Document:

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                                                                     EXHIBIT 4.1

                          REGISTRATION RIGHTS AGREEMENT

               This Registration Rights Agreement (this "Agreement") is made and
entered into as of September 12, 2002, by and among Novatel Wireless, Inc., a
Delaware corporation (the "Company"), and the investors signatory hereto (each a
"Purchaser" and collectively, the "Purchasers").

               This Agreement is made pursuant to the Securities Purchase
Agreement, dated as of the date hereof among the Company and the Purchasers (the
"Purchase Agreement").

               The Company and the Purchasers hereby agree as follows:

        1. Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Purchase Agreement shall have the meanings given such
terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the following meanings:

                "Effectiveness Date" means, with respect to the initial
        Registration Statement required to be filed hereunder, the earlier of
        (a) 60th day following the Closing Date (90th in the event of a "review"
        by the Commission) and (b) the fifth Trading Day following the date on
        which the Company is notified by the Commission that such Registration
        Statement will not be reviewed or is no longer subject to further review
        and comments.

                "Effectiveness Period" shall have the meaning set forth in
        Section 2(a).

               "Filing Date" means, with respect to the initial Registration
        Statement required to be filed hereunder, the 30th day following the
        Closing Date.

               "Holder" or "Holders" means the holder or holders, as the case
        may be, from time to time of Registrable Securities.

                "Indemnified Party" shall have the meaning set forth in Section
        5(c).

                "Indemnifying Party" shall have the meaning set forth in Section
        5(c).

                "Losses" shall have the meaning set forth in Section 5(a).

                "Proceeding" means an action, claim, suit, investigation or
        proceeding (including, without limitation, an investigation or partial
        proceeding, such as a deposition), whether commenced or threatened.

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

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        supplements to the Prospectus, including post-effective amendments, and
        all material incorporated by reference or deemed to be incorporated by
        reference in such Prospectus.

                "Registrable Securities" means the Shares, together with any
        securities issued or issuable upon any stock split, dividend or other
        distribution, recapitalization or similar event with respect to the
        foregoing. Notwithstanding the foregoing, the Shares shall not be
        treated as Registrable Securities if they have been (x) sold to or
        through a broker or dealer or underwritten in a public distribution or a
        public securities transaction, or (y) sold in a transaction exempt from
        the registration and prospectus delivery requirements of the Securities
        Act under Section 4(1) thereof so that all transfer restrictions, and
        restrictive legends with respect thereto, if any, are removed upon the
        consummation of such sale.

                "Registration Statement" means the registration statement
        required to be filed hereunder, including the Prospectus, amendments and
        supplements to such registration statement or Prospectus, including pre-
        and post-effective amendments, all exhibits thereto, and all material
        incorporated by reference or deemed to be incorporated by reference in
        such registration statement.

                "Rule 415" means Rule 415 promulgated by the Commission pursuant
        to the Securities Act, as such Rule may be amended from time to time, or
        any similar rule or regulation hereafter adopted by the Commission
        having substantially the same effect as such Rule.

                "Rule 424" means Rule 424 promulgated by the Commission pursuant
        to the Securities Act, as such Rule may be amended from time to time, or
        any similar rule or regulation hereafter adopted by the Commission
        having substantially the same effect as such Rule.

                "Securities Act" means the Securities Act of 1933, as amended.

                "Shares" solely for the purpose of this Agreement means the
        Shares (as defined in the Purchase Agreement) together with the Warrant
        Shares issuable upon exercise of the Warrants.

                "Special Counsel" shall have the meaning set forth in Section 4.

        2. Registration.

                (a) On or prior to the Filing Date, the Company shall prepare
        and file with the Commission the Registration Statement covering the
        resale of all Registrable Securities for an offering to be made on a
        continuous basis pursuant to Rule 415. The Registration Statement
        required hereunder shall be on Form S-3 (except if the Company is not
        then eligible to register for resale the Registrable Securities on Form
        S-3, in which case such registration shall be on another appropriate
        form in accordance herewith). The Registration Statement required
        hereunder shall contain (except if otherwise directed by the Holders)
        the "Plan of Distribution" attached hereto as Annex A. The Company shall
        cause the Registration Statement to become effective and remain
        effective as provided

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        herein. The Company shall use its reasonable best efforts to cause the
        Registration Statement to be declared effective under the Securities Act
        as promptly as possible after the filing thereof, but in any event not
        later than the Effectiveness Date, and shall use its reasonable best
        efforts to keep the Registration Statement continuously effective under
        the Securities Act until the date which is two years after the date that
        the Registration Statement is declared effective by the Commission or
        such earlier date when all Registrable Securities covered by the
        Registration Statement have been sold or may be sold without volume
        restrictions pursuant to Rule 144(k) as determined by the counsel to the
        Company pursuant to a written opinion letter to such effect, addressed
        and acceptable to the Company's transfer agent and the affected Holders
        (the "Effectiveness Period").

                (b) If: (i) the Registration Statement is not filed on or prior
        to its Filing Date (if the Company files the Registration Statement
        without affording the Holder the opportunity to review and comment on
        the same as required by Section 3(a), the Company shall not be deemed to
        have satisfied this clause (i)), or (ii) the Company fails to file with
        the Commission a request for acceleration in accordance with Rule 461
        promulgated under the Securities Act, within five Trading Days of the
        date that the Company is notified (orally or in writing, whichever is
        earlier) by the Commission that a Registration Statement will not be
        "reviewed," or not subject to further review, or (iii) prior to the date
        when the Registration Statement is first declared effective by the
        Commission, the Company fails to file a pre-effective amendment and
        otherwise respond in writing to comments made by the Commission in
        respect of such Registration Statement within twenty-five Trading Days
        after the receipt of comments by or notice from the Commission that such
        amendment is required in order for a Registration Statement to be
        declared effective, or (iv) the Registration Statement filed or required
        to be filed hereunder is not declared effective by the Commission on or
        before the Effectiveness Date, or (v) after the Registration Statement
        is first declared effective by the Commission, it ceases for any reason
        to remain continuously effective as to all Registrable Securities for
        which it is required to be effective, or the Holders are not permitted
        to utilize the Prospectus therein to resell such Registrable Securities,
        for in any such cases an aggregate of ten Trading Days (which need not
        be consecutive Trading Days) (any such failure or breach being referred
        to as an "Event," and for purposes of clause (i) or (iv) the date on
        which such Event occurs, or for purposes of clause (ii) the date on
        which such five Trading Day period is exceeded, or for purposes of
        clauses (iii) the date which such twenty-five Trading Day period is
        exceeded, or for purposes of clause (v) the date on which such ten
        Trading Day period is exceeded being referred to as "Event Date"), then
        in addition to any other rights the Holders may have hereunder or under
        applicable law: (x) on each such Event Date the Company shall pay to
        each Holder an amount in cash, as liquidated damages and not as a
        penalty, equal to 2% of the aggregate purchase price paid by such Holder
        pursuant to the Purchase Agreement for any Registrable Securities then
        held by such Holder; and (y) on each monthly anniversary of each such
        Event Date (if the applicable Event shall not have been cured by such
        date) until the applicable Event is cured, the Company shall pay to each
        Holder an amount in cash, as liquidated damages and not as a penalty,
        equal to 2% of the aggregate purchase price paid by such Holder pursuant
        to the Purchase Agreement for any Registrable Securities then held by
        such Holder. For purposes of the previous sentence, (a) in the case of
        clauses (i) - (iii), such Event shall be cured upon the occurrence of
        such filing, (b)

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        in the case of clause (iv), such Event shall be cured upon the
        effectiveness of the Registration Statement, and (c) in the case of
        clause (v), such Event shall be cured upon the Registration Statement
        and the Prospectus contained therein being available for use by the
        Holders immediately following such Event. If the Company fails to pay
        any liquidated damages pursuant to this Section in full within seven
        days after the date payable, the Company will pay interest thereon at a
        rate of 18% per annum (or such lesser maximum amount that is permitted
        to be paid by applicable law) to the Holder, accruing daily from the
        date such liquidated damages are due until such amounts, plus all such
        interest thereon, are paid in full.

