acquisitions shall not constitute a Change in Control Event: (A) any acquisition
directly from the Company (excluding an acquisition pursuant to the exercise,
conversion or exchange of any security exercisable for, convertible into or
exchangeable for common stock or voting securities of the Company, unless the
Person exercising, converting or exchanging such security acquired such security
directly from the Company or an underwriter or agent of the Company), (B) any
acquisition by the Company, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any corporation
controlled by the Company or (D) any acquisition by any corporation pursuant to
a transaction which complies with clauses 2(i) and 2(ii) of this Section 2(d);
or

          (2) the consummation of a merger, consolidation, reorganization,
recapitalization or statutory share exchange involving the Company or a sale or
other disposition of all or substantially all of the assets of the Company in
one or a series of transactions (a "Business Combination"), unless, immediately
following such Business Combination, each of the following two conditions is
satisfied: (i) all or substantially all of the individuals and entities who were
the beneficial owners of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such Business Combination
beneficially own,

<PAGE>

directly or indirectly, more than 50% of the then-outstanding shares of common
stock and the combined voting power of the then-outstanding securities entitled
to vote generally in the election of directors, respectively, of the resulting
or acquiring corporation in such Business Combination (which shall include,
without limitation, a corporation which as a result of such transaction owns the
Company or substantially all of the Company's assets either directly or through
one or more subsidiaries) (such resulting or acquiring corporation is referred
to herein as the "Acquiring Corporation") in substantially the same proportions
as their ownership, immediately prior to such Business Combination, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities,
respectively; and (ii) no Person (excluding the Acquiring Corporation or any
employee benefit plan (or related trust) maintained or sponsored by the Company
or by the Acquiring Corporation) beneficially owns, directly or indirectly, 35%
or more of the then outstanding shares of common stock of the Acquiring
Corporation, or of the combined voting power of the then-outstanding securities
of such corporation entitled to vote generally in the election of directors
(except to the extent that such ownership existed prior to the Business
Combination); or

          (3) the liquidation or dissolution of the Company.

3. Exercise of Option.

     (a) Form of Exercise. Each election to exercise this Option shall be in
writing, signed by the Participant, and received by the Company at its principal
office, accompanied by this agreement, and payment in full in the manner
provided in the Plan. The Participant may purchase less than the number of
Shares covered hereby, provided that no partial exercise of this Option may be
for any fractional share.

     (b) Continuous Relationship with the Company Required. Except as otherwise
provided in this Section 3, this Option may not be exercised unless the
Participant, at the time he or she exercises this Option, is, and has been at
all times since the Date of Grant, an employee or officer of, or consultant or
advisor to, the Company or any other entity the employees, officers, directors,
consultants, or advisors of which are eligible to receive option grants under
the Plan (an "Eligible Participant").

     (c) Termination of Relationship with the Company. If the Participant ceases
to be an Eligible Participant for any reason, then, except as provided in
paragraphs (d) and (e) below, the right to exercise this Option shall terminate
three months after such cessation (but in no event after the Final Exercise
Date), provided that this Option shall be exercisable only to the extent that
the Participant was entitled to exercise this Option on the date of such
cessation. Notwithstanding the foregoing, if the Participant, prior to the Final
Exercise Date, violates the non-competition or confidentiality provisions of any
employment contract, confidentiality and nondisclosure agreement or other
agreement between the Participant and the Company, the right to exercise this
Option shall terminate immediately upon written notice to the Participant from
the Company describing such violation.

     (d) Exercise Period Upon Death or Disability. If the Participant dies or
becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to
the Final Exercise Date while he or she is an Eligible Participant and the
Company has not terminated such relationship

<PAGE>

for "cause" as specified in paragraph (e) below, this Option shall be
exercisable, within the period of one year following the date of death or
disability of the Participant, by the Participant (or in the case of death by an
authorized transferee), provided that this Option shall be exercisable only to
the extent that this Option was exercisable by the Participant on the date of
his or her death or disability, and further provided that this Option shall not
be exercisable after the Final Exercise Date.

     (e) Termination for Cause. If, prior to the Final Exercise Date, the
Participant's employment or other relationship with the Company is terminated by
the Company for Cause (as defined below), the right to exercise this Option
shall terminate immediately upon the effective date of such termination of
employment or other relationship. If the Participant is party to an employment,
consulting or severance agreement with the Company that contains a definition of
"cause" for termination of employment or other relationship, "Cause" shall have
the meaning ascribed to such term in such agreement. Otherwise, "Cause" shall
mean willful misconduct by the Participant or willful failure by the Participant
to perform his or her responsibilities to the Company (including, without
limitation, breach by the Participant of any provision of any employment,
consulting, advisory, nondisclosure, non-competition or other similar agreement
between the Participant and the Company), as determined by the Company, which
determination shall be conclusive. The Participant shall be considered to have
been discharged for Cause if the Company determines, within 30 days after the
Participant's resignation, that discharge for cause was warranted.

4. Withholding. No Shares will be issued pursuant to the exercise of this Option
unless and until the Participant pays to the Company, or makes provision
satisfactory to the Company for payment of, any federal, state or local
withholding taxes required by law to be withheld in respect of this Option.

5. Nontransferability of Option.

     This Option may not be sold, assigned, transferred, pledged or otherwise
encumbered by the Participant, either voluntarily or by operation of law, except
by will or the laws of descent and distribution, and, during the lifetime of the
Participant, this Option shall be exercisable only by the Participant.

6. Provisions of the Plan.

     This Option is subject to the provisions of the Plan, a copy of which is
furnished to the Participant with this Option.<PAGE>
                                                                    Exhibit 10.5

                                  AIRVANA, INC.

              THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

     This Agreement, dated as of June 6, 2007, is entered into by and among
Airvana, Inc., a Delaware corporation (the "Company"), the persons and entities
listed on Schedule A hereto (individually, a "Preferred Investor", and
collectively, the "Preferred Investors"), the persons and entities listed on
Schedule B hereto (individually, an "Other Investor", and collectively, the
"Other Investors"), Sanjeev Verma and Vedat Eyuboglu (individually, a "Founder",
and collectively, the "Founders"), and Silicon Valley Bank, CommVest LLC and
GATX Ventures, Inc. (collectively, the "Warrant Holders").

                                  BACKGROUND

     WHEREAS, the Company, the Preferred Investors, the Other Investors, the
Founders and the Warrant Holders are parties to a Second Amended and Restated
Investor Rights Agreement, dated as of February 8, 2002 (as amended, the "Prior
Investor Agreement");

     WHEREAS, the Company is preparing for an initial public offering of its
Common Stock; and

     WHEREAS, the Company, the Preferred Investors, the Other Investors, the
Founders and the Warrant Holders wish to amend and restate the Prior Agreement.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement and for other valuable consideration, receipt of
which is hereby acknowledged, the parties hereto agree as follows:

ARTICLE I.  DEFINITIONS

     As used in this Agreement, the following terms shall have the following
respective meanings:

     "Commission" means the United States Securities and Exchange Commission, or
any other federal agency at the time administering the Securities Act.

     "Common Stock" means the common stock, $0.001 par value per share, of the
Company.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended, or
any similar federal statute, and the rules and regulations of the Commission
issued under such Act, as they each may, from time to time, be in effect.

