Document:

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                                                                 Exhibit 10.14.3
                                                                 ---------------

                              SEPARATION AGREEMENT
                              --------------------

     This Separation Agreement ("this Agreement"), dated as of November 13,
2001, is made by and between IWO Holdings, Inc., a Delaware corporation
("Holdings"), Independent Wireless One Corporation, a Delaware corporation and
wholly-owned subsidiary of Holdings ("Corporation" and, together with Holdings,
"Employer"), and John P. Hart Jr. ("Employee") regarding his separation from
employment with Employer.

     WHEREAS, Employer and Employee wish mutually and amicably to separate, and
they wish to conclude the business relationship that presently exists between
them,

     NOW, THEREFORE, in consideration of the mutual promises made herein, and
for other good and valuable consideration, the parties hereto agree as follows:

     1.   TERMINATION OF EMPLOYMENT. Employee acknowledges and agrees that his
          employment with Employer is terminated effective October 29, 2001 (the
          "Termination Date"). Employer acknowledges that its Board of Directors
          and the Board of Directors of Holdings consider this termination to be
          without cause, solely for purposes of paragraph 4(a) of the Stock
          Option Agreement, executed between Employee and Holdings as of
          December 20, 1999. Employer and Employee acknowledge and agree that
          the Agreement of Employment dated December 20, 1999, entered into by
          and between Employer and Employee, as amended on May 2, 2000, is
          terminated effective as of the Termination Date.

     2.   PAYMENTS AND BENEFITS.

          A.   Employer shall take or cause to be taken the following actions:

               1.   Holdings agrees to pay Employee the total purchase price of
                    $172,783.68 for the repurchase of 30,077.16 shares of Class
                    B Common Stock of Holdings, which Holdings has elected to
                    repurchase under and pursuant to the terms and conditions of
                    the Management Bonus Stock Agreement dated December 20, 1999
                    and the Management Stock Purchase Agreement dated March 30,
                    2000, entered into by and between Holdings and Employee,
                    such agreements being hereby incorporated by reference.

               2.   Corporation will pay a separation payment to Employee of
                    $209,166.66 minus required withholding taxes on or before
                    the Termination Date.

                                                                               1

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               3.   Corporation will pay an amount equal to the Employee's
                    health insurance premium through COBRA for up to twelve
                    months from the Termination Date.

               4.   Corporation will pay up to $10,000 for employment counseling
                    services to the employment counseling service provider of
                    Employee's choice.

               5.   Corporation will pay Employee $24,442.31, as compensation
                    for 248 earned but unused hours of paid time off on the
                    Termination Date.

               6.   Employee agrees that the payments provided for in this
                    paragraph 2 are in lieu of all other benefits and claims
                    that Employee might have against the Employer or against
                    other Employer Released Parties.

               7.   Employee agrees he is not entitled to, and Employer is not
                    liable for, any salary payments, employee benefits
                    (including but not limited to vacation accruals), or other
                    compensation for the period of his employment from October
                    29, 2001 through December 31, 2001, except as explicitly
                    stated in paragraph 2.B of this Agreement.

          B.   It is understood and agreed that Employee will retain vested
               stock options for a total 252,973.4623 shares in the Class B
               Common Stock of Holdings, consisting of currently vested stock
               options for 151,123.5930 shares of such stock, and vested stock
               options for 101,849.8693 additional shares in such stock for the
               time elapsed between January 1, 2000 and October 29, 2001. It is
               expressly understood and agreed with respect to all of these
               vested stock options that Employee shall have one year from the
               Termination Date, which is until October 29, 2002, in which to
               exercise said vested stock options, in accordance with, and
               subject to, the terms and conditions of the applicable Stock
               Option Agreement and plan documents.

          C.   Employee acknowledges and agrees that he is not entitled to any
               other stock options, stock shares, or other equity interests in
               Corporation, Holdings, or Independent Wireless One Leased Realty
               Corporation except as explicitly stated in this Agreement, and
               that the Performance Vesting Options referenced in paragraph
               3(a)(ii) of his Stock Option Agreement are hereby cancelled and
               superseded and are no longer applicable to Employee.

                                                                               2

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          D.   Employee acknowledges and agrees that he is not entitled to any
               performance based employee compensation or bonus for the year
               2001.

          E.   Employee acknowledges and agrees that all principal and accrued
               but unpaid interest outstanding under the Loan and Pledge
               Agreements with Holdings, dated December 12, 2000 and March 20,
               2000, are due and payable upon Employee's date of termination.
               The principal and accrued but unpaid interest amount currently
               outstanding as of November 13, 2001 is $168,755.85 ($143,617.02
               of which is principal and $25,138.83 of which is interest).