        3. Registration Procedures

                In connection with the Company's registration obligations
hereunder, the Company shall:

                (a) Not less than three Trading Days prior to the filing of the
        Registration Statement or any related Prospectus or any amendment or
        supplement thereto, the Company shall, (i) furnish to the Holders and
        their Special Counsel copies of all such documents proposed to be filed
        (including documents incorporated or deemed incorporated by reference to
        the extent requested by such Person) which documents will be subject to
        the review of such Holders and their Special Counsel, and (ii) cause its
        officers and directors, counsel and independent certified public
        accountants to respond to such inquiries as shall be necessary, in the
        reasonable opinion of respective counsel to conduct a reasonable
        investigation within the meaning of the Securities Act. The Company
        shall not file the Registration Statement or any such Prospectus or any
        amendments or supplements thereto to which the Holders of a majority of
        the Registrable Securities and their Special Counsel shall reasonably
        object.

                (b) (i) Prepare and file with the Commission such amendments,
        including post-effective amendments, to the Registration Statement and
        the Prospectus used in connection therewith as may be necessary to keep
        the Registration Statement continuously effective as to the applicable
        Registrable Securities for the Effectiveness Period; (ii) cause the
        related Prospectus to be amended or supplemented by any required
        Prospectus supplement, and as so supplemented or amended to be filed
        pursuant to Rule 424; (iii) respond as promptly as reasonably possible,
        and in any event within fifteen days, to any comments received from the
        Commission with respect to the Registration Statement or any amendment
        thereto and, as promptly as reasonably possible, upon request, provide
        the Holders true and complete copies of all correspondence from and to
        the Commission relating to such Registration Statement; and (iv) comply
        in all material respects with the provisions of the Securities Act and
        the Exchange Act with respect to the disposition of all Registrable
        Securities covered by a Registration Statement during the applicable
        period in accordance with the intended methods of disposition by the
        Holders thereof set forth in the Registration Statement as so amended or
        in such Prospectus as so supplemented.

                (c) Notify the Holders of Registrable Securities to be sold and
        their Special Counsel as promptly as reasonably possible (and, in the
        case of (i)(A) below, not less

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        than three Trading Days prior to such filing) and (if requested by any
        such Person) confirm such notice in writing promptly following the day
        (i)(A) when a Prospectus or any Prospectus supplement or post-effective
        amendment to the Registration Statement is proposed to be filed; (B)
        when the Commission notifies the Company whether there will be a
        "review" of the Registration Statement and whenever the Commission
        comments in writing on such Registration Statement (the Company shall
        upon request provide true and complete copies thereof and all written
        responses thereto to each of the Holders); and (C) with respect to the
        Registration Statement or any post-effective amendment, when the same
        has become effective; (ii) of any request by the Commission or any other
        Federal or state governmental authority during the period of
        effectiveness of the Registration Statement for amendments or
        supplements to the Registration Statement or Prospectus or for
        additional information; (iii) of the issuance by the Commission or any
        other federal or state governmental authority of any stop order
        suspending the effectiveness of the Registration Statement covering any
        or all of the Registrable Securities or the initiation of any
        Proceedings for that purpose; (iv) of the receipt by the Company of any
        notification with respect to the suspension of the qualification or
        exemption from qualification of any of the Registrable Securities for
        sale in any jurisdiction, or the initiation or threatening of any
        Proceeding for such purpose; and (v) of the occurrence of any event or
        passage of time that makes the financial statements included in the
        Registration Statement ineligible for inclusion therein or any statement
        made in the Registration Statement or Prospectus or any document
        incorporated or deemed to be incorporated therein by reference untrue in
        any material respect or that requires any revisions to the Registration
        Statement, Prospectus or other documents so that, in the case of the
        Registration Statement or the Prospectus, as the case may be, it will
        not contain any untrue statement of a material fact or omit to state any
        material fact required to be stated therein or necessary to make the
        statements therein, in light of the circumstances under which they were
        made, not misleading.

                (d) Use its reasonable best efforts to avoid the issuance of,
        or, if issued, obtain the withdrawal of (i) any order suspending the
        effectiveness of the Registration Statement, or (ii) any suspension of
        the qualification (or exemption from qualification) of any of the
        Registrable Securities for sale in any jurisdiction, at the earliest
        practicable moment.

                (e) Furnish to each Holder and their Special Counsel, without
        charge, at least one conformed copy of the Registration Statement and
        each amendment thereto, including financial statements and schedules,
        all documents incorporated or deemed to be incorporated therein by
        reference to the extent requested by such Person, and all exhibits to
        the extent requested by such Person (including those previously
        furnished or incorporated by reference) promptly after the filing of
        such documents with the Commission.

                (f) Promptly deliver to each Holder and their Special Counsel,
        without charge, as many copies of the Prospectus or Prospectuses
        (including each form of prospectus) and each amendment or supplement
        thereto as such Persons may reasonably request. The Company hereby
        consents to the use of such Prospectus and each amendment or supplement
        thereto by each of the selling Holders in connection with the

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        offering and sale of the Registrable Securities covered by such
        Prospectus and any amendment or supplement thereto.

                (g) Prior to any public offering of Registrable Securities, use
        its reasonable best efforts to register or qualify or cooperate with the
        selling Holders and their Special Counsel in connection with the
        registration or qualification (or exemption from such registration or
        qualification) of such Registrable Securities for offer and sale under
        the securities or Blue Sky laws of such jurisdictions within the United
        States as any Holder reasonably requests in writing, to keep each such
        registration or qualification (or exemption therefrom) effective during
        the Effectiveness Period and to do any and all other acts or things
        reasonably necessary or advisable to enable the disposition in such
        jurisdictions of the Registrable Securities covered by the Registration
        Statement; provided, that the Company shall not be required to qualify
        generally to do business in any jurisdiction where it is not then so
        qualified, subject the Company to any material tax in any such
        jurisdiction where it is not then so subject or file a general consent
        to service of process in any such jurisdiction.

                (h) Cooperate with the Holders to facilitate the timely
        preparation and delivery of certificates representing Registrable
        Securities to be delivered to a transferee pursuant to a Registration
        Statement, which certificates shall be free, to the extent permitted by
        the Purchase Agreement, of all restrictive legends, and to enable such
        Registrable Securities to be in such denominations and registered in
        such names as any such Holders may request.

                (i) Upon the occurrence of any event contemplated by Section
        3(c)(v), as promptly as reasonably possible, prepare a supplement or
        amendment, including a post-effective amendment, to the Registration
        Statement or a supplement to the related Prospectus or any document
        incorporated or deemed to be incorporated therein by reference, and file
        any other required document so that, as thereafter delivered, neither
        the Registration Statement nor such Prospectus will contain an untrue
        statement of a material fact or omit to state a material fact required
        to be stated therein or necessary to make the statements therein, in
        light of the circumstances under which they were made, not misleading.

