Document:

Exhibit 10.16

                        AMENDMENT TO AMENDED AND RESTATED
                           LOAN AND SECURITY AGREEMENT

                  This AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT (this "Amendment") is made as of June 29, 2001 among LaSalle Bank
National Association, a national banking association ("Bank") and Westell
Technologies, Inc., a Delaware corporation ("WTI"), Westell, Inc., a Delaware
corporation ("Inc."), Westell International, Inc., a Delaware corporation
("WII"), Conference Plus, Inc., an Illinois corporation ("CPI"), and Teltrend,
Inc., an Illinois corporation ("Teltrend," together with WTI, Inc., WII and CPI,
the "Borrowers").

                                   BACKGROUND

                  A. Bank and Borrowers are party to that certain Amended and
Restated Loan and Security Agreement dated as of August 31, 2000, as amended
from time to time (the "Loan Agreement"), pursuant to which Bank has made a line
of revolving credit available to Borrowers, and as security therefor, Borrowers
have granted to Bank a lien on Borrowers' real, personal and intellectual
property.

                  B. Borrowers have informed Bank that they desire to (i) reduce
the amount available under the revolving line of credit, (ii) modify the
termination date of the revolving line of credit, (iii) induce certain of
Borrower's investors to guaranty a portion of the revolving line of credit by
issuing warrants for the purchase of certain of Borrowers' stock and (iv)
otherwise modify Borrowers' Obligations as provided herein.

                  C. Bank is willing to so amend the Loan Agreement upon the
terms and conditions set forth herein.

                  D. Capitalized terms used but not defined herein shall have
the meanings assigned to them in the Loan Agreement.

                  NOW, THEREFORE, in consideration of the premises and the
mutual promises herein contained, and intending to be legally bound hereby, the
parties hereto agree as follows:

         SECTION 1 AMENDMENTS TO LOAN AGREEMENT

                  1.1 The Loan Agreement is hereby amended to reflect that (i)
Harris Trust and Savings Bank is no longer a Lender; (ii) Bank is the sole
Lender under the Loan Agreement; and (iii) wherever reference is made herein to
"Bank", "Lender" or "Lenders", the parties hereto understand that Bank is meant.

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<PAGE>

                  1.2 The definition of "Borrowing Base" is hereby deleted in
its entirety and replaced with the following:

         "means, as at any date the amount thereof is determined and subject to
         the other terms of this Agreement, (a) the sum of (i) 85% of the face
         value of the Eligible Accounts, less unapplied cash and (ii) the lesser
         of (A) 30% of the value of the Eligible Inventory and (B) the Inventory
         Borrowing Cap, plus (b) 70% of the Pledged Securities Value (reduced by
         any Net Cash Proceeds received in accordance with Section 3.6) minus
         (c) the sum of the undrawn face amount of any Letters of Credit
         outstanding, unreimbursed draws with respect to Letters of Credit, and
         the aggregate outstanding amount of Borrowers' exposure under Permitted
         Swap Obligations as determined by Bank."

                  1.3 The Loan Agreement is hereby amended by adding the
following new definitions to Section 1.1:

         "Guarantors" shall mean those parties signatory to the Guaranty.

         "Guarantors' Liabilities" shall mean Guarantors' liabilities under the
         Guaranty, which shall be limited to $10,000,000.

         "Guaranty" shall mean that certain Guaranty dated as of June 29, 2001
         delivered by Guarantors to Bank, guaranteeing up to $10,000,000 of the
         principal amount of the Obligations.

         "Inventory Borrowing Cap" shall mean $9,000,000 as of June 29, 2001,
         and shall be reduced by $100,000 on August 1, 2001 and by an additional
         $100,000 on the first day of each month thereafter.

         "Pledged Securities" means those certain accounts of Guarantors with
         Robertson Stephens, Inc. the investment securities and cash and other
         assets contained therein pledged to secure Guarantors' Liabilities
         pursuant to the Securities Pledge Agreement.

         "Pledged Securities Value" shall mean the market value of the Pledged
         Securities, valued on a daily basis by and in a manner acceptable to
         Bank.

         "Securities Pledge Agreement" shall mean that certain Securities Pledge
         Agreement dated as of June 29, 2001 delivered by Guarantors to Bank.

                  1.4 The definition of "Loan Documents" is hereby amended by
inserting in the third line thereof after the word "pledges," the word
"guaranties,".

                  1.5 The definition of "Maximum Revolving Credit Facility" is
hereby

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<PAGE>

amended by deleting the amount "$45,000,000" and inserting in its place the
amount "$35,000,000".

                  1.6 The definition of "Revolving Loan Termination Date" is
hereby amended by deleting the date "August 31, 2003" and inserting in its place
the date "June 30, 2002".

                  1.7 Section 3.6 of the Loan Agreement is hereby amended by
inserting at the end thereof the following language:

         "Upon receipt by Bank of any equity Net Cash Proceeds pursuant to
         Section 3.5(a)(ii), each of (a) the Guarantors' Liabilities, (b) the
         Pledged Securities Value and (c) the Maximum Revolving Credit Facility
         shall be permanently reduced by the amount of such Net Cash Proceeds
         received by the Bank."

                  1.8 The Loan Agreement is hereby amended by adding a new
Section 9.20 as follows:

                  "9.20 Geneva Property. Borrowers shall deliver to Bank by July
         30, 2001, (i) a duly executed Mortgage on the land and building owned
         by Teltrend and located at ____________________, Geneva, Illinois, in a
         form acceptable to Bank conveying a first priority lien on such
         property to Bank and (ii) a title insurance policy acceptable to Bank
         and such other related surveys and documents as Bank may request in
         connection therewith, acceptable to Bank."

                  1.9 Section 11.2 of the Loan Agreement is hereby amended by
deleting it in its entirety and replacing it with the following:

                  "11.2 EBITDA. Borrowers shall have (i) a minimum Fiscal
         Year-to-date EBITDA of not less than negative $4,100,000 as of June 30,
         2001, of not less than negative $3,500,000 as of July 31, 2001, of not
         less than negative $3,700,000 as of August 31, 2001, of not less than
         negative $2,700,000 as of September 30, 2001 and of not less than
         negative $1,300,000 as of October 31, 2001, and (ii) on each date set
         forth below, a minimum EBITDA of not less than the EBITDA set forth
         opposite such date set forth below:

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<PAGE>

                           Date                               EBITDA
                           ----                               ------

                           November 30, 2001                  $400,000
                           December 31, 2001                  $2,100,000
                           January 31, 2002                   $3,600,000
                           February 28, 2002                  $6,600,000
                           March 31, 2002                     $9,200,000
                           April 30, 2002                     $13,400,000
                           May 31, 2002                       $16,800,000
                           June 30, 2002                      $19,500,000

                           EBITDA shall be measured (i) on a Fiscal Year-to-date
         basis as of the end of each calendar month for each month through and
         including March 2002 and (ii) on a rolling twelve-month basis as of the
         end of each calendar month for each month commencing with April 2002
         and for each month thereafter."