     "Initial Public Offering" means the sale of shares of Common Stock in a
firm commitment underwritten public offering pursuant to (i) a Registration
Statement at a price to the public of at least $7.00 per share (adjusted for
stock splits, stock dividends and similar events affecting the Common Stock)
resulting in proceeds (net of the underwriting discounts or commissions and
offering expenses) to the Company of at least $20,000,000 or (ii) the

<PAGE>

Registration Statement on Form S-1 (Reg. No. 333-142210) and any related
Registration Statement under Rule 462(b).

     "Registration Statement" means a registration statement filed by the
Company with the Commission for a public offering and sale of Common Stock by
the Company (other than a registration statement on Form S-8 or Form S-4, or
their successors, or any other form for a similar limited purpose, or any
registration statement covering only securities proposed to be issued in
exchange for securities or assets of another corporation).

     "Registration Expenses" means the expenses described in Section 4 of
Article III below.

     "Registrable Shares" means (i) the shares of Common Stock issued or
issuable upon conversion of the Shares, (ii) solely for the purposes of Sections
2 through 10 of Article III hereof, shares of Common Stock held by the Founders,
(iii) solely for the purposes of Sections 2 through 10 of Article III hereof,
shares of Common Stock issuable upon conversion or exercise of the warrants
issued to each of Silicon Valley Bank, CommVest LLC and GATX Ventures, Inc. in
October 2001 or issuable upon conversion of any Shares issued or issuable upon
conversion or exercise of any such warrant, (iv) any shares of Common Stock, and
any shares of Common Stock issued or issuable upon the conversion or exercise of
any other securities, acquired by the Preferred Investors pursuant to Article IV
of this Agreement or pursuant to the Second Amended and Restated Right of First
Refusal and Co-Sale Agreement, dated as of February 8, 2002, as amended, among
the Company, the Preferred Investors and certain other parties thereto, and (v)
any other shares of Common Stock issued in respect of such shares (because of
stock splits, stock dividends, reclassifications, recapitalizations, or similar
events); provided, however, that shares of Common Stock which are Registrable
Shares shall cease to be Registrable Shares (a) upon any sale of such shares
pursuant to a Registration Statement or Rule 144 under the Securities Act, (b)
upon any sale of such shares in any manner to a person or entity which, by
virtue of Section 2 of Article V of this Agreement, is not entitled to the
rights provided by this Agreement, or (c) for purposes of Section 2 of Article
III hereof, following the third anniversary of the Initial Public Offering.
Wherever reference is made in this Agreement to a request or consent of holders
of a certain percentage of Registrable Shares, the determination of such
percentage shall include shares of Common Stock issuable upon conversion of the
Shares even if such conversion has not yet been effected.

     "Securities Act" means the Securities Act of 1933, as amended, or any
similar federal statute, and the rules and regulations of the Commission issued
under such Act, as they each may, from time to time, be in effect.

     "Shares" means (i) the Series A Convertible Preferred Stock of the Company,
par value $.01 per share, (ii) the Series B1 Convertible Preferred Stock of the
Company, par value $.01 per share, (iii) the Series B2 Convertible Preferred
Stock of the Company, par value $.01 per share, (iv) the Series C Convertible
Preferred Stock of the Company, par value $.01 per share and (v) the Series D
Convertible Preferred Stock of the Company, par value $.01 per share.

     "Stockholders" means (i) the Preferred Investors, (ii) the Founders, (iii)
any persons or entities to whom the rights granted to Preferred Investors or
Founders under this Agreement are transferred by a Preferred Investor or
Founder, its successors or permitted assigns pursuant to

                                      -2-

<PAGE>

Section 2 of Article V below and (iv) for the purposes of Article III only, the
Other Investors and the Warrant Holders.

ARTICLE II. ELECTION OF DIRECTORS

     1.   Voting of Shares. In any and all elections of directors of the
Company (whether at a meeting or by written consent in lieu of a meeting), each
Stockholder shall vote or cause to be voted all Voting Shares (as defined in
Section 2 of Article II below) owned by him, her or it, or over which he, she or
it has voting control, and otherwise use his, her or its respective best
efforts, so as to fix the number of directors at seven and to elect as
directors:

          (a) Sanjeev Verma, as long as he is employed by the Company;

          (b) Vedat Eyuboglu, as long as he is employed by the Company;

          (c) Randall Battat, as long as he is employed by the Company;

          (d) two individuals designated by Matrix Partners VI, L.P., who shall
initially be Paul Ferri and David Schantz;

          (e) Desh Deshpande as long as he is a stockholder, or his affiliates
are stockholders, of the Company; and

          (f) one individual who is independent and is approved by (a) the Chief
Executive Officer, (b) the holders a majority of the then outstanding Shares and
(c) at least one Founder, if at least one Founder is then serving on the Board
of Directors, who shall initially be Steven Haley.

If and when the Board of Directors deems it appropriate to elect an eighth
director, the Stockholders shall agree to vote all of their Voting Shares to
elect such eighth director as long as he or she is an independent director and
is approved by (a) the Chief Executive Officer, (b) the holders a majority of
the then outstanding Shares and (c) at least one Founder, if at least one
Founder is then serving on the Board of Directors.

     2. Voting Shares. "Voting Shares" shall mean and include any and all shares
of the Common Stock, Shares, and/or shares of capital stock of the Company, by
whatever name called, which carry voting rights (including voting rights which
arise by reason of default).

     3. Restrictive Legend. All certificates representing Voting Shares owned or
hereafter acquired by the Stockholders or any transferee bound by this Agreement
shall have affixed thereto a legend substantially in the following form:

          "The shares of stock represented by this certificate are subject to
          certain voting agreements as set forth in a Third Amended and Restated
          Investor Rights Agreement by and among the registered owner of this
          certificate, the Company and certain other stockholders of the
          Company, a copy of which is available for inspection at the offices of
          the Secretary of the Company."

                                      -3-

<PAGE>

     4. Transfers of Voting Rights. Any transferee to whom Voting Shares are
transferred by a Stockholder, whether voluntarily or by operation of law, shall
be bound by the voting obligations imposed upon the transferor under this
Agreement, to the same extent as if such transferee were a Stockholder
hereunder.

ARTICLE III. REGISTRATION RIGHTS

     1.   Required Registrations.

          (a) At any time after the earlier of December 31, 2004 or 180 days
after the closing of the Company's first underwritten public offering of shares
of Common Stock pursuant to a Registration Statement, Stockholders holding in
the aggregate at least 35% of the Registrable Shares held by the Stockholders
may request, in writing, that the Company effect the registration on Form S-1 or
Form S-2 (or any successor form) of Registrable Shares owned by such
Stockholders having an aggregate offering price of at least $5,000,000 (based on
the market price or fair value at the time of such request). If the Stockholders
initiating the registration intend to distribute the Registrable Shares by means
of an underwriting, they shall so advise the Company in their request.
Thereupon, the Company shall, as expeditiously as possible, use its reasonable
best efforts to effect the registration on Form S-1 or Form S-2 (or any
successor form) of all Registrable Shares which the Company has been requested
to so register.

          (b) At any time after the Company becomes eligible to file a
Registration Statement on Form S-3 (or any successor form relating to secondary
offerings), a Stockholder or Stockholders may request the Company, in writing,
to effect the registration on Form S-3 (or such successor form), of Registrable
Shares having an aggregate offering price of at least $1,000,000 (based on the
public market price at the time of such request). Thereupon, the Company shall,
as expeditiously as possible, use its reasonable best efforts to effect the
registration on Form S-3 (or such successor form) of all Registrable Shares
which the Company has been requested to so register.