                (j) Comply with all applicable rules and regulations of the
        Commission.

                (k) The Company may require each selling Holder to furnish to
        the Company a certified statement as to the number of shares of Common
        Stock beneficially owned by such Holder and, if requested by the
        Commission, the controlling person thereof.

        4. Registration Expenses. All fees and expenses (excluding the fees and
expenses of any counsel to the selling Holders, which fees and expenses are
addressed in the last sentence of this Section 4) incident to the performance of
or compliance with this Agreement by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to the Registration
Statement. The fees and expenses referred to in the foregoing sentence shall
include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (A) with respect to filings required to be
made with the Trading

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Market on which the Common Stock is then listed for trading, and (B) in
compliance with applicable state securities or Blue Sky laws), (ii) printing
expenses (including, without limitation, expenses of printing certificates for
Registrable Securities and of printing prospectuses if the printing of
prospectuses is reasonably requested by the holders of a majority of the
Registrable Securities included in the Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company, (v) Securities Act liability insurance, if the Company so desires such
insurance, and (vi) fees and expenses of all other Persons retained by the
Company in connection with the consummation of the transactions contemplated by
this Agreement. In addition, the Company shall be responsible for all of its
internal expenses incurred in connection with the consummation of the
transactions contemplated by this Agreement (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In addition, the reasonable fees and
disbursements not to exceed $5,000 of one separate counsel selected by the
selling Holders with the approval of the Company, which approval shall not be
unreasonably withheld (such counsel, the "Special Counsel") shall be borne by
the Company.

        5. Indemnification

                (a) Indemnification by the Company. The Company shall,
        notwithstanding any termination of this Agreement, indemnify and hold
        harmless each Holder, the officers, directors, agents and employees of
        each of them, each Person who controls any such Holder (within the
        meaning of Section 15 of the Securities Act or Section 20 of the
        Exchange Act) and the officers, directors, agents and employees of each
        such controlling Person, to the fullest extent permitted by applicable
        law, from and against any and all losses, claims, damages, liabilities,
        costs (including, without limitation, reasonable attorneys' fees) and
        expenses (collectively, "Losses"), as incurred, arising out of or
        relating to any untrue or alleged untrue statement of a material fact
        contained in the Registration Statement, any Prospectus or any form of
        prospectus or in any amendment or supplement thereto or in any
        preliminary prospectus, or arising out of or relating to any omission or
        alleged omission of a material fact required to be stated therein or
        necessary to make the statements therein (in the case of any Prospectus
        or form of prospectus or supplement thereto, in light of the
        circumstances under which they were made) not misleading, except to the
        extent, but only to the extent, that (1) such untrue statements or
        omissions are based solely upon information regarding such Holder
        furnished in writing to the Company by such Holder expressly for use
        therein, or to the extent that such information relates to such Holder
        or such Holder's proposed method of distribution of Registrable
        Securities and was reviewed and expressly approved in writing by such
        Holder expressly for use in the Registration Statement, such Prospectus
        or such form of Prospectus or in any amendment or supplement thereto (it
        being understood that the Holder has approved Annex A hereto for this
        purpose) or (2) in the case of an occurrence of an event of the type
        specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated
        or defective Prospectus after the Company has notified such Holder in
        writing that the Prospectus is outdated or defective and prior to the
        receipt by such Holder of the Advice contemplated in Section 6(d). The
        Company shall notify the Holders promptly of

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        the institution, threat or assertion of any Proceeding of which the
        Company is aware in connection with the transactions contemplated by
        this Agreement.

                (b) Indemnification by Holders. Each Holder shall, severally and
        not jointly, indemnify and hold harmless the Company, its directors,
        officers, agents and employees, each Person who controls the Company
        (within the meaning of Section 15 of the Securities Act and Section 20
        of the Exchange Act), and the directors, officers, agents or employees
        of such controlling Persons, to the fullest extent permitted by
        applicable law, from and against all Losses, as incurred, arising out of
        or based solely upon: (x) such Holder's failure to comply with the
        prospectus delivery requirements of the Securities Act or (y) any untrue
        or alleged untrue statement of a material fact contained in any
        Registration Statement, any Prospectus, or any form of prospectus, or in
        any amendment or supplement thereto or in any preliminary prospectus, or
        arising out of or relating to any omission or alleged omission of a
        material fact required to be stated therein or necessary to make the
        statements therein not misleading (i) to the extent, but only to the
        extent, that such untrue statement or omission is contained in any
        information so furnished in writing by such Holder to the Company
        specifically for inclusion in such Registration Statement or such
        Prospectus or (ii) to the extent that (1) such untrue statements or
        omissions are based solely upon information regarding such Holder
        furnished in writing to the Company by such Holder expressly for use
        therein, or to the extent that such information relates to such Holder
        or such Holder's proposed method of distribution of Registrable
        Securities and was reviewed and expressly approved in writing by such
        Holder expressly for use in a Registration Statement (it being
        understood that the Holder has approved Annex A hereto for this
        purpose), such Prospectus or such form of Prospectus or in any amendment
        or supplement thereto or (2) in the case of an occurrence of an event of
        the type specified in Section 3(c)(ii)-(v), the use by such Holder of an
        outdated or defective Prospectus after the Company has notified such
        Holder in writing that the Prospectus is outdated or defective and prior
        to the receipt by such Holder of the Advice contemplated in Section
        6(d). In no event shall the liability of any selling Holder hereunder be
        greater in amount than the dollar amount of the net proceeds received by
        such Holder upon the sale of the Registrable Securities giving rise to
        such indemnification obligation.

                (c) Conduct of Indemnification Proceedings. If any Proceeding
        shall be brought or asserted against any Person entitled to indemnity
        hereunder (an "Indemnified Party"), such Indemnified Party shall
        promptly notify the Person from whom indemnity is sought (the
        "Indemnifying Party") in writing, and the Indemnifying Party shall have
        the right to assume the defense thereof, including the employment of
        counsel reasonably satisfactory to the Indemnified Party and the payment
        of all fees and expenses incurred in connection with defense thereof;
        provided, that the failure of any Indemnified Party to give such notice
        shall not relieve the Indemnifying Party of its obligations or
        liabilities pursuant to this Agreement, except (and only) to the extent
        that it shall be finally determined by a court of competent jurisdiction
        (which determination is not subject to appeal or further review) that
        such failure shall have prejudiced the Indemnifying Party.

                An Indemnified Party shall have the right to employ separate
        counsel in any such Proceeding and to participate in the defense
        thereof, but the fees and expenses of such counsel shall be at the
        expense of such Indemnified Party or Parties unless: (1) the

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        Indemnifying Party has agreed in writing to pay such fees and expenses;
        (2) the Indemnifying Party shall have failed promptly to assume the
        defense of such Proceeding and to employ counsel reasonably satisfactory
        to such Indemnified Party in any such Proceeding; or (3) the named
        parties to any such Proceeding (including any impleaded parties) include
        both such Indemnified Party and the Indemnifying Party, and such
        Indemnified Party shall have been advised by counsel that a conflict of
        interest is likely to exist if the same counsel were to represent such
        Indemnified Party and the Indemnifying Party (in which case, if such
        Indemnified Party notifies the Indemnifying Party in writing that it
        elects to employ separate counsel at the expense of the Indemnifying
        Party, the Indemnifying Party shall not have the right to assume the
        defense thereof and the reasonable fees and expenses of one separate
        counsel shall be at the expense of the Indemnifying Party). The
        Indemnifying Party shall not be liable for any settlement of any such
        Proceeding effected without its written consent, which consent shall not
        be unreasonably withheld. No Indemnifying Party shall, without the prior
        written consent of the Indemnified Party, effect any settlement of any
        pending Proceeding in respect of which any Indemnified Party is a party,
        unless such settlement includes an unconditional release of such
        Indemnified Party from all liability on claims that are the subject
        matter of such Proceeding.