          F.   Employee agrees to return all company property (including but not
               limited to company vehicle, credit card(s), cell phone(s) and
               laptop computer) to Joseph Travis, Director of Human Resources,
               Independent Wireless One Corporation at 52 Corporate Circle,
               Albany, NY 12203 on or before November 29, 2001, however,
               Employee agrees to immediately purge all company information from
               his personal computer(s) and eliminate access to the company
               database and files.

     3.   NO PAYMENTS AND BENEFITS ABSENT EXECUTION OF THIS AGREEMENT. Employee
          recognizes that the payments and other benefits referred to in
          paragraph 2 (A)-(B) are above and beyond amounts otherwise due him
          from Employer, including any amounts due him under Corporation's
          general policies and programs or under his Agreement of Employment.
          Employee understands and agrees that he would not receive the
          consideration specified in paragraph 2 except for his execution of and
          compliance with this Agreement and the agreements incorporated herein
          by reference and Employer's material reliance upon his fulfillment of
          the promises contained herein.

     4.   GENERAL RELEASE OF CLAIMS BY EMPLOYEE.

          For and in consideration of the payments and other covenants
          referenced in this Agreement, Employee fully and completely releases
          Corporation, Holdings, and Independent Wireless One Leased Realty
          Corporation, their respective directors, officers, shareholders,
          attorneys, benefit plans administrators, agents, and employees, both
          present and former, and their respective successors, predecessors,
          subsidiaries, and affiliates, and any person or entity acting for or
          on behalf of Corporation, Holdings, or Independent Wireless One Leased
          Realty Corporation (collectively "the Employer Released Parties"),
          from any and all claims, liabilities,

                                                                               3

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          demands, and causes of action of any kind, in law or in equity,
          whether known or unknown, which against the Employer Released Parties,
          Employee, his heirs, executors, legal representatives and assigns,
          ever had, now have, or hereafter may have, by reason of any matter,
          thing or cause whatsoever from the beginning of the world to the day
          of the date of this

          General Release, including, but not limited to, claims arising out of
          Employee's employment or termination of employment with Employer.

          This General Release includes, but is not limited to, any claims
          arising under Title VII of the Civil Rights Act of 1964, the
          Rehabilitation Act of 1973, the Americans With Disabilities Act of
          1990, the Employee Retirement Income and Security Act, the Equal Pay
          Act, the Age Discrimination and Employment Act, the Family and Medical
          Leave Act, and the New York Human Rights Law, all as amended, or any
          other federal, state, or local civil rights statute or constitution,
          claims for back-pay, claims for front pay, claims for interest, claims
          for wrongful discharge, constructive discharge, or unjust dismissal,
          claims for breach of any alleged oral, written, or implied contract of
          employment, claims for salary or severance payments, claims for
          benefits, claims for stock options, claims for employment
          discrimination or harassment, claims for humiliation, claims for
          defamation, claims sounding in tort, claims for emotional distress,
          claims for reinstatement, claims for pain and suffering, claims for
          punitive damages, claims for compensatory damages of any kind, and
          claims for injunctive relief, and claims for attorneys' fees.

     5.   PROHIBITED STATEMENTS. In further consideration of the terms of this
          Agreement, Employee agrees to refrain from taking any action or making
          any statements, written or oral, which disparage or defame the
          goodwill or reputation of the Corporation, Holdings, Independent
          Wireless One Leased Realty Corporation, their respective officers,
          directors, or employees. In further consideration of the terms of this
          Agreement, the officers and directors of Employer agree to refrain
          from taking any action or making any statements, written or oral,
          which disparage or defame the goodwill or reputation of Employee.

          Corporation agrees to give Employee a neutral employment reference,
          signed by a representative of the Corporation, which describes
          Employee's job responsibilities and indicates that Employee left his
          employment voluntarily for his own personal reasons, upon Employee's
          request.

                                                                               4

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     6.   CONFIDENTIALITY. Employee will keep confidential the terms and
          conditions of this Agreement, except as otherwise required by law, and
          except that he may inform his spouse and communicate confidentially
          with his legal and financial advisors, each of whom shall agree in
          advance to keep such information confidential. Employer's officers and
          directors will keep confidential the terms and conditions of this
          Agreement, except as otherwise required by law, or as required to
          effectuate the terms of this Agreement, or as required to fulfill any
          fiduciary, legal, or other obligations towards Employer's
          shareholders, creditors, or investors that Employer may, in its sole
          judgment, deem to exist. Employer's officers and directors also may
          confidentially communicate the terms and conditions of this Agreement
          to legal and financial advisors, and to the officers and directors of
          Independent Wireless One Leased Realty Corporation, each of whom shall
          agree in advance to keep such information confidential.