                  1.10 Section 11.3(b) of the Loan Agreement is hereby amended
by deleting it in its entirety and replacing it with the following:

                  "(b) Tangible Net Worth. Tangible Net Worth, for the purposes
         of this Section 11.3(b), will be calculated by including the maximum
         amount of the Guaranty as cash of the Borrowers. Commencing with June
         2001, Borrowers shall maintain at all times, measured on a monthly
         basis, the minimum Tangible Net Worth set forth opposite such date set
         forth below, measured on a rolling twelve-month basis as of the end of
         the month ending on such date:

                           Date                               Tangible Net Worth
                           ----                               ------------------

                           June 30, 2001                      $21,700,000
                           July 31, 2001                      $29,400,000
                           August 31, 2001                    $27,500,000
                           September 30, 2001                 $26,500,000
                           October 31, 2001                   $25,700,000
                           November 30, 2001                  $25,400,000
                           December 31, 2001                  $25,300,000
                           January 31, 2002                   $25,000,000
                           February 28, 2002                  $26,100,000
                           March 31, 2002                     $26,900,000
                           April 30, 2002                     $27,400,000
                           May 31, 2002                       $28,000,000
                           June 30, 2002                      $28,500,000"

                  1.11 The Loan Agreement is hereby amended by adding a new
Section

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<PAGE>

12.13 as follows:

                  "12.13 Guarantors' Obligations. If Guarantors: (a) fail or
         neglect to perform, keep or observe any term, provision, condition,
         covenant, warranty or representation contained in the Guaranty, the
         Securities Pledge Agreement or any control agreement relating to the
         Pledged Securities or (b) fail to pay any of Guarantors' Liabilities
         within five business days after the same are due and payable or
         declared due and payable."

         1.12 Schedule 7.27 to the Loan Agreement is hereby deleted in its
entirety and replaced with Schedule 1.12 attached hereto

         SECTION 2 REPRESENTATIONS AND WARRANTIES

                  To induce Bank to amend the Loan Agreement and grant the
waiver set forth herein, Borrowers jointly and severally represent and warrant
to Bank that:

                  2.1 Representations and Warranties. On the date hereof, the
representations and warranties and covenants set forth in the Loan Agreement (as
modified by this Amendment), are true and correct with the same effect as though
such representations and warranties and covenants had been made on the date
hereof, except to the extent that such representations and warranties and
covenants expressly relate to an earlier date.

                  2.2 Corporate Authority of Borrowers. Borrowers have full
power and authority to enter into this Amendment, and to incur and perform the
obligations provided for under this Amendment and the Loan Agreement, all of
which have been duly authorized by all proper and necessary corporate action. No
consent or approval of stockholders or of any public authority or regulatory
body is required as a condition to the validity or enforceability of this
Amendment.

                  2.3 Amendment as Binding Agreement. This Amendment constitutes
the valid and legally binding obligation of Borrowers, fully enforceable against
Borrowers, in accordance with its terms.

                  2.4 No Conflicting Agreements. The execution and performance
by the Borrowers of this Amendment will not (i) violate any provision of law,
any order of any court or other agency of government, or the Articles of
Incorporation or Bylaws of Borrowers, (ii) violate any indenture, contract,
agreement or other instrument to which Borrowers are a party, or by which its
property is bound, or be in conflict with, result in a breach of or constitute
(with due notice and/or lapse of time) a default under, any such indenture,
contract, agreement or other instrument or result in the creation or imposition
of any lien, charge or encumbrance of any nature whatsoever upon any of the
property or assets of Borrowers.

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<PAGE>

         SECTION 3 FINANCING STATEMENT AUTHORIZATION

                  Borrowers hereby authorize and consent to the preparation and
filing by Bank of any financing statements, amendments and continuations as may
be necessary, in Bank's sole discretion, to perfect the security interests and
liens granted under the Loan Agreement. Bank may include as a description of
Borrowers' property covered by any financing statements all of Borrowers'
present and future assets or property. This authorization and consent shall
remain in full force and effect and may be relied upon by Bank as long as any of
the Obligations are outstanding.

         SECTION 4 CONDITIONS PRECEDENT.

                  The agreement by Bank to amend the Loan Agreement and grant
the waiver is subject to the following conditions precedent:

                  4.1 Revolving Note. Execution and delivery by Borrowers of a
Revolving Note in the form of Exhibit A hereto.

                  4.2 CPI Stock Pledge Agreement Execution and delivery by WTI
of a Stock Pledge Agreement in the form of Exhibit B hereto, pledging WTI's
stock in CPI as security for the Obligations.

                  4.3 Guaranty. Execution and delivery of a Guaranty in the form
of Exhibit C.

                  4.4 Securities Pledge Agreement. Execution and delivery a
Securities Pledge Agreement in the form of Exhibit D hereto, securing the
obligations of Guarantors under the Guaranty.

                  4.5 CPI Stock Certificates. Delivery of CPI Stock Certificate
No. 21 representing 132,250 shares of CPI's stock.

                  4.6 Account Control Agreement. Execution and delivery of an
Account Control Agreement satisfactory to Bank, providing for the administration
of the securities pledged pursuant to the Securities Pledge Agreement.

                  4.7 Reaffirmation of Stock Pledge Agreement. Execution and
delivery by WTI of a reaffirmation of that certain Stock Pledge Agreement dated
as of August 31, 2000, between WTI and Bank in the form of Exhibit E hereto.

                  4.8 Corporate Authority. Borrowers shall have provided to Bank
certified copies of the unanimous written consent of their Boards of Directors
in a form reasonably acceptable to Bank authorizing the execution, delivery and
performance by the Borrowers of this Amendment and the agreements, instruments
and documents executed in connection herewith.

                                       6
<PAGE>

                  4.9 Fee. Borrowers shall have paid to Bank a restructuring fee
in the amount of $350,000.

                  4.10 Borrowers shall have delivered to the Bank each and every
agreement, document, note, release, guaranty, certificate, notice, affidavit,
exhibit, schedule, resolution, legal opinion, assignment, security agreement or
financing statement which the Bank may reasonably request from the Borrowers, in
form and substance satisfactory to Bank, to effect the intent of this Amendment.

         SECTION 5  REAFFIRMATION AND ACKNOWLEDGMENT

                  WTI, Inc., CPI and Teltrend (together, the "Pledgors") are
each party to both (i) a Security Agreement and Mortgage - Trademarks and
Patents and (ii) a Security Interest Agreement - Patents, each dated as of
August 31, 2000 (the "Security Agreements") pursuant to which Pledgors granted
to Bank a lien on and security interest in certain of Pledgors patents and
trademarks as described therein. Pledgors hereby expressly reaffirm and assume
all of their obligations and liabilities as set forth in the Security
Agreements, agree that the obligations secured thereby shall include all
obligations of Borrowers to Bank under the Loan Agreement, as amended from time
to time, including this Amendment, and agree to be bound by and abide by and
operate and perform under and pursuant to and comply fully with all of the
terms, conditions, provisions, agreements, representations, undertakings,
warranties, and covenants contained in the Security Agreements, insofar as such
obligations and liabilities may be modified by this Amendment.