                All reasonable fees and expenses of the Indemnified Party
        (including reasonable fees and expenses to the extent incurred in
        connection with investigating or preparing to defend such Proceeding in
        a manner not inconsistent with this Section) shall be paid to the
        Indemnified Party, as incurred, within ten Trading Days of written
        notice thereof to the Indemnifying Party; provided, that the Indemnified
        Party shall promptly reimburse the Indemnifying Party for that portion
        of such fees and expenses applicable to such actions for which such
        Indemnified Party is not entitled to indemnification hereunder,
        determined based upon the relative faults of the parties.

                (d) Contribution. If a claim for indemnification under Section
        5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public
        policy or otherwise), then each Indemnifying Party, in lieu of
        indemnifying such Indemnified Party, shall contribute to the amount paid
        or payable by such Indemnified Party as a result of such Losses, in such
        proportion as is appropriate to reflect the relative fault of the
        Indemnifying Party and Indemnified Party in connection with the actions,
        statements or omissions that resulted in such Losses as well as any
        other relevant equitable considerations. The relative fault of such
        Indemnifying Party and Indemnified Party shall be determined by
        reference to, among other things, whether any action in question,
        including any untrue or alleged untrue statement of a material fact or
        omission or alleged omission of a material fact, has been taken or made
        by, or relates to information supplied by, such Indemnifying Party or
        Indemnified Party, and the parties' relative intent, knowledge, access
        to information and opportunity to correct or prevent such action,
        statement or omission. The amount paid or payable by a party as a result
        of any Losses shall be deemed to include, subject to the limitations set
        forth in Section 5(c), any reasonable attorneys' or other reasonable
        fees or expenses incurred by such party in connection with any
        Proceeding to the extent such party would have been indemnified for such
        fees or expenses if the indemnification provided for in this Section was
        available to such party in accordance with its terms.

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                The parties hereto agree that it would not be just and equitable
        if contribution pursuant to this Section 5(d) were determined by pro
        rata allocation or by any other method of allocation that does not take
        into account the equitable considerations referred to in the immediately
        preceding paragraph. Notwithstanding the provisions of this Section
        5(d), no Holder shall be required to contribute, in the aggregate, any
        amount in excess of the amount by which the proceeds actually received
        by such Holder from the sale of the Registrable Securities subject to
        the Proceeding exceeds the amount of any damages that such Holder has
        otherwise been required to pay by reason of such untrue or alleged
        untrue statement or omission or alleged omission, except in the case of
        fraud by such Holder.

                The indemnity and contribution agreements contained in this
        Section are in addition to any liability that the Indemnifying Parties
        may have to the Indemnified Parties.

        6. Miscellaneous

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

                (b) No Piggyback on Registrations. Neither the Company nor any
        of its security holders (other than the Holders in such capacity
        pursuant hereto) may include securities of the Company in a Registration
        Statement other than the Registrable Securities, and the Company shall
        not after the date hereof enter into any agreement providing any such
        right to any of its security holders. Except as set forth in the SEC
        Reports, no Person has any right to cause the Company to effect the
        registration under the Securities Act of any securities of the Company.

                (c) Compliance. Each Holder covenants and agrees that it will
        comply with the prospectus delivery requirements of the Securities Act
        as applicable to it in connection with sales of Registrable Securities
        pursuant to a Registration Statement.

                (d) Discontinued Disposition. Each Holder agrees by its
        acquisition of such Registrable Securities that, upon receipt of a
        notice from the Company of the occurrence of any event of the kind
        described in Section 3(c), such Holder will forthwith discontinue
        disposition of such Registrable Securities under a Registration
        Statement until such Holder's receipt of the copies of the supplemented
        Prospectus and/or amended Registration Statement or until it is advised
        in writing (the "Advice") by the Company that the use of the applicable
        Prospectus may be resumed, and, in either case, has received copies of
        any additional or supplemental filings that are incorporated or deemed

                                      -10-
<PAGE>

        to be incorporated by reference in such Prospectus or Registration
        Statement. The Company may provide appropriate stop orders to enforce
        the provisions of this paragraph.

                (e) Piggy-Back Registrations. If at any time during the
        Effectiveness Period there is not an effective Registration Statement
        covering all of the Registrable Securities and the Company shall
        determine to prepare and file with the Commission a registration
        statement relating to an offering for its own account or the account of
        others under the Securities Act of any of its equity securities, other
        than on Form S-4 or Form S-8 (each as promulgated under the Securities
        Act) or their then equivalents relating to equity securities to be
        issued solely in connection with any acquisition of any entity or
        business or equity securities issuable in connection with the stock
        option or other employee benefit plans, then the Company shall send to
        each Holder a written notice of such determination and, if within
        fifteen days after the date of such notice, any such Holder shall so
        request in writing, the Company shall include in such registration
        statement all or any part of such Registrable Securities such Holder
        requests to be registered, subject to customary underwriter cutbacks
        applicable to all holders of registration rights.

                (f) Amendments and Waivers. The provisions of this Agreement,
        including the provisions of this sentence, may not be amended, modified
        or supplemented, and waivers or consents to departures from the
        provisions hereof may not be given, unless the same shall be in writing
        and signed by the Company and the Holders of the majority of the then
        outstanding Registrable Securities.

                (g) Notices. Any and all notices or other communications or
        deliveries required or permitted to be provided hereunder shall be in
        writing and shall be deemed given and effective on the earliest of (i)
        the date of transmission, if such notice or communication is delivered
        via facsimile at the facsimile number provided for below prior to 6:30
        p.m. (New York City time) on a Trading Day, (ii) the Trading Day after
        the date of transmission, if such notice or communication is delivered
        via facsimile at the facsimile number provided for below later than 6:30
        p.m. (New York City time) on any date and earlier than 11:59 p.m. (New
        York City time) on such date, (iii) the Trading Day following the date
        of mailing, if sent by nationally recognized overnight courier service,
        or (iv) upon actual receipt by the party to whom such notice is required
        to be given. The address for such notices and communications shall be
        delivered and addressed as follows:

                   (A)    if to the Company, to:

                          Novatel Wireless, Inc.
                          9360 Towne Centre Drive, Suite 110
                          San Diego, CA  92121
                          Attn: John Major
                          Chief Executive Officer
                          Phone: (858) 320-8800
                          Telecopy: (858) 812-3414

                                      -11-
<PAGE>

                          with a copy to:

                          Latham & Watkins
                          633 West Fifth Street, Suite 4000
                          Los Angeles, CA 90071
                          Attn:  J. Scott Hodgkins, Esq.
                          Phone:  (213) 485-1234
                          Telecopy:  (213) 891-8763

                      (B)    if to any other Person, to the address set forth
                      in the Purchase Agreement,

        or such other address as may be designated in writing hereafter, in the
        same manner, by such Person.

                (h) Successors and Assigns. This Agreement shall inure to the
        benefit of and be binding upon the successors and permitted assigns of
        each of the parties and shall inure to the benefit of each Holder. Each
        Holder may assign their respective rights hereunder in the manner and to
        the Persons as permitted under the Purchase Agreement.