     7.   NO LITIGATION. Employee agrees never to file or institute against
          Employer or any of the Employer Released Parties, any suit, charge, or
          action, before any court, agency, arbitral panel or other tribunal
          wherever situated, asserting any claim or cause of action which exists
          or may have existed on or before the date of this Agreement. If
          Employee initiates any such litigation, the parties sued shall be
          entitled to recover from Employee their damages and reasonable costs
          and attorneys' fees incurred to enforce this agreement.

     8.   ADDITIONAL COVENANTS.

          A.   Employee agrees and acknowledges that the Restrictive Covenants
               contained in his Agreement of Employment, signed and dated
               December 20, 1999, and amended on May 2, 2000, shall remain in
               full force and effect.

          B.   Employee shall take or cause to be taken all actions and to do,
               or cause to be done, all things necessary, proper or advisable to
               consummate and make effective the transactions contemplated
               herein.

     9.   MISCELLANEOUS.

          A.   The terms of this Agreement may not be changed, waived,
               discharged, or terminated orally, except by an instrument in
               writing signed by Employer and Employee. The waiver by either
               party of a breach of any provision of this Agreement shall not

                                                                               5

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               operate or be construed as a waiver of any subsequent breach by
               the same party.

          B.   This Agreement and the rights and obligations of the parties
               hereunder shall be governed by and construed in accordance with
               the laws of the State of New York without regard to principles of
               choice of laws or conflicts of laws thereof.

          C.   Each of the parties agrees and submits to the jurisdiction of the
               State of New York, and further agrees that any action or
               proceeding under, in connection with, or relating to this
               Agreement shall be brought in and adjudicated by the Supreme
               Court of the State of New York in Albany County, or if
               applicable, in the Federal District Court, the Northern District
               of New York.

          D.   This Agreement shall be binding and shall inure to the benefit of
               the parties hereto and their respective predecessors, heirs,
               executors, administrators, successors, permitted assigns, agents
               and legal representatives.

          E.   This Agreement contains the entire agreement of the parties with
               regard to the subject matter hereof and supersedes all prior oral
               or written understandings, memoranda or communications with
               regard to the terms or conditions of Employee's termination of
               employment with Employer, except as explicitly stated herein.

          F.   If any of the terms of this Agreement, with the exception of the
               General Releases, is held to be void and unenforceable for any
               reason under applicable law, all other terms of the Agreement
               shall remain fully valid and enforceable.

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

     I, John P. Hart acknowledge that I have carefully read and fully understand
all the provisions of this Agreement including the General Release contained
herein. I am entering into this Agreement voluntarily. I acknowledge that I have
been advised to consult, and have consulted, an attorney concerning this
Agreement. I have not relied upon any representation or statement, written or
oral, not set forth in this Agreement. I acknowledge that I have been given 21
days in which to consider signing this Agreement. I also acknowledge that if I
sign this Agreement, I will have 7 days thereafter in which to change my mind.
This Agreement shall not be effective until 7 days after I have signed it.

                                                                               6

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     Employee understands that he may be releasing claims that he may not know
about. This is both parties' knowing and voluntary intent. Employee understands
that he is not releasing any claim that relates to the parties' right to enforce
this Agreement, nor any rights or claims which arise after the signing of this
Agreement.

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement
as of the date first above written.

                                   EMPLOYER:

                                            IWO Holdings Inc.

                                            /s/ Steven M. Nielsen
                                            ------------------------------------
                                            By: Steven Nielsen, C.E.O.

                                            Independent Wireless One Corporation

                                            /s/ Steven M. Nielsen
                                            ------------------------------------
                                            By: Steven Nielsen, C.E.O.

                                   EMPLOYEE:

                                            /s/ John P. Hart, Jr.
                                            ------------------------------------
                                            John P. Hart Jr.

                                                                               7<PAGE>

                                                                 Exhibit 10.16.9
                                                                 ---------------

                             STOCK OPTION AGREEMENT

     THIS STOCK OPTION AGREEMENT (this "Agreement") is made as of November 5,
                                        ---------
2001, between IWO Holdings, Inc., a Delaware corporation ("Holdings"), and John
                                                           --------
S. Stevens (the "Optionee").
                 --------

                                    RECITALS
                                    --------

     WHEREAS, Holdings has adopted the IWO Holdings, Inc. Stock Incentive Plan
(as amended from time to time, the "Plan"), a copy of which is attached hereto
                                    ----
as Exhibit 1.

     WHEREAS, Optionee is an employee of Holdings, and Holdings desires to grant
the Optionee the opportunity to acquire a proprietary interest in Holdings to
encourage the Optionee's contribution to the success and progress of Holdings.

     WHEREAS, in accordance with the Plan, the Committee (as defined in the
Plan) has granted to the Optionee a non-qualified option to purchase shares of
Class B Common Stock, $0.01 par value, of Holdings (the "Class B Common Stock")
                                                         --------------------
subject to the terms and conditions of the Plan and this Agreement.