          (c) The Company shall not be required to effect more than three
registrations pursuant to paragraph (a) above; provided, however, that such
obligation shall be deemed satisfied only when a registration statement covering
the applicable Registrable Shares shall have (i) become effective or (ii) been
withdrawn at the request of the Stockholders requesting such registration (other
than as a result of information concerning the business or financial condition
of the Company which is made known to the Stockholders after the date on which
such registration was requested). There shall be no limit to the number of
registrations which may be requested and obtained pursuant to paragraph (b)
above.

          (d) If at the time of any request to register Registrable Shares
pursuant to this Section 1, the Company is engaged or has plans to engage within
90 days of the time of the request in a registered public offering of securities
for its own account or is engaged in any other activity which, in the good faith
determination of the Company's Board of Directors, would be adversely affected
by the requested registration to the material detriment of the Company, then the
Company may at its option direct that such request be delayed for a period not
in excess of three months from the effective date of such offering or the date
of commencement of such other

                                      -4-

<PAGE>

material activity, as the case may be, such right to delay a request to be
exercised by the Company not more than once in any 12-month period.

     2.   Incidental Registration.

          (a) Whenever the Company proposes to file a Registration Statement at
any time and from time to time, it will, prior to such filing, give written
notice to all Stockholders of its intention to do so and, upon the written
request of a Stockholder or Stockholders, given within 10 business days after
the Company provides such notice (which request shall state the intended method
of disposition of such Registrable Shares), the Company shall use its reasonable
best efforts to cause all Registrable Shares which the Company has been
requested by such Stockholder or Stockholders to register, to be registered
under the Securities Act to the extent necessary to permit their sale or other
disposition in accordance with the intended methods of distribution specified in
the request of such Stockholder or Stockholders; provided, however, that the
Company shall have the right to postpone or withdraw any registration effected
pursuant to this Section 2 without obligation to any Stockholder.

          (b) In connection with any registration under this Section 2 involving
an underwriting, the Company shall not be required to include any Registrable
Shares in such registration unless the holders thereof accept the terms of the
underwriting as agreed upon between the Company and the underwriters selected by
it. If in the opinion of the managing underwriter it is desirable because of
marketing factors or otherwise to limit the number of Registrable Shares to be
included in the offering, then the Company shall be required to include in the
registration only that number of Registrable Shares, if any, which the managing
underwriter believes should be included therein; provided, however, that no
persons or entities other than the Company, the Stockholders and other persons
or entities holding registration rights shall be permitted to include securities
in the offering. If the number of Registrable Shares to be included in the
offering in accordance with the foregoing is less than the total number of
shares which the holders of Registrable Shares have requested to be included,
then the holders of Registrable Shares who have requested registration and other
holders of securities entitled to include them in such registration shall
participate in the registration pro rata based upon their total ownership of
shares of Common Stock (giving effect to the conversion into Common Stock of all
securities convertible thereinto). If any holder would thus be entitled to
include more securities than such holder requested to be registered, the excess
shall be allocated among other requesting holders pro rata in the manner
described in the preceding sentence.

          (c) Notwithstanding the foregoing paragraphs (a) and (b), the
provisions of this Section 2 shall not apply to the public offering of shares
pursuant to the Registration Statement on Form S-1 (Reg. No. 333-142210) and any
related Registration Statement under Rule 462(b), including the obligation of
the Company to provide notice of the filing of any Registration Statement in
connection therewith.

                                      -5-

<PAGE>

     3. Registration Procedures. If and whenever the Company is required by the
provisions of this Agreement to use its reasonable best efforts to effect the
registration of any of the Registrable Shares under the Securities Act, the
Company shall:

          (a) file with the Commission a Registration Statement with respect to
such Registrable Shares and use its reasonable best efforts to cause that
Registration Statement to become effective;

          (b) as expeditiously as possible prepare and file with the Commission
any amendments and supplements to the Registration Statement and the prospectus
included in the Registration Statement as may be necessary to keep the
Registration Statement effective, in the case of a firm commitment underwritten
public offering, until each underwriter has completed the distribution of all
securities purchased by it and, in the case of any other offering, until the
earlier of the sale of all Registrable Shares covered thereby or 180 days after
the effective date thereof;

          (c) as expeditiously as possible furnish to each selling Stockholder
such reasonable numbers of copies of the prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such
other documents as the selling Stockholder may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Shares owned
by the selling Stockholder; and

          (d) as expeditiously as possible use its reasonable best efforts to
register or qualify the Registrable Shares covered by the Registration Statement
under the securities or Blue Sky laws of such states as the selling Stockholder
shall reasonably request, and do any and all other acts and things that may be
necessary or desirable to enable the selling Stockholder to consummate the
public sale or other disposition in such states of the Registrable Shares owned
by the selling Stockholder; provided, however, that the Company shall not be
required in connection with this paragraph (d) to qualify as a foreign
corporation or execute a general consent to service of process in any
jurisdiction.

     If the Company has delivered preliminary or final prospectuses to the
selling Stockholders and after having done so the prospectus is amended to
comply with the requirements of the Securities Act, the Company shall promptly
notify the selling Stockholders and, if requested, the selling Stockholder shall
immediately cease making offers of Registrable Shares and return all
prospectuses to the Company. The Company shall promptly provide each selling
Stockholder with revised prospectuses and, following receipt of the revised
prospectuses, the selling Stockholder shall be free to resume making offers of
the Registrable Shares.

     If, after a registration statement becomes effective, the Company becomes
engaged in any activity which, in the good faith determination of the Company's
Board of Directors, involves information that would have to be disclosed in the
Registration Statement but which the Company desires to keep confidential for
valid business reasons, then the Company may at its option, by notice to such
Stockholders, require that the Stockholders who have included Shares in such
Registration Statement cease sales of such Shares under such Registration
Statement for a period not in excess of three months from the date of such
notice, such right to be exercised by the Company not more than once in any
12-month period. If, in connection therewith, the

                                      -6-

<PAGE>

Company considers it appropriate for such Registration Statement to be amended,
the Company shall so amend such Registration Statement as promptly as
practicable and such Stockholders shall suspend any further sales of their
Shares until the Company advises them that such Registration Statement has been
amended. The time periods referred to herein during which such Registration
Statement must be kept effective shall be extended for an additional number of
days equal to the number of days during which the right to sell shares was
suspended pursuant to this paragraph.

     4.   Allocation of Expenses. The Company will pay all Registration Expenses
of all registrations under this Agreement. For purposes of this Section 4, the
term "Registration Expenses" shall mean all expenses incurred by the Company in
complying with this Article III, including, without limitation, all registration
and filing fees, exchange listing fees, printing expenses, fees and expenses of
counsel for the Company to represent the selling Stockholder(s), state Blue Sky
fees and expenses, and the expense of any special audits incident to or required
by any such registration, but excluding underwriting discounts, selling
commissions and the fees and expenses of selling Stockholders' own counsel.