                (i) Execution and Counterparts. This Agreement may be executed
        in any number of counterparts, each of which when so executed shall be
        deemed to be an original and, all of which taken together shall
        constitute one and the same Agreement. In the event that any signature
        is delivered by facsimile transmission, such signature shall create a
        valid binding obligation of the party executing (or on whose behalf such
        signature is executed) the same with the same force and effect as if
        such facsimile signature were the original thereof.

                (j) Governing Law. All questions concerning the construction,
        validity, enforcement and interpretation of this Agreement shall be
        governed by and construed and enforced in accordance with the internal
        laws of the State of New York, without regard to the principles of
        conflicts of law thereof. Each party agrees that all legal proceedings
        concerning the interpretations, enforcement and defense of the
        transactions contemplated by this Agreement (whether brought against a
        party hereto or its respective affiliates, directors, officers,
        shareholders, employees or agents) shall be commenced exclusively in the
        state and federal courts sitting in the City of New York, Borough of
        Manhattan. Each party hereto hereby irrevocably submits to the exclusive
        jurisdiction of the state and federal courts sitting in the City of New
        York, Borough of Manhattan for the adjudication of any dispute hereunder
        or in connection herewith or with any transaction contemplated hereby or
        discussed herein (including with respect to the enforcement of the any
        of this Agreement), and hereby irrevocably waives, and agrees not to
        assert in any suit, action or proceeding, any claim that it is not
        personally subject to the jurisdiction of any such court, that such
        suit, action or proceeding is improper. Each party hereto hereby
        irrevocably waives personal service of process and consents to process
        being served in any such suit, action or proceeding by mailing a copy
        thereof via registered or certified mail or overnight delivery (with
        evidence of delivery) to such party at the address in effect for notices
        to it under this Agreement and agrees that such service shall constitute

                                      -12-
<PAGE>

        good and sufficient service of process and notice thereof. Nothing
        contained herein shall be deemed to limit in any way any right to serve
        process in any manner permitted by law. Each party hereto hereby
        irrevocably waives, to the fullest extent permitted by applicable law,
        any and all right to trial by jury in any legal proceeding arising out
        of or relating to this Agreement or the transactions contemplated
        hereby. If either party shall commence an action or proceeding to
        enforce any provisions of this Agreement, then the prevailing party in
        such action or proceeding shall be reimbursed by the other party for its
        attorneys fees and other costs and expenses incurred with the
        investigation, preparation and prosecution of such action or proceeding.

                (k) Cumulative Remedies. The remedies provided herein are
        cumulative and not exclusive of any remedies provided by law.

                (l) Severability. If any term, provision, covenant or
        restriction of this Agreement is held by a court of competent
        jurisdiction to be invalid, illegal, void or unenforceable, the
        remainder of the terms, provisions, covenants and restrictions set forth
        herein shall remain in full force and effect and shall in no way be
        affected, impaired or invalidated, and the parties hereto shall use
        their reasonable best efforts to find and employ an alternative means to
        achieve the same or substantially the same result as that contemplated
        by such term, provision, covenant or restriction. It is hereby
        stipulated and declared to be the intention of the parties that they
        would have executed the remaining terms, provisions, covenants and
        restrictions without including any of such that may be hereafter
        declared invalid, illegal, void or unenforceable.

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

                (n) Independent Nature of Purchasers' Obligations and Rights.
        The obligations of each Purchaser hereunder is several and not joint
        with the obligations of any other Purchaser hereunder, and no Purchaser
        shall be responsible in any way for the performance of the obligations
        of any other Purchaser hereunder. Nothing contained herein or in any
        other agreement or document delivered at any closing, and no action
        taken by any Purchaser pursuant hereto or thereto, shall be deemed to
        constitute the Purchasers as a partnership, an association, a joint
        venture or any other kind of entity, or create a presumption that the
        Purchasers are in any way acting in concert with respect to such
        obligations or the transactions contemplated by this Agreement. Each
        Purchaser shall be entitled to protect and enforce its rights, including
        without limitation the rights arising out of this Agreement, and it
        shall not be necessary for any other Purchaser to be joined as an
        additional party in any proceeding for such purpose.

                            *************************

                                      -13-
<PAGE>

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

                                    NOVATEL WIRELESS, INC.

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

                                    PURCHASERS:

                                    TRITON WEST GROUP, INC.

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

                                    PALISAIDES EQUITY FUND L.P.

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

                                    STONESTREET L.P.

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

                                    SPINNER GLOBAL TECHNOLOGY FUND, LTD.

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

                                    ALPHA CAPITAL AG

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

                                    OTATO LIMITED PARTNERSHIP

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

                                    BRISTOL INVESTMENT FUND, LTD.

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

<PAGE>

                                                                         ANNEX A

                              Plan of Distribution

        The Selling Stockholders and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their shares
of Common Stock on any stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. The Selling Stockholders may use any one or more of the
following methods when selling shares:

           -   ordinary brokerage transactions and transactions in which the
               broker-dealer solicits purchasers;

           -   block trades in which the broker-dealer will attempt to sell the
               shares as agent but may position and resell a portion of the
               block as principal to facilitate the transaction;

           -   purchases by a broker-dealer as principal and resale by the
               broker-dealer for its account;

           -   an exchange distribution in accordance with the rules of the
               applicable exchange;

           -   privately negotiated transactions;

           -   short sales;

           -   broker-dealers may agree with the Selling Stockholders to sell a
               specified number of such shares at a stipulated price per share;

           -   a combination of any such methods of sale; and

           -   any other method permitted pursuant to applicable law.

        The Selling Stockholders may also sell shares under Rule 144 under the
Securities Act, if available, rather than under this prospectus.

        Broker-dealers engaged by the Selling Stockholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as
agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The Selling Stockholders do not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

        The Selling Stockholders may from time to time pledge or grant a
security interest in some or all of the shares of common stock owned by them
and, if they default in the performance of their secured obligations, the
pledgees or secured parties may offer and sell the shares of common stock from
time to time under this prospectus, or under an amendment to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933

                                      -15-
<PAGE>

amending the list of Selling Stockholders to include the pledgee, transferee or
other successors in interest as Selling Stockholders under this prospectus.

        The Selling Stockholders and any broker-dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The Selling Stockholders have
informed the Company that it does not have any agreement or understanding,
directly or indirectly, with any person to distribute the Common Stock.

        The Company is required to pay all fees and expenses incident to the
registration of the shares, including $5,000 of reasonable fees and
disbursements of counsel to the Selling Stockholders. The Company has agreed to
indemnify the Selling Stockholders against certain losses, claims, damages and
liabilities, including liabilities under the Securities Act.

                                      -16-<PAGE>
                                                                     EXHIBIT 4.2

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT
HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR ANY OTHER APPLICABLE SECURITIES LAWS. THIS WARRANT HAS
BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NONE OF THIS WARRANT, ANY
INTEREST OR PARTICIPATION HEREIN OR THE SECURITIES ISSUABLE UPON EXERCISE OF
THIS WARRANT MAY BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, OR
OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION THAT IS EXEMPT FROM SUCH
REGISTRATION. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT TO
A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN
ACCREDITED INVESTOR (AS DEFINED IN RULE 501(A) OF THE SECURITIES ACT.

                             STOCK PURCHASE WARRANT

                                                              September 12, 2002

                To Purchase ___________ Shares of Common Stock of

                             NOVATEL WIRELESS, INC.