     WHEREAS, this Agreement has been approved by the Board of Directors and the
Stockholders of Holdings.

                                    AGREEMENT
                                    ---------

     1.   Definitions. Capitalized terms used herein shall have the following
          -----------
          meanings:

     "Act" is defined in Section 9(a).
      ---

     "Affiliate" means (a) any Person which, directly or indirectly, is in
      ---------
control of, is controlled by, or is under common control with, such Person or
(b) any Person who is a director or officer (i) of such Person, (ii) of any
subsidiary of such Person or (iii) of any Person described in clause (a) above.
For purposes of this definition, "control" of a Person means the power, directly
or indirectly, (x) to vote 50% or more of the securities having ordinary voting
power for the election of directors of such Person whether by ownership of
securities, contract, proxy or otherwise, or (y) to direct or cause the
direction of the management and policies of such Person whether by ownership of
securities, contract, proxy or otherwise.

     "Agreement" means this Stock Option Agreement.
      ---------

     "Approved Sale" means a transaction or a series of related transactions
      -------------
other than a Designated Merger: (i) including, but not limited to, by way of
merger or consolidation, which results in any "person" or "group" (as such terms
are used in Sections 13(d) and 14(d) of the Exchange Act or any successor
provisions to either of the foregoing), other than (A) any one or more of the
Initial Stockholders or Affiliates thereof or (B) a non-U.S. entity with respect
to which an Initial Stockholder or Affiliate thereof has an administrative
relationship, becoming the "beneficial owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of a

<PAGE>

majority of the total voting power of the capital stock of Holdings or otherwise
able to elect a majority of the board of directors of Holdings (for purposes of
this definition, such person or group shall be deemed to beneficially own
capital stock of Holdings that is held by any other corporation so long as such
person or group beneficially owns, directly or indirectly, in the aggregate a
majority of the total capital stock of such other corporation); or (ii) which
results in the sale, transfer, assignment, lease, conveyance or other
disposition, directly or indirectly, of all or substantially all the assets of
Holdings and its subsidiaries, considered as a whole (other than to an Affiliate
thereof).

     "Certificate of Incorporation" means the Amended and Restated Certificate
      ----------------------------
of Incorporation of Holdings, as amended from time to time.

     "Cause" has the meaning set forth in the Employment Agreement.
      -----

     "Class B Common Stock" is defined in the Recitals.
      --------------------

     "Closing Date" means December 20, 1999.
      ------------

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

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

     "Disability" has the meaning set forth in the Employment Agreement.
      ----------

     "Effective Date" means November 19, 2001.
      --------------

     "Employment Agreement" means the Employment Agreement between Optionee and
      --------------------
Holdings, dated as of the date hereof, as amended from time to time.

     "Exchange Act" means the Securities and Exchange Act of 1934, as amended.
      ------------

     "Exercise Price" is defined in Section 2.
      --------------

     "Fair Market Value" means (a) prior to an Initial Public Offering: the
      -----------------
value of Holdings' shares determined in good faith by the Holdings' Board of
Directors. The Board of Directors shall make its determination of Fair Market
Value annually (the "Annual Valuation") promptly after the completion of
                     ----------------
Holdings' audited financial statements for the year then completed and such
determination shall remain in effect until the Board of Directors makes the next
Annual Valuation. Notwithstanding the foregoing, if the Board of Directors or an
investment banker or appraiser appointed by Holdings makes a determination of
Fair Market Value subsequent to an

                                       2

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Annual Valuation, such subsequent determination shall supersede the Annual
Valuation then in effect and shall establish the Fair Market Value until the
next Annual Valuation. The Fair Market Value shall be based on an assumed sale
of 100% of the outstanding capital stock of Holdings (without reduction for
minority interest or lack of liquidity of the Option Shares or similar
discount). If such determination of the Fair Market Value is challenged by the
Optionee, the Board of Directors will select an appraiser or investment bank
with a national reputation who is independent (not an Affiliate of the parties)
(the "Appraiser") and who shall establish the Fair Market Value as of the date
      ---------
of valuation referenced in the Annual Valuation or a subsequent determination.
The Appraiser's determination shall be conclusive and binding on Holdings and
Optionee. Holdings shall bear all costs incurred in connection with the services
of such Appraiser; and (b) subsequent to an Initial Public Offering: The price
of the last sale of the stock on the date Optionee exercises the Option.

     "Fiscal Year" means the fiscal year of Holdings.
      -----------

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

     "Initial Stockholders" means the stockholders of Holdings who became
      --------------------
stockholders as of the Closing Date (including employees or directors of
Holdings or any Subsidiary who were granted options to purchase stock as of the
Closing Date) and any transferees of such stockholders described in clause (i)
or (ii) in the definition of Approved Sale.