         SECTION 6  MISCELLANEOUS PROVISIONS.

                  6.1 To the extent the provisions of this Amendment differ from
or are inconsistent with the terms of the Loan Agreement or any of the Loan
Documents, the provision of this Amendment shall govern; otherwise, the terms
and provisions of the Loan Agreement shall remain in full force and effect and
are hereby affirmed, confirmed and ratified in all respects. Borrowers ratify,
confirm and affirm without condition, all liens and security interests granted
to Bank pursuant to the Loan Agreement and the Loan Documents, and such liens
and security interests shall continue to secure the obligations and liabilities
of Borrowers to Bank, including but not limited to, all loans made by Bank to
the Borrowers under the Loan Agreement as amended by this Amendment.

                  6.2 This Amendment shall be construed in accordance with and
governed by the laws of the State of Illinois, and the obligations of Borrowers
under this Amendment are and shall arise absolutely and unconditionally upon the
execution and delivery of this Amendment.

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<PAGE>

                  6.3 This Amendment may be executed in any number of
counterparts.

                  6.4 Borrowers hereby agree to pay all out-of-pocket expenses
incurred by Bank in connection with the preparation, negotiation and
consummation of this Amendment, and all other documents related thereto,
including without limitation, the reasonable fees and expense of Bank's counsel,
and any filing fees required in connection with the filing of any documents
necessary to consummate the provisions of this Amendment.

                  6.5 On or after the effective date hereof, each reference in
the Loan Agreement or any of the Loan Documents to this "Agreement" or words of
like import, shall unless the context otherwise requires, be deemed to refer to
the Loan Agreement as amended hereby.

                  6.6 The requirement to raise Second Equity Funds by June 30,
2001 imposed by Section 4 of the Amendment to Amended and Restated Loan and
Security Agreement dated as of April 13, 2001 is hereby waived. This waiver is
limited and shall not constitute a waiver of any other or subsequent requirement
or condition imposed on Borrowers by the Loan Agreement or Loan Documents,
whether of a different or like nature, nor shall it constitute a course of
conduct or dealing.

                  6.7 Borrowers shall cause to be delivered to Bank within one
week after the date hereof CPI Stock Certificate No. 27 representing 250 shares
of CPI stock.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

         IN WITNESS WHEREOF, Borrowers and Bank has caused this Amendment to be
duly executed by their duly authorized officers, all as of the date and year
first above written.

"BORROWERS"                         WESTELL TECHNOLOGIES, INC.

                                            By:      /s/ Nicholas Hindman
                                            Title:  Vice President

                                            WESTELL, INC.

                                            By:      /s/ Nicholas Hindman
                                            Title:   Vice President

                                            WESTELL INTERNATIONAL, INC.

                                            By:      /s/ Nicholas Hindman
                                            Title:   Vice President

                                            CONFERENCE PLUS, INC.

                                            By:      /s/ Nicholas Hindman
                                            Title:   Vice President

                                            TELTREND, INC.

                                            By:      /s/ Nicholas Hindman
                                            Title:   Vice President
                                            Address: 750 North Commons Drive
                                                     Aurora, Illinois 60504

"BANK"                              LASALLE BANK NATIONAL ASSOCIATION

                                            By:      /s/ Thomas J. Brennan
                                            Title:   Vice President
                                            Address: 135 South LaSalle Street
                                                     Chicago, Illinois 60603
                                                     Attn:  Stephanie PattersonExhibit 10.21

                           LOAN ACCOMODATION AGREEMENT
                           ---------------------------

         This LOAN ACCOMODATION AGREEMENT ("Agreement") is entered into as of
June 29, 2001, by and between Westell Technologies, Inc., a Delaware corporation
(the "Company"), with headquarters located at 750 N. Commons Drive, Aurora,
Illinois 60504, and the Penny family members or trusts for their benefit (each a
"Guarantor" and together the "Guarantors") set forth on the execution pages
hereof, with regard to the following:

                                    RECITALS
                                    --------

         A. It is a condition of satisfying certain conditions of restructuring
the Company's senior credit line ("Credit Line") with LaSalle Bank, N.A.
("Bank") in the form attached as Exhibit A hereto ("Restructuring Amendment")
that the Guarantors provide a joint and several guaranty of the Credit Line of
$10,000,000 and to pledge cash and marketable securities in support thereof (the
"Guaranty and Pledge Documents").

         B. The Guarantors desire to execute and deliver the Guaranty and Pledge
Documents in consideration for the issuance to them of warrants in the form of
Exhibit B hereto (the "Warrants") to purchase 512,820 shares of Company Class A
Common Stock at an exercise price of $1.95;(the "Warrant Shares");

                  NOW, THEREFORE, in consideration of their respective promises
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and Guarantors hereby
agree as follows:

                                   AGREEMENTS
                                   ----------

                                    ARTICLE I

         1.1 Execution of Guaranty and Pledge Documents. At the Closing, subject
to the terms and the satisfaction (or waiver) of the conditions set forth in
this Agreement, the Guarantors agree to execute and deliver the Guaranty and
Pledge Documents.

         1.2 Delivery of Warrants. At the Closing, subject to the terms and the
satisfaction (or waiver) of the conditions set forth in this Agreement, the
Company shall deliver to the Guarantors the executed Warrants.

                                      -1-
<PAGE>

         1.3 Closing Date. The Closing shall occur immediately following the
execution of this Agreement, and the date of Closing shall be the "Closing
Date."

                                   ARTICLE II

                   GUARANTOR'S REPRESENTATIONS AND WARRANTIES

         Each Guarantor represents and warrants on the date hereof, solely with
respect to itself and not with respect to any other Guarantor to the Company as
set forth in this Article II.

         2.1 Purchase for Own Account. Guarantor is acquiring its Warrants for
Guarantor's own account for investment only and not with a view toward or in
connection with the public resale or distribution thereof, except pursuant to
sales that are exempt from the registration requirements of the Securities Act
and/or sales registered under the Securities Act of 1933, as amended (the
"Securities Act").. Guarantor will not resell the Warrants or the shares of
Class A Common Stock issuable upon exercise thereof (collectively, the
"Securities") except pursuant to sales that are exempt from the registration
requirements of the Securities Act and/or sales registered under the Securities
Act. Guarantor understands that Guarantor must bear the economic risk of this
investment indefinitely, unless the Securities are registered pursuant to the
Securities Act and any applicable state securities laws or an exemption from
such registration is available, and that the Company has no present intention of
registering any such Securities other than as contemplated by the Registration
Rights Agreement. By making the representations in this Section 2.1, the
Guarantor does not agree to hold any Securities for any minimum or other
specific term and reserves the right to dispose of any or all of the Securities
at any time in accordance with or pursuant to a registration statement or an
exemption from registration under the Securities Act.