     5.   Indemnification and Contribution.

          (a) In the event of any registration of any of the Registrable Shares
under the Securities Act pursuant to this Agreement, the Company will indemnify
and hold harmless the seller of such Registrable Shares, each underwriter of
such Registrable Shares, and each other person, if any, who controls such seller
or underwriter within the meaning of the Securities Act or the Exchange Act
against any losses, claims, damages or liabilities, joint or several, to which
such seller, underwriter or controlling person may become subject under the
Securities Act, the Exchange Act, state securities or Blue Sky laws or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any Registration Statement
under which such Registrable Shares were registered under the Securities Act,
any preliminary prospectus or final prospectus contained in the Registration
Statement, or any amendment or supplement to such Registration Statement, or
arise out of or are based upon the omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading; and the Company will reimburse such seller, underwriter
and each such controlling person for any legal or any other expenses reasonably
incurred by such seller, underwriter or controlling person in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case to a
seller, underwriter or controlling person to the extent that any such loss,
claim, damage or liability arises out of or is based upon any untrue statement
or omission made in such Registration Statement, preliminary prospectus or final
prospectus, or any such amendment or supplement, in reliance upon and in
conformity with information furnished to the Company, in writing, by or on
behalf of such seller, underwriter or controlling person specifically for use in
the preparation thereof.

          (b) In the event of any registration of any of the Registrable Shares
under the Securities Act pursuant to this Agreement, each seller of Registrable
Shares, severally and not jointly, will indemnify and hold harmless the Company,
each of its directors and officers and each underwriter (if any) and each
person, if any, who controls the Company or any such

                                      -7-

<PAGE>

underwriter within the meaning of the Securities Act or the Exchange Act,
against any losses, claims, damages or liabilities, joint or several, to which
the Company, such directors and officers, underwriter or controlling person may
become subject under the Securities Act, Exchange Act, state securities or Blue
Sky laws or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement under which such Registrable Shares were registered under
the Securities Act, any preliminary prospectus or final prospectus contained in
the Registration Statement, or any amendment or supplement to the Registration
Statement, or arise out of or are based upon any omission or alleged omission to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading, if the statement or omission was made in
reliance upon and in conformity with information relating to such seller
furnished in writing to the Company by or on behalf of such seller specifically
for use in connection with the preparation of such Registration Statement,
prospectus, amendment or supplement; provided, however, that the obligations of
each such Stockholder hereunder shall be limited to an amount equal to the net
proceeds to such Stockholder of Registrable Shares sold in connection with such
registration.

          (c) Each party entitled to indemnification under this Article III,
Section 5 (the "Indemnified Party") shall give notice to the party required to
provide indemnification (the "Indemnifying Party") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any
such claim or any litigation resulting therefrom; provided, that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not be
unreasonably withheld); and, provided further, that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Article III, Section 5, unless
and except to the extent that the Indemnifying Party is prejudiced by the
failure of the Indemnified Party to provide timely notice. The Indemnified Party
may participate in such defense at such party's expense; provided, however, that
the Indemnifying Party shall pay such expense if representation of such
Indemnified Party by the counsel retained by the Indemnifying Party would be
inappropriate due to actual or potential differing interests between the
Indemnified Party and any other party represented by such counsel in such
proceeding. No Indemnifying Party, in the defense of any such claim or
litigation shall, except with the consent of each Indemnified Party, consent to
entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect of such claim or
litigation, and no Indemnified Party shall consent to entry of any judgment or
settle such claim or litigation without the prior written consent of the
Indemnifying Party.

          (d) In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) any holder of
Registrable Shares exercising rights under this Agreement, or any controlling
person of any such holder, makes a claim for indemnification pursuant to this
Article III, Section 5 but it is judicially determined (by the entry of a final
judgment or decree by a court of competent jurisdiction and the expiration of
time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case notwithstanding the fact that
this Article III, Section 5 provides for

                                      -8-

<PAGE>

indemnification in such case, or (ii) contribution under the Securities Act may
be required on the part of any such selling Stockholder or any such controlling
person in circumstances for which indemnification is provided under this Article
III, Section 5; then, in each such case, the Company and such Stockholder will
contribute to the aggregate losses, claims, damages or liabilities to which they
may be subject (after contribution from others) in such proportions so that such
holder is responsible for the portion represented by the percentage that the
public offering price of its Registrable Shares offered by the Registration
Statement bears to the public offering price of all securities offered by such
Registration Statement, and the Company is responsible for the remaining
portion; provided, however, that, in any such case, (A) no such holder will be
required to contribute any amount in excess of the net proceeds to it of all
Registrable Shares sold by it pursuant to such Registration Statement, and (B)
no person or entity guilty of fraudulent misrepresentation, within the meaning
of Section 11(f) of the Securities Act, shall be entitled to contribution from
any person or entity who is not guilty of such fraudulent misrepresentation.

     6.   Indemnification with Respect to Underwritten Offering. In the event
that Registrable Shares are sold pursuant to a Registration Statement in an
underwritten offering, the Company agrees to enter into an underwriting
agreement containing customary representations and warranties with respect to
the business and operations of an issuer of the securities being registered and
customary covenants and agreements to be performed by such issuer, including
without limitation customary provisions with respect to indemnification by the
Company of the underwriters of such offering.

     7.   Information by Holder. Each Stockholder including Registrable Shares
in any registration shall furnish to the Company such information regarding such
Stockholder and the distribution proposed by such Stockholder as the Company may
reasonably request in writing and as shall be required in connection with any
registration, qualification or compliance referred to in this Agreement.

     8.   "Stand-Off" Agreement. Each Stockholder, if requested by the Company
and the managing underwriter of an offering by the Company of Common Stock or
other securities of the Company pursuant to a Registration Statement, shall not
sell, contract to sell, grant any option to purchase, make any short sale or
otherwise dispose of any Registrable Shares or other securities of the Company
held by such Stockholder for a specified period of time (not to exceed 180 days)
following the effective date of such Registration Statement; provided, that:

          (a) such agreement shall only apply to the first Registration
Statement covering Common Stock to be sold by or on behalf of the Company to the
public in an underwritten offering; and

          (b) all officers and directors of the Company and all stockholders
holding more than 1%, by voting power, of the outstanding capital stock of the
Company enter into similar agreements.

     9.   Limitations on Subsequent Registration Rights. The Company shall not,
without the prior written consent of Preferred Investors holding a majority of
the Registrable Shares held by all Preferred Investors, enter into any agreement
(other than this Agreement) with any holder

                                      -9-

<PAGE>

or prospective holder of any securities of the Company which would allow such
holder or prospective holder (a) to include securities of the Company in any
Registration Statement upon terms which are more favorable to such holder or
prospective holder than the terms on which holders of Registrable Shares may
include shares in such registration, or (b) to make a demand registration which
could result in such registration statement being declared effective prior to
December 31, 2004.

     10.   Rule 144 Requirements. After the earliest of (a) the closing of the
sale of securities of the Company pursuant to a Registration Statement, (b) the
registration by the Company of a class of securities under Section 12 of the
Exchange Act, or (c) the issuance by the Company of an offering circular
pursuant to Regulation A under the Securities Act, the Company agrees to:

          (a) comply with the requirements of Rule 144(c) under the Securities
Act with respect to current public information about the Company;

          (b) use its best efforts to file with the Commission in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements); and

          (c) furnish to any holder of Registrable Shares upon request (A) a
written statement by the Company as to its compliance with the requirements of
said Rule 144(c), and the reporting requirements of the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting
requirements), (B) a copy of the most recent annual or quarterly report of the
Company, and (C) such other reports and documents of the Company as such holder
may reasonably request to avail itself of any similar rule or regulation of the
Commission allowing it to sell any such securities without registration.