     "Option" is defined in Section 2.
      ------

     "Optionee" is defined in the Preamble.
      --------

     "Option Shares" is defined in Section 2.
      -------------

     "Person" means an individual, partnership, joint venture, limited liability
      ------
company, corporation, trust, unincorporated organization or a government or any
department or agency thereof.

     "Plan" is defined in the Recitals.
      ----

     "Retirement" means age 65.
      ----------

     "Subsidiary" means any joint venture, corporation, partnership or other
      ----------
entity as to which Holdings, whether directly or indirectly, has more than 50%
of the (i) voting rights or (ii) rights to capital or profits.

     "Termination Date" means the date on which the Optionee ceases to be
      ----------------
employed by Holdings for any reason.

                                       3

<PAGE>

     Defined terms used herein not otherwise defined shall have the meanings
given such terms in the Plan.

     2. Grant of Option. Holdings grants to the Optionee the right and option
        ---------------
(the "Option") to purchase, on the terms and conditions hereinafter set forth,
      ------
all or any part of the number of shares of Class B Common Stock set forth below
the Optionee's signature below (the "Option Shares"), at the purchase price of
                                     -------------
$7.00 per Option Share (as such amount may be adjusted, the "Exercise Price"),
                                                             --------------
on the terms and conditions set forth herein.

     3. Exercisability.
        --------------

          (a) The Option shall be divided into two parts for purposes of
determining exercisability.

               (i) The Option to purchase 100,000 shares of Class B Common Stock
          (the "Time Vesting Option") shall vest on the basis of Daily Vesting
                -------------------
          over a period of three years commencing on the Effective Date.

               (ii) The Option to purchase 100,000 shares of Class B Common
          Stock (the "Performance Vesting Option") shall vest on the basis of
                      --------------------------
          performance. The Performance Vesting Option shall become exercisable
          to the extent of:

                    (x) 15% of such option as of the end of the period ended
          March 31, 2002 if the Optionee's performance equals or exceeds the
          performance targets as set by the Chief Executive Officer of the
          Company and the Board of Directors of Holdings in consultation with
          the Optionee and issued within approximately 30 days of the
          commencement of such period;

                    (y) 40% of such option as of the end of fiscal year 2002
          (less the portion of such option, if any, which vested pursuant to the
          preceding clause (x)) if the Optionee's performance equals or exceeds
          the performance targets as set by the Chief Executive Officer of the
          Company and the Board of Directors of Holdings in consultation with
          the Optionee and issued within approximately 60 days of the
          commencement of such fiscal year; and

                    (z) 30% of such option as of the end of each of fiscal 2003
          and 2004 if the Optionee's performance equals or exceeds the
          performance targets as set by the Chief Executive Officer of the
          Company and the Board of Directors of Holdings in consultation with
          the Optionee and issued within approximately 60 days of the
          commencement of such fiscal year.

               With respect to clauses (y) and (z), if for any of 2003, 2004 or
          2005 the Optionee's performance for that fiscal year and such
          preceding fiscal years equal or exceed the cumulative performance
          targets set by the Board of Directors with respect to such fiscal
          year, the Performance Vesting Option shall become exercisable to the
          extent that it would have become exercisable had the Optionee achieved
          the performance target amounts for that and each of the preceding
          fiscal years. Notwithstanding the foregoing, if the Performance
          Vesting Option or any

                                       4

<PAGE>

          portion of the Performance Vesting Option has not vested pursuant to
          the terms in this Section 3(a)(ii) prior to December 31, 2006, such
          options shall become exercisable on such date.

          (b) Notwithstanding Section 3(a), upon the occurrence of an Approved
Sale, in which case the schedule set forth in Section 3(a) shall not apply with
respect to Performance Vesting Options and Time Vesting Options that are not yet
exercisable, the Optionee shall have the right to exercise 100% of all
unexercisable Performance Vesting Options and Time Vesting Options, provided
that a cash investment in Holdings at a price of $5.744681 per share would
achieve a 40% or greater annual internal rate of return (calculated on a fully
diluted basis) from the Closing Date until the date of the closing of the
Approved Sale (taking into account the Approved Sale); provided, further, that
if the internal rate of return is greater than 20% but less than 40%, a pro rata
portion of the unexercisable Performance Vesting Options and Time Vesting
Options shall become exercisable to the same extent the internal rate of return
is greater than 20% but less than 40% (e.g., if the internal rate of return is
30%, 50% of the unexercisable Performance Vesting Options and Time Vesting
Options shall become exercisable).