         2.2 Accredited Investor Status. Guarantor is an "accredited investor"
as that term is defined in Rule 501(a) of Regulation D.

         2.3 Reliance on Exemptions. Guarantor understands that the Securities
are being offered and sold to Guarantor in reliance upon specific exemptions
from the registration requirements of the United States federal and state
securities laws and that the Company is relying upon the truth and accuracy of
the representations and warranties of Guarantor set forth herein in order to
determine the availability of such exemptions and the eligibility of Guarantor
to acquire the Securities.

         2.4 Information. Guarantor and its counsel have been furnished all
materials relating to the business, finances and operations of the Company and
materials relating to the offer and sale of the Securities which have been
specifically requested by Guarantor. Guarantor has been afforded the opportunity
to ask questions of the Company and has received what Guarantor believes to be
complete and satisfactory answers to any such inquiries. Neither such materials
or inquiries nor any other due diligence investigation conducted by Guarantor
nor any of its

                                      -2-
<PAGE>

representations, warranties, covenants or agreements shall modify, amend or
affect Guarantor's right to rely on the Company's representations and warranties
contained in Article III. Guarantor understands that Guarantor's investment in
the Securities involves a high degree of risk.

         2.5 Governmental Review. Guarantor understands that no United States
federal or state agency or any other government or governmental agency has
passed upon or made any recommendation or endorsement of the Securities or an
investment therein.

         2.6 Transfer or Resale. Guarantor understands that (i) except as
provided in the Registration Rights Agreement, the Securities have not been and
are not being registered under the Securities Act or any state securities laws,
and may not be transferred unless subsequently registered thereunder or an
exemption from such registration is available; (ii) any sale of such Securities
made in reliance on Rule 144 under the Securities Act (or a successor rule)
("Rule 144") may be made only in accordance with the terms of said Rule and
further, if said Rule is not applicable, any resale of such Securities without
registration under the Securities Act) may require compliance with some other
exemption under the Securities Act or the rules and regulations of the
Securities and Exchange Commission ("SEC") thereunder; and (iii) neither the
Company nor any other person is under any obligation to register such Securities
under the Securities Act or any state securities laws or to comply with the
terms and conditions of any exemption thereunder (in each case, other than
pursuant to this Agreement or the Registration Rights Agreement).

         2.7 Legends. Guarantor understands that the certificates for the
Warrants and the Warrant Shares will bear a restrictive legend (the "Legend") in
the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES. THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED OR SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER APPLICABLE SECURITIES LAWS OR UNLESS OFFERED, SOLD OR
TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THOSE LAWS. Notwithstanding the foregoing, no opinion of counsel
shall be required for transfers of this Warrant without consideration to the
beneficiaries of the initial Holder provided that the beneficiaries execute
investment confirmations and covenants consistent with the representations and
covenants contained in this Warrant and the Accommodation Agreement in form
reasonably satisfactory to the Company.

                                      -3-
<PAGE>

         2.8 Authorization; Enforcement. This Agreement has been duly and
validly authorized, executed and delivered on behalf of Guarantor and are valid
and binding agreements of Guarantor enforceable against Guarantor in accordance
with their terms.

                                      -4-
<PAGE>

                                   ARTICLE III

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         The Company represents and warrants to each Guarantor on the date
hereof that:

         3.1 Organization and Qualification. The Company and each of its
subsidiaries is a corporation duly organized, validity existing and in good
standing under the laws of the jurisdiction in which it is incorporated, and has
the requisite corporate power and authority to own its properties and to carry
on its business as now being conducted.

         3.2 Authorization; Enforcement . (a) The Company has the requisite
corporate power and authority to (i) enter into, and perform its obligations
under this Agreement, (ii) issue and perform its obligations with respect to the
Warrants in accordance with the terms hereof and thereof, and (iii) issue the
Warrant in accordance with the terms and conditions of the Warrants; (b) the
execution, delivery and performance of this Agreement and the Registration
Rights Agreement (as defined in Section 4.2) by the Company and the execution
and delivery of the Warrants, and the consummation by it of the transactions
contemplated hereby and thereby and the reservation for issuance and issuance of
the Warrant Shares have been duly authorized by all necessary corporate action
and no further consent or authorization of the Company, its board of directors,
or its stockholders is required with respect to any of the transactions
contemplated hereby or thereby; (c) this Agreement and the Warrants have been,
and the Registration Rights Agreement when executed, will have been, duly
executed and delivered by the Company and (d) this Agreement and the Warrants
are, the Registration Rights Agreement, when executed and delivered will be, the
legal, valid and binding obligation of the Company enforceable against the
Company in accordance with their terms.

         3.4 Issuance of Shares. The Warrant Shares are duly authorized and
reserved for issuance, and, upon exercise of the Warrants in accordance with the
terms thereof, will be validly issued, fully paid and non-assessable, and free
from all taxes, liens, claims and encumbrances and will not be subject to
preemptive rights or other similar rights of stockholders of the Company. The
Warrants are duly authorized and reserved for issuance, and are validly issued,
fully paid and non-assessable, and free from all taxes, liens claims and
encumbrances and are not and will not be subject to preemptive rights or other
similar rights of stockholders of the Company.

         3.5 No Conflicts. The execution, delivery and performance of each of
this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby and thereby (including the issuance and
reservation for issuance, as applicable, of the Warrant Shares) do not and will
not (a) result in a violation of the Certificate of Incorporation or By-laws of
the Company or any of its subsidiaries, (b) conflict with, or constitute a
default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any

                                      -5-
<PAGE>

rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which the Company or any of its
subsidiaries is a party, or (c) result in a violation of any law, rule,
regulation, order, judgment or decree (including, without limitation, U.S.
federal and state securities laws and regulations) applicable to the Company or
any of its subsidiaries, or by which any property or asset of the Company or any
of its subsidiaries, is bound or affected.

                                   ARTICLE IV

                                    COVENANTS

         4.1 Expenses. The Company shall reimburse the Guarantors for the
reasonable fees and expenses incurred by them in connection with the
negotiation, preparation, execution, and delivery of this Agreement and the
other agreements and documents to be executed in connection herewith, (the
"Expenses"); The Company shall also reimburse the Guarantors for all expenses,
including reasonable costs of counsel, incurred in enforcing this Agreement.

         4.2 Registration Rights. The Company commits to execute within 30 days
a registration rights agreements ("Registration Rights") Agreement in form
reasonably satisfactory to the parties and customary for transactions of this
nature pursuant to which the Company will use reasonable commercial efforts to
promptly file, cause to become effective and maintain a Registration Statement
for registration of sale of the Warrant Shares on Form S-3. The initial holder
of this Warrant (and related assignees thereof) shall be entitled to the benefit
of such Registration Rights Agreement.