ARTICLE IV. RIGHT OF FIRST REFUSAL

     1.   Right of First Refusal.

          (a) The Company shall not issue, sell or exchange, agree to issue,
sell or exchange, or reserve or set aside for issuance, sale or exchange, (i)
any shares of its Common Stock, (ii) any other equity securities of the Company,
including, without limitation, shares of preferred stock, (iii) any option,
warrant or other right to subscribe for, purchase or otherwise acquire any
equity securities of the Company, or (iv) any debt securities convertible into
capital stock of the Company (collectively, the "Offered Securities"), unless in
each such case the Company shall have first complied with Article IV of this
Agreement. The Company shall deliver to each Preferred Investor a written notice
of any proposed or intended issuance, sale or exchange of Offered Securities
(the "Offer"), which Offer shall (i) identify and describe the Offered
Securities, (ii) describe the price and other terms upon which they are to be
issued, sold or exchanged, and the number or amount of the Offered Securities to
be issued, sold or exchanged, (iii) identify the persons or entities, if known,
to which or with which the Offered Securities are to be offered, issued, sold or
exchanged, and (iv) offer to issue and sell to or exchange with such Preferred
Investor such portion of 50% of the Offered Securities as is equal to a
fraction, the numerator of which is the aggregate number of shares of Common
Stock issued

                                      -10-

<PAGE>

or issuable upon conversion of the Shares then held by such Preferred Investor
and the denominator of which is the total number of shares of Common Stock
issued or issuable upon conversion of all Shares then held by all Preferred
Investors (the "Pro Rata Share"), plus an additional portion of 50% of the
Offered Securities attributable to the Pro Rata Shares of other Preferred
Investors as such Preferred Investor shall indicate it will purchase or acquire
should the other Preferred Investors subscribe for less than their full Pro Rata
Shares (the "Undersubscription Amount"). Each Preferred Investor shall have the
right, for a period of 20 days following delivery of the Offer, to purchase or
acquire, at the price and upon the other terms specified in the Offer, the
number or amount of Offered Securities described above. The Offer by its terms
shall remain open and irrevocable for such 20-day period.

          (b) To accept an Offer, in whole or in part, a Preferred Investor must
deliver a written notice to the Company prior to the end of the 20-day period of
the Offer, setting forth the portion of such Preferred Investor's Pro Rata Share
that such Preferred Investor elects to purchase and if such Preferred Investor
shall elect to purchase all of its Pro Rata Share, the Undersubscription Amount,
if any, that such Preferred Investor elects to purchase (a "Notice of
Acceptance"). If the Pro Rata Shares subscribed by all Preferred Investors are
less than the total of all of the Pro Rata Shares available for purchase, each
Preferred Investor who had set forth an Undersubscription Amount in its Notice
of Acceptance shall be entitled to purchase, in addition to the Pro Rata Share
subscribed for, the Undersubscription Amount it has subscribed for; provided,
however, that if the Undersubscription Amount subscribed for exceed the
difference between the total of all the Pro Rata Shares available for purchase
and the Pro Rata Shares subscribed for ("Available Undersubscription Amount"),
each Preferred Investor who has subscribed for an Undersubscription Amount shall
be entitled to purchase only that portion of the of the Available
Undersubscription Amount as the Undersubscription Amount subscribed for by such
Preferred Investor bears to the total Undersubscription Amounts subscribed for
by all Preferred Investors, subject to rounding by the Board of Directors to the
extent it deems necessary.

          (c) The Company shall have 90 days from the expiration of the 20-day
period set forth in Section 1(a) to issue, sell or exchange all or any part of
such Offered Securities as to which a Notice of Acceptance has not been given by
the Preferred Investors (the "Available Securities"), but only upon terms and
conditions which are not more favorable, in the aggregate, to the acquiring
person or persons or less favorable to the Company than those set forth in the
Offer.

          (d) Upon the closing of the issuance, sale or exchange of all or less
than all the Available Securities, the Preferred Investors shall acquire from
the Company, and the Company shall issue to the Preferred Investors, the number
or amount of Offered Securities specified in the Notices of Acceptance, upon the
terms and conditions specified in the Offer. The purchase by the Preferred
Investors of any Offered Securities is subject in all cases to the preparation,
execution and delivery by the Company and the Preferred Investors of a purchase
agreement relating to such Offered Securities reasonably satisfactory in form
and substance to the Preferred Investors and the Company.

                                      -11-

<PAGE>

          (e) Any Offered Securities not acquired by the Preferred Investors or
other persons in accordance with Section 1(c) may not be issued, sold or
exchanged until they are again offered to the Preferred Investors under the
procedures specified in this Article.

     2.   Excluded Issuances. The rights of the Preferred Investors under this
Article IV shall not apply to:

          (a) Common Stock issued as a stock dividend to holders of Common Stock
or upon any subdivision or combination of shares of Common Stock;

          (b) the issuance of any shares of Common Stock upon conversion of
outstanding shares of convertible preferred stock;

          (c) the issuance of Common Stock issuable upon the exercise of
warrants outstanding on the date hereof or upon the conversion of capital stock
of the Company issuable upon the exercise of warrants outstanding on the date
hereof;

          (d) up to 31,200,215 shares of Common Stock, either issued in the form
of restricted stock awards or options exercisable for Common Stock (subject to
appropriate adjustment for stock split, stock dividends, combinations and other
similar recapitalizations affecting such shares), plus such additional number of
shares as may be approved by a majority of the non-employee directors of the
Company, including the directors designated by the Preferred Stockholders,
issued or issuable to officers, directors, consultants and employees of the
Company or any subsidiary pursuant to any plan, agreement or arrangement
approved by the Board of Directors of the Company;

          (e) securities issued solely in consideration for the acquisition
(whether by merger or otherwise) by the Company or any of its subsidiaries of
all or substantially all of the stock or assets of any other entity;

          (f) shares of Common Stock sold by the Company in an underwritten
public offering pursuant to an effective registration statement under the
Securities Act; and

          (g) securities issued to equipment lessors or commercial lenders, as
approved by a majority of the non-employee directors of the Company.

ARTICLE V. GENERAL

     1.   Termination. Article II and Article IV of this Agreement shall
terminate in their entirety upon the earlier of (a) an Acquisition (as defined
below), or (b) the closing of an Initial Public Offering, or (c) the redemption
of all Shares. An "Acquisition" shall mean any (i) merger or consolidation which
results in the voting securities of the Company outstanding immediately prior
thereto representing immediately thereafter (either by remaining outstanding or
by being converted into voting securities of the surviving or acquiring entity)
less than a majority of the combined voting power of the voting securities of
the Company or such surviving or acquiring entity outstanding immediately after
such merger or consolidation, (ii) sale of all or substantially all the assets
of the Company or (iii) sale of shares of capital stock of the Company, in a
single

                                      -12-

<PAGE>

transaction or series of related transactions, representing at least 80% of the
voting power of the voting securities of the Company.

     2.   Transfer of Rights. This Agreement, and the rights and obligations of
a Preferred Investor, Founder or Other Investor hereunder, may be assigned by
such Preferred Investor, Founder or Other Investor to any person or entity (a)
which is an affiliate of such Preferred Investor, Founder or Other Investor, (b)
which is a parent, spouse, child, uncle, aunt, brother or sister of such
Preferred Investor, Founder or Other Investor or a trust for their benefit, or
(c) to which at least 75,000 Shares, or Registrable Shares issuable upon
conversion of 75,000 Shares (or all of the Shares originally purchased hereunder
by such Preferred Investor, Founder or Other Investor, if less than 75,000
Shares), are transferred by such Preferred Investor, Founder or Other Investor,
and such transferee shall be deemed a "Preferred Investor," "Founder" or "Other
Investor", as applicable, for purposes of this Agreement; provided that the
transferee provides written notice of such assignment to the Company and agrees
to be bound by the terms and conditions set forth herein.