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

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

               (i) the schedule set forth in Section 3(a) shall not apply with
          respect to 20% of the Performance Vesting Options and Time Vesting
          Options that are not yet exercisable (and shall continue to apply to
          the remaining 80% of such options) and the Optionee shall have the
          right to exercise such 20% of all unexercisable Performance Vesting
          Options and Time Vesting Options; and

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

     4. Expiration.
        ----------

          (a) Subject to Section 6(a), the exercisable portion of the Option
shall expire upon the tenth anniversary of the Effective Date, unless: (i) the
Optionee is terminated by Holdings with Cause, in which case the exercisable
portion of the Option will expire 90 days after the Termination Date; (ii) the
Optionee voluntarily leaves, in which case the exercisable portion of the Option
will expire 90 days after the Termination Date, provided that if the Board of
Directors determines that the Optionee left Holdings due to personal hardship,
then the

                                       5

<PAGE>

exercisable portion of the Option will expire three years after the Termination
Date; (iii) the Optionee is terminated by Holdings without Cause, in which case
the exercisable portion of the Option will expire one year after the Termination
Date; or (iv) the Optionee's employment is terminated due to death, Disability
or Retirement, in which case the exercisable portion of the Option will expire
three years after the Termination Date.

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

     5. Nontransferability. The Option shall not be transferable by the Optionee
        ------------------
other than by will or the laws of descent and distribution except that the
Optionee may transfer the Option to (a) his or her spouse, child, estate,
personal representative, heir or successor (b) a trust for the benefit of the
Optionee or his or her spouse, child or heir, or (c) a partnership or limited
liability company the partners or members of which consist solely of the
Optionee and/or his or her spouse, children or heirs (each, a "permitted
                                                               ---------
transferee") and the Option is exercisable, during the Optionee's lifetime, only
----------
by him or her or his or her spouse or child, or, in the event of the Optionee's
Disability, his or her guardian or legal representative. More particularly (but
without limiting the generality of the foregoing), the Option may not be
assigned, transferred (except as aforesaid), pledged or hypothecated in any way
(whether by operation of law or otherwise), and shall not be subject to
execution, attachment or similar process. This Agreement shall be binding on and
enforceable against any person who is a permitted transferee of the Option
pursuant to the first sentence of this Section.

     6. Effect of Approved Sale; Adjustments.
        ------------------------------------

          (a) In the event of an Approved Sale or a Designated Merger, the
unexercised portion of the Option shall terminate upon such Approved Sale or
Designated Merger unless (i) provision is made in writing in connection with
such Approved Sale or Designated Merger for the assumption of such Options, or
for the substitutions of such Options of new awards covering the securities of a
successor entity or an Affiliate thereof, with appropriate adjustments as to the
number and kind of securities and exercise prices, in which event such
outstanding Options shall continue or be replaced, as the case may be, in the
manner and under the terms so provided; or (ii) the Board of Directors otherwise
shall provide in writing for such adjustments as it deems appropriate in the
terms and conditions of the then-outstanding Options, including without
limitation (A) accelerating the vesting of outstanding Options and/or (B)
providing for the cancellation of Options and their automatic conversion into
the right to receive the securities,

                                       6

<PAGE>

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

          (b) Subject to Section 6(a), if the shares of the Class B Common
Stock, or to the extent it affects the economic rights of the holders of the
Class B Common Stock, shares of Class A Common Stock, Class C Common Stock,
Class D Common Stock or Class E Common Stock of Holdings, are changed into or
exchanged for a different number or kind of shares or securities, as the result
of any one or more reorganizations, recapitalizations, mergers, acquisitions,
stock splits, reverse stock splits, stock dividends or similar events, an
appropriate adjustment shall be made in the number and kind of shares or other
securities subject to the Option, and the price for each share or other unit of
any securities subject to this Agreement, in accordance with Section 13 of the
Plan. No fractional interests shall be issued on account of any such adjustment
unless the Committee specifically determines to the contrary; provided, however,
that in lieu of fractional interests, the Optionee, upon the exercise of the
Option in whole or part, shall receive cash in an amount equal to the amount by
which the fair market value (as determined in good faith by the Board of
Directors) of such fractional interests exceeds the Exercise Price attributable
to such fractional interests.

     7. Exercise of the Option. Prior to the expiration thereof, the Optionee
        ----------------------
may exercise the exercisable portion of the Option from time to time in whole or
in part. Upon electing to exercise the Option, the Optionee shall deliver to the
Secretary of Holdings a written and signed notice of such election setting forth
the number of Option Shares the Optionee has elected to purchase and shall at
the time of delivery of such notice tender cash or a cashier's or certified bank
check to the order of Holdings for the full Exercise Price of such Option Shares
and any amount required pursuant to Section 15 hereof. Alternatively, if
Holdings is not at the time prohibited from purchasing or acquiring shares of
its capital stock by applicable law or under the terms of any debt or lease
facility, the Exercise Price may at the option of the Optionee be paid in whole
or in part by delivery of shares of the Class B Common Stock owned by the
Optionee provided that Optionee has owned such shares for at least six (6)
months. The value of any such shares delivered or withheld as payment of the
Exercise Price shall be such shares' Fair Market Value. In addition, Holdings
shall cooperate with Optionee to facilitate a sale of Option Shares

                                       7

<PAGE>

through a broker to pay the exercise price provided such sale is otherwise
permitted under this Agreement, the Certificate of Incorporation or the
Stockholders Agreement or under applicable law. The Committee further may, in
its discretion, permit payment of the Exercise Price in such other form or in
such other manner as may be permissible under the Plan and under any applicable
law.