         4.3 Indemnification.

         (a) To the extent permitted by law, the Company will indemnify, hold
         harmless and defend the Guarantors against any claims, actions or
         lawsuits brought or threatened by any third parties (including any
         derivative actions brought in the name of the Company) and any direct
         damages, liabilities or expenses incurred as a result thereof
         (collectively, "Claims") to which any of them may become subject
         insofar as such Claims arise directly out of or are based directly upon
         this Agreement or the transactions contemplated hereby, including but
         not limited to any payments made to the Bank pursuant to enforcement of
         the Guaranty and Pledge Documents. Notwithstanding anything to the
         contrary contained herein, this indemnification agreement: (w) shall
         not apply with respect to a Claim arising out of or based upon a
         violation of law which occurs in reliance upon and in conformity with
         information furnished in writing to the Company by a Guarantor
         expressly for use in the registration statement to be filed pursuant to
         the Registration Rights Agreement or to Claims otherwise excluded from
         indemnification under the Registration Rights Agreement; (y) shall not
         apply to amounts paid in settlement of any

                                      -6-
<PAGE>

         Claim if such settlement is effected without the prior written consent
         of the Company, which consent shall not be unreasonably withheld and
         (z) shall not apply to a Claim arising out of breach by a Guarantor of
         this Agreement. To the extent any indemnification by the Company is
         prohibited or limited by law, the Company agrees to make the maximum
         contribution with respect to any amounts for which it would otherwise
         be liable under this Section 4.3 to the fullest extent permitted by
         law.

         (b) Promptly after receipt by a Guarantor of notice of the commencement
of any Claim, such Guarantor shall deliver to the Company a written notice of
the commencement thereof, and the Company shall have the right to participate
in, and, to the extent the Company so desires, to assume control of the defense
thereof with counsel selected by the Company and reasonably satisfactory to the
Guarantor; provided that the Company shall be obligated to diligently pursue
such defense. Notwithstanding, the foregoing, the Guarantors shall be entitled
to assume such defense and retain their own counsel with the fees and expenses
to be paid by the Company, if (i) the representation by such counsel of both the
Company and the Guarantors would be inappropriate due to actual conflicts of
interest between the Guarantors and the and any other party represented by such
counsel in such proceeding or (ii) (x) the actual or potential defendants in, or
targets of, any such action include both the Guarantors and the Company, and (y)
the Guarantors reasonably determine that there may be legal defenses available
to the Guarantors which are different from or in addition to those available to
the Company. In any event, the Company shall pay for only one separate legal
counsel for all of the Guarantors. The failure to deliver written notice to the
Company within a reasonable time of the commencement of any such action shall
not relieve the Company of any liability to the Guarantors under this Section
4.3 , except to the extent that the Company is actually prejudiced in its
ability to defend such action. The indemnification required by this Section
shall be made by periodic payments of the amount thereof during the course of
the investigation or defense, as such expense, loss, damage or liability is
incurred and is due and payable.

                                    ARTICLE V

                   LEGEND REMOVAL, TRANSFER, AND CERTAIN SALES

         5.1 Removal of Legend. The Legend shall be removed and the Company
shall issue a certificate without any legend to the holder of any Security upon
which such Legend is stamped, and a certificate for a Security shall be
originally issued without the Legend if (a) the sale of such Security is
registered under the Securities Act, (b) such holder provides the Company with
an opinion of counsel, in form, substance and scope customary for opinions of
counsel in comparable transactions (the reasonable cost of which shall be borne
by the Company) to the effect that a public sale or transfer of such Security
may be made without registration under the Securities Act, (c) such Security can
be sold pursuant to Rule 144 and a registered broker dealer provides to the
Company's transfer agent and counsel copies of (i) a "will sell" letter
satisfying

                                      -7-
<PAGE>

the guidelines established by the SEC and its staff from time to time and (ii) a
customary seller's representation letter with respect to such a sale to be made
pursuant to Rule 144 and (iii) a Form 144 in respect of such Security executed
by such holder and filed (or mailed for filing) with the SEC or (d) such
Security can be sold pursuant to Rule 144(k). Each Guarantor agrees to sell all
Securities, including those represented by a certificate(s) from which the
Legend has been removed, or which were originally issued without the Legend,
pursuant to an effective registration statement and to deliver a prospectus in
connection with such sale or in compliance with an exemption from the
registration requirements of the Securities Act. In the event the Legend is
removed from any Security or any Security is issued without the Legend and
thereafter the effectiveness of a registration statement covering the resale of
such Security is suspended or a supplement or amendment thereto is required by
applicable securities laws, then upon reasonable advance notice to Guarantor
holding such Security, the Company may require that the Legend be placed on any
such Security that cannot then be sold pursuant to an effective registration
statement or Rule 144 or with respect to which the opinion referred to in clause
(b) next above has not been rendered, which Legend shall be removed when such
Security may be sold pursuant to an effective registration statement or Rule 144
or such holder provides the opinion with respect thereto described in clause (b)
next above. In the event that a Guarantor privately transfers or otherwise
privately disposes of any Security which does not contain a Legend and as to
which following such transfer or other disposition the transferee is not
entitled to sell such Security freely or pursuant to Rule 144 and the re-sale of
such Security by such transferee is not immediately thereafter registered under
the Securities Act, then, in connection with such transfer or other disposition
Guarantor and such transferee shall submit such Security for re-legending
applicable to such Security as held by such transferee. Notwithstanding the
foregoing, no opinion of counsel shall be required for transfers of the Warrants
without consideration to the beneficiaries of the Guarantors, provided that the
beneficiaries execute investment confirmations and covenants consistent with the
representations and covenants contained in this Agreement in form reasonably
satisfactory to the Company.

         5.2 Transfer Agent Instructions . The Company shall instruct its
transfer agent to issue certificates, registered in the name of each Guarantor
or its nominee, for the Conversion Shares or Warrant Shares in such amounts as
specified from time to time by such Guarantor to the Company upon, and in
accordance with, the exercise of the Warrants. Such certificates shall bear a
legend only in the form of the Legend and only to the extent permitted by
Section 5.1 above. Nothing in this Section shall affect in any way a Guarantor's
obligations and agreement set forth in Section 5.1 hereof to resell the
Securities pursuant to an effective registration statement and to deliver a
prospectus in connection with such sale or in compliance with an exemption from
the registration requirements of applicable securities laws. Without limiting
any other rights of Guarantors or obligations of the Company, if (a) a Guarantor
provides the Company with an opinion of counsel, which opinion of counsel shall
be in form, substance and scope customary for opinions of counsel in comparable
transactions (the reasonable cost of which shall be borne by the Company), to
the effect that the Securities to be sold or transferred may be sold or
transferred pursuant to an exemption from registration or (b) a Guarantor
transfers Securities pursuant to Rule 144, the Company shall permit the
transfer, and, in the case

                                      -8-
<PAGE>

of Warrant Shares, promptly instruct its transfer agent to issue one or more
certificates in such name and in such denomination as specified by such
Guarantor in order to effect such a transfer or sale.