               THIS CERTIFIES that, for value received, ___________ (the
"Holder"), is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time on or after March
12, 2003 (the "Initial Exercise Date") and on or prior to 5 p.m. (Los Angeles,
California time) on March 12, 2006 (the "Termination Date") but not thereafter,
to subscribe for and purchase from Novatel Wireless, Inc., a corporation
incorporated in Delaware (the "Company"), up to __________ shares (the "Warrant
Shares") of Common Stock, $0.001 par value per share, of the Company (the
"Common Stock"). The purchase price of one share of Common Stock (the "Exercise
Price") under this Warrant shall be $0.24. The Exercise Price and the number of
Warrant Shares for which the Warrant is exercisable shall be subject to
adjustment as provided herein. This is the Warrant referred to in the Purchase
Agreement (as defined below). In the event of any conflict between the terms of
this Warrant and the Securities Purchase Agreement dated as of September 12,
2002 pursuant to which this Warrant has been issued (the "Purchase Agreement"),
the Purchase Agreement shall control. CAPITALIZED TERMS USED AND NOT OTHERWISE
DEFINED HEREIN SHALL HAVE THE MEANINGS SET FORTH FOR SUCH TERMS IN THE PURCHASE
AGREEMENT.

                                       1
<PAGE>

               1. Authorization of Shares. The Company covenants that all
Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

               2. Exercise of Warrant.

                  (a) Exercise of the purchase rights represented by this
         Warrant may be made at any time or times on or after the Initial
         Exercise Date and on or before 5 p.m. (Los Angeles, California time) on
         the Termination Date by the surrender of this Warrant and the Notice of
         Exercise Form annexed hereto duly executed, at the office of the
         Company (or such other office or agency of the Company as it may
         designate by notice in writing to the registered Holder at the address
         of such Holder appearing on the books of the Company) and upon payment
         of the Exercise Price of the shares thereby purchased by wire transfer
         or cashier's check drawn on a United States bank, the Holder shall be
         entitled to receive a certificate for the number of Warrant Shares so
         purchased. This Warrant shall expire at 5 p.m. (Los Angeles, California
         time) on the Termination Date and be void thereafter. Certificates for
         shares purchased hereunder shall be delivered to the Holder within 5
         Trading Days after the date on which this Warrant shall have been
         exercised and surrendered as aforesaid. This Warrant shall be deemed to
         have been exercised and such certificate or certificates shall be
         deemed to have been issued, and Holder or, subject to compliance with
         Section 6(a) and with all applicable securities laws, any other person
         so designated to be named therein shall be deemed to have become a
         holder of record of such shares for all purposes, as of the close of
         business on the later of (i) the date the Warrant has been exercised by
         payment to the Company of the Exercise Price and all taxes required to
         be paid by the Holder, if any, with respect to the issuance of such
         shares, have been paid and (ii) the date such Warrant has been
         surrendered. If the Company fails to deliver to the Holder a
         certificate or certificates representing the Warrant Shares pursuant to
         this Section 2(a) by the fifth Trading Day after the date of exercise,
         then the Holder will have the right to rescind such exercise. In
         addition to any other rights available to the Holder, if the Company
         fails to deliver to the Holder a certificate or certificates
         representing the Warrant Shares pursuant to an exercise by the fifth
         Trading Day after the date of exercise, and if after such fifth Trading
         Day the Holder purchases (in an open market transaction or otherwise)
         shares of Common Stock to deliver in satisfaction of a sale by the
         Holder of the Warrant Shares which the Holder anticipated receiving
         upon such exercise (a "Buy-In"), then the Company shall (1) pay in cash
         to the Holder the amount by which (x) the Holder's total purchase price
         (including brokerage commissions, if any) for the shares of Common
         Stock so purchased exceeds (y) the amount obtained by multiplying (A)
         the number of Warrant Shares that the Company was required to deliver
         to the Holder in connection with the exercise at issue times (B) the
         closing bid price of the Common Stock at the time of the obligation
         giving rise to such purchase obligation, and (2) at the option of the
         Holder, either reinstate the portion of the Warrant and equivalent
         number of Warrant Shares for which such exercise

                                       2
<PAGE>

         was not honored or deliver to the Holder the number of shares of Common
         Stock that would have been issued had the Company timely complied with
         its exercise and delivery obligations hereunder. For example, if the
         Holder purchases Common Stock having a total purchase price of $11,000
         to cover a Buy-In with respect to an attempted exercise of shares of
         Common Stock with a market price on the date of exercise totaled
         $10,000, under clause (1) of the immediately preceding sentence the
         Company shall be required to pay the Holder $1,000. The Holder shall
         provide the Company written notice indicating the amounts payable to
         the Holder in respect of the Buy-In. Nothing herein shall limit a
         Holder's right to pursue any other remedies available to it hereunder,
         at law or in equity including, without limitation, a decree of specific
         performance and/or injunctive relief with respect to the Company's
         failure to timely deliver certificates representing shares of Common
         Stock upon exercise of the Warrant as required pursuant to the terms
         hereof.

                  (b) If this Warrant shall have been exercised in part, the
         Company shall, at the time of delivery of the certificate or
         certificates representing Warrant Shares, deliver to Holder a new
         Warrant evidencing the rights of Holder to purchase the unpurchased
         Warrant Shares called for by this Warrant, which new Warrant shall in
         all other respects be identical with this Warrant.

                  (c) Anytime beginning one year from the Initial Exercise Date,
         if a registration statement registering the resale of the Warrant
         Shares is not then effective, this Warrant shall also be exercisable by
         means of a "cashless exercise" in which the Holder shall be entitled to
         receive a certificate for the number of Warrant Shares equal to the
         quotient obtained by dividing ((A-B) (X)) by (A), where:

                  (A) = the average of the high and low trading prices per share
                  of Common Stock on the Trading Day preceding the date of such
                  election on the Principal Market;

                  (B) = the Exercise Price of this Warrant; and

                  (X) = the number of Warrant Shares issuable upon exercise of
                  this Warrant in accordance with the terms of this Warrant and
                  the Notice of Exercise.

               3. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

               4. Charges, Taxes and Expenses. Issuance of certificates for
Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such
certificate, all of which taxes and expenses shall be paid by the Company, and
such certificates shall be issued in the name of the Holder or, subject to
compliance with Section 6(a) and all applicable securities laws, in such name or
names as may be directed by the Holder; provided, however, that in the event
certificates for Warrant Shares

                                       3
<PAGE>

are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached
hereto duly executed by the Holder, and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax
incidental thereto.

               5. Closing of Books. The Company will not close its stockholder
books or records in any manner which prevents the timely exercise of this
Warrant.

               6. Transfer, Division and Combination.

                  (a) This Warrant and the Warrant Shares shall not be sold,
         transferred, pledged or hypothecated unless the proposed disposition is
         the subject of a currently effective registration statement under the
         Securities Act of 1933, as amended (the "Securities Act"), or unless
         the Company has received an opinion of counsel reasonably satisfactory
         in form and scope to the Company that such registration is not
         required. Prior to 5 p.m. (Los Angeles, California time) on the
         Termination Date and subject to compliance with this Section 6(a) and
         any applicable securities laws, this Warrant and all rights hereunder
         are transferable, in whole or in part, at the office or agency of the
         Company by the Holder in person or by duly authorized attorney, upon
         surrender of this Warrant together with the Assignment Form annexed
         hereto properly endorsed and funds sufficient to pay any transfer taxes
         payable upon the making of such transfer.