     8. Stockholders Agreement. The Option Shares are subject to the terms and
        ----------------------
provisions of the Stockholders Agreement (the "Stockholders Agreement") by and
                                               ----------------------
between Holdings and the Stockholders, as such term is defined in the
Stockholder Agreement, and the Optionee shall be treated as a Class B
Stockholder under the Stockholders Agreement with respect to the Option Shares.
Optionee further acknowledges that if the issuance of the Option Shares is
registered on a registration statement on Form S-8 that has become effective
under the Act, the Option Shares shall not constitute "Registrable Stock" for
purposes of the Stockholders Agreement. Section 6 of the Stockholders Agreement
shall not apply to any surrender of Option Shares to Holdings in connection with
Optionee's exercise of this Option as contemplated by Sections 7 and 15 hereof.

     9. Compliance with Legal Requirements.
        ----------------------------------

          (a) No Option Shares shall be issued or transferred pursuant to this
Agreement unless and until all legal requirements applicable to such issuance or
transfer have, in the opinion of counsel to Holdings, been satisfied. Such
requirements may include, but are not limited to, registering or qualifying such
Option Shares under any state or federal law, satisfying any applicable law
relating to the transfer of unregistered securities or demonstrating the
availability of an exemption from applicable laws, placing a legend on the
Option Shares to the effect that they were issued in reliance upon an exemption
from registration under the Securities Act of 1933, as amended (the "Act"), and
                                                                     ---
may not be transferred other than in reliance upon Rule 144 promulgated under
the Act, if available, or upon another exemption from the Act, or obtaining the
consent or approval of any governmental regulatory body.

          (b) The Optionee understands that Holdings intends for the offering
and sale of Option Shares to be effected in reliance upon an exemption from
registration under the Act, and that Holdings is under no obligation to register
for resale the Option Shares issued upon exercise of the Option, subject to
other applicable agreements or the Certificate of Incorporation. In connection
with any such issuance or transfer, the person acquiring the Option Shares
shall, if requested by Holdings, provide information and assurances satisfactory
to counsel to Holdings with respect to such matters as Holdings reasonably may
deem desirable to assure compliance with all applicable legal requirements.
Holdings shall use its best efforts to register the exercise of the Option under
a registration statement on Form S-8 within a reasonable time following the
closing of an Initial Public Offering. Holdings shall take reasonable steps to
cause this Agreement and the exercise of the Option granted hereunder to comply
with the exemption from Section 16 of the Exchange Act provided under Securities
and Exchange Commission Rule 16b-3 or any successor rule, as it may be amended
from time to time.

     10. Subject to Certificate of Incorporation. The Optionee acknowledges that
         ---------------------------------------
the Option Shares are subject to the terms of the Certificate of Incorporation.

                                       8

<PAGE>

     11. No Interest in Shares Subject to Option. Neither the Optionee
         ---------------------------------------
(individually or as a member of a group) nor any beneficiary or other person
claiming under or through the Optionee shall have any right, title, interest, or
privilege in or to any shares of stock allocated or reserved for the purpose of
the Plan or subject to this Agreement except as to such Option Shares, if any,
as shall have been issued to such person upon exercise of an Option or any part
thereof.

     12. Plan Controls. The Option hereby granted is subject to, and Holdings
         -------------
and the Optionee agree to be bound by, all of the terms and conditions of the
Plan as the same may be amended from time to time in accordance with the terms
thereof, but no such amendment shall be effective as to the Option without the
Optionee's consent insofar as it may adversely affect the Optionee's rights
under this Agreement.

     13. Not an Employment Contract. Nothing in the Plan, in this Agreement or
         --------------------------
any other instrument executed pursuant thereto shall confer upon the Optionee
any right to continue in the employ of Holdings or any Subsidiary or shall
affect the right of Holdings or any Subsidiary to terminate the employment of
the Optionee with or without Cause.

     14. Governing Law. All terms of and rights under this Agreement shall be
         -------------
governed by and construed in accordance with the internal laws of the State of
New York, without giving effect to principles of conflicts of law.