                                   ARTICLE VI

                 CONDITIONS TO THE COMPANY'S OBLIGATION TO ISSUE

         6.1 Conditions to the Company's Obligation to Issue. The obligation of
the Company hereunder to issue the Warrants to the Guarantors at the Closing is
subject to the satisfaction, as of the date of such Closing and with respect to
the Guarantors, of each of the following conditions thereto, provided that these
conditions are for the Company's sole benefit and may be waived by the Company
at any time in its sole discretion:

                  (i)      The Guarantors shall have executed the signature
         page to this Agreement and delivered the same to the Company.

                  (ii)     The Guarantors shall have delivered the Guaranty and
         Pledge  Documents to the Bank.

                  (iii)    The Bank shall have executed the Restructuring
         Amendment.

                                   ARTICLE VII

              CONDITIONS TO EACH GUARANTOR'S OBLIGATION TO PURCHASE

         7.1 Conditions to the Closing. The obligation of each Guarantor
hereunder to purchase the Convertible Securities and Warrants to be purchased by
it on the date of the Closing is subject to the satisfaction of each of the
following conditions, provided that these conditions are for each Guarantor's
sole benefit and may be waived by such Guarantor (with respect to it) at any
time in such Guarantor's sole discretion:

                  (i)      The Company shall have executed the signature page to
         this Agreement and the Warrants and delivered the same to the
         Guarantors.

                  (ii)     The Bank and the Company shall have executed the
         Restructuring Amendment.

                                  ARTICLE VIII

                          GOVERNING LAW; MISCELLANEOUS

                                      -9-
<PAGE>

         8.1 Governing Law; Jurisdiction . This Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed in the State of Delaware.

         8.2 Counterparts. This Agreement may be executed in two or more
counterparts, including, without limitation, by facsimile transmission, all of
which counterparts shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered
to the other party. In the event any signature page is delivered by facsimile
transmission, the party using such means of delivery shall cause additional
original executed signature pages to be promptly delivered to the other parties.

         8.3 Headings. The headings of this Agreement are for convenience of
reference and shall not form part of, or affect the interpretation of, this
Agreement.

         8.4 Severability. If any provision of this Agreement shall be invalid
or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement or
the validity or enforceability of this Agreement in any other jurisdiction.

         8.5 Scope of Agreement; Amendments. This Agreement and the documents
and instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as
specifically set forth herein, no Guarantor makes any representation, warranty,
covenant or undertaking with respect to the transactions contemplated hereby. No
provision of this Agreement may be waived other than by an instrument in writing
signed by the party to be charged with enforcement and no provision of this
Agreement may be amended other than by an instrument in writing signed by the
Company and each Guarantor.

         8.6 Notice. Any notice herein required or permitted to be given shall
be in writing and may be personally served or delivered by courier or by
facsimile-machine confirmed telecopy, and shall be deemed delivered at the time
and date of receipt (which shall include telephone line facsimile transmission).
The addresses for such communications shall be:

                           If to the Company:

                           Westell Technologies, Inc.
                           750 N. Commons Drive
                           Aurora, IL 60504
                           Telecopy: (630) 375-4940
                           Attention: Chief Financial Officer

                           with a copy to:

                                      -10-
<PAGE>

                           Neal J. White, P.C.
                           McDermott, Will & Emery
                           227 West Monroe Street
                           Chicago, IL 60606
                           Telecopy:  (312) 984-3669

                           If to any Guarantor, to the name of the Guarantor's
c/o:

                           Melvin J. Simon & Associates, Ltd.
                           4343 Commerce Court
                           Suite 306
                           Lisle, Illinois  60532

                           with a copy to:
                           Robert F. Wall
                           Winston & Strawn
                           35 West Wacker Drive
                           Chicago, IL 60601
                           Telecopy: 312-558-5700

 . Each party shall provide notice to the other parties of any change in address.

         8.7 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their successors and assigns. Neither
the Company nor any Guarantor shall assign this Agreement or any rights or
obligations hereunder without the prior written consent of the other, which, in
the case of any consent required of the Company, shall not be unreasonably
withheld. This provision shall not limit each Guarantor's right to transfer the
Securities pursuant to the terms of this Agreement. In addition, and
notwithstanding anything to the contrary contained in this Agreement the
Warrants and the Warrant Shares may be pledged, and all rights of Guarantor
under this Agreement or any other agreement or document related to the
transaction contemplated hereby may be assigned, without further consent of the
Company, to a bona fide pledgee in connection with a Guarantor's margin or
brokerage accounts.

         8.8 Third Party Beneficiaries . This Agreement is intended for the
benefit of the parties hereto and their respective permitted successors and
assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.

         8.11 Further Assurances. Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
the other party may reasonably request

                                      -11-
<PAGE>

in order to carry out the intent and accomplish the purposes of this Agreement
and the consummation of the transactions contemplated hereby.

                                      -12-
<PAGE>

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

COMPANY:

WESTELL TECHNOLOGIES, INC.

By: /s/ Nicholas Hindman
    Name:    Nicholas Hindman
    Title:   Vice President Chief Financial Officer

GUARANTORS:

Marlene D. Foskett Trust under agreement    The Marlene Diane Foskett Trust
Florence R. Penny Children's Trust          dated December 31, 1970
dated December 28, 1989

/s/ Melvin J. Simon
Melvin J. Simon, Trustee                    /s/ Barbara J. Pruitt
                                            Barbara J. Pruitt, Co-Trustee

                                            /s/ Florence R. Penny
                                            Florence R. Penny, Co-Trustee

                                            /s/ Robert Clinton Penny III
                                            Robert Clinton Penny III, Co-Trustee

Barbara J. McDonough Trust under agreement  The Barbara J. McDonough Trust dated
Florence R. Penny Children's Trust          December 31, 1970
dated December 28, 1989

/s/ Melvin J. Simon
Melvin J. Simon, Trustee                    /s/ Marlene D. Foskett
                                            Marlene D. Foskett, Co-Trustee

                                            /s/ Florence R. Penny
                                            Florence R. Penny, Co-Trustee

                                            /s/ Robert Clinton Penny III
                                            Robert Clinton Penny III, Co-Trustee

<PAGE>

Robert C. Penny III Trust under agreement   The Robert Clinton Penny Trust
Florence R. Penny Children's Trust          Number Two dated December 30, 1974
dated December 28, 1989

/s/ Melvin J. Simon                         /s/  Marlene D. Foskett
Melvin J. Simon, Trustee                    Marlene D. Foskett, Co-Trustee

                                            /s/ Florence R. Penny
                                            Florence R. Penny, Co-Trustee

                                            /s/ Barbara J. Pruitt
                                            Barbara J. Pruitt, Co-Trustee

<PAGE>

                                    EXHIBIT A
                           FORM OF BANK LOAN AMENDMENT

                                      -15-
<PAGE>

                                    EXHIBIT B
                                 FORM OF WARRANT

         THIS WARRANT WAS ORIGINALLY ISSUED ON JUNE 29, 2001 AND HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS
OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE
ASSIGNED EXCEPT PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH
WARRANT WHICH IS EFFECTIVE UNDER SUCH ACT AND UNDER ANY APPLICABLE STATE
SECURITIES LAWS UNLESS, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY, AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND STATE
SECURITIES LAWS IS AVAILABLE. Notwithstanding the foregoing, no opinion of
counsel shall be required for transfers of this Warrant without consideration to
the beneficiaries of the initial Holder provided that the beneficiaries execute
investment confirmations and covenants consistent with the representations and
covenants contained in this Warrant and the Accommodation Agreement in form
reasonably satisfactory to the Company.