                  (b) Subject to compliance with Section 6(a) and with any
         applicable securities laws, transfer of this Warrant and all rights
         hereunder, in whole or in part, shall be registered on the books of the
         Company to be maintained for such purpose, upon surrender of this
         Warrant at the principal office of the Company, together with the
         Assignment Form annexed hereto properly endorsed and funds sufficient
         to pay any transfer taxes payable upon the making of such transfer.
         Upon such surrender and, if required, such payment, the Company shall
         execute and deliver a new Warrant or Warrants in the name of the
         assignee or assignees and in the denomination or denominations
         specified in such instrument of assignment, and shall issue to the
         assignor a new Warrant evidencing the portion of this Warrant not so
         assigned, and this Warrant shall promptly be cancelled. A Warrant, if
         properly assigned, may be exercised by a new holder for the purchase of
         Warrant Shares without having a new Warrant issued.

                  (c) Subject to compliance with Section 6(a) and all applicable
         securities laws, this Warrant may be divided or combined with other
         Warrants upon presentation hereof at the aforesaid office of the
         Company, together with a written notice specifying the names and
         denominations in which new Warrants are to be issued, signed by the
         Holder or its agent or attorney. As to any transfer which may be
         involved in such division or combination, the Company shall execute and
         deliver a new Warrant or Warrants in exchange for the Warrant or
         Warrants to be divided or combined in accordance with such notice.

                  (d) The Company shall prepare, issue and deliver at its own
         expense (other than transfer taxes) the new Warrant or Warrants under
         this Section 6.

                                       4
<PAGE>

                  (e) The Company agrees to maintain, at its aforesaid office,
         books for the registration and the registration of transfer of the
         Warrants.

               7. No Rights as Stockholder until Exercise. This Warrant does not
entitle the Holder to any voting rights or other rights as a stockholder of the
Company prior to the exercise hereof.

               8. Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, and of indemnity or security reasonably satisfactory to it, and
upon surrender and cancellation of such Warrant or stock certificate, if
mutilated, the Company will make and deliver a new Warrant or stock certificate
of like tenor and dated as of such cancellation, in lieu of such Warrant or
stock certificate.

               9. Saturdays, Sundays, Holidays, etc. If the last or appointed
day for the taking of any action or the expiration of any right required or
granted herein shall be a Saturday, Sunday or a legal holiday, then such action
may be taken or such right may be exercised on the next succeeding day not a
Saturday, Sunday or legal holiday.

               10. Adjustments of Exercise Price and Number of Warrant Shares.

                  (a) Stock Splits, etc. The number and kind of securities
         purchasable upon the exercise of this Warrant and the Exercise Price
         shall be subject to adjustment from time to time upon the happening of
         any of the following. In case the Company shall (i) pay a dividend in
         shares of Common Stock or make a distribution in shares of Common Stock
         to holders of its outstanding Common Stock, (ii) subdivide its
         outstanding shares of Common Stock into a greater number of shares,
         (iii) combine its outstanding shares of Common Stock into a smaller
         number of shares of Common Stock, or (iv) issue any shares of its
         capital stock in a reclassification of the Common Stock, then the
         number of Warrant Shares purchasable upon exercise of this Warrant
         immediately prior thereto shall be adjusted so that the Holder shall be
         entitled to receive the kind and number of Warrant Shares or other
         securities of the Company which it would have owned or have been
         entitled to receive had such Warrant been exercised in advance thereof.
         Upon each such adjustment of the kind and number of Warrant Shares or
         other securities of the Company which are purchasable hereunder, the
         Holder shall thereafter be entitled to purchase the number of Warrant
         Shares or other securities resulting from such adjustment at an
         Exercise Price per Warrant Share or other security obtained by
         multiplying the Exercise Price in effect immediately prior to such
         adjustment by the number of Warrant Shares purchasable pursuant hereto
         immediately prior to such adjustment and dividing by the number of
         Warrant Shares or other securities of the Company resulting from such
         adjustment. An adjustment made pursuant to this paragraph shall become
         effective immediately after the effective date of such event
         retroactive to the record date, if any, for such event.

                  (b) Voluntary Adjustment by the Company. The Company may at
         any time during the term of this Warrant reduce the then current
         Exercise Price to any amount

                                       5
<PAGE>

         and for any period of time deemed appropriate by the Board of Directors
         of the Company.

                  (c) Notice of Adjustment. Whenever the number of Warrant
         Shares or number or kind of securities or other property purchasable
         upon the exercise of this Warrant or the Exercise Price is adjusted, as
         herein provided, the Company shall promptly mail by registered or
         certified mail, return receipt requested, to the Holder notice of such
         adjustment or adjustments setting forth the number of Warrant Shares
         (and other securities or property) purchasable upon the exercise of
         this Warrant and the Exercise Price of such Warrant Shares (and other
         securities or property) after such adjustment, setting forth a brief
         statement of the facts requiring such adjustment and setting forth the
         computation by which such adjustment was made. Such notice, in the
         absence of manifest error, shall be conclusive evidence of the
         correctness of such adjustment.

               11. Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation), or sell,
transfer or otherwise dispose of all or substantially all its property, assets
or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then the Holder shall have the right thereafter to receive upon
exercise of this Warrant, the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of Warrant Shares
for which this Warrant is exercisable which shall be as nearly equivalent as
practicable to the adjustments provided for in this Section 11. For purposes of
this Section 11, "common stock of the successor or acquiring corporation" shall
include stock of such corporation of any class which is not preferred as to
dividends or assets over any other class of stock of such corporation and which
is not subject to redemption and shall also include any evidences of
indebtedness, shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or upon the arrival of a
specified date or the happening of a specified event and any warrants or other
rights to subscribe for or purchase any such stock. The foregoing provisions of
this Section 11 shall similarly apply to successive reorganizations,
reclassifications, mergers, consolidations or disposition of assets.

                                       6
<PAGE>

              12. Notice of Corporate Action. If at any time:

                      (a) the Company shall take a record of the holders of its
         Common Stock for the purpose of entitling them to receive a dividend or
         other distribution, or any right to subscribe for or purchase any
         evidences of its indebtedness, any shares of stock of any class or any
         other securities or property, or to receive any other right, or

                      (b) there shall be any capital reorganization of the
         Company, any reclassification or recapitalization of the capital stock
         of the Company or any consolidation or merger of the Company with, or
         any sale, transfer or other disposition of all or substantially all the
         property, assets or business of the Company to, another corporation or,

                      (c) there shall be a voluntary or involuntary dissolution,
         liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder, if
lawful to do so, (i) at least 20 days' prior written notice of the date on which
a record date shall be selected for such dividend, distribution or right or for
determining rights to vote in respect of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
liquidation or winding up, and (ii) in the case of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up, at least 20 days' prior written notice
of the date when the same shall take place. Such notice in accordance with the
foregoing clause also shall specify (i) the date on which any such record is to
be taken for the purpose of such dividend, distribution or right, the date on
which the holders of Common Stock shall be entitled to any such dividend,
distribution or right, and the amount and character thereof, and (ii) the date
on which any such reorganization, reclassification, merger, consolidation, sale,
transfer, disposition, dissolution, liquidation or winding up is to take place
and the time, if any such time is to be fixed, as of which the holders of Common
Stock shall be entitled to exchange their Warrant Shares for securities or other
property deliverable upon such disposition, dissolution, liquidation or winding
up. Each such written notice shall be sufficiently given if addressed to Holder
at the last address of Holder appearing on the books of the Company.