     3.   Severability. The provisions of this Agreement are severable, so that
the invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other term or provision of this
Agreement, which shall remain in full force and effect.

     4.   Specific Performance. In addition to any and all other remedies that
may be available at law in the event of any breach of this Agreement, the
Company, the Preferred Investors and the Founders shall be entitled to specific
performance of the agreements and obligations of the other parties hereunder and
to such other injunctive or other equitable relief as may be granted by a court
of competent jurisdiction.

     5.   Governing Law. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Delaware (without
reference to the conflicts of law provisions thereof).

     6.   Notices. All notices, requests, consents, and other communications
under this Agreement shall be in writing and shall be delivered by hand, sent
via a reputable nationwide overnight courier service or mailed by first class
certified or registered mail, return receipt requested, postage prepaid:

     If to the Company, at Airvana, Inc., 19 Alpha Road, Chelmsford, MA 01824,
Attn: President, or at such other address or addresses as may have been
furnished in writing by the Company to the Preferred Investors, Other Investors
and Warrant Holders, with a copy to Wilmer Cutler Pickering Hale and Dorr LLP,
60 State Street, Boston, MA 02109, Attn: Mark G. Borden, Esq.;

     If to a Preferred Investor or Other Investor, at its, his or her address as
set forth on Schedules A and B hereto, or at such other address or addresses as
may have been furnished in writing by such Preferred Investor or Other Investor
to the Company;

                                      -13-

<PAGE>

     If to a Founder, at his address as set forth on the signature page hereto,
or at such other address or addresses as may have been furnished by such Founder
to the Company, the Preferred Investors and the Other Investors; and

     If to a Warrant Holder, at its, his or her address as set forth on Schedule
C hereto, or at such other address or addresses as may have been furnished in
writing by such Warrant Holder to the Company.

     Notices provided in accordance with this Section 6 shall be deemed
delivered upon personal delivery, one business day after being sent via a
reputable nationwide overnight courier service, or three business days after
deposit in the mail.

     7.   Complete Agreement; Amendments.

          (a) This Agreement constitutes the full and complete agreement of the
parties hereto with respect to the subject matter hereof and amends and restates
in its entirety the Prior Investor Agreement.

          (b) This Agreement may be amended, or any provision that may be
waived, by a written instrument signed by the Company and Preferred Investors
holding at least a majority of the shares of Common Stock issued or issuable
upon conversion of the Registrable Shares held by Preferred Investors, provided
that no amendment or waiver shall adversely affect the rights of a Founder to be
designated as a director under Article II or adversely affect in a manner
different than the Preferred Investors such Founder's rights under Section 2 of
Article III, without the consent of such Founder. No waivers of or exceptions to
any term, condition or provision of this Agreement, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing
waiver of any such term, condition or provision.

     8.   Pronouns. Whenever the content may require, any pronouns used in this
Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular form of nouns and pronouns shall include the plural, and vice
versa.

     9.   Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute one Agreement binding on all the parties hereto.

     10.  Captions. Captions of sections have been added only for convenience
and shall not be deemed to be a part of this Agreement.

     11.  Waiver. The Preferred Investors hereby waive any rights they may have
under Article IV of the Prior Investor Agreement or this Agreement with respect
to the issuance of shares of Series C Preferred Stock under the Purchase
Agreement.

                                      -14-

<PAGE>

     IN WITNESS WHEREOF, this Agreement has been executed as of the date first
above written.

                                           COMPANY:

                                           AIRVANA, INC.

                                           By: /s/Randall Battat
                                               ---------------------------------
                                               Randall Battat
                                               President

                                           PREFERRED INVESTORS:

                                           COMMVEST PARTNERS II

                                           By: Dennis Cameron
                                               ---------------------------------
                                               Dennis Cameron
                                               Attorney-in-Fact

                                           /s/Gururaj Deshpande
                                           -------------------------------------
                                           Gururaj Deshpande

                                           DESHPANDE IRREVOCABLE TRUST
                                           U/A DATED 3/25/98

                                           By: /s/Laurie S. Hall
                                               ---------------------------------
                                               Laurie S. Hall
                                               Special Trustee

                                           E. RYKER YOUNG 2001 IRREVOCABLE TRUST

                                           By:
                                               ---------------------------------
                                               Bill Edward Leach
                                               Trustee

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                          GJD CAPITAL LLC

                                          By: /s/Gururaj Deshpande
                                              ----------------------------------
                                              Gururaj Deshpande

                                          MATRIX PARTNERS VI, L.P.

                                          By: Matrix VI Management Co., LLC,
                                              its General Partner

                                              By: /s/Paul J. Ferri
                                                 -------------------------------
                                                 Paul J. Ferri
                                                 Managing Member

                                          MATRIX VI PARALLEL PARTNERSHIP-A, L.P.

                                          By: Matrix VI Management Co., LLC,
                                              its General Partner

                                              By: /s/Paul J. Ferri
                                                 -------------------------------
                                                 Paul J. Ferri
                                                 Managing Member

                                          MATRIX VI PARALLEL PARTNERSHIP-B, L.P.

                                          By: Matrix VI Management Co., LLC,
                                              its General Partner

                                              By: /s/Paul J. Ferri
                                                 -------------------------------
                                                 Paul J. Ferri
                                                 Managing Member

                                          MATRIX PARTNERS VII, L.P.

                                          By: Matrix VII Management Co., LLC,
                                              its General Partner

                                              By: /s/Paul J. Ferri
                                                 -------------------------------
                                                 Paul J. Ferri
                                                 Managing Member

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                          MATRIX CAPITAL MANAGEMENT FUND, LP

                                          By: Matrix General Partner LLC, its
                                              General Partner

                                              By: /s/ David E. Goel
                                                 -------------------------------
                                                 David E. Goel
                                                 Managing Member

                                          MATRIX CAPITAL MANAGEMENT FUND II, LP

                                          By: Matrix General Partner LLC,
                                              its General Partner

                                              By: /s/ David E. Goel
                                                 -------------------------------
                                                 David E. Goel
                                                 Managing Member

                                          MATRIX CAPITAL MANAGEMENT FUND
                                          (OFFSHORE) LTD

                                          By: Matrix General Partner LLC,
                                              its General Partner

                                              By: /s/ David E. Goel
                                                 -------------------------------
                                                 David E. Goel
                                                 Managing Member

                                          QUALCOMM INCORPORATED

                                          By: /s/ William E. Keitel
                                              ----------------------------------
                                              William E. Keitel
                                              Executive Vice President and CFO

                                          /s/ Daniel E. Smith
                                          --------------------------------------
                                          Daniel Smith

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                          UNICORN TRUST

                                          By: /s/ Gururaj Deshpande
                                             -----------------------------------
                                             Gururaj Deshpande
                                             Trustee

                                          UNICORN TRUST III

                                          By: /s/ Gururaj Deshpande
                                             -----------------------------------
                                             Gururaj Deshpande
                                             Trustee

                                          UNICORN TRUST V

                                          By: /s/ Gururaj Deshpande
                                              ----------------------------------
                                              Gururaj Deshpande
                                              Trustee