                             STOCK PURCHASE WARRANT
                             ----------------------

Date of Issuance: June 29, 2001                                           No. __

FOR VALUE RECEIVED, Westell Technologies, Inc. a Delaware corporation (the
"Company"), hereby grants to ________________ (the "Holder"), the right to
purchase from the Company 85,470 shares of the Company's Class A Common Stock
(the "Warrant Shares") at an exercise price of $1.95 per share (the "Exercise
Price"). This Warrant is issued pursuant to the terms of the Loan Accommodation
Agreement dated as of June 29, 2001 between the Company, the Holder and certain
other Persons listed therein (the "Accommodation Agreement"). The amount and
kind of securities purchasable pursuant to the rights granted hereunder and the
purchase price for such securities are subject to adjustment pursuant to the
provisions contained in this warrant (this "Warrant").

                  This Warrant is subject to the following provisions:

         Section 1. Exercise of Warrant.

                  1A. Exercise Period. The Holder may exercise this Warrant , in
whole or in part (but not as to a fractional share of the Company's Class A
Common Stock), at any time and from time to time after the Date of Issuance to
and including five years from the date hereof (the "Exercise Period").

                                      -16-
<PAGE>

                  1C.      Exercise Procedure.

                  (i) This Warrant will be deemed to have been exercised when
the Company has received all of the following items (the "Exercise Time"):

                  (a) a completed Exercise Agreement, as described in paragraph
         1D below, executed by the Holder;

                  (b) this Warrant;

                  (c) a cashiers' or certified check or wire transfer payable to
         the Company in an amount equal to the product of the Exercise Price
         multiplied by the number of Warrant Shares being purchased upon such
         exercise (the "Aggregate Exercise Price").

                  (ii) Certificates for Warrant Shares purchased upon exercise
of this Warrant will be delivered by the Company to the Holder within five (5)
business days after the date of the Exercise Time. Unless this Warrant has
expired or all of the purchase rights represented hereby have been exercised,
the Company will prepare a new Warrant, substantially identical hereto,
representing the rights formerly represented by this Warrant which have not
expired or been exercised and will, within such five-day period, deliver such
new Warrant to the Person designated for delivery in the Exercise Agreement.

                  (iii) The Warrant Shares issuable upon the exercise of this
Warrant will be deemed to have been issued to the Holder at the Exercise Time,
and the Holder will be deemed for all purposes to have become the record holder
of such Warrant Shares at the Exercise Time.

                  (iv) The issuance of certificates for Warrant Shares upon
exercise of this Warrant will be made without charge to the Holder for any
issuance tax in respect thereof or other cost incurred by the Company in
connection with such exercise and the related issuance of Warrant Shares. Each
Warrant Share issuable upon exercise of this Warrant will, upon payment of the
Exercise Price therefor, be fully paid and nonassessable and free from all liens
and charges with respect to the issuance thereof.

                   (v) The Company will not close its books against the transfer
of this Warrant or of any Warrant Share issued or issuable upon the exercise of
this Warrant in any manner which interferes with the timely exercise of this
Warrant. The Company will from time to time take all such action as may be
necessary to assure that the par value per share of the unissued Warrant Shares
acquirable upon exercise of this Warrant is at all times equal to or less than
the Exercise Price then in effect.

                  (vi) The Company will assist and cooperate with the Holder
required to make any governmental filings or obtain any governmental approvals
prior to or in connection with

                                      -17-
<PAGE>

any exercise of this Warrant (including, without limitation, making any filings
required to be made by the Company).

                  (vii) The Company will at all times reserve and keep available
sufficient shares of Common Stock as may be necessary to allow for the exercise
of this Warrant.

                  1D. Exercise Agreement. Upon any exercise of this Warrant, the
Exercise Agreement will be substantially in the form set forth in Exhibit A
hereto, dated the actual date of execution thereof.

         Section 2.  Adjustments.

                  2A. If the Company shall at any time change the number of
issued shares of Class A Common Stock without new consideration to the Company
(such as by stock dividend, stock split, or similar recapitalization, the total
number of Warrant Shares then remaining subject to purchase hereunder and the
Exercise Price per share shall be adjusted so that the total consideration
payable to the Company upon the purchase of all Warrant Shares not theretofore
purchased shall not be changed.

                  2B. In the case of any sale of assets, merger, consolidation,
combination or other corporate reorganization or restructuring of the Company
with or into another corporation which results in the outstanding shares of
Class A Common Stock being converted into or exchanged for different securities,
cash or other property, or any combination thereof (an "Acquisition"), the
Holder shall have the right thereafter and during the Exercise Period (subject
however to all of the terms and conditions set forth herein), to receive upon
exercise thereof the Acquisition Consideration (as defined below) receivable
upon the Acquisition by a holder of the number of shares of Class A Common Stock
which might have been obtained upon exercise of this Warrant or portion thereof,
as the case may be immediately prior to the Acquisition. The term "Acquisition
Consideration" shall mean the kind and amount of securities, cash or other
property or any combination thereof receivable in respect of one share of Class
A Common Stock upon consummation of an Acquisition.

                  2C.      Notices.

                  (i) Immediately upon any adjustment of the Exercise Price, the
Company shall give written notice thereof to the Holder, setting forth in
reasonable detail and certifying the calculation of such adjustment.

                  (ii) The Company shall give written notice to the Holder at
least ten (10) days prior to the date on which the Company closes its books or
takes a record (A) with respect to any dividend or distribution upon the Common
Stock or (B) for determining rights to vote with respect to any Acquisition,
dissolution or liquidation.

                                      -18-
<PAGE>

                  (iii) The Company shall also give written notice to the
Holders at least ten (10) days prior to the date on which any Acquisition,
dissolution or liquidation will take place.

                  Section 3.  Cashless Exercise.

                  Notwithstanding anything to the contrary contained in this
Warrant, this Warrant may be exercised by presentation and surrender of this
Warrant to the Company at its principal executive offices with a written notice
of the Holder's intention to effect a cashless exercise, including a calculation
of the number of shares of Class A Common Stock to be issued upon such exercise
in accordance with the terms hereof (a "Cashless Exercise"). In the event of a
Cashless Exercise, in lieu of paying the Exercise Price in cash, the Holder
shall surrender this Warrant for the number of shares of Class A Common Stock
determined by multiplying the number of Warrant Shares to which it would
otherwise be entitled by a fraction, the numerator of which shall be the
difference between the then current Market Price per share of the Class A Common
Stock and the Exercise Price, and the denominator of which shall be such then
current Market Price per share of Class A Common Stock.