              13. Authorized Shares. The Company covenants that during the
period the Warrant is exercisable, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance
of the Warrant Shares upon the exercise of any purchase rights under this
Warrant. The Company represents that its officers who are charged with the duty
of executing stock certificates to execute and issue the necessary certificates
for the Warrant Shares upon the exercise of the purchase rights under this
Warrant will, upon the issuance of this Warrant, be fully authorized to do so.
The Company will take all such reasonable action as may be necessary to assure
that such Warrant Shares may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of the principal market
upon which the Common Stock may be listed.

                  The Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets,

                                       7
<PAGE>

consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder against impairment.
Without limiting the generality of the foregoing, the Company will (a) not
increase the par value of any Warrant Shares above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (b) take all
such action as may be necessary or appropriate in order that the Company may
validly and legally issued, fully paid and nonassessable Warrant Shares upon the
exercise of this Warrant, and (c) use commercially reasonable efforts to obtain
all such authorizations, exemptions or consents from any public regulatory body
having jurisdiction thereof as may be necessary to enable the Company to perform
its obligations under this Warrant.

                  Before taking any action which would result in an adjustment
in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

               14. Miscellaneous.

                  (a) Jurisdiction. This Warrant shall constitute a contract
         under the laws of New York, without regard to its conflict of law,
         principles or rules.

                  (b) Restrictions. The Holder acknowledges that the Warrant
         Shares acquired upon the exercise of this Warrant, if not registered,
         will have restrictions upon resale imposed by state and federal
         securities laws.

                  (c) Nonwaiver and Expenses. No course of dealing or any delay
         or failure to exercise any right hereunder on the part of Holder shall
         operate as a waiver of such right or otherwise prejudice Holder's
         rights, powers or remedies. Notwithstanding the foregoing, all rights
         hereunder terminate at 5 p.m. (Los Angeles, California time) on the
         Termination Date. If the Company willfully and knowingly fails to
         comply with any provision of this Warrant, which results in any
         material damages to the Holder, the Company shall pay to Holder such
         amounts as shall be sufficient to cover any costs and expenses
         including, but not limited to, reasonable attorneys' fees, including
         those of appellate proceedings, incurred by Holder in collecting any
         amounts due pursuant hereto or in otherwise enforcing any of its
         rights, powers or remedies hereunder.

                  (d) Notices. Any notice, request or other document required or
         permitted to be given or delivered to the Holder by the Company shall
         be delivered in accordance with the notice provisions of the Purchase
         Agreement.

                  (e) Remedies. Holder, in addition to being entitled to
         exercise all rights granted by law, including recovery of damages, will
         be entitled to specific performance of its rights under this Warrant.
         The Company agrees that monetary damages would not be adequate
         compensation for any loss incurred by reason of a breach by it of the

                                       8
<PAGE>

         provisions of this Warrant and hereby agrees to waive the defense in
         any action for specific performance that a remedy at law would be
         adequate.

                  (f) Successors and Assigns. Subject to compliance with Section
         6(a) and all applicable securities laws and the provisions of this
         Warrant, this Warrant and the rights and obligations evidenced hereby
         shall inure to the benefit of and be binding upon the successors of the
         Company and the successors and permitted assigns of Holder. The
         provisions of this Warrant are intended to be for the benefit of all
         Holders from time to time of this Warrant and shall be enforceable by
         any such Holder or holder of Warrant Shares.

                  (g) Amendment. This Warrant may be modified or amended or the
         provisions hereof waived with the written consent of the Company and
         the Holder.

                  (h) Severability. Wherever possible, each provision of this
         Warrant shall be interpreted in such manner as to be effective and
         valid under applicable law, but if any provision of this Warrant shall
         be prohibited by or invalid under applicable law, such provision shall
         be ineffective to the extent of such prohibition or invalidity, without
         invalidating the remainder of such provisions or the remaining
         provisions of this Warrant.

                  (i) Headings. The headings used in this Warrant are for the
         convenience of reference only and shall not, for any purpose, be deemed
         a part of this Warrant.

                               ******************

                                       9
<PAGE>

               IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.

                                      NOVATEL WIRELESS, INC.

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

                                       10
<PAGE>

                               NOTICE OF EXERCISE

To:     Novatel Wireless, Inc.

               (1)The undersigned hereby elects to purchase ________ Warrant
Shares (the "Common Stock"), of Novatel Wireless, Inc. pursuant to the terms of
the attached Warrant, and tenders herewith payment of the exercise price in
full, together with all applicable transfer taxes, if any.

               (2)Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:

                  --------------------------------------

The Warrant Shares shall be delivered to the following:

                  --------------------------------------

                  --------------------------------------

                  --------------------------------------

                                      [PURCHASER]

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

                                      Dated:
                                            ---------------------------

<PAGE>

                   NOTICE OF EXERCISE OF COMMON STOCK WARRANT
                    PURSUANT TO CASHLESS EXERCISE PROVISIONS

To:     Novatel Wireless, Inc.

Aggregate Price of Warrant Before Exercise:  $___________
Aggregate Price Being Exercised:  $___________
Exercise Price:  $______ per share
Number of Shares of Common Stock to be Issued Under this Notice:  ________
Remaining Aggregate Price (if any) After Issuance:  $_______

        The undersigned, registered Holder of the Warrant delivered herewith,
hereby irrevocably exercises such Warrant for, and purchases thereunder, shares
of the Common Stock of Novatel Wireless, Inc. a Delaware corporation, as
provided below. Capitalized terms used herein, unless otherwise defined herein,
shall have the meanings given in the Warrant. The portion of the Exercise Price
(as defined in the Warrant) to be applied toward the purchase of Common Stock
pursuant to this Notice of Exercise is $_______, thereby leaving a remaining
Exercise Price (if any) equal to $________. Such exercise shall be pursuant to
the cashless exercise provisions of Section 2 of the Warrant; therefore, Holder
makes no payment with this Notice of Exercise. The number of shares to be issued
pursuant to this exercise shall be determined by reference to the formula in
Section 2 of the Warrant which, by reference to Section 2, requires the use of
the high and low trading price of the Company's Common Stock on the Trading Day
preceding the date of such election. The high and low trading price of the
Company's Common Stock has been determined by Holder to be $______ and
$_________, respectively, which figure is acceptable to Holder for calculations
of the number of shares of Common Stock issuable pursuant to this Notice of
Exercise. Holder requests that the certificates for the purchased shares of
Common Stock be issued in the name of _________________________ and delivered to
______________________________________________. To the extent the foregoing
exercise is for less than the full Aggregate Price of the Warrant, a replacement
Warrant representing the remainder of the Aggregate Price (and otherwise of like
form, tenor and effect) shall be delivered to Holder along with the share
certificate evidencing the Common Stock issued in response to this Notice of
Exercise.

                                      [PURCHASER]

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

                                      Dated:
                                            ---------------------------

                                      NOTE

        The execution to the foregoing Notice of Exercise must exactly
correspond to the name of the Holder on the Warrant.

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

               FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby assigned to

                                               whose address is
-----------------------------------------------

---------------------------------------------------------------.

---------------------------------------------------------------

                                         Dated:  ________________, _______

                    Holder's Signature:
                                          -----------------------------

                    Holder's Address:
                                          -----------------------------

                                          -----------------------------

Signature Guaranteed:
                      --------------------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in an fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.

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