                                          WESTON & CO. VI LLC, as Nominee

                                          By: Matrix Partners Management
                                              Services, L.P.,
                                              Sole Member

                                          By: Matrix Partners Management
                                              Services GP, LLC,
                                              its General Partner

                                              By: Paul J. Ferri
                                                 -------------------------------
                                                 Paul J. Ferri
                                                 Authorized Member

                                          WESTON & CO. VII LLC, as Nominee

                                          By: Matrix Partners Management
                                              Services, L.P., Sole Member

                                          By: Matrix Partners Management
                                              Services GP, LLC,
                                              its General Partner

                                              By: Paul J. Ferri
                                                 -------------------------------
                                                 Paul J. Ferri
                                                 Authorized Member

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                          WILLIAM STREET ASSOCIATES IX, LLC

                                          By: Dennis P. Cameron
                                              ----------------------------------
                                              Dennis P. Cameron
                                              Manager

                                          --------------------------------------
                                          Ryker Young

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                            OTHER INVESTORS:

                                            /s/Hassan Ahmed
                                            ------------------------------------
                                            Hassan Ahmed

                                            ------------------------------------
                                            Gulsen Bari

                                            /s/Randall Battat
                                            ------------------------------------
                                            Randall Battat

                                            /s/ Mark G. Borden
                                            ------------------------------------
                                            Mark G. Borden

                                            ------------------------------------
                                            Fadia Bouabid

                                            ------------------------------------
                                            Frank Chen

                                            ------------------------------------
                                            Shih-Huei Chen

                                            ------------------------------------
                                            Jae Won Chey

                                            /s/I-Ching Chiu
                                            ------------------------------------
                                            I-Ching Chiu

                                            ------------------------------------
                                            Dr. Joon Chung

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                            /s/Steven G. Finn
                                            ------------------------------------
                                            Steven G. Finn

                                            /s/G. David Forney
                                            ------------------------------------
                                            G. David Forney

                                            /s/Philip H. Friedly
                                            ------------------------------------
                                            Philip H. Friedly

                                            /s/Marcia A. Friedly
                                            ------------------------------------
                                            Marcia A. Friedly

                                            ------------------------------------
                                            David Gamache

                                            ------------------------------------
                                            Mahesh Ganmuki

                                            G.V. PARTNERS

                                            By: /s/Ken Goldman
                                                --------------------------------
                                                Ken Goldman
                                                Trustee

                                            ------------------------------------
                                            Rubin Gruber

                                            H&D INVESTMENTS 2000

                                            By: /s/John M. Westcott, Jr.
                                                --------------------------------
                                                John M. Westcott, Jr.
                                                General Partner

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                            H&S ASSOCIATES, LLC

                                            By: /s/Michael Schulman
                                                --------------------------------
                                                Michael Schulman
                                                Manager

                                            HARRY BATTAT AND PATRICIA BATTAT
                                            REVOCABLE LIVING TRUST U/A DATED
                                            12/19/1996

                                            By: /s/
                                                --------------------------------
                                            Harry Battat
                                            Trustee

                                            By:
                                                --------------------------------
                                            Patricia Battat
                                            Trustee

                                            HELLER FINANCIAL LEASING, INC.

                                            By:
                                                --------------------------------
                                            Name:
                                            Title:

                                            /s/Michael G. Hluchyj
                                            ------------------------------------
                                            Michael G. Hluchyj

                                            THE JEFFREY D. GLIDDEN NOMINEE TRUST

                                            By: /s/Jeffrey D. Glidden
                                                --------------------------------
                                            Jeffrey D. Glidden
                                            Trustee

                                            ------------------------------------
                                            Robert Kaplan

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                            /s/Amina Khellaf
                                            ------------------------------------
                                            Amina Khellaf

                                            /s/Leila Khellaf
                                            ------------------------------------
                                            Leila Khellaf

                                            /s/Malek Khellaf
                                            ------------------------------------
                                            Malek Khellaf

                                            /s/Dennis A. Kirshy
                                            ------------------------------------
                                            Dennis A. Kirshy

                                            ------------------------------------
                                            Jung Woo Lee

                                            ------------------------------------
                                            Sang Hyun Lee

                                            ------------------------------------
                                            Dr. Seung Hee Lee

                                            /s/Connie G. McArthur
                                            ------------------------------------
                                            Connie G. McArthur

                                            /s/Anthony J. Medaglia, Jr.
                                            ------------------------------------
                                            Anthony J. Medaglia, Jr.

                                            /s/ C. Kenneth Miller
                                            ------------------------------------
                                            C. Kenneth Miller

                                            /s/ Sarv Krishan Nagrath
                                            ------------------------------------
                                            Sarv Krishan Nagrath

                                            /s/Dennis Ng
                                            ------------------------------------
                                            Dennis Ng

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                            ------------------------------------
                                            James O'Bray

                                            ------------------------------------
                                            Alok Prasad

                                            RAJAT K. GUPTA FAMILY IRREVOCABLE
                                            TRUST

                                            By:
                                                 -------------------------------
                                            Arvind Mattoo
                                            Trustee

                                            ------------------------------------
                                            Jit Saxena

                                            SNOWS HILL LLC

                                            By:
                                               ---------------------------------
                                               Name:
                                               Title:

                                            THE VITERBI GROUP

                                            By: /s/ Dr. Andrew Viterbi
                                                --------------------------------
                                                Dr. Andrew Viterbi
                                                President

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                            FOUNDERS:

                                            ------------------------------------
                                            Sanjeev Verma

                                            Address: 39 Brooks Road
                                                     Lincoln, MA 01773

                                            /s/ Vedat Eyuboglu
                                            ------------------------------------
                                            Vedat Eyuboglu

                                            Address: 150 Jennie Dugan Road
                                                     Concord, MA 01742

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                            WARRANT HOLDERS:

                                            GATX VENTURES, INC.

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:

                                            SILICON VALLEY BANK

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:

                                            COMMVEST PARTNERS II

                                            (See signature under Preferred
                                            Investors)

    [Signature Page to Third Amended and Restated Investor Rights Agreement]

<PAGE>

                                   SCHEDULE A
                              PREFERRED INVESTORS

Name and Address of Investor

CommVest Partners II
20 William Street
Wellesley, MA 02481

Gururaj Deshpande
c/o Sycamore Networks, Inc.
150 Apollo Drive
Chelmsford, MA 01824

Jackson W. Wright, as Special Trustee of the
Deshpande Irrevocable Trust u/a dated
3/25/98
c/o Palmer & Dodge LLP
111 Huntington Avenue at Prudential Center
Boston, MA 02199-7613

Bill Edward Leach, as Trustee of the
E. Ryker Young 2001 Irrevocable Trust
c/o Sycamore Networks, Inc.
150 Apollo Drive
Chelmsford, MA 01824

GJD Capital LLC
c/o Gururaj Deshpande
Sycamore Networks, Inc.
150 Apollo Drive
Chelmsford, MA 01824

Matrix Partners VI, L.P.
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

                                      -27-

<PAGE>

                                   SCHEDULE A
                                   (CONTINUED)

                               PREFERRED INVESTORS

Name and Address of Investor

Matrix VI Parallel Partnership-A, L.P.
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

Matrix VI Parallel Partnership-B, L.P.
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

Matrix Partners VII, L.P.
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

                                      -28-

<PAGE>
                                   SCHEDULE A
                                   (CONTINUED)