                  Section 4. Transfer, Exchange and Replacement of Warrant.

                  4A. Restriction on Transfer. Subject to the provisions of
Section 6C hereof, this Warrant and the rights granted to the Holder are
transferable, in whole or in part, upon surrender of this Warrant, together with
a properly executed assignment in the Form of Assignment attached hereto as
Exhibit B, at the office of the Company referred to in Section 8 below. Until
due presentment for registration of transfer on the books of the Company, the
Company may treat the registered holder hereof as the owner and holder hereof
for all purposes, and the Company shall not be affected by any notice to the
contrary.

                  4B. Warrant Exchangeable for Different Denominations. This
Warrant is exchangeable, upon the surrender hereof by the Holder at the office
of the Company referred to in Section 8 below, for new Warrants, in the form
hereof, of different denominations representing in the aggregate the right to
purchase the number of shares of Class a Common Stock which may be purchased
hereunder, each of such new Warrants to represent the right to purchase such
number of shares as shall be designated by the Holder of at the time of such
surrender.

                  4C. Replacement of Warrant. Upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction, or
mutilation of this Warrant or, in the case of any such loss, theft, or
destruction, upon delivery, of an indemnity agreement reasonably satisfactory in
form and amount to the Company, or, in the case of any such mutilation, upon
surrender and cancellation of this Warrant, the Company, at its expense, will
execute and deliver, in lieu thereof, a new Warrants, in the form hereof, in
such denominations as Holder may request.

                                      -19-
<PAGE>

                  4D. Cancellation; Payment of Expenses. Upon the surrender of
this Warrant in connection with any transfer, exchange, or replacement as
provided in this Section 4, this Warrant shall be promptly canceled by the
Company. The Company shall pay all issuance taxes (other than securities
transfer taxes) and charges payable in connection with the preparation,
execution, and delivery of Warrants pursuant to this Section 4.

                  4E. Warrant Register. The Company shall maintain, at its
principal executive offices (or such other office or agency of the Company as it
may designate by notice to the Holder), a register for this Warrant, in which
the Company shall record the name and address of the person in whose name this
Warrant has been issued, as well as the name and address of each transferee and
each prior owner of this Warrant.

                  Section 5. Registration Rights. The Company commits to execute
within 30 days a Registration Rights Agreement in form reasonably satisfactory
to the parties and customary for transactions of this nature pursuant to which
the Company will use its best efforts to promptly file, cause to become
effective and maintain a Registration Statement for registration of sale of the
Warrant Shares on Form S-3. The initial holder of this Warrant (and related
assignees thereof) shall be is entitled to the benefit of such Registration
Rights Agreement.

         Section 6. Investment Representations.  By acceptance of this Warrant:

                  6A. The Holder hereby represents that any Warrant Shares to be
acquired by it hereunder will be acquired for its own account, and that it has
no intention of selling such securities in a public distribution in violation of
the Federal securities laws or any applicable state securities laws.

                  6B. The Holder acknowledges that it is able to bear the
economic risk of any investment in the Warrants for an indefinite period of time
because the Warrants are being issued and sold under exemptions from
registration provided in the Securities Act and under applicable state
securities laws and, therefore, cannot be sold unless subsequently registered
under the Securities Act or applicable state securities laws or an exemption
from such registrations is available.

                  6C. Each certificate for this Warrant and the Warrant Shares
will be imprinted with a legend in substantially the following form:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT PURSUANT
TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
UNDER SUCH ACT AND UNDER ANY APPLICABLE STATE SECURITIES

                                      -20-
<PAGE>

LAWS UNLESS, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY,
AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND STATE SECURITIES
LAWS IS AVAILABLE. Notwithstanding the foregoing, no opinion of counsel shall be
required for transfers of this Warrant without consideration to the
beneficiaries of the initial Holder provided that the beneficiaries execute
investment confirmations and covenants consistent with the representations and
covenants contained in this Warrant and the Accommodation Agreement in form
reasonably satisfactory to the Company." "

                  6D. The Holder represents that it has had the opportunity to
ask questions and receive answers concerning the Warrant and to obtain whatever
information concerning the Company as has been requested by the Holder in order
to make its investment decision.

                  Section 7. No Voting Rights; Limitations of Liability. This
Warrant will not entitle the holder hereof to any voting rights or other rights
as a stockholder of the Company. No provision hereof, in the absence of
affirmative action by the Holder to purchase Warrant Shares, and no enumeration
herein of the rights or privileges of the Holder will give rise to any liability
of the Holder for the Exercise Price of Warrant Shares acquirable by exercise
hereof or as a stockholder of the Company.

                  Section 8. Notices. Except as otherwise expressly provided
herein, all notices referred to in this Warrant will be in writing and will be
delivered personally, sent by reputable express courier service (charges
prepaid) or sent by registered or certified mail, return receipt requested,
postage prepaid and will be deemed to have been given when so delivered, sent or
deposited in the U.S. Mail (i) to the Company, at its principal executive
offices and (ii) to the Holder of this Warrant, at such Holder's address as it
appears in the records of the Company (unless otherwise indicated by any such
Holder).

                  Section 9. Amendment and Waiver. Except as otherwise provided
herein, the provisions of this Warrant may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the prior written consent of
the Holder.

                  Section 11. Descriptive Headings; Governing Law. The
descriptive headings of the several Sections and paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this Warrant. The
construction, validity and interpretation of this Warrant will be governed by
the internal law, and not the conflicts law, of Delaware.
                                    * * * * *

                                      -21-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer and to be dated the Date of Issuance hereof.

                                               Westell Technologies, Inc.

                                               By:
                                                    -------------------------
                                               Its:
                                                    -------------------------

                                      -22-
<PAGE>

                                    EXHIBIT A

                               EXERCISE AGREEMENT
                               ------------------

To:

Dated:

         The undersigned, pursuant to the provisions set forth in the attached
Warrant (Certificate No. 1), hereby agrees to subscribe for the purchase of
___________ shares of the Warrant Shares covered by such Warrant and makes
payment herewith in full therefor at the price per share provided by such
Warrant.

                                            Signature:
                                                        ------------------------
                                            Name:

By:__________________________

Name:________________________

Title:_________________________

                                            Address:
                                                       -------------------------
                                                       -------------------------
                                                       -------------------------

<PAGE>

                                    EXHIBIT B
                               FORM OF ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers all rights of the undersigned under the within Warrant, with respect
to the number of shares of Common Stock covered thereby set forth hereinbelow,
to:

Name of Assignee                     Address                       No. of Shares
--------------------------------------------------------------------------------

, and hereby irrevocably constitutes and appoints ______________________________
as agent and attorney-in-fact to transfer said Warrant on the books of the
within-named corporation, with full power of substitution in the premises.

Date:____________, _____,

In the presence of

                                                                           Name:

                                                                      Signature:
                                                                Title of Signing
                                                      Officer or Agent (if any):

                                                                        Address:

                                                     Note:   The above signature
should correspond exactly with the name on the face of the within Warrant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}]]