     15. Taxes. The Committee may, in its discretion, make such provisions and
         -----
take such steps as it may deem necessary or appropriate for the withholding of
all federal, state, local and other taxes required by law to be withheld with
respect to the issuance or exercise of the Option including, but not limited to,
deducting the amount of any such withholding taxes from any other amount then or
thereafter payable to the Optionee, requiring the Optionee to pay to Holdings
the amount required to be withheld or to execute such documents as the Committee
deems necessary or desirable to enable it to satisfy its withholding
obligations, or any other means provided in the Plan; provided further that the
Optionee may satisfy all aforesaid withholding tax obligations by directing
Holdings to withhold that number of Shares with an aggregate Fair Market Value
equal to the amount of all federal, state, local and other taxes required to be
withheld, or delivering to Holdings such number of previously held shares of
capital stock of Holdings, which shares have been owned by the Optionee for at
least six (6) months with an aggregate Fair Market Value equal to the minimum
statutory amount of the federal, state, local and other taxes required to be
withheld.

     16. Transfer Notice. Holdings will provide the Optionee with the Transfer
         ---------------
Notice (as defined in the Certificate of Incorporation) delivered to Class B
Stockholders pursuant to Section 4 or Section 5 of the Certificate of
Incorporation in accordance with the terms thereof.

                                       9

<PAGE>

     17. Notices. All notices, requests, demands and other communications
         -------
pursuant to this Agreement shall be in writing and shall be deemed to have been
duly given if personally delivered, telexed or telecopied to, or, if mailed,
when received by, the other party at the following addresses (or at such other
address as shall be given in writing by either party to the other):

     If to Holdings to:

          IWO Holdings, Inc.
          c/o Investcorp International Inc.
          280 Park Avenue
          New York, New York 10017
          Attention:  Christopher J. Stadler

          With a copy to:

          Gibson, Dunn & Crutcher LLP
          200 Park Avenue
          New York, New York 10166
          Attention:  E. Michael Greaney, Esq.

     If to the Optionee to the address set forth below the Optionee's signature
below.

     18. Amendments and Waivers. This Agreement may be amended, and any
         ----------------------
provision hereof may be waived, only by a writing signed by the party to be
charged.

     19. Entire Agreement. This Agreement, together with the Plan and the
         ----------------
Stockholders Agreement, sets forth the entire agreement and understanding
between the parties as to the subject matter hereof and supersedes all prior
oral and written and all contemporaneous oral discussions, agreements and
understandings of any kind or nature including, without limitation, Section 3(e)
of the Employment Agreement.

     20. Separability. In the event that any provision of this Agreement is
         ------------
declared to be illegal, invalid or otherwise unenforceable by a court of
competent jurisdiction, such provision shall be reformed, if possible, to the
extent necessary to render it legal, valid and enforceable, or otherwise
deleted, and the remainder of this Agreement shall not be affected except to the
extent necessary to reform or delete such illegal, invalid or unenforceable
provision.

     21. Headings. The headings preceding the text of the sections hereof are
         --------
inserted solely for convenience of reference, and shall not constitute a part of
this Agreement, nor shall they affect its meaning, construction or effect.

     22. Counterparts. This Agreement may be executed in two counterparts, each
         ------------
of which shall be deemed an original, but which together shall constitute one
and the same instrument.

                                       10

<PAGE>

     23. Further Assurances. Each party shall cooperate and take such action as
         ------------------
may be reasonably requested by another party in order to carry out the
provisions and purposes of this Agreement.

     24. Remedies. In the event of a breach by any party to this Agreement of
         --------
its obligations under this Agreement, any party injured by such breach, in
addition to being entitled to exercise all rights granted by law, including
recovery of damages, shall be entitled to specific performance of its rights
under this Agreement. The parties agree that the provisions of this Agreement
shall be specifically enforceable, it being agreed by the parties that the
remedy at law, including monetary damages, for breach of any such provision will
be inadequate compensation for any loss and that any defense in any action for
specific performance that a remedy at law would be adequate is hereby waived.

     25. Binding Effect. This Agreement shall inure to the benefit of and be
         --------------
binding upon the parties hereto and their respective permitted successors and
assigns.

                                       11

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                              IWO HOLDINGS, INC.

                                              By: /s/ Steven M. Nielsen
                                                  ------------------------------
                                                  Name: Steven M. Nielsen
                                                  Title: Chief Executive Officer

                                              "OPTIONEE"

                                              /s/ John S. Stevens
                                              -------------------------------
                                              John S. Stevens
                                              Address: 3595 Hidden Lake Drive
                                                       Cumming, Georgia 30041

                            Number of Time Vesting Option Shares: 100,000
                            Number of Performance Vesting Option Shares: 100,000
                            Total Number of Option Shares: 200,000

                                       12

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