                               PREFERRED INVESTORS

Name and Address of Investor

Matrix Capital Management Fund, L.P.
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

Matrix Capital Management Fund II, L.P.
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

Matrix Capital Management Fund
(Offshore) LTD
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

QUALCOMM Incorporated
5775 Morehouse Drive
San Diego, CA 92121

                                      -29-

<PAGE>
                                   SCHEDULE A
                                   (CONTINUED)

                               PREFERRED INVESTORS

Name and Address of Investor

Daniel Smith
c/o Sycamore Networks, Inc.
10 Elizabeth Drive
Chelmsford, MA 01824

Unicorn Trust
c/o Gururaj Deshpande
Sycamore Networks, Inc.
150 Apollo Drive
Chelmsford, MA 01824

Unicorn Trust III
c/o Gururaj Deshpande
Sycamore Networks, Inc.
150 Apollo Drive
Chelmsford, MA 01824

Unicorn Trust V
c/o Gururaj Deshpande
Sycamore Networks, Inc.
150 Apollo Drive
Chelmsford, MA 01824

Weston & Co. VI LLC, as Nominee
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

                                      -30-
<PAGE>
                                   SCHEDULE A
                                   (CONTINUED)

                               PREFERRED INVESTORS

Name and Address of Investor

Weston & Co. VII LLC, as Nominee
Bay Colony Corporate Center
1000 Winter Street
Suite 4500
Waltham, MA 02451

     with a copy to:
     Anthony J. Medaglia, Jr.
     Hutchins Wheeler & Dittmar
     101 Federal Street,
     Boston, MA 02110

William Street Associates IX, LLC
20 William Street
Wellesley, MA 02481

Ryker Young
c/o Sycamore Networks, Inc.
150 Apollo Drive
Chelmsford, MA  01824

                                      -31-

<PAGE>

                                   SCHEDULE B

                                OTHER INVESTORS

Name and Address of Investor

Hassan Ahmed
c/o Sonus Networks
5 Carlisle Road
Westford, MA 01868

Gulsen Bari
Prussweg 48, DE
Aachen, 52047
Germany

Randall Battat
c/o Airvana, Inc.
25 Industrial Avenue
Chelmsford, MA 01824

Mark G. Borden
c/o WilmerHale
60 State Street
Boston, MA 02109

Fadia Bouabid
328 Rue Saint Jacques
75005 Paris
France

Frank Chen
c/o Airvana, Inc.
25 Industrial Avenue
Chelmsford, MA 01824

Shih-Huei Chen
21 399th Lane
Apt. #4, 10th floor
North Lin-Sen St.
Taipei
TAIWAN

                                      -32-

<PAGE>

                                   SCHEDULE B
                                   (CONTINUED)

                                 OTHER INVESTORS

Name and Address of Investor

Jae Won Chey
c/o SK Telecom
99 Seorin-dong,
Jongro-gu,
Seoul, 110-110
KOREA

I-Ching Chiu
9707 West Airport Blvd.
Houston, TX 77031

Dr. Joon Chung
350-4 Pyungchang-dong
Ma-301,
Chongro-gu
Seoul, 110-012
KOREA

Steven G. Finn
2 Barry Drive
Framingham, MA 01792

G. David Forney
1010 Memorial Drive
Apt. 3G
Cambridge, MA 02138

Philip H. and Marcia A. Friedly, JTWROS
825 Evergreen Street
Menlo Park, CA 94025

David Gamache
10 Granite Street
Hopkinton, MA 01748

Mahesh Ganmuki
161 Kimball Road
Carlisle, MA 01741

                                      -33-

<PAGE>

                                   SCHEDULE B
                                   (CONTINUED)

                                 OTHER INVESTORS

Name and Address of Investor

G.V. Partners
c/o Ken Goldman
441 Walsh Road
Atherton, CA 94027

Rubin Gruber
709 Sudbury Road
Concord, MA 01742

H&D Investments 2000
c/o Patrick Rondeau
WilmerHale
60 State Street
Boston, MA 02109

H&S Associates, LLC
c/o Ron Olsen
Chief Financial Officer,
Corona Capital Partners
2101 E. Coast Highway, Ste. 220
Corona del Mar, CA 92625

Harry Battat and Patricia Battat, Trustees of
the Harry Battat and Patricia Battat
Revocable Living Trust u/a dated 12/19/1996
55 San Rafael Way
San Francisco, CA 94305

Heller Financial Leasing, Inc.
500 West Monroe
Chicago, IL 60661

Michael G. Hluchyj
27 Jackson Road
Wellesley, MA 02482

The Jeffrey D. Glidden Nominee Trust
c/o Jeffrey D. Glidden
326 Sargent Road
Boxboro, MA 01719

                                      -34-

<PAGE>

                                   SCHEDULE B
                                   (CONTINUED)

                                 OTHER INVESTORS

Name and Address of Investor

Robert Kaplan
320 East 72nd Street
New York, NY 10021

Amina Khellaf
115 Rue Cambrone
75015 Paris,
France

Leila Khellaf
30 Rue Lafontaine
75016 Paris,
France

Malek Khellaf
32 Boulevard de Vaugirard
75015 Paris,
France

Dennis A. Kirshy
26 Cart Path Road
Weston, MA 02493

Jung Woo Lee
60E Escondido Village
Stanford, CA 94305

Sang Hyun Lee
BB01 Woolim Villa
146 UN Village
Hannam-dong,
Yongsan-ku
Seoul, 140-211
KOREA

                                      -35-

<PAGE>

                                   SCHEDULE B
                                   (CONTINUED)

                                 OTHER INVESTORS

Name and Address of Investor

Dr. Seung Hee Lee
210-1502 Olympic Family Apt.,
MoonJung-dong,
SongPa-gu
Seoul
KOREA

Connie G. McArthur
106 South University Blvd #10
Denver, CO 80209

Anthony J. Medaglia, Jr.
c/o Hutchins, Wheeler & Dittmar
101 Federal Street
Boston, MA 02110

C. Kenneth Miller
75 White Avenue
Concord, MA 01742

Sarv Krishan Nagrath
9739 Middleton Ridge Rd.
Vienna, VA 22182

Dennis Ng
c/o Airvana Inc.
25 Industrial Avenue
Chelmsford, MA 01824

James O'Bray
14 Arrowhead Road
Sudbury, MA 01776

Alok Prasad
232 Beacon Street
Unit 4
Boston, MA 02116

                                      -36-

<PAGE>

                                   SCHEDULE B
                                   (CONTINUED)

                                 OTHER INVESTORS

Name and Address of Investor

Rajat K. Gupta Family Irrevocable Trust
c/o Rajat Gupta
McKinsey & Co.
3 Landmark Square
Suite 100
Stamford, CT 06901

Jit Saxena
47 Flanagan Drive
Framingham, MA 01701

Snows Hill LLC
c/o Steven Haley
P.O. Box 395
20 Snows Hill Lane
Dover, MA 02030-2657

The Viterbi Group
Attn:  Dr. Andrew Viterbi
4370 La Jolla Village Drive,
Suite 675
San Diego, CA 92112

                                      -37-

<PAGE>

                                   SCHEDULE C

                                WARRANT HOLDERS

CommVest Partners II
20 William Street
Wellesley, MA 02481

GATX Ventures, Inc.
3687 Mt. Diablo Blvd.
Suite 200
Lafayette, CA 94549

Silicon Valley Bank
3003 Tasman Drive
Santa Clara, California 95054

                                      -38-

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